Hospitality Investors Trust (HPITQ) 10-K 28 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 01, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC.
Entity Central Index Key	1,583,077
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		36,623,473
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate investments:
Land	$ 317,871	$ 12,061
Buildings and improvements	1,729,960	81,176
Furniture, fixtures and equipment	163,516	5,308
Total real estate investments	2,211,347	98,545
Less: accumulated depreciation and amortization	(70,648)	(2,796)
Total real estate investments, net	2,140,699	95,749
Cash and cash equivalents	46,829	131,861
Acquisition deposits	40,504	75,000
Restricted cash	71,288	3,437
Investments in unconsolidated entities	3,458	5,475
Below-market lease asset, net	10,225	8,060
Prepaid expenses and other assets	34,836	11,801
Deferred financing fees, net	18,774	1,991
Total Assets	2,366,613	333,374
Liabilities and Equity [Abstract]
Mortgage notes payable	1,357,080	45,500
Promissory notes payable	0	64,849
Mandatorily redeemable preferred securities	294,523	0
Accounts payable and accrued expenses	67,255	14,219
Due to affiliates	6,546	7,011
Total Liabilities	1,725,404	131,579
Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 36,300,777 and 10,163,206 shares issued and outstanding, respectively	363	102
Additional paid-in capital	793,786	221,379
Deficit	(155,680)	(19,686)
Total equity of American Realty Capital Hospitality Trust, Inc. stockholders	638,469	201,795
Non-controlling interest - consolidated variable interest entity	2,740	0
Total Equity	641,209	201,795
Total Liabilities, Non-controlling Interest and Equity	$ 2,366,613	$ 333,374

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	50,000,000	50,000,000
Preferred stock, issued (shares)	0	0
Preferred stock, outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	300,000,000	300,000,000
Common stock, issued (shares)	36,300,777	10,163,206
Common stock, outstanding (shares)	36,300,777	10,163,206

CONSOLIDATED_COMBINED STATEMENT

CONSOLIDATED/COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 20, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2013
Operating expenses
Provision for income taxes			$ 3,105
Less: Net income attributable to non-controlling interests			189
Net income (loss) attributable to American Realty Capital Hospitality Trust, Inc.		$ (14,841)	(94,826)
Successor
Revenues
Rooms		26,163	420,617
Food and beverage		5,612	15,908
Other		3,096	9,659
Total revenue		34,871	446,184
Operating expenses
Rooms		5,411	99,543
Food and beverage		3,785	12,774
Management fees		1,498	22,107
Other property-level operating expenses		13,049	171,488
Depreciation and amortization		2,796	68,500
Rent		3,879	6,249
Total operating expenses		30,418	380,661
Income from operations		4,453	65,523
Interest expense		(5,958)	(80,667)
Acquisition and transaction related costs		(10,884)	(64,513)
Other income (expense)		103	(491)
Equity in earnings (losses) of unconsolidated entities		352	238
General and administrative		(2,316)	(11,621)
Total other expenses, net		(18,703)	(157,054)
Net income (loss) before taxes		(14,250)	(91,531)
Provision for income taxes		591	3,106
Net income (loss) and comprehensive loss		(14,841)	(94,637)
Less: Net income attributable to non-controlling interests		0	189
Net income (loss) attributable to American Realty Capital Hospitality Trust, Inc.		$ (14,841)	$ (94,826)
Basic and diluted net loss per share (usd per share)		$ (5.25)	$ (3.91)
Basic and diluted weighted average shares outstanding (shares)		2,826,352	24,199,686
Predecessor
Revenues
Rooms	$ 6,026			$ 30,489
Food and beverage	1,543			6,267
Other	676			3,041
Total revenue	8,245			39,797
Operating expenses
Rooms	1,405			6,340
Food and beverage	1,042			4,461
Management fees	289			1,471
Other property-level operating expenses	3,490			15,664
Depreciation and amortization	994			5,105
Rent	933			4,321
Total operating expenses	8,153			37,362
Income from operations	92			2,435
Interest expense	(531)			(2,265)
Acquisition and transaction related costs	0			0
Other income (expense)	0			0
Equity in earnings (losses) of unconsolidated entities	(166)			(65)
General and administrative	0			0
Total other expenses, net	(697)			(2,330)
Net income (loss) before taxes	(605)			105
Provision for income taxes	0			0
Net income (loss) and comprehensive loss	(605)			105
Less: Net income attributable to non-controlling interests	0			0
Net income (loss) attributable to American Realty Capital Hospitality Trust, Inc.	$ (605)			$ 105

CONSOLIDATED_COMBINED STATEMEN5

CONSOLIDATED/COMBINED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Deficit	Total Equity of American Realty Capital Hospitality Trust, Inc. Stockholders	Non-controlling Interest	Members' Equity
Beginning balance (in shares) at Dec. 31, 2013		8,888
Beginning balance at Dec. 31, 2013	$ 194	$ 0	$ 200	$ (6)	$ 194	$ 0	$ 88,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		105,609
Issuance of common stock	2,418	$ 1	2,417		2,418
Net loss attributable to American Realty Capital Hospitality Trust, Inc.							(605)
Dividends paid or declared							(800)
Common stock offering costs, commissions and dealer manager fees	(1,529)		(1,529)		(1,529)
Ending balance (in shares) at Mar. 20, 2014		114,497
Ending balance at Mar. 20, 2014	1,083	$ 1	1,088	(6)	1,083	0	87,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds received from Successor for the assets of Predecessor							$ (87,091)
Issuance of common stock (in shares)		9,984,711
Issuance of common stock	248,715	$ 100	248,615		248,715
Net loss attributable to American Realty Capital Hospitality Trust, Inc.	(14,841)			(14,841)	(14,841)
Dividends paid or declared	(4,839)			(4,839)	(4,839)
Common stock issued through Distribution Reinvestment Plan (in shares)		63,998
Common stock issued through Distribution Reinvestment Plan	1,521	$ 1	1,520		1,521
Share-based payments	22		22		22
Common stock offering costs, commissions and dealer manager fees	$ (29,866)		(29,866)		(29,866)
Ending balance (in shares) at Dec. 31, 2014	10,163,206	10,163,206
Ending balance at Dec. 31, 2014	$ 201,795	$ 102	221,379	(19,686)	201,795	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		25,373,352
Issuance of common stock	631,779	$ 253	631,526		631,779
Net loss attributable to American Realty Capital Hospitality Trust, Inc.	(94,826)			(94,826)	(94,826)
Net income attributable to non-controlling interests	189					189
Non-controlling interest - consolidated variable interest entity	2,551					2,551
Dividends paid or declared	(41,168)			(41,168)	(41,168)
Common stock issued through Distribution Reinvestment Plan (in shares)		764,219
Common stock issued through Distribution Reinvestment Plan	18,158	$ 8	18,150		18,158
Share-based payments	74		74		74
Common stock offering costs, commissions and dealer manager fees	$ (77,343)		(77,343)		(77,343)
Ending balance (in shares) at Dec. 31, 2015	36,300,777	36,300,777
Ending balance at Dec. 31, 2015	$ 641,209	$ 363	$ 793,786	$ (155,680)	$ 638,469	$ 2,740

CONSOLIDATED_COMBINED STATEMEN6

CONSOLIDATED/COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
		Mar. 20, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from financing activities:
Cash and cash equivalents, beginning of period				$ 131,861
Cash and cash equivalents, end of period			$ 131,861	46,829	$ 131,861
Successor
Cash flows from operating activities:
Net income (loss)			(14,841)	(94,637)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			2,796	68,500
Amortization of deferred financing costs			595	11,161
Change in fair value of contingent consideration			0	780
Equity in (earnings) losses of unconsolidated entities			(352)	(238)
Other adjustments, net			549	146
Distributions from variable interest entities			257	860
Changes in assets and liabilities:
Prepaid expenses and other assets			(7,923)	(15,175)
Restricted cash			(783)	(11,602)
Due to affiliates			5,042	1,259
Accounts payable and accrued expenses			5,010	45,453
Net cash provided by (used in) operating activities			(9,650)	6,507
Cash flows from investing activities:
Acquisition of hotel assets, net of cash received			(41,388)	(629,760)
Real estate investment improvements and purchases of property and equipment			(3,659)	(46,523)
Acquisition deposits			(75,000)	(40,504)
Increase in restricted cash related to real estate improvements			(2,035)	(55,259)
Net cash used in investing activities			(122,082)	(772,046)
Cash flows from financing activities:
Proceeds from issuance of common stock, net			249,569	631,698
Payments of offering costs			(28,071)	(79,280)
Dividends/Distributions paid			(1,950)	(19,153)
Contributions from members			0	0
Distribution to members			0	0
Affiliate financing advancement			2,570	0
Repayments of promissory and mortgage notes payable			0	(291,849)
Payment of deferred consideration payable			0	(3,500)
Affiliate financing repayment			(3,214)	0
Proceeds from affiliate note payable used to fund acquisition deposit			40,500	0
Repayment of affiliate note payable used to fund acquisition deposit			(40,500)	0
Mandatorily redeemable preferred securities redemptions			0	(152,574)
Proceeds from mortgage notes payable			45,500	624,100
Proceeds from promissory note payable			1,775	0
Deferred financing fees			(2,586)	(27,944)
Restricted cash for debt service			0	(991)
Net cash provided by (used in) financing activities			263,593	680,507
Net change in cash and cash equivalents			131,861	(85,032)
Cash and cash equivalents, beginning of period			0	131,861
Cash and cash equivalents, end of period		$ 0	131,861	46,829	131,861
Supplemental disclosure of cash flow information:
Interest paid			4,645	68,108
Income taxes paid			760	6,408
Non-cash investing and financing activities:
Reclassification of deferred offering costs to additional paid-in capital			1,505	0
Offering costs payable			2,481	308
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses			1,033	17,518
Proceeds receivable from stock sales	[1]		1,564	90
Seller financing of real estate investments			58,074	0
Seller financing of investment in unconsolidated entities			5,000	0
Mortgage and mezzanine debt assumed on real estate investments			0	904,185
Mandatorily redeemable preferred securities issued in acquisition of property and equipment			0	447,097
Contingent consideration on acquisition			2,268	0
Deferred consideration on acquisition			3,400	0
Dividends declared but not paid			1,368	4,936
Common stock issued through distribution reinvestment plan			1,520	$ 18,150
Predecessor
Cash flows from operating activities:
Net income (loss)		(605)				$ 105
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		994				5,105
Amortization of deferred financing costs		75				196
Change in fair value of contingent consideration		0				0
Equity in (earnings) losses of unconsolidated entities		166				65
Other adjustments, net		0				74
Distributions from variable interest entities		0				0
Changes in assets and liabilities:
Prepaid expenses and other assets		(581)				455
Restricted cash		0				0
Due to affiliates		0				0
Accounts payable and accrued expenses		(605)				(182)
Net cash provided by (used in) operating activities		(556)				5,818
Cash flows from investing activities:
Acquisition of hotel assets, net of cash received		0				0
Real estate investment improvements and purchases of property and equipment		(83)				(3,436)
Acquisition deposits		0				0
Increase in restricted cash related to real estate improvements		(468)				1,163
Net cash used in investing activities		(551)				(2,273)
Cash flows from financing activities:
Proceeds from issuance of common stock, net		0				0
Payments of offering costs		0				0
Dividends/Distributions paid		(800)				0
Contributions from members		0				227
Distribution to members		0				(3,922)
Affiliate financing advancement		0				0
Repayments of promissory and mortgage notes payable		(137)				0
Payment of deferred consideration payable		0				0
Affiliate financing repayment		0				0
Proceeds from affiliate note payable used to fund acquisition deposit		0				0
Repayment of affiliate note payable used to fund acquisition deposit		0				0
Mandatorily redeemable preferred securities redemptions		0				(391)
Proceeds from mortgage notes payable		0				3,440
Proceeds from promissory note payable		0				0
Deferred financing fees		0				(31)
Restricted cash for debt service		0				0
Net cash provided by (used in) financing activities		(937)				(677)
Net change in cash and cash equivalents		(2,044)				2,868
Cash and cash equivalents, beginning of period		10,520	$ 8,476		$ 10,520	7,652
Cash and cash equivalents, end of period		8,476				10,520
Supplemental disclosure of cash flow information:
Interest paid		458				1,548
Income taxes paid		0				0
Non-cash investing and financing activities:
Reclassification of deferred offering costs to additional paid-in capital		0				0
Offering costs payable		0				0
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses		0				0
Proceeds receivable from stock sales	[1]					0
Seller financing of real estate investments		0				0
Seller financing of investment in unconsolidated entities		0				0
Mortgage and mezzanine debt assumed on real estate investments		0				0
Mandatorily redeemable preferred securities issued in acquisition of property and equipment		0				0
Contingent consideration on acquisition		0				0
Deferred consideration on acquisition		0				0
Dividends declared but not paid		0				0
Common stock issued through distribution reinvestment plan		$ 0				$ 0
[1]	The proceeds receivable from the sale of shares of common equity was received by the Company prior to the filing date of this Annual Report on Form 10-K.

