Watermark Lodging Trust (WRMK) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Document Information [Line Items]
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,597,289
Common Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,105,742

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments in real estate:
Hotels, at cost	$ 1,455,950	$ 1,448,030
Accumulated depreciation	(90,115)	(68,088)
Net investments in hotels	1,365,835	1,379,942
Equity investments in real estate	127,267	134,738
Cash and cash equivalents	74,740	68,527
Restricted cash	27,618	29,582
Accounts receivable	25,569	17,592
Other assets	9,560	11,467
Total assets	1,630,589	1,641,848
Liabilities and Equity
Non-recourse debt, net	831,805	831,329
Due to related parties and affiliates	1,779	1,726
Accounts payable, accrued expenses and other liabilities	64,709	66,053
Distributions payable	10,976	10,955
Total liabilities	909,269	910,063
Commitments and contingencies (Note 9)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	817,178	807,377
Distributions and accumulated losses	(125,175)	(104,809)
Accumulated other comprehensive income	2,211	1,373
Total stockholders’ equity	694,302	704,028
Noncontrolling interests	27,018	27,757
Total equity	721,320	731,785
Total liabilities and equity	1,630,589	1,641,848
Common Class A
Liabilities and Equity
Common stock	30	29
Common Class T
Liabilities and Equity
Common stock	$ 58	$ 58

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Equity:
Preferred stock, par share value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, share issued (shares)	0	0
Common Class A
Equity:
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common shares, outstanding (shares)	30,240,017	29,510,914
Common Class T
Equity:
Common stock, par share value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common shares, outstanding (shares)	58,520,084	57,871,712

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Hotel Revenues
Contract revenue	$ 98,100	$ 88,040	$ 189,279	$ 168,865
Hotel Expenses
General and administrative	8,204	7,279	16,044	14,401
Sales and marketing	7,834	7,662	15,630	14,535
Property taxes, insurance, rent and other	5,355	4,361	10,727	9,113
Repairs and maintenance	2,905	2,673	5,886	5,268
Depreciation and amortization	11,416	10,706	22,752	20,486
Total Hotel Expenses	75,946	69,434	149,488	135,234
Other Operating Expenses
Asset management fees to affiliate and other expenses	2,909	2,078	5,489	4,122
Corporate general and administrative expenses	2,028	1,864	3,839	3,296
Loss on hurricane-related property damage	901	0	589	0
Acquisition-related expenses	0	4,979	0	4,979
Total Other Operating Expenses	5,838	8,921	9,917	12,397
Operating Income	16,316	9,685	29,874	21,234
Other Income and (Expenses)
Interest expense	(10,163)	(8,495)	(20,099)	(16,304)
Equity in (losses) earnings of equity method investments in real estate	(535)	754	(2,392)	1,498
Other income	93	58	186	77
Total Other Income and (Expenses)	(10,605)	(7,683)	(22,305)	(14,729)
Income from Operations Before Income Taxes	5,711	2,002	7,569	6,505
Provision for income taxes	(1,377)	(1,693)	(1,653)	(2,396)
Net Income	4,334	309	5,916	4,109
Income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $761, $27, $2,216, and $1,634, respectively)	(1,249)	(32)	(4,327)	(2,793)
Net Income Attributable to CWI 2 Stockholders	3,085	277	1,589	1,316
Common Class A
Other Income and (Expenses)
Net Income Attributable to CWI 2 Stockholders	$ 1,104	$ 123	$ 648	$ 513
Basic and diluted weighted-average shares outstanding (shares)	30,189,278	27,900,833	30,006,248	26,146,619
Basic and diluted income per share (usd per share)	$ 0.04	$ 0	$ 0.02	$ 0.02
Distributions Declared Per Share (usd per share)	$ 0.1749	$ 0.1744	$ 0.3498	$ 0.3457
Common Class T
Other Income and (Expenses)
Net Income Attributable to CWI 2 Stockholders	$ 1,981	$ 154	$ 941	$ 803
Basic and diluted weighted-average shares outstanding (shares)	58,758,378	55,540,782	58,570,885	51,025,482
Basic and diluted income per share (usd per share)	$ 0.03	$ 0	$ 0.02	$ 0.02
Distributions Declared Per Share (usd per share)	$ 0.1486	$ 0.1476	$ 0.2978	$ 0.2926
Rooms
Hotel Revenues
Contract revenue	$ 66,695	$ 58,874	$ 127,284	$ 110,780
Hotel Expenses
Cost of services	14,829	13,286	28,872	25,401
Food and beverage
Hotel Revenues
Contract revenue	25,880	23,890	51,095	48,642
Hotel Expenses
Cost of services	18,021	16,690	35,573	33,026
Other operating revenue
Hotel Revenues
Contract revenue	5,525	5,276	10,900	9,443
Hotel Expenses
Cost of services	1,501	1,506	2,837	3,014
Management fees
Hotel Expenses
Cost of services	3,622	3,202	6,724	6,074
Utilities
Hotel Expenses
Cost of services	$ 2,259	$ 2,069	$ 4,443	$ 3,916

Consolidated Statements of Inc5

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Advisor
Available cash distribution	$ 761	$ 27	$ 2,216	$ 1,634

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,334	$ 309	$ 5,916	$ 4,109
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	45	(233)	839	(60)
Comprehensive Income	4,379	76	6,755	4,049
Amounts Attributable to Noncontrolling Interests
Net income	(1,249)	(32)	(4,327)	(2,793)
Unrealized loss (gain) on derivative instruments	11	(3)	(1)	(5)
Comprehensive income attributable to noncontrolling interests	(1,238)	(35)	(4,328)	(2,798)
Comprehensive Income Attributable to CWI 2 Stockholders	$ 3,141	$ 41	$ 2,427	$ 1,251

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Class A	Common Class T	Total CWI 2 Stockholders’ Equity	Common StockCommon Class A	Common StockCommon Class T	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance, value at Dec. 31, 2016	$ 550,109			$ 514,978	$ 22	$ 40	$ 573,135	$ (59,115)	$ 896	$ 35,131
Beginning balance, shares at Dec. 31, 2016					22,414,128	40,447,362
Statement of Equity
Net income	4,109			1,316				1,316		2,793
Shares issued, net of offering costs, value	214,644			214,644	$ 6	$ 16	214,622
Shares issued, net of offering costs, shares					5,505,437	15,870,792
Shares issued to affiliates, value	3,706			3,706	$ 0		3,706
Shares issued to affiliates, shares					348,281
Distributions to noncontrolling interests	(4,674)									(4,674)
Shares issued under share incentive plans, value	74			74			74
Shares issued under share incentive plans, shares					14,071
Purchase of membership interest from noncontrolling interest	(3,524)			(3,524)			(3,524)
Stock dividends issued, value	0			0		$ 0
Stock dividends issued, shares					142,496	260,129
Stock-based compensation to directors, value	165			165			165
Stock-based compensation to directors, shares					15,384
Distributions declared	(18,647)			(18,647)				(18,647)
Other comprehensive income	(60)			(65)					(65)	5
Repurchase of shares, value	(2,152)			(2,152)			(2,152)
Repurchase of shares, shares					(118,094)	(92,125)
Ending balance, value at Jun. 30, 2017	743,750			710,495	$ 28	$ 56	786,026	(76,446)	831	33,255
Ending balance, shares at Jun. 30, 2017					28,321,703	56,486,158
Beginning balance, value at Mar. 31, 2017									1,067
Statement of Equity
Net income	309
Other comprehensive income	(233)
Ending balance, value at Jun. 30, 2017	743,750			710,495	$ 28	$ 56	786,026	(76,446)	831	33,255
Ending balance, shares at Jun. 30, 2017					28,321,703	56,486,158
Beginning balance, value at Dec. 31, 2017	731,785			704,028	$ 29	$ 58	807,377	(104,809)	1,373	27,757
Beginning balance, shares at Dec. 31, 2017		29,510,914	57,871,712		29,510,914	57,871,712
Statement of Equity
Net income	5,916			1,589				1,589		4,327
Shares issued, net of offering costs, value	13,954			13,954	$ 1	$ 1	13,952
Shares issued, net of offering costs, shares					393,904	833,888
Shares issued to affiliates, value	5,179			5,179	$ 0		5,179
Shares issued to affiliates, shares					473,984
Distributions to noncontrolling interests	(5,067)									(5,067)
Shares issued under share incentive plans, value	51			51			51
Shares issued under share incentive plans, shares					17,535
Stock dividends issued, value	0			0		$ 0
Stock dividends issued, shares					184,797	361,118
Stock-based compensation to directors, value	171			171			171
Stock-based compensation to directors, shares					15,384
Distributions declared	(21,955)	$ (8,500)	$ (13,500)	(21,955)				(21,955)
Other comprehensive income	839			838					838	1
Repurchase of shares, value	(9,553)			(9,553)		$ (1)	(9,552)
Repurchase of shares, shares					(356,501)	(546,634)
Ending balance, value at Jun. 30, 2018	721,320			694,302	$ 30	$ 58	817,178	(125,175)	2,211	27,018
Ending balance, shares at Jun. 30, 2018		30,240,017	58,520,084		30,240,017	58,520,084
Beginning balance, value at Mar. 31, 2018									2,155
Statement of Equity
Net income	4,334
Other comprehensive income	45
Ending balance, value at Jun. 30, 2018	$ 721,320			$ 694,302	$ 30	$ 58	$ 817,178	$ (125,175)	$ 2,211	$ 27,018
Ending balance, shares at Jun. 30, 2018		30,240,017	58,520,084		30,240,017	58,520,084

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Class A
Statement of Equity
Distributions declared (usd per share)	$ 0.1749	$ 0.1744	$ 0.3498	$ 0.3457
Common Class T
Statement of Equity
Distributions declared (usd per share)	$ 0.1486	$ 0.1476	$ 0.2978	$ 0.2926

