Watermark Lodging Trust (WRMK) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Entity Registrant Name	Carey Watermark Investors 2 Inc
Entity Central Index Key	1,609,471
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Common Class A
Entity Common Stock, Shares Outstanding		1,798,396
Common Class T
Entity Common Stock, Shares Outstanding		2,242,865

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments in real estate:
Hotels, at cost	$ 191,682	$ 0
Accumulated depreciation	(1,638)	0
Net investments in hotels	190,044	0
Equity investment in real estate	37,890	0
Cash	27,036	200
Restricted cash	6,423	0
Accounts receivable	4,858	0
Other assets	3,903	0
Total assets	270,154	200
Liabilities:
Non-recourse debt	108,700	0
Due to related parties and affiliates	103,911	108
Accounts payable, accrued expenses and other liabilities	13,109	0
Distributions payable	46	0
Total liabilities	$ 225,766	$ 108
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	$ 0	$ 0
Additional paid-in capital	16,091	200
Distributions and accumulated losses	(6,923)	(108)
Accumulated other comprehensive loss	(37)	0
Total CWI 2 stockholders’ equity	9,133	92
Noncontrolling interests	35,255	0
Total equity	44,388	92
Total liabilities and equity	270,154	200
Common Class A
Equity:
Common stock	1	0
Total equity	1	0
Common Class T
Equity:
Common stock	1	$ 0
Total equity	$ 1

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Equity:
Preferred stock, par share value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, share issued	0	0
Common Class A
Equity:
Common stock, par share value	$ 0.001	$ 0.001
Common stock, shares authorized	320,000,000	320,000,000
Common stock, share issued	840,209	22,222
Common shares, outstanding	840,209	22,222
Common Class T
Equity:
Common stock, par share value	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, share issued	951,436	0
Common shares, outstanding	951,436	0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Hotel Revenues
Rooms	$ 0	$ 9,649	$ 9,649
Food and beverage	0	6,634	6,634
Other operating revenue	0	2,250	2,250
Total Hotel Revenues	0	18,533	18,533
Hotel Expenses
Rooms	0	1,808	1,808
Food and beverage	0	4,077	4,077
Other hotel operating expenses	0	1,129	1,129
Sales and marketing	0	1,444	1,444
General and administrative	0	1,272	1,272
Property taxes, insurance, rent and other	0	818	818
Repairs and maintenance	0	683	683
Utilities	0	643	643
Management fees	0	700	700
Depreciation and amortization	0	1,638	1,638
Total Hotel Expenses	0	14,212	14,212
Other Operating Expenses
Asset management fees to affiliate	0	7,693	7,861
Corporate general and administrative expenses	36	601	862
Asset management fees to affiliate	0	208	208
Other operating expenses	36	8,502	8,931
Operating Loss	(36)	(4,181)	(4,610)
Other Income and (Expenses)
Interest expense	0	(1,165)	(1,165)
Equity in earnings of equity method investment in real estate	0	330	330
Other expenses	0	(28)	(28)
Other Income and (Expenses)	0	(863)	(863)
Loss from Operations Before Income Taxes	(36)	(5,044)	(5,473)
Provision for income taxes	0	(99)	(99)
Distributions Declared Per Share	(36)	(5,143)	(5,572)
Income attributable to noncontrolling interests	0	(1,197)	(1,197)
Net Loss Attributable to CWI 2 Stockholders	(36)	(6,340)	(6,769)
Common Class A
Other Income and (Expenses)
Net Loss Attributable to CWI 2 Stockholders	$ (36)	$ (3,423)	$ (3,804)
Basic and diluted weighted-average shares outstanding	23,220	234,822	129,401
Basic and diluted loss per share	$ (1.55)	$ (14.57)	$ (29.40)
Distributions Declared Per Share	$ 0	$ 0.0775	$ 0.0775
Common Class T
Other Income and (Expenses)
Net Loss Attributable to CWI 2 Stockholders	$ 0	$ (2,917)	$ (2,965)
Basic and diluted weighted-average shares outstanding	0	199,959	100,738
Basic and diluted loss per share	$ 0	$ (14.59)	$ (29.44)
Distributions Declared Per Share	$ 0	$ 0.0653	$ 0.0653

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Loss	$ (36)	$ (5,143)	$ (5,572)
Other Comprehensive Loss
Other comprehensive loss before reclassifications — unrealized loss on derivative instruments	0	(37)	(37)
Comprehensive Loss	(36)	(5,180)	(5,609)
Amounts Attributable to Noncontrolling Interests
Net income	0	(1,197)	(1,197)
Comprehensive income attributable to noncontrolling interests	0	(1,197)	(1,197)
Comprehensive Loss Attributable to CWI 2 Stockholders	$ (36)	$ (6,377)	$ (6,806)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Total CWI 2 Stockholders’ Equity	Noncontrolling Interest	Common Class A	Common Class T
Beginning balance, value at Dec. 31, 2014	$ 92	$ 200	$ (108)		$ 92	$ 0	$ 0
Beginning balance, shares at Dec. 31, 2014							22,222	0
Statement of Equity
Net loss	(5,572)		(6,769)		(6,769)	1,197
Shares issued, net of offering costs, value	15,731	15,729			15,731		$ 1	$ 1
Shares issued, net of offering costs, shares							801,920	951,436
Shares issued to affiliates, value	36	36			36		$ 0
Shares issued to affiliates, shares							3,567
Contributions from noncontrolling interests	34,058					34,058
Stock based compensation to directors, value	126	126			126
Stock based compensation to directors, shares							12,500
Distributions declared ($0.0775 and $0.0653 per share to Class A and Class T, respectively)	(46)		(46)		(46)
Other comprehensive loss:
Change in net unrealized loss on derivative instruments	(37)			$ (37)	(37)
Ending balance, value at Jun. 30, 2015	$ 44,388	$ 16,091	$ (6,923)	$ (37)	$ 9,133	$ 35,255	$ 1	$ 1
Ending balance, shares at Jun. 30, 2015							840,209	951,436

Consolidated Statements of Equ7

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Common Class A
Statement of Equity
Distributions Declared Per Share	$ 0	$ 0.0775	$ 0.0775
Common Class T
Statement of Equity
Distributions Declared Per Share	$ 0	$ 0.0653	$ 0.0653

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash Flows — Operating Activities
Net Loss	$ (36)	$ (5,572)
Adjustments to net loss:
Depreciation and amortization	0	1,638
Equity in earnings of equity method investments in real estate in excess of distributions received		(330)	$ 0
Asset management fees to affiliates settled in shares		204	0
Amortization of deferred key money, deferred financing costs and other	0	(149)
Amortization of stock-based compensation		125	0
Net changes in other assets and liabilities	0	(358)
Increase in due to related parties and affiliates	36	615
Net Cash Used in Operating Activities	0	(3,827)
Cash Flows — Investing Activities
Acquisitions of hotels	0	(117,020)
Purchase of equity interest		(37,559)	0
Funds placed in escrow		(6,033)	0
Funds released from escrow	0	432
Capital expenditures	0	(1,973)
Net Cash Used in Investing Activities	0	(162,153)
Cash Flows — Financing Activities
Proceeds from notes payable to affiliate	0	102,447
Proceeds from mortgage financing	0	42,000
Contribution from noncontrolling interests	0	34,058
Proceeds from issuance of shares, net of offering costs	200	15,003
Deferred financing costs	0	(589)
Purchase of interest rate cap	0	(103)
Net Cash Provided by Financing Activities	200	192,816
Change in Cash During the Period
Net increase in cash	200	26,836
Cash, beginning of period		200
Cash, end of period	$ 200	$ 27,036	$ 200