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization American Realty Capital Hospitality Trust, Inc. (the "Company") was incorporated on July 25, 2013 as a Maryland corporation and qualified as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with the taxable year ended December 31, 2014 . The Company was formed primarily to acquire lodging properties in the midscale limited service, extended stay, select service, upscale select service, and upper upscale full service segments within the hospitality sector. As of December 31, 2015 , the Company had acquired or had an interest in a total of 136 hotels with a total of 16,644 guest rooms located in 32 states. As of December 31, 2015 , all but one of these hotels operated under a franchise or license agreement with a national brand owned by one of Hilton Worldwide, Inc., Marriott International, Inc., Starwood Hotels and Resorts Worldwide, Hyatt Hotels Corporation, and Intercontinental Hotels Group or one of their respective subsidiaries or affiliates. During February 2016 , the Company completed an acquisition comprising investments in six additional hotels with a total of 707 guest rooms located in two states, all of which were operated under a franchise or license agreement with one of our national brands. On January 7, 2014 , the Company commenced its primary initial public offering ("IPO" or the "Offering") on a "reasonable best efforts" basis of up to 80,000,000 shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11 (File No. 333-190698 ), as well as up to 21,052,631 shares of common stock available pursuant to the Distribution Reinvestment Plan (the "DRIP") under which the Company's common stockholders could elect to have their cash distributions reinvested in additional shares of the Company's common stock. On November 15, 2015 , the Company suspended the IPO, and, on November 18, 2015 , Realty Capital Securities, LLC (the "Former Dealer Manager"), the dealer manager of the IPO, suspended sales activities, effective immediately. On December 31, 2015 , the Company terminated the Former Dealer Manager as the dealer manager of the IPO. Prior to suspension of the IPO, the Company depended, and expected to continue to depend, in substantial part on proceeds from the IPO to meet its major capital requirements. Because the Company does not expect it will resume the IPO, it will require funds in addition to operating cash flow and cash on hand to meet its capital requirements. As of December 31, 2015 , the Company had approximately 36.3 million shares of common stock outstanding and had received total gross proceeds of approximately $ 902.9 million , including shares issued under the DRIP. The Company expects to establish its estimated net asset value per share of common stock ("Estimated Per-Share NAV") in connection with the filing of its Quarterly Report on Form 10-Q for the three months ending March 31, 2016 , but, in any event, no later than July 2, 2016 , which is 150 days following the second anniversary of the date that the Company broke escrow in the IPO. After the Company has initially established its Estimated Per-Share NAV, the Company expects to update it periodically, at the discretion of the Company's board of directors, provided that such updated estimates will be made at least once annually. Substantially all of the Company's business is conducted through American Realty Capital Hospitality Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. The Company is the sole general partner and holds substantially all of the units of limited partner interest in the OP ("OP Units"). Additionally, the Advisor contributed $2,020 to the OP in exchange for 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. The holders of OP Units have the right to convert OP Units for the cash value of a corresponding number of shares of common stock or, at the option of the OP, a corresponding number of shares of common stock of the Company in accordance with the limited partnership agreement of the OP. The remaining rights of the limited partner interests are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. The Company's Former Dealer Manager served as the dealer manager of the IPO and, together with its affiliates, continued to provide the Company with various services through December 31, 2015 . RCS Capital Corporation, the parent company of the Former Dealer Manager and certain of its affiliates that provided services to the Company, filed for Chapter 11 bankruptcy protection in January 2016 , prior to which it was also under common control with AR Capital, the parent of the Company's Sponsor, and AR Global. The Company has no employees. The Company has retained the Advisor to manage certain aspects of the Company's affairs on a day-to-day basis. American Realty Capital Hospitality Properties, LLC or one of its subsidiaries (collectively, the "Property Manager"), serves as property manager and the Property Manager has retained Crestline Hotels & Resorts, LLC ("Crestline"), to provide services, including locating investments, negotiating financing and operating certain hotel assets in the Company's portfolio. The Advisor, the Property Manager and Crestline are under common control with AR Capital, LLC (“AR Capital”), the parent of the Company’s sponsor, American Realty Capital IX, LLC (the "Sponsor"), and AR Global Investments, LLC, the successor to AR Capital’s business (“AR Global”), as a result of which they are related parties, and each of which has received or will receive compensation, fees and other expense reimbursements from the Company for services related to the IPO and the investment and management of the Company’s assets. The Company, directly or indirectly through its taxable REIT subsidiaries, enters into agreements with the Property Manager, which, in turn, engages Crestline or a third-party sub-property manager to manage the Company’s hotel properties. Crestline is a leading hospitality management company in the United States, and as of December 31, 2015 , had 100 hotels and 15,104 rooms under management in 27 states and the District of Columbia. As of December 31, 2015 , 66 of the Company's hotels and 8,937 rooms were managed by Crestline, and 70 of the Company's hotels and 7,707 rooms were managed by third-party sub-property managers.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying consolidated financial statements of the Company included herein were prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). All inter-company accounts and transactions have been eliminated in consolidation. Principles of Consolidation/Combination and Basis of Presentation The accompanying consolidated/combined financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Predecessor consists of the Barceló Portfolio, which consists of hospitality assets and operations owned by Barceló Crestline Corporation and certain consolidated subsidiaries ("BCC") that had been maintained in various legal entities until the Company acquired them from BCC on March 21, 2014 . Historically, financial statements had not been prepared for the Predecessor as a discrete stand-alone entity. The accompanying consolidated financial statements for the Predecessor, for the period from January 1 to March 20, 2014 have been derived from the historical accounting records of BCC and reflect revenue and expenses and cash flows directly attributable to the Predecessor, as well as allocations deemed reasonable by management, to present the combined results of operations and cash flows of the Predecessor on a stand-alone basis. Use of Estimates The preparation of the accompanying consolidated/combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding purchase price allocations to record investments in real estate, the useful lives of real estate and real estate taxes, as applicable. Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third parties or on the Company’s analysis of comparable properties in the Company’s portfolio. Identifiable intangible assets and liabilities, as applicable, are typically related to contracts, including operating lease agreements, ground lease agreements and hotel management agreements, which will be recorded at fair value. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Investments in real estate that are not considered to be business combinations under GAAP are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation of the Company's assets is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for furniture, fixtures and equipment, and the shorter of the useful life or the remaining lease term for leasehold interests. The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Below-Market Lease The below-market lease intangible is based on the difference between the market rent and the contractual rent and is discounted to a present value using an interest rate reflecting the Company's current assessment of the risk associated with the leases acquired. See Note 4. Acquired lease intangible assets are amortized over the remaining lease term. The amortization of a below-market lease is recorded as an increase to rent expense on the consolidated/combined statements of operations. Impairment of Long Lived Assets and Investments in Unconsolidated Entities When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less the estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. No such impairment losses were recorded in the periods presented. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions. For purposes of the statement of cash flows, changes in restricted cash caused by changes to the amount needed for future capital improvements are treated as investing activities, changes related to future debt service payments are treated as financing activities, and changes related to real estate tax payments and excess cash flow deposits are treated as operating activities. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not be successful. Variable Interest Entities Accounting Standards Codification ("ASC") 810, Consolidation contains the guidance surrounding the definition of variable interest entities ("VIE"), the definition of variable interests and the consolidation rules surrounding VIEs. In general, VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The Company has variable interests in VIEs through its investments in entities which own the Westin Virginia Beach Town Center (the "Westin Virginia Beach") and the Hilton Garden Inn Blacksburg. Once it is determined that the Company holds a variable interest in an entity, GAAP requires that the Company perform a qualitative analysis to determine (i) which entity has the power to direct the matters that most significantly impact the VIE’s financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The entity that has both of these characteristics is deemed to be the primary beneficiary and is required to consolidate the VIE. The Company holds an interest in BSE/AH Blacksburg Hotel, LLC (the "HGI Blacksburg JV"), an entity that owns the assets of the Hilton Garden Inn Blacksburg, and an interest in TCA Block 7 Hotel, LLC (the "Westin Virginia Beach JV"), an entity that owns the assets of the Westin Virginia Beach. During the quarter ended June 30, 2015 , upon the acquisition of an additional equity interest in the HGI Blacksburg JV, the Company concluded that it was the primary beneficiary, with the power to direct activities that most significantly impact its economic performance, and therefore consolidated the entity in its consolidated financial statements subsequent to the acquisition (See Note 3 - Business Combinations). The Company has concluded it is not the primary beneficiary with the power to direct activities that most significantly impact economic performance of the Westin Virginia Beach JV, and has therefore not consolidated the entity. The Company has accounted for the entity under the equity method of accounting and included it in investments in unconsolidated entities in the accompanying consolidated balance sheets. The Company classifies the distributions from its investments in unconsolidated entities in the consolidated/combined statement of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions of cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities. Revenue Recognition Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel services. Income Taxes The Company qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its tax year ended December 31, 2014 . In order to continue to qualify as a REIT, the Company must annually distribute to its stockholders 90% of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. The Company generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income, property tax and federal income and excise taxes on its undistributed income. The Company's hotels are leased to taxable REIT subsidiaries ("TRSs") which are owned by the OP. The TRSs are subject to federal, state and local income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on 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 available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than-not" that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes. Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss for the period by the weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options and unvested stock awards, except when doing so would be anti-dilutive. Fair Value Measurements In accordance with ASC 820, Fair Value Measurement , certain assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction on the measurement date. The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as the principal market. When no principal market exists, the most advantageous market is used. This is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received or minimizes the amount that would be paid. Fair value is based on assumptions market participants would make in pricing the asset or liability. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. When such prices or inputs are not available, the reporting entity should use valuation models. The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three levels, as follows: • Level 1 - Inputs that are based upon quoted prices for identical instruments traded in active markets. • Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar investments in markets that are not active, or models based on valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the investment. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Advertising Costs The Company expenses advertising costs for hotel operations as incurred. These costs were $12.2 million for the year ended December 31, 2015 and $0.4 million combined for the Company and the Predecessor for the year ended December 31, 2014 . Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 to 90 days. The Company records a provision for uncollectible accounts using the allowance method. Expected credit losses associated with trade receivables are recorded as an allowance for doubtful accounts. The allowance for doubtful accounts is estimated based upon historical patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for doubtful accounts is reduced. Trade receivable balances, net of the allowance for doubtful accounts, are included in prepaid expenses and other assets in the accompanying consolidated/combined balance sheets, and are as follows (in thousands): December 31, 2015 December 31, 2014 Trade receivables $ 5,848 $ 1,388 Allowance for doubtful accounts (697 ) (45 ) Trade receivables, net of allowance $ 5,151 $ 1,343 Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate room revenue and other income through the operation of the properties, which comprise 100% of the total consolidated/combined revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level, none of which represent a reportable segment. Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of December 31, 2015 , consist of interest rate cap agreements which it believes will help to mitigate its exposure to increasing borrowing costs under floating rate indebtedness. The Company has elected not to designate its interest rate cap agreements as cash flow hedges. The impact of the interest rate caps for the year ended December 31, 2015 , to the consolidated financial statements was immaterial. Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity. Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations of sold properties through the date of their disposal will be included in continuing operations, unless the sale represents a strategic shift. However, the gain or loss on the sale of a property will be reported separately below income from continuing operations. The Company adopted this ASU as of January 1, 2014. No prior year restatements are permitted for this change in policy. For purposes of the earnings per share calculation, beginning in 2014 gains and losses on property sales were included in continuing operations. On May 28, 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB proposed an accounting standards update for ASU 2014-09 for the deferral of the effective date of ASU 2014-09 Revenue from Contracts with Customers. This proposal defers the effective date of ASU 2014-09 from annual reporting periods beginning after December 15, 2016, back one year, to annual reporting periods beginning after December 15, 2017 for all public business entities, certain not-for-profit entities, and certain employee benefit plans. Early application of ASU 2014-09 is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method and has not determined the effect of the standard on its ongoing financial reporting. In August 2014, the FASB issued ASU 2014-15 Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting guidance that will be used along with existing auditing standards. The adoption of ASU 2014-15 becomes effective for the Company on its fiscal year ending December 31, 2016, and all subsequent annual periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements. In January, 2015, the FASB issued ASU 2015-01 Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”), which eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement-Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. The adoption of ASU 2015-01 becomes effective for the Company on its fiscal year ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. In February, 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis (“ASU 2015-02”), the amendments in ASU 2015-02 reduce the application of the related party guidance for VIEs on the basis of the following three changes: 1) For single decision makers, related party relationships must be considered indirectly on a proportionate basis, rather than in their entirety. Except in the following two instances, the consolidation analysis would end after this indirect assessment. 2) After the assessment above is performed, related party relationships should be considered in their entirety for entities that are under common control only if that common control group has the characteristics of a primary beneficiary. That is, the common control group collectively has a controlling financial interest. 3) If the second assessment is not applicable, but substantially all of the activities of the VIE are conducted on behalf of a single variable interest holder (excluding the decision maker) in a related party group that has the characteristics of a primary beneficiary, that single variable interest holder must consolidate the VIE as the primary beneficiary. The new standard is effective for the Company on January 1, 2016. Early application is permitted. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. In April, 2015, the FASB issued ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which is designed to simplify the presentation of debt issuance costs. The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The new standard is effective for the Company on January 1, 2016. Early application is permitted. The adoption of ASU 2015-03 is not expected to have a material effect on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 Business Combinations ("ASU 2015-16"), which require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 also requires the acquirer to record in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the acquisition date. Finally, this ASU 2015-16 requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The new standard is effective for the Company on January 1, 2016, including interim periods within that fiscal year. Early application is permitted. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations Barceló Portfolio : On March 21, 2014 , the Company completed an acquisition comprising investments in six hotels (the "Barceló Portfolio") through fee simple, leasehold and joint venture interests. The aggregate purchase price of the Barceló Portfolio was approximately $110.1 million , exclusive of closing costs. The Barceló Portfolio consists of (i) three wholly owned hotel assets, the Baltimore Courtyard Inner Harbor Hotel (the "Baltimore Courtyard"), the Courtyard Providence Downtown Hotel (the "Providence Courtyard") and the Homewood Suites by Hilton Stratford (the "Stratford Homewood Suites"); (ii) one leased asset, the Georgia Tech Hotel & Conference Center and (iii) equity interests in two joint ventures that each own one hotel, the Westin Virginia Beach and the Hilton Garden Inn Blacksburg. Grace Acquisition : On February 27, 2015 , the Company acquired the Grace Portfolio through fee simple or leasehold interests in 116 hotels from certain subsidiaries of Whitehall Real Estate Funds, an investment arm controlled by The Goldman Sachs Group, Inc. The aggregate purchase price under the purchase agreement was $1.808 billion , exclusive of closing costs and subject to certain adjustments at closing. After adjustments, the net purchase price was $1.799 billion . Approximately $220.7 million of the purchase price was satisfied with cash on hand, approximately $904.2 million (fair value on the acquisition date) through the assumption of existing mortgage and mezzanine indebtedness (comprising the "Assumed Grace Mortgage Loan" and the "Assumed Grace Mezzanine Loan", collectively, the "Assumed Grace Indebtedness") and approximately $227.0 million through additional mortgage financing (the "Original Additional Grace Mortgage Loan"). The Original Additional Grace Mortgage Loan was refinanced during 2015 (the “Refinanced Additional Grace Mortgage Loan” and, together with the Assumed Grace Indebtedness, the "Grace Indebtedness"). (See Note 5 - Mortgage Notes Payable). In addition, the remaining $447.1 million of the contract purchase price was satisfied by the issuance of the preferred equity interests (the "Grace Preferred Equity Interests") in two newly-formed Delaware limited liability companies, ARC Hospitality Portfolio I Holdco, LLC and ARC Hospitality Portfolio II Holdco, LLC, (the "Holdco entities") each of which is an indirect subsidiary of the Company and an indirect owner of the Grace Portfolio. The holders of the Grace Preferred Equity Interests are entitled to monthly distributions at a rate of 7.50% per annum for the first 18 months following closing and 8.00% per annum thereafter. On liquidation of the Holdco entities, the holders of the Grace Preferred Equity Interests are entitled to receive their original value (as reduced by redemptions) prior to any distributions being made to the Company or the Company's stockholders. Beginning in April 2015 , the Company became obligated to use 35% of any IPO proceeds to redeem the Grace Preferred Equity Interests at par, up to a maximum of $350.0 million in redemptions for any 12 -month period. As of December 31, 2015 , the Company has redeemed $152.6 million of the Grace Preferred Equity Interests, resulting in $294.5 million of liquidation value remaining outstanding under the Grace Preferred Equity Interests. The Company is also required, in certain circumstances, to apply debt proceeds to redeem the Grace Preferred Equity Interests at par. As of February 27, 2018 , the Company is required to have redeemed 50.0% of the Grace Preferred Equity Interests, and the Company is required to redeem 100.0% of the Grace Preferred Equity Interests remaining outstanding by no later than February 27, 2019 . In addition, the Company has the right, at its option, to redeem the Grace Preferred Equity Interests, in whole or in part, at any time at par. The holders of the Grace Preferred Equity Interests have certain consent rights over major actions by the Company relating to the Grace Portfolio. In connection with the issuance of the Grace Preferred Equity Interests, the Company and the OP have made certain guarantees and indemnities to the sellers and their affiliates or indemnifying the sellers and their affiliates related to the Grace Portfolio. If the Company is unable to satisfy the redemption, distribution or other requirements of the Grace Preferred Equity Interests (including if there is a default under the related guarantees provided by the Company and the OP), the holders of the Grace Preferred Equity Interests have certain rights, including the ability to assume control of the operations of the Grace Portfolio through the assumption of control of the Holdco entities. Due to the fact that the Grace Preferred Equity Interests are mandatorily redeemable and certain of their other characteristics, the Grace Preferred Equity Interests are treated as debt in accordance with GAAP. The following table presents the preliminary allocation of the assets acquired and liabilities assumed by the Company on February 27, 2015 (in thousands): Assets acquired and liabilities assumed February 27, 2015 Land $ 274,478 Buildings and improvements 1,391,506 Below-market lease obligation, net 2,605 Furniture, fixtures and equipment 127,935 Prepaid expenses and other assets 6,678 Accounts payable and accrued expenses (4,517 ) Total operating assets acquired, net 1,798,685 Seller financing of real estate investments (1,351,282 ) Total assets acquired, net $ 447,403 The Company is finalizing the fair value of certain tangible and intangible assets acquired and adjustments may be made to the preliminary purchase price allocation shown above. Revenue and net loss attributable to the Grace Portfolio included in the Consolidated Statement of Operations since the date of acquisition was $388.7 million and $16.5 million , respectively. HGI Blacksburg JV: On May 20, 2015 , the Company acquired an additional equity interest in the HGI Blacksburg JV, increasing its percentage ownership to 56.5% from 24.0% . As a result of this transaction, the Company concluded that it is the primary beneficiary, with the power to direct activities that most significantly impact economic performance of the HGI Blacksburg JV, and therefore consolidated the entity in its consolidated financial statements subsequent to the acquisition. The purchase price of the additional equity interest was approximately $2.2 million, exclusive of closing costs. The joint venture asset holds one hotel, the Hilton Garden Inn Blacksburg. The impact of the acquisition on the consolidated financial statements was immaterial as of December 31, 2015 . Summit Acquisition On June 2, 2015 , the Company entered into agreements with Summit Hotel Properties, Inc. (the "Summit Sellers"), as amended from time to time thereafter, to purchase fee simple interests in a portfolio of 26 hotels in three separate closings for a total purchase price of approximately $347.4 million , subject to closing prorations and other adjustments. The first closing was completed on October 15, 2015 . On October 15, 2015 , the Company completed the acquisition of ten hotels (the "First Summit Closing") for $150.1 million , which was funded with $7.6 million previously paid as an earnest money deposit, $45.6 million from the Company’s ongoing initial public offering and $96.9 million from an advance under the SN Term Loan described in Note 5 below. The following table presents the allocation of the assets acquired and liabilities assumed by the Company on October 15, 2015 (in thousands): Assets acquired and liabilities assumed October 15, 2015 Land $ 16,949 Buildings and improvements 120,414 Furniture, fixtures and equipment 12,706 Accounts payable and accrued expenses (1,082 ) Total operating assets acquired, net 148,987 SN Term Loan (96,850 ) Total assets acquired, net $ 52,137 The Company is finalizing the fair value of certain tangible and intangible assets acquired and adjustments may be made to the preliminary purchase price allocation shown above. Revenue and net loss attributable to the hotels acquired from the Summit Sellers in the First Summit Closing included in the Consolidated Statement of Operations since the date of acquisition was $6.4 million and $0.8 million , respectively. On December 29, 2015 , the second closing of hotels to be acquired from the Summit Sellers was terminated. The Company and the Summit Sellers agreed to terminate the purchase agreement pursuant to which the Company had the right to acquire a fee simple interest in ten hotels (the "Second Summit Closing") for a total purchase price of $89.1 million . As a result of this termination, the Company forfeited $9.1 million in non-refundable earnest money deposits. On February 11, 2016 , the Company completed the third closing of hotels acquired from the Summit Sellers comprised of six hotels for $108.3 million (the "Third Summit Closing"), and entered into an agreement with the Summit Sellers to reinstate, with certain changes, the purchase agreement related to the hotels in the Second Summit Closing. (See Note 15 - Subsequent Events). Noble Acquisitions: On June 15, 2015 , the Company entered into agreements with affiliates of Noble Investment Group, LLC (the "Noble Sellers"), as amended from time to time thereafter, to purchase fee simple interests in a portfolio of 13 hotels in four separate closing for a total purchase price of $300.0 million . On November 2, 2015 , the Company completed the acquisition of two hotels (the "First Noble Closing") from the Noble Sellers for $48.6 million , which was funded with $3.6 million previously paid as an earnest money deposit, $19.0 million from the Company’s ongoing initial public offering and $26.0 million from an advance, secured by a mortgage on the hotels in the First Noble Closing, under the SN Term Loan described in Note 5 below. On December 2, 2015 , the Company completed the acquisition of two hotels (the “Second Noble Closing”) from the Noble Sellers for an aggregate purchase price of $59.0 million , which was funded with $4.4 million previously paid as an earnest money deposit, $12.3 million in proceeds from the Company’s initial public offering and $42.3 million from an advance, secured by a mortgage on the hotels in the Second Noble Closing, under the SN Term Loan described in Note 5 below. On January 25, 2016 , the third and fourth closing of the Noble acquisition comprising nine hotels in total were terminated. The Company and the Noble Sellers agreed to terminate each of the applicable hotels purchase agreements. As a result of this termination, the Company forfeited $22.0 million in non-refundable earnest money deposits. (See Note 15 - Subsequent Events). Wheelock Acquisition: On June 2, 2015 , the Company entered into agreements with affiliates with affiliates of Wheelock Real Estate Fund, L.P. (the “Wheelock Sellers”), as amended from time to time thereafter, to purchase fee simple interests in a portfolio of five hotels for a purchase price of $92.9 million . On December 15, 2015 , the Company and the Wheelock Sellers agreed to terminate the purchase agreements. As a result of this termination, the Company forfeited $10.0 million in non-refundable earnest money deposits. Pro-forma Financial Information for the Grace and Summit Acquisitions: The following table below presents pro-forma financial information as if the Grace and Summit acquisitions had occurred on January 1, 2014 (in thousands). The pro-forma information excludes the impact of the Noble acquisitions, as the impact of the acquisitions on the consolidated financial statements was immaterial. The unaudited pro-forma financial information is not necessarily indicative of what the actual results of operations would have been, assuming the acquisitions had occurred on January 1, 2014 , nor does it purport to represent the Company's future results of operations. Pro-forma Year Ended December 31, 2015 Year Ended December 31, 2014 Revenues $ 539,163 $ 500,882 Net income (loss) $ (59,339 ) $ (30,811 ) Included in the pro-forma table above are the following expense adjustments to account for differences between the Company's estimates and amounts actually incurred by the sellers, for the years ended December 31, 2015 and December 31, 2014 : a reduction in management fees of $0.9 million and $5.2 million , respectively, a reduction in depreciation and amortization of $10.7 million and $15.4 million , respectively, and additional interest expense of $8.8 million and $30.0 million , respectively. Additionally, for the year ended December 31, 2015 , there was an adjustment to reduce acquisition and transaction related costs by $39.7 million .

Leases

Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases	Leases In connection with its acquisitions the Company has assumed various lease agreements. These lease agreements primarily comprise one operating lease of the Georgia Tech Hotel & Conference Center and nine ground leases. The following table summarizes the Company's future minimum rental commitments under these leases (in thousands): Minimum Rental Commitments Amortization of Below Market Lease Intangible to Rent Expense Year ended December 31, 2016 $ 5,191 $ 398 Year ended December 31, 2017 5,209 398 Year ended December 31, 2018 5,216 398 Year ended December 31, 2019 5,226 398 Year ended December 31, 2020 5,264 398 Thereafter 86,968 8,233 Total $ 113,074 $ 10,223 The Company has allocated values to certain above and below-market lease intangibles based on the difference between market rents and rental commitments under the leases. During the years ended December 31, 2015 and December 31, 2014 , amortization of below-market lease intangibles, net, to rent expense was $ 0.4 million and $0.3 million , respectively. Rent expense for the years ended December 31, 2015 and December 31, 2014 was $5.8 million and $4.8 million , respectively. Included in the prior year period is rent expense recognized by the Predecessor.

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable The Company’s mortgage notes payable as of December 31, 2015 and December 31, 2014 consist of the following, respectively (in thousands): Outstanding Mortgage Note Payable Encumbered Properties December 31, 2015 December 31, 2014 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 $ 45,500 4.30% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture $ 10,500 $ — 4.31% Interest Only, Principal paid at Maturity June 2020 Assumed Grace Mortgage Loan - 96 properties in Grace Portfolio $ 801,430 $ — LIBOR plus 3.29% Interest Only, Principal paid at Maturity May 2017, subject to two, one year extension rights Assumed Grace Mezzanine Loan - 96 properties in Grace Portfolio $ 102,550 $ — LIBOR plus 4.77% Interest Only, Principal paid at Maturity May 2017, subject to two, one year extension rights Refinanced Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property $ 232,000 $ — 4.96% Interest Only, Principal paid at Maturity October 2020 SN Term Loan -14 properties in Summit and Noble Portfolios $ 165,100 $ — LIBOR plus between 3.25% and 3.75% Interest Only, Principal paid at Maturity August 2018, subject to two, one year extension rights Total $ 1,357,080 $ 45,500 Interest expense related to the Company's mortgage notes payable for the year ended December 31, 2015 was $ 43.1 million . Interest expense related to the Company's mortgage note payable for the period from March 21 to December 31, 2014 was $1.6 million . Interest expense attributable to the Predecessor, for the period from January 1 to March 20, 2014 , was $0.5 million . Baltimore Courtyard and Providence Courtyard The Baltimore Courtyard and Providence Courtyard Loan matures on April 6, 2019 . On May 6, 2014 and each month thereafter, the Company is required to make an interest only payment based on the outstanding principal and a fixed annual interest rate of 4.30% . The entire principal amount is due at maturity. Hilton Garden Inn Blacksburg Joint Venture The Hilton Garden Inn Blacksburg Joint Venture Loan matures June 6, 2020 . On July 6, 2015 and each month thereafter, the Company is required to make an interest only payment based on the outstanding principal and a fixed annual interest rate of 4.31% . The entire principal amount is due at maturity. Assumed Grace Indebtedness The Assumed Grace Mortgage Loan and the Assumed Grace Mezzanine Loan mature on May 1, 2017 , subject to two (one-year) extension rights which, if both are exercised, would result in an outside maturity date of May 1, 2019 . The extensions on the Assumed Grace Mortgage Loan and the Assumed Grace Mezzanine Loan can only occur if certain conditions are met, including a condition that a minimum ratio of net operating income to debt outstanding be satisfied. There can be no assurance that we will be able to meet these conditions and extend these loans pursuant to their terms. The Assumed Grace Mortgage Loan carries an interest rate of London Interbank Offered Rate ("LIBOR") plus 3.29% , and the Assumed Grace Mezzanine Loan carries an interest rate of LIBOR plus 4.77% , for a combined weighted average interest rate of LIBOR plus 3.46% . Pursuant to the Assumed Grace Indebtedness, the Company has agreed to make periodic payments into an escrow account for the property improvement plans required by the franchisors. The Assumed Grace Indebtedness includes the following financial covenants: minimum consolidated net worth, and minimum consolidated liquidity. As of December 31, 2015 , the Company was in compliance with these financial covenants. Refinanced Additional Grace Mortgage Loan The Original Additional Grace Mortgage Loan was for $227.0 million and was scheduled to mature on March 6, 2017 , subject to a one-year extension right, and carried an interest rate equal to the greater of (i) a floating rate of interest equal to LIBOR plus 6.00% and (ii) 6.25% . On October 6, 2015 , the Company refinanced the Original Additional Grace Mortgage Loan. The Refinanced Additional Grace Mortgage Loan was for $232.0 million and carries a fixed annual interest rate of 4.96% per annum with a maturity date in October 2020 . Pursuant to the Refinanced Additional Grace Mortgage Loan, the Company agreed to make periodic payments into an escrow account for the property improvement plans required by the franchisors. The Refinanced Additional Grace Mortgage Loan includes the following financial covenants: minimum consolidated net worth, and minimum consolidated liquidity. As of December 31, 2015 , the Company was in compliance with these financial covenants. SN Term Loan On August 21, 2015 , the Company entered into a Term Loan Agreement with Deutsche Bank AG New York Branch, as administrative agent and Deutsche Bank Securities Inc., as sole lead arranger and book-running manager (as amended, the "SN Term Loan"). On October 15, 2015 , the Company amended and restated the SN Term Loan and made the initial draw down of borrowings of $96.9 million in connection with the First Summit Closing. On November 2, 2015 , the Company drew down borrowings of $26.0 million in connection with the First Noble Closing. On December 2, 2015 the Company drew down borrowings of $42.3 million in connection with the Second Noble Closing. The SN Term Loan provided for up to $450 million in financing (the “Loans”) at a rate equal to a base rate plus a spread of between 3.25% and 3.75% for Eurodollar rate Loans and between 2.25% and 2.75% for base rate Loans, depending on the aggregate debt yield and aggregate loan-to-value of the properties securing the Loans measured periodically. On February 11, 2016 , the SN Term Loan was amended, pursuant to which the lenders total commitment was reduced from $450.0 million to $293.4 million . (See Note 15 - Subsequent Events). Prior to November 1, 2015 , all spreads were 0.5% less than they will be during the rest of the term. The SN Term Loan has a term of three years , with two one-year extension options, and is secured by the fee interest in the hotels as and when they are acquired. The extensions on the SN Term Loan can only occur if certain conditions are met, including a condition that a minimum ratio of net operating income to debt outstanding be satisfied. There can be no assurance that we will be able to meet these conditions and extend this loan pursuant to its terms. No advance may exceed the least of (i) 65% of the aggregate appraised value of the hotels pledged as collateral, (ii) 65% of the aggregate purchase price of the hotels pledged as collateral, and (iii) the adjusted net operating income for the hotels pledged as collateral divided by 11.5% , and no advances may be made after June 30, 2016 . Pursuant to the SN Term Loan, the Company agreed to make periodic payments into an escrow account account for the property improvement plans required by the franchisors. The SN Term Loan includes the following financial covenants: minimum debt service coverage ratio, minimum consolidated net worth and minimum consolidated liquidity. As of December 31, 2015 , the Company was in compliance with these financial covenants.

Promissory Notes Payable

Promissory Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Promissory Notes Payable	Promissory Notes Payable The Company’s promissory notes payable as of December 31, 2015 and December 31, 2014 were as follows (in thousands): Outstanding Promissory Notes Payable Note Payable and Use of Proceeds December 31, 2015 December 31, 2014 Interest Rate Payment Maturity Barceló Promissory Note for acquisition of Barceló Portfolio $ — $ 63,074 6.8 % Interest Only See below Property Improvement Plan Promissory Note $ — $ 1,775 4.5 % Interest Only March 2019 The promissory note the Company executed in favor of BCC in connection with the acquisition of the Barceló Portfolio (as amended, the "Barceló Promissory Note"), which had a maturity date of within 10 business days after the date the Company raised $70.0 million in common equity from the Offering after the closing of the Grace Acquisition, and payment of all acquisition related expenses which include payments to the Advisor and affiliates, matured and was repaid in full during the second quarter ended June 30, 2015 . Also during the second quarter ended June 30, 2015 , the Company repaid in full the Property Improvement Plan Promissory Note of $ 1.8 million . The Property Improvement Plan Promissory Note was payable to Crestline (see Note 11 - Related Party Transactions and Arrangements). Interest expense related to the Company's promissory notes payable for the year ended December 31, 2015 and the year ended December 31, 2014 were $1.4 million and $3.6 million , respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following is a summary of the components of accounts payable and accrued expenses (in thousands): December 31, 2015 December 31, 2014 Trade accounts payable and accrued expenses $ 57,472 $ 7,412 Contingent consideration from Barceló Portfolio (see Note 10) 3,164 2,384 Deferred payment for Barceló Portfolio (see Note 10) — 3,471 Hotel accrued salaries and related liabilities 6,619 952 Total $ 67,255 $ 14,219

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Common Stock	Common Stock The Company had 36,300,777 shares and 10,163,206 shares of common stock outstanding and had received total proceeds of $902.9 million and $252.9 million as of December 31, 2015 and December 31, 2014 , respectively. On February 3, 2014 , the Company's board of directors declared distributions payable to stockholders of record each day during the applicable month at a rate equal to $0.0000465753 per day, equivalent to $1.70 per annum, per share of common stock. The first distribution was paid in May 2014 to holders of record in April 2014. The distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. To date, the Company has funded all of its distributions with proceeds from the Offering, which has been suspended as of December 31, 2015 . Because the Company requires funds in addition to its operating cash flow and cash on hand to meet its capital requirements, beginning with distributions payable with respect to April 2016 the Company will pay distributions to its stockholders in shares of common stock instead of cash. The Company’s distribution policy is subject to revision at the discretion of its board of directors, and may be changed at any time. There can be no assurance that the Company will continue to pay distributions in shares of common stock or be able to pay distributions in cash in the future. The Company’s ability to make future cash distributions will depend on its future cash flows and may be dependent on its ability to obtain additional liquidity, which may not be available on favorable terms, or at all. Share Repurchase Program The Company has a Share Repurchase Program (“SRP”) that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company's capital or operations. Repurchases of shares of the Company's common stock, when requested, are at the Company's sole discretion and generally were made quarterly. The Company funds repurchases from proceeds from the sale of common stock pursuant to the DRIP. On January 28, 2016 the Company announced that the board of directors had unanimously approved an amendment to the SRP. See Note 15 - Subsequent Events. During the quarter ended December 31, 2015 , the board of directors authorized the Company not to accept all of the repurchase requests that were received. The following table reflects the cumulative number of shares repurchased as of and during the year ended December 31, 2015 . Number of Shares Repurchased Weighted Average price per share Cumulative repurchases as of December 31, 2014 — — Three months ended March 31, 2015 — — Three months ended June 30, 2015 9,402 $ 24.67 Three months ended September 30, 2015 30,121 $ 24.04 Three months ended December 31, 2015 (1) 28,264 $ 23.44 Cumulative repurchases as of December 31, 2015 67,787 $ 23.87 ________________________ (1) As permitted under the SRP, the board of directors authorized, with respect to redemption requests received during the three months ended December 31, 2015 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.0% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2014 , representing less than all the shares validly submitted for repurchase during the three months ended December 31, 2015 . Accordingly, repurchases of 28,264 shares for $0.6 million at an average repurchase price per share of $23.44 (including all shares submitted for death or disability) were completed in January 2016 , while repurchase requests for 64,454 shares for $1.5 million at an average price per share of $23.48 were not fulfilled. The accrual for repurchase requests that were approved but not completed during the three months ended December 31, 2015 is reflected in the accounts payable and accrued expenses line of the accompanying consolidated balance sheets. There were no other unfulfilled share repurchases for the period from July 25, 2013 (date of inception) to December 31, 2015 . Distribution Reinvestment Plan Pursuant to the DRIP, to the extent the Company pays distributions in cash, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the primary Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend or suspend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying balance sheets in the period distributions are paid. There were 828,217 shares issued under the DRIP as of December 31, 2015 . There were 63,998 shares issued under the DRIP as of December 31, 2014 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to disclose the fair value of financial instruments which it is practicable to estimate. The fair value of cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximate their carrying amounts due to the relatively short maturity of these items. The following table shows the carrying values and the fair values of material non-current liabilities that qualify as financial instruments (in thousands): December 31, 2015 Carrying Amount Fair Value Mortgage notes payable $ 1,357,080 $ 1,357,519 The fair value of the mortgage notes payable were determined using the discounted cash flow method and applying current market rates and is classified as level 3 under the fair value hierarchy. As described in Note 10 - Commitments and Contingencies, the carrying amount of the contingent consideration related to the Barceló Portfolio acquisition was remeasured to fair value as of December 31, 2015 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company at the date of this filing. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. Contingent Consideration Included as part of the acquisition of the Barceló Portfolio is a contingent consideration payable to BCC based on the operating results of the Baltimore Courtyard, Providence Courtyard and Stratford Homewood Suites. The amount payable is calculated by applying a contractual capitalization rate to the excess earnings before interest, taxes, depreciation and amortization earned in the second year after the acquisition over an agreed upon target. In the second quarter ended June 30, 2015 , the Company revised its forecast due to civil unrest in Baltimore, which significantly impacted the results of the Baltimore Courtyard, resulting in a decrease in the contingent consideration payable of $1.9 million . In the third and fourth quarters of 2015, the Company further revised its forecast resulting in an increase in the contingent consideration payable of $2.7 million . The change in the contingent consideration payable is reflected in other income in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 . The contingent consideration payable as of December 31, 2015 is $3.2 million . Deferred Consideration Included as part of the acquisition of the Barceló Portfolio was deferred consideration payable to BCC of $3.5 million , which was payable within 10 business days after the date the Company raised $70.0 million in common equity from the Offering after the closing of the Grace Acquisition and payment of all acquisition related expenses which include payments to the Advisor and affiliates. In the second quarter ended June 30, 2015 , the Company repaid the deferred consideration payable of $3.5 million .