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows — Operating Activities
Net Income	$ 5,916	$ 4,109
Adjustments to net income:
Depreciation and amortization	22,752	20,486
Asset management fees to affiliates settled in shares	5,186	3,969
Equity in losses (earnings) of equity method investment in real estate in excess of distributions received	3,204	(188)
Amortization of deferred key money, deferred financing costs and other	666	326
Loss on hurricane-related property damage	589	0
Amortization of stock-based compensation	321	320
Net changes in other assets and liabilities	(4,187)	(2,950)
Funding of hurricane-related remediation work	(163)	0
Decrease in due to related parties and affiliates	(97)	(7,492)
Receipt of key money and other deferred incentive payments	0	2,688
Net Cash Provided by Operating Activities	34,187	21,268
Cash Flows — Investing Activities
Capital expenditures	(7,937)	(11,665)
Distributions from equity investments in excess of cumulative equity income	4,972	0
Capital contributions to equity investment in real estate	(486)	0
Acquisition of hotels	0	(168,884)
Deposits released for hotel investments	0	1,521
Net Cash Used in Investing Activities	(3,451)	(179,028)
Cash Flows — Financing Activities
Distributions paid	(21,933)	(15,637)
Proceeds from issuance of shares, net of offering costs	10,423	222,108
Repurchase of shares	(9,553)	(2,152)
Distributions to noncontrolling interests	(5,067)	(4,674)
Scheduled payments and prepayments for mortgage principal	(219)	(160)
Withholdings on restricted stock units	(99)	(81)
Deferred financing costs	(39)	(932)
Repayment of notes payable to affiliate	0	(210,000)
Proceeds from mortgage financing	0	246,000
Purchase of membership interest from noncontrolling interest	0	(3,524)
Deposits released for mortgage financing	0	1,510
Deposits for mortgage financing	0	(725)
Net Cash (Used in) Provided by Financing Activities	(26,487)	231,733
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Net increase in cash and cash equivalents and restricted cash	4,249	73,973
Cash and cash equivalents and restricted cash, beginning of period	98,109	99,793
Cash and cash equivalents and restricted cash, end of period	$ 102,358	$ 173,766

Business

Business	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Organization Carey Watermark Investors 2 Incorporated, or CWI 2, together with its consolidated subsidiaries, is a publicly owned, non-listed real estate investment trust, or REIT, that invests in, manages and seeks to enhance the value of, interests in lodging and lodging-related properties in the United States. We conduct substantially all of our investment activities and own all of our assets through CWI 2 OP, LP, or the Operating Partnership. We are a general partner and a limited partner of, 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. We are managed by Carey Lodging Advisors, LLC, or our Advisor, an indirect subsidiary of WPC. Our Advisor manages our overall portfolio, including providing oversight and strategic guidance to the independent hotel operators that manage our hotels. CWA 2, LLC, a subsidiary of Watermark Capital Partners, or the Subadvisor, provides 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, the Subadvisor provides us with the services of Mr. Michael G. Medzigian, our Chief Executive Officer, subject to the approval of our independent directors. We held ownership interests in 12 hotels at June 30, 2018 , including ten hotels that we consolidate, or our Consolidated Hotels, and two hotels that we record as equity investments, or our Unconsolidated Hotels. Public Offering We raised offering proceeds in our initial public offering of $280.3 million from our Class A common stock and $571.0 million from our Class T common stock. The offering commenced on May 22, 2014 and closed on July 31, 2017. In addition, from inception through June 30, 2018 , $16.5 million and $31.3 million of distributions were reinvested in our Class A and Class T common stock, respectively, as a result of our distribution reinvestment plan, or DRIP. We have fully invested the proceeds from our initial public offering.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [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 generally accepted accounting principles in the United States, 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. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2017 , which are included in our 2017 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. 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. 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 should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Limited partnerships and other similar entities which operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At both June 30, 2018 and December 31, 2017 , we considered four entities to be VIEs, of which we consolidated three , as we are considered the primary beneficiary. The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): June 30, 2018 December 31, 2017 Net investments in hotels $ 571,437 $ 579,206 Total assets 616,477 617,207 Non-recourse debt, net $ 320,451 $ 320,304 Total liabilities 349,877 350,249 Accounting Policy Update Distributions from Equity Method Investments — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams, and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. The adoption of ASU 2014-09 did not have a material impact on our consolidated financial statements. Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and are presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are 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. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Restricted Cash — In connection with our adoption of Accounting Standards Update, or ASU, 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash consists primarily of amounts escrowed pursuant to the terms of our mortgage debt to fund planned renovations and improvements (including at hotels damaged by Hurricane Irma), property taxes, insurance, and normal replacement of furniture, fixtures and equipment at our hotels. The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): June 30, 2018 December 31, 2017 Cash and cash equivalents $ 74,740 $ 68,527 Restricted cash 27,618 29,582 Total cash and cash equivalents and restricted cash $ 102,358 $ 98,109 Recent Accounting Pronouncements Pronouncements Adopted as of June 30, 2018 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, (iv) distributions received from equity method investees and (v) separately identifiable cash flows and application of the predominance principle. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 did not have an impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. We adopted this guidance for our interim and annual periods beginning January 1, 2018. We have had no acquisitions since the adoption of this guidance, however, we expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term “in substance nonfinancial asset,” in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. We adopted this guidance for our interim and annual periods beginning January 1, 2018. We will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610- 20. Pronouncements to be Adopted after June 30, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract, the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application is permitted for all entities. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. We will adopt this guidance for our interim and annual periods beginning January 1, 2019 and expect to use the second transition method. We are evaluating the impact of ASU 2016-02 and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements and will adopt the standard for the fiscal year beginning January 1, 2019.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Agreements with Our Advisor and Affiliates We have an advisory agreement with our Advisor, which we refer to herein as the Advisory Agreement, to perform certain services for us under a fee arrangement, including managing our overall business, our investments and certain administrative duties. The Advisory Agreement has a term of one year and may be renewed for successive one-year periods. Our Advisor also has a subadvisory agreement with the Subadvisor, which we refer to herein as the Subadvisory Agreement, 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 the Subadvisor in return for certain personnel services. The following tables present a summary of fees we paid, expenses we reimbursed and distributions we made to our Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 2,607 $ 2,024 $ 5,186 $ 3,969 Available Cash Distributions 761 27 2,216 1,634 Personnel and overhead reimbursements 1,005 880 2,002 1,756 Interest expense — — — 332 Accretion of interest on annual distribution and shareholder servicing fee (a) — 89 — 198 Acquisition fees — 4,393 — 4,415 $ 4,373 $ 7,413 $ 9,404 $ 12,304 Other Transaction Fees Incurred Selling commissions and dealer manager fees $ — $ 1,404 $ — $ 12,832 Annual distribution and shareholder servicing fee (a) — 92 — 8,439 Organization and offering costs — 610 — 1,199 $ — $ 2,106 $ — $ 22,470 ___________ (a) Starting with the third quarter 2017 distribution and shareholder servicing fee (which was paid in October 2017), we began making payments directly to selected dealers rather than through Carey Financial, LLC, or Carey Financial, a subsidiary of WPC and the former dealer manager of our offering; therefore, this activity is no longer considered a related party transaction. 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, 2018 December 31, 2017 Amounts Due to Related Parties and Affiliates Reimbursable costs to our Advisor $ 898 $ 768 Asset management fees and other to our Advisor 881 877 Organization and offering costs to our Advisor — 81 $ 1,779 $ 1,726 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, both as defined in the Advisory Agreement. If our Advisor elects to receive all or a portion of its fees in shares of our Class A common stock, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share, or NAV, for Class A shares. For the six months ended June 30, 2018 and 2017 , $5.2 million and $3.7 million , respectively, in asset management fees were settled in shares of our Class A common stock. At June 30, 2018 , our Advisor owned 2,045,049 shares ( 2.3% ) of our outstanding common stock. Asset management fees are included in Asset management fees to affiliate and other in the consolidated financial statements. Acquisition Fees to our Advisor Pursuant to our Advisory Agreement, our Advisor is entitled to acquisition fees of 2.5% of the total investment cost of the properties acquired, including on our proportionate share of equity method investments and loans originated by us. 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. Available Cash Distributions Carey Watermark Holdings 2’s special general partner interest entitles it to receive distributions of 10% of Available Cash, as defined in the agreement of limited partnership of the Operating Partnership, or Available Cash Distributions, generated by the Operating Partnership, subject to certain limitations. In addition, in the event of the dissolution of the Operating Partnership, Carey Watermark Holdings 2 will be entitled to receive distributions of up to 15% of any net proceeds, provided certain return thresholds are met for the initial investors in the Operating Partnership. Available Cash Distributions are included in Income attributable to noncontrolling interests in the consolidated financial statements. Personnel and Overhead Reimbursements Under the terms of the Advisory Agreement, our Advisor generally allocates expenses of dedicated and shared resources, including the cost of personnel, rent and related office expenses, between us and our affiliate, Carey Watermark Investors Incorporated, or CWI 1, based on total pro rata hotel revenues on a quarterly basis. Pursuant to the Subadvisory Agreement, after we reimburse our Advisor, it will subsequently reimburse the Subadvisor for personnel costs and other charges, including the services of our Chief Executive Officer, subject to the approval of our board of directors. These reimbursements are included in Corporate general and administrative expenses and Due to related parties and affiliates in the consolidated financial statements and are being settled in cash. We have also granted restricted stock units to employees of the Subadvisor pursuant to our 2015 Equity Incentive Plan. Selling Commissions and Dealer Manager Fees Through June 30, 2017, Carey Financial was entitled to receive an annual distribution and shareholder servicing fee in connection with our Class T common stock, which it may have re-allowed to selected dealers. Beginning with the payment for the third quarter of 2017, which was paid in October 2017, the distribution and shareholder servicing fee was paid by us directly to selected dealers rather than through Carey Financial; therefore, this activity is no longer considered a related party transaction. The amount of the distribution and shareholder servicing fee is 1.0% of the NAV of our Class T common stock. The distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the distribution and shareholder servicing fee after July 31, 2023; the fees may end sooner if the total underwriting compensation 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 date. During the six months ended June 30, 2017 , $8.4 million of distribution and shareholder servicing fees were charged to stockholders’ equity and $2.1 million of such fees were paid to Carey Financial, which it may have re-allowed to selected dealers. Pursuant to our former dealer manager agreement with Carey Financial, it received a selling commission for sales of our Class A and Class T common stock during our initial public offering, which closed on July 31, 2017. During the three months ended March 31, 2017, Carey Financial received a selling commission of $0.82 and $0.22 per share sold and a dealer manager fee of $0.35 and $0.30 per share sold for the Class A and Class T common stock, respectively. In connection with the extension of our initial public offering in 2017, we adjusted our offering prices in April 2017 to reflect our NAVs as of December 31, 2016, with a selling commission of $0.84 and $0.23 per share sold and a dealer manager fee of $0.36 and $0.31 per share sold for the Class A and Class T common stock, respectively, which were paid through the termination of our offering on July 31, 2017. The selling commissions were re-allowed and a portion of the dealer manager fees could have been re-allowed to selected dealers. These amounts are recorded in Additional paid-in capital in the consolidated financial statements. During the six months ended June 30, 2017 , we paid selling commissions and dealer manager fees totaling $12.8 million . Organization and Offering Costs Pursuant to the Advisory Agreement, we were liable for certain expenses related to our public offering, which were deducted from the gross proceeds of the offering. We reimbursed Carey Financial and selected dealers for reasonable bona fide due diligence expenses incurred that were supported by a detailed and itemized invoice. Our Advisor was reimbursed for all organization expenses and offering costs incurred in connection with our offering (excluding selling commissions and the dealer manager fees), which terminated on July 31, 2017. Through the life of our initial public offering, our Advisor incurred organization and offering costs on our behalf of approximately $9.1 million , all of which has been paid. During the offering period, costs incurred in connection with raising of capital were recorded as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred offering costs to stockholders’ equity. During the six months ended June 30, 2017 , $2.5 million of deferred offering costs were charged to stockholders’ equity. Other Transactions with Affiliates On October 19, 2017, our Operating Partnership entered into a $25.0 million secured credit facility with WPC to fund our working capital needs, which we refer to as the Working Capital Facility, and all previous authorizations regarding loans from WPC were terminated. The loan bears interest at the London Interbank Offered Rate, or LIBOR, plus 1.0% and matures on the earlier of December 31, 2018 and the expiration or termination of the Advisory Agreement. We serve as guarantor of the Working Capital Facility and have pledged our unencumbered equity interest in certain properties as collateral, as further described in the related pledge and security agreement. As of June 30, 2018 , no amounts are outstanding under the Working Capital Facility. Jointly Owned Investments At June 30, 2018 , we owned interests in three ventures with our affiliate CWI 1: the Marriott Sawgrass Golf Resort & Spa, a Consolidated Hotel, and the Ritz-Carlton Key Biscayne and the Ritz-Carlton Bacara, Santa Barbara, both Unconsolidated Hotels. A third-party also owns an interest in the Ritz-Carlton Key Biscayne. CWI 1 is a publicly owned, non-listed REIT that is also advised by our Advisor and invests in lodging and lodging-related properties. See Note 5 for further discussion.