Business

Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Offering	Business Organization Carey Watermark Investors 2 Incorporated, or CWI 2, and, together with its consolidated subsidiaries, we, us, or our, is a publicly-owned, non-listed real estate investment trust, or REIT, formed as a Maryland corporation on May 22, 2014 for the purpose of investing in lodging and lodging-related properties. We expect to conduct substantially all of our investment activities and own all of our assets through CWI 2 OP, LP, or our Operating Partnership. We are a general partner and a limited partner and own a 99.985% capital interest in the Operating Partnership. Carey Watermark Holdings 2, LLC, or Carey Watermark Holdings 2, which is owned indirectly by W. P. Carey Inc., or WPC, holds a special general partner interest in the Operating Partnership. Carey Lodging Advisors, LLC, or our advisor, is an indirect subsidiary of WPC. Our advisor will manage our overall portfolio, including providing oversight and strategic guidance to the independent hotel operators that manage our hotels. Our subadvisor, CWA2, LLC, a subsidiary of Watermark Capital Partners, will provide services to our advisor primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent operators that manage the day-to-day operations of our hotels. In addition, our subadvisor provides us with the services of our chief executive officer during the term of the subadvisory agreement, subject to the approval of our independent directors. In May 2014, we received a capital contribution from Carey REIT II, Inc., an indirect subsidiary of WPC, and an affiliate of our advisor, for $0.2 million in exchange for 22,222 shares of our common stock, par value $0.001 per share. Carey REIT II, Inc. purchased its shares at $9.00 per share, net of selling commissions and fees, which would have otherwise been payable to Carey Financial, LLC. In March 2015, Carey Watermark Holdings 2 purchased a capital interest in the Operating Partnership representing its special general partnership interest of 0.015% for $0.3 million . We held ownership interests in three hotels at June 30, 2015 . See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 — Portfolio Overview for a complete listing of the hotels that we consolidate, or our Consolidated Hotels, and the hotel that we record as an equity investment, or our Unconsolidated Hotel, at June 30, 2015 . Public Offering On February 9, 2015, our Registration Statement on Form S-11 (File No. 333-196681), covering an initial public offering of up to $1.4 billion of Class A shares at $10.00 per share, was declared effective by the SEC under the Securities Act of 1933. The Registration Statement also covered the offering of up to $600.0 million of Class A shares at $9.60 pursuant to our distribution reinvestment plan. On April 1, 2015, we filed an amended Registration Statement to include Class T shares in our initial public offering at $9.45 per share and under our distribution reinvestment plan at $9.07 per share, which was declared effective by the SEC on April 13, 2015, allowing for the sales of Class A and Class T shares, in any combination, of up to $1.4 billion in the offering and up to $600.0 million through our distribution reinvestment plan. Our initial public offering is being offered on a “best efforts” basis by Carey Financial, LLC, an affiliate of our advisor, and other selected dealers. On May 15, 2015, aggregate subscription proceeds for our Class A and Class T common stock exceeded the minimum offering amount of $2.0 million and we began to admit stockholders. Through June 30, 2015, we raised offering proceeds for our Class A common stock and Class T common stock of $8.0 million and $9.0 million , respectively. We intend to use the net proceeds of the offering to acquire, own and manage a portfolio of interests in lodging and lodging-related properties. While our core strategy is focused on the lodging industry, we may also invest in other real estate property sectors.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the U.S., or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations and cash flows. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. For purposes of determining the weighted-average number of shares of Class A common stock outstanding, amounts for the three and six months ended June 30, 2015 and period from Inception through June 30, 2014 have been adjusted to treat stock distributions declared and effective through the date of this Report as if they were outstanding as of May 22, 2014, our date of inception. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it is a variable interest entity, or VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries qualified as a VIE. Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and the liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method of accounting. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. Assets and liabilities are recorded at fair value and allocated to land, buildings, building and site improvements, furniture, fixtures and equipment and intangibles, as applicable, using appraisals and valuations performed by management and independent third parties. Fair values are based on the exit price (i.e., the price that would be received in an orderly transaction to sell an asset or transfer a liability between market participants at the measurement date). We evaluate several factors, including market data for similar assets or similar in-place lease contractual agreements for intangible assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. We immediately expense, as incurred, all acquisition costs and fees associated with transactions deemed to be business combinations in which we expect to consolidate the asset and we capitalize these costs for transactions we expect to be acquisitions of an asset, including an equity investment. We record debt assumed in business combinations at fair value. We determine the estimated fair value using a discounted cash flow model with rates that take into account the current market interest rate risk. We also consider the value of the underlying collateral taking into account the quality of the collateral, the time until maturity and the current interest rate. Any resulting premium or discount will be amortized over the remaining term of the obligation. Real Estate We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments. Cash Our cash is held in the custody of major financial institutions, and these balances may, at times, exceed federally insurable limits. However management believes the credit risk related to any such deposit would be minimal. Restricted Cash Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance and normal replacement of furniture, fixtures and equipment at our hotels. Other Assets and Liabilities Other assets consists primarily of prepaid expenses, deposits, hotel inventories, derivative assets, deferred tax assets, syndication costs and deferred financing costs. Other liabilities consists primarily of hotel advance deposits, sales use and occupancy taxes payable, accrued income taxes, accrued interest and an intangible liability consisting of an above-market parking garage lease of $1.6 million , which is being amortized over approximately 13 years , the estimated useful life. At June 30, 2015, the unamortized balance of the above-market lease was $1.6 million . Scheduled annual amortization of this intangible for the remainder of 2015, each of the next four calendar years following December 2015, and thereafter is less than $0.1 million , $0.1 million and $1.0 million , respectively. Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. At June 30, 2015 , the unamortized balance of deferred financing costs was $0.6 million . During each of the three and six months ended June 30, 2015 , we recognized amortization expense related to these costs of less than $0.1 million within Interest expense in the consolidated statement of operations. Segments We operate in one business segment, hospitality, with domestic investments. Hotel Revenue Recognition We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues, such as room, food and beverage, and revenue from other operating departments (such as telephone, spa services, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. At June 30, 2015, allowance for doubtful accounts totaled less than $0.1 million . We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. Capitalized Costs We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete. Depreciation and Amortization We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from 4 years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years ) and furniture, fixtures and equipment (generally one to 12 years ). Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, if applicable, may be impaired or that their carrying value may not be recoverable. We may incur impairment charges on real estate, related intangible assets, if applicable, and equity investment in real estate. Our policies for evaluating whether these assets are impaired are presented below. Real Estate For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Equity Investment in Real Estate We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investment in hotels, we calculate our share of the estimated fair value of the underlying hotel, which is determined using the discounted cash flows model that includes annual net operating income for a ten year hold period, plus a hypothetical sales price at the end of the holding period. The annual net operating income is determined using the hotel’s projected budgets that take into account projected market factors. The hypothetical sales value of each property is based on the value of the property at the end of the holding period by calculating projected net operating income and applying a selected capitalization rate and deducting estimated costs of sale. Organization and Offering Costs During the offering period, costs incurred in connection with the raising of capital will be recorded as deferred offering costs. Upon receipt of offering proceeds, we will charge the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we will reimburse our advisor for organization and offering costs incurred; however, such reimbursements will not exceed regulatory limitations. Organization costs are expensed as incurred and are included in corporate general and administrative expenses in the financial statements. Derivative Instruments We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk , the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. Income Taxes We intend to qualify as a REIT, under the Internal Revenue Code, beginning with our taxable year ending December 31, 2015. Maintaining our qualification as a REIT will require us to distribute at least 90% of our REIT taxable income to our stockholders and to meet certain tests regarding the nature of our income and assets. In addition, REITs are subject to numerous organizational and operational requirements including limitations on certain types of gross income. As a REIT, we generally will not be subject to U.S. federal income tax on income that we distribute to stockholders as long as we meet such requirements and distribute all of our net taxable income on an annual basis. If we fail to qualify for taxation as a REIT for any taxable year, our income will be taxed at regular corporate rates, and we may not be able to elect REIT status in that year and for the next four years. As a REIT for U.S. federal income tax purposes, we may be subject to state and local income or excise taxes on our income, property or capital, and may pay federal, state and local income and excise taxes on undistributed income. We may elect to treat one or more of our corporate subsidiaries as a taxable REIT subsidiary, or TRS. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate related business (except for the operation or management of lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility is operated). The Internal Revenue Code permits a TRS to lease from a REIT a lodging facility if the TRS engages an Eligible Independent Contractor to operate the facility under a management agreement or other service contract. We intend to engage an Eligible Independent Contractor, as defined in the Internal Revenue Code, whenever required to maintain our REIT status. A TRS is subject to corporate federal, state and local income taxes. As of June 30, 2015 and December 31, 2014, the Company has determined that it has no uncertain tax positions. Share-Based Payments We have granted restricted stock units, or RSUs, to certain employees of our subadvisor. RSUs issued to employees of our subadvisor generally vest over three years, subject to continued employment. Share-based payment transactions for awards made to employees of our subadvisor are based on the fair value of the services received. We recognize these compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award. We include share-based payment expense within Corporate general and administrative expense. Income Attributable to Noncontrolling Interests Earnings attributable to noncontrolling interests are recognized in accordance with each respective investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. Loss Per Share Loss per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss attributable to CWI 2 by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net loss attributable to CWI 2 is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for the three and six months ended June 30, 2015, respectively, and from May 22, 2014 (Inception) to June 30, 2014. The allocation for the Class A common stock excludes the shareholder servicing fee of less than $0.1 million for both the three and six months ended June 30, 2015 that is only applicable to holders of Class T common stock. No such fee was incurred from May 22, 2014 (Inception) to June 30, 2014 because there were no shares of Class T common stock outstanding during that period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our financial statements and the accompanying notes. Actual results could differ from those estimates. Recent Accounting Requirements The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the Financial Accounting Standards Board issued a proposed ASU to defer the effective date of ASU 2014-09 by one year. In July 2015, the Financial Accounting Standards Board affirmed its proposal to defer the effective date of the new revenue standard for all entities by one year and directed the staff to draft a final ASU for vote by written ballot. Upon issuance of the final ASU deferring the effective date, ASU 2014-09 would be effective beginning in 2018, and early adoption is permitted but not before 2017, the original public company effective date. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard. ASU 2015-02, Consolidation (Topic 810) — ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires 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. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Advisor and Affiliates Effective February 9, 2015, we entered into an agreement with our advisor to perform certain services for us, including managing our offering, the identification, evaluation, negotiation, purchase and disposition of lodging and lodging-related properties, and our overall business. The agreement that is currently in effect will expire on December 31, 2015, unless renewed pursuant to its terms. On February 9, 2015, our advisor has entered into a subadvisory agreement with our subadvisor, whereby our advisor pays 25% of the fees that it earns under the advisory agreement and Available Cash Distributions and 30% of the subordinated incentive distributions to our subadvisor and our subadvisor provides certain personnel services to us, as discussed below. The following tables present a summary of fees we paid and expenses we reimbursed to our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Inception Three Months Six Months (May 22, 2014) Ended Ended through June 30, 2015 June 30, 2015 June 30, 2014 Amounts Included in the Consolidated Statements of Operations To Our Advisor: Acquisition fees 1,742 1,742 — Interest expense 259 259 — Asset management fees 204 204 — Personnel and overhead reimbursements 187 216 — Shareholder servicing fee 4 4 — To CWI 1: Acquisition fee to CWI 1 $ 3,411 $ 3,411 $ — $ 5,807 $ 5,836 $ — Other Transaction Fees Incurred to Our Advisor Selling commissions and dealer manager fees $ 1,186 $ 1,186 $ — Organization and offering costs 502 571 36 Capitalized acquisition fees for equity method investment 1,862 1,862 — $ 3,550 $ 3,619 $ 36 The following table presents a summary of amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): June 30, 2015 December 31, 2014 Amounts Due to Related Parties and Affiliates To Our Advisor: Notes payable to WPC $ 102,706 $ — Organization and offering costs 532 108 Reimbursable costs 217 — Other 312 — To Others: Due to CWI 1 95 — Due to Carey Financial 49 — $ 103,911 $ 108 Acquisition Fees to CWI 1 On April 1, 2015, we acquired a 50% controlling interest in a joint venture owning the Marriott Sawgrass Golf Resort & Spa from our affiliate, CWI 1, which is a publicly-owned, non-listed REIT that is also advised by our advisor and invests in lodging and lodging-related properties. In connection with this acquisition, we paid acquisition fees to CWI 1 representing 50% of the acquisition fees incurred by CWI 1 on its acquisition of the hotel in October 2014 ( Note 4 ). Acquisition Fees to our Advisor Our advisor receives acquisition fees of 2.5% of the total investment cost of the properties acquired, as defined in our advisory agreement, described above. The total fees to be paid may not exceed 6% of the aggregate contract purchase price of all investments, as measured over a period specified in our advisory agreement. Asset Management Fees, Disposition Fees and Loan Refinancing Fees We pay our advisor an annual asset management fee equal to 0.55% of the aggregate average market value of our investments. Our advisor is also entitled to receive disposition fees of up to 1.5% of the contract sales price of a property, as well as a loan refinancing fee of up to 1.0% of the principal amount of a refinanced loan, if certain described conditions in the advisory agreement are met. If our advisor elects to receive all or a portion of its fees in shares, the number of shares issued is determined by dividing the dollar amount of fees by our offering price for Class A shares of $10.00 per share. We settled all asset management fees for the three and six months ended June 30, 2015 in shares of our Class A common stock rather than in cash. There were no such fees from May 22, 2014 (Inception) through June 30, 2014. At June 30, 2015, our advisor owned 25,789 shares ( 3.1% ) of our outstanding Class A common stock. Asset management fees are included in Asset management fees to affiliate and other in the consolidated financial statements. Notes Payable to WPC/Other Transactions with Affiliates In April 2015, our board of directors and the board of directors of WPC approved unsecured loans to us and CWI 1 of up to an aggregate of $110.0 million , at an interest rate equal to the rate at which WPC is able to borrow funds under its senior unsecured credit facility, for the purpose of facilitating acquisitions that we might not otherwise have sufficient available funds to complete. Any such loans are solely at the discretion of WPC’s management. On April 1, 2015 and May 1, 2015, we borrowed $37.2 million and $65.3 million , respectively, from WPC, each at a 30-day London Interbank Offered Rate, or LIBOR, plus 1.10% , and maturity dates of March 31, 2016 and December 30, 2015 , respectively. At June 30, 2015, the amount due to WPC was $102.7 million , including accrued interest. The interest expense on these notes payable to our affiliate is included in Interest expense on the consolidated statements of operations. These funds were used to fund our acquisitions described in Note 4 and Note 5 . On July 29, 2015, we made a repayment of $25.0 million to WPC towards the $37.2 million loan made to us on April 1, 2015. Organization and Offering Costs Pursuant to the advisory agreement, our advisor will be reimbursed for all organization expenses and offering costs incurred in connection with our offering (excluding selling commissions and the dealer manager fees) limited to 4% of the gross proceeds from the offering and distribution reinvestment plan if the gross proceeds are less than $500.0 million , 2% of the gross proceeds from the offering if the gross proceeds are $500.0 million or more but less than $750.0 million , and 1.5% of the gross proceeds from the offering if the gross proceeds are $750.0 million or more. Through June 30, 2015, our advisor has incurred organization and offering costs on our behalf of approximately $3.0 million . However, at June 30, 2015, because of the limitations described above, we were only obligated to pay $0.7 million of these costs. Unpaid costs of $0.5 million were included in Due to affiliates in the consolidated financial statements at June 30, 2015. During the offering period, costs incurred in connection with raising of capital are recorded as deferred offering costs. Upon receipt of offering proceeds, we charge the deferred offering costs to stockholders’ equity. During the six months ended June 30, 2015, less than $0.1 million of deferred offering costs were charged to stockholders’ equity. Personnel and Overhead Reimbursements Pursuant to the subadvisory agreement, after we reimburse our advisor it will subsequently reimburse our subadvisor for its personnel costs and other charges. We have also granted RSUs to employees of our subadvisor pursuant to our 2015 Equity Incentive Plan. Our subadvisor provides us with the services of Michael G. Medzigian, our chief executive officer, during the term of the subadvisory agreement, subject to the approval of our board of directors. Also, pursuant to the advisory agreement, we reimburse our advisor for the actual cost of personnel allocable to their time devoted to providing administrative services to us, as well as rent expense. These reimbursements aggregated $0.2 million for both the three and six months ended June 30, 2015. These reimbursements are included in Corporate general and administrative expenses and Due to related parties in the consolidated financial statements and are being settled in cash. Available Cash Distributions Carey Watermark Holdings 2 will receive 10% of Available Cash Distributions, as defined in the limited partnership agreement of the Operating Partnership. The limited partnership agreement of the Operating Partnership also provides Carey Watermark Holdings 2 with an interest in subordinated disposition proceeds and subordinated incentive distributions upon a stock exchange listing. Pursuant to the subadvisory agreement, our advisor will pay 25% of the fees that it earns under the advisory agreement and Available Cash Distributions and 30% of the subordinated incentive distributions to our subadvisor. No such fees or distributions were incurred during the six months ended June 30, 2015 . Amounts Due to Advisor and Other At June 30, 2015, other amounts due to the advisor and other primarily represent asset management fees payable. Selling Commissions and Dealer Manager Fees We have entered into a dealer manager agreement with Carey Financial, LLC, an affiliate of our advisor, whereby Carey Financial, LLC receives a selling commission, depending on the class of common stock sold, of up to $0.70 and $0.19 per share sold and a dealer manager fee of up to $0.30 and $0.26 per share sold for the Class A and Class T common stock, respectively. The selling commissions are re-allowed and a portion of the dealer manager fees may be re-allowed to selected broker dealers. These amounts are recorded in Additional paid-in capital in the consolidated financial statements. Carey Financial, LLC also receives an annual distribution and shareholder servicing fee in connection with our Class T common stock, which it may re-allow to selected dealers. The amount of the shareholder servicing fee is 1.0% of the selling price per share (or, once published, the amount of our net asset value) for the Class T common stock in our initial public offering. The shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the shareholder servicing fee after the sixth anniversary of the end of the quarter in which the initial public offering terminates, and the fees may end sooner if the total underwriting compensation that is paid in respect of the offering reaches 10.0% of the gross offering proceeds or if we undertake a liquidity event, as described in our prospectus, before that sixth anniversary. The shareholder servicing fee for each of the three and six months ended June 30, 2015 was less than $0.1 million and is included in General and administrative expenses in the consolidated financial statements. Jointly-Owned Investments At June 30, 2015, we owned interests in two jointly-owned investments with CWI 1: Marriott Sawgrass Golf Resort & Spa, a Consolidated Hotel, and Ritz-Carlton Key Biscayne, an Unconsolidated Hotel. See Notes 4 and 5 for further discussion.