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Related Party Transactions and Arrangements As of December 31, 2015 , American Realty Capital Hospitality Special Limited Partner, LLC (the "Special Limited Partner"), which is wholly owned by AR Capital, owned 8,888 shares of the Company’s outstanding common stock. Additionally, as of December 31, 2015 , AR Capital, the parent of the Sponsor, owned 22,222 shares of the Company's outstanding common stock. The Advisor and its affiliates are entitled to a variety of fees, and may incur and pay costs and fees on behalf of the Company for which they are entitled to reimbursement. The Company had a payable due to affiliates related to operating, acquisition, financing and offering costs of $6.5 million and $7.0 million as of December 31, 2015 and December 31, 2014 , respectively. Fees Paid in Connection with the Offering The Former Dealer Manager was paid fees and compensation in connection with the sale of the Company's common stock in the Offering prior to its suspension. The Former Dealer Manager was paid a selling commission of up to 7.0% of the per share purchase price of the Company’s Offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Former Dealer Manager was paid up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer-manager fee. The Former Dealer Manager was entitled to reallow its dealer-manager fee to participating broker-dealers. A participating broker dealer was entitled to elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares by such participating broker dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option was elected, the dealer manager fee has been reduced to 2.5% of gross proceeds. On December 31, 2015, the Company, the Advisor and the Former Dealer Manager mutually agreed, pursuant to a termination agreement dated December 31, 2015, to terminate the Exclusive Dealer Manager Agreement dated January 7, 2014 among the Company, the Advisor and the Former Dealer Manager. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. The table below shows the commissions and fees incurred from and payable to the Former Dealer Manager for the Offering during the year ended December 31, 2015 and 2014 , and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company's consolidated balance sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total commissions and fees incurred from the Former Dealer Manager $ 61,079 $ 24,099 $ 1 $ 153 The Advisor and its affiliates were paid compensation and/or received reimbursement for services relating to the Offering, including transfer agency services provided by American National Stock Transfer, LLC ("ANST"), an affiliate of the Former Dealer Manager. The Company is responsible for the Offering and related costs (excluding selling commissions and dealer manager fees) up to a maximum of 2.0% of gross proceeds received from the Offering, measured at the end of the Offering. Offering costs in excess of the 2.0% cap as of the end of the Offering are the Advisor’s responsibility. As of December 31, 2015 , Offering and related costs (excluding selling commissions and dealer manager fees) exceeded 2.0% of gross proceeds received from the Offering by $5.9 million . Offering costs incurred by the Advisor or its affiliated entities on behalf of the Company have generally been recorded as a reduction to additional paid-in-capital on the accompanying consolidated balance sheets. The table below shows compensation and reimbursements incurred and payable to the Advisor and its affiliates for services relating to the Offering during the year ended December 31, 2015 and the year ended December 31, 2014 , and the associated amounts payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company’s consolidated balance sheets (in thousands). Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total compensation and reimbursement for services provided by the Advisor and its affiliates related to the Offering (1) $ 15,007 $ 3,915 $ 787 $ 1,885 _______________________________________ ( 1) Included in the table above for the year ended December 31, 2015 , were certain reimbursements incurred and payable to the Advisor and its affiliates for services of approximately $0.8 that were reflected in general and administrative expenses on the accompanying consolidated/combined statements of operations and comprehensive income (loss). AR Capital is a party to a services agreement with RCS Advisory Services, LLC ("RCS Advisory"), an affiliate of the Former Dealer Manager, pursuant to which RCS Advisory and its affiliates provided the Company and certain other companies sponsored by AR Global with services (including, without limitation, transaction management, compliance, due diligence, event coordination and marketing services, among others) on a time and expenses incurred basis or at a flat rate based on services performed. AR Capital instructed RCS Advisory to stop providing such services in November 2015 and no services have since been provided by RCS Advisory. The Company is also party to a transfer agency agreement with ANST, pursuant to which ANST provided the Company with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services), and supervisory services overseeing the transfer agency services performed by a third-party transfer agent. AR Global received written notice from ANST on February 10, 2016 that it would wind down operations by the end of the month and would withdraw as the transfer agent effective February 29, 2016 . On February 26, 2016 , the Company entered into a definitive agreement with DST Systems, Inc., its previous provider of sub-transfer agency services, to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). Following the suspension of the IPO, fees payable with respect to transfer agency services are included in general and administrative expenses on the consolidated statements of operations and comprehensive loss during the period the service was provided. Fees Paid in Connection With the Operations of the Company Fees Paid to the Advisor The Advisor receives an acquisition fee of 1.5% of (A) the contract purchase price of each acquired property and (B) the amount advanced for a loan or other investment. The Advisor may also be reimbursed for expenses incurred in the process of acquiring properties, in addition to third-party costs the Company may pay directly to, or reimburse the Advisor for. Additionally, the Company may reimburse the Advisor for legal expenses it or its affiliates directly incur in the process of acquiring properties in an amount not to exceed 0.1% of the contract purchase price of the Company’s assets acquired. Once the proceeds from the Offering have been fully invested, the aggregate amount of acquisition fees and financing coordination fees (as described below) may not exceed 1.9% of the contract purchase price, for any new investments, including reinvested proceeds, and the amount advanced for a loan or other investment, for all the assets acquired. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees (as described below) payable with respect to the Company's total portfolio of investments, calculated after the close of the Offering and once the Company has invested substantially all the proceeds of the Offering, exceed 4.5% of (A) the contract purchase price of all of the Company's properties and (B) the amount advanced for all of the Company's loans or other investments. Fees paid to the Advisor related to acquisitions are reported as a component of net income (loss) in the period incurred. If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor or its assignees a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations. Fees paid to the Advisor related to debt financings are deferred and amortized over the term of the related debt instrument. The Advisor receives a fee for asset management services it provides to the Company. For asset management services provided by the Advisor prior to October 1, 2015 , the fee was paid quarterly in the form of performance-based restricted, forfeitable partnership units of the OP (designated as “Class B Units”). On November 11, 2015 , the Company, the OP and the Advisor agreed to an amendment to the asset management fee. Effective October 1, 2015 , the Company became required to pay asset management fees in cash (subject to certain coverage limitations during the pendency of the Offering), or shares of the Company's common stock, or a combination of both, at the Advisor’s election, and the asset management fee is paid on a monthly basis. The monthly fees are equal to: • The cost of the Company’s assets, (until the Company establishes Estimated Per-Share NAV, then the lower of the cost of the Company's assets and the fair value of the Company's assets), multiplied by • 0.0625% . For asset management services provided by the Advisor prior to October 1, 2015 , the Company issued Class B Units on a quarterly basis in an amount equal to: • The cost of the Company’s assets multiplied by • 0.1875% , divided by • The value of one share of common stock as of the last day of such calendar quarter, which was equal to $22.50 (the Offering price prior to its suspension minus selling commissions and dealer manager fees). In March of 2016, the Company amended its agreement with the Advisor to give the Company the right, for a period commencing on June 1, 2016 and ending on June 1, 2017 , subject to certain conditions, to pay up to $500,000 per month of asset management fees payable to the Advisor under the Company’s agreement with the Advisor in shares of common stock. (See Note 15 - Subsequent Events). The Advisor is entitled to receive distributions on the vested and unvested Class B Units it has received in connection with its asset management subordinated participation at the same rate as distributions received on the Company’s common stock. Such distributions are in addition to the incentive fees and other distributions the Advisor and its affiliates may receive from the Company and the OP, including without limitation, the annual subordinated performance fee and the subordinated participation in net sales proceeds, the subordinated incentive listing distribution or the subordinated distribution upon termination of the advisory agreement, each as described below. The restricted Class B Units do not become unrestricted Class B Units until certain performance conditions are satisfied, including until the adjusted market value of the OP’s assets plus applicable distributions equals or exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax, non-compounded annual return to investors, and the occurrence of a sale of all or substantially all of the OP’s assets, a listing of the Company’s common stock, or a termination of the advisory agreement without cause. A total of 524,956 Class B Units have been issued as of December 31, 2015 for asset management services performed by the Advisor. The issuance of Class B Units did not result in any expense on the Company’s consolidated statements of operations, except for distributions paid on the Class B Units. The Class B Units distribution expense was $0.4 million and less than $0.1 million for the years ended December 31, 2015 , and December 31, 2014 , respectively. As of December 31, 2015 the Company had a payable of $0.1 million related to Class B Units distributions. The table below presents the asset management fees, acquisition and financing coordination fees charged by the Advisor in connection with the operations of the Company for the year s ended December 31, 2015 and 2014 , and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company's consolidated balance sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Asset management fees $ 4,097 $ — $ 1,190 $ — Acquisition fees $ 31,068 $ 1,598 $ — $ — Acquisition cost reimbursements $ 2,066 $ — $ — $ — Financing coordination fees $ 16,994 $ 815 $ — $ — $ 54,225 $ 2,413 $ 1,190 $ — In order to increase operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to waive certain fees. Because the Advisor may waive certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that may be forgiven are not deferrals and accordingly, will not be paid to the Advisor. In certain instances, to improve the Company’s working capital, the Advisor may elect to absorb a portion of the Company’s general and administrative costs. No expenses were absorbed by the Advisor during the year ended December 31, 2015 and the year ended December 31, 2014 , respectively. The Company reimburses the Advisor’s costs for providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt, impairment or other similar non-cash reserves and excluding any gain from the sale of assets for that period, unless the Company’s independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services; however, the Company will not reimburse the Advisor for personnel costs, including executive salaries, in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions. These expense reimbursements are included in the amount reported under total compensation and reimbursement for services provided by the Advisor and its affiliates related to the Offering described above under “Fees Paid in Connection with the Offering.” The Advisor at its election may also contribute capital to enhance the Company’s cash position for working capital and distribution purposes. Any contributed capital amounts are not reimbursable to the Advisor. Further, any capital contributions are made without any corresponding issuance of common or preferred shares. There were no contributions to capital from the Advisor for the years ended December 31, 2015 and December 31, 2014 , respectively. Fees Paid to the Property Manager and Crestline The Company pays a property management fee of up to 4.0% of the monthly gross receipts from the Company's properties to the Property Manager. The Property Manager, in turn, pays a portion of the property management fees to Crestline or a third-party sub-property manager, as applicable. The Company also reimburses Crestline or a third-party sub-property manager, as applicable, for property level expenses, as well as fees and expenses of such sub-property manager. The Company does not, however, reimburse Crestline or any third-party sub-property manager for general overhead costs or for the wages and salaries and other employee-related expenses of employees of such sub-property managers, other than employees or subcontractors who are engaged in the on-site operation, management, maintenance or access control of the Company’s properties, and, in certain circumstances, who are engaged in off-site activities. The Company also will pay its Property Manager (which payment has been assigned to Crestline) an annual incentive fee equal to 15% of the amount by which the operating profit from the properties sub-managed by Crestline for such fiscal year (or partial fiscal year) exceeds 8.5% of the total investment of such properties. The Company may, in the future, pay similar fees its Property Manager (which payment may be assigned to third-party sub-property managers) with respect to properties sub-managed by third-party sub-property managers. Incentive fees incurred by the Company were approximately $0.1 million and $0.1 million for the years ended December 31, 2015 and December 31, 2014 , respectively. For these purposes, “total investment” means the sum of (i) the price paid to acquire the property, including closing costs, conversion costs, and transaction costs; (ii) additional invested capital; and (iii) any other costs paid in connection with the acquisition of the property, whether incurred pre- or post-acquisition. The table below shows the management fees and reimbursable expenses incurred by the Company from Crestline or the Property Manager (and not payable to a third party sub-property manager) during the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total management fees and reimbursable expenses incurred from Crestline $ 9,898 $ 2,579 $ 1,106 $ 228 Total management fees incurred from Property Manager $ 6,816 $ 262 $ 3,553 $ 20 Total $ 16,714 $ 2,841 $ 4,659 $ 248 The Company paid Crestline interest on the Property Improvement Plan Promissory Note of $ 1.8 million (see Note 6 - Promissory Notes Payable). In the second quarter ended June 30, 2015 , the Company repaid in full the Property Improvement Plan Promissory Note. The table below shows the interest expense incurred by the Company during the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the consolidated balances sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Interest related to the Property Improvement Plan Promissory Note $ 21 $ 63 $ — $ 20 Fees Paid to Other Affiliates of the Advisor Not Related to Offering The Company entered into an agreement with the Former Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. The Company recorded the payment of the costs associated with this agreement of $0.9 million in prepaid expenses and other assets on the Company's consolidated balance sheets and has fully amortized the costs as of December 31, 2015 . Additionally, the Company entered into a $0.8 million agreement with RCS Advisory to provide transaction management services in connection with the Grace Acquisition, the full amount of which was accrued for at December 31, 2014 , and was paid in full as of December 31, 2015 . The Company entered into an agreement with the Former Dealer Manager to provide strategic financial advice and assistance in connection with the Grace Acquisition, such as performing financial advisory and analysis services, due diligence and negotiation of the financial aspects of the acquisition. The Company was charged 0.25% of the total transaction value for these services and accrued $4.5 million as of December 31, 2014 , which was paid in full as of December 31, 2015 . The table below presents related party fees and reimbursements charged by the Former Dealer Manager and RCS Advisory in connection with the operations of the Company for the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Transaction fees and expenses $ — $ 5,270 $ — $ 4,645 Advisory and investment banking fee $ 460 $ 460 $ — $ — Total related party fees and reimbursements $ 460 $ 5,730 $ — $ 4,645 Fees Paid in Connection with the Liquidation or Listing The Company is required to pay the Advisor an annual subordinated performance fee calculated on the basis of the Company’s total return to stockholders, payable monthly in arrears, such that for any year in which the Company’s total return on stockholders’ capital exceeds 6.0% per annum, the Advisor is entitled to 15.0% of the excess total return but not to exceed 10.0% of the aggregate total return for such year. This fee will be payable only upon the sale of assets, other disposition or refinancing of such assets, which results in the return on stockholders’ capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the year s ended December 31, 2015 and December 31, 2014 , respectively. The Company may pay a brokerage commission to the Advisor on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third-party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the years ended December 31, 2015 and December 31, 2014 , respectively. The Special Limited Partner is entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets of 15.0% of the remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 6.0% cumulative, pre-tax, non-compounded annual return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company’s investors have received a 6.0% cumulative non-compounded return on their capital contributions plus the return of their capital. No such participation became due and payable during the year s ended December 31, 2015 and December 31, 2014 , respectively. If the common stock of the Company is listed on a national exchange, the Special Limited Partner is entitled to receive a subordinated incentive listing distribution of 15.0% of the amount by which the Company’s market value plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax, non-compounded annual return on their capital contributions. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distributions were incurred during the year s ended December 31, 2015 and December 31, 2014 , respectively. Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sale proceeds and the subordinated incentive listing distribution. Upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner, through its controlling interest in the Advisor, is entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company’s market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs. No such distributions were incurred during the years ended December 31, 2015 and December 31, 2014 , respectively.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2015
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management, asset acquisition and disposition decisions, the sale of shares of common stock available for issue, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with our tax year ended December 31, 2014 . In order to continue to qualify as a REIT, we must annually distribute to our stockholders 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. Distributions to stockholders for the tax year ended December 31, 2015 were all deemed to be return of capital. The components of income tax expense for the year ended December 31, 2015 are presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Current: Federal $ 2,664 $ 633 State 548 91 3,212 724 Deferred: Federal (98 ) (116 ) State (9 ) (17 ) (107 ) (133 ) Income tax expense $ 3,105 $ 591 A reconciliation of the statutory federal income tax benefit of the Company's income tax expense is presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Statutory federal income tax benefit $ (31,121 ) $ (4,845 ) Effect of non-taxable REIT loss 33,720 5,361 State income tax expense, net of federal tax benefit 506 73 Other — 2 Income tax expense $ 3,105 $ 591 The tax effect of each type of temporary difference and carryforward, that gives rise to the deferred tax assets and liabilities as of December 31, 2015 are presented in the following table, in thousands. There were no temporary differences or carryforwards for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Deferred tax asset: Employee-related compensation $ — $ 152 Other 86 11 Net operating losses 186 $ — $ 272 $ 163 Deferred tax liability: Investments in unconsolidated joint ventures $ (32 ) $ (30 ) Total deferred tax liability (32 ) (30 ) Net deferred tax asset $ 240 $ 133 As of December 31, 2015 , the Company had a net deferred tax asset of $0.2 million . The Company believes that it is more likely than not that the TRS will generate sufficient taxable income to realize in full this deferred tax asset. Accordingly, no valuation allowance has been recorded as of December 31, 2015 . As of December 31, 2015 , the tax years that remain subject to examination by major tax jurisdictions include 2013 and 2014.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: Quarters Ended (In thousands, except for share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 54,826 $ 133,490 $ 132,852 125,016 Net income (loss) attributable to stockholders $ (39,976 ) $ 438 $ (5,082 ) $ (50,206 ) Basic weighted average shares outstanding 13,011,673 16,990,324 25,076,350 30,727,381 Diluted weighted average shares outstanding 13,011,673 17,024,900 25,076,350 30,727,381 Basic net income (loss) per share $ (3.07 ) $ 0.03 $ (0.20 ) $ (1.63 ) Diluted net income (loss) per share $ (3.07 ) $ 0.03 $ (0.20 ) $ (1.63 ) Quarters Ended Predecessor Successor (In thousands, except for share amounts) For the period from January 1 to March 20, 2014 For the period from March 21 to March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 8,245 $ 1,320 $ 11,460 $ 11,387 $ 10,704 Net income (loss) attributable to stockholders $ (605 ) $ (5,282 ) $ (82 ) $ (3,549 ) $ (5,928 ) Basic and diluted weighted average common shares outstanding NA 68,622 398,796 2,792,350 7,959,303 Basic and diluted net loss per share attributable to stockholders NA $ (76.97 ) $ (0.21 ) $ (1.27 ) $ (0.74 ) ___________________________________________________ NA - not applicable