Net Investments in Hotels

Net Investments in Hotels	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Net Investments in Hotels	Net Investments in Hotels Net investments in hotels are summarized as follows (in thousands): June 30, 2018 December 31, 2017 Buildings $ 1,092,673 $ 1,092,315 Land 236,078 236,078 Furniture, fixtures and equipment 88,060 87,664 Building and site improvements 29,657 28,865 Construction in progress 9,482 3,108 Hotels, at cost 1,455,950 1,448,030 Less: Accumulated depreciation (90,115 ) (68,088 ) Net investments in hotels $ 1,365,835 $ 1,379,942 During the six months ended June 30, 2018 , we retired fully depreciated furniture, fixtures and equipment aggregating $0.7 million . Hurricane-Related Disruption Hurricane Irma made landfall in September 2017, impacting one of our Consolidated Hotels, the Marriott Sawgrass Golf Resort & Spa, which sustained damage and was forced to close for a short period of time. During the three and six months ended June 30, 2018 , we recognized losses on hurricane-related property damage of $0.9 million and $0.6 million , respectively. (in thousands) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net write-off (write-up) of fixed assets (a) $ 150 $ (426 ) Remediation work performed 486 110 Decrease to property damage insurance receivables 265 905 $ 901 $ 589 ___________ (a) Includes write-offs totaling $0.5 million and $1.3 million during the three and six months ended June 30, 2018 , respectively, resulting from pre-existing damage (which was discovered as a result of the hurricane and is not covered by insurance). We are still assessing the impact of the hurricane on the Marriott Sawgrass Golf Resort & Spa; as a result, the final net book value write-offs could vary significantly from our estimates. Any changes to property damage estimates will be recorded in the periods in which they are determined, and any additional remediation work will be recorded in the periods in which it is performed. Construction in Progress At June 30, 2018 and December 31, 2017 , construction in progress, recorded at cost, was $9.5 million and $3.1 million , respectively, and related primarily to planned renovations at the San Diego Marriott La Jolla and the Renaissance Atlanta Midtown Hotel. We capitalize interest expense and certain other costs, such as property taxes, property insurance, utilities expense and hotel incremental labor costs, related to hotels undergoing major renovations. We capitalized less than $0.1 million and $0.1 million of such costs during the three months ended June 30, 2018 and 2017 , respectively, and $0.1 million and $0.4 million during the six months ended June 30, 2018 and 2017 , respectively. At June 30, 2018 and December 31, 2017 , accrued capital expenditures were $0.8 million and $0.5 million , respectively, representing non-cash investing activity. Pro Forma Financial Information The following unaudited consolidated pro forma financial information presents our financial results as if our acquisition of the Charlotte Marriott City Center on June 1, 2017, and the new financing related to this acquisition, had occurred on January 1, 2016. This transaction was accounted for as a business combination. No hotel acquisitions occurred during the three and six months ended June 30, 2018 . The pro forma financial information is not necessarily indicative of what the actual results would have been had this acquisition actually occurred on the date listed above, nor does it purport to represent the results of operations for further periods. (Dollars in thousands, except per share amounts) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Pro forma total revenues $ 94,622 $ 184,689 Pro forma net income $ 5,990 $ 10,002 Pro forma income attributable to noncontrolling interests (32 ) (2,793 ) Pro forma net income attributable to CWI 2 stockholders $ 5,958 $ 7,209 Pro forma income per Class A share: Net income attributable to CWI 2 stockholders $ 2,229 $ 2,842 Basic and diluted pro forma weighted-average shares outstanding 32,426,644 31,766,337 Basic and diluted pro forma income per share $ 0.07 $ 0.09 Pro forma income per Class T share: Net income attributable to CWI 2 stockholders $ 3,729 $ 4,367 Basic and diluted pro forma weighted-average shares outstanding 55,540,782 51,025,482 Basic and diluted pro forma income per share $ 0.07 $ 0.09 The pro forma weighted-average shares outstanding were determined as if the number of shares required to raise any funds needed for the acquisition of the Charlotte Marriott City Center were issued on January 1, 2016. We assumed that we would have issued Class A shares to raise such funds. For pro forma purposes, we assumed all acquisition costs for the acquisition of the Charlotte Marriott City Center were incurred on January 1, 2016.

Equity Investments in Real Esta

Equity Investments in Real Estate	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments in Real Estate	Equity Investments in Real Estate At June 30, 2018 , we owned equity interests in two Unconsolidated Hotels, one with CWI 1 and one together with CWI 1 and an unrelated third party. We do not control the ventures that own these hotels, but we exercise significant influence over them. We account for these investments 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. Therefore, we follow the hypothetical liquidation at book value method in determining our share of these ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments 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. Hurricane-Related Disruption The Ritz-Carlton Key Biscayne was impacted by Hurricane Irma when it made landfall in September 2017. The hotel sustained damage and was forced to close for a short period of time. As of June 30, 2018 , the net book value of the property damage written-off by the Ritz-Carlton Key Biscayne Venture was $1.9 million . In addition, $2.1 million of remediation work had been performed as of June 30, 2018 . The venture recorded a corresponding accrued receivable of $0.5 million for estimated insurance proceeds related to the net book value of the property damage written-off. The venture also recognized a loss of $3.6 million during the year ended December 31, 2017 ; however, there was no net impact to our investment in the venture under the hypothetical liquidation at book value method of accounting as a result of our priority return on the investment. The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Carrying Value at June 30, 2018 December 31, 2017 Ritz-Carlton Key Biscayne Venture (b) (c) FL 451 19.3 % $ 37,559 5/29/2015 Resort $ 38,206 $ 37,154 Ritz-Carlton Bacara, Santa Barbara Venture (d) (e) CA 358 60.0 % 99,386 9/28/2017 Resort 89,061 97,584 809 $ 136,945 $ 127,267 $ 134,738 ___________ (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. The number of rooms presented includes 149 condo-hotel units that participate in the resort rental program. This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. (c) We received $0.8 million of cash distributions from this investment during the three and six months ended June 30, 2018 . (d) This investment represents a tenancy-in-common interest; the remaining 40% interest is owned by CWI 1. (e) We received net cash distributions of $5.0 million and $4.5 million from this investment during the three and six months ended June 30, 2018 , respectively. The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which is based on the hypothetical liquidation at book value model, as well as amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Unconsolidated Hotels 2018 2017 2018 2017 Ritz-Carlton Bacara, Santa Barbara Venture $ (1,332 ) $ — $ (4,255 ) $ — Ritz-Carlton Key Biscayne Venture 797 754 1,863 1,498 Total equity in (losses) earnings of equity method investments in real estate $ (535 ) $ 754 $ (2,392 ) $ 1,498 No other-than-temporary impairment charges were recognized during the three or six months ended June 30, 2018 and 2017 . At June 30, 2018 and December 31, 2017 , the unamortized basis differences on our equity investments were $7.9 million and $8.0 million , respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $0.1 million and less than $0.1 million during the three months ended June 30, 2018 and 2017 , respectively, and by $0.2 million and less than $0.1 million , respectively, for the six months ended June 30, 2018 and 2017 . The following tables present combined summarized financial information of our equity investments in real estate. Amounts provided are the total amounts attributable to the ventures and does not represent our proportionate share (in thousands): June 30, 2018 December 31, 2017 Real estate, net $ 645,689 $ 646,943 Other assets 80,875 82,461 Total assets 726,564 729,404 Debt 416,622 416,335 Other liabilities 44,353 38,969 Total liabilities 460,975 455,304 Members’ equity $ 265,589 $ 274,100 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues $ 48,539 $ 20,527 $ 99,686 $ 48,402 Expenses (48,639 ) (20,712 ) (98,294 ) (44,711 ) Net (loss) income attributable to equity method investments $ (100 ) $ (185 ) $ 1,392 $ 3,691