Net Investments in Hotels

Net Investments in Hotels	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Buildings $ 140,995 $ — Land 34,900 — Furniture, fixtures and equipment 13,142 — Building and site improvements 141 — Construction in progress 2,504 — Hotels, at cost 191,682 — Less: Accumulated depreciation (1,638 ) — Net investments in hotels $ 190,044 $ — 2015 Acquisitions During the six months ended June 30, 2015, we acquired two hotels, which were considered to be business combinations. We refer to these investments as our 2015 Acquisitions. Marriott Sawgrass Golf Resort & Spa On April 1, 2015, we acquired a 50% controlling interest in a joint venture owning the Marriott Sawgrass Golf Resort & Spa from CWI 1. At the date of acquisition, the fair value of real estate and other hotel assets, net of assumed liabilities and contributions from noncontrolling interests, totaled $24.8 million , as detailed in the table that follows. Additionally, cash held by the joint venture at the acquisition date was $7.7 million . The 511 -room resort is located in Ponte Vedra Beach, Florida. The hotel continues to be managed by Marriott International, Inc., an unaffiliated third party. In connection with this acquisition, we expensed acquisition costs of $3.4 million . The equity portion of our investment was financed in full by a loan of $37.2 million from WPC ( Note 3 ). The Marriott Sawgrass Golf Resort & Spa venture obtained $78.0 million in non-recourse debt financing at the time of CWI 1’s initial acquisition in October 2014, of which $66.7 million had been drawn as of April 1, 2015, at a rate of LIBOR plus 3.85% and a maturity date of November 2019 ( Note 8 ). Courtyard Nashville Downtown On May 1, 2015, we acquired Courtyard Nashville Downtown hotel from an unaffiliated third party and acquired real estate and other hotel assets, net of assumed liabilities with fair value totaling $58.5 million , as detailed in the table that follows. The 192 -room hotel is located in Nashville, Tennessee. The hotel continues to be managed by Marriott International, Inc., an unaffiliated third party. In connection with this acquisition, we expensed acquisition costs of $4.4 million , including acquisition fees of $1.7 million paid to our advisor. We obtained a mortgage loan on the property of $42.0 million upon acquisition ( Note 8 ). In addition, the equity portion of our investment was financed in full by a loan of $27.9 million from WPC ( Note 3 ). The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through June 30, 2015 (in thousands): 2015 Acquisitions Marriott Sawgrass Golf Resort & Spa (a) Courtyard Nashville Downtown Acquisition Date April 1, 2015 May 1, 2015 Cash consideration $ 24,764 $ 58,498 Assets acquired at fair value: Building $ 93,551 $ 47,443 Land 26,400 8,500 Buildings and site improvements 27 — Furniture, fixtures and equipment 8,132 4,945 Construction in progress 770 — Accounts receivable 5,635 224 Other assets 2,628 4 Liabilities assumed at fair value: Non-recourse mortgage (66,700 ) — Accounts payable, accrued expenses and other liabilities (11,921 ) (2,618 ) Contribution from noncontrolling interest at fair value (33,758 ) — Net assets acquired at fair value $ 24,764 $ 58,498 From Acquisition Date Through June 30, 2015 Revenues $ 15,691 $ 2,842 Net income $ 3,115 $ 1,206 ___________ (a) The remaining 50% interest in this venture is owned by CWI 1. Pro Forma Financial Information The following unaudited consolidated pro forma financial information presents our financial results as if our 2015 Acquisitions, and the new financings related to these acquisitions, had occurred on January 1, 2014. These transactions were accounted for as business combinations. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2014, nor does it purport to represent the results of operations for future periods. (Dollars in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma total revenues $ 19,740 $ 17,363 $ 35,724 $ 32,698 Pro forma net income (loss) $ 2,773 $ 2,269 $ 3,834 $ (4,547 ) Pro forma income from continuing operations attributable to noncontrolling interests (1,197 ) (804 ) (1,900 ) (1,247 ) Pro forma income (loss) from continuing operations attributable to CWI 2 stockholders $ 1,576 $ 1,465 $ 1,934 $ (5,794 ) Pro forma income (loss) per Class A share: Net income (loss) attributable to CWI 2 stockholders $ 853 $ 1,465 $ 1,090 $ (5,794 ) Pro forma weighted-average shares outstanding 234,822 23,221 129,401 23,221 Pro forma income (loss) per share $ 3.63 $ 63.10 $ 8.42 $ (249.53 ) Pro forma income per Class T share: Net income attributable to CWI 2 stockholders $ 723 $ — $ 845 $ — Pro forma weighted-average shares outstanding 199,959 — 100,738 — Pro forma income per share $ 3.62 $ — $ 8.38 $ — All acquisition costs for hotels acquired during the six months ended June 30, 2015 are presented as if they were incurred on January 1, 2014. Construction in Progress At June 30, 2015 , construction in progress was $2.5 million , recorded at cost, and related primarily to planned renovations at Marriott Sawgrass Golf Resort & Spa ( Note 9 ). We did not record any construction in progress as of December 31, 2014 . We capitalize interest expense and certain other costs, such as property taxes, property insurance and hotel incremental labor costs, related to hotels undergoing major renovations. No such costs were capitalized during the three and six months ended June 30, 2015 . During the six months ended June 30, 2015 , accrued capital expenditures increased by $0.3 million , representing non-cash investing activity.

