Xenia Hotels & Resorts (XHR) 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Xenia Hotels & Resorts, Inc.
Entity Central Index Key	1,616,000
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (shares)		106,868,459
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,800

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment properties:
Land	$ 331,502	$ 331,502
Building and other improvements	2,732,062	2,559,892
Construction in progress	0	169
Total	3,063,564	2,891,563
Less: accumulated depreciation	(619,975)	(476,764)
Net investment properties	2,443,589	2,414,799
Cash and cash equivalents	216,054	122,154
Restricted cash and escrows	70,973	72,771
Accounts and rents receivable, net of allowance	22,998	22,978
Intangible assets, net of accumulated amortization	76,912	58,059
Deferred tax assets	1,562	2,304
Other assets	28,257	40,094
Assets held for sale	0	272,785
Total assets (including $74,440 and $77,140, respectively, related to consolidated variable interest entities - Note 5)	2,860,345	3,005,944
Liabilities
Debt, net of loan discounts, premiums and unamortized deferred financing costs	1,077,132	1,094,536
Accounts payable and accrued expenses	71,955	78,440
Distributions payable	29,881	25,684
Other liabilities	29,810	27,250
Liabilities associated with assets held for sale	0	36,676
Total liabilities (including $47,828 and $48,582, respectively, related to consolidated variable interest entities - Note 5)	1,208,778	1,262,586
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 106,794,788 and 111,671,372 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively	1,068	1,117
Additional paid in capital	1,925,554	1,993,760
Accumulated other comprehensive income	5,009	1,543
Accumulated distributions in excess of net earnings	(302,034)	(268,991)
Total Company stockholders' equity	1,629,597	1,727,429
Non-controlling interests	21,970	15,929
Total equity	1,651,567	1,743,358
Total liabilities and equity	$ 2,860,345	$ 3,005,944

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Total assets (including $74,440 and $77,140, respectively, related to consolidated variable interest entities - Note 5)	$ 74,440	$ 77,140
Total liabilities (including $47,828 and $48,582, respectively, related to consolidated variable interest entities - Note 5)	$ 47,828	$ 48,582
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	106,794,788	111,671,372
Common stock, shares outstanding (in shares)	106,794,788	111,671,372

Combined Consolidated Statement

Combined Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rooms revenues	$ 653,944	$ 663,224	$ 631,901
Food and beverage revenues	246,479	259,036	235,066
Other revenues	49,737	53,884	59,699
Total revenues	950,160	976,144	926,666
Expenses:
Rooms expenses	146,050	148,492	140,128
Food and beverage expenses	161,699	167,840	158,243
Other direct expenses	12,848	17,984	28,556
Other indirect expenses	224,135	226,108	214,272
Management and franchise fees	47,605	49,818	52,104
Total hotel operating expenses	592,337	610,242	593,303
Depreciation and amortization	152,418	148,009	141,807
Real estate taxes, personal property taxes and insurance	46,248	49,717	44,625
Ground lease expense	5,447	5,204	5,541
General and administrative expenses	32,018	25,556	38,895
Business management fees	0	0	1,474
Acquisition transaction costs	154	5,046	1,192
Pre-opening expenses	0	1,411	0
Provision for asset impairment	10,035	0	5,378
Separation and other start-up related expenses	0	26,887	0
Total expenses	838,657	872,072	832,215
Operating income	111,503	104,072	94,451
Gain on sale of investment properties	30,195	43,015	693
Other income	3,377	4,916	324
Interest expense	(48,113)	(50,816)	(57,427)
Loss on extinguishment of debt	(5,155)	(5,761)	(1,713)
Equity in losses and gain on consolidation of unconsolidated entity, net	0	0	4,216
Net income before income taxes	91,807	95,426	40,544
Income tax expense	(5,077)	(6,295)	(5,865)
Net income from continuing operations	86,730	89,131	34,679
Net income (loss) from discontinued operations	0	(489)	75,120
Net income	86,730	88,642	109,799
Non-controlling interests in consolidated real estate entities (Note 5)	268	567	0
Non-controlling interests of common units in Operating Partnership (Note 1)	(1,143)	(451)	0
Net (income) loss attributable to non-controlling interests	(875)	116	0
Net income attributable to the Company	85,855	88,758	109,799
Distributions to preferred stockholders	0	(12)	0
Net income attributable to common stockholders	$ 85,855	$ 88,746	$ 109,799
Basic and diluted earnings per share
Income from continuing operations available to common stockholders (in dollars per share)	$ 0.79	$ 0.79	$ 0.31
Income from discontinued operations available to common stockholders (in dollars per share)	0	0	0.66
Net income per share available to common stockholders (in dollars per share)	$ 0.79	$ 0.79	$ 0.97
Weighted average number of common shares, basic (in shares)	108,012,708	111,989,686	113,397,997
Weighted average number of common shares, diluted (in shares)	108,142,998	112,138,223	113,397,997
Other comprehensive income:
Unrealized gain (loss) on interest rate derivative instruments	$ (322)	$ 1,543	$ 0
Reclassification adjustment for amounts recognized in net income (interest expense)	3,833	0	0
Comprehensive income, net of tax, including portion attributable to noncontrolling interest	90,241	90,185	109,799
Comprehensive income attributable to non-controlling interests:
Non-controlling interests in consolidated real estate entities (Note 5)	268	567	0
Non-controlling interests of common units in Operating Partnership (Note 1)	(1,188)	(451)	0
Comprehensive income attributable to non-controlling interests	(920)	116	0
Comprehensive income attributable to the Company	$ 89,321	$ 90,301	$ 109,799

Combined Consolidated Statemen5

Combined Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional paid in capital	Accumulated Other Comprehensive Income	Accumulated Distributions in Excess of Net Earnings	Non-controlling Interests	Non-controlling InterestsOperating Partnership	Non-controlling InterestsConsolidated Real Estate Entities
Beginning balance, shares outstanding (shares) at Dec. 31, 2013		0	1,000
Beginning balance of stockholders' equity, including portion attributable to noncontrolling interest at Dec. 31, 2013	$ 1,818,255	$ 0	$ 0	$ 2,190,604	$ 0	$ (373,960)	$ 1,611	$ 0	$ 1,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	109,799					109,799	0	0	0
Distributions to InvenTrust Properties Corp.	(4,181,380)			(4,181,380)
Contribution from InvenTrust Properties Corp.	3,772,203			3,772,203
Contributions from non-controlling interests	2,044						2,044		2,044
Unrealized loss on interest rate derivative instruments	0
Reclassification adjustment for amounts recognized in net income	0
Ending balance, shares outstanding (shares) at Dec. 31, 2014		0	1,000
Ending balance of stockholders' equity, including portion attributable to noncontrolling interest at Dec. 31, 2014	1,520,921	$ 0	$ 0	1,781,427	0	(264,161)	3,655	0	3,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	88,642					88,758	(116)	451	(567)
Stock issued during period (shares)		125	113,396,997
Issuance of preferred shares, net of issuance costs	102			102
Contribution from InvenTrust Properties Corp.	249,767			249,767
Issuance of common shares in connection with separation from InvenTrust Properties Corp.	0		$ 1,134	(1,134)
Repurchase of common share, net (in shares)			(1,759,344)
Repurchase of common shares, net	(36,946)		$ (17)	(36,929)
Dividends, common shares / units	(93,678)					(93,576)	(102)	(102)
Dividends, preferred shares	(12)					(12)
Share-based compensation (shares)			32,719
Share-based compensation	2,908			664			2,244	2,244
Redemption of preferred stock (shares)		(125)
Redemption of preferred stock	(137)			(137)
Other comprehensive income	1,543				1,543
Contributions from non-controlling interests	10,248						10,248		10,248
Unrealized loss on interest rate derivative instruments	1,543
Reclassification adjustment for amounts recognized in net income	0
Ending balance, shares outstanding (shares) at Dec. 31, 2015		0	111,671,372
Ending balance of stockholders' equity, including portion attributable to noncontrolling interest at Dec. 31, 2015	1,743,358	$ 0	$ 1,117	1,993,760	1,543	(268,991)	15,929	2,593	13,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	86,730					85,855	875	1,143	(268)
Repurchase of common share, net (in shares)			(4,966,763)
Repurchase of common shares, net	(73,976)		$ (50)	(73,926)
Dividends, common shares / units	(119,270)					(118,898)	(372)	(372)
Share-based compensation (shares)			90,179
Share-based compensation	11,189		$ 1	5,720			5,468	5,468
Contributions from non-controlling interests	341						341		341
Distributions to non-controlling interests	(316)						(316)		(316)
Unrealized loss on interest rate derivative instruments	(322)				(317)		(5)	(5)
Reclassification adjustment for amounts recognized in net income	3,833				3,783		50	50
Ending balance, shares outstanding (shares) at Dec. 31, 2016		0	106,794,788
Ending balance of stockholders' equity, including portion attributable to noncontrolling interest at Dec. 31, 2016	$ 1,651,567	$ 0	$ 1,068	$ 1,925,554	$ 5,009	$ (302,034)	$ 21,970	$ 8,877	$ 13,093

Combined Consolidated Statemen6

Combined Consolidated Statements of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share/unit)	$ 0.84
Preferred stock dividend declared (in dollars per share)	$ 92.36

Combined Consolidated Statemen7

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 86,730	$ 88,642	$ 109,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	149,962	144,424	172,964
Amortization of above and below market leases and other lease tangibles	2,950	3,709	4,707
Amortization of debt premiums, discounts, and financing costs	3,755	3,756	4,461
Loss on extinguishment of debt	5,155	5,761	67,105
Gain on sale of investment property, net	(30,195)	(43,015)	(136,385)
Provision for asset impairment	10,035	0	5,378
Equity in losses and gain on consolidation of unconsolidated entity, net	0	0	(4,216)
Share-based compensation expense	8,968	6,102	0
Other non-cash adjustments	0	111	0
Prepayment penalties and defeasance	(4,813)	(5,267)	(65,415)
Changes in assets and liabilities:
Restricted cash	1,574	5,521	0
Accounts and rents receivable	1,470	(338)	1,005
Deferred costs and other assets	3,244	4,203	11,209
Accounts payable and accrued expenses	(8,753)	(6,425)	6,095
Other liabilities	(4,439)	(14,032)	4,898
Net cash provided by operating activities	225,643	193,152	181,605
Cash flows from investing activities:
Purchase of investment properties	(116,000)	(245,260)	(178,776)
Acquired goodwill, intangible assets, and intangible liabilities	0	0	(12,410)
Capital expenditures and tenant improvements	(58,823)	(53,782)	(47,267)
Investment in development projects	0	(36,063)	(27,031)
Proceeds from sale of investment properties	273,161	133,412	1,085,451
Consolidation of real estate entity	0	0	(2,944)
Contributions to unconsolidated entities	0	0	(30)
Restricted cash and escrows	7,489	3,954	(3,015)
Deposits for acquisition of hotel properties	0	(20,000)	0
Other assets	0	1,068	13,535
Net cash provided by (used in) investing activities	105,827	(216,671)	827,513
Cash flows from financing activities:
Distribution to InvenTrust Properties Corp.	0	(23,505)	(4,168,694)
Contribution from InvenTrust Properties Corp.	0	176,805	3,779,389
Proceeds from mortgage debt and notes payable	111,968	64,723	122,940
Payoffs of mortgage debt	(276,903)	(300,894)	(648,872)
Principal payments of mortgage debt	(7,580)	(8,239)	(12,067)
Payment of loan fees and deposits	(974)	(6,819)	(2,083)
Proceeds from revolving line of credit draws	10,000	127,000	0
Payments on revolving line of credit	(10,000)	(127,000)	0
Proceeds from unsecured term loan	125,000	175,000	0
Contributions from non-controlling interests	341	10,248	2,044
Proceeds from issuance of preferred shares, net of offering costs	0	102	0
Redemption of preferred shares	0	(137)	0
Repurchase of common shares	(73,976)	(36,946)	0
Dividends, common shares/units	(115,130)	(67,706)	0
Dividends, preferred shares	0	(12)	0
Distributions paid to non-controlling interests	(316)	0	0
Payments for contingent consideration	0	0	(7,891)
Net cash used in financing activities	(237,570)	(17,380)	(935,234)
Net increase (decrease) in cash and cash equivalents	93,900	(40,899)	73,884
Cash and cash equivalents, at beginning of year	122,154	163,053	89,169
Cash and cash equivalents, at end of year	$ 216,054	$ 122,154	$ 163,053

Combined Consolidated Statemen8

Combined Consolidated Statements of Cash Flows (Supplemental) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	$ 44,567	$ 47,054	$ 79,094
Cash paid for income taxes	7,863	4,459	1,525
Supplemental schedule of non-cash investing and financing activities:
Consolidation of assets of joint venture	0	0	21,833
Liabilities assumed at consolidation of joint venture	0	0	446
Assumption of mortgage debt of joint venture	0	0	11,967
Accrued capital expenditures	4,838	2,568	6,138
Assumption of unsecured line of credit facility by InvenTrust Properties Corp.	0	(96,020)	0
Allocation of unsecured line of credit facility by InvenTrust Properties	0	0	7,377
Non-cash net distributions to InvenTrust Properties Corp.	0	(413)	0
Change in fair market value of designated interest rate swaps	$ (322)	$ 1,543	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in premium full service, lifestyle and urban upscale hotels in Top 25 markets and key leisure destinations. Prior to February 3, 2015, Xenia was a wholly owned subsidiary of InvenTrust Properties Corp. ("InvenTrust" formerly known as Inland American Real Estate Trust, Inc.), its former parent. On February 3, 2015, Xenia was spun off from InvenTrust through a taxable pro rata distribution by InvenTrust of 95% of the outstanding common stock, $0.01 par value per share (the "Common Stock"), of Xenia to holders of record of InvenTrust's common stock as of the close of business on January 20, 2015 (the "Record Date"). Each holder of record of InvenTrust's common stock received one share of Common Stock for every eight shares of InvenTrust’s common stock held at the close of business on the Record Date (the "Distribution"). In lieu of fractional shares, stockholders of InvenTrust received cash. On February 4, 2015, Xenia’s Common Stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "XHR." As a result of the Distribution, the Company became a stand-alone, publicly-traded company. Xenia operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP. XHR GP, Inc. is wholly owned by the Company. As of December 31, 2016 , the Company owned 98.7% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 1.3% of the common units are owned by the other limited partners comprised of certain of our current and former executive officers and members of our Board of Directors and includes unvested long-term incentive plan ("LTIP") partnership units, which may or may not vest based on the passage of time and meeting certain market-based performance objectives. To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding Inc. (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent operators to manage the hotels. The accompanying combined consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, as well as all wholly owned subsidiaries and consolidated real estate investments. The Company's subsidiaries and real estate investments generally consist of limited liability companies ("LLCs"), limited partnerships ("LPs") and the TRS. The effects of all inter-company transactions have been eliminated. As of December 31, 2016 , the Company owned 42 lodging properties, 40 of which were wholly owned, with a total of 10,911 rooms (unaudited). As of December 31, 2015 , the Company owned 50 lodging properties, 48 of which were wholly owned, with a total of 12,548 rooms (unaudited). As of December 31, 2014 , the Company owned 48 lodging properties, 46 of which were wholly owned, with 12,636 rooms (unaudited). The remaining two hotels for all periods are owned through individual investments in real estate entities in which the Company has a 75% ownership interest in each investment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation As described in Note 1, on February 3, 2015, Xenia was spun off from InvenTrust. Prior to the separation, the Company effectuated certain reorganization transactions which were designed to consolidate the ownership of its hotels into its Operating Partnership, consolidate its TRS lessees in its TRS, facilitate its separation from InvenTrust, and enable the Company to qualify as a REIT for federal income tax purposes. The accompanying combined consolidated financial statements prior to the spin-off have been "carved out" of InvenTrust’s consolidated financial statements and reflect significant assumptions and allocations. The combined consolidated financial statements reflect the operations of the Company after giving effect to the reorganization transactions, the disposition of other hotels previously owned by the Company, and the spin-off, and include allocations of costs from certain corporate and shared functions provided to the Company by InvenTrust, as well as costs associated with participation by certain of the Company's executives and employees in InvenTrust’s benefit plans. Corporate costs directly associated with the Company's principal executive offices, personnel and other administrative costs are reflected as general and administrative expenses on the combined consolidated statements of operations and comprehensive income . Additionally, prior to the spin-off, InvenTrust allocated to the Company a portion of its corporate overhead costs based upon the Company's percentage share of the average invested assets of InvenTrust, which is reflected in general and administrative expenses. The general and administrative expenses for the period from January 1, 2015 to February 3, 2015 and for the year ended December 31, 2014 include costs related to the reorganization transactions and spin off that are non-recurring in nature. Based on these presentation matters, the financial statements for the year ended December 31, 2016 may not be comparable to prior periods. As InvenTrust was managing various asset portfolios, the extent of services and benefits a portfolio received was based on the size of its assets. Therefore, using average invested assets to allocate costs was a reasonable reflection of the services and other benefits received by the Company and complied with applicable accounting guidance. However, actual costs may have differed from allocated costs if the Company had operated as a stand-alone entity during such period and those differences may have been material. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in Note 8. Use of Estimates The preparation of the combined consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. Risks and Uncertainties T he Company has a geographical concentration risk related to revenues that are generated from three hotels located in the Houston-area market. For the year ended December 31, 2016 and 2015, total revenues from our three Houston-area hotels accounted for approximately 10% and 12% , respectively, of total revenues. To the extent that there are adverse changes in this market, or the industry sectors that operate in this market, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations. Reclassifications and Revisions Certain reclassifications were made on the consolidated balance sheet as of December 31, 2015 to present the hotel assets sold in 2016 as assets held for sale and liabilities associated with assets held for sale. See Note 4 for further information. Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the year ended December 31, 2016 . Consolidation The Company evaluates its investments in limited liability companies and partnerships to determine whether such entities may be a variable interest entity ("VIE"). If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in FASB ASC 810, or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. On January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"), which amended the consolidation guidance for VIE's and general partner's investments in limited partnerships and modifies the evaluation of whether limited partnership and similar legal entities are VIEs or voting interest entities. Upon adoption of ASU 2015-02, the Company concluded there was no change required in the accounting of its two previously identified VIEs in our two investments in real estate entities and therefore will continue to consolidate these VIEs for reporting purposes, as further described in Note 5. However, the Company concluded that the Operating Partnership now meets the criteria as a VIE under ASU 2015-02. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. As such, there is no change in the presentation of the consolidated financial statements of the Company upon adoption of ASU 2015-02. Non-controlling Interests The Company’s combined consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the combined consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The combined consolidated statement of equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2016 , all share-based payments awards are included in permanent equity. As of December 31, 2016 , the consolidated results of the Company include the following ownership interests held by owners other than the Company: (i) the common limited partnership units in the Operating Partnership held by certain current and former members of the Company's executive officers and Board of Directors, and (ii) the outside ownership interest in our two investments in real estate entities. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. Cash received prior to guest arrival is recorded as an advance from the guest and recognized as revenue at the time of occupancy. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues) in the accompanying combined consolidated statements of operations and comprehensive income. For retail operations, rental revenue is recognized on a straight-line basis over the lives of the retail leases. These revenue sources are affected by conditions impacting the travel and hospitality industry as well as competition from other hotels and businesses in similar markets. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. Restricted Cash and Escrows The restricted cash as of December 31, 2016 primarily consists of $58.6 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, cash held in restricted escrows of $3.6 million for real estate taxes and insurance escrows, $5.5 million in disposition related escrows, and $3.3 million capital spending reserves. The restricted cash as of December 31, 2015, primarily consists of cash held in restricted escrows of $65.7 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, $4.0 million for real estate taxes and insurance escrows, and $3.1 million in disposition related escrow and capital spending reserves. Capitalization and Depreciation Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Direct and indirect costs that are clearly related to the construction and improvements of investment properties are capitalized. Costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. Interest costs are also capitalized during such periods, which included $0 and $0.7 million for the years ended December 31, 2016 and 2015 , respectively. The Company capitalizes project management salaries and benefits and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.1 million and $1.6 million for years ended December 31, 2016 and 2015 . Depreciation expense is computed using the straight line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements. Acquisition of Real Estate The Company allocates the purchase price of each acquired business (as defined in the accounting guidance related to business combinations, FASB ASC 805, Business Combinations) between tangible and intangible assets at full fair value on the acquisition date. Such tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, customer relationships, and any assumed financing that is determined to be above or below market terms. Any additional amounts are allocated to goodwill as required, based on the remaining purchase price in excess of the fair value of the tangible and intangible assets acquired and liabilities assumed. The allocation of the purchase price is an area that requires judgment and significant estimates. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of above or below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The Company expenses acquisition costs of all acquired businesses as incurred. This includes all costs related to finding, analyzing and negotiating a transaction, whether or not the acquisition is completed. Goodwill The excess of the cost of an acquired entity over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill is recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. In accordance with FASB ASC 350, Intangibles - Goodwill and Other, the Company tests goodwill for impairment by making a qualitative assessment of whether it is more likely than not that the specific property's fair value is less than its carrying amount before application of the two-step goodwill impairment test. The two-step goodwill test is not performed for those assets where it is concluded that it is not more likely than not that the fair value of a specific property is greater than its carrying amount. For those specific properties where this is not the case, the two step procedure detailed below is followed in order to determine the amount of goodwill impairment. In the first step, the estimated fair value of each property with goodwill is compared to the carrying value of the property’s assets, including goodwill. The fair value is based on estimated future cash flow projections that utilize discount and capitalization rates, which are generally unobservable in the market place (Level 3 inputs), but approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. In this second step, if the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment charge is recorded in an amount equal to that excess. As of December 31, 2016 and 2015, the Company had goodwill of $42.1 million , which is included in intangible assets, net of accumulated amortization on the consolidated balance sheets. The Company tested goodwill for impairment as of December 31, 2016, 2015, and 2014 and recorded no impairment to goodwill for each of the years then ended. Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset or a change in demand for lodging at the Company's hotels. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows and related holding period is based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation on the investment properties held for sale, including depreciation for additions, as well as on the amortization of acquired in-place leases. The investment properties and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheets for the most recent reporting period and recorded at the lesser of the carrying value or fair value less costs to sell. All historical periods presented for investment properties and liabilities associated with those investment properties that are held for sale are reclassified for comparative purposes. Additionally, if the sale constitutes a strategic shift with a major effect on operations, the operations are classified on the combined consolidated statements of operations and comprehensive income as discontinued operations for all periods presented. Disposition of Real Estate The Company accounts for dispositions in accordance with FASB ASC 360-20, Real Estate Sales. The Company recognizes gain in full when real estate is sold, provided (a) the profit is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated, and (b) the earnings process is virtually complete, that is, the seller is not obliged to perform significant activities after the sale to earn the profit and the buyer has paid a significant non-refundable deposit. Prior to 2014, the Company recorded all dispositions as discontinued operations for the applicable periods presented. Upon the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the Company records a disposition as discontinued operations only if it represents a strategic shift and has (or will have) a major effect on the Company's results and operations. Discontinued Operations In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") , which included amendments that changed the requirements for reporting discontinued operations and required additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expanded the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 was effective for interim and annual reporting periods in fiscal years that began after December 15, 2014. The Company elected to early adopt ASU 2014-08. Effective January 1, 2014 asset disposals were included as a component of income from continuing operations unless the disposal represented a strategic shift and has (or will have) a major effect on the entity's results and operations. Deferred Financing Costs Financing costs related to senior unsecured credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The balance of unamortized deferred financing costs related to the line of credit is included in other assets and costs related to long-term debt are presented in debt on the consolidated balance sheet. Deferred financing costs related to the line of credit were $3.1 million at December 31, 2016 and 2015 , which was offset by accumulated amortization of $1.5 million and $0.7 million , respectively. Deferred financing costs related to long-term debt were $12.5 million and $18.5 million at December 31, 2016 and 2015 , respectively, which was offset by accumulated amortization of $6.2 million and $10.2 million , respectively. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. For the years ended December 31, 2016, 2015, and 2014 , comprehensive income was $89.3 million , $90.3 million and $109.8 million , respectively. As of December 31, 2016 and 2015 , the Company's accumulated other comprehensive income was $5.0 million and $1.5 million , respectively. Income Taxes The Company has elected to be taxed as, and has operated in a manner that management believes will allow it to continue to qualify as, a REIT under the Internal Revenue Code of 1986, as amended, (the "Code") for federal income tax purposes. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal income tax on taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal, state and local income tax on its taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for the four years following the failure. Even if the Company qualifies for taxation as a REIT, the Company also may be subject to certain federal, state, and local taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to its TRS, (4) certain state or local income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. To continue to qualify as a REIT, the Company cannot operate or manage its hotels. Accordingly, the Company, through its Operating Partnership, leases all of its hotels to subsidiaries of its TRS. The TRS is subject to federal, state and local income tax at regular corporate rates. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income and tax-planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s analysis in determining the deferred tax asset valuation allowance involves management judgment and assumptions. Income tax expense in the combined consolidated financial statements for the period from January 1, 2015 through February 3, 2015 and for year ended December 31, 2014 was calculated on a "carve-out" basis from InvenTrust. Share-Based Compensation The Company has adopted a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, performance units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve parity with other Operating Partnership units or achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the accompanying combined consolidated statements of operations and comprehensive income and capitalized in building and other improvements in the consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. During 2014, the Company maintained the Xenia Hotels & Resorts, Inc. 2014 Share Unit Plan. The 2014 Share Unit Plan provided for the grant of "share unit" awards to eligible participants. The value of a "share unit" was determined based on a phantom capitalization of the Company's lodging business and does not necessarily correspond to the value of a share of common stock of Xenia. Vesting of the share units granted in 2014 was conditioned upon the occurrence of a triggering event, such as a listing, which occurred on February 4, 2015. The Company did not recognize share based compensation expense until the triggering event occurred. Earnings Per Share Basic earnings per share ("EPS") is computed by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding the weighted average number of unvested shared-based compensation awards outstanding during the period. Diluted EPS is calculated by dividing net income available to common stockholders, by the weighted average number of common shares outstanding during the period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per-share calculation. Segment Information We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggr