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate caps and swaps 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 category of measurements during the three or six months ended June 30, 2018 or 2017 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis 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 $831.8 million and $831.3 million at June 30, 2018 and December 31, 2017 , respectively, and an estimated fair value of $825.7 million and $831.7 million at June 30, 2018 and December 31, 2017 , respectively. 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 both June 30, 2018 and December 31, 2017 . Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Where the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its current carrying value or its fair value, less estimated cost to sell. We did not recognize any impairment charges during the three and six months ended June 30, 2018 or 2017.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2018
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 entering into derivative instruments 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: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) 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 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, as well as 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 income 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 as Hedging Instruments Asset Derivatives Fair Value at Balance Sheet Location June 30, 2018 December 31, 2017 Interest rate swap Other assets $ 2,009 $ 1,480 Interest rate caps Other assets 82 36 $ 2,091 $ 1,516 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 both June 30, 2018 and December 31, 2017 , no cash collateral had been posted nor received for any of our derivative positions. We recognized unrealized gains of $0.2 million and unrealized losses of $0.3 million in Other comprehensive income on derivatives in connection with our interest rate swap and caps during the three months ended June 30, 2018 and 2017 , respectively, and unrealized gains of $1.1 million and unrealized losses of $0.2 million during the six months ended June 30, 2018 and 2017 , respectively. We reclassified $0.2 million and $0.1 million from Other comprehensive income on derivatives into Interest expense during the three months ended June 30, 2018 and 2017 , respectively, and $0.2 million during both the six months ended June 30, 2018 and 2017 , respectively, with the reclassifications resulting in a decrease to interest expense during both the three and six months ended June 30, 2018. Amounts reported in Other comprehensive income related to our interest rate swap and caps will be reclassified to Interest expense as interest expense or income is incurred on our variable-rate debt. At June 30, 2018 , we estimated that $1.1 million will be reclassified as Interest income during the next 12 months related to our interest rate swap and caps. Interest Rate Swap 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 and limited-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. The interest rate swap and caps that we had outstanding on our Consolidated Hotels at June 30, 2018 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Notional Fair Value at Interest Rate Derivatives Instruments Amount June 30, 2018 Interest rate swap 1 $ 100,000 $ 2,009 Interest rate caps 5 248,500 82 $ 2,091 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, 2018 . At June 30, 2018 , our total credit exposure was $2.2 million and the maximum exposure to any single counterparty was $2.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At June 30, 2018 , we had not been declared in default on any of our derivative obligations. At both June 30, 2018 and December 31, 2017 , we had no derivatives that were in a net liability position.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Our debt consists of mortgage notes payable, which are collateralized by the assignment of hotel properties. The following table presents the non-recourse debt, net on our Consolidated Hotels (dollars in thousands): Carrying Amount at Current Consolidated Hotels Interest Rate Rate Type Maturity Date June 30, 2018 December 31, 2017 San Jose Marriott (a) (b) 4.80% Variable 7/2019 $ 87,767 $ 87,655 Renaissance Atlanta Midtown Hotel (a) (b) (c) 5.01%, 11.69% Variable 8/2019 46,866 46,945 Marriott Sawgrass Golf Resort & Spa (a) 5.83% Variable 11/2019 77,996 78,000 Seattle Marriott Bellevue (a) (d) 3.88% Variable 1/2020 99,586 99,453 Le Méridien Arlington (a) (d) 4.80% Variable 6/2020 34,716 34,645 Ritz-Carlton San Francisco 4.59% Fixed 2/2022 142,869 142,851 Charlotte Marriott City Center 4.53% Fixed 6/2022 102,413 102,338 Courtyard Nashville Downtown 4.15% Fixed 9/2022 54,934 54,820 Embassy Suites by Hilton Denver-Downtown/Convention Center 3.90% Fixed 12/2022 99,795 99,772 San Diego Marriott La Jolla 4.13% Fixed 8/2023 84,863 84,850 $ 831,805 $ 831,329 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rates in effect at June 30, 2018 through the use of an interest rate cap or swap, as applicable. (b) These mortgage loans have two one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (c) This debt is comprised of a $34.0 million senior mortgage loan with a floating annual interest rate of LIBOR plus 3.0% and a $13.5 million mezzanine loan with a floating annual interest rate of LIBOR plus 10.0% , both subject to interest rate caps. On August 8, 2018, we refinanced these loans with one non-recourse mortgage totaling $49.0 million ( Note 12 ). (d) These mortgage loans each have a one -year extension option, which are subject to certain conditions. The maturity dates in the table do not reflect the extension option. Most of our mortgage loan agreements contain “lock-box” provisions, which permit the lender to access or sweep a hotel’s excess cash flow and would be triggered under limited circumstances, including the failure to maintain minimum debt service coverage ratios. If a provision were triggered, 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. The lender would then hold all excess cash flow after the payment of debt service in an escrow account until certain performance hurdles are met. At September 30, 2017, the minimum debt service coverage ratio on both the senior mortgage loan and mezzanine loan for the Renaissance Atlanta Midtown Hotel was not met; therefore, we entered into a cash management agreement that permits the lender to sweep the hotel’s excess cash flow. As of June 30, 2018 , this ratio was still not met and the cash management agreement remained in effect. Covenants Pursuant to our mortgage loan agreements, our consolidated subsidiaries are subject to various operational and financial covenants, including minimum debt service coverage ratios. Except as discussed above, at June 30, 2018 , 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 2018 , each of the next four calendar years following December 31, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 (remainder) $ — 2019 218,176 2020 137,056 2021 4,498 2022 395,710 Thereafter through 2023 79,741 835,181 Unamortized deferred financing costs (3,376 ) Total $ 831,805

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At June 30, 2018 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us, including liens for which we may obtain a bond, provide collateral or provide an indemnity, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position, results of operations or cash flows. Hotel Management Agreements As of June 30, 2018 , our Consolidated Hotel properties are operated pursuant to long-term management agreements with three different management companies, with initial terms ranging from five to 40 years . For hotels operated with separate franchise agreements, each management company receives a base management fee, generally ranging from 2.5% to 3.0% of hotel revenues. Six of our management agreements contain the right and license to operate the hotels under specified brands; no separate franchise agreements exist and no separate franchise fee is required for these hotels. The management agreements that include the benefit of a franchise agreement incur a base management fee generally ranging from 3.0% to 7.0% of hotel revenues. The management companies are generally also eligible to receive an incentive management fee, which is typically calculated as a percentage of operating profit, either (i) in excess of projections with a cap or (ii) after we have received a priority return on our investment in the hotel. We incurred management fee expense, including amortization of deferred management fees, of $3.6 million and $3.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $6.7 million and $6.1 million for the six months ended June 30, 2018 and 2017 , respectively. Franchise Agreements As of June 30, 2018 , we have three franchise agreements with Marriott-owned brands and one with a Hilton-owned brand related to our Consolidated Hotels. The franchise agreements have initial terms ranging from 20 to 25 years (excluding six hotels that receive the benefits of a franchise agreement pursuant to management agreements, as discussed above). Our franchise agreements grant us the right to the use of the brand name, systems and marks with respect to specified hotels and establish various management, operational, record-keeping, accounting, reporting and marketing standards and procedures that the licensed hotel must comply with. In addition, the franchisor establishes requirements for the quality and condition of the hotel and its furniture, fixtures and equipment, and we are obligated to expend such funds as may be required to maintain the hotel in compliance with those requirements. Typically, our franchise agreements provide for a license fee, or royalty, of 3.0% to 6.0% of room revenues and, if applicable, 3.0% of food and beverage revenue. In addition, we generally pay 1.0% to 4.0% of room revenues as marketing and reservation system contributions for the system-wide benefit of brand hotels. Franchise fees are included in sales and marketing expense in our consolidated financial statements. We incurred franchise fee expense, including amortization of deferred franchise fees, of $1.5 million and $1.7 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.9 million and $3.1 million for the six months ended June 30, 2018 and 2017 , respectively. Capital Expenditures and Reserve Funds With respect to our hotels that are operated under management or franchise agreements with major international hotel brands and for most of our hotels subject to mortgage loans, we are obligated to maintain furniture, fixtures and equipment reserve accounts for future capital expenditures at these hotels, sufficient to cover the cost of routine improvements and alterations at the hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels and typically ranges between 3% and 5% of the respective hotel’s total gross revenue. At June 30, 2018 and December 31, 2017 , $19.0 million and $16.5 million , respectively, was held in furniture, fixtures and equipment reserve accounts for future capital expenditures and is included in Restricted cash in the consolidated financial statements. Renovation Commitments Certain of our hotel franchise and loan agreements require us to make planned renovations to our hotels. Additionally, from time to time, certain of our hotels may undergo renovations as a result of our decision to upgrade portions of the hotels, such as guestrooms, public space, meeting space, and/or restaurants, in order to better compete with other hotels and alternative lodging options in our markets. At June 30, 2018 , we had various contracts outstanding with third parties in connection with the renovation of certain of our hotels. The remaining commitments under these contracts at June 30, 2018 totaled $11.7 million . Funding for a renovation will first come from our furniture, fixtures and equipment reserve accounts, to the extent permitted by the terms of the management agreement. Should these reserves be unavailable or insufficient to cover the cost of the renovation, we will fund all or the remaining portion of the renovation with existing cash resources, proceeds available under our Working Capital Facility and/or other sources of available capital.