Equity Investments in Real Esta

Equity Investments in Real Estate	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments in Real Estate	Equity Investment in Real Estate At June 30, 2015 , we owned an equity interest in one Unconsolidated Hotel, together with CWI 1 and an unrelated third party. We do not control the entity that owns this hotel, but we exercise significant influence over it. We account for this investment under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from acquisition costs paid to our advisor that we incur and other-than-temporary impairment charges, if any). Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on our equity method investment. Therefore, we follow the hypothetical liquidation at book value method in determining our share of the venture’s earnings or losses for the reporting period as this method better reflects our claim on the venture’s book value at the end of each reporting period. Earnings for our equity method investment are recognized in accordance with the related investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The following table sets forth our ownership interest in our equity investment in real estate and its carrying value. The carrying value of this venture is affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotel State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at June 30, 2015 Carrying Value at June 30, 2015 December 31, 2014 Ritz-Carlton Key Biscayne Venture (b) (c) FL 480 19.3 % $ 37,559 5/29/2015 Resort Planned Future $ 37,890 $ — ___________ (a) This amount represents purchase price plus capitalized costs, inclusive of fees paid to our advisor, at the time of acquisition. (b) CWI 1 acquired a 47.4% interest in the venture on the same date. The remaining 33.3% interest is retained by the original owner. Our portion of the venture was financed primarily by a loan of $37.4 million from WPC ( Note 3 ). The venture’s total investment includes $164.0 million in assumed non-recourse debt financing with an annual interest rate fixed at 6.09% and a maturity date of June 2017 . The number of rooms presented includes 178 condo-hotel units that participate in the resort rental program. (c) At June 30, 2015 , the unamortized basis differences on our equity investment were $1.9 million . Net amortization of the basis differences reduced the carrying value of our equity investment by less than $0.1 million for both the three and six months ended June 30, 2015 . The following table sets forth our share of equity earnings from our Unconsolidated Hotel, which is based on the hypothetical liquidation at book value model as well as certain depreciation and amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Inception (May 22, 2014) Three Months Ended Six Months Ended through Unconsolidated Hotel June 30, 2015 June 30, 2015 June 30, 2014 Ritz-Carlton Key Biscayne Venture $ 330 $ 330 $ — No other-than-temporary impairment charges were recognized during either the three or six months ended June 30, 2015 .

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and swaps; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Asset — Our derivative assets are comprised of interest rate caps that were measured at fair value using readily observable market inputs, such as quotations on interest rates. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market ( Note 7 ). We did not have any transfers into or out of Level 1, Level 2 and Level 3 measurements during the three and six months ended June 30, 2015 or from Inception to June 30, 2014 . Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated financial statements. Our non-recourse debt, which we have classified as Level 3, had a carrying value of $108.7 million and an estimated fair value of $109.1 million at June 30, 2015 . We determined the estimated fair value using a discounted cash flow model with rates that take into account the interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral and the then-current interest rate. We estimated that our other financial assets and liabilities had fair values that approximated their carrying values at June 30, 2015 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are two main components of economic risk that impact us: interest rate risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Market risk includes changes in the value of our properties and related loans. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to derivative instruments that we entered into on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include default by a counterparty to a hedging arrangement on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with counterparties that are large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated Asset Derivatives Fair Value at Liability Derivatives Fair Value at as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Interest rate caps Other assets $ 91 $ — $ — $ — All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis in our consolidated financial statements. At June 30, 2015 , no cash collateral had been posted nor received for any of our derivative positions. We recognized an unrealized loss of less than $0.1 million in Other comprehensive loss on derivative in connection with our interest rate caps during each of the three and six months ended June 30, 2015 . One of our interest rate caps was not initially designated for hedge accounting at the time it was entered into; however at June 30, 2015, the cap qualified for hedge accounting. During each of the three and six months ended June 30, 2015, we recognized a loss of less than $0.1 million in Other income and (expenses) in the consolidated statement of operations related to this cap. We did not reclassify any losses from Other comprehensive loss on derivatives into Interest expense during the three or six months ended June 30, 2015 . Amounts reported in Other comprehensive loss related to our interest rate cap will be reclassified to Interest expense as interest payments are made on our variable-rate debt. At June 30, 2015 , we estimated that less than $0.1 million will be reclassified as Interest expense during the next 12 months related to our interest rate cap. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may enter into interest rate swap or cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The face amount on which the swaps are based is not exchanged. An interest rate cap limits the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. We did not have any interest rate swaps outstanding at June 30, 2015. The interest rate caps that we had outstanding on our Consolidated Hotels at June 30, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Face Fair Value at Interest Rate Derivatives Instruments Amount June 30, 2015 Interest rate caps 2 $ 108,700 $ 91 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of June 30, 2015 . At June 30, 2015 , our total credit exposure was less than $0.1 million and the maximum exposure to any single counterparty was also less than $0.1 million . Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At June 30, 2015 , we had not been declared in default on any of our derivative obligations. We had no derivatives that were in a net liability position at June 30, 2015 .

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table presents the non-recourse debt on our Consolidated Hotels (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date June 30, 2015 December 31, 2014 Courtyard Nashville Downtown (a) (b) 3.18% Variable 5/2019 $ 42,000 $ — Marriott Sawgrass Golf Resort & Spa (a) (c) 4.03% Variable 11/2019 66,700 — $ 108,700 $ — ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped through the use of interest rate caps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rate in effect at June 30, 2015 through the use of an interest rate cap, when applicable. (b) This loan has a one-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (c) Total mortgage financing commitment is up to $78.0 million , with the difference between the commitment and the carrying amount available for renovation draws. Financing Activity During 2015 Marriott Sawgrass Golf Resort & Spa In connection with our 50% investment in the Marriott Sawgrass Golf Resort & Spa venture ( Note 4 ), we assumed $78.0 million in non-recourse mortgage financing, of which $66.7 million had been drawn at the acquisition date, at a rate of LIBOR plus 3.85% , which is subject to an interest rate cap, and a maturity date of November 2019 . The loan is interest-only until its maturity date. Courtyard Nashville Downtown In connection with our acquisition of Courtyard Nashville Downtown, we obtained a non-recourse mortgage loan of $42.0 million , with a floating interest rate of LIBOR plus 3.0% , which is subject to an interest rate cap. The loan is interest-only for 24 months and has a maturity date of May 2019 . We capitalized $0.6 million of deferred financing costs related to this loan. Covenants Both of our loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s restricted cash account and would be triggered under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If the provisions were triggered, the lender would retain a portion of cash sufficient to cover the required debt service; however, we would generally be permitted to spend an amount equal to our budgeted hotel operating expenses, taxes, insurance and capital expenditure reserves for the relevant hotel. Pursuant to our mortgage loan agreements, our wholly-owned subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. At June 30, 2015 , we were in compliance with the applicable covenants for each of our mortgage loans. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2015 and each of the next four calendar years following December 31, 2015 are as follows (in thousands): Years Ending December 31, Total 2015 (remainder) $ — 2016 — 2017 640 2018 960 2019 107,100 Total $ 108,700

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At June 30, 2015 , we were not involved in any litigation. Various claims and lawsuits may arise against us in the normal course of business, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position or results of operations. We are liable for certain expenses of our initial public offering, including filing, legal, accounting, printing and escrow fees, which are deducted from the gross proceeds of the offering. We will reimburse Carey Financial or selected dealers for certain organization and offering costs. The total underwriting compensation to Carey Financial and selected dealers in connection with the offering may not exceed limitations prescribed by the Financial Industry Regulatory Authority Inc. Our advisor has agreed to be responsible for the repayment of (i) organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial with respect to shares held by any clients of it and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceed in the aggregate 4% of the gross proceeds from the offering if the gross proceeds are less than $500.0 million , 2% of the gross proceeds from the offering if the gross proceeds are $500.0 million or more but less than $750.0 million , and 1.5% of the gross proceeds from the offering if the gross proceeds are $750.0 million or more; and (ii) organization and offering expenses (including selling commissions, dealer manager fees, and expenses reimbursed to selected dealers) that exceed 15% of the gross proceeds of the offering. Through June 30, 2015, the advisor incurred organization and offering costs on our behalf related to our initial public offering of approximately $3.0 million . However, at June 30, 2015, because of the limitations described above, we were only obligated to pay $0.7 million of these costs, of which $0.5 million was included in Due to related parties and affiliates in the consolidated balance sheets at June 30, 2015. Renovation Commitment A $20.8 million renovation of the Marriott Sawgrass Golf Resort & Spa commenced during the second quarter of 2015 and is currently expected be completed by the third quarter of 2016. All guestrooms and public spaces are expected to be renovated, as well as the Cabana Beach Club, pool and resort amenity enhancements. The renovation is expected to be funded through future renovation draws on the related mortgage loan, amounts held in escrow and our cash accounts. Our unfunded commitment at June 30, 2015 was $15.0 million . We do not currently expect to, and are not obligated to, fund any planned renovations on our Unconsolidated Hotel beyond our original investment.