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the accompanying consolidated financial statements except for the following transactions: Sales of Common Stock Subsequent to the year ended December 31, 2015 , and through March 1, 2016 , the Company raised additional gross proceeds, from shares issued under the DRIP, of $22.4 million , and issued common stock, including unvested restricted shares and shares issued under the DRIP, of 0.6 million . Distributions Paid On January 4, 2016 , the Company paid distributions of $5.2 million to stockholders of record during the month of December 2015 . Approximately $2.8 million of such distributions were paid in cash, while $2.5 million was reinvested to purchase 103,071 shares under the DRIP. On February 1, 2016 , the Company paid distributions of $5.2 million to stockholders of record during the month of January 2016 . Approximately $2.9 million of such distributions were paid in cash, while $2.4 million was reinvested to purchase 100,754 shares under the DRIP. On March 1, 2016 , the Company paid distributions of $4.9 million to stockholders of record during the month of February 2016 . Approximately $2.7 million of such distributions were paid in cash, while $2.2 million was reinvested to purchase 94,009 shares under the DRIP. Status of the Offering On January 4, 2016 , the Company filed a registration statement on Form S-3 with respect to up to additional 3,656,000 shares of its common stock, $0.01 par value per share, that may be issued under the DRIP. On January 6, 2016 , the Company's Board approved the extension of its primary initial public offering to January 7, 2017 , although it is not likely that the Company will resume its primary initial public offering. Noble Acquisitions: On June 15, 2015 , the Company entered into agreements with affiliates with the Noble Sellers, as amended from time to time thereafter, to purchase fee simple interests in a portfolio of 13 hotels in four separate closings for a total purchase price of $300.0 million . On November 2, 2015 , the Company completed the First Noble Closing, and on December 2, 2015 , the Company completed the Second Noble Closing. On January 25, 2016 , the Company and the Noble Sellers agreed to terminate each of the nine remaining hotels purchase agreements. As a result of this termination, the Company forfeited $22.0 million in non-refundable earnest money deposits. Summit Acquisitions On June 2, 2015 , the Company entered into agreements with the Summit Sellers, as amended from time to time thereafter, to purchase fee simple interests in a portfolio of 26 hotels in three separate closings for a purchase price of approximately $347.4 million , subject to closing prorations and other adjustments. On October 15, 2015 , the Company completed the First Summit Closing. On February 11, 2016 , the Company completed the Third Summit Closing from the Summit Sellers for an aggregate purchase price of $108.3 million , which (together with certain closing costs) was funded with $18.5 million previously paid as an earnest money deposit, $20.0 million in proceeds from a loan from the Summit Sellers (the "Summit Loan"), and $70.4 million from an advance under the SN Term Loan. Also on February 11, 2016 , the Company entered into an agreement with the Summit Sellers to reinstate, with certain changes, the purchase agreement (the "Reinstatement Agreement") related to the hotels in the Second Summit Closing, pursuant to which the Company had been scheduled to acquire from the Summit Sellers ten hotels for an aggregate purchase price of $89.1 million . As discussed in Note 3 above, the Company and the Summit Sellers had previously agreed to terminate the agreement on December 29, 2015 . Pursuant to the Reinstatement Agreement, the Second Summit Closing is scheduled to occur on December 30, 2016 and $7.5 million (the “New Deposit”) borrowed by the Company from the Summit Sellers was used as a new earnest money deposit. Under the Reinstatement Agreement, the Summit Sellers have the right to market and ultimately sell any or all of the hotels in the Second Summit Closing to a bona fide third party purchaser without the consent of the Company at any time prior to the Company completing its acquisition of the Second Summit Closing. If any hotel is sold in this manner, the Reinstatement Agreement will terminate with respect to such hotel and the purchase price will be reduced by the amount allocated to such hotel. If all (but not less than all) of the hotels in the Second Summit Closing are sold in this manner, or if the Reinstatement Agreement is terminated with respect to all (but not less than all) of the hotels in the Second Summit Closing under certain other circumstances (including if there are title issues or material casualties or condemnations involving a particular hotel), then the New Deposit will be automatically applied towards any then outstanding principal balance of the Summit Loan, and any remaining balance of the New Deposit will be remitted to the Company. Summit Loan On February 11, 2016 , the Summit Sellers loaned the Company $27.5 million (the "Summit Loan"), pursuant to a loan agreement (the “Seller Loan Agreement”). Proceeds from the Summit Loan totaling $20.0 million were used to pay a portion of the purchase price of the Third Summit Closing and proceeds from the Summit Loan totaling $7.5 million were used as a new purchase price deposit on the Second Summit Closing. The Summit Loan initially bears interest at a rate of 13.0% per annum, of which 9.0% is paid in cash monthly and an additional 4% (the “Added Rate”) will accrue and be compounded monthly and added to the outstanding principal balance at maturity unless otherwise paid in cash by the Company. The Summit Loan has an initial maturity date of February 11, 2017 , and the Seller Loan Agreement provides for two one -year extensions at the Company’s option, subject to the payment in cash of the interest accrued at the Added Rate. Upon each extension, the Added Rate will be increased by 1% . The Company must pay principal in the amount of $1.0 million on the last day of May, June, July, August and September 2016. The Company’s obligation to make this $5.0 million in principal amortization payments is secured by a collateral interest in certain cash flows, to the extent received by the Company, related to certain other hotel assets owned by the Company. The Company may pre-pay the Summit Loan in whole or in part without penalty at any time. The Company also made certain other agreements with respect to future sales and purchases of hotels under the Summit Loan. SN Term Loan Amendment On February 11, 2016 , the SN Term Loan was amended, pursuant to which the lenders' total commitment was reduced from $450.0 million to $293.4 million . Amendment to Share Repurchase Program On January 28, 2016 , the Company announced that the board of directors of the Company had unanimously approved an amendment and restatement of the SRP which became effective on February 28, 2016 . Under the SRP as amended and restated, subject to certain conditions, stockholders that purchased shares of common stock of the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions and have held their shares for a period of at least one year may request that the Company repurchase their shares of common stock so long as the repurchase otherwise complies with the provisions of Maryland law. Repurchase requests made following the death or qualifying disability of a stockholder will not be subject to any minimum holding period. The repurchase price per share for requests other than for death or disability will be equal to (a) until the date (the “NAV Pricing Date”) the Company publishes estimated net asset value per share of common stock calculated by the Company’s advisor in accordance with the Company’s valuation guidelines (the “Estimated Per-Share NAV”), an amount equal to (i) the lower of $23.13 and 92.5% of the price paid to acquire the shares from the Company, if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) the lower of $23.75 and 95.0% of the price paid to acquire the shares from the Company, if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) the lower of $24.38 and 97.5% of the price paid to acquire the shares of the Company, if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; and (iv) the lower of $25.00 and 100% of the price paid to acquire the shares from the Company, if the person seeking repurchase has held his or her shares for a period greater than four years; and (b) on and following the NAV Pricing Date, the Estimated Per-Share NAV, in each case multiplied by a percentage equal to (i) 92.5% , if the person seeking repurchase has held his or her shares for a period greater than one year and less than two years; (ii) 95% , if the person seeking repurchase has held his or her shares for a period greater than two years and less than three years; (iii) 97.5% , if the person seeking repurchase has held his or her shares for a period greater than three years and less than four years; or (iv) 100% , if the person seeking repurchase has held his or her shares for a period greater than four years. In the case of requests for death or disability, the repurchase price per share will be equal to (a) until the NAV Pricing Date, the price paid to acquire the shares from the Company, or (b) on and following the NAV Pricing Date, the Estimated Per-Share NAV at the time of repurchase. Repurchases pursuant to the SRP, when requested, generally will be made semiannually (each six-month period ending June 30 or December 31, a “fiscal semester”). Repurchases for any fiscal semester will be limited to a maximum of 2.5% of the weighted average number of shares of common stock outstanding during the previous fiscal year, with a maximum for any fiscal year of 5.0% of the weighted average number of shares of common stock outstanding during the previous fiscal year. Repurchases pursuant to the SRP for any given fiscal semester will be funded from proceeds received during that same fiscal semester through the issuance of common stock pursuant to the DRIP time unless the board of directors, in its sole discretion, makes available other funds for this purpose. As described further below, beginning with distributions payable with respect to April 2016 the Company will pay distributions to its stockholders in shares of common stock instead of cash. Shares are only issued pursuant to the DRIP in connection with distributions paid in cash. The Company also does not expect the board of directors will make other funds available for these purposes until the Company is able to obtain additional liquidity on favorable terms. Accordingly, the Company does not currently expect to make any repurchases under the SRP during 2016. RCS Capital Corporation Bankruptcy RCS Capital Corporation, the parent company of the Former Dealer Manager, and certain of its affiliates that provided us with services, filed for Chapter 11 bankruptcy protection in January 2016, prior to which it was also under common control with AR Global, the parent of the Company's sponsor. American National Stock Transfer, LLC Termination On February 10, 2016 , AR Global received written notice from ANST, the Company's transfer agent and an affiliate of the Company's Former Dealer Manager, that it would wind down operations by the end of the month. ANST withdrew as the transfer agent effective February 29, 2016 . On February 26, 2016 , the Company entered into a definitive agreement with DST Systems, Inc., its previous provider of sub-transfer agency services, to provide the Company directly with transfer agency services (including broker and stockholder servicing, transaction processing, year-end IRS reporting and other services). Change in Distributions Policy Because the Company requires funds in addition to its operating cash flow and cash on hand to meet its capital requirements, in March 2016 , the Company’s board of directors changed the distribution policy such that, beginning with distributions payable with respect to April 2016 the Company will pay distributions to its stockholders in shares of common stock instead of cash. Accordingly, the Company will pay a cash distribution to stockholders of record each day during March 2016 on April 5, 2016 , but future distributions will be on a monthly basis to stockholders of record each day during the prior month, commencing with April 2016, in an amount equivalent to $1.70 per annum, divided by $23.75 until the Company establishes Estimated Per-Share NAV and Estimated Per-Share NAV thereafter. The distributions will be made by the fifth day following each month end to stockholders of record at the close of business each day during the prior month. There can be no assurance that the Company will be able to pay distributions in cash in the future. The Company’s ability to make future cash distributions will depend on its future cash flows and may be dependent on its ability to obtain additional liquidity, which may not be available on favorable terms, or at all. Amendment to the Advisory Agreement In March of 2016, the Company amended (the “Amendment”) its agreement with the Advisor (as amended, the “Advisory Agreement”) to provide the Company with the right to pay up to $500,000 per month of asset management fees payable to the Advisor under the Advisory Agreement in shares of the Company’s common stock for the period of time beginning on June 1, 2016 and ending on June 1, 2017 , commencing on the date (the “Trigger”) that the elimination of the Company’s payment of cash distributions is insufficient to provide adequate liquidity levels consistent with assumptions mutually agreed to in good faith by the Company's independent directors and the Advisor from time to time (the “Relief Period”), subject to termination on the earlier of: (a) the date on which the Company has completed a public or private offering, which provides net proceeds in excess of $500,000 multiplied by the remaining months prior to June 1, 2017 , after repayment or redemption of any indebtedness or preferred stock which is repayable or redeemable out of the proceeds of such offering; (b) the date on which the Company has completed an asset sale or borrowing, which provides net proceeds in excess of $50.0 million , after repayment or redemption of any indebtedness or preferred stock which is repayable or redeemable out of the proceeds of such transaction; (c) the date that the Company’s board of directors declares a distribution all or a portion of which is payable in cash; (d) a change of control (as defined in the Amendment), any restructuring of the Company’s debt or preferred stock that results in net proceeds in excess of $500,000 multiplied by the remaining months prior to June 1, 2017 , after repayment or redemption of any indebtedness or preferred stock which is repayable or redeemable out of the proceeds of such transaction or such transaction results in the reduction in other cash usage by the Company during the Relief Period in excess of $500,000 multiplied by the remaining months prior to June 1, 2017 , or a sale, exchange, transfer or other disposition of substantially all of the Company’s assets; (e) termination of the Advisory Agreement; or (f) the date on which the amendment to the Company’s charter, as described below, is not approved by its stockholders. If an event described in items (d) or (e) above occurs, the Company has agreed to redeem any shares of common stock issued to the Advisor as payment of asset management fees as described above for cash at the original issuance price. Pursuant to the Amendment, the Company also agreed to certain registration rights for the benefit of the Advisor with respect to the resale of the shares of common stock issued to the Advisor as payment of asset management fees as described above. Prior to the Amendment and for asset management services for periods after September 30, 2015 , the Company paid asset management fees in cash or shares of common stock, or a combination of both, at the Advisor’s election. Pursuant to the Amendment, the Company also agreed, subject to approval of its stockholders of an amendment to the Company’s charter which the Company has agreed to present to its stockholders at the 2016 annual meeting, to extend the term of the Advisory Agreement to June 1, 2017 and that the notice period for terminating the Advisory Agreement will be ninety ( 90 ) days’ notice instead of sixty ( 60 ) days’ notice if the Trigger occurs prior to an expiration of the term.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III, Real Estate and Accumulated Depreciation	Initial Cost Subsequent Costs Capitalized Gross Amount at December 31, 2015 (1) Property U.S. State or Country Acquisition Debt at December 31, 2015 Land Building and Land Building and Improvements Land Building and Improvements Total Accumulated Courtyard Baltimore Downtown Inner Harbor MD 2014 (24,980 ) 4,961 34,343 — — 4,961 34,343 39,304 (1,550 ) Courtyard Providence Downtown RI 2014 (20,520 ) 4,724 29,388 — 1,123 4,724 30,511 35,235 (1,388 ) Georgia Tech Hotel and Conference Center GA 2014 — — — — — — — — — Homewood Suites Stratford CT 2014 (12,500 ) 2,377 13,875 — 1,402 2,377 15,277 17,654 (755 ) Westin Virginia Beach Town Center VA 2014 — — — — — — — — — Hilton Garden Inn Blacksburg VA 2014/2015 (10,500 ) — 14,107 — — — 14,107 14,107 (226 ) Courtyard Lexington South Hamburg Place KY 2015 (13,512 ) 2,766 10,242 — 4 2,766 10,246 13,012 (233 ) Courtyard Louisville Downtown KY 2015 (26,581 ) 3,727 33,543 — — 3,727 33,544 37,271 (702 ) Embassy Suites Orlando International Drive Jamaican Court FL 2015 (19,499 ) 2,356 23,646 — 1,206 2,356 24,851 27,207 (572 ) Fairfield Inn & Suites Atlanta Vinings GA 2015 (8,324 ) 1,394 8,968 — 163 1,394 9,131 10,525 (256 ) Homewood Suites Chicago Downtown IL 2015 (61,814 ) 15,314 73,248 — 4,882 15,314 78,130 93,444 (1,746 ) Hyatt Place Albuquerque Uptown NM 2015 (14,818 ) 987 16,386 — 1,393 987 17,778 18,765 (364 ) Hyatt Place Baltimore Washington Airport MD 2015 (9,536 ) 3,129 9,068 — 1,109 3,128 10,177 13,305 (249 ) Hyatt Place Baton Rouge I 10 LA 2015 (10,692 ) 1,888 8,897 — 779 1,888 9,676 11,564 (208 ) Hyatt Place Birmingham Hoover AL 2015 (8,956 ) 956 9,689 — 185 956 9,873 10,829 (235 ) Hyatt Place Cincinnati Blue Ash OH 2015 (6,775 ) 652 7,951 — 1,207 652 9,159 9,811 (208 ) Hyatt Place Columbus Worthington OH 2015 (8,612 ) 1,063 11,319 — 179 1,063 11,498 12,561 (259 ) Hyatt Place Indianapolis Keystone IN 2015 (11,266 ) 1,918 13,935 — 892 1,918 14,827 16,745 (316 ) Hyatt Place Memphis Wolfchase Galleria TN 2015 (10,279 ) 971 14,505 — 185 971 14,691 15,662 (321 ) Hyatt Place Miami Airport West Doral FL 2015 (17,369 ) 2,634 17,897 — 181 2,634 18,078 20,712 (397 ) Hyatt Place Nashville Franklin Cool Springs TN 2015 (14,487 ) 2,201 15,003 — 185 2,201 15,188 17,389 (341 ) Hyatt Place Richmond Innsbrook VA 2015 (7,420 ) 1,584 8,013 — 867 1,584 8,880 10,464 (237 ) Hyatt Place Tampa Airport Westshore FL 2015 (16,469 ) 3,329 15,710 — 1,218 3,329 16,929 20,258 (350 ) Residence Inn Lexington South Hamburg Place KY 2015 (12,006 ) 2,044 13,313 — 1,212 2,044 14,525 16,569 (305 ) SpringHill Suites Lexington Near The University Of Kentucky KY 2015 (13,700 ) 3,321 13,064 — — 3,321 13,064 16,385 (300 ) Hampton Inn Albany Wolf Road Airport NY 2015 (16,170 ) 1,717 16,572 — — 1,717 16,572 18,289 (388 ) Hampton Inn Colorado Springs Central Airforce Academy CO 2015 (3,469 ) 449 6,322 — — 449 6,322 6,771 (170 ) Hampton Inn Baltimore Glen Burnie MD 2015 (3,393 ) — 5,438 — 910 — 6,348 6,348 (308 ) Hampton Inn Beckley WV 2015 (15,481 ) 857 13,670 — — 857 13,670 14,527 (316 ) Hampton Inn Birmingham Mountain Brook AL 2015 (8,051 ) — 9,863 — — — 9,863 9,863 (225 ) Hampton Inn Boca Raton FL 2015 (13,111 ) 2,027 10,420 — — 2,027 10,420 12,447 (234 ) Hampton Inn Boca Raton Deerfield Beach FL 2015 (12,243 ) 2,781 9,338 — — 2,781 9,338 12,119 (218 ) Hampton Inn Charleston Airport Coliseum SC 2015 (4,088 ) 1,768 6,586 — — 1,768 6,586 8,354 (178 ) Hampton Inn Chattanooga Airport I 75 TN 2015 (4,664 ) 1,827 5,268 — — 1,827 5,268 7,095 (177 ) Hampton Inn Chicago Gurnee IL 2015 (10,745 ) 757 12,189 — — 757 12,189 12,946 (288 ) Hampton Inn Columbia I 26 Airport SC 2015 (5,034 ) 1,209 3,684 — — 1,209 3,684 4,893 (126 ) Hampton Inn Columbus Dublin OH 2015 (10,545 ) 1,140 10,856 — 9 1,140 10,865 12,005 (251 ) Hampton Inn Columbus Airport GA 2015 (2,838 ) 941 1,251 — — 941 1,251 2,192 (93 ) Hampton Inn Detroit Madison Heights South Troy MI 2015 (11,711 ) 1,950 11,834 — — 1,950 11,834 13,784 (280 ) Hampton Inn Detroit Northville MI 2015 (8,355 ) 1,210 8,591 — 155 1,210 8,745 9,955 (240 ) Hampton Inn Kansas City Overland Park KS 2015 (4,501 ) 1,233 9,210 — — 1,233 9,210 10,443 (281 ) Hampton Inn Kansas City Airport MO 2015 (8,580 ) 1,362 9,247 — — 1,362 9,247 10,609 (218 ) Hampton Inn Memphis Poplar TN 2015 (12,109 ) 2,168 10,618 — — 2,168 10,619 12,787 (249 ) Hampton Inn Morgantown WV 2015 (12,930 ) 3,062 12,810 — — 3,062 12,810 15,872 (291 ) Hampton Inn Norfolk Naval Base VA 2015 (3,797 ) — 6,873 — 1,142 — 8,014 8,014 (244 ) Hampton Inn Palm Beach Gardens FL 2015 (19,205 ) 3,253 17,724 — — 3,253 17,724 20,977 (396 ) Hampton Inn Pickwick Dam Shiloh Falls TN 2015 (1,984 ) 148 2,089 — — 148 2,089 2,237 (71 ) Hampton Inn Scranton Montage Mountain PA 2015 (10,815 ) 754 11,174 — — 754 11,174 11,928 (270 ) Hampton Inn St Louis Westport MO 2015 (7,390 ) 1,359 8,486 — — 1,359 8,486 9,845 (195 ) Hampton Inn State College PA 2015 (10,965 ) 2,509 9,359 — — 2,509 9,359 11,868 (238 ) Hampton Inn West Palm Beach Florida Turnpike FL 2015 (16,257 ) 2,008 13,636 — — 2,008 13,636 15,644 (306 ) Homewood Suites Hartford Windsor Locks CT 2015 (10,650 ) 3,072 8,996 — 89 3,072 9,085 12,157 (317 ) Homewood Suites Memphis Germantown TN 2015 (7,445 ) 1,024 8,871 — 1,527 1,024 10,399 11,423 (249 ) Homewood Suites Phoenix Biltmore AZ 2015 (16,927 ) — 23,722 — 1,001 — 24,722 24,722 (518 ) Hampton Inn & Suites Boynton Beach FL 2015 (26,990 ) 1,393 24,759 — — 1,393 24,759 26,152 (551 ) Hampton Inn Cleveland Westlake OH 2015 (11,769 ) 4,177 10,002 — 9 4,177 10,011 14,188 (267 ) Courtyard Athens Downtown GA 2015 (8,709 ) 3,201 7,305 — — 3,201 7,305 10,506 (174 ) Courtyard Gainesville FL 2015 (12,066 ) 2,904 8,605 — 28 2,904 8,633 11,537 (203 ) Courtyard Knoxville Cedar Bluff TN 2015 (10,463 ) 1,289 8,556 — 611 1,289 9,167 10,456 (191 ) Courtyard Mobile AL 2015 (4,911 ) — 3,657 — 40 — 3,698 3,698 (117 ) Courtyard Orlando Altamonte Springs Maitland FL 2015 (12,547 ) 1,716 11,463 — 3 1,716 11,467 13,183 (259 ) Courtyard Sarasota Bradenton FL 2015 (8,479 ) 1,928 8,334 — 1 1,928 8,335 10,263 (186 ) Courtyard Tallahassee North I 10 Capital Circle FL 2015 (10,258 ) 2,767 9,254 — — 2,767 9,254 12,021 (233 ) Holiday Inn Express & Suites Kendall East Miami FL 2015 (8,764 ) 1,248 7,525 — 3 1,248 7,528 8,776 (167 ) Residence Inn Chattanooga Downtown TN 2015 (10,455 ) 1,142 10,112 — 1,002 1,142 11,114 12,256 (218 ) Residence Inn Fort Myers FL 2015 (8,389 ) 1,372 8,765 — 1 1,372 8,766 10,138 (199 ) Residence Inn Knoxville Cedar Bluff TN 2015 (10,044 ) 1,474 9,580 — — 1,474 9,580 11,054 (236 ) Residence Inn Macon GA 2015 (4,939 ) 1,046 5,381 — 376 1,046 5,757 6,803 (168 ) Residence Inn Mobile AL 2015 (6,557 ) — 6,714 — — — 6,714 6,714 (166 ) Residence Inn Sarasota Bradenton FL 2015 (9,997 ) 2,138 9,118 — — 2,138 9,118 11,256 (220 ) Residence Inn Savannah Midtown GA 2015 (7,673 ) 1,106 9,349 — 3 1,106 9,351 10,457 (216 ) Residence Inn Tallahassee North I 10 Capital Circle FL 2015 (9,707 ) 1,349 9,983 — 113 1,349 10,096 11,445 (227 ) Residence Inn Tampa North I 75 Fletcher FL 2015 (8,881 ) 1,251 8,174 — — 1,251 8,174 9,425 (209 ) Residence Inn Tampa Sabal Park Brandon FL 2015 (11,771 ) 1,773 10,830 — — 1,773 10,830 12,603 (260 ) Courtyard Bowling Green Convention Center KY 2015 (10,897 ) 503 11,003 — 22 503 11,025 11,528 (251 ) Courtyard Chicago Elmhurst Oakbrook Area IL 2015 (9,895 ) 1,323 11,868 — — 1,323 11,868 13,191 (600 ) Courtyard Jacksonville Airport Northeast FL 2015 (4,931 ) 1,783 5,459 — 273 1,783 5,732 7,515 (192 ) Hampton Inn & Suites Nashville Franklin Cool Springs TN 2015 (18,987 ) 2,526 16,985 — — 2,525 16,985 19,510 (400 ) Hampton Inn Boston Peabody MA 2015 (12,282 ) 3,008 11,846 — — 3,008 11,846 14,854 (306 ) Hampton Inn Grand Rapids North MI 2015 (11,430 ) 2,191 11,502 — — 2,191 11,502 13,693 (280 ) Holiday Inn Charleston Mount Pleasant SC 2015 (9,275 ) 2,675 7,070 — — 2,675 7,070 9,745 (281 ) Homewood Suites Boston Peabody MA 2015 (8,654 ) 2,508 8,654 — 1,332 2,508 9,986 12,494 (279 ) Hyatt Place Las Vegas NV 2015 (16,994 ) 2,902 17,419 — 2,425 2,902 19,844 22,746 (419 ) Hyatt Place Minneapolis Airport South MN 2015 (11,548 ) 2,519 11,810 — 1,181 2,519 12,991 15,510 (268 ) Residence Inn Boise Downtown ID 2015 (8,581 ) 1,776 10,203 — 65 1,776 10,268 12,044 (280 ) Residence Inn Portland Downtown Lloyd Center OR 2015 (32,610 ) 25,213 23,231 — 261 25,213 23,492 48,705 (595 ) SpringHill Suites Grand Rapids North MI 2015 (9,977 ) 1,063 9,312 — — 1,063 9,312 10,375 (208 ) Hyatt Place Kansas City Overland Park Metcalf KS 2015 (7,700 ) 1,038 7,792 — 181 1,038 7,972 9,010 (236 ) Courtyard Asheville NC 2015 (12,426 ) 2,236 10,290 — — 2,236 10,290 12,526 (231 ) Courtyard Dallas Market Center TX 2015 (18,169 ) — 19,768 — 1,611 — 21,379 21,379 (437 ) Fairfield Inn & Suites Dallas Market Center TX 2015 (8,584 ) 1,550 7,236 — 4 1,550 7,240 8,790 (164 ) Hilton Garden Inn Austin Round Rock TX 2015 (12,050 ) 2,797 10,920 — — 2,797 10,920 13,717 (255 ) Residence Inn Los Angeles Airport El Segundo CA 2015 (34,076 ) 16,416 21,618 — 1,469 16,416 23,088 39,504 (479 ) Residence Inn San Diego Rancho Bernardo Scripps Poway CA 2015 (23,310 ) 5,261 18,677 — — 5,261 18,677 23,938 (422 ) SpringHill Suites Austin Round Rock TX 2015 (8,108 ) 2,196 8,305 — 19 2,196 8,324 10,520 (198 ) SpringHill Suites Houston Hobby Airport TX 2015 (10,863 ) 762 11,755 — 5 762 11,760 12,522 (263 ) SpringHill Suites San Antonio Medical Center Northwest TX 2015 (5,285 ) — 7,161 — 75 — 7,236 7,236 (159 ) SpringHill Suites San Diego Rancho Bernardo Scripps Poway CA 2015 (19,242 ) 3,905 16,999 — — 3,904 16,999 20,903 (382 ) Hampton Inn Charlotte Gastonia NC 2015 (9,589 ) 1,357 10,073 — — 1,357 10,073 11,430 (233 ) Hampton Inn Dallas Addison TX 2015 (9,191 ) 1,538 7,475 — — 1,538 7,475 9,013 (180 ) Hampton Inn Fayetteville I 95 NC 2015 (5,324 ) 922 7,069 — — 922 7,069 7,991 (172 ) Homewood Suites San Antonio Northwest TX 2015 (13,757 ) 1,998 13,060 — 913 1,998 13,973 15,971 (346 ) Courtyard Dalton GA 2015 (7,842 ) 676 8,241 — 819 676 9,060 9,736 (191 ) Hampton Inn Orlando International Drive Convention Center FL 2015 (13,783 ) 1,183 14,899 — — 1,183 14,899 16,082 (326 ) Hilton Garden Inn Albuquerque North Rio Rancho NM 2015 (9,472 ) 1,141 9,818 — — 1,141 9,818 10,959 (233 ) Homewood Suites Orlando International Drive Convention Center FL 2015 (24,337 ) 2,182 26,507 — 536 2,182 27,043 29,225 (565 ) Hampton Inn Chicago Naperville IL 2015 (9,307 ) 1,363 9,460 — — 1,363 9,460 10,823 (253 ) Hampton Inn Indianapolis Northeast Castleton IN 2015 (11,041 ) 1,587 8,144 — — 1,587 8,144 9,731 (274 ) Hampton Inn Knoxville Airport TN 2015 (6,459 ) 1,033 5,898 — — 1,033 5,898 6,931 (188 ) Hampton Inn Milford CT 2015 (4,103 ) 1,652 5,060 — — 1,652 5,060 6,712 (199 ) Homewood Suites Augusta GA 2015 (6,853 ) 874 8,225 — 1,093 874 9,318 10,192 (198 ) Homewood Suites Seattle Downtown WA 2015 (52,713 ) 12,580 41,011 — 5 12,580 41,016 53,596 (860 ) Hampton Inn Champaign Urbana IL 2015 (17,003 ) 2,206 17,451 — — 2,206 17,451 19,657 (384 ) Hampton Inn East Lansing MI 2015 (10,702 ) 3,219 10,101 — 138 3,219 10,239 13,458 (234 ) Hilton Garden Inn Louisville East KY 2015 (15,087 ) 1,022 16,350 — 13 1,022 16,364 17,386 (364 ) Residence Inn Jacksonville Airport FL 2015 (5,707 ) 1,451 6,423 — 837 1,451 7,260 8,711 (188 ) TownePlace Suites Savannah Midtown GA 2015 (10,354 ) 1,502 7,827 — — 1,502 7,827 9,329 (183 ) Courtyard Houston I 10 West Energy Corridor TX 2015 (19,582 ) 10,444 20,710 — 2,287 10,444 22,997 33,441 (468 ) Courtyard San Diego Carlsbad CA 2015 (18,901 ) 5,080 14,007 — 20 5,080 14,027 19,107 (329 ) Hampton Inn Austin North IH 35 & Highway 183 TX 2015 (13,804 ) 1,774 9,798 — 12 1,774 9,810 11,584 (228 ) SpringHill Suites Asheville NC 2015 (14,305 ) 2,149 9,930 — — 2,149 9,930 12,079 (223 ) Hampton Inn College Station TX 2015 (13,899 ) 3,306 10,523 — 70 3,306 10,594 13,900 (236 ) Courtyard Flagstaff AZ 2015 (19,849 ) 5,258 24,313 — — 5,258 24,313 29,571 (184 ) DoubleTree Baton Rouge LA 2015 (11,978 ) 1,497 14,777 — — 1,497 14,777 16,274 (132 ) Fairfield Inn & Suites Baton Rouge South LA 2015 (3,422 ) 971 3,391 — — 971 3,391 4,362 (34 ) Hampton Inn Medford OR 2015 (8,556 ) 1,245 10,353 — — 1,245 10,353 11,598 (77 ) Hampton Inn Fort Wayne Southwest IN 2015 (8,898 ) 1,242 10,511 — — 1,242 10,512 11,754 (87 ) Hampton Inn & Suites El Paso Airport TX 2015 (13,347 ) 1,641 18,733 — — 1,641 18,733 20,374 (146 ) Residence Inn Fort Wayne Southwest IN 2015 (10,609 ) 1,267 12,136 — — 1,267 12,136 13,403 (86 ) SpringHill Suites Baton Rouge South LA 2015 (4,449 ) 1,131 5,744 — — 1,131 5,744 6,875 (43 ) SpringHill Suites Flagstaff AZ 2015 (10,951 ) 1,641 14,283 — — 1,641 14,284 15,925 (116 ) TownePlace Suites Baton Rouge South LA 2015 (4,791 ) 1,055 6,173 — — 1,055 6,173 7,228 (51 ) Courtyard Columbus Downtown OH 2015 (21,051 ) 2,367 25,191 — — 2,367 25,191 27,558 (60 ) Hilton Garden Inn Monterey CA 2015 (19,333 ) 6,110 27,713 — — 6,110 27,714 33,824 (162 ) Hyatt House Atlanta Cobb Galleria GA 2015 (21,230 ) 4,386 22,777 — — 4,385 22,777 27,162 (52 ) Hyatt Place Chicago Schaumburg IL 2015 (6,637 ) 1,519 9,582 — — 1,519 9,582 11,101 (59 ) Total $(1,651,524) $317,871 $1,688,896 $ — $41,064 $317,871 $1,729,960 $2,047,831 $(39,252) ___________________________________ (1) The tax basis of aggregate land, buildings and improvements as of December 31, 2015 is $2,171,011 thousand . (2) Each of the properties has a depreciable life of: up to 40 years for buildings, up to 15 years for improvements. A summary of activity for real estate and accumulated depreciation for the period from January 1 to December 31, 2015 (1) : For the Year ended December 31, 2015 Land, buildings and improvements, at cost: Balance at January 1, 2015 $ 93,237 Additions-Acquisitions 1,917,101 Capital improvements 37,493 Balance at December 31, 2015 $ 2,047,831 Accumulated depreciation and amortization: Balance at January 1, 2015 $ (1,569 ) Depreciation expense (37,683 ) Balance at December 31, 2015 $ (39,252 ) ___________________________________ (1) The change in the real estate investments for the Predecessor has not been presented because the land, building and improvements were recorded by the Predecessor at the pre-acquisition basis.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation/Combination and Basis of Presentation	Principles of Consolidation/Combination and Basis of Presentation The accompanying consolidated/combined financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as percentage ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. The Predecessor consists of the Barceló Portfolio, which consists of hospitality assets and operations owned by Barceló Crestline Corporation and certain consolidated subsidiaries ("BCC") that had been maintained in various legal entities until the Company acquired them from BCC on March 21, 2014 . Historically, financial statements had not been prepared for the Predecessor as a discrete stand-alone entity. The accompanying consolidated financial statements for the Predecessor, for the period from January 1 to March 20, 2014 have been derived from the historical accounting records of BCC and reflect revenue and expenses and cash flows directly attributable to the Predecessor, as well as allocations deemed reasonable by management, to present the combined results of operations and cash flows of the Predecessor on a stand-alone basis.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated/combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding purchase price allocations to record investments in real estate, the useful lives of real estate and real estate taxes, as applicable.
Real Estate Investments and Below-Market Lease	Real Estate Investments The Company allocates the purchase price of properties acquired in real estate investments to tangible and identifiable intangible assets acquired based on their respective fair values at the date of acquisition. Tangible assets include land, land improvements, buildings and furniture, fixtures and equipment. The Company utilizes various estimates, processes and information to determine the property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and furniture, fixtures and equipment are based on purchase price allocation studies performed by independent third parties or on the Company’s analysis of comparable properties in the Company’s portfolio. Identifiable intangible assets and liabilities, as applicable, are typically related to contracts, including operating lease agreements, ground lease agreements and hotel management agreements, which will be recorded at fair value. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Investments in real estate that are not considered to be business combinations under GAAP are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation of the Company's assets is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for furniture, fixtures and equipment, and the shorter of the useful life or the remaining lease term for leasehold interests. The Company is required to make subjective assessments as to the useful lives of the Company’s assets for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company’s investments in real estate. These assessments have a direct impact on the Company’s net income because if the Company were to shorten the expected useful lives of the Company’s investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. Below-Market Lease The below-market lease intangible is based on the difference between the market rent and the contractual rent and is discounted to a present value using an interest rate reflecting the Company's current assessment of the risk associated with the leases acquired. See Note 4. Acquired lease intangible assets are amortized over the remaining lease term. The amortization of a below-market lease is recorded as an increase to rent expense on the consolidated/combined statements of operations.
Impairment of Long Lived Assets and Investments in Unconsolidated Entities	Impairment of Long Lived Assets and Investments in Unconsolidated Entities When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less the estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. No such impairment losses were recorded in the periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less.
Restricted Cash	Restricted Cash Restricted cash consists of amounts required under mortgage agreements for future capital improvements to owned assets, future interest and property tax payments and cash flow deposits while subject to mortgage agreement restrictions. For purposes of the statement of cash flows, changes in restricted cash caused by changes to the amount needed for future capital improvements are treated as investing activities, changes related to future debt service payments are treated as financing activities, and changes related to real estate tax payments and excess cash flow deposits are treated as operating activities.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These fees are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing fees are expensed in full when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not be successful.
Variable Interest Entities	Variable Interest Entities Accounting Standards Codification ("ASC") 810, Consolidation contains the guidance surrounding the definition of variable interest entities ("VIE"), the definition of variable interests and the consolidation rules surrounding VIEs. In general, VIEs are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. The Company has variable interests in VIEs through its investments in entities which own the Westin Virginia Beach Town Center (the "Westin Virginia Beach") and the Hilton Garden Inn Blacksburg. Once it is determined that the Company holds a variable interest in an entity, GAAP requires that the Company perform a qualitative analysis to determine (i) which entity has the power to direct the matters that most significantly impact the VIE’s financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The entity that has both of these characteristics is deemed to be the primary beneficiary and is required to consolidate the VIE. The Company holds an interest in BSE/AH Blacksburg Hotel, LLC (the "HGI Blacksburg JV"), an entity that owns the assets of the Hilton Garden Inn Blacksburg, and an interest in TCA Block 7 Hotel, LLC (the "Westin Virginia Beach JV"), an entity that owns the assets of the Westin Virginia Beach. During the quarter ended June 30, 2015 , upon the acquisition of an additional equity interest in the HGI Blacksburg JV, the Company concluded that it was the primary beneficiary, with the power to direct activities that most significantly impact its economic performance, and therefore consolidated the entity in its consolidated financial statements subsequent to the acquisition (See Note 3 - Business Combinations). The Company has concluded it is not the primary beneficiary with the power to direct activities that most significantly impact economic performance of the Westin Virginia Beach JV, and has therefore not consolidated the entity. The Company has accounted for the entity under the equity method of accounting and included it in investments in unconsolidated entities in the accompanying consolidated balance sheets. The Company classifies the distributions from its investments in unconsolidated entities in the consolidated/combined statement of cash flows based upon an evaluation of the specific facts and circumstances of each distribution. For example, distributions of cash generated by property operations are classified as cash flows from operating activities. However, distributions received as a result of property sales are classified as cash flows from investing activities.
Revenue Recognition	Revenue Recognition Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel services.
Income Taxes	Income Taxes The Company qualified to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its tax year ended December 31, 2014 . In order to continue to qualify as a REIT, the Company must annually distribute to its stockholders 90% of its REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain, and must comply with various other organizational and operational requirements. The Company generally will not be subject to federal corporate income tax on that portion of its REIT taxable income that it distributes to its stockholders. The Company may be subject to certain state and local taxes on its income, property tax and federal income and excise taxes on its undistributed income. The Company's hotels are leased to taxable REIT subsidiaries ("TRSs") which are owned by the OP. The TRSs are subject to federal, state and local income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss, capital loss, and tax credit carryovers. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which such amounts are expected to be realized or settled. The effect on 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 available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is "more-likely-than-not" that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement in order to determine the amount of benefit to recognize in the financial statements. This accounting standard applies to all tax positions related to income taxes.
Earnings/Loss per Share	Earnings/Loss per Share The Company calculates basic income or loss per share by dividing net income or loss for the period by the weighted-average shares of its common stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options and unvested stock awards, except when doing so would be anti-dilutive.
Fair Value Measurements	Fair Value Measurements In accordance with ASC 820, Fair Value Measurement , certain assets and liabilities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction on the measurement date. The market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability is known as the principal market. When no principal market exists, the most advantageous market is used. This is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received or minimizes the amount that would be paid. Fair value is based on assumptions market participants would make in pricing the asset or liability. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. When such prices or inputs are not available, the reporting entity should use valuation models. The Company’s financial instruments recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three levels, as follows: • Level 1 - Inputs that are based upon quoted prices for identical instruments traded in active markets. • Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar investments in markets that are not active, or models based on valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the investment. • Level 3 - Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.
Advertising Costs	Advertising Costs The Company expenses advertising costs for hotel operations as incurred.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Receivables consist principally of trade receivables from customers and are generally unsecured and are due within 30 to 90 days. The Company records a provision for uncollectible accounts using the allowance method. Expected credit losses associated with trade receivables are recorded as an allowance for doubtful accounts. The allowance for doubtful accounts is estimated based upon historical patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for doubtful accounts is reduced.
Reportable Segments	Reportable Segments The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate room revenue and other income through the operation of the properties, which comprise 100% of the total consolidated/combined revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level, none of which represent a reportable segment.
Derivative Transactions	Derivative Transactions The Company at certain times enters into derivative instruments to hedge exposure to changes in interest rates. The Company’s derivatives as of December 31, 2015 , consist of interest rate cap agreements which it believes will help to mitigate its exposure to increasing borrowing costs under floating rate indebtedness. The Company has elected not to designate its interest rate cap agreements as cash flow hedges. The impact of the interest rate caps for the year ended December 31, 2015 , to the consolidated financial statements was immaterial.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosure of Disposal of Components of an Entity. Under this standard, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. In addition, it requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position. As a result, the operations of sold properties through the date of their disposal will be included in continuing operations, unless the sale represents a strategic shift. However, the gain or loss on the sale of a property will be reported separately below income from continuing operations. The Company adopted this ASU as of January 1, 2014. No prior year restatements are permitted for this change in policy. For purposes of the earnings per share calculation, beginning in 2014 gains and losses on property sales were included in continuing operations. On May 28, 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB proposed an accounting standards update for ASU 2014-09 for the deferral of the effective date of ASU 2014-09 Revenue from Contracts with Customers. This proposal defers the effective date of ASU 2014-09 from annual reporting periods beginning after December 15, 2016, back one year, to annual reporting periods beginning after December 15, 2017 for all public business entities, certain not-for-profit entities, and certain employee benefit plans. Early application of ASU 2014-09 is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method and has not determined the effect of the standard on its ongoing financial reporting. In August 2014, the FASB issued ASU 2014-15 Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The standard provides accounting guidance that will be used along with existing auditing standards. The adoption of ASU 2014-15 becomes effective for the Company on its fiscal year ending December 31, 2016, and all subsequent annual periods. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material effect on the Company's consolidated financial statements. In January, 2015, the FASB issued ASU 2015-01 Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”), which eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement-Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. The adoption of ASU 2015-01 becomes effective for the Company on its fiscal year ending December 31, 2016, and all subsequent annual and interim periods. Early adoption is permitted. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. In February, 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis (“ASU 2015-02”), the amendments in ASU 2015-02 reduce the application of the related party guidance for VIEs on the basis of the following three changes: 1) For single decision makers, related party relationships must be considered indirectly on a proportionate basis, rather than in their entirety. Except in the following two instances, the consolidation analysis would end after this indirect assessment. 2) After the assessment above is performed, related party relationships should be considered in their entirety for entities that are under common control only if that common control group has the characteristics of a primary beneficiary. That is, the common control group collectively has a controlling financial interest. 3) If the second assessment is not applicable, but substantially all of the activities of the VIE are conducted on behalf of a single variable interest holder (excluding the decision maker) in a related party group that has the characteristics of a primary beneficiary, that single variable interest holder must consolidate the VIE as the primary beneficiary. The new standard is effective for the Company on January 1, 2016. Early application is permitted. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. In April, 2015, the FASB issued ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which is designed to simplify the presentation of debt issuance costs. The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The new standard is effective for the Company on January 1, 2016. Early application is permitted. The adoption of ASU 2015-03 is not expected to have a material effect on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 Business Combinations ("ASU 2015-16"), which require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 also requires the acquirer to record in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the acquisition date. Finally, this ASU 2015-16 requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The new standard is effective for the Company on January 1, 2016, including interim periods within that fiscal year. Early application is permitted. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for doubtful accounts is reduced. Trade receivable balances, net of the allowance for doubtful accounts, are included in prepaid expenses and other assets in the accompanying consolidated/combined balance sheets, and are as follows (in thousands): December 31, 2015 December 31, 2014 Trade receivables $ 5,848 $ 1,388 Allowance for doubtful accounts (697 ) (45 ) Trade receivables, net of allowance $ 5,151 $ 1,343