Income Per Share and Equity

Income Per Share and Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Income Per Share and Equity	Income Per Share and Equity Income Per Share The following table presents loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 30,189,278 $ 1,104 $ 0.04 27,900,833 $ 123 $ — Class T common stock 58,758,378 1,981 0.03 55,540,782 154 — Net income attributable to CWI 2 stockholders $ 3,085 $ 277 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 30,006,248 $ 648 $ 0.02 26,146,619 $ 513 $ 0.02 Class T common stock 58,570,885 941 0.02 51,025,482 803 0.02 Net income attributable to CWI 2 stockholders $ 1,589 $ 1,316 The allocation of Net income attributable to CWI 2 stockholders is calculated based on the weighted-average shares outstanding for Class A common stock and Class T common stock for each respective period. The allocation for the Class A common stock excludes the accretion of interest on the annual distribution and shareholder servicing fee of $0.2 million and $0.1 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2018 and 2017 , respectively, which is only applicable to holders of Class T common shares ( Note 3 ). Transfer from Noncontrolling Interest On March 30, 2017, we purchased the incentive membership interest in the Courtyard Nashville Downtown venture from an unaffiliated third party for $3.5 million . Our acquisition of the membership interest is accounted for as an equity transaction, and we recorded an adjustment of approximately $3.5 million to Additional paid-in capital in our consolidated statement of equity for the six months ended June 30, 2017 related to the difference between the carrying value and the purchase price. No gain or loss was recognized in the consolidated statement of operations. Reclassifications Out of Accumulated Other Comprehensive Income The following table presents a reconciliation of changes in Accumulated other comprehensive income by component for the periods presented (in thousands): Three Months Ended June 30, Gains and Losses on Derivative Instruments 2018 2017 Beginning balance $ 2,155 $ 1,067 Other comprehensive income (loss) before reclassifications 207 (302 ) Amounts reclassified from accumulated other comprehensive income to: Interest expense (162 ) 69 Total (162 ) 69 Net current period other comprehensive income (loss) 45 (233 ) Net current period other comprehensive loss (income) attributable to noncontrolling interests 11 (3 ) Ending balance $ 2,211 $ 831 Six Months Ended June 30, Gains and Losses on Derivative Instruments 2018 2017 Beginning balance $ 1,373 $ 896 Other comprehensive income (loss) before reclassifications 1,065 (249 ) Amounts reclassified from accumulated other comprehensive income to: Interest expense (226 ) 189 Total (226 ) 189 Net current period other comprehensive income (loss) 839 (60 ) Net current period other comprehensive income attributable to noncontrolling interests (1 ) (5 ) Ending balance $ 2,211 $ 831 Distributions The following table presents the quarterly per share distributions declared by our board of directors for the second quarter of 2018 , payable in cash and in shares of our Class A and Class T common stock to stockholders of record on June 29, 2018 : Class A common stock Class T common stock Cash Shares Total Cash Shares Total $ 0.1410 $ 0.0339 $ 0.1749 $ 0.1147 $ 0.0339 $ 0.1486 These distributions were paid on July 16, 2018 in the aggregate amount of $11.0 million . Distributions that are payable in shares of our Class A and Class T common stock are recorded at par value in our consolidated financial statements. During the six months ended June 30, 2018 , our board of directors declared distributions in the aggregate amount of $8.5 million for our Class A common stock and $13.5 million for our Class T common stock, which equates to $0.3498 per share and $0.2978 per share, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually and intend to do so for the tax year ending December 31, 2018 . Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three and six months ended June 30, 2018 and 2017 . We conduct business in various states and municipalities within the United States, and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. As a result, we are subject to certain state and local taxes and a provision for such taxes is included in the consolidated financial statements. Certain of our subsidiaries have elected taxable REIT subsidiary, or TRS, status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. The accompanying consolidated financial statements include an interim tax provision for our TRSs for the three and six months ended June 30, 2018 and 2017 . Current income tax expense was $1.5 million and $1.6 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.0 million and $2.5 million for the six months ended June 30, 2018 and 2017 , respectively. Our TRSs are subject to U.S. federal and state income taxes. As such, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe that it is more likely than not that we will not realize the tax benefit of deferred tax assets based on available evidence at the time the determination is made. A change in circumstances may cause us to change our judgment about whether a deferred tax asset will more likely than not be realized. We generally report any change in the valuation allowance through our income statement in the period in which such changes in circumstances occur. In December 2017, the Tax Cuts and Jobs Act was enacted, which reduced the federal corporate income tax rate from 35% to 21%, effective January 1, 2018. Tax reform also contained other provisions that may have an impact on the future realizability of our deferred tax assets. The majority of our deferred tax assets relate to net operating losses, accrued expenses and deferred key money liabilities. Provision for income taxes included a net deferred income tax benefit of $0.1 million and a net deferred income tax expense of $0.1 million for the three months ended June 30, 2018 and 2017 , respectively, and net deferred income tax benefits of $0.4 million and $0.1 million for the six months ended June 30, 2018 and 2017 , respectively.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On August 8, 2018, we refinanced the Renaissance Atlanta Midtown senior mortgage loan and mezzanine loan totaling $34.0 million and $13.5 million , respectively, with a non-recourse mortgage of $49.0 million , with a floating annual interest rate of LIBOR plus 2.3% and a term of three years .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [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 generally accepted accounting principles in the United States, or GAAP.
Basis of 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.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Certain decision-making rights within a loan or joint-venture agreement can cause us to consider an entity a VIE. Limited partnerships and other similar entities which operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At both June 30, 2018 and December 31, 2017 , we considered four entities to be VIEs, of which we consolidated three , as we are considered the primary beneficiary. The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): June 30, 2018 December 31, 2017 Net investments in hotels $ 571,437 $ 579,206 Total assets 616,477 617,207 Non-recourse debt, net $ 320,451 $ 320,304 Total liabilities 349,877 350,249
Equity Method Investments in Real Estate	Distributions from Equity Method Investments — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. 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. Therefore, we follow the hypothetical liquidation at book value method in determining our share of these ventures’ earnings or losses for the reporting period as this method better reflects our claim on the ventures’ book value at the end of each reporting period. Earnings for our equity method investments 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.
Revenue from Contract with Customer	In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams, and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. The adoption of ASU 2014-09 did not have a material impact on our consolidated financial statements. Revenue consists of amounts derived from hotel operations, including the sale of rooms, food and beverage and revenue from other operating departments, such as parking, spa, resort fees and gift shops, and are presented on a disaggregated basis on the consolidated statements of operations. These revenues are recorded net of any sales or occupancy taxes, which are 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. We recognize revenue when control of the promised good or service is transferred to the guest, in an amount that reflects the consideration we expect to receive in exchange for the promised good or service. Room revenue is generated through contracts with guests whereby the guest agrees to pay a daily rate for the right to use a hotel room for an agreed upon length of stay. Our contract performance obligations are fulfilled at the end of the day that the guest is provided the room and revenue is recognized daily at the contract rate. Food and beverage revenue, including restaurant and banquet and catering services, are recognized at a point in time once food and beverage has been provided. Other operating department revenue for services such as parking, spa and other ancillary services, is recognized at a point in time when the goods and services are provided to the guest. We may engage third parties to provide certain services at the hotel, for example, audiovisual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net). Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some guests prepaying for their rooms prior to the stay. For package revenue, where ancillary guest services are included with the guests’ hotel reservations in a package arrangement, we allocate revenue based on the stand-alone selling price for each of the components of the package. We applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Recently Adopted Accounting Policies and Pronouncements to be Adopted	Recent Accounting Pronouncements Pronouncements Adopted as of June 30, 2018 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, (iv) distributions received from equity method investees and (v) separately identifiable cash flows and application of the predominance principle. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 did not have an impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. We adopted this guidance for our interim and annual periods beginning January 1, 2018. We have had no acquisitions since the adoption of this guidance, however, we expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect the capitalization of acquisition costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term “in substance nonfinancial asset,” in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. We adopted this guidance for our interim and annual periods beginning January 1, 2018. We will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610- 20. Pronouncements to be Adopted after June 30, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract, the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application is permitted for all entities. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. We will adopt this guidance for our interim and annual periods beginning January 1, 2019 and expect to use the second transition method. We are evaluating the impact of ASU 2016-02 and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements and will adopt the standard for the fiscal year beginning January 1, 2019.
Fair Value of Financial Instruments	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. Items Measured at Fair Value on a Recurring Basis Derivative Assets and Liabilities — Our derivative assets and liabilities are comprised of interest rate caps and swaps 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 periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Where the undiscounted cash flows for an asset are less than the asset’s carrying value when considering and evaluating the various alternative courses of action that may occur, we recognize an impairment charge to reduce the carrying value of the asset to its estimated fair value. Further, when we classify an asset as held for sale, we carry the asset at the lower of its current carrying value or its fair value, less estimated cost to sell. We did not recognize any impairment charges during the three and six months ended June 30, 2018 or 2017.
Derivatives	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 income 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of consolidated VIEs included in the consolidated balance sheets (in thousands): June 30, 2018 December 31, 2017 Net investments in hotels $ 571,437 $ 579,206 Total assets 616,477 617,207 Non-recourse debt, net $ 320,451 $ 320,304 Total liabilities 349,877 350,249
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): June 30, 2018 December 31, 2017 Cash and cash equivalents $ 74,740 $ 68,527 Restricted cash 27,618 29,582 Total cash and cash equivalents and restricted cash $ 102,358 $ 98,109
Restrictions on Cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): June 30, 2018 December 31, 2017 Cash and cash equivalents $ 74,740 $ 68,527 Restricted cash 27,618 29,582 Total cash and cash equivalents and restricted cash $ 102,358 $ 98,109

Agreements and Transactions w24

Agreements and Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed and distributions we made to our Advisor, the Subadvisor and other affiliates, as described below, in accordance with the terms of those agreements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 2,607 $ 2,024 $ 5,186 $ 3,969 Available Cash Distributions 761 27 2,216 1,634 Personnel and overhead reimbursements 1,005 880 2,002 1,756 Interest expense — — — 332 Accretion of interest on annual distribution and shareholder servicing fee (a) — 89 — 198 Acquisition fees — 4,393 — 4,415 $ 4,373 $ 7,413 $ 9,404 $ 12,304 Other Transaction Fees Incurred Selling commissions and dealer manager fees $ — $ 1,404 $ — $ 12,832 Annual distribution and shareholder servicing fee (a) — 92 — 8,439 Organization and offering costs — 610 — 1,199 $ — $ 2,106 $ — $ 22,470 ___________ (a) Starting with the third quarter 2017 distribution and shareholder servicing fee (which was paid in October 2017), we began making payments directly to selected dealers rather than through Carey Financial, LLC, or Carey Financial, a subsidiary of WPC and the former dealer manager of our offering; therefore, this activity is no longer considered a related party transaction. 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, 2018 December 31, 2017 Amounts Due to Related Parties and Affiliates Reimbursable costs to our Advisor $ 898 $ 768 Asset management fees and other to our Advisor 881 877 Organization and offering costs to our Advisor — 81 $ 1,779 $ 1,726

Net Investments in Hotels (Tabl

Net Investments in Hotels (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Hotel Properties	Net investments in hotels are summarized as follows (in thousands): June 30, 2018 December 31, 2017 Buildings $ 1,092,673 $ 1,092,315 Land 236,078 236,078 Furniture, fixtures and equipment 88,060 87,664 Building and site improvements 29,657 28,865 Construction in progress 9,482 3,108 Hotels, at cost 1,455,950 1,448,030 Less: Accumulated depreciation (90,115 ) (68,088 ) Net investments in hotels $ 1,365,835 $ 1,379,942
Weather Related Disruptions	Hurricane Irma made landfall in September 2017, impacting one of our Consolidated Hotels, the Marriott Sawgrass Golf Resort & Spa, which sustained damage and was forced to close for a short period of time. During the three and six months ended June 30, 2018 , we recognized losses on hurricane-related property damage of $0.9 million and $0.6 million , respectively. (in thousands) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Net write-off (write-up) of fixed assets (a) $ 150 $ (426 ) Remediation work performed 486 110 Decrease to property damage insurance receivables 265 905 $ 901 $ 589 ___________ (a) Includes write-offs totaling $0.5 million and $1.3 million during the three and six months ended June 30, 2018 , respectively, resulting from pre-existing damage (which was discovered as a result of the hurricane and is not covered by insurance).
Business Acquisition, Pro Forma Information	(Dollars in thousands, except per share amounts) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Pro forma total revenues $ 94,622 $ 184,689 Pro forma net income $ 5,990 $ 10,002 Pro forma income attributable to noncontrolling interests (32 ) (2,793 ) Pro forma net income attributable to CWI 2 stockholders $ 5,958 $ 7,209 Pro forma income per Class A share: Net income attributable to CWI 2 stockholders $ 2,229 $ 2,842 Basic and diluted pro forma weighted-average shares outstanding 32,426,644 31,766,337 Basic and diluted pro forma income per share $ 0.07 $ 0.09 Pro forma income per Class T share: Net income attributable to CWI 2 stockholders $ 3,729 $ 4,367 Basic and diluted pro forma weighted-average shares outstanding 55,540,782 51,025,482 Basic and diluted pro forma income per share $ 0.07 $ 0.09