Loss Per Share and Equity

Loss Per Share and Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Loss Per Share and Equity	Loss Per Share and Equity Loss Per Share The following table presents loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Inception through June 30, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Per Share Class A common stock 234,822 $ (3,423 ) $ (14.57 ) 129,401 $ (3,804 ) $ (29.40 ) 23,220 $ (36 ) $ (1.55 ) Class T common stock 199,959 (2,917 ) (14.59 ) 100,738 (2,965 ) (29.44 ) — — — Net loss attributable to CWI 2 stockholders $ (6,340 ) $ (6,769 ) $ (36 ) The allocation of Net loss attributable to CWI 2 is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for each respective period. For both the three and six months ended June 30, 2015, the allocation for the Class A common stock excludes the shareholder servicing fee of less than $0.1 million , which is only applicable to holders of Class T common stock ( Note 4 ). Share-Based Payments 2015 Equity Incentive Plan We maintain the 2015 Equity Incentive Plan, which authorizes the issuance of shares of our common stock to our officers and officers and employees of the subadvisor, who perform services on our behalf, and to non-director members of the investment committee through stock-based awards. The 2015 Equity Incentive Plan provides for the grant of restricted stock units, or RSUs, and dividend equivalent rights. A maximum of 2,000,000 shares may be granted, of which 1,957,250 shares remained available for future grants at June 30, 2015. We issued 30,250 RSUs in June 2015, which are scheduled to vest over approximately three years , subject to continued employment, to employees of our subsidiary. Shares Granted to Directors We also issued 2,500 shares of Class A common stock to each of our five independent directors in June 2015, valued at $10.00 per share, as part of their director compensation. We recognized stock-based compensation expense related to the awards of RSUs to employees of our subadvisor and shares issued to our directors totaling $0.1 million for both the three and six months ended June 30, 2015. Stock-based compensation expense is included within Corporate general and administrative expense in the consolidated financial statements. The awards to employees of our subadvisor had a weighted-average remaining contractual term of 2.8 years at June 30, 2015. At June 30, 2015, we had 30,250 nonvested RSUs outstanding, and we currently expect to recognize stock-based compensation expense totaling approximately $0.3 million over the remaining vesting period. We have not recognized any income tax benefit in earnings for our share-based compensation arrangements since the inception of this plan. Distributions Our second quarter 2015 declared daily distribution was $0.0016483 and $0.0013887 per share for our Class A common stock and Class T common stock, respectively. The distributions were comprised of $0.0013736 and $0.0011291 per day payable in cash, respectively, and $0.0002747 and $0.0002596 per day payable in shares of our common stock to stockholders of record on each day of the quarter and were paid on July 15, 2015 in the amount of less than $0.1 million. In June 2015, our board of directors declared third quarter distributions for our Class A and Class T shares at a daily rate of $0.0016303 per share and $0.0013735 per share, respectively. The distributions are comprised of $0.0013586 and $0.0011168 per day payable in cash, respectively, and $0.0002717 and $0.0002567 per day payable in shares of our common stock, respectively, for the quarter ending September 30, 2015, payable on or about October 15, 2015 to stockholders of record on each day of the quarter. Proceeds from Sale of Common Stock During July 2015, we received a total of $0.8 million , net of selling commissions and dealer manager fees, related to Class A and Class T shares that we sold during the six months ended June 30, 2015.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the U.S., or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations and cash flows. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. For purposes of determining the weighted-average number of shares of Class A common stock outstanding, amounts for the three and six months ended June 30, 2015 and period from Inception through June 30, 2014 have been adjusted to treat stock distributions declared and effective through the date of this Report as if they were outstanding as of May 22, 2014, our date of inception.
Consolidation	Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it is a variable interest entity, or VIE and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries qualified as a VIE.
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and the liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method of accounting. We record our investments in hotel properties based on the fair value of the identifiable assets acquired, identifiable intangible assets acquired, liabilities assumed and any noncontrolling interest in the acquired entity, and if applicable, recognizing and measuring any goodwill or gain from a bargain purchase at the acquisition date. Assets and liabilities are recorded at fair value and allocated to land, buildings, building and site improvements, furniture, fixtures and equipment and intangibles, as applicable, using appraisals and valuations performed by management and independent third parties. Fair values are based on the exit price (i.e., the price that would be received in an orderly transaction to sell an asset or transfer a liability between market participants at the measurement date). We evaluate several factors, including market data for similar assets or similar in-place lease contractual agreements for intangible assets, expected cash flows discounted at risk adjusted rates and replacement cost for the assets to determine an appropriate exit cost when evaluating the fair value of our assets. We immediately expense, as incurred, all acquisition costs and fees associated with transactions deemed to be business combinations in which we expect to consolidate the asset and we capitalize these costs for transactions we expect to be acquisitions of an asset, including an equity investment. We record debt assumed in business combinations at fair value. We determine the estimated fair value using a discounted cash flow model with rates that take into account the current market interest rate risk. We also consider the value of the underlying collateral taking into account the quality of the collateral, the time until maturity and the current interest rate. Any resulting premium or discount will be amortized over the remaining term of the obligation.
Real Estate	Real Estate We carry land, buildings and personal property at cost less accumulated depreciation. We capitalize improvements and expense replacements, maintenance and repairs that do not improve or extend the life of the respective assets. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, and repairs and maintenance are expensed as incurred. We capitalize interest and certain other costs, such as incremental labor costs relating to hotels undergoing major renovations and redevelopments.
Cash and Restricted Cash	Cash Our cash is held in the custody of major financial institutions, and these balances may, at times, exceed federally insurable limits. However management believes the credit risk related to any such deposit would be minimal. Restricted Cash Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements, property taxes, insurance and normal replacement of furniture, fixtures and equipment at our hotels.
Other Assets and Liabilities	Other Assets and Liabilities Other assets consists primarily of prepaid expenses, deposits, hotel inventories, derivative assets, deferred tax assets, syndication costs and deferred financing costs. Other liabilities consists primarily of hotel advance deposits, sales use and occupancy taxes payable, accrued income taxes, accrued interest and an intangible liability consisting of an above-market parking garage lease of $1.6 million , which is being amortized over approximately 13 years , the estimated useful life. At June 30, 2015, the unamortized balance of the above-market lease was $1.6 million . Scheduled annual amortization of this intangible for the remainder of 2015, each of the next four calendar years following December 2015, and thereafter is less than $0.1 million , $0.1 million and $1.0 million , respectively. Deferred financing costs represent costs to obtain mortgage financing. We amortize these charges to interest expense over the term of the related mortgage using a method which approximates the effective interest method. At June 30, 2015 , the unamortized balance of deferred financing costs was $0.6 million . During each of the three and six months ended June 30, 2015 , we recognized amortization expense related to these costs of less than $0.1 million within Interest expense in the consolidated statement of operations.
Revenue Recognition	Hotel Revenue Recognition We recognize revenue from operations of our hotels as the related services are provided. Our hotel revenues are comprised of hotel operating revenues, such as room, food and beverage, and revenue from other operating departments (such as telephone, spa services, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. At June 30, 2015, allowance for doubtful accounts totaled less than $0.1 million . We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by our hotel brands, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay.
Capitalized Cost	Capitalized Costs We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. We begin capitalizing interest as we incur disbursements, and capitalize other costs when activities necessary to prepare the asset ready for its intended use are underway. We cease capitalizing these costs when construction is substantially complete.
Depreciation and Amortization	Depreciation and Amortization We compute depreciation for hotels and related building improvements using the straight-line method over the estimated useful lives of the properties (limited to 40 years for buildings and ranging from 4 years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years ) and furniture, fixtures and equipment (generally one to 12 years ).
Equity Method Investments in Real Estate	Under the conventional approach of accounting for equity method investments, an investor applies its percentage ownership interest to the venture’s net income to determine the investor’s share of the earnings or losses of the venture. This approach is inappropriate if the venture’s capital structure gives different rights and priorities to its investors. We have priority returns on our equity method investment. Therefore, we follow the hypothetical liquidation at book value method in determining our share of the venture’s earnings or losses for the reporting period as this method better reflects our claim on the venture’s book value at the end of each reporting period. Earnings for our equity method investment are recognized in accordance with the related investment agreement and, where applicable, based upon the allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets, if applicable, may be impaired or that their carrying value may not be recoverable. We may incur impairment charges on real estate, related intangible assets, if applicable, and equity investment in real estate. Our policies for evaluating whether these assets are impaired are presented below. Real Estate For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, net operating income, residual values and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Equity Investment in Real Estate We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investment in hotels, we calculate our share of the estimated fair value of the underlying hotel, which is determined using the discounted cash flows model that includes annual net operating income for a ten year hold period, plus a hypothetical sales price at the end of the holding period. The annual net operating income is determined using the hotel’s projected budgets that take into account projected market factors. The hypothetical sales value of each property is based on the value of the property at the end of the holding period by calculating projected net operating income and applying a selected capitalization rate and deducting estimated costs of
Organization and Offering Cost	Organization and Offering Costs During the offering period, costs incurred in connection with the raising of capital will be recorded as deferred offering costs. Upon receipt of offering proceeds, we will charge the deferred costs to stockholders’ equity. Under the terms of our advisory agreement as described in Note 3 , we will reimburse our advisor for organization and offering costs incurred; however, such reimbursements will not exceed regulatory limitations. Organization costs are expensed as incurred and are included in corporate general and administrative expenses in the financial statements.
Derivative Instruments	Derivative Instruments We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk , the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangemen
Income Tax	Income Taxes We intend to qualify as a REIT, under the Internal Revenue Code, beginning with our taxable year ending December 31, 2015. Maintaining our qualification as a REIT will require us to distribute at least 90% of our REIT taxable income to our stockholders and to meet certain tests regarding the nature of our income and assets. In addition, REITs are subject to numerous organizational and operational requirements including limitations on certain types of gross income. As a REIT, we generally will not be subject to U.S. federal income tax on income that we distribute to stockholders as long as we meet such requirements and distribute all of our net taxable income on an annual basis. If we fail to qualify for taxation as a REIT for any taxable year, our income will be taxed at regular corporate rates, and we may not be able to elect REIT status in that year and for the next four years. As a REIT for U.S. federal income tax purposes, we may be subject to state and local income or excise taxes on our income, property or capital, and may pay federal, state and local income and excise taxes on undistributed income. We may elect to treat one or more of our corporate subsidiaries as a taxable REIT subsidiary, or TRS. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate related business (except for the operation or management of lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility is operated). The Internal Revenue Code permits a TRS to lease from a REIT a lodging facility if the TRS engages an Eligible Independent Contractor to operate the facility under a management agreement or other service contract. We intend to engage an Eligible Independent Contractor, as defined in the Internal Revenue Code, whenever required to maintain our REIT status. A TRS is subject to corporate federal, state and local income taxes. As of June 30, 2015 and December 31, 2014, the Company has determined that it has no uncertain tax positions.
Loss Per Share	Loss Per Share Loss per share, as presented, represents both basic and diluted per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss attributable to CWI 2 by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net loss attributable to CWI 2 is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for the three and six months ended June 30, 2015, respectively, and from May 22, 2014 (Inception) to June 30, 2014. The allocation for the Class A common stock excludes the shareholder servicing fee of less than $0.1 million for both the three and six months ended June 30, 2015 that is only applicable to holders of Class T common stock. No such fee was incurred from May 22, 2014 (Inception) to June 30, 2014 because there were no shares of Class T common stock outstanding during that period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our financial statements and the accompanying notes. Actual results could differ from those estimates
New Accounting Pronouncements	Recent Accounting Requirements The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) — ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In April 2015, the Financial Accounting Standards Board issued a proposed ASU to defer the effective date of ASU 2014-09 by one year. In July 2015, the Financial Accounting Standards Board affirmed its proposal to defer the effective date of the new revenue standard for all entities by one year and directed the staff to draft a final ASU for vote by written ballot. Upon issuance of the final ASU deferring the effective date, ASU 2014-09 would be effective beginning in 2018, and early adoption is permitted but not before 2017, the original public company effective date. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard. ASU 2015-02, Consolidation (Topic 810) — ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires 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. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements.