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table presents the allocation of the assets acquired and liabilities assumed by the Company on October 15, 2015 (in thousands): Assets acquired and liabilities assumed October 15, 2015 Land $ 16,949 Buildings and improvements 120,414 Furniture, fixtures and equipment 12,706 Accounts payable and accrued expenses (1,082 ) Total operating assets acquired, net 148,987 SN Term Loan (96,850 ) Total assets acquired, net $ 52,137 The following table presents the preliminary allocation of the assets acquired and liabilities assumed by the Company on February 27, 2015 (in thousands): Assets acquired and liabilities assumed February 27, 2015 Land $ 274,478 Buildings and improvements 1,391,506 Below-market lease obligation, net 2,605 Furniture, fixtures and equipment 127,935 Prepaid expenses and other assets 6,678 Accounts payable and accrued expenses (4,517 ) Total operating assets acquired, net 1,798,685 Seller financing of real estate investments (1,351,282 ) Total assets acquired, net $ 447,403
Business Acquisition, Pro Forma Information	The following table below presents pro-forma financial information as if the Grace and Summit acquisitions had occurred on January 1, 2014 (in thousands). The pro-forma information excludes the impact of the Noble acquisitions, as the impact of the acquisitions on the consolidated financial statements was immaterial. The unaudited pro-forma financial information is not necessarily indicative of what the actual results of operations would have been, assuming the acquisitions had occurred on January 1, 2014 , nor does it purport to represent the Company's future results of operations. Pro-forma Year Ended December 31, 2015 Year Ended December 31, 2014 Revenues $ 539,163 $ 500,882 Net income (loss) $ (59,339 ) $ (30,811 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Lease Payments for Operating Leases	The following table summarizes the Company's future minimum rental commitments under these leases (in thousands): Minimum Rental Commitments Amortization of Below Market Lease Intangible to Rent Expense Year ended December 31, 2016 $ 5,191 $ 398 Year ended December 31, 2017 5,209 398 Year ended December 31, 2018 5,216 398 Year ended December 31, 2019 5,226 398 Year ended December 31, 2020 5,264 398 Thereafter 86,968 8,233 Total $ 113,074 $ 10,223

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s mortgage notes payable as of December 31, 2015 and December 31, 2014 consist of the following, respectively (in thousands): Outstanding Mortgage Note Payable Encumbered Properties December 31, 2015 December 31, 2014 Interest Rate Payment Maturity Baltimore Courtyard & Providence Courtyard $ 45,500 $ 45,500 4.30% Interest Only, Principal paid at Maturity April 2019 Hilton Garden Inn Blacksburg Joint Venture $ 10,500 $ — 4.31% Interest Only, Principal paid at Maturity June 2020 Assumed Grace Mortgage Loan - 96 properties in Grace Portfolio $ 801,430 $ — LIBOR plus 3.29% Interest Only, Principal paid at Maturity May 2017, subject to two, one year extension rights Assumed Grace Mezzanine Loan - 96 properties in Grace Portfolio $ 102,550 $ — LIBOR plus 4.77% Interest Only, Principal paid at Maturity May 2017, subject to two, one year extension rights Refinanced Additional Grace Mortgage Loan - 20 properties in Grace Portfolio and one additional property $ 232,000 $ — 4.96% Interest Only, Principal paid at Maturity October 2020 SN Term Loan -14 properties in Summit and Noble Portfolios $ 165,100 $ — LIBOR plus between 3.25% and 3.75% Interest Only, Principal paid at Maturity August 2018, subject to two, one year extension rights Total $ 1,357,080 $ 45,500

Promissory Notes Payable (Table

Promissory Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Promissory Notes	The Company’s promissory notes payable as of December 31, 2015 and December 31, 2014 were as follows (in thousands): Outstanding Promissory Notes Payable Note Payable and Use of Proceeds December 31, 2015 December 31, 2014 Interest Rate Payment Maturity Barceló Promissory Note for acquisition of Barceló Portfolio $ — $ 63,074 6.8 % Interest Only See below Property Improvement Plan Promissory Note $ — $ 1,775 4.5 % Interest Only March 2019

Accounts Payable and Accrued 29

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The following is a summary of the components of accounts payable and accrued expenses (in thousands): December 31, 2015 December 31, 2014 Trade accounts payable and accrued expenses $ 57,472 $ 7,412 Contingent consideration from Barceló Portfolio (see Note 10) 3,164 2,384 Deferred payment for Barceló Portfolio (see Note 10) — 3,471 Hotel accrued salaries and related liabilities 6,619 952 Total $ 67,255 $ 14,219

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Share Repurchases	The following table reflects the cumulative number of shares repurchased as of and during the year ended December 31, 2015 . Number of Shares Repurchased Weighted Average price per share Cumulative repurchases as of December 31, 2014 — — Three months ended March 31, 2015 — — Three months ended June 30, 2015 9,402 $ 24.67 Three months ended September 30, 2015 30,121 $ 24.04 Three months ended December 31, 2015 (1) 28,264 $ 23.44 Cumulative repurchases as of December 31, 2015 67,787 $ 23.87 ________________________ (1) As permitted under the SRP, the board of directors authorized, with respect to redemption requests received during the three months ended December 31, 2015 , the repurchase of shares validly submitted for repurchase in an amount equal to 1.0% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2014 , representing less than all the shares validly submitted for repurchase during the three months ended December 31, 2015 . Accordingly, repurchases of 28,264 shares for $0.6 million at an average repurchase price per share of $23.44 (including all shares submitted for death or disability) were completed in January 2016 , while repurchase requests for 64,454 shares for $1.5 million at an average price per share of $23.48 were not fulfilled. The accrual for repurchase requests that were approved but not completed during the three months ended December 31, 2015 is reflected in the accounts payable and accrued expenses line of the accompanying consolidated balance sheets. There were no other unfulfilled share repurchases for the period from July 25, 2013 (date of inception) to December 31, 2015 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value by Balance Sheet Grouping	The following table shows the carrying values and the fair values of material non-current liabilities that qualify as financial instruments (in thousands): December 31, 2015 Carrying Amount Fair Value Mortgage notes payable $ 1,357,080 $ 1,357,519

Related Party Transactions an32

Related Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below presents the asset management fees, acquisition and financing coordination fees charged by the Advisor in connection with the operations of the Company for the year s ended December 31, 2015 and 2014 , and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company's consolidated balance sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Asset management fees $ 4,097 $ — $ 1,190 $ — Acquisition fees $ 31,068 $ 1,598 $ — $ — Acquisition cost reimbursements $ 2,066 $ — $ — $ — Financing coordination fees $ 16,994 $ 815 $ — $ — $ 54,225 $ 2,413 $ 1,190 $ — The table below shows the interest expense incurred by the Company during the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the consolidated balances sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Interest related to the Property Improvement Plan Promissory Note $ 21 $ 63 $ — $ 20 The table below shows the commissions and fees incurred from and payable to the Former Dealer Manager for the Offering during the year ended December 31, 2015 and 2014 , and the associated payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company's consolidated balance sheets (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total commissions and fees incurred from the Former Dealer Manager $ 61,079 $ 24,099 $ 1 $ 153 The table below shows the management fees and reimbursable expenses incurred by the Company from Crestline or the Property Manager (and not payable to a third party sub-property manager) during the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total management fees and reimbursable expenses incurred from Crestline $ 9,898 $ 2,579 $ 1,106 $ 228 Total management fees incurred from Property Manager $ 6,816 $ 262 $ 3,553 $ 20 Total $ 16,714 $ 2,841 $ 4,659 $ 248 The table below presents related party fees and reimbursements charged by the Former Dealer Manager and RCS Advisory in connection with the operations of the Company for the year ended December 31, 2015 and the year ended December 31, 2014 , respectively, and the associated payable as of December 31, 2015 and December 31, 2014 (in thousands): Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Transaction fees and expenses $ — $ 5,270 $ — $ 4,645 Advisory and investment banking fee $ 460 $ 460 $ — $ — Total related party fees and reimbursements $ 460 $ 5,730 $ — $ 4,645 The table below shows compensation and reimbursements incurred and payable to the Advisor and its affiliates for services relating to the Offering during the year ended December 31, 2015 and the year ended December 31, 2014 , and the associated amounts payable as of December 31, 2015 and December 31, 2014 , which is recorded in due to affiliates on the Company’s consolidated balance sheets (in thousands). Year Ended Payable as of 2015 2014 December 31, 2015 December 31, 2014 Total compensation and reimbursement for services provided by the Advisor and its affiliates related to the Offering (1) $ 15,007 $ 3,915 $ 787 $ 1,885 _______________________________________ ( 1) Included in the table above for the year ended December 31, 2015 , were certain reimbursements incurred and payable to the Advisor and its affiliates for services of approximately $0.8 that were reflected in general and administrative expenses on the accompanying consolidated/combined statements of operations and comprehensive income (loss).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for the year ended December 31, 2015 are presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Current: Federal $ 2,664 $ 633 State 548 91 3,212 724 Deferred: Federal (98 ) (116 ) State (9 ) (17 ) (107 ) (133 ) Income tax expense $ 3,105 $ 591
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax benefit of the Company's income tax expense is presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Statutory federal income tax benefit $ (31,121 ) $ (4,845 ) Effect of non-taxable REIT loss 33,720 5,361 State income tax expense, net of federal tax benefit 506 73 Other — 2 Income tax expense $ 3,105 $ 591
Schedule of Deferred Tax Assets and Liabilities	The tax effect of each type of temporary difference and carryforward, that gives rise to the deferred tax assets and liabilities as of December 31, 2015 are presented in the following table, in thousands. There were no temporary differences or carryforwards for the year ended December 31, 2014 . Year Ended December 31, 2015 2014 Deferred tax asset: Employee-related compensation $ — $ 152 Other 86 11 Net operating losses 186 $ — $ 272 $ 163 Deferred tax liability: Investments in unconsolidated joint ventures $ (32 ) $ (30 ) Total deferred tax liability (32 ) (30 ) Net deferred tax asset $ 240 $ 133