Equity Investments in Real Es26

Equity Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands): Unconsolidated Hotels State Number of Rooms % Owned Our Initial Investment (a) Acquisition Date Hotel Type Carrying Value at June 30, 2018 December 31, 2017 Ritz-Carlton Key Biscayne Venture (b) (c) FL 451 19.3 % $ 37,559 5/29/2015 Resort $ 38,206 $ 37,154 Ritz-Carlton Bacara, Santa Barbara Venture (d) (e) CA 358 60.0 % 99,386 9/28/2017 Resort 89,061 97,584 809 $ 136,945 $ 127,267 $ 134,738 ___________ (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. The number of rooms presented includes 149 condo-hotel units that participate in the resort rental program. This investment is considered a VIE ( Note 2 ). We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. (c) We received $0.8 million of cash distributions from this investment during the three and six months ended June 30, 2018 . (d) This investment represents a tenancy-in-common interest; the remaining 40% interest is owned by CWI 1. (e) We received net cash distributions of $5.0 million and $4.5 million from this investment during the three and six months ended June 30, 2018 , respectively. The following tables present combined summarized financial information of our equity investments in real estate. Amounts provided are the total amounts attributable to the ventures and does not represent our proportionate share (in thousands): June 30, 2018 December 31, 2017 Real estate, net $ 645,689 $ 646,943 Other assets 80,875 82,461 Total assets 726,564 729,404 Debt 416,622 416,335 Other liabilities 44,353 38,969 Total liabilities 460,975 455,304 Members’ equity $ 265,589 $ 274,100 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues $ 48,539 $ 20,527 $ 99,686 $ 48,402 Expenses (48,639 ) (20,712 ) (98,294 ) (44,711 ) Net (loss) income attributable to equity method investments $ (100 ) $ (185 ) $ 1,392 $ 3,691 The following table sets forth our share of equity in (losses) earnings from our Unconsolidated Hotels, which is based on the hypothetical liquidation at book value model, as well as amortization adjustments related to basis differentials from acquisitions of investments (in thousands): Three Months Ended June 30, Six Months Ended June 30, Unconsolidated Hotels 2018 2017 2018 2017 Ritz-Carlton Bacara, Santa Barbara Venture $ (1,332 ) $ — $ (4,255 ) $ — Ritz-Carlton Key Biscayne Venture 797 754 1,863 1,498 Total equity in (losses) earnings of equity method investments in real estate $ (535 ) $ 754 $ (2,392 ) $ 1,498

Risk Management and Use of De27

Risk Management and Use of Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
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 as Hedging Instruments Asset Derivatives Fair Value at Balance Sheet Location June 30, 2018 December 31, 2017 Interest rate swap Other assets $ 2,009 $ 1,480 Interest rate caps Other assets 82 36 $ 2,091 $ 1,516
Schedule of Derivative Instruments	The interest rate swap and caps that we had outstanding on our Consolidated Hotels at June 30, 2018 were designated as cash flow hedges and are summarized as follows (dollars in thousands): Number of Notional Fair Value at Interest Rate Derivatives Instruments Amount June 30, 2018 Interest rate swap 1 $ 100,000 $ 2,009 Interest rate caps 5 248,500 82 $ 2,091

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the non-recourse debt, net on our Consolidated Hotels (dollars in thousands): Carrying Amount at Current Consolidated Hotels Interest Rate Rate Type Maturity Date June 30, 2018 December 31, 2017 San Jose Marriott (a) (b) 4.80% Variable 7/2019 $ 87,767 $ 87,655 Renaissance Atlanta Midtown Hotel (a) (b) (c) 5.01%, 11.69% Variable 8/2019 46,866 46,945 Marriott Sawgrass Golf Resort & Spa (a) 5.83% Variable 11/2019 77,996 78,000 Seattle Marriott Bellevue (a) (d) 3.88% Variable 1/2020 99,586 99,453 Le Méridien Arlington (a) (d) 4.80% Variable 6/2020 34,716 34,645 Ritz-Carlton San Francisco 4.59% Fixed 2/2022 142,869 142,851 Charlotte Marriott City Center 4.53% Fixed 6/2022 102,413 102,338 Courtyard Nashville Downtown 4.15% Fixed 9/2022 54,934 54,820 Embassy Suites by Hilton Denver-Downtown/Convention Center 3.90% Fixed 12/2022 99,795 99,772 San Diego Marriott La Jolla 4.13% Fixed 8/2023 84,863 84,850 $ 831,805 $ 831,329 ___________ (a) These mortgage loans have variable interest rates, which have effectively been capped or converted to fixed rates through the use of interest rate caps or swaps ( Note 7 ). The interest rates presented for these mortgage loans reflect the rates in effect at June 30, 2018 through the use of an interest rate cap or swap, as applicable. (b) These mortgage loans have two one -year extension options, which are subject to certain conditions. The maturity dates in the table do not reflect the extension options. (c) This debt is comprised of a $34.0 million senior mortgage loan with a floating annual interest rate of LIBOR plus 3.0% and a $13.5 million mezzanine loan with a floating annual interest rate of LIBOR plus 10.0% , both subject to interest rate caps. On August 8, 2018, we refinanced these loans with one non-recourse mortgage totaling $49.0 million ( Note 12 ). (d) These mortgage loans each have a one -year extension option, which are subject to certain conditions. The maturity dates in the table do not reflect the extension option.
Debt Maturity Schedule	Scheduled debt principal payments during the remainder of 2018 , each of the next four calendar years following December 31, 2018 and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 (remainder) $ — 2019 218,176 2020 137,056 2021 4,498 2022 395,710 Thereafter through 2023 79,741 835,181 Unamortized deferred financing costs (3,376 ) Total $ 831,805

Income Per Share and Equity (Ta

Income Per Share and Equity (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 Three Months Ended June 30, 2017 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 30,189,278 $ 1,104 $ 0.04 27,900,833 $ 123 $ — Class T common stock 58,758,378 1,981 0.03 55,540,782 154 — Net income attributable to CWI 2 stockholders $ 3,085 $ 277 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Basic and Diluted Weighted-Average Allocation of Income Basic and Diluted Income Per Share Class A common stock 30,006,248 $ 648 $ 0.02 26,146,619 $ 513 $ 0.02 Class T common stock 58,570,885 941 0.02 51,025,482 803 0.02 Net income attributable to CWI 2 stockholders $ 1,589 $ 1,316
Reclassification out of Accumulated Other Comprehensive Income	The following table presents a reconciliation of changes in Accumulated other comprehensive income by component for the periods presented (in thousands): Three Months Ended June 30, Gains and Losses on Derivative Instruments 2018 2017 Beginning balance $ 2,155 $ 1,067 Other comprehensive income (loss) before reclassifications 207 (302 ) Amounts reclassified from accumulated other comprehensive income to: Interest expense (162 ) 69 Total (162 ) 69 Net current period other comprehensive income (loss) 45 (233 ) Net current period other comprehensive loss (income) attributable to noncontrolling interests 11 (3 ) Ending balance $ 2,211 $ 831 Six Months Ended June 30, Gains and Losses on Derivative Instruments 2018 2017 Beginning balance $ 1,373 $ 896 Other comprehensive income (loss) before reclassifications 1,065 (249 ) Amounts reclassified from accumulated other comprehensive income to: Interest expense (226 ) 189 Total (226 ) 189 Net current period other comprehensive income (loss) 839 (60 ) Net current period other comprehensive income attributable to noncontrolling interests (1 ) (5 ) Ending balance $ 2,211 $ 831
Schedule of Dividends Payable	The following table presents the quarterly per share distributions declared by our board of directors for the second quarter of 2018 , payable in cash and in shares of our Class A and Class T common stock to stockholders of record on June 29, 2018 : Class A common stock Class T common stock Cash Shares Total Cash Shares Total $ 0.1410 $ 0.0339 $ 0.1749 $ 0.1147 $ 0.0339 $ 0.1486

Business - Narratives (Details)

Business - Narratives (Details) $ in Millions	38 Months Ended	49 Months Ended
	Jul. 31, 2017USD ($)	Jun. 30, 2018USD ($)property
Business
Capital interest ownership in operating partnership		99.985%
Number of real estate properties | property		12
Common Class A
Business
Proceeds from issuance initial public offering	$ 280.3
Proceeds from follow on offering		$ 16.5
Common Class T
Business
Proceeds from issuance initial public offering	$ 571
Proceeds from follow on offering		$ 31.3
Consolidated Properties | Hotel
Business
Number of real estate properties | property		10
Unconsolidated Properties | Hotel
Business
Number of real estate properties | property		2

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) - vie	Jun. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities, count	4	4
Variable interest entities consolidated, count	3	3

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Net investments in hotels	$ 1,365,835	$ 1,379,942
Total assets	1,630,589	1,641,848
Liabilities
Non-recourse debt, net	831,805	831,329
Total liabilities	909,269	910,063
Variable Interest Entity
Assets
Net investments in hotels	571,437	579,206
Total assets	616,477	617,207
Liabilities
Non-recourse debt, net	320,451	320,304
Total liabilities	$ 349,877	$ 350,249

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 74,740	$ 68,527
Restricted cash	27,618	29,582
Total cash and cash equivalents and restricted cash	$ 102,358	$ 98,109	$ 173,766	$ 99,793

Agreements and Transactions w34

Agreements and Transactions with Related Parties - Narratives (Details)	Oct. 19, 2017USD ($)	Jun. 30, 2018USD ($)investmentshares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2018USD ($)investmentshares	Jun. 30, 2017USD ($)$ / shares	Dec. 31, 2017shares	Apr. 30, 2017$ / shares
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%
Acquisition fees to affiliates settled (shares)				$ 5,200,000	$ 3,700,000
Percentage of available cash distribution to advisor				10.00%
Percentage of available cash distribution to advisor at dissolution		15.00%		15.00%
Underwriting compensation limit		10.00%		10.00%
Shareholder servicing fee charged to equity					8,400,000
Contract revenue		$ 98,100,000	$ 88,040,000	$ 189,279,000	168,865,000
Selling commission and dealer manager fees paid					12,800,000
Cumulative offering costs incurred though inception		$ 9,100,000		$ 9,100,000
Deferred offering costs			$ 2,500,000		2,500,000
Distribution and Shareholder Service
Related Party Transaction
Contract revenue					$ 2,100,000
Working Capital Facility | Revolver
Related Party Transaction
Maximum borrowing capacity	$ 25,000,000
Working Capital Facility | Revolver | LIBOR
Related Party Transaction
Variable interest rate	1.00%
Common Class A
Related Party Transaction
Common shares, outstanding (shares) | shares		30,240,017		30,240,017		29,510,914
Common Class T
Related Party Transaction
Common shares, outstanding (shares) | shares		58,520,084		58,520,084		57,871,712
Invested asset
Related Party Transaction
Percentage of acquisition fees				2.50%
Contract purchase price | Maximum
Related Party Transaction
Percentage of acquisition fees				6.00%
Advisor
Related Party Transaction
Common shares, outstanding (shares) | shares		2,045,049		2,045,049
Percentage of common stock held by related party				2.30%
Carey Financial | Common Class A
Related Party Transaction
Selling commission fee (usd per share) | $ / shares			$ 0.82		$ 0.82		$ 0.84
Dealer manager fee (usd per share) | $ / shares			$ 0.35		$ 0.35		0.36
Carey Financial | Common Class T
Related Party Transaction
Shareholder servicing fee, percentage			1.00%		1.00%
Selling commission fee (usd per share) | $ / shares			$ 0.22		$ 0.22		0.23
Dealer manager fee (usd per share) | $ / shares			$ 0.30		$ 0.30		$ 0.31
CWI
Related Party Transaction
Number of jointly owned investments | investment		3		3