Investment Properties

Investment Properties	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Investment Properties	Investment Properties In January 2016, the Company acquired the Hotel Commonwealth located in Boston, Massachusetts for a purchase price of $136 million , excluding closing costs, which were expensed and included in acquisition costs on the combined consolidated statement of operations for the year ended December 31, 2016 . The source of funding was proceeds from the $125 million term loan entered into by the Company, as further described in Note 8 , and a $20 million escrow deposit applied to the purchase price at closing. The hotel has a total of 245 -rooms (unaudited), which includes a 96 -room (unaudited) hotel expansion that was completed in December 2015. The Hotel Commonwealth is subject to a long-term ground lease, which expires in 2087, and was assumed by the Company as part of the hotel's acquisition. During the year ended December 31, 2015 , the Company acquired three hotels for a total purchase price of $245 million , excluding closing costs of $ 4.5 million , which were expensed and included in acquisitions costs on the combined consolidated statement of operations and comprehensive income. The sources of funding for the acquisition were cash on hand and borrowings under the Company's senior unsecured credit facility. The following is a summary of the hotel acquisitions for the year ended December 31, 2015 (dollar amounts in thousands): Property Location Acquisition Date Rooms (Unaudited) Purchase Price (1) Canary Santa Barbara Santa Barbara, CA July 2015 97 $ 80,000 Hotel Palomar Philadelphia Philadelphia, PA July 2015 230 100,000 RiverPlace Hotel Portland, OR July 2015 84 65,000 Total 411 $ 245,000 (1) All hotels are managed by Kimpton Hotel & Restaurant Group, LLC and were acquired as part of a portfolio acquisition. The following reflects the purchase price allocation for the hotel acquired during the year ended December 31, 2016 and the three hotels acquired during the year ended December 31, 2015 (in thousands) : December 31, 2016 December 31, 2015 Land $ — $ 49,743 Building and improvements 103,847 172,928 Furniture, fixtures, and equipment 10,238 21,907 Intangibles and other assets (1) 21,915 422 Total purchase price $ 136,000 $ 245,000 (1) As part of the purchase price allocation for the Hotel Commonwealth, the Company allocated $21.7 million to a below market lease intangible that will be amortized on a straight-line basis over the remaining term of the underlying ground lease, which expires in 2087. The revenues and net income attributable to the hotel acquired in 2016 were approximately $25.7 million and $4.2 million , respectively, for the year December 31, 2016 and are included in the Company's combined consolidated statements of operations and comprehensive income . The revenues and net income attributable to the three hotels acquired in 2015 were approximately $24.4 million and $5.0 million , respectively, for the year December 31, 2015 and are included in the Company's combined consolidated statements of operations and comprehensive income. The following unaudited pro forma financial information presents the results of operations as if the 2016 and 2015 acquisitions had taken place on January 1, 2015 . The unaudited pro forma financial information is not necessarily indicative of what actual results of operations of the Company would have been, nor does it purport to represent the results of operations for future periods. The unaudited proforma financial information is as follows (in thousands, except per share and per share data): Year Ended December 31, 2016 2015 Revenue $ 950,454 $ 1,018,916 Net income attributable to common stockholders (1) $ 86,571 $ 85,348 Net income per share attributable to common stockholders - basic and diluted $ 0.80 $ 0.76 Weighted average number of common shares - basic 108,012,708 111,989,686 Weighted average number of common shares - diluted 108,142,998 112,138,223 (1) The pro forma results above exclude acquisition costs of $0.1 million and $4.5 million for the years ended December 31, 2016 and 2015 , respectively. Involuntary Conversion of Assets On August 24, 2014, Napa, California experienced a 6.0 magnitude earthquake that impacted two of the Company's lodging properties. The Company recorded involuntary losses of $9.0 million, which represents the book value of the properties and equipment written off for the property damage. As it was probable that the Company would receive insurance proceeds to compensate for the property damages, the Company also recorded an offsetting insurance recovery receivable of $9.0 million . As of December 31, 2016 or 2015, there was no remaining receivable related to property damage insurance recoveries. The Company will not record an insurance recovery receivable for business interruption losses until the amount for such recoveries is known and the amount is realizable. The business interruption insurance recovery for the year ended December 31, 2015 was $6.2 million , and is included in other income on the combined consolidated statement of operations and comprehensive income. As of December 31, 2016 , there was no remaining receivable related to business interruption insurance recoveries.

Disposed Properties

Disposed Properties	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposed Properties	Disposed Properties The following represents the disposition details for the properties sold during the years ended December 31, 2016 , 2015 , and 2014 (in thousands, except rooms): Property Date Rooms (unaudited) Gross Sale Price Net Proceeds Gain on sale / (Impairment) Hilton University of Florida Conference Center Gainesville (1) 02/2016 248 $ 36,000 $ 32,055 (4) $ 649 DoubleTree by Hilton Washington DC (1) 04/2016 220 65,000 (5) 63,550 (96 ) Embassy Suites Baltimore North/Hunt Valley (1) 05/2016 223 20,000 19,459 (8,036 ) Marriott Atlanta Century Center/Emory Area & Hilton Phoenix Suites (1)(2) 06/2016 513 50,750 50,048 (1,903 ) Hilton St. Louis Downtown at the Arch (1) 12/2016 195 21,500 (5) 20,896 252 Hampton Inn & Suites Denver Downtown, Hilton Garden Inn Chicago North Shore/Evanston, and Homewood Suites by Hilton Houston Near the Galleria (1)(2) 12/2016 488 97,000 (5) 92,653 29,152 Total for the year ended December 31, 2016 1,887 $ 290,250 $ 278,661 $ 20,018 Hyatt Regency Orange County (1) 10/2015 656 137,000 132,995 (6) 43,178 Total for the year ended December 31, 2015 656 $ 137,000 $ 132,995 $ 43,178 Crowne Plaza Charleston Airport - Convention Center (1) 05/2014 166 13,250 2,027 960 DoubleTree Suites Atlanta Galleria (1) 08/2014 154 12,600 11,907 (96 ) Suburban Select Service Portfolio - 52 properties (3) 11/2014 6,976 1,071,000 533,399 135,670 Holiday Inn Secaucus Meadowlands (1) 12/2014 161 4,600 3,927 (171 ) Total for the year ended December 31, 2014 7,457 $ 1,101,450 $ 551,260 $ 136,363 (1) Included in net income from continuing operations in the combined consolidated statements of operations and comprehensive income for the periods of ownership in accordance with ASU No. 2014-08 through the date of their disposition, as they did not represent a strategic shift or have a major effect on the Company's results of operations. (2) The hotels were sold as part of a portfolio sales agreement. (3) In November 2014, the Company sold 52 select-service hotels (the "Suburban Select Service Portfolio") consisting of 6,976 rooms (unaudited). The sale of the Suburban Select Service Portfolio represented a strategic shift and had a major impact on the financial statements. The operations of these 52 select service hotels are reflected as discontinued operations pursuant to ASU 2014-08 on the combined consolidated statements of operations and comprehensive income for the years ended December 31, 2015 and 2014 . (4) The Company was entitled to net proceeds at closing of $32.1 million , and in conjunction with the sale repaid the $27.8 million outstanding property level mortgage. (5) As of December 31, 2016, $5.5 million of the sales proceeds related to escrows held back at closing were outstanding. The Company expects to collect these amounts in 2017. (6) The Company received net proceeds of $70.6 million , after paying off the $61.9 million outstanding property level mortgage at the time of the sale, and retained the $5.9 million balance in the hotel's capital expenditure reserve account. The major classes of assets and liabilities for the nine properties disposed of during the year ended December 31, 2016 were reclassified as held for sale at December 31, 2015 as follows (in thousands): December 31, 2015 Land (1) $ 43,196 Building and other improvements 344,091 Total $ 387,287 Less accumulated depreciation (125,875 ) Net investment properties $ 261,412 Restricted cash and escrows 4,826 Accounts and rents receivable, net 1,727 Intangible assets, net 2,456 Deferred costs and other assets 2,364 Total assets held for sale $ 272,785 Debt $ 27,775 Accounts payable and accrued expenses 8,211 Other liabilities 690 Total liabilities of assets held for sale $ 36,676 (1) The Hilton University of Florida Conference Center Gainesville and the Marriott Atlanta Century Center/Emory Area were subject to ground leases. The Company has no future obligations under the terms of these ground leases as part of the disposition of these hotels. In January 2015, one land parcel, valued at $1.2 million , was transferred to InvenTrust and was included in the net contributions from InvenTrust in the accompanying combined consolidated statement of changes in equity. In November 2014, InvenTrust sold the Suburban Select Service Portfolio, which were properties overseen by the Company. During early 2015, the Company incurred carryover costs related to the Suburban Select Service Portfolio. The following table presents the results of operations for the respective periods that the Company owned such assets or was involved with the operations of such ventures during the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Revenues $ — $ 224,490 Depreciation and amortization expense — 35,864 Other expenses 511 146,229 Operating (loss) income from discontinued operations $ (511 ) $ 42,397 Interest and other expense — (33,012 ) Income tax expense — (4,566 ) Gain on sale of properties 22 135,692 Loss on extinguishment of debt — (65,391 ) Net (loss) income from discontinued operations $ (489 ) $ 75,120 Net cash provided by (used in) operating activities from the properties classified as discontinued operations for the year ended December 31, 2015 and 2014 was $(0.5) million and $(18.2) million , respectively. Net cash provided by (used in) for investing activities by the properties classified as discontinued operations for the year ended December 31, 2015 and 2014 was $0 and $1,043.3 million , respectively, consisting primarily of proceeds from the dispositions, net of capital expenditures.

Investment in Real Estate Entit

Investment in Real Estate Entities	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Real Estate Entities	Investment in Real Estate Entities Consolidated Entities During 2013, the Company entered into two investments in real estate entities in order to develop the Grand Bohemian Hotel Charleston and the Grand Bohemian Hotel Mountain Brook. The Company has ownership interests of 75% in each entity. These entities are considered VIE's as defined in FASB ASC 810, Consolidation, because the entities do not have enough equity to finance their activities without additional subordinated financial support. The Company determined that it has the power to direct the activities of the VIE's that most significantly impact the VIE's economic performance, as well as the obligation to absorb losses of the VIE's that could potentially be significant to the VIE, or the right to receive benefits from the VIE's that could potentially be significant to the VIE. As such, the Company has a controlling financial interest and is considered the primary beneficiary of each of these entities. Therefore, these entities are consolidated by the Company. The following are the liabilities of the consolidated VIE's, which are non-recourse to the Company, and the assets that can be used to settle those obligations (in thousands): December 31, 2016 December 31, 2015 Net investment properties $ 71,157 $ 74,592 Other assets 3,283 2,548 Total assets $ 74,440 $ 77,140 Mortgages payable (45,287 ) (45,734 ) Other liabilities (2,541 ) (2,848 ) Total liabilities $ (47,828 ) $ (48,582 ) Net assets $ 26,612 $ 28,558 In August 2015, the Grand Bohemian Hotel Charleston began operations as a lifestyle hotel. The total development cost of the property was $32 million . In October 2015, the Grand Bohemian Hotel Mountain Brook began operations as a lifestyle hotel. The total development cost of the property was $45 million . Under the terms of the two investment agreements, the Company's total capital investment in these two development properties was limited to $7.2 million and $9.6 million for the Grand Bohemian Hotel Charleston and the Grand Bohemian Hotel Mountain Brook, respectively. As of December 31, 2016 and 2015 there were no amounts remaining to be invested by the Company. All operations of the two hotels from the date of their respective opening were consolidated in the accompanying combined consolidated statement of operations and comprehensive income, with a corresponding allocation for non-controlling interests. Unconsolidated Entities Prior to February 21, 2014, the Company owned an interest in one unconsolidated partnership entity. On February 21, 2014, the Company bought out its partner's interest in this entity and began consolidating this investment in its financial statements. In connection with this acquisition, the Company recorded the assets and liabilities of the entity at fair value resulting in a gain of $4.5 million . Prior to the entity being wholly owned, the equity method of accounting was used to account for this investment and the Company’s share of net income or loss was reflected in the combined consolidated financial statements as e quity in earnings in losses and gain on consolidation of unconsolidated entity, net . In November 2014, this property was sold as part of the Suburban Select Service Portfolio, and as of December 31, 2016 , the Company does no t have any remaining investments in unconsolidated entities. The summarized results of operations of the Company's investment prior to the purchase of the remaining interest in the joint venture for the year ended December 31, 2014 are presented below (in thousands): January 1 - February 20, 2014 Revenues $ 932 Expenses: Interest expense and loan cost amortization 43 Depreciation and amortization 129 Operating expenses, ground rent and general and administrative expenses 802 Termination fee 325 Total expenses 1,299 Net loss $ (367 ) Company's share of net loss $ (293 )