Agreements and Transactions w20

Agreements and Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid and expenses we reimbursed to our advisor, subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Inception Three Months Six Months (May 22, 2014) Ended Ended through June 30, 2015 June 30, 2015 June 30, 2014 Amounts Included in the Consolidated Statements of Operations To Our Advisor: Acquisition fees 1,742 1,742 — Interest expense 259 259 — Asset management fees 204 204 — Personnel and overhead reimbursements 187 216 — Shareholder servicing fee 4 4 — To CWI 1: Acquisition fee to CWI 1 $ 3,411 $ 3,411 $ — $ 5,807 $ 5,836 $ — Other Transaction Fees Incurred to Our Advisor Selling commissions and dealer manager fees $ 1,186 $ 1,186 $ — Organization and offering costs 502 571 36 Capitalized acquisition fees for equity method investment 1,862 1,862 — $ 3,550 $ 3,619 $ 36 The following table presents a summary of amounts included in Due to related parties and affiliates in the consolidated financial statements (in thousands): June 30, 2015 December 31, 2014 Amounts Due to Related Parties and Affiliates To Our Advisor: Notes payable to WPC $ 102,706 $ — Organization and offering costs 532 108 Reimbursable costs 217 — Other 312 — To Others: Due to CWI 1 95 — Due to Carey Financial 49 — $ 103,911 $ 108

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Buildings $ 140,995 $ — Land 34,900 — Furniture, fixtures and equipment 13,142 — Building and site improvements 141 — Construction in progress 2,504 — Hotels, at cost 191,682 — Less: Accumulated depreciation (1,638 ) — Net investments in hotels $ 190,044 $ —
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(a) The remaining 50% interest in this venture is owned by CWI 1. The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through June 30, 2015 (in thousands): 2015 Acquisitions Marriott Sawgrass Golf Resort & Spa (a) Courtyard Nashville Downtown Acquisition Date April 1, 2015 May 1, 2015 Cash consideration $ 24,764 $ 58,498 Assets acquired at fair value: Building $ 93,551 $ 47,443 Land 26,400 8,500 Buildings and site improvements 27 — Furniture, fixtures and equipment 8,132 4,945 Construction in progress 770 — Accounts receivable 5,635 224 Other assets 2,628 4 Liabilities assumed at fair value: Non-recourse mortgage (66,700 ) — Accounts payable, accrued expenses and other liabilities (11,921 ) (2,618 ) Contribution from noncontrolling interest at fair value (33,758 ) — Net assets acquired at fair value $ 24,764 $ 58,498
Schedule Of Revenues and Net Income	From Acquisition Date Through June 30, 2015 Revenues $ 15,691 $ 2,842 Net income $ 3,115 $ 1,206
Pro Forma Information	The following unaudited consolidated pro forma financial information presents our financial results as if our 2015 Acquisitions, and the new financings related to these acquisitions, had occurred on January 1, 2014. These transactions were accounted for as business combinations. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2014, nor does it purport to represent the results of operations for future periods. (Dollars in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma total revenues $ 19,740 $ 17,363 $ 35,724 $ 32,698 Pro forma net income (loss) $ 2,773 $ 2,269 $ 3,834 $ (4,547 ) Pro forma income from continuing operations attributable to noncontrolling interests (1,197 ) (804 ) (1,900 ) (1,247 ) Pro forma income (loss) from continuing operations attributable to CWI 2 stockholders $ 1,576 $ 1,465 $ 1,934 $ (5,794 ) Pro forma income (loss) per Class A share: Net income (loss) attributable to CWI 2 stockholders $ 853 $ 1,465 $ 1,090 $ (5,794 ) Pro forma weighted-average shares outstanding 234,822 23,221 129,401 23,221 Pro forma income (loss) per share $ 3.63 $ 63.10 $ 8.42 $ (249.53 ) Pro forma income per Class T share: Net income attributable to CWI 2 stockholders $ 723 $ — $ 845 $ — Pro forma weighted-average shares outstanding 199,959 — 100,738 — Pro forma income per share $ 3.62 $ — $ 8.38 $ —

Equity Investments in Real Es22

Equity Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments [Table Text Block]	The following table sets forth our ownership interest in our equity investment in real estate and its carrying value. The carrying value of this venture is affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotel State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Renovation Status at June 30, 2015 Carrying Value at June 30, 2015 December 31, 2014 Ritz-Carlton Key Biscayne Venture (b) (c) FL 480 19.3 % $ 37,559 5/29/2015 Resort Planned Future $ 37,890 $ — ___________ (a) This amount represents purchase price plus capitalized costs, inclusive of fees paid to our advisor, at the time of acquisition. (b) CWI 1 acquired a 47.4% interest in the venture on the same date. The remaining 33.3% interest is retained by the original owner. Our portion of the venture was financed primarily by a loan of $37.4 million from WPC ( Note 3 ). The venture’s total investment includes $164.0 million in assumed non-recourse debt financing with an annual interest rate fixed at 6.09% and a maturity date of June 2017 . The number of rooms presented includes 178 condo-hotel units that participate in the resort rental program. (c) At June 30, 2015 , the unamortized basis differences on our equity investment were $1.9 million . Net amortization of the basis differences reduced the carrying value of our equity investment by less than $0.1 million for both the three and six months ended June 30, 2015 . The following table sets forth our share of equity earnings from our Unconsolidated Hotel, which is based on the hypothetical liquidation at book value model as well as certain depreciation and amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Inception (May 22, 2014) Three Months Ended Six Months Ended through Unconsolidated Hotel June 30, 2015 June 30, 2015 June 30, 2014 Ritz-Carlton Key Biscayne Venture $ 330 $ 330 $ —

Risk Management and Use of De23

Risk Management and Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments on our Consolidated Hotels	The following table sets forth certain information regarding our derivative instruments on our Consolidated Hotels (in thousands): Derivatives Designated Asset Derivatives Fair Value at Liability Derivatives Fair Value at as Hedging Instruments Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Interest rate caps Other assets $ 91 $ — $ — $ —
Schedule of Derivative Instruments	The interest rate caps that we had outstanding on our Consolidated Hotels at June 30, 2015 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Face Fair Value at Interest Rate Derivatives Instruments Amount June 30, 2015 Interest rate caps 2 $ 108,700 $ 91

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt on our Consolidated Hotels (dollars in thousands): Carrying Amount at Consolidated Hotels Interest Rate Rate Type Current Maturity Date June 30, 2015 December 31, 2014 Courtyard Nashville Downtown (a) (b) 3.18% Variable 5/2019 $ 42,000 $ — Marriott Sawgrass Golf Resort & Spa (a) (c) 4.03% Variable 11/2019 66,700 — $ 108,700 $ — ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped through the use of interest rate caps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rate in effect at June 30, 2015 through the use of an interest rate cap, when applicable. (b) This loan has a one-year extension option, which is subject to certain conditions. The maturity date in the table does not reflect the extension option. (c) Total mortgage financing commitment is up to $78.0 million , with the difference between the commitment and the carrying amount available for renovation draws.
Debt Maturity Schedule	Scheduled debt principal payments during the remainder of 2015 and each of the next four calendar years following December 31, 2015 are as follows (in thousands): Years Ending December 31, Total 2015 (remainder) $ — 2016 — 2017 640 2018 960 2019 107,100 Total $ 108,700

Loss Per Share and Equity (Tabl

Loss Per Share and Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Earnings Per Share	The following table presents loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Inception through June 30, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Per Share Class A common stock 234,822 $ (3,423 ) $ (14.57 ) 129,401 $ (3,804 ) $ (29.40 ) 23,220 $ (36 ) $ (1.55 ) Class T common stock 199,959 (2,917 ) (14.59 ) 100,738 (2,965 ) (29.44 ) — — — Net loss attributable to CWI 2 stockholders $ (6,340 ) $ (6,769 ) $ (36 )

Business (Narratives) (Details)

Business (Narratives) (Details)	May. 15, 2015USD ($)	Mar. 27, 2015USD ($)	May. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property$ / sharesshares	Apr. 13, 2015USD ($)	Apr. 01, 2015$ / shares	Feb. 09, 2015USD ($)$ / shares	Dec. 31, 2014$ / sharesshares
Business
Capital interest ownership in operating partnership					99.985%
Common stock maximum offering amount						$ 1,400,000,000
Common stock, par value on public offering | $ / shares			$ 9
Common stock, maximum authorized under dividend reinvestment plan						$ 600,000,000
Proceeds from issuance of common stock			$ 200,000	$ 200,000	$ 15,003,000
Common stock, share issued | shares			22,222
Common stock, par share value | $ / shares			$ 0.001
Special general partners interest		0.015%
Payments to acquire special general partners interest		$ 300,000
Initial minimum offering amount	$ 2,000,000
Number of real estate properties | property					3
Common Class A
Business
Common stock maximum offering amount								$ 1,400,000,000
Common stock, par value on public offering | $ / shares								$ 10
Common stock, maximum authorized under dividend reinvestment plan								$ 600,000,000
Common stock, par or stated value per share, pursuant to DRIP | $ / shares								$ 9.60
Common stock, share issued | shares					840,209				22,222
Common stock, par share value | $ / shares					$ 0.001				$ 0.001
Proceeds from Issuance Initial Public Offering	8,000,000
Common Class T
Business
Common stock, par value on public offering | $ / shares							$ 9.45
Common stock, par or stated value per share, pursuant to DRIP | $ / shares							$ 9.07
Common stock, share issued | shares					951,436				0
Common stock, par share value | $ / shares					$ 0.001				$ 0.001
Proceeds from Issuance Initial Public Offering	$ 9,000,000