Agreements and Transactions w35

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amounts Included in the Consolidated Statements of Income
Cost of services	$ 75,946	$ 69,434	$ 149,488	$ 135,234
Other Transaction Fees Incurred
Selling commissions and dealer manager fees	0	1,404	0	12,832
Annual distribution and shareholder servicing fee	0	92	0	8,439
Organization and offering costs	0	610	0	1,199
Other transaction fees incurred	0	2,106	0	22,470
Advisor
Amounts Included in the Consolidated Statements of Income
Available Cash Distributions	761	27	2,216	1,634
Personnel and overhead reimbursements	1,005	880	2,002	1,756
Interest expense	0	0	0	332
Accretion of interest on annual distribution and shareholder servicing fee	0	89	0	198
Acquisition fees	0	4,393	0	4,415
Related party expenses included operating expenses	4,373	7,413	9,404	12,304
Asset management fees | Advisor
Amounts Included in the Consolidated Statements of Income
Cost of services	$ 2,607	$ 2,024	$ 5,186	$ 3,969

Agreements and Transactions w36

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Amounts Due to Related Parties and Affiliates
Reimbursable costs to our Advisor	$ 898	$ 768
Due to Affiliate	881	877
Organization and offering costs to our Advisor	0	81
Due to related parties and affiliates	$ 1,779	$ 1,726

Net Investments in Hotels - Nar

Net Investments in Hotels - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Business Acquisition
Assets retired			$ 700
Construction in progress	$ 9,482		9,482		$ 3,108
Interest costs capitalized	100	$ 100	100	$ 400
Accrued capital expenditures			800		$ 500
Marriott Sawgrass Golf Resort and Spa
Business Acquisition
Net write-off (write-up) of fixed assets	150		(426)
Marriott Sawgrass Golf Resort and Spa | Building
Business Acquisition
Net write-off (write-up) of fixed assets	$ 500		$ 1,300

Net Investments in Hotels - Pro

Net Investments in Hotels - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Buildings	$ 1,092,673	$ 1,092,315
Land	236,078	236,078
Furniture, fixtures and equipment	88,060	87,664
Building and site improvements	29,657	28,865
Construction in progress	9,482	3,108
Hotels, at cost	1,455,950	1,448,030
Less: Accumulated depreciation	(90,115)	(68,088)
Net investments in hotels	$ 1,365,835	$ 1,379,942

Net Investments in Hotels - Wea

Net Investments in Hotels - Weather Interruptions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Hurricane-Related Disruptions
Loss on hurricane-related property damage	$ 901	$ 0	$ 589	$ 0
Marriott Sawgrass Golf Resort and Spa
Hurricane-Related Disruptions
Net write-off (write-up) of fixed assets	150		(426)
Remediation work performed	486		110
Decrease to property damage insurance receivables	265		905
Loss on hurricane-related property damage	$ 901		$ 589

Net Investments in Hotels - P40

Net Investments in Hotels - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Pro Forma Financial Information
Pro forma total revenues	$ 94,622	$ 184,689
Pro forma net income	5,990	10,002
Pro forma income attributable to noncontrolling interests	(32)	(2,793)
Pro forma net income attributable to CWI 2 stockholders	5,958	7,209
Common Class A
Pro Forma Financial Information
Pro forma net income attributable to CWI 2 stockholders	$ 2,229	$ 2,842
Pro forma income (loss) per share:
Basic and diluted pro forma weighted-average shares outstanding (shares)	32,426,644	31,766,337
Basic and diluted pro forma (loss) income per share (usd per share)	$ 0.07	$ 0.09
Common Class T
Pro Forma Financial Information
Pro forma net income attributable to CWI 2 stockholders	$ 3,729	$ 4,367
Pro forma income (loss) per share:
Basic and diluted pro forma weighted-average shares outstanding (shares)	55,540,782	51,025,482
Basic and diluted pro forma (loss) income per share (usd per share)	$ 0.07	$ 0.09

Equity Investments in Real Es41

Equity Investments in Real Estate - Narratives (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)roomproperty	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)roomproperty	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 28, 2017	May 29, 2015room
Schedule of Equity Method Investments
Number of real estate properties | property	12		12
Loss on hurricane-related property damage	$ 901,000	$ 0	$ 589,000	$ 0
Number of rooms | room	809		809
Other than temporary impairments			$ 0	0
Aggregate unamortized basis difference on equity investments	$ 7,900,000		$ 7,900,000		$ 8,000,000
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments
Net write-off (write-up) of fixed assets	1,900,000
Remediation work performed	2,100,000
Decrease in insurance receivable	$ 500,000
Loss on hurricane-related property damage					$ 3,600,000
Ownership percentage	19.30%		19.30%
Number of rooms | room	451		451
Distributions from equity method investment	$ 800,000		$ 800,000
Amortization of basis differences	$ 100,000		$ 200,000	$ 100,000
Unconsolidated Properties | Key Biscayne Venture | Condo
Schedule of Equity Method Investments
Number of rooms | room							149
Unconsolidated Properties | Key Biscayne Venture | Original Owner
Schedule of Equity Method Investments
Ownership percentage							33.30%
Unconsolidated Properties | Ritz-Carlton Bacara Venture
Schedule of Equity Method Investments
Ownership percentage	60.00%		60.00%
Number of rooms | room	358		358
Distributions from equity method investment	$ 5,000,000		$ 4,500,000
Unconsolidated Properties | CWI | Key Biscayne Venture
Schedule of Equity Method Investments
Ownership percentage							47.40%
Unconsolidated Properties | CWI | Ritz-Carlton Bacara Venture
Schedule of Equity Method Investments
Ownership percentage						40.00%
Unconsolidated Properties | Hotel
Schedule of Equity Method Investments
Number of real estate properties | property	2		2
Unconsolidated Properties | Hotel | CWI
Schedule of Equity Method Investments
Number of real estate properties | property	1		1
Unconsolidated Properties | Hotel | CWI | Third Party
Schedule of Equity Method Investments
Number of real estate properties | property	1		1

Equity Investments in Real Es42

Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)room	Dec. 31, 2017USD ($)	Sep. 28, 2017USD ($)	May 29, 2015USD ($)
Schedule of Equity Method Investments
Number of Rooms | room	809
Carrying Value | $	$ 127,267	$ 134,738	$ 136,945
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments
Hotel State	FL
Number of Rooms | room	451
Owned	19.30%
Acquisition Date	May 29, 2015
Hotel Type	Resort
Carrying Value | $	$ 38,206	37,154		$ 37,559
Unconsolidated Properties | Ritz-Carlton Bacara Venture
Schedule of Equity Method Investments
Hotel State	CA
Number of Rooms | room	358
Owned	60.00%
Acquisition Date	Sep. 28, 2017
Hotel Type	Resort
Carrying Value | $	$ 89,061	$ 97,584	$ 99,386

Equity Investments in Real Es43

Equity Investments in Real Estate - Earnings From Unconsolidated Hotels (Details ) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments
Equity in (losses) earnings of equity method investments in real estate	$ (535)	$ 754	$ (2,392)	$ 1,498
Unconsolidated Properties | Ritz-Carlton Bacara Venture
Schedule of Equity Method Investments
Equity in (losses) earnings of equity method investments in real estate	(1,332)	0	(4,255)	0
Unconsolidated Properties | Key Biscayne Venture
Schedule of Equity Method Investments
Equity in (losses) earnings of equity method investments in real estate	$ 797	$ 754	$ 1,863	$ 1,498

Equity Investments in Real Es44

Equity Investments in Real Estate - Summarized Balance Sheet of Equity Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Real estate, net	$ 645,689	$ 646,943
Other assets	80,875	82,461
Total assets	726,564	729,404
Debt	416,622	416,335
Other liabilities	44,353	38,969
Total liabilities	460,975	455,304
Members’ equity	$ 265,589	$ 274,100

Equity Investments in Real Es45

Equity Investments in Real Estate - Summarized Income Statement of Equity Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Revenues	$ 48,539	$ 20,527	$ 99,686	$ 48,402
Expenses	(48,639)	(20,712)	(98,294)	(44,711)
Net (loss) income attributable to equity method investments	$ (100)	$ (185)	$ 1,392	$ 3,691

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - Non Recourse Debt - Level 3 - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Reported Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ 831.8	$ 831.3
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ 825.7	$ 831.7

Risk Management and Use of De47

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative
Collateral posted	$ 0		$ 0		$ 0
Interest expense	10,163,000	$ 8,495,000	20,099,000	$ 16,304,000
Estimated amount of derivative gain to be reclassified from OCI to income			1,100,000
Total credit exposure on derivatives	2,200,000		2,200,000
Derivatives in net liability position	0		0		$ 0
Single counterparty
Derivative
Total credit exposure on derivatives	2,100,000		2,100,000
AOCI Including Portion Attributable to Noncontrolling Interest
Derivative
Unrealized gain (loss) in other comprehensive income	207,000	(302,000)	1,065,000	(249,000)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss
Derivative
Interest expense	$ (162,000)	$ 69,000	$ (226,000)	$ 189,000

Risk Management and Use of De48

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative asset at fair value	$ 2,091	$ 1,516
Interest rate swap | Other assets
Derivatives, Fair Value
Derivative asset at fair value	2,009	1,480
Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset at fair value	$ 82	$ 36

Risk Management and Use of De49

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as hedging instrument - Cash Flow Hedging $ in Thousands	Jun. 30, 2018USD ($)instrument
Derivative
Fair Value	$ 2,091
Interest rate swap
Derivative
Number of Instruments | instrument	1
Face Amount	$ 100,000
Fair Value	$ 2,009
Interest rate caps
Derivative
Number of Instruments | instrument	5
Face Amount	$ 248,500
Fair Value	$ 82