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties The following table summarizes the Company’s related party transactions (in thousands): Year Ended December 31, 2015 2014 General and administrative allocation (a) $ 1,135 $ 20,747 Business management fee (b) — 1,474 Loan placement fees (c) — 68 Transition services fees (d) 514 — (a) General and administrative allocations include costs from certain corporate and shared functions provided to the Company by InvenTrust, as well as costs associated with participation by certain of the Company's executives in InvenTrust's benefit plans. InvenTrust allocated to the Company a portion of its corporate overhead costs which was based upon the Company's percentage share of the average invested assets of InvenTrust. As InvenTrust was managing various asset portfolios, the extent of services and benefits a portfolio received was based on the size of its assets. Therefore, using average invested assets to allocate costs was a reasonable reflection of the services and other benefits received by the Company and complied with applicable accounting guidance. However, actual costs may have differed from allocated costs if the Company had operated as a stand-alone entity during such period and those differences may have been material. For the years ended December 31, 2015 and 2014 , the general and administrative allocation related to the Suburban Select Service Portfolio was $0 and $4.8 million and was included in discontinued operations on the combined consolidated statement of operations and comprehensive income. Following the time of the spin-off, the Company was not allocated any further general and administrative expenses. (b) During the first quarter of 2014, InvenTrust paid a business management fee to its external manager, Inland American Business Manager and Advisor, Inc. (the "Business Manager") based on the average invested assets. The Company was allocated a portion of the business management fee based upon its percentage share of the average invested assets of InvenTrust. On March 12, 2014, InvenTrust entered into a series of agreements and amendments to existing agreements with affiliates of The Inland Group, Inc. pursuant to which InvenTrust began the process of becoming entirely self-managed (collectively, the "Self-Management Transactions"). In connection with the Self-Management Transactions, InvenTrust agreed with the Business Manager to terminate its management agreement with the Business Manager. The Self-Management Transactions resulted in a final business management fee incurred in January 2014. As a result, the Company was not allocated a business management fee after January 2014. (c) The Company paid a related party of InvenTrust 0.2% of the principal amount of each loan placed for the Company. Such costs were capitalized as loan fees and amortized over the respective loan term. As a result of the spin-off, the Company will no longer be allocated any loan placement fees. (d) In connection with the Company's separation from InvenTrust, the Company entered into a transition services agreement with InvenTrust under which InvenTrust agreed to provide certain transition services to the Company, including services related to information technology systems, financial reporting and accounting and legal services. The expiration date varied by service provided and the agreement terminated on the earlier of March 31, 2016 or the termination of the last service provided under it. In June 2015, the Company terminated all fee-based services provided under the transition services agreement effective July 31, 2015, and thereafter, no additional fees were incurred for services provided by InvenTrust. As of December 31, 2015 , the Company owed $2.6 million to InvenTrust, which is included in other liabilities in the consolidated balance sheet, for purchases of furniture, fixtures and equipment funded by InvenTrust and for other taxes paid by InvenTrust on behalf of the Company.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The following table summarizes the Company’s identified intangible assets, intangible liabilities and goodwill as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Intangible assets: Acquired in-place lease intangibles $ 2,247 $ 2,942 Acquired above market lease costs 405 482 Acquired below market ground lease 36,208 17,091 Advance bookings 263 12,092 Accumulated amortization (4,324 ) (16,661 ) Net intangible assets $ 34,799 $ 15,946 Goodwill 42,113 42,113 Total intangible assets, net $ 76,912 $ 58,059 Intangible liabilities: Acquired below market lease costs $ (4,477 ) $ (4,631 ) Acquired above market ground lease — — Accumulated amortization 791 691 Intangible liabilities, net $ (3,686 ) $ (3,940 ) The portion of the purchase price allocated to acquired above market lease costs and acquired below market lease costs are amortized on a straight line basis over the life of the related lease, including the respective renewal period for below market lease costs with fixed rate renewals, as an adjustment to other revenues. Amortization pertaining to the above market lease is applied as a reduction to other revenues. Amortization pertaining to the below market lease costs is applied as an increase to other revenues. The portion of the purchase price allocated to acquired in-place lease intangibles is amortized on a straight line basis over the life of the related lease and is recorded as amortization expense. The portion of the purchase price allocated to acquired below market ground lease is amortized on a straight line basis over the life of the related lease and is recorded as ground lease expense. The portion of the purchase price allocated to advance bookings is amortized on a straight line basis over the estimated life and is recorded as depreciation and amortization. The following table summarizes the amortization related to intangibles for the years ended December 31, 2016 and 2015 (in thousands): Years Ended December 31, 2016 2015 Amortization of above and below market lease intangibles: Acquired above market lease costs $ (102 ) $ (124 ) Acquired below market lease costs 254 272 Net other revenues increase attributable to amortization $ 152 $ 148 Acquired in-place lease intangibles $ 608 $ 964 Acquired below market ground lease $ 647 $ 380 Advance bookings $ 1,699 $ 2,485 The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities at December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Amortization of above and below market lease intangibles: Acquired above market lease costs $ (38 ) $ (20 ) $ (19 ) $ — $ — $ — $ (77 ) Acquired below market lease costs 249 194 194 194 194 2,661 3,686 Net other revenues increase attributable to amortization $ 211 $ 174 $ 175 $ 194 $ 194 $ 2,661 $ 3,609 Acquired in-place lease intangibles $ 471 $ 157 $ 100 $ — $ — $ — $ 728 Acquired below market ground lease 669 669 669 669 669 30,606 33,951 Advance bookings 31 12 — — — — 43

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt as of December 31, 2016 and 2015 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type (1) Rate (2) Maturity Date December 31, 2016 December 31, 2015 Mortgage Loans Renaissance Atlanta Waverly Hotel & Convention Center (3) Fixed 5.50 % 12/6/2016 $ — $ 97,000 Renaissance Austin Hotel (4) Fixed 5.51 % 12/8/2016 — 83,000 Courtyard Pittsburgh Downtown (5) Fixed 4.00 % 3/1/2017 — 22,607 Marriott Griffin Gate Resort & Spa (6) Variable 3.02 % 3/23/2017 — 34,374 Courtyard Birmingham Downtown at UAB (4) Fixed 5.25 % 4/1/2017 — 13,353 Hilton University of Florida Conference Center Gainesville (7) Fixed 6.46 % 2/1/2018 — 27,775 Fairmont Dallas Variable 2.66 % 4/10/2018 55,498 56,217 Residence Inn Denver City Center Variable 3.00 % 4/17/2018 45,210 45,210 Bohemian Hotel Savannah Riverfront Variable 3.10 % 12/17/2018 27,480 27,480 Andaz Savannah Variable 2.62 % 1/14/2019 21,500 21,500 Hotel Monaco Denver Fixed (8) 2.98 % 1/17/2019 41,000 41,000 Hotel Monaco Chicago (9) Variable 2.95 % 1/17/2019 21,644 26,000 Loews New Orleans Hotel Variable 2.98 % 2/22/2019 37,500 37,500 Andaz Napa Fixed (10) 2.99 % 3/21/2019 38,000 38,000 Westin Galleria Houston & Westin Oaks Houston at The Galleria Variable 3.12 % (11) 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 16,403 16,877 Grand Bohemian Hotel Charleston (VIE) Variable 3.16 % 11/10/2020 19,628 19,950 Grand Bohemian Hotel Mountain Brook (VIE) Variable 3.26 % 12/27/2020 25,899 25,784 Marriott Dallas City Center (12) Variable 3.01 % 1/3/2022 51,000 40,090 Hyatt Regency Santa Clara (12) Variable 2.76 % 1/3/2022 90,000 60,200 Hotel Palomar Philadelphia (13) Fixed (13) 4.14 % 1/13/2023 60,000 — Residence Inn Boston Cambridge (14) Fixed 4.48 % 11/1/2025 63,000 63,000 Grand Bohemian Hotel Orlando (15) Fixed 4.53 % 3/1/2026 60,000 49,360 Total Mortgage Loans 3.31 % (2) $ 783,762 $ 956,277 Mortgage Loan Premium / Discounts, net (16) — — — (319 ) (661 ) Unamortized Deferred Financing Costs, net — — — (6,311 ) (8,305 ) Senior Unsecured Credit Facility Variable 2.31 % 2/3/2019 — — Unsecured Term Loan $175M Fixed (17) 2.74 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M (18) Fixed (17) 3.53 % 10/22/2022 125,000 — Debt, net of loan discounts, premiums and unamortized deferred financing costs (19) 3.24 % (2) $ 1,077,132 $ 1,122,311 (1) Variable index is one month LIBOR. (2) Represents the weighted average interest rate as of December 31, 2016 . (3) In September 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $97 million . (4) In October 2016, the Company elected its prepayment option for the Renaissance Austin Hotel and the Courtyard Birmingham Downtown at UAB and repaid the outstanding balances of the mortgage loans of $83 million and $13 million , respectively. (5) In June 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $22.3 million . (6) In March 2016, the Company elected to exercise its rights under the terms of the mortgage loan to extend the maturity date to March 23, 2017. In October 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $33.8 million . (7) The hotel was sold in February 2016, and the related debt was paid off with proceeds from the sale. The $27.8 million balance of the mortgage was included in liabilities associated with assets held for sale as of December 31, 2015 . (8) In August 2016, the Company entered into an interest rate swap agreement for the entire $41.0 million mortgage loan to fix the interest rate at 2.98% for the remaining term of the loan. (9) During 2016, the Company made additional principal payments of $4.4 million to comply with covenant requirements under the terms of the mortgage loan. (10) Obtained incremental proceeds under terms of the mortgage of $7.5 million in November 2015. Then, in August 2016, the Company entered into an interest rate swap agreement for the entire $38.0 million mortgage loan to fix the interest rate at 2.99% for the remaining term of the loan. (11) The Company modified the terms of the loan in December 2015 to lower the interest rate spread over LIBOR from 3.15% to 2.50% and to extend the prepayment provision. (12) In October 2016, the Company modified the loans collateralized by the Marriott Dallas City Center and the Hyatt Regency Santa Clara. The amendments resulted in $11 million and $30 million of additional proceeds, respectively, and extended the maturity dates to January 2022. (13) In January 2016, the Company entered into a $60 million mortgage loan maturing in January 2023. Simultaneously with the closing of the mortgage loan, the Company entered into an interest rate swap to fix the interest rate at 4.14% for the remaining term of the loan. (14) In October 2015, Company refinanced the mortgage with a new loan bearing a 4.48% fixed interest rate and November 2025 maturity. Additional proceeds of $33 million were received under the refinanced terms of the mortgage. (15) In February 2016, the Company refinanced the mortgage with a new loan bearing a 4.53% fixed interest rate and March 2026 maturity. Additional proceeds of approximately $11 million were received under the refinanced terms of the mortgage, which increased the principal of the loan from approximately $49 million to $60 million . (16) Loan premium/(discounts) on assumed mortgages recorded in purchase accounting and/or upon modification, net of the accumulated amortization. (17) LIBOR has been fixed for the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (18) Funded in January 2016 in connection with the acquisition of the Hotel Commonwealth. (19) Includes the Hilton University of Florida Conference Center Gainesville mortgage of $27.8 million that is included in liabilities associates with assets held for sale on the consolidated balance sheet as of December 31, 2015 . In connection with repaying mortgage loans during the years ended December 31, 2016 and 2015 , the Company incurred prepayment and extinguishment fees of approximately $4.8 million and $5.3 million , respectively, which is included in the loss on extinguishment of debt in the accompanying combined consolidated statements of operations and comprehensive income for the period then ended. The loss from extinguishment of debt also represents the write-off of any unamortized deferred financing costs incurred when the original agreements were executed and termination penalty payments. Debt outstanding as of December 31, 2016 and December 31, 2015 was $1,084 million and $1,131 million and had a weighted average interest rate of 3.24% and 3.51% per annum, respectively. Mortgage premiums and discounts was a net $0.3 million and $0.7 million as of December 31, 2016 and 2015 , respectively. The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2017 $ 2,612 3.26% 2018 130,900 2.91% 2019 273,377 3.02% 2020 59,111 3.42% 2021 177,269 2.81% Thereafter 440,493 3.68% Total Debt $ 1,083,762 3.24% Total Mortgage Discounts, net (319 ) — Unamortized Deferred Financing Costs, net (6,311 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,077,132 3.24% Of the total outstanding debt at December 31, 2016 , approximately $13.9 million is recourse to the Company. Certain loans have options to extend the maturity dates if exercised by the Company, subject to being compliant with certain covenants and the prepayment of an extension fee. We expect to repay, refinance, or extend our maturing debt as they become due. Term Loan Facilities In October 2015, the Company executed a $175 million unsecured term loan with an interest rate of LIBOR plus the applicable rate, as defined per the respective agreement, maturing in February 2021. Simultaneously with the closing of the $175 million unsecured term loan, the Company entered into swap agreements to fix LIBOR at 1.29% for the entire term of the loan, for a combined rate of 2.74% as of December 31, 2016 . A portion of the proceeds from the $175 million unsecured term loan was used to pay off the outstanding balance on the unsecured revolving credit facility and the remaining proceeds were used to pay off one property level mortgage with a principal balance of $53 million . Additionally, in October 2015, the Company executed a $125 million unsecured term loan with an interest rate of LIBOR plus the applicable rate, as defined per the respective agreement, maturing in October 2022. In December 2015, the Company entered into swap agreements to fix LIBOR at 1.83% for the entire term of the loan, for a combined rate of 3.53% as of December 31, 2016 . The $125 million unsecured term loan was funded in January 2016 in connection with the acquisition of the Hotel Commonwealth. Senior Unsecured Credit Facility Prior to the consummation of the spin-off, the Company was allocated $96.0 million of InvenTrust's revolving credit facility. Effective February 3, 2015, this allocation was terminated and the Company entered into a new $400 million senior unsecured credit facility with a syndicate of banks. The new revolving credit facility includes an uncommitted accordion feature which, subject to certain conditions, allows the Company to increase the aggregate availability by up to an additional $350 million . Borrowings under the revolving credit facility bear interest based on LIBOR plus a margin ranging from 1.50% to 2.45% (or, at the Company's election upon achievement of an investment grade rating from Moody’s Investor Services, Inc. or Standard & Poor’s Rating Services, interest based on LIBOR plus a margin ranging from 0.875% to 1.50% ). In addition, until such election, the Company is required to pay an unused commitment fee of up to 0.30% of the unused portion of the credit facility based on the average daily unused portion of the credit facility; thereafter, the Company is required to pay a facility fee ranging between 0.125% and 0.35% based on the Company's debt rating. As of December 31, 2016 , there was no outstanding balance on the senior unsecured facility. During the years ended December 31, 2016 and 2015 the Company incurred unused fees of approximately $1.2 million and $1.0 million , respectively. Financial Covenants Our senior unsecured credit facility and unsecured term loan agreements contain a number of covenants that restrict our ability to incur debt in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios. Failure of the Company to comply with the financial covenants contained in its credit facilities, unsecured term loans and non-recourse secured mortgages could result from, among other things, changes in its results of operations, the incurrence of additional debt or changes in general economic conditions. If the Company violates the financial covenants contained in any of its credit facility, unsecured term loans or mortgages described above, the Company may attempt to negotiate waivers of the violations or amend the terms of the applicable credit facilities, unsecured term loans or mortgages with the lenders thereunder; however, the Company can make no assurance that it would be successful in any such negotiations or that, if successful in obtaining waivers or amendments, such amendments or waivers would be on terms attractive to the Company. If a default under the credit facilities or unsecured term loans were to occur, the Company would possibly have to refinance the debt through additional debt financing, private or public offerings of debt securities, or equity financings. If the Company is unable to refinance its debt on acceptable terms, including at maturity of the credit facility, unsecured term loans, or mortgages it may be forced to dispose of hotel properties on disadvantageous terms, potentially resulting in losses that reduce cash flow from operating activities. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates upon refinancing, increases in interest expense would lower the Company’s cash flow, and, consequently, cash available for distribution to its stockholders. A cash trap associated with a mortgage loan may limit the overall liquidity for the Company as cash from the hotel securing such mortgage would not be available for the Company to use. If the Company is unable to meet mortgage payment obligations, including the payment obligation upon maturity of the mortgage borrowing, the mortgage securing the specific property could be foreclosed upon by, or the property could be otherwise transferred to, the mortgagee with a consequent loss of income and asset value to the Company. As of December 31, 2016 , the Company is in compliance with all debt covenants, current on all loan payments and not otherwise in default under the credit facility, unsecured term loans or mortgage loans.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company primarily uses interest rate swaps as part of its interest rate risk management strategy. For derivative instruments designated as cash flow hedges, unrealized gains and losses on the effective portion are reported in accumulated other comprehensive income (loss), a component of stockholders’ equity. Unrealized gains and losses on the ineffective portion of all designated hedges are recognized in earnings in the current period. At December 31, 2016 , all derivative instruments were designated as cash flow hedges. At December 31, 2016 , the aggregate fair value of interest rate swap assets of $5.1 million was included in other assets in the accompanying consolidated balance sheet. For the year ended December 31, 2016 , the Company had an unrealized loss of $0.3 million that is included in the combined consolidated statements of operations and comprehensive income . At December 31, 2015 , the aggregate fair value of interest rate swap assets of $1.8 million was included in other assets in the accompanying consolidated balance sheet and the aggregate fair value of interest rate swap liabilities of $0.3 million was included in other liabilities in the accompanying consolidated balance sheet. For the year ended December 31, 2015 , the Company had an unrealized gain of $1.5 million that is included in the combined consolidated statements of operations and comprehensive income . The following table summarizes the terms of the derivative financial instruments held by the Company and the asset (liability) that has been recorded (in thousands): Notional Amounts Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 50,000 $ 767 $ 604 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 65,000 1,022 817 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 60,000 940 754 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 50,000 50,000 193 (229 ) $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 88 (145 ) $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 84 (126 ) $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 80 (132 ) Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 60,000 — 1,200 — Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.50% 9/1/2016 1/17/2019 41,000 — 327 — Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.50% 9/1/2016 3/21/2019 38,000 — 354 — $ 439,000 $ 300,000 $ 5,055 1,543 There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge ineffectiveness testing during the years ended December 31, 2016 and December 31, 2015 , respectively. For the year ended December 31, 2016 , the Company reclassified $3.8 million from accumulated other comprehensive income to interest expense. The Company expects approximately $1.6 million will be reclassified from accumulated other comprehensive income to interest expense in the next 12 months.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with FASB ASC 820, Fair Value Measurement and Disclosures, the Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. Recurring Measurements For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows, which is netted as applicable per the terms of the respective master netting agreements (in thousands): Fair Value Measurement Date December 31, 2016 December 31, 2015 Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Assets Interest rate swaps $ 5,055 $ 1,820 Liabilities Interest rate swaps — (277 ) Total $ 5,055 $ 1,543 The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes level 3 inputs such as estimates of current credit spreads. However, the Company has assessed that the credit valuation adjustments are not significant to the overall valuation of the derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified within level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties During the year ended December 31, 2016 , the Company identified three hotel properties that had a reduction in their expected holding period and reviewed the probability of the assets' disposition. The Company recorded an impairment charge of $10.0 million for the year ended December 31, 2016 , based on the estimated fair value using purchase contracts and average selling costs. These properties were subsequently sold in April, May, and June 2016, respectively. No impairments were recorded for the year ended December 31, 2015 . Financial Instruments Not Measured at Fair Value The table below represents the fair value of financial instruments presented at carrying values in the combined consolidated financial statements as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 1,083,443 $ 1,074,820 $ 1,130,616 $ 1,137,149 Total $ 1,083,443 $ 1,074,820 $ 1,130,616 $ 1,137,149 The Company estimates the fair value of its mortgages payable using a weighted average effective interest rate of 4.14% and 3.48% per annum as of December 31, 2016 and December 31, 2015 , respectively. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. At December 31, 2016 and 2015 , the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments and the recent acquisition of these items.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected to be taxed as, and has operated in a manner that management believes will allow the Company to continue to qualify as, a REIT under the Code for federal income tax purposes. So long as the Company qualifies as s a REIT, it generally will not be subject to U.S. federal corporate income tax on the net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal, state and local income tax on its taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for the four years following the failure. Even if the Company continues to qualify for taxation as a REIT, the Company also may be subject to certain federal, state, and local taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to its TRS, (4) certain state or local income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. The Company’s hotels are leased, through its Operating Partnership, to certain subsidiaries of the Company’s TRS. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. For the year ended December 31, 2016 the Company recognized income tax expense of $5.1 million . The Company determined income tax expense for the year ended December 31, 2016 using an estimated federal and state statutory combined rate of 36.26% . During the year ended December 31, 2015 , the Company recognized income tax expense of $6.3 million , of which $1.9 million of the expense related to taxes on a gain on the transfer of a hotel resulting in a more optimal structure in connection with the Company’s intention to elect to be taxed as a REIT. The Company's effective tax rate differed from the federal statutory rate predominately due to the dividends paid deduction, state income taxes, and changes to valuation allowances. During the year ended 2014, the Company recognized $5.9 million income tax expense which was calculated on a "carve-out" basis from InvenTrust. During the year ended 2014, the Company also recognized income tax expense of $4.6 million related to the operations of the Suburban Select Service Portfolio, which was included in discontinued operations. For both the years ended December 31, 2016 and 2015 , 100% of the distributions made to stockholders were taxable as ordinary income for federal tax purposes. The provision for income taxes related to continuing operations consisted of the following: Years Ended December 31, 2016 2015 2014 Current: Federal $ (3,139 ) $ (4,028 ) $ (1,340 ) State (1,196 ) (2,178 ) (1,102 ) Total current $ (4,335 ) $ (6,206 ) $ (2,442 ) Deferred: Federal $ (71 ) $ (471 ) $ (3,303 ) State (671 ) 382 (120 ) Total deferred $ (742 ) $ (89 ) $ (3,423 ) Total tax provision $ (5,077 ) $ (6,295 ) $ (5,865 ) Total tax provision attributable to discontinued operations $ — $ — $ (4,566 ) Below is a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes: Years Ended December 31, 2016 2015 2014 Provision for income taxes at statutory rate $ (32,024 ) $ (33,393 ) $ (14,199 ) Tax benefit related to REIT operations 28,351 27,783 8,786 Income for which no federal tax benefit was recognized (7 ) (1,930 ) (3,092 ) Valuation allowances (20 ) 2,752 3,496 Impact of rate change on deferred tax balances (666 ) — — State tax provision, net of federal (986 ) (1,706 ) (1,015 ) Other 275 199 159 Total tax provision $ (5,077 ) $ (6,295 ) $ (5,865 ) Deferred tax assets and liabilities are included within deferred costs and other assets and other liabilities in the consolidated balance sheets, respectively, and are attributed to the activity of the Company's TRS. The components of the deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows: 2016 2015 Net operating loss $ 4,501 $ 5,063 Deferred income 1,414 1,567 Miscellaneous 89 100 Total deferred tax assets $ 6,004 $ 6,730 Less: Valuation allowance (4,442 ) (4,426 ) Net deferred tax assets $ 1,562 $ 2,304 The Company's remaining U.S. federal net operating loss carryforwards were $11.2 million as of December 31, 2016 and 2015, respectively, and are all subject to limitation. As such, the Company has established a valuation allowance against such amounts. The Company had state net operating loss carryfowards of $26.1 million and $11.2 million as of December 31, 2016 and 2015, respectively, certain of which are subject to limitation. As such, the Company established a $23.4 million and $11.2 million valuation allowance as of December 31, 2016 and 2015, respectively, against these amounts. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income, and tax-planning strategies. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company has considered various factors, including future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies in making this assessment. Based upon tax-planning strategies and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowance of $4.4 million , at December 31, 2016 . The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. During the year ended December 31, 2016 and 2015, the Company increased $20 thousand and reversed $2.8 million , respectively, of the valuation allowance associated with certain deferred tax assets generated by net operating losses. In connection with the utilization of all non-limited U.S. federal net operating loss carryforwards, the Company has determined that such difference will be fully realized. Uncertain Tax Positions The Company had no unrecognized tax benefits as of or during the three-year period ended December 31, 2016 . The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2016 . The Company has no material interest or penalties relating to income taxes recognized in the combined consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015, and 2014 or in the consolidated balance sheets as of December 31, 2016 and 2015 . As of December 31, 2016 , the Company’s 2016 , 2015 , and 2014 tax years remain subject to examination by U.S. and various state tax jurisdictions.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Shares The Company is authorized to issue up to 50 million shares of preferred stock, 0.01 par value per share. On January 5, 2015, the Company issued 125 shares of preferred stock of the Company, designated as 12.5% Series A Cumulative Non-Voting Preferred Stock, $0.01 par value per share, with a liquidation preference of $1,000 per share (the "Series A Preferred Stock"), in a private placement to approximately 125 investors who qualify as "accredited investors" (as that term is defined in Rule 501(a) of Regulation D of the Securities Act of 1933, as amended (the "Securities Act")) for an aggregate purchase price of $125 thousand . On September 30, 2015, the Company redeemed its 125 outstanding shares of the Series A Preferred Stock and the Operating Partnership redeemed its 125 outstanding units of the Series A Preferred Units, for $1,000 per share/unit plus accrued and unpaid dividends of $31.25 per share/unit, and a $100.00 redemption premium, for an aggregate per share/unit redemption of $1,131.25 . Dividends on the Series A Preferred Stock ceased accruing on September 30, 2015. Following the redemption, in accordance with the Company’s charter, the Board of Directors of the Company reclassified the unissued shares of the Company’s Series A Preferred Stock as authorized but unissued shares of Preferred Stock without designation as to series. Common Shares The Company is authorized to issue up to 500 million shares of its Common Stock, $0.01 par value per share. On February 3, 2015, the Company spun off from InvenTrust, its former parent, through a taxable pro rata distribution by InvenTrust of 95% of the Common Stock as of the close of business on January 20, 2015. Each holder of record of InvenTrust's common stock received one share of Common Stock for every eight shares of InvenTrust's common stock held at the close of business on the Record Date. In lieu of fractional shares, stockholders of InvenTrust received cash. On February 4, 2015, Xenia’s Common Stock began trading on the NYSE under the ticker symbol "XHR." As a result of the spin-off, the Company became a stand-alone, publicly-traded company. On February 4, 2015, in conjunction with the listing of the Company's common stock on the NYSE, the Company commenced a modified "Dutch Auction" self-tender offer (the "Tender Offer") to purchase for cash up to $125 million in value of shares of the Company’s Common Stock at a price not greater than $21.00 nor less than $19.00 per share, net to the seller in cash, less any applicable withholding of taxes and without interest. The Tender Offer expired on March 5, 2015. As a result of the Tender Offer, the Company accepted for purchase 1,759,344 shares of its Common Stock at a purchase price of $21.00 per share, for an aggregate purchase price of $36.9 million (excluding fees and expenses relating to the Tender Offer), which was funded from cash on hand. The 1,759,344 shares of Common Stock accepted for purchase in the Tender Offer represented approximately 1.6% of the Company’s Common Stock outstanding as of February 3, 2015, the last day prior to the commencement of the Tender Offer. Stockholders who properly tendered and did not properly withdraw shares of Common Stock in the Tender Offer at or below the final purchase price of $21.00 per share had all of their tendered shares of Common Stock purchased by the Company at $21.00 per share. Distributions Common Stock The Company declared dividends of $1.10 per common stock totaling $118.9 million during the year ended December 31, 2016 and $0.84 per common stock totaling $93.6 million during the year ended December 31, 2015 . For income tax purposes, dividends paid per share on our common stock during the year ended December 31, 2016 and 2015 were 100% taxable as ordinary income. Preferred Stock The Company declared and paid dividends of $12 thousand on its 12.5% Series A preferred stock during the year ended December 31, 2015 . For income tax purposes, dividends paid per share on our common stock during the year ended December 31, 2015 were 100% taxable as ordinary income. Non-controlling Interest of Common Units in Operating Partnership As of December 31, 2016 , the Operating Partnership had 1,378,573 long-term incentive partnership units ("LTIP units") outstanding, representing a 1.3% partnership interest held by the limited partners . Of the 1,378,573 LTIP units outstanding at December 31, 2016 , 118,960 units had vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described in the Note 14. As of December 31, 2015 , the Operating Partnership had 521,450 long-term incentive partnership units ("LTIP units") outstanding, representing a 0.5% partnership interest held by the limited partners . The Company declared dividends of $1.10 per LTIP unit totaling $372 thousand during the year ended December 31, 2016 and $0.84 per LTIP unit totaling $102 thousand during the year ended December 31, 2015 . As of December 31, 2016 and 2015 , the Company accrued $97 thousand and $34 thousand , respectively, in dividends related to the LTIP units. Stock Repurchase Program In December 2015, the Company’s Board of Directors authorized a share repurchase program (the "Repurchase Program") pursuant to which we are authorized to purchase up to $100 million of the Company’s outstanding common stock, par value $0.01 , per share, in the open market, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans. The Repurchase Program does not have an expiration date. The Company is not obligated to repurchase any dollar amount or any number of shares of common stock, and repurchases may be suspended or discontinued at any time. As of December 31, 2015, no shares were repurchased under the Repurchase Program. In November 2016, the Company's Board of Directors authorized the repurchase of up to an additional $75 million of the Company's outstanding common shares. Repurchases may be made in open market, in privately-negotiated transactions or by other means, including Rule 10b5-1 trading plans. This repurchase program may be suspended or discontinued at any time, and does not obligate the Company to acquire any particular amount of shares. For the year ended December 31, 2016 , 4,966,763 shares, had been repurchased under the Repurchase Program, at a weighted average price of $14.89 per share for an aggregate purchase price of $74 million . As of December 31, 2016 , the Company had approximately $101 million remaining under its share repurchase authorization.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations. Income allocated to non-controlling interest in the Operating Partnership has been excluded from the numerator and Operating Partnership Units and vested LTIP Units in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. For periods prior to the spin-off, basic and diluted earnings per share was calculated by dividing net income attributable to the Company by the 113.4 million shares of Common Stock outstanding upon the completion of the spin-off (based on a distribution ratio of one share of Common Stock for every eight shares of InvenTrust common stock). The following table reconciles net income to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2016 2015 2014 Numerator: Net income from continuing operations $ 86,730 $ 89,131 $ 34,679 Non-controlling interests in consolidated entities (Note 5) 268 567 — Non-controlling interests of common units in Operating Partnership (Note 1) (1,143 ) (451 ) — Dividends, preferred shares — (12 ) — Dividends, unvested share-based compensation (473 ) (132 ) — Net income from continuing operations available to common stockholders $ 85,382 $ 89,103 $ 34,679 Net income (loss) from discontinued operations, net of tax — (489 ) 75,120 Net income available to common stockholders $ 85,382 $ 88,614 $ 109,799 Denominator: Weighted average shares outstanding - Basic 108,012,708 111,989,686 113,397,997 Effect of dilutive share-based compensation 130,290 148,537 — Weighted average shares outstanding - Diluted 108,142,998 112,138,223 113,397,997 Basic and diluted earnings per share: Net income from continuing operations $ 0.79 $ 0.79 $ 0.31 Loss from discontinued operations, net of tax — — 0.66 Net income per share $ 0.79 $ 0.79 $ 0.97