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: Quarters Ended (In thousands, except for share amounts) March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenues $ 54,826 $ 133,490 $ 132,852 125,016 Net income (loss) attributable to stockholders $ (39,976 ) $ 438 $ (5,082 ) $ (50,206 ) Basic weighted average shares outstanding 13,011,673 16,990,324 25,076,350 30,727,381 Diluted weighted average shares outstanding 13,011,673 17,024,900 25,076,350 30,727,381 Basic net income (loss) per share $ (3.07 ) $ 0.03 $ (0.20 ) $ (1.63 ) Diluted net income (loss) per share $ (3.07 ) $ 0.03 $ (0.20 ) $ (1.63 ) Quarters Ended Predecessor Successor (In thousands, except for share amounts) For the period from January 1 to March 20, 2014 For the period from March 21 to March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenues $ 8,245 $ 1,320 $ 11,460 $ 11,387 $ 10,704 Net income (loss) attributable to stockholders $ (605 ) $ (5,282 ) $ (82 ) $ (3,549 ) $ (5,928 ) Basic and diluted weighted average common shares outstanding NA 68,622 398,796 2,792,350 7,959,303 Basic and diluted net loss per share attributable to stockholders NA $ (76.97 ) $ (0.21 ) $ (1.27 ) $ (0.74 ) ___________________________________________________ NA - not applicable

Organization - Narrative (Detai

Organization - Narrative (Details)	1 Months Ended	12 Months Ended
	Feb. 29, 2016hotel_roomstatehotel	Dec. 31, 2015USD ($)hotel_roomstatehotel$ / sharesshares	Mar. 28, 2016$ / shares	Dec. 31, 2014USD ($)$ / sharesshares	Jan. 07, 2014$ / sharesshares
Class of Stock [Line Items]
Number of properties (hotel) | hotel		136
Number of guest rooms (hotel room) | hotel_room		16,644
Number of states in which entity operates (state) | state		32
Common stock, authorized (shares) | shares		300,000,000		300,000,000	80,000,000
Common stock, par value (usd per share) | $ / shares		$ 0.01		$ 0.01
Share price (in dollars per share) | $ / shares		$ 22.50
Common stock, outstanding (shares) | shares		36,300,777		10,163,206
Gross proceeds including shares issued under DRIP | $		$ 902,900,000		$ 252,900,000
Sub-Property Manager | United States
Class of Stock [Line Items]
Number of hotels managed by third-party sub-property managers | hotel		70
Number of hotel rooms managed by third-party sub-property managers | hotel_room		7,707
Crestline Hotels and Resorts, LLC | Affiliated Entity | United States
Class of Stock [Line Items]
Number of hotels managed by Crestline | hotel		66
Number of hotel rooms managed by Crestline | hotel_room		8,937
American Realty Capital Hospitality Special Limited Partner, LLC
Class of Stock [Line Items]
LLC contribution to the OP | $		$ 2,020
Ownership interest by LLC in OP units | shares		90
Crestline Hotels and Resorts, LLC | United States
Class of Stock [Line Items]
Number of states in which entity operates (state) | state		27
Number of hotels | hotel		100
Number of hotel rooms | hotel_room		15,104
Common Stock
Class of Stock [Line Items]
Common stock, par value (usd per share) | $ / shares					$ 0.01
Share price (in dollars per share) | $ / shares					$ 25
Subsequent event
Class of Stock [Line Items]
Number of properties acquired (hotel) | hotel	6
Number of guest rooms acquired (hotel room) | hotel_room	707
Number of additional states in which entity operates (state) | state	2
Share price (in dollars per share) | $ / shares			$ 23.75
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock, authorized (shares) | shares					21,052,631

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)
Summary of Significant Accounting Policies [Line Items]
Advertising expense | $	$ 12.2	$ 0.4
Number of reportable segments | segment	1
Sales Revenue, Net
Summary of Significant Accounting Policies [Line Items]
Percentage of total consolidated/ combined revenues	100.00%
Minimum
Summary of Significant Accounting Policies [Line Items]
Period after which receivables are due (days)	30 days
Maximum
Summary of Significant Accounting Policies [Line Items]
Period after which receivables are due (days)	90 days
Building
Summary of Significant Accounting Policies [Line Items]
Useful life (years)	40 years
Land improvements
Summary of Significant Accounting Policies [Line Items]
Useful life (years)	15 years
Furniture and fixtures
Summary of Significant Accounting Policies [Line Items]
Useful life (years)	5 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - Successor - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 5,848	$ 1,388
Allowance for doubtful accounts	(697)	(45)
Trade receivables, net of allowance	$ 5,151	$ 1,343

Business Combinations - Barcelo

Business Combinations - Barcelo Portfolio (Details) $ in Thousands	Oct. 15, 2015USD ($)	Feb. 27, 2015USD ($)	Mar. 21, 2014USD ($)hotel_assethotelleased_assetjoint_venture	Dec. 31, 2015hotel
Business Acquisition [Line Items]
Number of properties (hotel) | hotel				136
Aggregate purchase price | $	$ 148,987	$ 1,798,685
Barcelo Acquisition
Business Acquisition [Line Items]
Number of properties (hotel) | hotel			6
Aggregate purchase price | $			$ 110,100
Number of wholly owned hotel assets | hotel_asset			3
Number of leased assets | leased_asset			1
Number of joint ventures that each own one hotel | joint_venture			2

Business Combinations - Grace A

Business Combinations - Grace Acquisition (Details) $ in Thousands	Oct. 15, 2015USD ($)	Feb. 27, 2015USD ($)hotelcompany	Apr. 30, 2015USD ($)	Dec. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Number of properties (hotel) | hotel				136
Purchase price of acquisition	$ 52,137	$ 447,403
Mandatorily redeemable preferred securities				$ 294,523	$ 0
Revenues				539,163	500,882
Net loss				59,339	$ 30,811
Grace acquisition
Business Acquisition [Line Items]
Number of properties (hotel) | hotel		116
Purchase price of acquisition		$ 1,808,000
Net purchase price after adjustments		1,799,000
Cash paid for acquisition		220,700
Liabilities assumed from acquisition		904,200
Proceeds from debt		$ 227,000
Number of newly-formed LLCs | company		2
Revenues				388,700
Net loss				16,500
Grace acquisition | Preferred equity interests
Business Acquisition [Line Items]
Proceeds from preferred stock issued		$ 447,100
Percent of IPO proceeds used for redemptions			35.00%
Maximum redemptions of Grace Preferred Equity Interests at par			$ 350,000
Redemption period (months)			12 months
Mandatorily redeemable preferred securities redemptions				(152,600)
Mandatorily redeemable preferred securities				$ 294,500
Percent of Grace Preferred Equity Interests outstanding required to be redeemed		50.00%
Percent of Grace Preferred Equity Interests remaining outstanding required to be redeemed		100.00%
Grace acquisition | Preferred equity interests | Minimum
Business Acquisition [Line Items]
Monthly distribution rate		7.50%
Grace acquisition | Preferred equity interests | Maximum
Business Acquisition [Line Items]
Monthly distribution rate		8.00%

Business Combinations - HGI Bla

Business Combinations - HGI Blacksburg JV (Details) $ in Thousands	Oct. 15, 2015USD ($)	May. 20, 2015USD ($)hotel	Feb. 27, 2015USD ($)	Dec. 31, 2015hotel
Business Acquisition [Line Items]
Purchase price of acquisition | $	$ 52,137		$ 447,403
Number of properties (hotel) | hotel				136
HGI Blacksburg JV
Business Acquisition [Line Items]
Equity ownership percent		56.50%
Equity ownership percent after additional purchases		24.00%
Purchase price of acquisition | $		$ 2,200
Number of properties (hotel) | hotel		1

Business Combinations - Summit

Business Combinations - Summit Acquisition (Details) $ in Thousands	Feb. 11, 2016USD ($)hotel	Dec. 29, 2015USD ($)hotel	Oct. 15, 2015USD ($)hotel	Jun. 02, 2015USD ($)closing_transactionhotel	Feb. 27, 2015USD ($)	Feb. 29, 2016hotel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Total assets acquired, net			$ 52,137		$ 447,403
Revenues							$ 539,163	$ 500,882
Net loss							59,339	$ 30,811
Subsequent event
Business Acquisition [Line Items]
Number of properties acquired (hotel) | hotel						6
Summit Portfolio
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel				26
Number of closing transactions | closing_transaction				3
Total assets acquired, net			$ 150,100	$ 347,400
Number of properties acquired (hotel) | hotel			10
Previously paid earnest money despot			$ 7,600
Proceeds from issuance of common stock, net			45,600
Revenues							6,400
Net loss							$ 800
Number of properties no longer expected to be acquired | hotel		10
Escrow deposit forfeited		$ 9,100
Summit Portfolio | SN Term Loan | Secured Debt
Business Acquisition [Line Items]
Proceeds from debt			$ 96,900
Summit Portfolio, Second Closing | Subsequent event
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel	10
Total assets acquired, net	$ 89,100
Summit Portfolio, Third Closing | Subsequent event
Business Acquisition [Line Items]
Total assets acquired, net	$ 108,300
Number of properties acquired (hotel) | hotel	6
Summit Portfolio, Third Closing | SN Term Loan | Secured Debt | Subsequent event
Business Acquisition [Line Items]
Proceeds from debt	$ 70,400

Business Combinations - Noble A

Business Combinations - Noble Acquisitions (Details) $ in Thousands	Jan. 25, 2016USD ($)hotel	Dec. 02, 2015USD ($)hotel	Nov. 02, 2015USD ($)hotel	Oct. 15, 2015USD ($)	Jun. 15, 2015USD ($)closing_transactionhotel	Feb. 27, 2015USD ($)	Dec. 31, 2015hotel
Business Acquisition [Line Items]
Total assets acquired, net				$ 52,137		$ 447,403
Number of properties (hotel) | hotel							136
Noble Portfolio
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel					13
Number of closing transactions | closing_transaction					4
Total assets acquired, net		$ 59,000	$ 48,600		$ 300,000
Number of properties (hotel) | hotel		2	2
Previously paid earnest money despot		$ 4,400	$ 3,600
Proceeds from issuance of common stock, net		12,300	19,000
Noble Portfolio | Subsequent event
Business Acquisition [Line Items]
Number of properties no longer expected to be acquired | hotel	9
Escrow deposit forfeited	$ 22,000
Noble Portfolio | Secured Debt | SN Term Loan
Business Acquisition [Line Items]
Proceeds from debt		$ 42,300	$ 26,000

Business Combinations - Wheeloc

Business Combinations - Wheelock Acquisition (Details) - Wheelock Portfolio $ in Millions	Dec. 15, 2015USD ($)	Jun. 02, 2015USD ($)hotel
Business Acquisition [Line Items]
Number of properties expected to be acquired (hotel) | hotel		5
Purchase price of acquisition		$ 92.9
Escrow deposit forfeited	$ 10

Business Combinations - Prelimi

Business Combinations - Preliminary Allocation of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Oct. 15, 2015	Feb. 27, 2015
Business Combinations [Abstract]
Land	$ 16,949	$ 274,478
Buildings and improvements	120,414	1,391,506
Below-market lease obligation, net		2,605
Furniture, fixtures and equipment	12,706	127,935
Prepaid expenses and other assets		6,678
Accounts payable and accrued expenses	(1,082)	(4,517)
Total operating assets acquired, net	148,987	1,798,685
SN Term Loan	(96,850)
Seller financing of real estate investments		(1,351,282)
Total assets acquired, net	$ 52,137	$ 447,403

Business Combinations - Pro-for

Business Combinations - Pro-forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues	$ 539,163	$ 500,882
Net income (loss)	(59,339)	(30,811)
Grace acquisition
Business Acquisition [Line Items]
Revenues	388,700
Net income (loss)	(16,500)
Acquisition and transaction related costs	39,700
Pro Forma | Grace acquisition
Business Acquisition [Line Items]
Management fees	900	5,200
Depreciation and amortization	10,700	15,400
Interest expense	$ 8,800	$ 30,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)lease	Dec. 31, 2014USD ($)
Leases [Abstract]
Number of operating leases | lease	1
Number of ground leases | lease	9
Amortization of below-market lease intangibles | $	$ 0.4	$ 0.3
Rent expense | $	$ 5.8	$ 4.8

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Minimum Rental Commitments
Year ended December 31, 2016	$ 5,191
Year ended December 31, 2017	5,209
Year ended December 31, 2018	5,216
Year ended December 31, 2019	5,226
Year ended December 31, 2020	5,264
Thereafter	86,968
Total	113,074
Amortization of Below Market Lease Intangible to Rent Expense
Year ended December 31, 2016	398
Year ended December 31, 2017	398
Year ended December 31, 2018	398
Year ended December 31, 2019	398
Year ended December 31, 2020	398
Thereafter	8,233
Total	$ 10,223

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	Feb. 27, 2015hotel	Dec. 31, 2015USD ($)hotelpropertyextension	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Mortgage notes payable		$ 1,357,080	$ 45,500
Number of properties | hotel		136
Grace acquisition
Debt Instrument [Line Items]
Number of properties | hotel	116
London interbank offered rate (LIBOR) | Grace acquisition
Debt Instrument [Line Items]
Basis spread on variable rate	3.46%
Mortgage note payable | Grace Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable		$ 801,430	0
Number of extension rights | extension		2
Extension right term (years)		1 year
Mortgage note payable | Grace Mortgage Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties | property		96
Mortgage note payable | Grace Mortgage Loan | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.29%
Mortgage note payable | Grace Mezzanine Loan
Debt Instrument [Line Items]
Mortgage notes payable		$ 102,550	0
Number of extension rights | extension		2
Extension right term (years)		1 year
Mortgage note payable | Grace Mezzanine Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties | property		96
Mortgage note payable | Grace Mezzanine Loan | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		4.77%
Mortgage note payable | New Additional Grace Mortgage Loan
Debt Instrument [Line Items]
Mortgage notes payable		$ 232,000	0
Interest rate (percent)		4.96%
Number of properties | property		1
Mortgage note payable | New Additional Grace Mortgage Loan | Grace acquisition
Debt Instrument [Line Items]
Number of properties | property		20
Mortgage note payable | SN Term Loan
Debt Instrument [Line Items]
Mortgage notes payable		$ 165,100	0
Number of extension rights | extension		2
Extension right term (years)		1 year
Mortgage note payable | SN Term Loan | SWN Acquisitions
Debt Instrument [Line Items]
Number of properties | property		14
Mortgage note payable | SN Term Loan | London interbank offered rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Mortgage note payable | SN Term Loan | London interbank offered rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
Mortgage note payable | Baltimore Courtyard & Providence Courtyard
Debt Instrument [Line Items]
Mortgage notes payable		$ 45,500	45,500
Interest rate (percent)		4.30%
Mortgage note payable | Hilton Garden Inn Blacksburg Joint Venture
Debt Instrument [Line Items]
Mortgage notes payable		$ 10,500	$ 0
Interest rate (percent)		4.31%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details)	Dec. 02, 2015USD ($)	Nov. 02, 2015USD ($)	Oct. 31, 2015	Oct. 15, 2015USD ($)extension	Feb. 27, 2015USD ($)extension	Mar. 20, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)	Feb. 11, 2016USD ($)	Oct. 06, 2015USD ($)
Grace acquisition
Debt Instrument [Line Items]
Proceeds from debt					$ 227,000,000
Grace acquisition | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					3.46%
Successor
Debt Instrument [Line Items]
Interest expense							$ 5,958,000	$ 80,667,000
Predecessor
Debt Instrument [Line Items]
Interest expense						$ 531,000			$ 2,265,000
Mortgage note payable
Debt Instrument [Line Items]
Interest expense								$ 43,100,000
Mortgage note payable | New Additional Grace Mortgage Loan
Debt Instrument [Line Items]
Interest rate (percent)								4.96%
Mortgage note payable | SN Term Loan | Minimum | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate								3.25%
Mortgage note payable | SN Term Loan | Maximum | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate								3.75%
Mortgage note payable | Successor
Debt Instrument [Line Items]
Interest expense							$ 1,600,000
Mortgage note payable | Predecessor
Debt Instrument [Line Items]
Interest expense						$ 500,000
Mezzanine Mortgage | Grace acquisition
Debt Instrument [Line Items]
Number of one-year extension rights | extension					2
Mezzanine Mortgage | Grace acquisition | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					4.77%
Secured Debt | Grace acquisition | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					3.29%
Secured Debt | Additional Grace Mortgage Loan
Debt Instrument [Line Items]
Amount of loan					$ 227,000,000
Number of one-year extension rights | extension					1
Secured Debt | One Year Extension Rate Interest Rate Option One | Grace acquisition | London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					6.00%
Secured Debt | One Year Extension Rate Interest Rate Option Two | Grace acquisition
Debt Instrument [Line Items]
Interest rate (percent)					6.25%
Secured Debt | New Additional Grace Mortgage Loan
Debt Instrument [Line Items]
Interest rate (percent)											4.96%
Amount of loan											$ 232,000,000
Secured Debt | SN Term Loan
Debt Instrument [Line Items]
Amount of loan				$ 450,000,000				$ 450,000,000
Percentage less of spread			0.50%
Debt term (years)				3 years
Number of one-year extension rights | extension				2
Advancement percent benchmark				65.00%
Adjusted net operating income for the hotels pledged as collateral divided by percentage				11.50%
Secured Debt | SN Term Loan | Minimum | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate				3.25%
Secured Debt | SN Term Loan | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Secured Debt | SN Term Loan | Maximum | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate				3.75%
Secured Debt | SN Term Loan | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
Secured Debt | SN Term Loan | Summit Portfolio
Debt Instrument [Line Items]
Proceeds from debt				$ 96,900,000
Secured Debt | SN Term Loan | Noble Portfolio
Debt Instrument [Line Items]
Proceeds from debt	$ 42,300,000	$ 26,000,000
Baltimore Courtyard & Providence Courtyard | Mortgage note payable
Debt Instrument [Line Items]
Interest rate (percent)								4.30%
Hilton Garden Inn Blacksburg Joint Venture | Mortgage note payable
Debt Instrument [Line Items]
Interest rate (percent)								4.31%
Subsequent event | Secured Debt | SN Term Loan
Debt Instrument [Line Items]
Amount of loan										$ 293,400,000

Promissory Notes Payable - Sche

Promissory Notes Payable - Schedule of Promissory Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Promissory notes payable	$ 0	$ 64,849
Promissory notes payable | Barceló Promissory Note for acquisition of Barceló Portfolio
Debt Instrument [Line Items]
Promissory notes payable	$ 0	63,074
Interest rate (percent)	6.80%
Promissory notes payable | Property Improvement Plan Promissory Note
Debt Instrument [Line Items]
Promissory notes payable	$ 0	$ 1,775
Interest rate (percent)	4.50%

Promissory Notes Payable - Narr

Promissory Notes Payable - Narrative (Details) - USD ($)	Mar. 21, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Feb. 27, 2015
Grace acquisition
Debt Instrument [Line Items]
Minimum equity raised from offering for contingent consideration					$ 70,000,000
Promissory notes payable
Debt Instrument [Line Items]
Interest expense			$ 1,400,000	$ 3,600,000
Promissory notes payable | Barceló Promissory Note for acquisition of Barceló Portfolio
Debt Instrument [Line Items]
Maturity date (days)	10 days
Promissory notes payable | Property Improvement Plan Promissory Note
Debt Instrument [Line Items]
Repayment of affiliate note payable used to fund acquisition deposit		$ 1,800,000

Accounts Payable and Accrued 52

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Trade accounts payable and accrued expenses	$ 57,472	$ 7,412
Contingent consideration from Barcelo Portfolio	3,164	2,384
Deferred payment for Barcelo Portfolio	0	3,471
Hotel accrued salaries and related liabilities	6,619	952
Total	$ 67,255	$ 14,219

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 03, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 20, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Common stock, outstanding (shares)		36,300,777	10,163,206
Gross proceeds including shares issued under DRIP		$ 902.9	$ 252.9
Dividends declared per day (in dollars per share)	$ 0.0000465753
Dividends declared per share (in dollars per share)	$ 1.7
Common stock, issued (shares)		36,300,777	10,163,206
Distribution reinvestment plan
Class of Stock [Line Items]
Common stock, issued (shares)		828,217	63,998
Common Stock
Class of Stock [Line Items]
Common stock, outstanding (shares)		36,300,777	10,163,206	114,497	8,888

Common Stock - Cumulative Numbe

Common Stock - Cumulative Number of Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounts payable and accrued expenses		$ 67,255				$ 14,219
Share Repurchase Program (SRP) | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, cumulative repurchases (shares)	67,787				0
Repurchases during the period (shares)		28,264	30,121	9,402	0
Ending balance, cumulative repurchases (shares)		67,787
Beginning balance, cumulative repurchases (usd per share)	$ 23.87				$ 0
Repurchases during the period (usd per share)		$ 23.44	$ 24.04	$ 24.67	$ 0
Ending balance, cumulative repurchases (usd per share)		$ 23.87
Percent of weighted average number of common stock outstanding permitted for repurchase (percent)		1.00%
Accounts payable and accrued expenses		$ 600
Number of shares not accepted for repurchase (in shares)		64,454
Shares not accepted for repurchase, value		$ 1,500
Shares not accepted for repurchase, average cost per share (in dollars per share)		$ 23.48
Subsequent event | Share Repurchase Program (SRP) | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases during the period (shares)	28,264
Repurchases during the period (usd per share)	$ 23.44

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - Mortgage notes payable - Fair Value, Inputs, Level 3 $ in Thousands	Dec. 31, 2015USD ($)
Carrying Amount
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	$ 1,357,080
Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value of mortgage notes payable	$ 1,357,519

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	Mar. 21, 2014	Jun. 30, 2015	Dec. 31, 2015	Feb. 27, 2015
Barcelo Acquisition
Other Commitments [Line Items]
Increase (decrease) in contingent consideration		$ (1,900,000)	$ 2,700,000
Closing consideration payable			$ 3,200,000
Payment for previous acquisition	$ 3,500,000
Deferred consideration payable payment period (days)	10 days
Grace acquisition
Other Commitments [Line Items]
Payment for previous acquisition		$ 3,500,000
Minimum equity raised from offering for contingent consideration				$ 70,000,000

Related Party Transactions an57

Related Party Transactions and Arrangements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Common stock, outstanding (shares)	36,300,777	10,163,206
Due to affiliates	$ 6,546	$ 7,011
Limited Partner
Related Party Transaction [Line Items]
Common stock, outstanding (shares)	8,888
Affiliated Entity | AR Capital LLC
Related Party Transaction [Line Items]
Common stock, outstanding (shares)	22,222

Related Party Transactions an58

Related Party Transactions and Arrangements - Fees Paid in Connection with the Offering - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Liability for initial public offering costs (percent)	2.00%
Offering and related costs in excess of gross proceeds form the offering limit	$ 5.9
Dealer manager
Related Party Transaction [Line Items]
Sales commissions earned by related party (percent)	7.00%
Gross proceeds from the sales of common stock, before allowances (percent)	3.00%
Brokerage fees earned by related party (percent)	2.50%
Participating broker dealers
Related Party Transaction [Line Items]
Sales commissions earned by related party (percent)	7.50%
Brokerage fees earned by related party (percent)	1.00%

Related Party Transactions an59

Related Party Transactions and Arrangements - Fees Paid in Connection with the Offering (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 6,546	$ 7,011
Dealer manager
Related Party Transaction [Line Items]
Fees incurred with the offering	460	5,730
Due to affiliates	0	4,645
Commissions and Fees | Dealer manager
Related Party Transaction [Line Items]
Fees incurred with the offering	61,079	24,099
Due to affiliates	1	153
Offering Services | Advisor and Affiliates
Related Party Transaction [Line Items]
Fees incurred with the offering	15,007	3,915
Due to affiliates	787	$ 1,885
General and Administrative Expense | Offering Services | Advisor and Affiliates
Related Party Transaction [Line Items]
Fees incurred with the offering	$ 800