Debt - Narratives (Details)

Debt - Narratives (Details) $ in Thousands	Aug. 08, 2018USD ($)	Jun. 30, 2018USD ($)extension	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument
Non-recourse debt, net		$ 831,805		$ 831,329
Proceeds from mortgage financing		$ 0	$ 246,000
Subsequent Event
Debt Instrument
Proceeds from mortgage financing	$ 49,000
Renaissance Atlanta Midtown Hotel
Debt Instrument
Number of extension options | extension		2
Option extension period		1 year
Non-recourse debt, net		$ 46,866		46,945
Renaissance Atlanta Midtown Hotel | LIBOR | Subsequent Event
Debt Instrument
Variable interest rate	2.30%
Renaissance Atlanta Midtown Hotel | Non Recourse Loan I
Debt Instrument
Non-recourse debt, net		$ 34,000
Renaissance Atlanta Midtown Hotel | Non Recourse Loan I | LIBOR
Debt Instrument
Variable interest rate		3.00%
Renaissance Atlanta Midtown Hotel | Non Recourse Loan II
Debt Instrument
Non-recourse debt, net		$ 13,500
Renaissance Atlanta Midtown Hotel | Non Recourse Loan II | LIBOR
Debt Instrument
Variable interest rate		10.00%
Seattle Marriott Bellevue
Debt Instrument
Option extension period		1 year
Non-recourse debt, net		$ 99,586		$ 99,453

Debt - Summary of Non-recourse

Debt - Summary of Non-recourse and Limited-recourse Debt on Consolidated Hotels (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Hotel Details
Non-recourse debt, net	$ 831,805	$ 831,329
San Jose Marriott
Hotel Details
Interest Rate	4.80%
Rate Type	Variable
Maturity Date	Jul. 12, 2019
Non-recourse debt, net	$ 87,767	87,655
Renaissance Atlanta Midtown Hotel
Hotel Details
Rate Type	Variable
Maturity Date	Aug. 19, 2019
Non-recourse debt, net	$ 46,866	46,945
Renaissance Atlanta Midtown Hotel | Minimum
Hotel Details
Interest Rate	5.01%
Renaissance Atlanta Midtown Hotel | Maximum
Hotel Details
Interest Rate	11.69%
Marriott Sawgrass Golf Resort and Spa
Hotel Details
Interest Rate	5.83%
Rate Type	Variable
Maturity Date	Nov. 30, 2019
Non-recourse debt, net	$ 77,996	78,000
Seattle Marriott Bellevue
Hotel Details
Interest Rate	3.88%
Rate Type	Variable
Maturity Date	Jan. 22, 2020
Non-recourse debt, net	$ 99,586	99,453
Le Méridien Arlington
Hotel Details
Interest Rate	4.80%
Rate Type	Variable
Maturity Date	Jun. 28, 2020
Non-recourse debt, net	$ 34,716	34,645
Ritz-Carlton San Francisco
Hotel Details
Interest Rate	4.59%
Rate Type	Fixed
Maturity Date	Feb. 1, 2022
Non-recourse debt, net	$ 142,869	142,851
Charlotte Marriott City Center
Hotel Details
Interest Rate	4.53%
Rate Type	Fixed
Maturity Date	Jun. 1, 2022
Non-recourse debt, net	$ 102,413	102,338
Courtyard Nashville Downtown
Hotel Details
Interest Rate	4.15%
Rate Type	Fixed
Maturity Date	Sep. 30, 2022
Non-recourse debt, net	$ 54,934	54,820
Embassy Suites Denver Downtown Convention Center
Hotel Details
Interest Rate	3.90%
Rate Type	Fixed
Maturity Date	Dec. 31, 2022
Non-recourse debt, net	$ 99,795	99,772
San Diego Marriott La Jolla
Hotel Details
Interest Rate	4.13%
Rate Type	Fixed
Maturity Date	Aug. 1, 2023
Non-recourse debt, net	$ 84,863	$ 84,850

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Long-term Debt
2018 (remainder)	$ 0
2,019	218,176
2,020	137,056
2,021	4,498
2,022	395,710
Thereafter through 2023	79,741
Total long term debt	835,181
Unamortized deferred financing costs	(3,376)
Total	$ 831,805	$ 831,329

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)agreement	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)agreement	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Loss Contingencies
Unpaid commitments	$ 11,700		$ 11,700
Furniture and fixtures
Loss Contingencies
Restricted cash	$ 19,000		$ 19,000		$ 16,500
Food and beverage revenue
Loss Contingencies
License and royalty fees (percentage)	3.00%		3.00%
Marriott Brand
Loss Contingencies
Franchise agreements, count | agreement	3		3
Hilton Brand
Loss Contingencies
Franchise agreements, count | agreement	1		1
Management fees
Loss Contingencies
Cost of services	$ 3,622	$ 3,202	$ 6,724	$ 6,074
Franchises
Loss Contingencies
Cost of services	$ 1,500	$ 1,700	$ 2,900	$ 3,100
Minimum
Loss Contingencies
Hotel management contract term			5 years
Base hotel management fee (percentage)	2.50%		2.50%
Base hotel management fee including benefit of franchise agreement (percentage)	3.00%		3.00%
Franchise agreement initial term			20 years
Marketing and reservation contribution rate (percentage)	1.00%		1.00%
Required FF&E percentages for future capital expenditures	3.00%		3.00%
Minimum | Room revenue
Loss Contingencies
License and royalty fees (percentage)	3.00%		3.00%
Maximum
Loss Contingencies
Hotel management contract term			40 years
Base hotel management fee (percentage)	3.00%		3.00%
Base hotel management fee including benefit of franchise agreement (percentage)	7.00%		7.00%
Franchise agreement initial term			25 years
Marketing and reservation contribution rate (percentage)	4.00%		4.00%
Required FF&E percentages for future capital expenditures	5.00%		5.00%
Maximum | Room revenue
Loss Contingencies
License and royalty fees (percentage)	6.00%		6.00%

Income Per Share and Equity - N

Income Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock
Distributions payable	$ 10,976		$ 10,976		$ 10,955
Dividends			21,955	$ 18,647
Common Class A
Class of Stock
Accretion of interest on annual distribution and shareholder servicing fee	$ 200	$ 100	300	$ 200
Dividends			$ 8,500
Distributions declared (usd per share)	$ 0.1749	$ 0.1744	$ 0.3498	$ 0.3457
Common Class T
Class of Stock
Dividends			$ 13,500
Distributions declared (usd per share)	$ 0.1486	$ 0.1476	$ 0.2978	$ 0.2926

Income Per Share and Equity - S

Income Per Share and Equity - Summary of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income (Loss) Per Share
Allocation of income	$ 3,085	$ 277	$ 1,589	$ 1,316
Common Class A
Income (Loss) Per Share
Basic and diluted weighted-average shares outstanding (shares)	30,189,278	27,900,833	30,006,248	26,146,619
Allocation of income	$ 1,104	$ 123	$ 648	$ 513
Basic and diluted income per share (usd per share)	$ 0.04	$ 0	$ 0.02	$ 0.02
Common Class T
Income (Loss) Per Share
Basic and diluted weighted-average shares outstanding (shares)	58,758,378	55,540,782	58,570,885	51,025,482
Allocation of income	$ 1,981	$ 154	$ 941	$ 803
Basic and diluted income per share (usd per share)	$ 0.03	$ 0	$ 0.02	$ 0.02

Income Per Share and Equity - T

Income Per Share and Equity - Transfers to Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 30, 2017	Jun. 30, 2017
Purchase of membership interest from noncontrolling interest		$ 3,524
Additional Paid-In Capital
Purchase of membership interest from noncontrolling interest		$ 3,524
Courtyard Nashville Downtown
Capital contributions to equity investment in real estate	$ 3,500

Income Per Share and Equity - R

Income Per Share and Equity - Reclassifications of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value			$ 731,785	$ 550,109
Interest expense	$ 10,163	$ 8,495	20,099	16,304
Ending balance, value	721,320	743,750	721,320	743,750
Accumulated Other Comprehensive Income
Reconciliation Of Accumulated Comprehensive Income
Beginning balance, value	2,155	1,067	1,373	896
Ending balance, value	2,211	831	2,211	831
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive loss before reclassifications	207	(302)	1,065	(249)
Total	(162)	69	(226)	189
Net current period other comprehensive loss	45	(233)	839	(60)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Reconciliation Of Accumulated Comprehensive Income
Interest expense	(162)	69	(226)	189
AOCI Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Net current period other comprehensive loss attributable to noncontrolling interests	$ 11	$ (3)	$ (1)	$ (5)

Income Per Share and Equity - D

Income Per Share and Equity - Dividends (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Class A
Class of Stock
Distributions declared (usd per share)	$ 0.1749	$ 0.1744	$ 0.3498	$ 0.3457
Common Class T
Class of Stock
Distributions declared (usd per share)	0.1486	$ 0.1476	$ 0.2978	$ 0.2926
Cash | Common Class A
Class of Stock
Distributions declared (usd per share)	0.1410
Cash | Common Class T
Class of Stock
Distributions declared (usd per share)	0.1147
Shares | Common Class A
Class of Stock
Distributions declared (usd per share)	0.0339
Shares | Common Class T
Class of Stock
Distributions declared (usd per share)	$ 0.0339

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Current income tax expense	$ 1.5	$ 1.6	$ 2	$ 2.5
Deferred income tax expense (benefit)	$ (0.1)	$ 0.1	$ (0.4)	$ (0.1)

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	Aug. 08, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Subsequent Event
Non-recourse debt, net		$ 831,805		$ 831,329
Proceeds from mortgage financing		0	$ 246,000
Subsequent Event
Subsequent Event
Proceeds from mortgage financing	$ 49,000
Debt instrument, term	3 years
Renaissance Atlanta Midtown Hotel
Subsequent Event
Non-recourse debt, net		46,866		$ 46,945
Renaissance Atlanta Midtown Hotel | Subsequent Event | LIBOR
Subsequent Event
Variable interest rate	2.30%
Renaissance Atlanta Midtown Hotel | Non Recourse Loan I
Subsequent Event
Non-recourse debt, net		$ 34,000
Renaissance Atlanta Midtown Hotel | Non Recourse Loan I | LIBOR
Subsequent Event
Variable interest rate		3.00%
Renaissance Atlanta Midtown Hotel | Non Recourse Loan II
Subsequent Event
Non-recourse debt, net		$ 13,500
Renaissance Atlanta Midtown Hotel | Non Recourse Loan II | LIBOR
Subsequent Event
Variable interest rate		10.00%