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation	Share Based Compensation 2014 Share Unit Plan On September 17, 2014, the board of directors of InvenTrust and the Company’s Board of Directors adopted and ratified the Xenia Hotels & Resorts, Inc. 2014 Share Unit Plan (the "2014 Share Unit Plan"). The 2014 Share Unit Plan provided for the grant of notional "share unit" awards to eligible participants. The 2015 Incentive Award Plan, as defined below, replaced the 2014 Share Unit Plan in connection with the Company’s separation from InvenTrust, and the 2014 Share Unit Plan was terminated in connection with the implementation of the 2015 Incentive Award Plan. Awards outstanding under the 2014 Share Unit Plan at the time of its termination will remain outstanding in accordance with their terms, and the terms and conditions of the 2014 Share Unit Plan will continue to govern such awards. During 2014, InvenTrust and the Company granted share units to certain members of management, the vesting of which was conditioned upon a triggering event, such as a listing or a change in control (the "2014 Share Unit Grants"). A triggering event occurred in February 2015 upon the completion of the spin-off of the Company. As of December 31, 2016 , 98,486 of the 2014 Share Unit Grants were outstanding to certain members of management that will pro-rata vest annually over the remaining two years of the original three year vesting period and are based on continued employment. Additionally, as of December 31, 2016 , 145,283 of the 2014 Share Unit Grants were outstanding to certain members of management that cliff vest in March 2017 and are based on continued employment. Each 2014 Share Unit Grant is convertible to one unit of Common Stock upon vesting. 2015 Incentive Award Plan On January 9, 2015, the Company adopted, and InvenTrust as its sole common stockholder approved, the Company's 2015 Incentive Award Plan (the "2015 Incentive Award Plan") effective as of February 2, 2015 (the date prior to the date of the Company's separation from InvenTrust), under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which the Company competes. The plan allows for the grant of both share-based awards relating to the Company's common stock and partnership units ("LTIP units") in the Operating Partnership. In February 2015, the Board of Directors and certain members of management were granted 25,988 fully vested shares of Common Stock which had a weighted average grant date fair value of $20.55 per share. Restricted Stock Units Grants Between May 5, 2015 and September 30, 2015, the Compensation Committee ("the Compensation Committee") of the Board of Directors of the Company granted share units to certain members of management (the "2015 Restricted Stock Units"). The 2015 Restricted Stock Units include 67,669 share units that are time-based and vest over a three -year period, and 17,032 share units that are performance based. Both the time-based and performance-based units are subject to continued employment and have a weighted average grant date fair value of $20.18 per share. In March 2016, the Compensation Committee ("the Compensation Committee") of the Board of Directors of the Company granted share units to certain Company employees (the "2016 Restricted Stock Units"). The 2016 Restricted Stock Units include 104,079 restricted stock units that are time-based and vest over a three -year period and 51,782 restricted stock units that are performance-based. Both the time-based and performance-based units are subject to continued employment and have a weighted average grant date fair value of $13.09 per share. In April 2016, the Compensation Committee of the Board of Directors of the Company granted an additional 26,738 time-based 2016 Restricted Stock Units to a new executive, with a grant date fair value of $15.34 , with 50% of the time-based 2016 Restricted Stock Units vesting on February 4, 2017 and the remaining 50% vesting on February 4, 2018. Other than the new awards granted to a new executive, each time-based 2016 Restricted Stock Unit will vest as follows, subject to the employee’s continued service through each applicable vesting date: 33% on February 4, 2017, which is the first anniversary of the vesting commencement date of the award (February 4, 2016), 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. Of the performance-based 2015 and 2016 Restricted Stock Units, twenty-five percent ( 25% ) are designated as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units"), and vest based on varying levels of the Company’s TSR over the defined performance period. The other seventy-five percent ( 75% ) of the performance-based 2015 and 2016 Restricted Stock Units are designated as relative TSR share units (the "Relative TSR Share Units") and vest based on the ranking of the Company’s TSR as compared to its defined peer group over the defined performance period. LTIP Unit Grants LTIP Units are a class of limited partnership units in the Operating Partnership. Initially the LTIP Units do not have full parity with common units of the Operating Partnership with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the LTIP Units can over time achieve full parity with the common units for all purposes. If such parity is reached, vested LTIP Units may be converted into an equal number of common units on a one for one basis at any time at the request of the LTIP Unit holder or the general partner of the Operating Partnership. Common units are redeemable for cash based on the fair market value of an equivalent number of shares of the Company’s Common Stock, or, at the election of the Company, an equal number of shares of the Company’s Common Stock, each subject to adjustment in the event of stock splits, specified extraordinary distributions or similar events. In May 2015, the Compensation Committee approved the issuance of 409,874 performance-based LTIP Units (the "2015 Class A LTIP Units") and 88,175 time-based LTIP Units (the "2015 Time-Based LTIP Units") of the Operating Partnership under the 2015 Incentive Award Plan that had a weighted average grant date fair value of $14.10 per unit. Each award of 2015 Time-Based LTIP Units will vest as follows, subject to the executive’s continued service through each applicable vesting date: 33% on February 4, 2016, the first anniversary of the vesting commencement date of the award (February 4, 2015), 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. In June 2015, pursuant to the Company's Director Compensation Program, as amended and restated as of May 29, 2015, the Company approved the issuance of an aggregate of 23,401 fully vested LTIP Units of the Operating Partnership under the 2015 Incentive Award Plan to the Company's seven non-employee directors upon election to our Board of Directors with a weighted average grant date fair value of $22.44 per share In March 2016, the Compensation Committee approved the issuance of 664,515 performance-based LTIP Units (the "2016 Class A LTIP Units") and 78,076 time-based LTIP Units (the "2016 Time-Based LTIP Units") of the Operating Partnership under the 2015 Incentive Award Plan that had a weighted average grant date fair value of $7.86 per unit. In April 2016, the Compensation Committee approved the issuance of 110,179 2016 Class A LTIP Units and 12,945 2016 Time-Based LTIP Units to a new executive that had an average grant date fair value of $7.85 per unit. Each award of 2016 Time-Based LTIP Units will vest as follows, subject to the executive’s continued service through each applicable vesting date: 33% on February 4, 2017, which is the first anniversary of the vesting commencement date of the award (February 4, 2016), 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. In May 2016, pursuant to the Company's Director Compensation Program, as amended and restated as of September 17, 2015, the Company approved the issuance of 33,894 fully vested LTIP Units of the Operating Partnership under the 2015 Incentive Award Plan to the Company's seven non-employee directors with a weighted average grant date fair value of $15.49 . A portion of each award of Class A 2015 and 2016 LTIP Units is designated as a number of "base units." Twenty-five percent ( 25% ) of the base units are designated as absolute TSR base units, and vest based on varying levels of the Company’s TSR over the defined performance period. The other seventy-five percent ( 75% ) of the base units are designated as relative TSR base units and vest based on the ranking of the Company’s TSR as compared to its defined peer group over the defined performance period. LTIP Units (other than Class A LTIP Units that have not vested), whether vested or not, receive the same quarterly per-unit distributions as common units in the Operating Partnership, which equal the per-share distributions on the common stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on common units in the Operating Partnership. The following is a summary of the non-vested incentive awards under the 2014 Share Unit Plan and the 2015 Incentive Award Plan as of December 31, 2016 and 2015: 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Non-vested as of January 1, 2015 817,640 — — 817,640 Adjustment for final units at spin-off date (462,959 ) — — (462,959 ) Granted — 84,701 521,450 606,151 Vested (8,977 ) — (23,401 ) (32,378 ) Expired — — — — Forfeited (3,485 ) — — (3,485 ) Non-vested as of December 31, 2015 342,219 84,701 498,049 924,969 Granted — 182,599 899,609 1,082,208 Vested (98,450 ) (29,148 ) (95,559 ) (223,157 ) Expired — — (42,486 ) (42,486 ) Forfeited — — — — Non-vested as of December 31, 2016 243,769 238,152 1,259,613 1,741,534 Vested as of December 31, 2016 107,427 29,148 118,960 255,535 Weighted average fair value of non-vested shares/units $ 20.18 $ 14.92 $ 9.67 $ 11.86 (1) Includes Time-Based LTIP Units and Class A LTIP Units. The fair value of the time-based awards is determined based on the closing price of the Company’s common stock on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield May 5, 2015 Absolute TSR Restricted Stock Units 25% $9.51 26.85% 0.09% - 1.05% 4.25% Relative TSR Restricted Stock Units 75% $16.16 26.85% 0.09% - 1.05% 4.25% Absolute TSR Class A LTIPs 25% $9.51 26.85% 0.09% - 1.05% 4.25% Relative TSR Class A LTIPs 75% $16.16 26.85% 0.09% - 1.05% 4.25% March 17, 2016 and April 25, 2016 Absolute TSR Restricted Stock Units 25% $6.88 31.42% 0.50% - 1.14% 7.12% Relative TSR Restricted Stock Units 75% $8.85 31.42% 0.50% - 1.14% 7.12% Absolute TSR Class A LTIPs 25% $7.06 31.42% 0.50% - 1.14% 7.12% Relative TSR Class A LTIPs 75% $8.95 31.42% 0.50% - 1.14% 7.12% The absolute and relative stockholder returns are market conditions as defined by ASC 718, Compensation Stock Compensation. Market conditions include provisions wherein the vesting condition is met through the achievement of a specific value of the Company’s common stock, which is total stockholder return, in this case. Market conditions differ from other performance awards under ASC 718 in that the probability of attaining the condition (and thus vesting in the shares) is reflected in the initial grant date fair value of the award. Accordingly, it is not appropriate to reconsider the probability of vesting in the award subsequent to the initial measurement of the award, nor is it appropriate to reverse any of the expense if the condition is not met. Therefore, once the expense for these awards is measured, the expense must be recognized over the service period regardless of whether the target is met, or at what level the target is met. Expense may only be reversed if the holder of the instrument forfeits the award by leaving the employment of the Company prior to vesting. For the year ended December 31, 2016 , the Company recognized approximately $9.5 million in compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, other officers and members of management, which included $1.2 million of accelerated share-based compensation expense related to management transition and severance agreement, $0.5 million provided to the Company's Board of Directors, and capitalized approximately $0.6 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. As of December 31, 2016 , there was $10.5 million of total unrecognized compensation costs related to non-vested restricted stock units, Class A LTIP Units and Time-Based LTIP Units issued under the 2014 Share Unit Plan and the 2015 Incentive Award Plan, as applicable, which are expected to be recognized over a remaining weighted-average period of 1.6 additional years. For the year ended December 31, 2015 , the Company recognized approximately $1.1 million , of share-based compensation expense related to vested stock and LTIP Unit payments under the 2014 Share Unit Plan and the 2015 Incentive Award Plan, of which approximately $1.1 million for year ended December 31, 2015 was provided to the Board of Directors and approximately $9 thousand was provided to certain of the Company's officers. In addition, in connection with the 2014 Share Unit Plan and the 2015 Incentive Award Plan, during the year ended December 31, 2015 the Company recognized approximately $5.1 million , in compensation expense (net of forfeitures) related to share units, Class A LTIP Units and Time-Based LTIP Units provided to certain of its executive officers, other officers and members of management and capitalized approximately $0.4 million , related to restricted stock units provided to certain other officers and members of management that oversee development and capital projects on behalf of the Company. Additionally, this includes a cumulative catch up for compensation expenses related to the fourth quarter of 2014 because the effectiveness of the grants was subject to the completion of the spin-off of the Company from InvenTrust, which occurred on February 3, 2015. As of December 31, 2015 , there was $10.4 million of total unrecognized compensation costs related to non-vested restricted share units, Class A LTIP Units and Time Based LTIP Units issued under the 2014 Share Unit Plan and the 2015 Incentive Award Plan, which are expected to be recognized over a remaining weighted-average period of 2 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Certain leases and operating agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of December 31, 2016 and December 31, 2015 , the Company had a balance of $58.6 million and $65.7 million , respectively, in reserves for such future improvements which is included in restricted cash and escrows on the consolidated balance sheets. In September 2016, the Company commenced on the amended lease for its corporate office headquarters. The lease expires in September 2028, and requires the Company to make annual rental payments of approximately $0.4 million which escalate over the term of lease. The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the financial statements of the Company. In addition, in connection with the Company's separation from InvenTrust, on August 8, 2014, the Company entered into an Indemnity Agreement, as amended, with InvenTrust pursuant to which InvenTrust has agreed to the fullest extent allowed by law or government regulation, to absolutely, irrevocably and unconditionally indemnify, defend and hold harmless the Company and its subsidiaries, directors, officers, agents, representatives and employees (in each case, in such person’s respective capacity as such) and their respective heirs, executors, administrators, successors and assignees from and against all losses, including but not limited to "actions" (as defined in the Indemnity Agreement), arising from: (1) the non-public, formal, fact-finding investigation by the SEC as described in InvenTrust's public filings with the SEC (the "SEC Investigation"); (2) the three related demands (including the Derivative Lawsuit described below) received by InvenTrust ("Derivative Demands") from stockholders to conduct investigations regarding claims similar to the matters that are subject to the SEC Investigation and as described in InvenTrust' public filings with the SEC; (3) the derivative lawsuit filed on March 21, 2013 on behalf of InvenTrust by counsel for stockholders who made the first Derivative Demand (the "Derivative Lawsuit"); and (4) the investigation by the Special Litigation Committee of the board of directors of InvenTrust. In each case, regardless of when or where the loss took place, or whether any such loss, claim, accident, occurrence, event or happening is known or unknown, and regardless of whether such loss, claim, accident, occurrence, event or happening giving rise to the loss existed prior to, on or after February 3, 2015, the separation date or relates to, arises out of or results from actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to, on or after February 3, 2015, the separation date. On March 25, 2015, InvenTrust announced that the SEC had informed InvenTrust that the SEC had concluded its formal, non-public investigation of matters related to InvenTrust. The SEC informed InvenTrust that, based on the information received to date, it did not intend to recommend any enforcement action against InvenTrust. Ground Leases The Company leases the land from third parties underlying four of its hotels and has a partial ground lease for the meeting facility at one hotel. The average remaining initial lease term at December 31, 2016 was approximately 46 years, and the average remaining lease term including available renewal rights under the terms of the lease agreements was approximately 64 years. All of the Company's ground leases are accounted for as operating leases. For lease agreements with scheduled rent increases, we recognize the lease expense ratably over the term of the lease. During the years ended December 31, 2016, 2015, and 2014 , we recognized ground lease expense of $5.4 million , $5.2 million , and $5.5 million , respectively, which includes amortization of ground lease intangibles and variable rent payments, and is included in ground lease expense on the combined consolidated statements of operations and comprehensive income. As of December 31, 2016 , future minimum ground lease payments are as follows (in thousands): 2017 $ 3,232 2018 3,232 2019 3,232 2020 3,232 2021 3,232 Thereafter 104,046 Total $ 120,206