Related Party Transactions an60

Related Party Transactions and Arrangements - Fees Paid in Connection with the Operations of the Company - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 28, 2016
Related Party Transaction [Line Items]
Amended quarterly asset management fee earned (percent)		0.0625%
Quarterly asset management fee earned (percent)		0.1875%
Share price (in dollars per share)		$ 22.50
Common stock, issued (shares)		36,300,777	10,163,206
Related party payables		$ 6,546,000	$ 7,011,000
Promissory notes payable | Property Improvement Plan Promissory Note
Related Party Transaction [Line Items]
Repayment of affiliate note payable used to fund acquisition deposit	$ 1,800,000
Common Class B
Related Party Transaction [Line Items]
Cumulative capital investment return (percent)		6.00%
Common stock, issued (shares)		524,956
Related party expenses		$ 400,000	100,000
Related party payables		$ 100,000
ARC Realty Finance Advisors, LLC
Related Party Transaction [Line Items]
Real estate acquisition fee		1.50%
Real estate acquisition fee reimbursement maximum (percent)		0.10%
Real estate acquisition fee acquisition cost reimbursement aggregate (percent)		1.90%
Real estate acquisition fee acquisition maximum (percent)		4.50%
Annual asset management fee lower of cost of assets or net asset value (percent)		0.75%
Reimbursement costs for administrative services maximum of operating expenses (percent)		2.00%
Reimbursement costs for administrative services maximum of net income (percent)		25.00%
Advisor
Related Party Transaction [Line Items]
Related party expenses		$ 54,225,000	2,413,000
Related party payables		$ 1,190,000	0
Property Manager
Related Party Transaction [Line Items]
Cumulative capital investment return (percent)		8.50%
Related party expenses		$ 16,714,000	2,841,000
Related party payables		$ 4,659,000	248,000
Property management fee (percent)		4.00%
Annual incentive fee (percent)		15.00%
Property Manager | Incentive Fees
Related Party Transaction [Line Items]
Related party expenses		$ 100,000	100,000
Dealer manager
Related Party Transaction [Line Items]
Related party expenses		460,000	5,730,000
Related party payables		0	4,645,000
Dealer manager | Strategic Advisory Services and Investment Banking Services Contract
Related Party Transaction [Line Items]
Amount of agreement		$ 900,000
Dealer manager | Strategic Financial Advice and Assistance with Grace Acquisition
Related Party Transaction [Line Items]
Related party expenses			$ 4,500,000
Related party rate			0.25%
Affiliated Entity | Transaction Management Services In Connection with Grace Acquisition
Related Party Transaction [Line Items]
Acquisition and transaction related costs			$ 800,000
Subsequent event
Related Party Transaction [Line Items]
Share price (in dollars per share)				$ 23.75
Subsequent event | Advisor
Related Party Transaction [Line Items]
Maximum monthly asset management fee payable				$ 500,000

Related Party Transactions an61

Related Party Transactions and Arrangements - Fees Paid in Connection with the Operations of the Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 6,546	$ 7,011
Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	54,225	2,413
Due to affiliates	1,190	0
Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	16,714	2,841
Due to affiliates	4,659	248
Dealer manager
Related Party Transaction [Line Items]
Fees incurred with the offering	460	5,730
Due to affiliates	0	4,645
Asset management fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	4,097	0
Due to affiliates	1,190	0
Acquisition fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	31,068	1,598
Due to affiliates	0	0
Acquisition cost reimbursements | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	2,066	0
Due to affiliates	0	0
Financing coordination fees | Advisor
Related Party Transaction [Line Items]
Fees incurred with the offering	16,994	815
Due to affiliates	0	0
Total management fees and reimbursable expenses incurred from Crestline | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	9,898	2,579
Due to affiliates	1,106	228
Total management fees incurred from Property Manager | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	6,816	262
Due to affiliates	3,553	20
Interest related to the Property improvement plan promissory note | Property Manager
Related Party Transaction [Line Items]
Fees incurred with the offering	21	63
Due to affiliates	0	20
Transaction fees and expenses | Dealer manager
Related Party Transaction [Line Items]
Fees incurred with the offering	0	5,270
Due to affiliates	0	4,645
Advisory and investment banking fee | Dealer manager
Related Party Transaction [Line Items]
Fees incurred with the offering	460	460
Due to affiliates	$ 0	$ 0

Related Party Transactions an62

Related Party Transactions and Arrangements - Fees Paid in Connection with the Liquidation or Listing (Details)	Dec. 31, 2015
ARC Realty Finance Advisors, LLC
Related Party Transaction [Line Items]
Subordinated performance fee return threshold (percent)	6.00%
Subordinated participation in asset sale fee (percent)	15.00%
Subordinated participation in asset sale fee maximum (percent)	10.00%
Transaction termination or nonrenewal of advisory agreement fee (percent)	15.00%
Termination or nonrenewal of advisory agreement fee threshold (percent)	6.00%
ARC Realty Finance Advisors, LLC | Brokerage Commission Fees
Related Party Transaction [Line Items]
Real estate commission earned by related party (percent)	2.00%
ARC Realty Finance Advisors, LLC | Brokerage Fee Commission for Third Party
Related Party Transaction [Line Items]
Real estate commission earned by related party (percent)	50.00%
ARC Realty Finance Advisors, LLC | Real Estate Commissions
Related Party Transaction [Line Items]
Real estate commission earned by related party (percent)	6.00%
Limited Partner
Related Party Transaction [Line Items]
Subordinated incentive listing distribution (percent)	15.00%
Limited Partner | Annual Targeted Investor Return
Related Party Transaction [Line Items]
Cumulative capital investment return (percent)	6.00%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 2,664	$ 633
State	548	91
Current income tax expense (benefit)	3,212	724
Deferred:
Federal	(98)	(116)
State	(9)	(17)
Deferred income tax expense (benefit)	(107)	(133)
Income tax expense (benefit)	$ 3,105	$ 591

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Statutory federal income tax benefit	$ (31,121)	$ (4,845)
Effect of non-taxable REIT loss	33,720	5,361
State income tax expense, net of federal tax benefit	506	73
Other	0	2
Income tax expense (benefit)	$ 3,105	$ 591

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset:
Employee-related compensation	$ 0	$ 152
Other	86	11
Net operating losses	186	0
Total deferred tax assets	272	163
Deferred tax liability:
Investments in unconsolidated joint ventures	(32)	(30)
Total deferred tax liability	(32)	(30)
Net deferred tax asset	$ 240	$ 133

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net deferred tax assets	$ 240,000	$ 133,000
Valuation allowance	$ 0

Quarterly Results (Unaudited)67

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 20, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Net income (loss) attributable to stockholders										$ (14,841)	$ (94,826)
Predecessor
Condensed Financial Statements, Captions [Line Items]
Total revenues									$ 8,245			$ 39,797
Net income (loss) attributable to stockholders									$ (605)			$ 105
Successor
Condensed Financial Statements, Captions [Line Items]
Total revenues	$ 1,320	$ 125,016	$ 132,852	$ 133,490	$ 54,826	$ 10,704	$ 11,387	$ 11,460		34,871	446,184
Net income (loss) attributable to stockholders	$ (5,282)	$ (50,206)	$ (5,082)	$ 438	$ (39,976)	$ (5,928)	$ (3,549)	$ (82)		$ (14,841)	$ (94,826)
Basic weighted average shares outstanding (shares)		30,727,381	25,076,350	16,990,324	13,011,673
Diluted weighted average shares outstanding (shares)		30,727,381	25,076,350	17,024,900	13,011,673
Basic net income (loss) per share (usd per share)		$ (1.63)	$ (0.20)	$ 0.03	$ (3.07)
Diluted net income (loss) per share (usd per share)		$ (1.63)	$ (0.20)	$ 0.03	$ (3.07)
Basic and diluted weighted average shares outstanding (shares)	68,622					7,959,303	2,792,350	398,796		2,826,352	24,199,686
Basic and diluted net loss per share (usd per share)	$ (76.97)					$ (0.74)	$ (1.27)	$ (0.21)		$ (5.25)	$ (3.91)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)

Mar. 01, 2016USD ($)shares

Feb. 28, 2016$ / shares

Feb. 11, 2016USD ($)hotelextension

Feb. 01, 2016USD ($)

Jan. 25, 2016USD ($)hotel

Jan. 04, 2016USD ($)shares

Dec. 29, 2015USD ($)hotel

Dec. 02, 2015USD ($)

Nov. 02, 2015USD ($)

Oct. 15, 2015USD ($)

Jun. 15, 2015USD ($)closing_transactionhotel

Jun. 02, 2015USD ($)closing_transactionhotel

Feb. 27, 2015USD ($)

Feb. 03, 2014$ / shares

Mar. 28, 2016USD ($)$ / shares

Feb. 29, 2016USD ($)shares

Feb. 29, 2016USD ($)

Mar. 20, 2014USD ($)

Dec. 31, 2014USD ($)$ / shares

Dec. 31, 2015USD ($)$ / shares

Jan. 07, 2014$ / shares

Subsequent Event [Line Items]

Common stock issued through Distribution Reinvestment Plan

$ 1,521,000

$ 18,158,000

Issuance of common stock

$ 2,418,000

$ 248,715,000

$ 631,779,000

Common stock, par value (usd per share) | $ / shares

$ 0.01

$ 0.01

Purchase price of acquisition

$ 52,137,000

$ 447,403,000

Acquisition deposits

$ 75,000,000

$ 40,504,000

Dividends declared per share (in dollars per share) | $ / shares

$ 1.7

Share price (in dollars per share) | $ / shares

$ 22.50

Secured Debt | SN Term Loan

Subsequent Event [Line Items]

Amount of loan

450,000,000

$ 450,000,000

Noble Portfolio

Subsequent Event [Line Items]

Number of properties expected to be acquired (hotel) | hotel

13

Number of closing transactions | closing_transaction

4

Purchase price of acquisition

$ 59,000,000

$ 48,600,000

$ 300,000,000

Noble Portfolio | Secured Debt | SN Term Loan

Subsequent Event [Line Items]

Proceeds from debt

$ 42,300,000

$ 26,000,000

Summit Portfolio

Subsequent Event [Line Items]

Number of properties expected to be acquired (hotel) | hotel

26

Number of closing transactions | closing_transaction

3

Purchase price of acquisition

150,100,000

$ 347,400,000

Number of properties no longer expected to be acquired | hotel

10

Escrow deposit forfeited

$ 9,100,000

Summit Portfolio | Secured Debt | SN Term Loan

Subsequent Event [Line Items]

Proceeds from debt

$ 96,900,000

Subsequent event

Subsequent Event [Line Items]

Common stock issued through Distribution Reinvestment Plan

$ 22,400,000

Dividends paid

$ 4,900,000

$ 5,200,000

$ 5,200,000

Cash dividend

$ 2,700,000

$ 2,900,000

$ 2,800,000

Share reallocated under DRIP (in shares) | shares

94,009

103,071

100,754

Payments for purchase of shares under DRIP

$ 2,200,000

$ 2,500,000

$ 2,400,000

Additional shares authorized under DRIP (up to) | shares

3,656,000

Repurchase limit percent per fiscal semester

2.50%

Repurchase limit percent per fiscal year

5.00%

Dividends declared per share (in dollars per share) | $ / shares

$ 1.70

Share price (in dollars per share) | $ / shares

$ 23.75

Subsequent event | Advisor

Subsequent Event [Line Items]

Maximum monthly asset management fee payable

$ 500,000

Amended Advisory Agreement, amount to trigger termination clause (a)

500,000

Amended Advisory Agreement, amount to trigger termination clause (b)

50,000,000

Amended Advisory Agreement, amount to trigger termination clause (d), option one

500,000

Amended Advisory Agreement, amount to trigger termination clause (d), option two

$ 500,000

Notice prior to termination if the Trigger occurs prior to term expiration (days)

90 days

Notice prior to termination (days)

60 days

Subsequent event | Secured Debt | SN Term Loan

Subsequent Event [Line Items]

Amount of loan

$ 293,400,000

Subsequent event | Noble Portfolio

Subsequent Event [Line Items]

Number of properties no longer expected to be acquired | hotel

9

Escrow deposit forfeited

$ 22,000,000

Subsequent event | Summit Portfolio, Third Closing

Subsequent Event [Line Items]

Purchase price of acquisition

108,300,000

Decrease in previously paid earnest money deposit

18,500,000

Subsequent event | Summit Portfolio, Third Closing | Summit Loan

Subsequent Event [Line Items]

Proceeds from short-term debt

20,000,000

Subsequent event | Summit Portfolio, Third Closing | Secured Debt | SN Term Loan

Subsequent Event [Line Items]

Proceeds from debt

$ 70,400,000

Subsequent event | Summit Portfolio, Second Closing

Subsequent Event [Line Items]

Number of properties expected to be acquired (hotel) | hotel

10

Purchase price of acquisition

$ 89,100,000

Acquisition deposits

7,500,000

Common Stock

Subsequent Event [Line Items]

Common stock, par value (usd per share) | $ / shares

$ 0.01

Share price (in dollars per share) | $ / shares

$ 25

Common Stock | Subsequent event

Subsequent Event [Line Items]

Issuance of common stock

$ 600,000

Loans Payable | Subsequent event | Summit Loan

Subsequent Event [Line Items]

Amount of loan

$ 27,500,000

Interest rate (percent)

13.00%

Interest rate, paid in cash (percent)

9.00%

Interest rate, compounded (percent)

4.00%

Number of extensions | extension

2

Extension term

1 year

Increase in interest rate per extension

1.00%

Periodic payment, principal

$ 1,000,000

Loans Payable | Subsequent event | Summit Portfolio | Summit Loan

Subsequent Event [Line Items]

Proceeds from short-term debt

20,000,000

Acquisition deposits

7,500,000

Secured Debt | Subsequent event | Summit Loan

Subsequent Event [Line Items]

Short-term debt outstanding

$ 5,000,000

Share Repurchase Program, Option One | Subsequent event

Subsequent Event [Line Items]

Repurchase price, estimated NAV per share, year one (in dollars per share) | $ / shares

$ 23.13

Repurchase price, percent of NAV per share, year one

92.50%

Repurchase price, estimated NAV per share, year two (in dollars per share) | $ / shares

$ 23.75

Repurchase price, percent of NAV per share, year two

95.00%

Repurchase price, estimated NAV per share, year three (in dollars per share) | $ / shares

$ 24.38

Repurchase price, percent of NAV per share, year three

97.50%

Repurchase price, estimated NAV per share, year four (in dollars per share) | $ / shares

$ 25

Repurchase price, percent of NAV per share, year four

100.00%

Share Repurchase Program, Option Two | Subsequent event

Subsequent Event [Line Items]