Basis of Presentation (Narrativ

Basis of Presentation (Narratives) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Intangible assets and liabilities
Unamortized deferred financing cost		$ 600,000	$ 600,000
Amortization of deferred financing cost		100,000	100,000
Allowance for hotel revenues		100,000	100,000
Shareholder servicing fee	$ 0	4,000	4,000
Uncertain tax positions		0	0	$ 0
Above the market parking garage
Intangible assets and liabilities
Finite lived intangible liabilities, gross		1,600,000	1,600,000
Finite lived intangible liabilities, net		1,600,000	$ 1,600,000
Finite lived intangibles asset liability useful life			13 years
Above the market parking garage | Period One
Intangible assets and liabilities
Scheduled future amortization		100,000	$ 100,000
Above the market parking garage | Period Two
Intangible assets and liabilities
Scheduled future amortization		100,000	100,000
Above the market parking garage | Period Three
Intangible assets and liabilities
Scheduled future amortization		$ 1,000,000	$ 1,000,000
Building | Maximum
Depreciation and Amortization
Fixed assets useful life			40 years
Building | Minimum
Depreciation and Amortization
Fixed assets useful life			4 years
Site Improvements | Maximum
Depreciation and Amortization
Fixed assets useful life			15 years
Site Improvements | Minimum
Depreciation and Amortization
Fixed assets useful life			4 years
Furniture, fixtures, and equipment | Maximum
Depreciation and Amortization
Fixed assets useful life			12 years
Furniture, fixtures, and equipment | Minimum
Depreciation and Amortization
Fixed assets useful life			1 year

Agreements and Transactions w28

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($)	Jul. 29, 2015	May. 01, 2015	Apr. 01, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Apr. 30, 2015	Dec. 31, 2014	May. 22, 2014
Related Party Transaction
Percentage of fees earned by advisor paid to subadvisor						25.00%
Subordinated incentive distribution					30.00%	30.00%
Percentage of asset management fees						0.55%
Percentage of subordinated disposition fees						1.50%
Loan refinancing fee, percentage						1.00%
Line of credit facility, maximum borrowing capacity							$ 110,000,000
Notes payable, related party		$ 27,900,000	$ 37,200,000
Stated interest rate		1.10%
Cumulative offering costs incurred though inception					$ 3,000,000	$ 3,000,000
Reimbursable organization and offering cost						700,000
Unpaid organization and offering costs					532,000	532,000		$ 108,000
Deferred offering costs					100,000	100,000
Personnel and overhead reimbursements				$ 0	187,000	$ 216,000
Percentage of available cash distribution to advisor						10.00%
Due to related parties and affiliates					103,911,000	$ 103,911,000		$ 108,000
Reimbursement expenses				0	5,807,000	5,836,000
Shareholder servicing fee				$ 0	$ 4,000	$ 4,000
Loan 1
Related Party Transaction
Stated interest rate			1.10%
Maturity Date			Mar. 31, 2016
Loan 2
Related Party Transaction
Notes payable, related party		$ 65,300,000
Maturity Date		Dec. 30, 2015
Common Class A
Related Party Transaction
Offering price						$ 10
Common shares, outstanding				22,222	840,209	840,209		22,222	0
Common Class T
Related Party Transaction
Common shares, outstanding					951,436	951,436		0
Marriott Sawgrass Golf Resort and Spa
Related Party Transaction
Ownership percentage			50.00%
Notes payable, related party			$ 37,200,000
Stated interest rate			3.85%
Maturity Date			Nov. 30, 2019
Advisor
Related Party Transaction
Common shares, outstanding					25,789	25,789
Percentage of common stock held by related party						3.10%
WPC
Related Party Transaction
Due to related party					$ 102,706,000	$ 102,706,000		$ 0
Carey Financial
Related Party Transaction
Due to related party					$ 49,000	$ 49,000		$ 0
Carey Financial | Common Class A
Related Party Transaction
Selling commission fee					$ 0.70	$ 0.70
Dealer manager fee					0.30	0.30
Carey Financial | Common Class T
Related Party Transaction
Selling commission fee					0.19	0.19
Dealer manager fee					$ 0.26	$ 0.26
Shareholder servicing fee, percentage					1.00%	1.00%
Invested asset
Related Party Transaction
Percentage of acquisition fees						2.50%
Maximum
Related Party Transaction
Aggregate gross proceeds threshold					15.00%	15.00%
Maximum | Contract purchase price
Related Party Transaction
Percentage of acquisition fees						6.00%
Subsequent Event
Related Party Transaction
Repayment of notes receivable from related party	$ 25,000,000
Scenario One
Related Party Transaction
Aggregate gross proceeds threshold					4.00%	4.00%
Scenario One | Maximum
Related Party Transaction
Potential gross proceeds from offering					$ 500,000,000	$ 500,000,000
Scenario Two
Related Party Transaction
Aggregate gross proceeds threshold					2.00%	2.00%
Scenario Two | Minimum
Related Party Transaction
Potential gross proceeds from offering					$ 500,000,000	$ 500,000,000
Scenario Two | Maximum
Related Party Transaction
Potential gross proceeds from offering					$ 750,000,000	$ 750,000,000
Scenario Three
Related Party Transaction
Aggregate gross proceeds threshold					1.50%	1.50%
Scenario Three | Minimum
Related Party Transaction
Potential gross proceeds from offering					$ 750,000,000	$ 750,000,000

Agreements and Transactions w29

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Amounts Included in the Consolidated Statements of Operations
Interest expense	$ 0	$ 259	$ 259
Asset management fees	0	204	204
Personnel and overhead reimbursements	0	187	216
Shareholder servicing fee	0	4	4
Related party expenses included operating expenses	0	5,807	5,836
Other Transaction Fees Incurred to Our Advisor
Selling commissions and dealer manager fees	0	1,186	1,186
Organization and offering costs	36	502	571
Capitalized acquisition fees for equity method investment	0	1,862	1,862
Transaction Fees Incurred	36	3,550	3,619
CWI
Amounts Included in the Consolidated Statements of Operations
Acquisition fees		3,411	3,411
Advisor
Amounts Included in the Consolidated Statements of Operations
Acquisition fees	$ 0	$ 1,742	$ 1,742

Agreements and Transactions w30

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Amounts Due to Related Parties and Affiliates
Organization and offering costs	$ 532	$ 108
Reimbursable costs	217	0
Other	312	0
Due to related parties and affiliates	103,911	108
WPC
Amounts Due to Related Parties and Affiliates
Due to related party	102,706	0
CWI
Amounts Due to Related Parties and Affiliates
Due to related party	95	0
Carey Financial
Amounts Due to Related Parties and Affiliates
Due to related party	$ 49	$ 0

Net Investments in Hotels (Narr

Net Investments in Hotels (Narratives) (Details) $ in Thousands	May. 01, 2015USD ($)room	Apr. 01, 2015USD ($)room	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 31, 2014USD ($)
Business Acquisition
Cash consideration			$ 0	$ 117,020
Non-recourse debt				108,700	$ 0
Stated interest rate	1.10%
Notes payable, related party	$ 27,900	$ 37,200
Construction in progress				2,504	$ 0
Change in capital expenditures				$ 300
Marriott Sawgrass Golf Resort and Spa
Business Acquisition
Ownership percentage		50.00%
Cash consideration		$ 24,764
Cash acquired		$ 7,700
Number of Rooms | room		511
Acquisition costs expensed		$ 3,400
Non-recourse debt		$ 66,700				$ 78,000
Stated interest rate		3.85%
Notes payable, related party		$ 37,200
Maturity Date		Nov. 30, 2019
Courtyard Nashville
Business Acquisition
Cash consideration	$ 58,498
Number of Rooms | room	192
Acquisition costs expensed	$ 4,400
Non-recourse debt	42,000
Acquisition fees paid to the advisor	$ 1,700
CWI | Marriott Sawgrass Golf Resort and Spa
Business Acquisition
Ownership percentage				50.00%

Net Investments in Hotels (Deta

Net Investments in Hotels (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Buildings	$ 140,995	$ 0
Land	34,900	0
Furniture, fixtures and equipment	13,142	0
Building and site improvements	141	0
Construction in progress	2,504	0
Hotels, at cost	191,682	0
Less: Accumulated depreciation	(1,638)	0
Net investments in hotels	$ 190,044	$ 0

Net Investments in Hotels (De33

Net Investments in Hotels (Details 2) - USD ($) $ in Thousands	May. 01, 2015	Apr. 01, 2015	Jun. 30, 2014	Jun. 30, 2015
Business Acquisition [Line Items]
Cash consideration			$ 0	$ 117,020
Marriott Sawgrass
Business Acquisition [Line Items]
Cash consideration		$ 24,764
Assets acquired at fair value:
Buildings and site improvements		93,551
Land		26,400
Buildings and site improvements		27
Furniture, fixtures and equipment		8,132
Construction in progress		770
Accounts receivable		5,635
Other assets		2,628
Liabilities assumed at fair value:
Non-recourse mortgage		(66,700)
Accounts payable, accrued expenses and other liabilities		(11,921)
Contribution from noncontrolling interest at fair value		(33,758)
Net assets acquired at fair value		$ 24,764
Courtyard Nashville
Business Acquisition [Line Items]
Cash consideration	$ 58,498
Assets acquired at fair value:
Buildings and site improvements	47,443
Land	8,500
Buildings and site improvements	0
Furniture, fixtures and equipment	4,945
Construction in progress	0
Accounts receivable	224
Other assets	4
Liabilities assumed at fair value:
Non-recourse mortgage	0
Accounts payable, accrued expenses and other liabilities	(2,618)
Contribution from noncontrolling interest at fair value	0
Net assets acquired at fair value	$ 58,498

Net Investments in Hotels (De34

Net Investments in Hotels (Details 3) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2015
Revenue and Earnings from Acquisitions
Revenues	$ 0		$ 18,533	$ 18,533
Net income	$ (36)		(5,143)	$ (5,572)
Marriott Sawgrass
Revenue and Earnings from Acquisitions
Revenues			15,691
Net income			$ 3,115
Courtyard Nashville
Revenue and Earnings from Acquisitions
Revenues		$ 2,842
Net income		$ 1,206