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2017, the Company executed swaps to fix the interest rates on the loans collateralized by the Marriott Dallas City Center and the Hyatt Regency Santa Clara at 4.05% and 3.81% , respectively, which become effective March 1, 2017 through the maturity of the mortgage loans in January 2022.

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (unaudited)	Quarterly Operating Results (unaudited) The following represents the results of operations, for each quarterly period, during the years ended December 31, 2016 and 2015 (in thousands, except per share data): Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 235,035 $ 261,378 $ 233,946 $ 219,801 $ 950,160 Net income (loss) from continuing operations (9,169 ) 26,141 20,431 49,327 86,730 Net income (loss) attributable to non-controlling interests 254 (373 ) (189 ) (567 ) (875 ) Net income (loss) attributable to the Company (8,915 ) 25,768 20,242 48,760 85,855 Net income (loss) attributable to common stockholders (8,915 ) 25,768 20,242 48,760 85,855 Net income (loss) per share available to common stockholders, basic and diluted $ (0.08 ) $ 0.24 $ 0.19 $ 0.44 $ 0.79 Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 227,874 $ 251,223 $ 248,453 $ 248,594 $ 976,144 Net income (loss) from continuing operations (14,377 ) 23,750 17,847 61,911 89,131 Net loss from discontinued operations (489 ) — — — (489 ) Net income (loss) attributable to non-controlling interests — (3 ) 251 (132 ) 116 Net income (loss) attributable to the Company (14,866 ) 23,747 18,098 61,779 88,758 Net income (loss) attributable to common stockholders (14,866 ) 23,739 18,094 61,779 88,746 Net income (loss) per share available to common stockholders, basic and diluted $ (0.13 ) $ 0.21 $ 0.16 $ 0.55 $ 0.79

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Initial Cost (A) Gross amount at which carried at end of period Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Andaz Napa $ 38,000 $ 10,150 $ 57,012 $ — $ 797 $ 10,150 $ 57,809 $ 67,959 $ 12,351 2009 9/20/2013 5 - 30 years Andaz San Diego — 6,949 43,430 — 4,684 6,949 48,114 55,063 9,088 1914 3/4/2013 5 - 30 years Andaz Savannah 21,500 2,680 36,212 — 553 2,680 36,765 39,445 5,275 2009 9/10/2013 5 - 30 years Aston Waikiki Beach Hotel — — 171,989 — 4,836 — 176,825 176,825 24,312 1969 2/28/2014 5 - 30 years Bohemian Hotel Celebration, an Autograph Collection Hotel — 1,232 19,000 — 1,310 1,232 20,310 21,542 3,888 1999 2/6/2013 5 - 30 years Bohemian Hotel Savannah, an Autograph Collection Hotel 27,480 2,300 24,240 — 1,176 2,300 25,416 27,716 6,652 2009 8/9/2012 5 - 30 years Canary Santa Barbara — 22,361 57,822 — 589 22,361 58,411 80,772 3,822 2005 7/16/2015 5 - 30 years Courtyard Birmingham Downtown at UAB — — 20,810 1,552 2,411 1,552 23,221 24,773 10,510 2005 2/8/2008 5 - 30 years Courtyard Fort Worth Downtown/Blackstone — 774 45,820 — 6,342 774 52,162 52,936 21,986 1929 2/8/2008 5 - 30 years Courtyard Kansas City Country Club Plaza — 3,426 16,349 — 3,868 3,426 20,217 23,643 9,617 1926 7/1/2007 5 - 30 years Courtyard Pittsburgh Downtown — 2,700 33,086 — 2,711 2,700 35,797 38,497 11,201 1898/1902 5/11/2010 5 - 30 years Fairmont Dallas 55,498 8,700 60,634 — 17,175 8,700 77,809 86,509 27,569 1968 8/1/2011 5 - 30 years Grand Bohemian Hotel Charleston 19,628 4,550 26,582 — 119 4,550 26,701 31,251 1,776 2015 8/27/2015 5 - 30 years Grand Bohemian Hotel Mountain Brook 25,899 2,000 42,246 — 277 2,000 42,523 44,523 2,625 2015 10/22/2015 5 - 30 years Grand Bohemian Hotel Orlando, an Autograph Collection Hotel 60,000 7,739 75,510 — 3,132 7,739 78,642 86,381 15,844 2001 12/27/2012 5 - 30 years Initial Cost (A) Gross amount at which carried at end of period Hotel Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Hampton Inn & Suites Baltimore Inner Harbor $ — $ 1,700 $ 21,067 $ — $ 2,197 $ 1,700 $ 23,264 $ 24,964 $ 9,060 1906 7/1/2007 5 - 30 years Hilton Garden Inn Washington DC Downtown — 18,800 64,359 — 6,087 18,800 70,446 89,246 30,175 2000 2/8/2008 5 - 30 years Hotel Commonwealth — — 114,085 — 211 — 114,296 114,296 5,222 2003 1/15/2016 5 - 30 years Hotel Monaco Chicago 21,644 15,056 40,841 — 1,727 15,056 42,568 57,624 7,667 1912 11/1/2013 5 - 30 years Hotel Monaco Denver 41,000 5,742 69,158 — 1,656 5,742 70,814 76,556 11,421 1917/1937 11/1/2013 5 - 30 years Hotel Monaco Salt Lake City — 1,777 56,156 — 3,002 1,777 59,158 60,935 9,233 1924 11/1/2013 5 - 30 years Hotel Palomar Philadelphia 60,000 9,060 90,909 — 671 9,060 91,580 100,640 6,277 1929 7/28/2015 5 - 30 years Hyatt Centric Key West Resort & Spa — 40,986 34,529 — 5,393 40,986 39,922 80,908 6,307 1988 11/15/2103 5 - 30 years Hyatt Regency Santa Clara 90,000 — 100,227 — 11,661 — 111,888 111,888 19,482 1986 9/20/2013 5 - 30 years Key West Bottling Court Retail Center — 4,144 2,682 — 18 4,144 2,700 6,844 187 1953 11/25/2014 5 - 30 years Loews New Orleans 37,500 3,529 70,652 — 5,387 3,529 76,039 79,568 11,285 1972 10/11/2013 5 - 30 years Lorien Hotel & Spa — 4,365 40,888 — 1,006 4,365 41,894 46,259 8,064 2009 10/24/2013 5 - 30 years Marriott Charleston Town Center 16,403 — 26,647 — 9,017 — 35,664 35,664 12,794 1982 2/25/2011 5 - 30 years Marriott Chicago at Medical District/UIC — 8,831 17,911 — 6,036 8,831 23,947 32,778 11,983 1988 2/8/2008 5 - 30 years Marriott Dallas City Center 51,000 6,300 45,158 — 20,598 6,300 65,756 72,056 27,193 1980 9/30/2010 5 - 30 years Marriott Griffin Gate Resort & Spa — 8,638 54,960 1,498 8,992 10,136 63,952 74,088 17,026 1981 3/23/2012 5 - 30 years Initial Cost (A) Gross amount at which carried at end of period Hotel Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Marriott Napa Valley Hotel & Spa $ — $ 14,800 $ 57,223 $ — $ 16,038 $ 14,800 $ 73,261 $ 88,061 $ 16,166 1979 8/26/2011 5 - 30 years Marriott San Francisco Airport Waterfront — 36,700 72,370 — 23,236 36,700 95,606 132,306 23,670 1985 3/23/2012 5 - 30 years Marriott West Des Moines — 3,410 15,416 — 5,669 3,410 21,085 24,495 8,189 1981 5/11/2010 5 - 30 years Marriott Woodlands Waterway Hotel & Convention Center — 5,500 98,886 — 29,972 5,500 128,858 134,358 52,151 2002 11/21/2007 5 - 30 years Renaissance Atlanta Waverly Hotel & Convention Center — 6,834 90,792 — 12,406 6,834 103,198 110,032 24,956 1983 3/23/2012 5 - 30 years Renaissance Austin Hotel — 10,656 97,960 — 12,562 10,656 110,522 121,178 27,334 1986 3/23/2012 5 - 30 years Residence Inn Baltimore Inner Harbor — — 55,410 — 4,612 — 60,022 60,022 25,226 2005 2/8/2008 5 - 30 years Residence Inn Boston Cambridge 63,000 10,346 72,735 — 6,391 10,346 79,126 89,472 30,264 1999 2/8/2008 5 - 30 years Residence Inn Denver City Center 45,210 5,291 74,638 — 679 5,291 75,317 80,608 12,274 2006 4/17/2013 5 - 30 years RiverPlace Hotel — 18,322 46,664 — 690 18,322 47,354 65,676 3,445 1985 7/16/2015 5 - 30 years Westin Galleria Houston 60,000 7,842 112,850 — 12,127 7,842 124,977 132,819 19,287 1977 8/22/2013 5 - 30 years Westin Oaks Houston at the Galleria 50,000 4,262 96,090 — 2,036 4,262 98,126 102,388 17,121 1971 8/22/2013 5 - 30 years Totals $ 783,762 $ 328,452 $ 2,472,005 $ 3,050 $ 260,057 $ 331,502 $ 2,732,062 $ 3,063,564 $ 619,975 Notes: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) The aggregate cost of real estate owned at December 31, 2016 for federal income tax purposes was approximately $3,157 million (unaudited). (C) Cost capitalized subsequent to acquisition includes payments under master lease agreements as well as additional tangible costs associated with investment properties, including any earn-out of tenant space. Impairment charges are recorded as a reduction in the basis. (D) Reconciliation of real estate owned (includes continuing operations and operations of assets classified as held for sale): 2016 2015 2014 Balance at January 1 $ 3,221,989 $ 3,048,960 $ 2,875,766 Acquisitions 114,085 245,138 178,022 Capital improvements 57,919 50,640 48,489 Reclasses of properties under development — 75,378 — Disposals and write-offs (330,429 ) (141,265 ) (53,317 ) Properties classified as held for sale — (56,862 ) — Balance at December 31 $ 3,063,564 $ 3,221,989 $ 3,048,960 (E) Reconciliation of accumulated depreciation (includes continuing operations and operations of assets classified as held for sale): 2016 2015 2014 Balance at January 1 $ 580,285 $ 505,986 $ 376,510 Depreciation expense, continuing operations 143,212 142,530 137,476 Depreciation expense, properties classified as held for sale — 1,893 — Accumulated depreciation, properties classified as held for sale — (22,353 ) — Disposals and write-offs (103,522 ) (47,771 ) (8,000 ) Balance at December 31 $ 619,975 $ 580,285 $ 505,986 (F) Depreciation is computed based upon the following estimated lives: Buildings and improvements 30 years Tenant improvements Life of the lease Furniture, fixtures & equipment 5 - 15 years

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation As described in Note 1, on February 3, 2015, Xenia was spun off from InvenTrust. Prior to the separation, the Company effectuated certain reorganization transactions which were designed to consolidate the ownership of its hotels into its Operating Partnership, consolidate its TRS lessees in its TRS, facilitate its separation from InvenTrust, and enable the Company to qualify as a REIT for federal income tax purposes. The accompanying combined consolidated financial statements prior to the spin-off have been "carved out" of InvenTrust’s consolidated financial statements and reflect significant assumptions and allocations. The combined consolidated financial statements reflect the operations of the Company after giving effect to the reorganization transactions, the disposition of other hotels previously owned by the Company, and the spin-off, and include allocations of costs from certain corporate and shared functions provided to the Company by InvenTrust, as well as costs associated with participation by certain of the Company's executives and employees in InvenTrust’s benefit plans. Corporate costs directly associated with the Company's principal executive offices, personnel and other administrative costs are reflected as general and administrative expenses on the combined consolidated statements of operations and comprehensive income . Additionally, prior to the spin-off, InvenTrust allocated to the Company a portion of its corporate overhead costs based upon the Company's percentage share of the average invested assets of InvenTrust, which is reflected in general and administrative expenses. The general and administrative expenses for the period from January 1, 2015 to February 3, 2015 and for the year ended December 31, 2014 include costs related to the reorganization transactions and spin off that are non-recurring in nature. Based on these presentation matters, the financial statements for the year ended December 31, 2016 may not be comparable to prior periods. As InvenTrust was managing various asset portfolios, the extent of services and benefits a portfolio received was based on the size of its assets. Therefore, using average invested assets to allocate costs was a reasonable reflection of the services and other benefits received by the Company and complied with applicable accounting guidance. However, actual costs may have differed from allocated costs if the Company had operated as a stand-alone entity during such period and those differences may have been material. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in Note 8.
Use of Estimates	Use of Estimates The preparation of the combined consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties T he Company has a geographical concentration risk related to revenues that are generated from three hotels located in the Houston-area market. For the year ended December 31, 2016 and 2015, total revenues from our three Houston-area hotels accounted for approximately 10% and 12% , respectively, of total revenues. To the extent that there are adverse changes in this market, or the industry sectors that operate in this market, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations.
Reclassifications and Revisions	Reclassifications and Revisions Certain reclassifications were made on the consolidated balance sheet as of December 31, 2015 to present the hotel assets sold in 2016 as assets held for sale and liabilities associated with assets held for sale. See Note 4 for further information. Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the year ended December 31, 2016 .
Consolidation	Consolidation The Company evaluates its investments in limited liability companies and partnerships to determine whether such entities may be a variable interest entity ("VIE"). If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in FASB ASC 810, or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. On January 1, 2016, the Company adopted Accounting Standards Update ("ASU") 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"), which amended the consolidation guidance for VIE's and general partner's investments in limited partnerships and modifies the evaluation of whether limited partnership and similar legal entities are VIEs or voting interest entities. Upon adoption of ASU 2015-02, the Company concluded there was no change required in the accounting of its two previously identified VIEs in our two investments in real estate entities and therefore will continue to consolidate these VIEs for reporting purposes, as further described in Note 5. However, the Company concluded that the Operating Partnership now meets the criteria as a VIE under ASU 2015-02. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. As such, there is no change in the presentation of the consolidated financial statements of the Company upon adoption of ASU 2015-02.
Non-controlling Interests	Non-controlling Interests The Company’s combined consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the combined consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The combined consolidated statement of equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2016 , all share-based payments awards are included in permanent equity. As of December 31, 2016 , the consolidated results of the Company include the following ownership interests held by owners other than the Company: (i) the common limited partnership units in the Operating Partnership held by certain current and former members of the Company's executive officers and Board of Directors, and (ii) the outside ownership interest in our two investments in real estate entities.
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage and other ancillary amenities. Revenue is recognized when rooms are occupied and services have been rendered. Cash received prior to guest arrival is recorded as an advance from the guest and recognized as revenue at the time of occupancy. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues) in the accompanying combined consolidated statements of operations and comprehensive income. For retail operations, rental revenue is recognized on a straight-line basis over the lives of the retail leases. These revenue sources are affected by conditions impacting the travel and hospitality industry as well as competition from other hotels and businesses in similar markets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance.
Capitalization and Depreciation - Real Estate	Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Depreciation expense is computed using the straight line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements.
Capitalization and Depreciation - Construction and Improvements	Direct and indirect costs that are clearly related to the construction and improvements of investment properties are capitalized. Costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress. Interest costs are also capitalized during such periods, which included $0 and $0.7 million for the years ended December 31, 2016 and 2015 , respectively. The Company capitalizes project management salaries and benefits and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.1 million and $1.6 million for years ended December 31, 2016 and 2015 .
Acquisition of Real Estate	Acquisition of Real Estate The Company allocates the purchase price of each acquired business (as defined in the accounting guidance related to business combinations, FASB ASC 805, Business Combinations) between tangible and intangible assets at full fair value on the acquisition date. Such tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, customer relationships, and any assumed financing that is determined to be above or below market terms. Any additional amounts are allocated to goodwill as required, based on the remaining purchase price in excess of the fair value of the tangible and intangible assets acquired and liabilities assumed. The allocation of the purchase price is an area that requires judgment and significant estimates. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of above or below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The Company expenses acquisition costs of all acquired businesses as incurred. This includes all costs related to finding, analyzing and negotiating a transaction, whether or not the acquisition is completed.
Goodwill	Goodwill The excess of the cost of an acquired entity over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill is recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. In accordance with FASB ASC 350, Intangibles - Goodwill and Other, the Company tests goodwill for impairment by making a qualitative assessment of whether it is more likely than not that the specific property's fair value is less than its carrying amount before application of the two-step goodwill impairment test. The two-step goodwill test is not performed for those assets where it is concluded that it is not more likely than not that the fair value of a specific property is greater than its carrying amount. For those specific properties where this is not the case, the two step procedure detailed below is followed in order to determine the amount of goodwill impairment. In the first step, the estimated fair value of each property with goodwill is compared to the carrying value of the property’s assets, including goodwill. The fair value is based on estimated future cash flow projections that utilize discount and capitalization rates, which are generally unobservable in the market place (Level 3 inputs), but approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. In this second step, if the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment charge is recorded in an amount equal to that excess.
Impairment	Impairment The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable, such as a reduction in the expected holding period of the asset or a change in demand for lodging at the Company's hotels. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows and related holding period is based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties.
Investment Properties Held for Sale	Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation on the investment properties held for sale, including depreciation for additions, as well as on the amortization of acquired in-place leases. The investment properties and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheets for the most recent reporting period and recorded at the lesser of the carrying value or fair value less costs to sell. All historical periods presented for investment properties and liabilities associated with those investment properties that are held for sale are reclassified for comparative purposes. Additionally, if the sale constitutes a strategic shift with a major effect on operations, the operations are classified on the combined consolidated statements of operations and comprehensive income as discontinued operations for all periods presented.
Disposition of Real Estate	Disposition of Real Estate The Company accounts for dispositions in accordance with FASB ASC 360-20, Real Estate Sales. The Company recognizes gain in full when real estate is sold, provided (a) the profit is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated, and (b) the earnings process is virtually complete, that is, the seller is not obliged to perform significant activities after the sale to earn the profit and the buyer has paid a significant non-refundable deposit. Prior to 2014, the Company recorded all dispositions as discontinued operations for the applicable periods presented. Upon the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the Company records a disposition as discontinued operations only if it represents a strategic shift and has (or will have) a major effect on the Company's results and operations.
Discontinued Operations	Discontinued Operations In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") , which included amendments that changed the requirements for reporting discontinued operations and required additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expanded the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 was effective for interim and annual reporting periods in fiscal years that began after December 15, 2014. The Company elected to early adopt ASU 2014-08. Effective January 1, 2014 asset disposals were included as a component of income from continuing operations unless the disposal represented a strategic shift and has (or will have) a major effect on the entity's results and operations.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to senior unsecured credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The balance of unamortized deferred financing costs related to the line of credit is included in other assets and costs related to long-term debt are presented in debt on the consolidated balance sheet.
Derivatives and Hedging Activities	Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.
Comprehensive Income	Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income.
Income Taxes	Income Taxes The Company has elected to be taxed as, and has operated in a manner that management believes will allow it to continue to qualify as, a REIT under the Internal Revenue Code of 1986, as amended, (the "Code") for federal income tax purposes. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal income tax on taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal, state and local income tax on its taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for the four years following the failure. Even if the Company qualifies for taxation as a REIT, the Company also may be subject to certain federal, state, and local taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to its TRS, (4) certain state or local income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. To continue to qualify as a REIT, the Company cannot operate or manage its hotels. Accordingly, the Company, through its Operating Partnership, leases all of its hotels to subsidiaries of its TRS. The TRS is subject to federal, state and local income tax at regular corporate rates. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including future reversal of existing taxable temporary differences, future projected taxable income and tax-planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s analysis in determining the deferred tax asset valuation allowance involves management judgment and assumptions. Income tax expense in the combined consolidated financial statements for the period from January 1, 2015 through February 3, 2015 and for year ended December 31, 2014 was calculated on a "carve-out" basis from InvenTrust.
Share-Based Compensation	Share-Based Compensation The Company has adopted a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, performance units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve parity with other Operating Partnership units or achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the accompanying combined consolidated statements of operations and comprehensive income and capitalized in building and other improvements in the consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. During 2014, the Company maintained the Xenia Hotels & Resorts, Inc. 2014 Share Unit Plan. The 2014 Share Unit Plan provided for the grant of "share unit" awards to eligible participants. The value of a "share unit" was determined based on a phantom capitalization of the Company's lodging business and does not necessarily correspond to the value of a share of common stock of Xenia. Vesting of the share units granted in 2014 was conditioned upon the occurrence of a triggering event, such as a listing, which occurred on February 4, 2015. The Company did not recognize share based compensation expense until the triggering event occurred.
Earnings Per Share	Earnings Per Share Basic earnings per share ("EPS") is computed by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding the weighted average number of unvested shared-based compensation awards outstanding during the period. Diluted EPS is calculated by dividing net income available to common stockholders, by the weighted average number of common shares outstanding during the period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per-share calculation.
Segment Information	Segment Information We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective, although it will not affect the accounting for rental related revenues. The new standard is effective for the Company on January 1, 2018, pursuant to ASU No. 2015-09 which deferred the adoption date by one year. Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 and related updates will have on its consolidated financial statements and related disclosures. Although the Company is still evaluating the revenue streams and the timing of recognition under the new model, a significant change to our current revenue recognition policies is not expected. Additionally, the Company has begun evaluating the sale of non-financial assets to entities that are not customers, such as the disposition of real estate assets. Historically, hotel dispositions have been cash sales that required no contingencies for future involvement in the hotel's operations and, therefore, the Company does not expect ASU No. 2014-09 to have a material impact on its recognition of hotel sales. The Company has not yet selected a transition method. In February 2016, the FASB issued ASU 2016-02, Leases, which replaces ASC Topic 840, Leases, and requires most lessee leases to be recorded on the Company's balance sheet as either operating or financing leases with a right of use asset with a corresponding lease liability measured at present value. Operating leases will be recognized on the income statement on a straight-line basis as lease expense and financing leases will be accounted for similar to the accounting for amortizing debt. Leases with terms of less than 12 months will continue to be accounted for as they are under the current standard. The new standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company is still evaluating the effect that ASU 2016-02 will have on its combined consolidated financial statements and related disclosures, but expects potentially significant lease-related right of use assets and liabilities to be recorded on the balance sheet for both equipment and ground leases. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which changes the way certain cash receipts and cash payments are presented and classified on the statement of cash flows in order to reduce diversity in practice across all industries. The standard clarifies classification for debt prepayment or debt extinguishment costs, proceeds from the settlement of insurance claims, and contingent consideration payments made after business combination among other things. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect ASU No. 2016-15 to have a significant impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which enhances the presentation requirements of restricted cash. The standard aims to unify presentation and minimize the diversity in practice. These presentation changes include increased disclosures surrounding the restrictions on cash and the inclusion of the restricted cash balance in the reconciliation completed at the end of the statement of cash flows. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company does not expect ASU No. 2016-18 to have a significant impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new standard is effective for the Company on January 1, 2018, however, early adoption is permitted. The Company is evaluating the effect that ASU 2017-01 will have on its consolidated financial statements and related disclosures. Also in January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment. The guidance is intended to simplify the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test under the current guidance, which requires a hypothetical purchase price allocation. A goodwill impairment under ASU 2017-04 will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The new standard is effective for the Company on January 1, 2020, however, early adoption is permitted. The Company is evaluating the effect that ASU 2017-04 will have on its consolidated financial statements and related disclosures.