Repurchase price, percent of NAV per share, year one

92.50%

Repurchase price, percent of NAV per share, year two

95.00%

Repurchase price, percent of NAV per share, year three

97.50%

Repurchase price, percent of NAV per share, year four

100.00%

Schedule III - Real Estate an69

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	$ (1,651,524)
Initial cost of land	317,871
Initial cost of buildings and improvements	1,688,896
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	41,064
Gross amount of land	317,871
Gross amount of buildings and improvements	1,729,960
Total	2,047,831	$ 93,237
Accumulated depreciation	(39,252)	$ (1,569)
Tax basis of aggregate land, buildings and improvements	$ 2,171,011
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable life (years)	40 years
Building improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable life (years)	15 years
Courtyard Baltimore Downtown Inner Harbor
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	$ (24,980)
Initial cost of land	4,961
Initial cost of buildings and improvements	34,343
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	4,961
Gross amount of buildings and improvements	34,343
Total	39,304
Accumulated depreciation	(1,550)
Courtyard Providence Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(20,520)
Initial cost of land	4,724
Initial cost of buildings and improvements	29,388
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,123
Gross amount of land	4,724
Gross amount of buildings and improvements	30,511
Total	35,235
Accumulated depreciation	(1,388)
Georgia Tech Hotel and Conference Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Initial cost of land	0
Initial cost of buildings and improvements	0
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	0
Total	0
Accumulated depreciation	0
Homewood Suites Stratford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,500)
Initial cost of land	2,377
Initial cost of buildings and improvements	13,875
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,402
Gross amount of land	2,377
Gross amount of buildings and improvements	15,277
Total	17,654
Accumulated depreciation	(755)
Westin Virginia Beach Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Initial cost of land	0
Initial cost of buildings and improvements	0
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	0
Total	0
Accumulated depreciation	0
Hilton Garden Inn Blacksburg
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,500)
Initial cost of land	0
Initial cost of buildings and improvements	14,107
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	14,107
Total	14,107
Accumulated depreciation	(226)
Courtyard Lexington South Hamburg Place
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,512)
Initial cost of land	2,766
Initial cost of buildings and improvements	10,242
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	4
Gross amount of land	2,766
Gross amount of buildings and improvements	10,246
Total	13,012
Accumulated depreciation	(233)
Courtyard Louisville Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(26,581)
Initial cost of land	3,727
Initial cost of buildings and improvements	33,543
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,727
Gross amount of buildings and improvements	33,544
Total	37,271
Accumulated depreciation	(702)
Embassy Suites Orlando International Drive Jamaican Court
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,499)
Initial cost of land	2,356
Initial cost of buildings and improvements	23,646
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,206
Gross amount of land	2,356
Gross amount of buildings and improvements	24,851
Total	27,207
Accumulated depreciation	(572)
Fairfield Inn & Suites Atlanta Vinings
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,324)
Initial cost of land	1,394
Initial cost of buildings and improvements	8,968
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	163
Gross amount of land	1,394
Gross amount of buildings and improvements	9,131
Total	10,525
Accumulated depreciation	(256)
Homewood Suites Chicago Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(61,814)
Initial cost of land	15,314
Initial cost of buildings and improvements	73,248
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	4,882
Gross amount of land	15,314
Gross amount of buildings and improvements	78,130
Total	93,444
Accumulated depreciation	(1,746)
Hyatt Place Albuquerque Uptown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,818)
Initial cost of land	987
Initial cost of buildings and improvements	16,386
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,393
Gross amount of land	987
Gross amount of buildings and improvements	17,778
Total	18,765
Accumulated depreciation	(364)
Hyatt Place Baltimore Washington Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,536)
Initial cost of land	3,129
Initial cost of buildings and improvements	9,068
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,109
Gross amount of land	3,128
Gross amount of buildings and improvements	10,177
Total	13,305
Accumulated depreciation	(249)
Hyatt Place Baton Rouge I 10
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,692)
Initial cost of land	1,888
Initial cost of buildings and improvements	8,897
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	779
Gross amount of land	1,888
Gross amount of buildings and improvements	9,676
Total	11,564
Accumulated depreciation	(208)
Hyatt Place Birmingham Hoover
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,956)
Initial cost of land	956
Initial cost of buildings and improvements	9,689
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	185
Gross amount of land	956
Gross amount of buildings and improvements	9,873
Total	10,829
Accumulated depreciation	(235)
Hyatt Place Cincinnati Blue Ash
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,775)
Initial cost of land	652
Initial cost of buildings and improvements	7,951
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,207
Gross amount of land	652
Gross amount of buildings and improvements	9,159
Total	9,811
Accumulated depreciation	(208)
Hyatt Place Columbus Worthington
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,612)
Initial cost of land	1,063
Initial cost of buildings and improvements	11,319
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	179
Gross amount of land	1,063
Gross amount of buildings and improvements	11,498
Total	12,561
Accumulated depreciation	(259)
Hyatt Place Indianapolis Keystone
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,266)
Initial cost of land	1,918
Initial cost of buildings and improvements	13,935
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	892
Gross amount of land	1,918
Gross amount of buildings and improvements	14,827
Total	16,745
Accumulated depreciation	(316)
Hyatt Place Memphis Wolfchase Galleria
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,279)
Initial cost of land	971
Initial cost of buildings and improvements	14,505
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	185
Gross amount of land	971
Gross amount of buildings and improvements	14,691
Total	15,662
Accumulated depreciation	(321)
Hyatt Place Miami Airport West Doral
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(17,369)
Initial cost of land	2,634
Initial cost of buildings and improvements	17,897
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	181
Gross amount of land	2,634
Gross amount of buildings and improvements	18,078
Total	20,712
Accumulated depreciation	(397)
Hyatt Place Nashville Franklin Cool Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,487)
Initial cost of land	2,201
Initial cost of buildings and improvements	15,003
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	185
Gross amount of land	2,201
Gross amount of buildings and improvements	15,188
Total	17,389
Accumulated depreciation	(341)
Hyatt Place Richmond Innsbrook
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,420)
Initial cost of land	1,584
Initial cost of buildings and improvements	8,013
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	867
Gross amount of land	1,584
Gross amount of buildings and improvements	8,880
Total	10,464
Accumulated depreciation	(237)
Hyatt Place Tampa Airport Westshore
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,469)
Initial cost of land	3,329
Initial cost of buildings and improvements	15,710
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,218
Gross amount of land	3,329
Gross amount of buildings and improvements	16,929
Total	20,258
Accumulated depreciation	(350)
Residence Inn Lexington South Hamburg Place
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,006)
Initial cost of land	2,044
Initial cost of buildings and improvements	13,313
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,212
Gross amount of land	2,044
Gross amount of buildings and improvements	14,525
Total	16,569
Accumulated depreciation	(305)
SpringHill Suites Lexington Near The University Of Kentucky
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,700)
Initial cost of land	3,321
Initial cost of buildings and improvements	13,064
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,321
Gross amount of buildings and improvements	13,064
Total	16,385
Accumulated depreciation	(300)
Hampton Inn Albany Wolf Road Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,170)
Initial cost of land	1,717
Initial cost of buildings and improvements	16,572
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,717
Gross amount of buildings and improvements	16,572
Total	18,289
Accumulated depreciation	(388)
Hampton Inn Colorado Springs Central Airforce Academy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,469)
Initial cost of land	449
Initial cost of buildings and improvements	6,322
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	449
Gross amount of buildings and improvements	6,322
Total	6,771
Accumulated depreciation	(170)
Hampton Inn Baltimore Glen Burnie
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,393)
Initial cost of land	0
Initial cost of buildings and improvements	5,438
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	910
Gross amount of land	0
Gross amount of buildings and improvements	6,348
Total	6,348
Accumulated depreciation	(308)
Hampton Inn Beckley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,481)
Initial cost of land	857
Initial cost of buildings and improvements	13,670
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	857
Gross amount of buildings and improvements	13,670
Total	14,527
Accumulated depreciation	(316)
Hampton Inn Birmingham Mountain Brook
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,051)
Initial cost of land	0
Initial cost of buildings and improvements	9,863
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	9,863
Total	9,863
Accumulated depreciation	(225)
Hampton Inn Boca Raton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,111)
Initial cost of land	2,027
Initial cost of buildings and improvements	10,420
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,027
Gross amount of buildings and improvements	10,420
Total	12,447
Accumulated depreciation	(234)
Hampton Inn Boca Raton Deerfield Beach
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,243)
Initial cost of land	2,781
Initial cost of buildings and improvements	9,338
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,781
Gross amount of buildings and improvements	9,338
Total	12,119
Accumulated depreciation	(218)
Hampton Inn Charleston Airport Coliseum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,088)
Initial cost of land	1,768
Initial cost of buildings and improvements	6,586
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,768
Gross amount of buildings and improvements	6,586
Total	8,354
Accumulated depreciation	(178)
Hampton Inn Chattanooga Airport I 75
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,664)
Initial cost of land	1,827
Initial cost of buildings and improvements	5,268
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,827
Gross amount of buildings and improvements	5,268
Total	7,095
Accumulated depreciation	(177)
Hampton Inn Chicago Gurnee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,745)
Initial cost of land	757
Initial cost of buildings and improvements	12,189
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	757
Gross amount of buildings and improvements	12,189
Total	12,946
Accumulated depreciation	(288)
Hampton Inn Columbia I 26 Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,034)
Initial cost of land	1,209
Initial cost of buildings and improvements	3,684
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,209
Gross amount of buildings and improvements	3,684
Total	4,893
Accumulated depreciation	(126)
Hampton Inn Columbus Dublin
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,545)
Initial cost of land	1,140
Initial cost of buildings and improvements	10,856
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	9
Gross amount of land	1,140
Gross amount of buildings and improvements	10,865
Total	12,005
Accumulated depreciation	(251)
Hampton Inn Columbus Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(2,838)
Initial cost of land	941
Initial cost of buildings and improvements	1,251
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	941
Gross amount of buildings and improvements	1,251
Total	2,192
Accumulated depreciation	(93)
Hampton Inn Detroit Madison Heights South Troy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,711)
Initial cost of land	1,950
Initial cost of buildings and improvements	11,834
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,950
Gross amount of buildings and improvements	11,834
Total	13,784
Accumulated depreciation	(280)
Hampton Inn Detroit Northville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,355)
Initial cost of land	1,210
Initial cost of buildings and improvements	8,591
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	155
Gross amount of land	1,210
Gross amount of buildings and improvements	8,745
Total	9,955
Accumulated depreciation	(240)
Hampton Inn Kansas City Overland Park
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,501)
Initial cost of land	1,233
Initial cost of buildings and improvements	9,210
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,233
Gross amount of buildings and improvements	9,210
Total	10,443
Accumulated depreciation	(281)
Hampton Inn Kansas City Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,580)
Initial cost of land	1,362
Initial cost of buildings and improvements	9,247
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,362
Gross amount of buildings and improvements	9,247
Total	10,609
Accumulated depreciation	(218)
Hampton Inn Memphis Poplar
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,109)
Initial cost of land	2,168
Initial cost of buildings and improvements	10,618
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,168
Gross amount of buildings and improvements	10,619
Total	12,787
Accumulated depreciation	(249)
Hampton Inn Morgantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,930)
Initial cost of land	3,062
Initial cost of buildings and improvements	12,810
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,062
Gross amount of buildings and improvements	12,810
Total	15,872
Accumulated depreciation	(291)
Hampton Inn Norfolk Naval Base
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,797)
Initial cost of land	0
Initial cost of buildings and improvements	6,873
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,142
Gross amount of land	0
Gross amount of buildings and improvements	8,014
Total	8,014
Accumulated depreciation	(244)
Hampton Inn Palm Beach Gardens
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,205)
Initial cost of land	3,253
Initial cost of buildings and improvements	17,724
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,253
Gross amount of buildings and improvements	17,724
Total	20,977
Accumulated depreciation	(396)
Hampton Inn Pickwick Dam @ Shiloh Falls
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(1,984)
Initial cost of land	148
Initial cost of buildings and improvements	2,089
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	148
Gross amount of buildings and improvements	2,089
Total	2,237
Accumulated depreciation	(71)
Hampton Inn Scranton @ Montage Mountain
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,815)
Initial cost of land	754
Initial cost of buildings and improvements	11,174
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	754
Gross amount of buildings and improvements	11,174
Total	11,928
Accumulated depreciation	(270)
Hampton Inn St Louis Westport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,390)
Initial cost of land	1,359
Initial cost of buildings and improvements	8,486
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,359
Gross amount of buildings and improvements	8,486
Total	9,845
Accumulated depreciation	(195)
Hampton Inn State College
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,965)
Initial cost of land	2,509
Initial cost of buildings and improvements	9,359
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,509
Gross amount of buildings and improvements	9,359
Total	11,868
Accumulated depreciation	(238)
Hampton Inn West Palm Beach Florida Turnpike
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,257)
Initial cost of land	2,008
Initial cost of buildings and improvements	13,636
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,008
Gross amount of buildings and improvements	13,636
Total	15,644
Accumulated depreciation	(306)
Homewood Suites Hartford Windsor Locks
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,650)
Initial cost of land	3,072
Initial cost of buildings and improvements	8,996
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	89
Gross amount of land	3,072
Gross amount of buildings and improvements	9,085
Total	12,157
Accumulated depreciation	(317)
Homewood Suites Memphis Germantown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,445)
Initial cost of land	1,024
Initial cost of buildings and improvements	8,871
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,527
Gross amount of land	1,024
Gross amount of buildings and improvements	10,399
Total	11,423
Accumulated depreciation	(249)
Homewood Suites Phoenix Biltmore
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,927)
Initial cost of land	0
Initial cost of buildings and improvements	23,722
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,001
Gross amount of land	0
Gross amount of buildings and improvements	24,722
Total	24,722
Accumulated depreciation	(518)
Hampton Inn & Suites Boynton Beach
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(26,990)
Initial cost of land	1,393
Initial cost of buildings and improvements	24,759
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,393
Gross amount of buildings and improvements	24,759
Total	26,152
Accumulated depreciation	(551)
Hampton Inn Cleveland Westlake
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,769)
Initial cost of land	4,177
Initial cost of buildings and improvements	10,002
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	9
Gross amount of land	4,177
Gross amount of buildings and improvements	10,011
Total	14,188
Accumulated depreciation	(267)
Courtyard Athens Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,709)
Initial cost of land	3,201
Initial cost of buildings and improvements	7,305
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,201
Gross amount of buildings and improvements	7,305
Total	10,506
Accumulated depreciation	(174)
Courtyard Gainesville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,066)
Initial cost of land	2,904
Initial cost of buildings and improvements	8,605
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	28
Gross amount of land	2,904
Gross amount of buildings and improvements	8,633
Total	11,537
Accumulated depreciation	(203)
Courtyard Knoxville Cedar Bluff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,463)
Initial cost of land	1,289
Initial cost of buildings and improvements	8,556
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	611
Gross amount of land	1,289
Gross amount of buildings and improvements	9,167
Total	10,456
Accumulated depreciation	(191)
Courtyard Mobile
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,911)
Initial cost of land	0
Initial cost of buildings and improvements	3,657
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	40
Gross amount of land	0
Gross amount of buildings and improvements	3,698
Total	3,698
Accumulated depreciation	(117)
Courtyard Orlando Altamonte Springs Maitland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,547)
Initial cost of land	1,716
Initial cost of buildings and improvements	11,463
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3
Gross amount of land	1,716
Gross amount of buildings and improvements	11,467
Total	13,183
Accumulated depreciation	(259)
Courtyard Sarasota Bradenton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,479)
Initial cost of land	1,928
Initial cost of buildings and improvements	8,334
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1
Gross amount of land	1,928
Gross amount of buildings and improvements	8,335
Total	10,263
Accumulated depreciation	(186)
Courtyard Tallahassee North I 10 Capital Circle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,258)
Initial cost of land	2,767
Initial cost of buildings and improvements	9,254
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,767
Gross amount of buildings and improvements	9,254
Total	12,021
Accumulated depreciation	(233)
Holiday Inn Express & Suites Kendall East Miami
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,764)
Initial cost of land	1,248
Initial cost of buildings and improvements	7,525
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3
Gross amount of land	1,248
Gross amount of buildings and improvements	7,528
Total	8,776
Accumulated depreciation	(167)
Residence Inn Chattanooga Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,455)
Initial cost of land	1,142
Initial cost of buildings and improvements	10,112
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,002
Gross amount of land	1,142
Gross amount of buildings and improvements	11,114
Total	12,256
Accumulated depreciation	(218)
Residence Inn Fort Myers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,389)
Initial cost of land	1,372
Initial cost of buildings and improvements	8,765
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1
Gross amount of land	1,372
Gross amount of buildings and improvements	8,766
Total	10,138
Accumulated depreciation	(199)
Residence Inn Knoxville Cedar Bluff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,044)
Initial cost of land	1,474
Initial cost of buildings and improvements	9,580
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,474
Gross amount of buildings and improvements	9,580
Total	11,054
Accumulated depreciation	(236)
Residence Inn Macon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,939)
Initial cost of land	1,046
Initial cost of buildings and improvements	5,381
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	376
Gross amount of land	1,046
Gross amount of buildings and improvements	5,757
Total	6,803
Accumulated depreciation	(168)
Residence Inn Mobile
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,557)
Initial cost of land	0
Initial cost of buildings and improvements	6,714
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	0
Gross amount of buildings and improvements	6,714
Total	6,714
Accumulated depreciation	(166)
Residence Inn Sarasota Bradenton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,997)
Initial cost of land	2,138
Initial cost of buildings and improvements	9,118
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,138
Gross amount of buildings and improvements	9,118
Total	11,256
Accumulated depreciation	(220)
Residence Inn Savannah Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,673)
Initial cost of land	1,106
Initial cost of buildings and improvements	9,349
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	3
Gross amount of land	1,106
Gross amount of buildings and improvements	9,351
Total	10,457
Accumulated depreciation	(216)
Residence Inn Tallahassee North I 10 Capital Circle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,707)
Initial cost of land	1,349
Initial cost of buildings and improvements	9,983
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	113
Gross amount of land	1,349
Gross amount of buildings and improvements	10,096
Total	11,445
Accumulated depreciation	(227)
Residence Inn Tampa North I 75 Fletcher
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,881)
Initial cost of land	1,251
Initial cost of buildings and improvements	8,174
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,251
Gross amount of buildings and improvements	8,174
Total	9,425
Accumulated depreciation	(209)
Residence Inn Tampa Sabal Park Brandon
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,771)
Initial cost of land	1,773
Initial cost of buildings and improvements	10,830
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,773
Gross amount of buildings and improvements	10,830
Total	12,603
Accumulated depreciation	(260)
Courtyard Bowling Green Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,897)
Initial cost of land	503
Initial cost of buildings and improvements	11,003
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	22
Gross amount of land	503
Gross amount of buildings and improvements	11,025
Total	11,528
Accumulated depreciation	(251)
Courtyard Chicago Elmhurst Oakbrook Area
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,895)
Initial cost of land	1,323
Initial cost of buildings and improvements	11,868
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,323
Gross amount of buildings and improvements	11,868
Total	13,191
Accumulated depreciation	(600)
Courtyard Jacksonville Airport Northeast
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,931)
Initial cost of land	1,783
Initial cost of buildings and improvements	5,459
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	273
Gross amount of land	1,783
Gross amount of buildings and improvements	5,732
Total	7,515
Accumulated depreciation	(192)
Hampton Inn & Suites Nashville Franklin Cool Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,987)
Initial cost of land	2,526
Initial cost of buildings and improvements	16,985
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,525
Gross amount of buildings and improvements	16,985
Total	19,510
Accumulated depreciation	(400)
Hampton Inn Boston Peabody
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,282)
Initial cost of land	3,008
Initial cost of buildings and improvements	11,846
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,008
Gross amount of buildings and improvements	11,846
Total	14,854
Accumulated depreciation	(306)
Hampton Inn Grand Rapids North
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,430)
Initial cost of land	2,191
Initial cost of buildings and improvements	11,502
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,191
Gross amount of buildings and improvements	11,502
Total	13,693
Accumulated depreciation	(280)
Holiday Inn Charleston Mount Pleasant
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,275)
Initial cost of land	2,675
Initial cost of buildings and improvements	7,070
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,675
Gross amount of buildings and improvements	7,070
Total	9,745
Accumulated depreciation	(281)
Homewood Suites Boston Peabody
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,654)
Initial cost of land	2,508
Initial cost of buildings and improvements	8,654
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,332
Gross amount of land	2,508
Gross amount of buildings and improvements	9,986
Total	12,494
Accumulated depreciation	(279)
Hyatt Place Las Vegas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(16,994)
Initial cost of land	2,902
Initial cost of buildings and improvements	17,419
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,425
Gross amount of land	2,902
Gross amount of buildings and improvements	19,844
Total	22,746
Accumulated depreciation	(419)
Hyatt Place Minneapolis Airport South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,548)
Initial cost of land	2,519
Initial cost of buildings and improvements	11,810
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,181
Gross amount of land	2,519
Gross amount of buildings and improvements	12,991
Total	15,510
Accumulated depreciation	(268)
Residence Inn Boise Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,581)
Initial cost of land	1,776
Initial cost of buildings and improvements	10,203
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	65
Gross amount of land	1,776
Gross amount of buildings and improvements	10,268
Total	12,044
Accumulated depreciation	(280)
Residence Inn Portland Downtown Lloyd Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(32,610)
Initial cost of land	25,213
Initial cost of buildings and improvements	23,231
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	261
Gross amount of land	25,213
Gross amount of buildings and improvements	23,492
Total	48,705
Accumulated depreciation	(595)
SpringHill Suites Grand Rapids North
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,977)
Initial cost of land	1,063
Initial cost of buildings and improvements	9,312
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,063
Gross amount of buildings and improvements	9,312
Total	10,375
Accumulated depreciation	(208)
Hyatt Place Kansas City Overland Park Metcalf
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,700)
Initial cost of land	1,038
Initial cost of buildings and improvements	7,792
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	181
Gross amount of land	1,038
Gross amount of buildings and improvements	7,972
Total	9,010
Accumulated depreciation	(236)
Courtyard Asheville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,426)
Initial cost of land	2,236
Initial cost of buildings and improvements	10,290
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,236
Gross amount of buildings and improvements	10,290
Total	12,526
Accumulated depreciation	(231)
Courtyard Dallas Market Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,169)
Initial cost of land	0
Initial cost of buildings and improvements	19,768
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,611
Gross amount of land	0
Gross amount of buildings and improvements	21,379
Total	21,379
Accumulated depreciation	(437)
Fairfield Inn & Suites Dallas Market Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,584)
Initial cost of land	1,550
Initial cost of buildings and improvements	7,236
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	4
Gross amount of land	1,550
Gross amount of buildings and improvements	7,240
Total	8,790
Accumulated depreciation	(164)
Hilton Garden Inn Austin Round Rock
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(12,050)
Initial cost of land	2,797
Initial cost of buildings and improvements	10,920
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,797
Gross amount of buildings and improvements	10,920
Total	13,717
Accumulated depreciation	(255)
Residence Inn Los Angeles Airport El Segundo
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(34,076)
Initial cost of land	16,416
Initial cost of buildings and improvements	21,618
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,469
Gross amount of land	16,416
Gross amount of buildings and improvements	23,088
Total	39,504
Accumulated depreciation	(479)
Residence Inn San Diego Rancho Bernardo Scripps Poway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(23,310)
Initial cost of land	5,261
Initial cost of buildings and improvements	18,677
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	5,261
Gross amount of buildings and improvements	18,677
Total	23,938
Accumulated depreciation	(422)
SpringHill Suites Austin Round Rock
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,108)
Initial cost of land	2,196
Initial cost of buildings and improvements	8,305
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	19
Gross amount of land	2,196
Gross amount of buildings and improvements	8,324
Total	10,520
Accumulated depreciation	(198)
SpringHill Suites Houston Hobby Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,863)
Initial cost of land	762
Initial cost of buildings and improvements	11,755
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	5
Gross amount of land	762
Gross amount of buildings and improvements	11,760
Total	12,522
Accumulated depreciation	(263)
SpringHill Suites San Antonio Medical Center Northwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,285)
Initial cost of land	0
Initial cost of buildings and improvements	7,161
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	75
Gross amount of land	0
Gross amount of buildings and improvements	7,236
Total	7,236
Accumulated depreciation	(159)
SpringHill Suites San Diego Rancho Bernardo Scripps Poway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,242)
Initial cost of land	3,905
Initial cost of buildings and improvements	16,999
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	3,904
Gross amount of buildings and improvements	16,999
Total	20,903
Accumulated depreciation	(382)
Hampton Inn Charlotte Gastonia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,589)
Initial cost of land	1,357
Initial cost of buildings and improvements	10,073
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,357
Gross amount of buildings and improvements	10,073
Total	11,430
Accumulated depreciation	(233)
Hampton Inn Dallas Addison
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,191)
Initial cost of land	1,538
Initial cost of buildings and improvements	7,475
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,538
Gross amount of buildings and improvements	7,475
Total	9,013
Accumulated depreciation	(180)
Hampton Inn Fayetteville I 95
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,324)
Initial cost of land	922
Initial cost of buildings and improvements	7,069
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	922
Gross amount of buildings and improvements	7,069
Total	7,991
Accumulated depreciation	(172)
Homewood Suites San Antonio Northwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,757)
Initial cost of land	1,998
Initial cost of buildings and improvements	13,060
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	913
Gross amount of land	1,998
Gross amount of buildings and improvements	13,973
Total	15,971
Accumulated depreciation	(346)
Courtyard Dalton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(7,842)
Initial cost of land	676
Initial cost of buildings and improvements	8,241
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	819
Gross amount of land	676
Gross amount of buildings and improvements	9,060
Total	9,736
Accumulated depreciation	(191)
Hampton Inn Orlando International Drive Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,783)
Initial cost of land	1,183
Initial cost of buildings and improvements	14,899
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,183
Gross amount of buildings and improvements	14,899
Total	16,082
Accumulated depreciation	(326)
Hilton Garden Inn Albuquerque North Rio Rancho
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,472)
Initial cost of land	1,141
Initial cost of buildings and improvements	9,818
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,141
Gross amount of buildings and improvements	9,818
Total	10,959
Accumulated depreciation	(233)
Homewood Suites Orlando International Drive Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(24,337)
Initial cost of land	2,182
Initial cost of buildings and improvements	26,507
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	536
Gross amount of land	2,182
Gross amount of buildings and improvements	27,043
Total	29,225
Accumulated depreciation	(565)
Hampton Inn Chicago Naperville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(9,307)
Initial cost of land	1,363
Initial cost of buildings and improvements	9,460
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,363
Gross amount of buildings and improvements	9,460
Total	10,823
Accumulated depreciation	(253)
Hampton Inn Indianapolis Northeast Castleton
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,041)
Initial cost of land	1,587
Initial cost of buildings and improvements	8,144
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,587
Gross amount of buildings and improvements	8,144
Total	9,731
Accumulated depreciation	(274)
Hampton Inn Knoxville Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,459)
Initial cost of land	1,033
Initial cost of buildings and improvements	5,898
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,033
Gross amount of buildings and improvements	5,898
Total	6,931
Accumulated depreciation	(188)
Hampton Inn Milford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,103)
Initial cost of land	1,652
Initial cost of buildings and improvements	5,060
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,652
Gross amount of buildings and improvements	5,060
Total	6,712
Accumulated depreciation	(199)
Homewood Suites Augusta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,853)
Initial cost of land	874
Initial cost of buildings and improvements	8,225
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	1,093
Gross amount of land	874
Gross amount of buildings and improvements	9,318
Total	10,192
Accumulated depreciation	(198)
Homewood Suites Seattle Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(52,713)
Initial cost of land	12,580
Initial cost of buildings and improvements	41,011
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	5
Gross amount of land	12,580
Gross amount of buildings and improvements	41,016
Total	53,596
Accumulated depreciation	(860)
Hampton Inn Champaign Urbana
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(17,003)
Initial cost of land	2,206
Initial cost of buildings and improvements	17,451
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,206
Gross amount of buildings and improvements	17,451
Total	19,657
Accumulated depreciation	(384)
Hampton Inn East Lansing
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,702)
Initial cost of land	3,219
Initial cost of buildings and improvements	10,101
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	138
Gross amount of land	3,219
Gross amount of buildings and improvements	10,239
Total	13,458
Accumulated depreciation	(234)
Hilton Garden Inn Louisville East
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(15,087)
Initial cost of land	1,022
Initial cost of buildings and improvements	16,350
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	13
Gross amount of land	1,022
Gross amount of buildings and improvements	16,364
Total	17,386
Accumulated depreciation	(364)
Residence Inn Jacksonville Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(5,707)
Initial cost of land	1,451
Initial cost of buildings and improvements	6,423
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	837
Gross amount of land	1,451
Gross amount of buildings and improvements	7,260
Total	8,711
Accumulated depreciation	(188)
TownePlace Suites Savannah Midtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,354)
Initial cost of land	1,502
Initial cost of buildings and improvements	7,827
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,502
Gross amount of buildings and improvements	7,827
Total	9,329
Accumulated depreciation	(183)
Courtyard Houston I 10 West Energy Corridor
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,582)
Initial cost of land	10,444
Initial cost of buildings and improvements	20,710
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	2,287
Gross amount of land	10,444
Gross amount of buildings and improvements	22,997
Total	33,441
Accumulated depreciation	(468)
Courtyard San Diego Carlsbad
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(18,901)
Initial cost of land	5,080
Initial cost of buildings and improvements	14,007
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	20
Gross amount of land	5,080
Gross amount of buildings and improvements	14,027
Total	19,107
Accumulated depreciation	(329)
Hampton Inn Austin North @ IH 35 & Highway 183
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,804)
Initial cost of land	1,774
Initial cost of buildings and improvements	9,798
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	12
Gross amount of land	1,774
Gross amount of buildings and improvements	9,810
Total	11,584
Accumulated depreciation	(228)
SpringHill Suites Asheville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(14,305)
Initial cost of land	2,149
Initial cost of buildings and improvements	9,930
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,149
Gross amount of buildings and improvements	9,930
Total	12,079
Accumulated depreciation	(223)
Hampton Inn College Station
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,899)
Initial cost of land	3,306
Initial cost of buildings and improvements	10,523
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	70
Gross amount of land	3,306
Gross amount of buildings and improvements	10,594
Total	13,900
Accumulated depreciation	(236)
Courtyard Flagstaff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,849)
Initial cost of land	5,258
Initial cost of buildings and improvements	24,313
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	5,258
Gross amount of buildings and improvements	24,313
Total	29,571
Accumulated depreciation	(184)
DoubleTree Baton Rouge
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(11,978)
Initial cost of land	1,497
Initial cost of buildings and improvements	14,777
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,497
Gross amount of buildings and improvements	14,777
Total	16,274
Accumulated depreciation	(132)
Fairfield Inn & Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(3,422)
Initial cost of land	971
Initial cost of buildings and improvements	3,391
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	971
Gross amount of buildings and improvements	3,391
Total	4,362
Accumulated depreciation	(34)
Hampton Inn Medford
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,556)
Initial cost of land	1,245
Initial cost of buildings and improvements	10,353
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,245
Gross amount of buildings and improvements	10,353
Total	11,598
Accumulated depreciation	(77)
Hampton Inn Fort Wayne Southwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(8,898)
Initial cost of land	1,242
Initial cost of buildings and improvements	10,511
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,242
Gross amount of buildings and improvements	10,512
Total	11,754
Accumulated depreciation	(87)
Hampton Inn & Suites El Paso Airport
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(13,347)
Initial cost of land	1,641
Initial cost of buildings and improvements	18,733
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,641
Gross amount of buildings and improvements	18,733
Total	20,374
Accumulated depreciation	(146)
Residence Inn Fort Wayne Southwest
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,609)
Initial cost of land	1,267
Initial cost of buildings and improvements	12,136
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,267
Gross amount of buildings and improvements	12,136
Total	13,403
Accumulated depreciation	(86)
SpringHill Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,449)
Initial cost of land	1,131
Initial cost of buildings and improvements	5,744
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,131
Gross amount of buildings and improvements	5,744
Total	6,875
Accumulated depreciation	(43)
SpringHill Suites Flagstaff
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(10,951)
Initial cost of land	1,641
Initial cost of buildings and improvements	14,283
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,641
Gross amount of buildings and improvements	14,284
Total	15,925
Accumulated depreciation	(116)
TownePlace Suites Baton Rouge South
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(4,791)
Initial cost of land	1,055
Initial cost of buildings and improvements	6,173
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,055
Gross amount of buildings and improvements	6,173
Total	7,228
Accumulated depreciation	(51)
Courtyard Columbus Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(21,051)
Initial cost of land	2,367
Initial cost of buildings and improvements	25,191
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	2,367
Gross amount of buildings and improvements	25,191
Total	27,558
Accumulated depreciation	(60)
Hilton Garden Inn Monterey
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(19,333)
Initial cost of land	6,110
Initial cost of buildings and improvements	27,713
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	6,110
Gross amount of buildings and improvements	27,714
Total	33,824
Accumulated depreciation	(162)
Hyatt House Atlanta Cobb Galleria
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(21,230)
Initial cost of land	4,386
Initial cost of buildings and improvements	22,777
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	4,385
Gross amount of buildings and improvements	22,777
Total	27,162
Accumulated depreciation	(52)
Hyatt Place Chicago Schaumburg
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Debt	(6,637)
Initial cost of land	1,519
Initial cost of buildings and improvements	9,582
Subsequent costs capitalized for Land	0
Subsequent costs capitalized for buildings and improvements	0
Gross amount of land	1,519
Gross amount of buildings and improvements	9,582
Total	11,101
Accumulated depreciation	$ (59)

Schedule III - Real Estate an70

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Land, buildings and improvements, at cost:
Balance at January 1, 2015	$ 93,237
Additions-Acquisitions	1,917,101
Capital improvements	37,493
Balance at December 31, 2015	2,047,831
Accumulated depreciation and amortization:
Balance at January 1, 2015	(1,569)
Depreciation expense	(37,683)
Balance at December 31, 2015	$ (39,252)