Net Investments in Hotels (De35

Net Investments in Hotels (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pro Forma Financial Information
Pro forma total revenues	$ 19,740	$ 17,363	$ 35,724	$ 32,698
Pro forma net income (loss)	2,773	2,269	3,834	(4,547)
Pro forma income from continuing operations attributable to noncontrolling interests	(1,197)	(804)	(1,900)	(1,247)
Pro forma income (loss) from continuing operations attributable to CWI 2 stockholders	1,576	1,465	1,934	(5,794)
Common Class A
Pro Forma Financial Information
Pro forma income (loss) from continuing operations attributable to CWI 2 stockholders	$ 853	$ 1,465	$ 1,090	$ (5,794)
Pro forma income (loss) per Class A share:
Pro forma weighted-average shares outstanding	234,822	23,221	129,401	23,221
Pro forma income (loss) per share	$ 3.63	$ 63.10	$ 8.42	$ (249.53)
Common Class T
Pro Forma Financial Information
Pro forma income (loss) from continuing operations attributable to CWI 2 stockholders	$ 723	$ 0	$ 845	$ 0
Pro forma income (loss) per Class A share:
Pro forma weighted-average shares outstanding	199,959	0	100,738	0
Pro forma income (loss) per share	$ 3.62	$ 0	$ 8.38	$ 0

Equity Investments in Real Es36

Equity Investments in Real Estate (Narratives) (Details) $ in Thousands	May. 29, 2015USD ($)room	Jun. 30, 2015USD ($)room	Jun. 30, 2015USD ($)room	May. 01, 2015USD ($)	Apr. 01, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Notes payable, related party				$ 27,900	$ 37,200
Non-recourse debt		$ 108,700	$ 108,700			$ 0
Stated interest rate				1.10%
Aggregate unamortized basis difference on equity investments		1,900	1,900
Amortization of basis differences		$ 100	$ 100
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.30%	19.30%	19.30%
Notes payable, related party		$ 37,400	$ 37,400
Non-recourse debt	$ 164,000
Stated interest rate	6.09%
Maturity Date	Jun. 30, 2017
Number of Rooms | room		480	480
Unconsolidated Properties | Key Biscayne Venture | Condo
Schedule of Equity Method Investments [Line Items]
Number of Rooms | room	178
Unconsolidated Properties | Key Biscayne Venture | CWI
Schedule of Equity Method Investments [Line Items]
Ownership percentage	47.40%

Equity Investments in Real Es37

Equity Investments in Real Estate (Details 1) $ in Thousands	May. 29, 2015USD ($)	Jun. 30, 2015USD ($)room	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 37,890	$ 0
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments [Line Items]
Hotel State		FL
Number of Rooms | room		480
Owned	33.30%	19.30%
Our Initial Investment	$ 37,559
Acquisition Date		May 29, 2015
Hotel Type		Resort
Carrying Value		$ 37,890	$ 0

Equity Investments in Real Es38

Equity Investments in Real Estate (Details 2) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity in earnings of equity method investment in real estate	$ 0	$ 330	$ 330
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments [Line Items]
Equity in earnings of equity method investment in real estate	$ 0	$ 330	$ 330

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) - Non Recourse Debt - Level 3 $ in Millions	Jun. 30, 2015USD ($)
Reported Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 108.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 109.1

Risk Management and Use of De40

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Derivative
Maximum credit exposure	$ 0.1	$ 0.1
Unrealized loss recognized in OCI from derivative instrument	0.1	(0.1)
Loss on from derivative instrument recognized income	0.1	(0.1)
Estimated amount of derivative income to be classified from OCI to income		0.1
Derivatives in net liability position	0	0
Single counterparty
Derivative
Maximum credit exposure	$ 0.1	$ 0.1

Risk Management and Use of De41

Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Interest rate cap | Designated as hedging instrument | Other assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value	$ 91	$ 0

Risk Management and Use of De42

Risk Management and Use of Derivative Financial Instruments (Details 2) - Jun. 30, 2015 - Interest rate cap - Designated as hedging instrument - Cash Flow Hedging $ in Thousands	USD ($)instrument
Derivative
Number of Instruments | instrument	2
Face Amount	$ 108,700
Fair Value	$ 91

Debt (Narratives) (Details)

Debt (Narratives) (Details) - USD ($) $ in Thousands	May. 01, 2015	Apr. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Non-recourse debt			$ 108,700	$ 0
Stated interest rate	1.10%
Marriott Sawgrass Golf Resort and Spa
Debt Instrument [Line Items]
Mortgage financing commitment			78,000
Ownership percentage		50.00%
Non-recourse debt		$ 78,000	$ 66,700	0
Stated interest rate		3.85%
Maturity Date		Nov. 30, 2019	Nov. 30, 2019
Courtyard Nashville
Debt Instrument [Line Items]
Non-recourse debt	$ 42,000		$ 42,000	$ 0
Stated interest rate	3.00%
Maturity Date	May 31, 2019		May 31, 2019
Deferred financing cost	$ 600

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands	May. 01, 2015	Apr. 01, 2015	Jun. 30, 2015	Dec. 31, 2014
Hotel Details
Carrying value of debt			$ 108,700	$ 0
Courtyard Nashville
Hotel Details
Interest Rate			3.18%
Rate Type			Variable
Maturity Date	May 31, 2019		May 31, 2019
Carrying value of debt	$ 42,000		$ 42,000	0
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Interest Rate			4.03%
Rate Type			Variable
Maturity Date		Nov. 30, 2019	Nov. 30, 2019
Carrying value of debt		$ 78,000	$ 66,700	$ 0

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-term Debt
2015 (remainder)	$ 0
2,016	0
2,017	640
2,018	960
2,019	107,100
Total	$ 108,700	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Narratives) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Loss Contingencies
Cumulative offering costs incurred though inception	$ 3,000,000
Reimbursable organization and offering cost	700,000
Organization and offering costs	$ 532,000	$ 108,000
Scenario One
Loss Contingencies
Aggregate gross proceeds threshold	4.00%
Scenario Two
Loss Contingencies
Aggregate gross proceeds threshold	2.00%
Scenario Three
Loss Contingencies
Aggregate gross proceeds threshold	1.50%
Minimum | Scenario Two
Loss Contingencies
Potential gross proceeds from offering	$ 500,000,000
Minimum | Scenario Three
Loss Contingencies
Potential gross proceeds from offering	$ 750,000,000
Maximum
Loss Contingencies
Aggregate gross proceeds threshold	15.00%
Maximum | Scenario One
Loss Contingencies
Potential gross proceeds from offering	$ 500,000,000
Maximum | Scenario Two
Loss Contingencies
Potential gross proceeds from offering	750,000,000
Marriott Sawgrass Golf Resort and Spa
Loss Contingencies
Estimated renovation expenses	20,800,000
Unfunded commitments	$ 15,000,000

Loss Per Share and Equity (Narr

Loss Per Share and Equity (Narratives) (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2015USD ($)	Jun. 30, 2015USD ($)officer$ / sharesshares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares
Class of Stock [Line Items]
Shareholder servicing fee | $			$ 0	$ 4	$ 4
Shares issued, net of offering costs, value | $			$ 200		$ 15,731
Subsequent Event
Class of Stock [Line Items]
Shares issued, net of offering costs, value | $	$ 800
Second Quarter
Class of Stock [Line Items]
Distribution date					Jul. 15, 2015
Third Quarter
Class of Stock [Line Items]
Distribution date					Oct. 15, 2015
Common Class A
Class of Stock [Line Items]
Distributions Declared Per Share			$ 0	$ 0.0775	$ 0.0775
Shares issued, net of offering costs, value | $			$ 0		$ 1
Common Class A | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		$ 0.0016483		0.0016483	$ 0.0016483
Common Class A | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0016303		0.0016303	0.0016303
Common Class A | Cash | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0013736		0.0013736	0.0013736
Common Class A | Cash | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0013586		0.0013586	0.0013586
Common Class A | Shares | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0002747		0.0002747	0.0002747
Common Class A | Shares | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0002717		0.0002717	0.0002717
Common Class T
Class of Stock [Line Items]
Distributions Declared Per Share			$ 0	0.0653	$ 0.0653
Shares issued, net of offering costs, value | $					$ 1
Common Class T | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0013887		0.0013887	$ 0.0013887
Common Class T | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0013735		0.0013735	0.0013735
Common Class T | Cash | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0011291		0.0011291	0.0011291
Common Class T | Cash | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0011168		0.0011168	0.0011168
Common Class T | Shares | Second Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		0.0002596		0.0002596	0.0002596
Common Class T | Shares | Third Quarter
Class of Stock [Line Items]
Dividend daily distribution rate		$ 0.0002567		$ 0.0002567	$ 0.0002567
2015 Equity Incentive Plan | RSU
Class of Stock [Line Items]
Maximum shares authorized for share based compensation | shares		2,000,000		2,000,000	2,000,000
Share granted in period | shares		1,957,250		1,957,250	1,957,250
Shares issued in period | shares		30,250
Vesting period					3 years
Subadvisors
Class of Stock [Line Items]
Stock-based compensation | $					$ 100
Subadvisors | 2015 Equity Incentive Plan
Class of Stock [Line Items]
Stock-based compensation | $				$ 100
Contractual term					2 years 9 months 18 days
Number of non-vested shares | shares		30,250		30,250	30,250
Expected future compensation expense | $		$ 300		$ 300	$ 300
Independent Directors | 2015 Equity Incentive Plan | RSU | Common Class A
Class of Stock [Line Items]
Shares issued in period | shares		2,500
Personnel receiving grants | officer		5
Fair value on grant date		$ 10		$ 10	$ 10

Loss Per Share and Equity (Deta

Loss Per Share and Equity (Details 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015
Loss Per Share
Allocation of Loss	$ (36)	$ (6,340)	$ (6,769)
Common Class A
Loss Per Share
Basic and diluted weighted-average shares outstanding	23,220	234,822	129,401
Allocation of Loss	$ (36)	$ (3,423)	$ (3,804)
Basic and Diluted Weighted-Average Shares Outstanding	$ (1.55)	$ (14.57)	$ (29.40)
Common Class T
Loss Per Share
Basic and diluted weighted-average shares outstanding	0	199,959	100,738
Allocation of Loss	$ 0	$ (2,917)	$ (2,965)
Basic and Diluted Weighted-Average Shares Outstanding	$ 0	$ (14.59)	$ (29.44)

Uncategorized Items - cwi2-2015

Label	Element	Value
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ (36)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(36)
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	200
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 200
Common Class A [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	22,222