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following is a summary of the hotel acquisitions for the year ended December 31, 2015 (dollar amounts in thousands): Property Location Acquisition Date Rooms (Unaudited) Purchase Price (1) Canary Santa Barbara Santa Barbara, CA July 2015 97 $ 80,000 Hotel Palomar Philadelphia Philadelphia, PA July 2015 230 100,000 RiverPlace Hotel Portland, OR July 2015 84 65,000 Total 411 $ 245,000 (1) All hotels are managed by Kimpton Hotel & Restaurant Group, LLC and were acquired as part of a portfolio acquisition.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following reflects the purchase price allocation for the hotel acquired during the year ended December 31, 2016 and the three hotels acquired during the year ended December 31, 2015 (in thousands) : December 31, 2016 December 31, 2015 Land $ — $ 49,743 Building and improvements 103,847 172,928 Furniture, fixtures, and equipment 10,238 21,907 Intangibles and other assets (1) 21,915 422 Total purchase price $ 136,000 $ 245,000 (1) As part of the purchase price allocation for the Hotel Commonwealth, the Company allocated $21.7 million to a below market lease intangible that will be amortized on a straight-line basis over the remaining term of the underlying ground lease, which expires in 2087.
Business Acquisition, Pro Forma Information	The unaudited proforma financial information is as follows (in thousands, except per share and per share data): Year Ended December 31, 2016 2015 Revenue $ 950,454 $ 1,018,916 Net income attributable to common stockholders (1) $ 86,571 $ 85,348 Net income per share attributable to common stockholders - basic and diluted $ 0.80 $ 0.76 Weighted average number of common shares - basic 108,012,708 111,989,686 Weighted average number of common shares - diluted 108,142,998 112,138,223 (1) The pro forma results above exclude acquisition costs of $0.1 million and $4.5 million for the years ended December 31, 2016 and 2015 , respectively.

Disposed Properties (Tables)

Disposed Properties (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table presents the results of operations for the respective periods that the Company owned such assets or was involved with the operations of such ventures during the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Revenues $ — $ 224,490 Depreciation and amortization expense — 35,864 Other expenses 511 146,229 Operating (loss) income from discontinued operations $ (511 ) $ 42,397 Interest and other expense — (33,012 ) Income tax expense — (4,566 ) Gain on sale of properties 22 135,692 Loss on extinguishment of debt — (65,391 ) Net (loss) income from discontinued operations $ (489 ) $ 75,120 The following represents the disposition details for the properties sold during the years ended December 31, 2016 , 2015 , and 2014 (in thousands, except rooms): Property Date Rooms (unaudited) Gross Sale Price Net Proceeds Gain on sale / (Impairment) Hilton University of Florida Conference Center Gainesville (1) 02/2016 248 $ 36,000 $ 32,055 (4) $ 649 DoubleTree by Hilton Washington DC (1) 04/2016 220 65,000 (5) 63,550 (96 ) Embassy Suites Baltimore North/Hunt Valley (1) 05/2016 223 20,000 19,459 (8,036 ) Marriott Atlanta Century Center/Emory Area & Hilton Phoenix Suites (1)(2) 06/2016 513 50,750 50,048 (1,903 ) Hilton St. Louis Downtown at the Arch (1) 12/2016 195 21,500 (5) 20,896 252 Hampton Inn & Suites Denver Downtown, Hilton Garden Inn Chicago North Shore/Evanston, and Homewood Suites by Hilton Houston Near the Galleria (1)(2) 12/2016 488 97,000 (5) 92,653 29,152 Total for the year ended December 31, 2016 1,887 $ 290,250 $ 278,661 $ 20,018 Hyatt Regency Orange County (1) 10/2015 656 137,000 132,995 (6) 43,178 Total for the year ended December 31, 2015 656 $ 137,000 $ 132,995 $ 43,178 Crowne Plaza Charleston Airport - Convention Center (1) 05/2014 166 13,250 2,027 960 DoubleTree Suites Atlanta Galleria (1) 08/2014 154 12,600 11,907 (96 ) Suburban Select Service Portfolio - 52 properties (3) 11/2014 6,976 1,071,000 533,399 135,670 Holiday Inn Secaucus Meadowlands (1) 12/2014 161 4,600 3,927 (171 ) Total for the year ended December 31, 2014 7,457 $ 1,101,450 $ 551,260 $ 136,363 (1) Included in net income from continuing operations in the combined consolidated statements of operations and comprehensive income for the periods of ownership in accordance with ASU No. 2014-08 through the date of their disposition, as they did not represent a strategic shift or have a major effect on the Company's results of operations. (2) The hotels were sold as part of a portfolio sales agreement. (3) In November 2014, the Company sold 52 select-service hotels (the "Suburban Select Service Portfolio") consisting of 6,976 rooms (unaudited). The sale of the Suburban Select Service Portfolio represented a strategic shift and had a major impact on the financial statements. The operations of these 52 select service hotels are reflected as discontinued operations pursuant to ASU 2014-08 on the combined consolidated statements of operations and comprehensive income for the years ended December 31, 2015 and 2014 . (4) The Company was entitled to net proceeds at closing of $32.1 million , and in conjunction with the sale repaid the $27.8 million outstanding property level mortgage. (5) As of December 31, 2016, $5.5 million of the sales proceeds related to escrows held back at closing were outstanding. The Company expects to collect these amounts in 2017. (6) The Company received net proceeds of $70.6 million , after paying off the $61.9 million outstanding property level mortgage at the time of the sale, and retained the $5.9 million balance in the hotel's capital expenditure reserve account. The major classes of assets and liabilities for the nine properties disposed of during the year ended December 31, 2016 were reclassified as held for sale at December 31, 2015 as follows (in thousands): December 31, 2015 Land (1) $ 43,196 Building and other improvements 344,091 Total $ 387,287 Less accumulated depreciation (125,875 ) Net investment properties $ 261,412 Restricted cash and escrows 4,826 Accounts and rents receivable, net 1,727 Intangible assets, net 2,456 Deferred costs and other assets 2,364 Total assets held for sale $ 272,785 Debt $ 27,775 Accounts payable and accrued expenses 8,211 Other liabilities 690 Total liabilities of assets held for sale $ 36,676 (1) The Hilton University of Florida Conference Center Gainesville and the Marriott Atlanta Century Center/Emory Area were subject to ground leases. The Company has no future obligations under the terms of these ground leases as part of the disposition of these hotels.

Investment in Real Estate Ent30

Investment in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Variable Interest Entities	The following are the liabilities of the consolidated VIE's, which are non-recourse to the Company, and the assets that can be used to settle those obligations (in thousands): December 31, 2016 December 31, 2015 Net investment properties $ 71,157 $ 74,592 Other assets 3,283 2,548 Total assets $ 74,440 $ 77,140 Mortgages payable (45,287 ) (45,734 ) Other liabilities (2,541 ) (2,848 ) Total liabilities $ (47,828 ) $ (48,582 ) Net assets $ 26,612 $ 28,558
Real Estate Investment Financial Statements	The summarized results of operations of the Company's investment prior to the purchase of the remaining interest in the joint venture for the year ended December 31, 2014 are presented below (in thousands): January 1 - February 20, 2014 Revenues $ 932 Expenses: Interest expense and loan cost amortization 43 Depreciation and amortization 129 Operating expenses, ground rent and general and administrative expenses 802 Termination fee 325 Total expenses 1,299 Net loss $ (367 ) Company's share of net loss $ (293 )

Transactions with Related Par31

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions (in thousands): Year Ended December 31, 2015 2014 General and administrative allocation (a) $ 1,135 $ 20,747 Business management fee (b) — 1,474 Loan placement fees (c) — 68 Transition services fees (d) 514 — (a) General and administrative allocations include costs from certain corporate and shared functions provided to the Company by InvenTrust, as well as costs associated with participation by certain of the Company's executives in InvenTrust's benefit plans. InvenTrust allocated to the Company a portion of its corporate overhead costs which was based upon the Company's percentage share of the average invested assets of InvenTrust. As InvenTrust was managing various asset portfolios, the extent of services and benefits a portfolio received was based on the size of its assets. Therefore, using average invested assets to allocate costs was a reasonable reflection of the services and other benefits received by the Company and complied with applicable accounting guidance. However, actual costs may have differed from allocated costs if the Company had operated as a stand-alone entity during such period and those differences may have been material. For the years ended December 31, 2015 and 2014 , the general and administrative allocation related to the Suburban Select Service Portfolio was $0 and $4.8 million and was included in discontinued operations on the combined consolidated statement of operations and comprehensive income. Following the time of the spin-off, the Company was not allocated any further general and administrative expenses. (b) During the first quarter of 2014, InvenTrust paid a business management fee to its external manager, Inland American Business Manager and Advisor, Inc. (the "Business Manager") based on the average invested assets. The Company was allocated a portion of the business management fee based upon its percentage share of the average invested assets of InvenTrust. On March 12, 2014, InvenTrust entered into a series of agreements and amendments to existing agreements with affiliates of The Inland Group, Inc. pursuant to which InvenTrust began the process of becoming entirely self-managed (collectively, the "Self-Management Transactions"). In connection with the Self-Management Transactions, InvenTrust agreed with the Business Manager to terminate its management agreement with the Business Manager. The Self-Management Transactions resulted in a final business management fee incurred in January 2014. As a result, the Company was not allocated a business management fee after January 2014. (c) The Company paid a related party of InvenTrust 0.2% of the principal amount of each loan placed for the Company. Such costs were capitalized as loan fees and amortized over the respective loan term. As a result of the spin-off, the Company will no longer be allocated any loan placement fees. (d) In connection with the Company's separation from InvenTrust, the Company entered into a transition services agreement with InvenTrust under which InvenTrust agreed to provide certain transition services to the Company, including services related to information technology systems, financial reporting and accounting and legal services. The expiration date varied by service provided and the agreement terminated on the earlier of March 31, 2016 or the termination of the last service provided under it. In June 2015, the Company terminated all fee-based services provided under the transition services agreement effective July 31, 2015, and thereafter, no additional fees were incurred for services provided by InvenTrust.

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Identified Intangible Assets, Intangible Liabilities and Goodwill	The following table summarizes the Company’s identified intangible assets, intangible liabilities and goodwill as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Intangible assets: Acquired in-place lease intangibles $ 2,247 $ 2,942 Acquired above market lease costs 405 482 Acquired below market ground lease 36,208 17,091 Advance bookings 263 12,092 Accumulated amortization (4,324 ) (16,661 ) Net intangible assets $ 34,799 $ 15,946 Goodwill 42,113 42,113 Total intangible assets, net $ 76,912 $ 58,059 Intangible liabilities: Acquired below market lease costs $ (4,477 ) $ (4,631 ) Acquired above market ground lease — — Accumulated amortization 791 691 Intangible liabilities, net $ (3,686 ) $ (3,940 )
Summary of Amortization Related to Intangibles	The following table summarizes the amortization related to intangibles for the years ended December 31, 2016 and 2015 (in thousands): Years Ended December 31, 2016 2015 Amortization of above and below market lease intangibles: Acquired above market lease costs $ (102 ) $ (124 ) Acquired below market lease costs 254 272 Net other revenues increase attributable to amortization $ 152 $ 148 Acquired in-place lease intangibles $ 608 $ 964 Acquired below market ground lease $ 647 $ 380 Advance bookings $ 1,699 $ 2,485
Summary of Amortization During the Next Five Years and Thereafter	The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities at December 31, 2016 (in thousands): 2017 2018 2019 2020 2021 Thereafter Total Amortization of above and below market lease intangibles: Acquired above market lease costs $ (38 ) $ (20 ) $ (19 ) $ — $ — $ — $ (77 ) Acquired below market lease costs 249 194 194 194 194 2,661 3,686 Net other revenues increase attributable to amortization $ 211 $ 174 $ 175 $ 194 $ 194 $ 2,661 $ 3,609 Acquired in-place lease intangibles $ 471 $ 157 $ 100 $ — $ — $ — $ 728 Acquired below market ground lease 669 669 669 669 669 30,606 33,951 Advance bookings 31 12 — — — — 43

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Debt as of December 31, 2016 and 2015 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type (1) Rate (2) Maturity Date December 31, 2016 December 31, 2015 Mortgage Loans Renaissance Atlanta Waverly Hotel & Convention Center (3) Fixed 5.50 % 12/6/2016 $ — $ 97,000 Renaissance Austin Hotel (4) Fixed 5.51 % 12/8/2016 — 83,000 Courtyard Pittsburgh Downtown (5) Fixed 4.00 % 3/1/2017 — 22,607 Marriott Griffin Gate Resort & Spa (6) Variable 3.02 % 3/23/2017 — 34,374 Courtyard Birmingham Downtown at UAB (4) Fixed 5.25 % 4/1/2017 — 13,353 Hilton University of Florida Conference Center Gainesville (7) Fixed 6.46 % 2/1/2018 — 27,775 Fairmont Dallas Variable 2.66 % 4/10/2018 55,498 56,217 Residence Inn Denver City Center Variable 3.00 % 4/17/2018 45,210 45,210 Bohemian Hotel Savannah Riverfront Variable 3.10 % 12/17/2018 27,480 27,480 Andaz Savannah Variable 2.62 % 1/14/2019 21,500 21,500 Hotel Monaco Denver Fixed (8) 2.98 % 1/17/2019 41,000 41,000 Hotel Monaco Chicago (9) Variable 2.95 % 1/17/2019 21,644 26,000 Loews New Orleans Hotel Variable 2.98 % 2/22/2019 37,500 37,500 Andaz Napa Fixed (10) 2.99 % 3/21/2019 38,000 38,000 Westin Galleria Houston & Westin Oaks Houston at The Galleria Variable 3.12 % (11) 5/1/2019 110,000 110,000 Marriott Charleston Town Center Fixed 3.85 % 7/1/2020 16,403 16,877 Grand Bohemian Hotel Charleston (VIE) Variable 3.16 % 11/10/2020 19,628 19,950 Grand Bohemian Hotel Mountain Brook (VIE) Variable 3.26 % 12/27/2020 25,899 25,784 Marriott Dallas City Center (12) Variable 3.01 % 1/3/2022 51,000 40,090 Hyatt Regency Santa Clara (12) Variable 2.76 % 1/3/2022 90,000 60,200 Hotel Palomar Philadelphia (13) Fixed (13) 4.14 % 1/13/2023 60,000 — Residence Inn Boston Cambridge (14) Fixed 4.48 % 11/1/2025 63,000 63,000 Grand Bohemian Hotel Orlando (15) Fixed 4.53 % 3/1/2026 60,000 49,360 Total Mortgage Loans 3.31 % (2) $ 783,762 $ 956,277 Mortgage Loan Premium / Discounts, net (16) — — — (319 ) (661 ) Unamortized Deferred Financing Costs, net — — — (6,311 ) (8,305 ) Senior Unsecured Credit Facility Variable 2.31 % 2/3/2019 — — Unsecured Term Loan $175M Fixed (17) 2.74 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M (18) Fixed (17) 3.53 % 10/22/2022 125,000 — Debt, net of loan discounts, premiums and unamortized deferred financing costs (19) 3.24 % (2) $ 1,077,132 $ 1,122,311 (1) Variable index is one month LIBOR. (2) Represents the weighted average interest rate as of December 31, 2016 . (3) In September 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $97 million . (4) In October 2016, the Company elected its prepayment option for the Renaissance Austin Hotel and the Courtyard Birmingham Downtown at UAB and repaid the outstanding balances of the mortgage loans of $83 million and $13 million , respectively. (5) In June 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $22.3 million . (6) In March 2016, the Company elected to exercise its rights under the terms of the mortgage loan to extend the maturity date to March 23, 2017. In October 2016, the Company elected its prepayment option and repaid the outstanding balance of the mortgage loan of $33.8 million . (7) The hotel was sold in February 2016, and the related debt was paid off with proceeds from the sale. The $27.8 million balance of the mortgage was included in liabilities associated with assets held for sale as of December 31, 2015 . (8) In August 2016, the Company entered into an interest rate swap agreement for the entire $41.0 million mortgage loan to fix the interest rate at 2.98% for the remaining term of the loan. (9) During 2016, the Company made additional principal payments of $4.4 million to comply with covenant requirements under the terms of the mortgage loan. (10) Obtained incremental proceeds under terms of the mortgage of $7.5 million in November 2015. Then, in August 2016, the Company entered into an interest rate swap agreement for the entire $38.0 million mortgage loan to fix the interest rate at 2.99% for the remaining term of the loan. (11) The Company modified the terms of the loan in December 2015 to lower the interest rate spread over LIBOR from 3.15% to 2.50% and to extend the prepayment provision. (12) In October 2016, the Company modified the loans collateralized by the Marriott Dallas City Center and the Hyatt Regency Santa Clara. The amendments resulted in $11 million and $30 million of additional proceeds, respectively, and extended the maturity dates to January 2022. (13) In January 2016, the Company entered into a $60 million mortgage loan maturing in January 2023. Simultaneously with the closing of the mortgage loan, the Company entered into an interest rate swap to fix the interest rate at 4.14% for the remaining term of the loan. (14) In October 2015, Company refinanced the mortgage with a new loan bearing a 4.48% fixed interest rate and November 2025 maturity. Additional proceeds of $33 million were received under the refinanced terms of the mortgage. (15) In February 2016, the Company refinanced the mortgage with a new loan bearing a 4.53% fixed interest rate and March 2026 maturity. Additional proceeds of approximately $11 million were received under the refinanced terms of the mortgage, which increased the principal of the loan from approximately $49 million to $60 million . (16) Loan premium/(discounts) on assumed mortgages recorded in purchase accounting and/or upon modification, net of the accumulated amortization. (17) LIBOR has been fixed for the entire term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (18) Funded in January 2016 in connection with the acquisition of the Hotel Commonwealth. (19) Includes the Hilton University of Florida Conference Center Gainesville mortgage of $27.8 million that is included in liabilities associates with assets held for sale on the consolidated balance sheet as of December 31, 2015 .
Schedule of Maturities of Long-term Debt	The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2017 $ 2,612 3.26% 2018 130,900 2.91% 2019 273,377 3.02% 2020 59,111 3.42% 2021 177,269 2.81% Thereafter 440,493 3.68% Total Debt $ 1,083,762 3.24% Total Mortgage Discounts, net (319 ) — Unamortized Deferred Financing Costs, net (6,311 ) — Debt, net of loan discounts and unamortized deferred financing costs $ 1,077,132 3.24%

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Terms of the Derivative Financial Instruments Held by the Company	The following table summarizes the terms of the derivative financial instruments held by the Company and the asset (liability) that has been recorded (in thousands): Notional Amounts Fair Value Hedged Debt Type Fixed Rate Index Effective Date Maturity December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 $ 50,000 $ 50,000 $ 767 $ 604 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 65,000 65,000 1,022 817 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.50% 10/22/2015 2/15/2021 60,000 60,000 940 754 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 50,000 50,000 193 (229 ) $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 88 (145 ) $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 84 (126 ) $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.80% 1/15/2016 10/22/2022 25,000 25,000 80 (132 ) Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 60,000 — 1,200 — Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.50% 9/1/2016 1/17/2019 41,000 — 327 — Mortgage Debt Swap 0.89% 1-Month LIBOR + 2.50% 9/1/2016 3/21/2019 38,000 — 354 — $ 439,000 $ 300,000 $ 5,055 1,543

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of their fair value is as follows, which is netted as applicable per the terms of the respective master netting agreements (in thousands): Fair Value Measurement Date December 31, 2016 December 31, 2015 Description Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 2) Assets Interest rate swaps $ 5,055 $ 1,820 Liabilities Interest rate swaps — (277 ) Total $ 5,055 $ 1,543
Fair Value, Option, Qualitative Disclosures	The table below represents the fair value of financial instruments presented at carrying values in the combined consolidated financial statements as of December 31, 2016 and December 31, 2015 (in thousands): December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 1,083,443 $ 1,074,820 $ 1,130,616 $ 1,137,149 Total $ 1,083,443 $ 1,074,820 $ 1,130,616 $ 1,137,149

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes related to continuing operations consisted of the following: Years Ended December 31, 2016 2015 2014 Current: Federal $ (3,139 ) $ (4,028 ) $ (1,340 ) State (1,196 ) (2,178 ) (1,102 ) Total current $ (4,335 ) $ (6,206 ) $ (2,442 ) Deferred: Federal $ (71 ) $ (471 ) $ (3,303 ) State (671 ) 382 (120 ) Total deferred $ (742 ) $ (89 ) $ (3,423 ) Total tax provision $ (5,077 ) $ (6,295 ) $ (5,865 ) Total tax provision attributable to discontinued operations $ — $ — $ (4,566 )
Schedule of Effective Income Tax Rate Reconciliation	Below is a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes: Years Ended December 31, 2016 2015 2014 Provision for income taxes at statutory rate $ (32,024 ) $ (33,393 ) $ (14,199 ) Tax benefit related to REIT operations 28,351 27,783 8,786 Income for which no federal tax benefit was recognized (7 ) (1,930 ) (3,092 ) Valuation allowances (20 ) 2,752 3,496 Impact of rate change on deferred tax balances (666 ) — — State tax provision, net of federal (986 ) (1,706 ) (1,015 ) Other 275 199 159 Total tax provision $ (5,077 ) $ (6,295 ) $ (5,865 )
Schedule of Deferred Tax Assets and Liabilities	The components of the deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows: 2016 2015 Net operating loss $ 4,501 $ 5,063 Deferred income 1,414 1,567 Miscellaneous 89 100 Total deferred tax assets $ 6,004 $ 6,730 Less: Valuation allowance (4,442 ) (4,426 ) Net deferred tax assets $ 1,562 $ 2,304

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net income to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2016 2015 2014 Numerator: Net income from continuing operations $ 86,730 $ 89,131 $ 34,679 Non-controlling interests in consolidated entities (Note 5) 268 567 — Non-controlling interests of common units in Operating Partnership (Note 1) (1,143 ) (451 ) — Dividends, preferred shares — (12 ) — Dividends, unvested share-based compensation (473 ) (132 ) — Net income from continuing operations available to common stockholders $ 85,382 $ 89,103 $ 34,679 Net income (loss) from discontinued operations, net of tax — (489 ) 75,120 Net income available to common stockholders $ 85,382 $ 88,614 $ 109,799 Denominator: Weighted average shares outstanding - Basic 108,012,708 111,989,686 113,397,997 Effect of dilutive share-based compensation 130,290 148,537 — Weighted average shares outstanding - Diluted 108,142,998 112,138,223 113,397,997 Basic and diluted earnings per share: Net income from continuing operations $ 0.79 $ 0.79 $ 0.31 Loss from discontinued operations, net of tax — — 0.66 Net income per share $ 0.79 $ 0.79 $ 0.97

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following is a summary of the non-vested incentive awards under the 2014 Share Unit Plan and the 2015 Incentive Award Plan as of December 31, 2016 and 2015: 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Non-vested as of January 1, 2015 817,640 — — 817,640 Adjustment for final units at spin-off date (462,959 ) — — (462,959 ) Granted — 84,701 521,450 606,151 Vested (8,977 ) — (23,401 ) (32,378 ) Expired — — — — Forfeited (3,485 ) — — (3,485 ) Non-vested as of December 31, 2015 342,219 84,701 498,049 924,969 Granted — 182,599 899,609 1,082,208 Vested (98,450 ) (29,148 ) (95,559 ) (223,157 ) Expired — — (42,486 ) (42,486 ) Forfeited — — — — Non-vested as of December 31, 2016 243,769 238,152 1,259,613 1,741,534 Vested as of December 31, 2016 107,427 29,148 118,960 255,535 Weighted average fair value of non-vested shares/units $ 20.18 $ 14.92 $ 9.67 $ 11.86 (1) Includes Time-Based LTIP Units and Class A LTIP Units. The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield May 5, 2015 Absolute TSR Restricted Stock Units 25% $9.51 26.85% 0.09% - 1.05% 4.25% Relative TSR Restricted Stock Units 75% $16.16 26.85% 0.09% - 1.05% 4.25% Absolute TSR Class A LTIPs 25% $9.51 26.85% 0.09% - 1.05% 4.25% Relative TSR Class A LTIPs 75% $16.16 26.85% 0.09% - 1.05% 4.25% March 17, 2016 and April 25, 2016 Absolute TSR Restricted Stock Units 25% $6.88 31.42% 0.50% - 1.14% 7.12% Relative TSR Restricted Stock Units 75% $8.85 31.42% 0.50% - 1.14% 7.12% Absolute TSR Class A LTIPs 25% $7.06 31.42% 0.50% - 1.14% 7.12% Relative TSR Class A LTIPs 75% $8.95 31.42% 0.50% - 1.14% 7.12%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Ground Lease Payments	As of December 31, 2016 , future minimum ground lease payments are as follows (in thousands): 2017 $ 3,232 2018 3,232 2019 3,232 2020 3,232 2021 3,232 Thereafter 104,046 Total $ 120,206

Quarterly Operating Results (40

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following represents the results of operations, for each quarterly period, during the years ended December 31, 2016 and 2015 (in thousands, except per share data): Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 235,035 $ 261,378 $ 233,946 $ 219,801 $ 950,160 Net income (loss) from continuing operations (9,169 ) 26,141 20,431 49,327 86,730 Net income (loss) attributable to non-controlling interests 254 (373 ) (189 ) (567 ) (875 ) Net income (loss) attributable to the Company (8,915 ) 25,768 20,242 48,760 85,855 Net income (loss) attributable to common stockholders (8,915 ) 25,768 20,242 48,760 85,855 Net income (loss) per share available to common stockholders, basic and diluted $ (0.08 ) $ 0.24 $ 0.19 $ 0.44 $ 0.79 Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 227,874 $ 251,223 $ 248,453 $ 248,594 $ 976,144 Net income (loss) from continuing operations (14,377 ) 23,750 17,847 61,911 89,131 Net loss from discontinued operations (489 ) — — — (489 ) Net income (loss) attributable to non-controlling interests — (3 ) 251 (132 ) 116 Net income (loss) attributable to the Company (14,866 ) 23,747 18,098 61,779 88,758 Net income (loss) attributable to common stockholders (14,866 ) 23,739 18,094 61,779 88,746 Net income (loss) per share available to common stockholders, basic and diluted $ (0.13 ) $ 0.21 $ 0.16 $ 0.55 $ 0.79

Organization - Narrative (Detai

Organization - Narrative (Details)	Feb. 03, 2015$ / shares	Dec. 31, 2016unitproperty$ / shares	Dec. 31, 2015unitproperty$ / shares	Dec. 31, 2014unitproperty	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Common stock, distribution, spinoff transaction, percentage	95.00%
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Common stock, spinoff transaction, conversion ratio	0.125
Number of hotels (property)		42	50	48
Number of guest rooms (unit) | unit		10,911	12,548	12,636
Variable interest entity, primary beneficiary
Noncontrolling Interest [Line Items]
Variable interest entity, ownership percentage					75.00%
Wholly Owned Properties
Noncontrolling Interest [Line Items]
Number of hotels (property)		40	48	46
Consolidated Properties | Variable interest entity, primary beneficiary
Noncontrolling Interest [Line Items]
Number of hotels (property)		2	2	2
Variable interest entity, ownership percentage		75.00%	75.00%	75.00%
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership percentage by parent		98.70%
Ownership percentage by noncontrolling owners		1.30%

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Risks and Uncertainties (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenue | Geographic Concentration Risk | Houston-area market
Concentration Risk [Line Items]
Concentration risk (as a percent)	10.00%	12.00%

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Non-controlling Interests (Details) - property	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Number of hotels (property)	42	50	48
Variable interest entity, primary beneficiary | Consolidated Properties
Related Party Transaction [Line Items]
Number of hotels (property)	2	2	2

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Restricted Cash and Escrows (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and escrows	$ 70,973	$ 72,771
Hotel Furniture, Fixtures, and Equipment Reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and escrows	58,600	65,700
Lenders' Restricted Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and escrows	3,600	4,000
Post Acquisition Escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and escrows	5,500	$ 3,100
Capital Spending Reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and escrows	$ 3,300

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Capitalization and Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Capitalized interest costs	$ 0	$ 700,000
Capitalized project management costs	$ 2,100,000	$ 1,600,000
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Furniture and Fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and Fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Land, Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Land, Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Goodwill	$ 42,113,000	$ 42,113,000
Goodwill, impairment loss	$ 0	$ 0	$ 0

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Line of Credit
Debt Instrument [Line Items]
Deferred financing costs	$ 3.1	$ 3.1
Accumulated amortization, deferred finance costs	1.5	0.7
Long-Term Debt
Debt Instrument [Line Items]
Deferred financing costs	12.5	18.5
Accumulated amortization, deferred finance costs	$ 6.2	$ 10.2

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Comprehensive income attributable to the Company	$ 89,321	$ 90,301	$ 109,799
Accumulated other comprehensive income	$ 5,009	$ 1,543

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Number of segments reported	1

Investment Properties - Narrati

Investment Properties - Narrative (Details)	Aug. 24, 2014USD ($)property	Jan. 31, 2016USD ($)unit	Dec. 31, 2016USD ($)unit	Dec. 31, 2015USD ($)unitproperty	Dec. 31, 2014USD ($)unit
Investment Properties [Line Items]
Number of guest rooms (unit) | unit			10,911	12,548	12,636
Acquisition transaction costs			$ 154,000	$ 5,046,000	$ 1,192,000
Loss from Catastrophes
Investment Properties [Line Items]
Loss contingency number of properties | property	2
Loss contingency, loss in period	$ 9,000,000
Loss contingency, receivable	$ 9,000,000		0	0
Insurance recoveries				6,200,000
Hotel Commonwealth
Investment Properties [Line Items]
Business combination, consideration transferred		$ 136,000,000
Deposits for acquisition of hotel properties		$ 20,000,000
Number of guest rooms (unit) | unit		245
Number of rooms in real estate property, expansion amount | unit		96
Acquisition transaction costs			100,000
Revenue attributed to acquired properties			25,700,000
Net income attributed to acquired properties			$ 4,200,000
Hotel Commonwealth | Mortgages | Term Loan $125M
Investment Properties [Line Items]
Proceeds from issuance of debt		$ 125,000,000
RiverPlace Hotel, Canary Hotel, and Hotel Palomar
Investment Properties [Line Items]
Business combination, consideration transferred				$ 245,000,000
Number of guest rooms (unit) | unit				411
Number of properties acquired (property) | property				3
Acquisition transaction costs				$ 4,500,000
Revenue attributed to acquired properties				24,400,000
Net income attributed to acquired properties				$ 5,000,000

Investment Properties - Schedul

Investment Properties - Schedule of Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)unit	Dec. 31, 2016unit	Dec. 31, 2014unit
Investment Properties [Line Items]
Rooms (Unaudited)	12,548	10,911	12,636
Canary Santa Barbara
Investment Properties [Line Items]
Rooms (Unaudited)	97
Purchase Price | $	$ 80,000
Hotel Palomar Philadelphia
Investment Properties [Line Items]
Rooms (Unaudited)	230
Purchase Price | $	$ 100,000
RiverPlace Hotel
Investment Properties [Line Items]
Rooms (Unaudited)	84
Purchase Price | $	$ 65,000
RiverPlace Hotel, Canary Hotel, and Hotel Palomar
Investment Properties [Line Items]
Rooms (Unaudited)	411
Purchase Price | $	$ 245,000

Investment Properties - Purchas

Investment Properties - Purchase Price Allocation of Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Hotel Commonwealth
Investment Properties [Line Items]
Land	$ 0
Building and improvements	103,847
Furniture, fixtures, and equipment	10,238
Intangibles and other assets	21,915
Total purchase price	136,000
Below market lease intangible acquired	$ 21,700
RiverPlace Hotel, Canary Hotel, and Hotel Palomar
Investment Properties [Line Items]
Land		$ 49,743
Building and improvements		172,928
Furniture, fixtures, and equipment		21,907
Intangibles and other assets		422
Total purchase price		$ 245,000

Investment Properties - Pro For

Investment Properties - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Revenue	$ 950,454	$ 1,018,916
Net income attributable to common stockholders (excluding acquisition costs)	$ 86,571	$ 85,348
Net income per share attributable to common stockholders - basic and diluted (in dollars per share)	$ 0.80	$ 0.76
Weighted average number of common shares, basic (in shares)	108,012,708	111,989,686	113,397,997
Weighted average number of common shares, diluted (in shares)	108,142,998	112,138,223	113,397,997

Disposed Properties - Narrative

Disposed Properties - Narrative (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2015USD ($)land_parcel	Dec. 31, 2016property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
InvenTrust Properties | InvenTrust Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of land parcels transferred (land_parcel) | land_parcel	1
Property, plant and equipment, transfers and changes	$ 1,200,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold (property) | property		9
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash provided by (used in) operating activities, held-for-sale			$ (500,000)	$ (18,200,000)
Cash provided by (used in) investing activities, held-for-sale			$ 0	$ 1,043,300,000

Disposed Properties - Details o

Disposed Properties - Details of Disposition (Details) $ in Thousands	1 Months Ended										12 Months Ended
	Dec. 31, 2016USD ($)unitproperty	Jun. 30, 2016USD ($)unit	May 31, 2016USD ($)unit	Apr. 30, 2016USD ($)unit	Feb. 29, 2016USD ($)unit	Oct. 31, 2015USD ($)unit	Dec. 31, 2014USD ($)unitproperty	Nov. 30, 2014USD ($)unitproperty	Aug. 31, 2014USD ($)unit	May 31, 2014USD ($)unit	Dec. 31, 2016USD ($)unitproperty	Dec. 31, 2015USD ($)unitproperty	Dec. 31, 2014USD ($)unitproperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit	10,911						12,636				10,911	12,548	12,636
Number of hotels (property) | property	42						48				42	50	48
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt, amount						$ 53,000
2016 Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit	1,887										1,887
Gross Sale Price	$ 290,250										$ 290,250
Net Proceeds											278,661
Gain on sale / (Impairment)											$ 20,018
2015 Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit												656
Gross Sale Price												$ 137,000
Net Proceeds												132,995
Gain on sale / (Impairment)												$ 43,178
2014 Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit							7,457						7,457
Gross Sale Price							$ 1,101,450						$ 1,101,450
Net Proceeds													551,260
Gain on sale / (Impairment)													$ 136,363
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton University of Florida Conference Center Gainesville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit					248
Gross Sale Price					$ 36,000
Net Proceeds					32,055
Gain on sale / (Impairment)					649
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton University of Florida Conference Center Gainesville | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt, amount					$ 27,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations | DoubleTree by Hilton Hotel Washington, DC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit				220
Gross Sale Price				$ 65,000
Net Proceeds				63,550
Gain on sale / (Impairment)				$ (96)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Embassy Suites Baltimore North/Hunt Valley Hunt Valley, MD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit			223
Gross Sale Price			$ 20,000
Net Proceeds			19,459
Gain on sale / (Impairment)			$ (8,036)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marriott Atlanta Century Center and Hilton Phoenix Suites
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit		513
Gross Sale Price		$ 50,750
Net Proceeds		50,048
Gain on sale / (Impairment)		$ (1,903)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hilton St. Louis Downtown at the Arch St. Louis, MO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit	195										195
Gross Sale Price	$ 21,500										$ 21,500
Net Proceeds	20,896
Gain on sale / (Impairment)	$ 252
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hampton Inn Denver, Hilton Garden Inn Chicago, Homewood Suites Houston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit	488										488
Gross Sale Price	$ 97,000										$ 97,000
Net Proceeds	92,653
Gain on sale / (Impairment)	$ 29,152
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hyatt Regency Orange County
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit						656
Gross Sale Price						$ 137,000
Net Proceeds						132,995
Gain on sale / (Impairment)						43,178
Net proceeds after payoff of related mortgage						70,600
Cash retained, capital expenditure reserve account						5,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hyatt Regency Orange County | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt, amount						$ 61,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Crowne Plaza Charleston
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit										166
Gross Sale Price										$ 13,250
Net Proceeds										2,027
Gain on sale / (Impairment)										$ 960
Disposal Group, Disposed of by Sale, Not Discontinued Operations | DoubleTree Suites Atlanta Galleria
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit									154
Gross Sale Price									$ 12,600
Net Proceeds									11,907
Gain on sale / (Impairment)									$ (96)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Holiday Inn - Secaucus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit							161						161
Gross Sale Price							$ 4,600						$ 4,600
Net Proceeds							3,927
Gain on sale / (Impairment)							$ (171)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hampton Inn Denver, Hilton Garden Inn Chicago, Homewood Suites Houston, Hilton St. Louis, Doubletree Hilton Washington DC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds outstanding											$ 5,500
Discontinued Operations, Disposed of by Sale | Suburban Select Service Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms (Unaudited) | unit								6,976
Gross Sale Price								$ 1,071,000
Net Proceeds								533,399
Gain on sale / (Impairment)								$ 135,670
Number of hotels (property) | property								52

Disposed Properties - Schedule

Disposed Properties - Schedule of Assets and Liabilities Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands	Dec. 31, 2015USD ($)
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Land	$ 43,196
Building and other improvements	344,091
Total	387,287
Less accumulated depreciation	(125,875)
Net investment properties	261,412
Restricted cash and escrows	4,826
Accounts and rents receivable, net	1,727
Intangible assets, net	2,456
Deferred costs and other assets	2,364
Total assets held for sale	272,785
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Debt	27,775
Accounts payable and accrued expenses	8,211
Other liabilities	690
Total liabilities of assets held for sale	$ 36,676

Disposed Properties - Schedul57

Disposed Properties - Schedule of Components of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Revenues						$ 0	$ 224,490
Depreciation and amortization expense						0	35,864
Other expenses						511	146,229
Operating (loss) income from discontinued operations						(511)	42,397
Interest and other expense						0	(33,012)
Income tax expense					$ 0	0	(4,566)
Gain on sale of properties						22	135,692
Loss on extinguishment of debt						0	(65,391)
Net (loss) income from discontinued operations	$ 0	$ 0	$ 0	$ (489)	$ 0	$ (489)	$ 75,120

Investment in Real Estate Ent58

Investment in Real Estate Entities - Narrative (Details)	Feb. 21, 2014USD ($)	Feb. 20, 2014joint_venture	Oct. 31, 2015USD ($)	Aug. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)joint_venture
Real Estate Properties [Line Items]
Real estate investments, unconsolidated real estate and other joint ventures					$ 0
Single Joint Venture Purchased February 2014
Real Estate Properties [Line Items]
Number of joint ventures acquired (property) | joint_venture		1
Business combination, gain recognized	$ 4,500,000
Variable interest entity, primary beneficiary
Real Estate Properties [Line Items]
Number of joint ventures acquired (joint_venture) | joint_venture							2
Variable interest entity, ownership percentage							75.00%
Variable interest entity, primary beneficiary | Grand Bohemian Hotel Charleston
Real Estate Properties [Line Items]
Construction and development costs				$ 32,000,000
Capital expenditure budget, maximum							$ 7,200,000
Remaining capital expenditure budget					0	$ 0
Variable interest entity, primary beneficiary | Grand Bohemian Hotel Mountain Brook
Real Estate Properties [Line Items]
Construction and development costs			$ 45,000,000
Capital expenditure budget, maximum							$ 9,600,000
Remaining capital expenditure budget					$ 0	$ 0

Investment in Real Estate Ent59

Investment in Real Estate Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Total assets	$ 74,440	$ 77,140
Total liabilities	(47,828)	(48,582)
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Total assets	74,440	77,140
Total liabilities	(47,828)	(48,582)
Net assets	26,612	28,558
Net investment properties | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Total assets	71,157	74,592
Other assets | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Total assets	3,283	2,548
Mortgages payable | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Total liabilities	(45,287)	(45,734)
Other liabilities | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Total liabilities	$ (2,541)	$ (2,848)

Investment in Real Estate Ent60

Investment in Real Estate Entities - Balance Sheet and Income Statement of Unconsolidated Entities (Details) - Unconsolidated Real Estate and Other Joint Ventures $ in Thousands	2 Months Ended
	Feb. 20, 2014USD ($)
Statement of Operations:
Revenues	$ 932
Expenses:
Interest expense and loan cost amortization	43
Depreciation and amortization	129
Operating expenses, ground rent and general and administrative expenses	802
Termination fee	325
Total expenses	1,299
Net loss	(367)
Company's share of net loss	$ (293)

Transactions with Related Par61

Transactions with Related Parties - Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
General and administrative allocation		$ 1,135,000	$ 20,747,000
Business management fee and transition services fee	$ 0	$ 0	1,474,000
Loan placement percentage		0.20%
Other liabilities
Related Party Transaction [Line Items]
Due to related parties		$ 2,600,000
Suburban Select Service Portfolio | Net income (loss) from discontinued operations
Related Party Transaction [Line Items]
General and administrative allocation		0	4,800,000
Business Management Fees
Related Party Transaction [Line Items]
Business management fee and transition services fee		0	1,474,000
Loan Placement Fees
Related Party Transaction [Line Items]
Loan placement fees		0	68,000
Transition Service Fees
Related Party Transaction [Line Items]
Business management fee and transition services fee		$ 514,000	$ 0

Intangible Assets and Goodwil62

Intangible Assets and Goodwill - Summary of Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (4,324)	$ (16,661)
Net intangible assets	34,799	15,946
Goodwill	42,113	42,113
Total intangible assets, net	76,912	58,059
Intangible liabilities:
Accumulated amortization	791	691
Total	3,686	3,940
Acquired above market lease
Intangible liabilities:
Below/above market lease liability, gross	0	0
Acquired below market ground lease
Intangible liabilities:
Below/above market lease liability, gross	(4,477)	(4,631)
Acquired in-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	2,247	2,942
Net intangible assets	728
Acquired above market lease
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	405	482
Net intangible assets	77
Acquired below market ground lease
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	36,208	17,091
Net intangible assets	33,951
Advance bookings
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	263	$ 12,092
Net intangible assets	$ 43

Intangible Assets and Goodwil63

Intangible Assets and Goodwill - Amortization Related to Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ 152	$ 148
Acquired below market ground lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	254	272
Amortization of intangible assets	647	380
Acquired in-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	608	964
Advance bookings
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	1,699	2,485
Acquired above market lease
Finite-Lived Intangible Assets [Line Items]
Amortization of above and below market leases	$ (102)	$ (124)

Intangible Assets and Goodwil64

Intangible Assets and Goodwill - Summary of Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amortization of Above and Below Market Leases [Abstract]
2,017	$ 211
2,018	174
2,019	175
2,020	194
2,021	194
Thereafter	2,661
Total	3,609
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2,017	249
2,018	194
2,019	194
2,020	194
2,021	194
Thereafter	2,661
Total	3,686	$ 3,940
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net intangible assets	34,799	$ 15,946
Acquired above market lease
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	38
2,018	20
2,019	19
2,020	0
2,021	0
Thereafter	0
Net intangible assets	77
Acquired in-place lease intangibles
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	471
2,018	157
2,019	100
2,020	0
2,021	0
Thereafter	0
Net intangible assets	728
Acquired below market ground lease
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	669
2,018	669
2,019	669
2,020	669
2,021	669
Thereafter	30,606
Net intangible assets	33,951
Advance bookings
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	31
2,018	12
2,019	0
2,020	0
2,021	0
Thereafter	0
Net intangible assets	$ 43

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands

1 Months Ended

11 Months Ended

12 Months Ended

Oct. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Feb. 29, 2016

Dec. 31, 2015

Nov. 30, 2015

Oct. 31, 2015

Nov. 30, 2015

Dec. 31, 2016

Aug. 31, 2016

Jan. 31, 2016

Debt Instrument [Line Items]

Total Mortgage Loans

$ 1,131,000

$ 1,083,762

Mortgage premiums and discounts, net

(319)

Unamortized Deferred Financing Costs, net

(8,305)

(6,311)

Debt, net of loan discounts, premiums and unamortized deferred financing costs

$ 1,122,311

$ 1,077,132

Weighted average interest rate

3.51%

3.24%

Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

$ 956,277

$ 783,762

Mortgage premiums and discounts, net

(661)

$ (319)

Weighted average interest rate

3.31%

Unsecured Debt | Revolving Credit Facility

Debt Instrument [Line Items]

Debt, net of loan discounts, premiums and unamortized deferred financing costs

0

$ 0

Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.31%

Renaissance Atlanta Waverly Hotel & Convention Center | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

97,000

$ 0

Debt instrument, interest rate, stated percentage

5.5025%

Repayments of debt

$ 97,000

Renaissance Austin Hotel | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

83,000

$ 0

Debt instrument, interest rate, stated percentage

5.5065%

Repayments of debt

$ 83,000

Courtyard Pittsburgh Downtown | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

22,607

$ 0

Debt instrument, interest rate, stated percentage

4.00%

Repayments of debt

$ 22,300

Marriott Griffin Gate Resort & Spa | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

34,374

$ 0

Repayments of debt

$ 33,800

Marriott Griffin Gate Resort & Spa | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.02%

Courtyard Birmingham Downtown at UAB | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

13,353

$ 0

Debt instrument, interest rate, stated percentage

5.25%

Repayments of debt

13,000

Hilton University of Florida Conference Center Gainesville | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

27,775

$ 0

Debt instrument, interest rate, stated percentage

6.455%

Debt

27,800

Fairmont Dallas | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

56,217

$ 55,498

Fairmont Dallas | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.66%

Residence Inn Denver City Center | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

45,210

$ 45,210

Residence Inn Denver City Center | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.00%

Bohemian Hotel Savannah Riverfront | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

27,480

$ 27,480

Bohemian Hotel Savannah Riverfront | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.10%

Andaz Savannah | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

21,500

$ 21,500

Andaz Savannah | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.62%

Hotel Monaco Denver | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

41,000

$ 41,000

$ 41,000

Debt instrument, interest rate, stated percentage

2.98%

Debt instrument, interest rate, effective percentage

2.98%

Hotel Monaco Chicago | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

26,000

$ 21,644

Additional principal payment per covenant

$ 4,400

Hotel Monaco Chicago | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.95%

Loews New Orleans Hotel | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

37,500

$ 37,500

Loews New Orleans Hotel | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.98%

Andaz Napa | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

38,000

$ 38,000

$ 38,000

Debt instrument, interest rate, stated percentage

2.99%

Debt instrument, interest rate, effective percentage

2.99%

Proceeds from issuance of debt

$ 7,500

Westin Galleria & Oaks Houston

Debt Instrument [Line Items]

Total Mortgage Loans

110,000

Westin Galleria & Oaks Houston | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

$ 110,000

Westin Galleria & Oaks Houston | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.12%

Marriott Charleston Town Center | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

16,877

$ 16,403

Debt instrument, interest rate, stated percentage

3.85%

Grand Bohemian Hotel Charleston (VIE) | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

19,950

$ 19,628

Grand Bohemian Hotel Charleston (VIE) | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.16%

Grand Bohemian Hotel Mountain Brook (VIE) | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

25,784

$ 25,899

Grand Bohemian Hotel Mountain Brook (VIE) | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.26%

Marriott Dallas City Center | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

40,090

$ 51,000

Proceeds from (repayments of) other long-term debt

11,000

Marriott Dallas City Center | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.01%

Hyatt Regency Santa Clara | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

60,200

$ 90,000

Proceeds from (repayments of) other long-term debt

$ 30,000

Hyatt Regency Santa Clara | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.76%

Hotel Palomar Philadelphia | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

0

$ 60,000

$ 60,000

Debt instrument, interest rate, stated percentage

4.14%

Debt instrument, interest rate, effective percentage

4.14%

Residence Inn Boston Cambridge | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

63,000

$ 63,000

Debt instrument, interest rate, stated percentage

4.48%

Proceeds from issuance of debt

$ 33,000

Grand Bohemian Hotel Orlando | Mortgages

Debt Instrument [Line Items]

Total Mortgage Loans

$ 60,000

49,360

$ 60,000

$ 49,000

Debt instrument, interest rate, stated percentage

4.53%

4.53%

Proceeds from (repayments of) other long-term debt

$ 11,000

Term Loan $175M | Unsecured Debt

Debt Instrument [Line Items]

Debt, net of loan discounts, premiums and unamortized deferred financing costs

175,000

$ 175,000

Debt instrument, interest rate, stated percentage

2.74%

Term Loan $125M | Unsecured Debt

Debt Instrument [Line Items]

Debt, net of loan discounts, premiums and unamortized deferred financing costs

$ 0

$ 125,000

Debt instrument, interest rate, stated percentage

3.53%

Minimum | Westin Galleria & Oaks Houston | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.50%

Maximum | Westin Galleria & Oaks Houston | Mortgages | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

3.15%

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 03, 2015USD ($)	Oct. 31, 2015USD ($)mortgage	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Prepayment and extinguishment fees			$ (4,813,000)	$ (5,267,000)	$ (65,415,000)
Total Mortgage Loans			$ 1,083,762,000	$ 1,131,000,000
Weighted average interest rate			3.24%	3.51%
Total mortgage discount (premium), net			$ 319,000
Recourse debt			13,900,000
InvenTrust Credit Facility Numbers
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity					$ 96,000,000
Mortgages
Debt Instrument [Line Items]
Total Mortgage Loans			$ 783,762,000	$ 956,277,000
Weighted average interest rate			3.31%
Total mortgage discount (premium), net			$ 319,000	$ 661,000
Number of mortgages paid off (mortgage) | mortgage		1
Extinguishment of debt, amount		$ 53,000,000
Unsecured Debt | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.31%
Unsecured Debt | Unsecured Term Loan Due February 2021
Debt Instrument [Line Items]
Debt instrument, face amount		$ 175,000,000
Unsecured Debt | Unsecured Term Loan Due February 2021 | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, fixed interest rate		1.29%
Unsecured Debt | Term Loan $175M
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			2.74%
Unsecured Debt | Term Loan Due October 2022
Debt Instrument [Line Items]
Debt instrument, face amount		$ 125,000,000
Unsecured Debt | Term Loan Due October 2022 | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, fixed interest rate				1.83%
Unsecured Debt | Term Loan $125M
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.53%
Senior Notes | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.125%
Senior Notes | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.35%
Senior Notes | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 400,000,000
Line of credit, contingent increase in maximum borrowing capacity	$ 350,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Long-term line of credit			$ 0
Line of credit, unused borrowing capacity fee			$ 1,200,000	$ 1,000,000
Senior Notes | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Senior Notes | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.875%
Senior Notes | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.45%
Senior Notes | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum | External Credit Rating, Investment Grade
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Maturities of Long-term Debt [Abstract]
2,017	$ 2,612
2,018	130,900
2,019	273,377
2,020	59,111
2,021	177,269
Thereafter	440,493
Total Debt	1,083,762	$ 1,131,000
Total Mortgage Discounts, net	(319)
Unamortized Deferred Financing Costs, net	(6,311)	$ (8,305)
Debt, net of loan discounts and unamortized deferred financing costs	$ 1,077,132
Weighted Average Interest Rates [Abstract]
2,017	3.26%
2,018	2.91%
2,019	3.02%
2,020	3.42%
2,021	2.81%
Thereafter	3.68%
Weighted average interest rate	3.24%	3.51%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) on interest rate derivative instruments	$ (322)	$ 1,543	$ 0
Reclassification adjustment for amounts recognized in net income (interest expense)	3,800
Reclassification adjustment for amounts recognized in net income (interest expense), expected within twelve months	$ 1,600
Reclassification from accumulated OCI to income, estimate of time to transfer	12 months
Fair Value, Measurements, Recurring | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative asset at fair value	$ 5,100	1,800
Derivative liability		$ 300

Derivatives - Derivative Inform

Derivatives - Derivative Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Hedge ineffectiveness	$ 0	$ 0
Cash Flow Hedging | Swap
Derivative [Line Items]
Notional amounts	439,000,000	300,000,000
Fair value	5,055,000	1,543,000
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate
Derivative [Line Items]
Hedged debt amount	$ 175,000,000
Derivative, fixed interest rate	1.30%
Notional amounts	$ 50,000,000	50,000,000
Fair value	$ 767,000	604,000
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.50%
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 2
Derivative [Line Items]
Hedged debt amount	$ 175,000,000
Derivative, fixed interest rate	1.29%
Notional amounts	$ 65,000,000	65,000,000
Fair value	$ 1,022,000	817,000
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.50%
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 3
Derivative [Line Items]
Hedged debt amount	$ 175,000,000
Derivative, fixed interest rate	1.29%
Notional amounts	$ 60,000,000	60,000,000
Fair value	$ 940,000	754,000
Cash Flow Hedging | Swap | $175 Term Loan 1 Month LIBOR 1.50 Percent Variable Rate 3 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.50%
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate
Derivative [Line Items]
Hedged debt amount	$ 125,000,000
Derivative, fixed interest rate	1.83%
Notional amounts	$ 50,000,000	50,000,000
Fair value	$ 193,000	(229,000)
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.80%
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 2
Derivative [Line Items]
Hedged debt amount	$ 125,000,000
Derivative, fixed interest rate	1.83%
Notional amounts	$ 25,000,000	25,000,000
Fair value	$ 88,000	(145,000)
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.80%
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 3
Derivative [Line Items]
Hedged debt amount	$ 125,000,000
Derivative, fixed interest rate	1.84%
Notional amounts	$ 25,000,000	25,000,000
Fair value	$ 84,000	(126,000)
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 3 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.80%
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 4
Derivative [Line Items]
Hedged debt amount	$ 125,000,000
Derivative, fixed interest rate	1.83%
Notional amounts	$ 25,000,000	25,000,000
Fair value	$ 80,000	(132,000)
Cash Flow Hedging | Swap | $125 Term Loan 1 Month LIBOR 1.80 Percent Variable Rate 4 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	1.80%
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate
Derivative [Line Items]
Derivative, fixed interest rate	1.54%
Notional amounts	$ 60,000,000
Fair value	$ 1,200,000	0
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.60 Percent Variable Rate | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	2.60%
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.50 Percent Variable Rate
Derivative [Line Items]
Derivative, fixed interest rate	0.88%
Notional amounts	$ 41,000,000
Fair value	$ 327,000	0
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.50 Percent Variable Rate | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	2.50%
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.50 Percent Variable Rate 2
Derivative [Line Items]
Derivative, fixed interest rate	0.89%
Notional amounts	$ 38,000,000
Fair value	$ 354,000	$ 0
Cash Flow Hedging | Swap | Mortgage Debt 1 Month LIBOR 2.50 Percent Variable Rate 2 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, variable interest rate	2.50%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of hotels with a holding period reduction | property	3
Provision for asset impairment	$ 10,035,000	$ 0	$ 5,378,000
Mortgages
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average interest rate	4.14%	3.48%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Impairment of Multiple Hotel Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment	$ 10,000,000
Fair Value, Measurements, Nonrecurring | Real Estate Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for asset impairment		$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, interest rate swap	$ 5,100	$ 1,800
Liabilities, interest rate swap		(300)
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset, interest rate swap	5,055	1,820
Liabilities, interest rate swap	0	(277)
Total	$ 5,055	$ 1,543

Fair Value Measurements - Sch72

Fair Value Measurements - Schedule of Fair and Carrying Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,083,443	$ 1,130,616
Reported Value Measurement | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,083,443	1,130,616
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,074,820	1,137,149
Estimate of Fair Value Measurement | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,074,820	$ 1,137,149

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 5,077,000	$ 6,295,000	$ 5,865,000
Estimated federal and state statutory combined rate	36.26%
Income tax expense (benefit) associated with gain (loss) on property disposal		1,900,000
Tax effect of discontinued operation	$ 0	0	4,566,000
Valuation allowance	4,442,000	4,426,000
Valuation allowance increase (reversal) associated with certain deferred tax assets	20,000	(2,800,000)
Unrecognized tax benefits	0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to limitation	11,200,000	11,200,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to limitation	23,400,000	11,200,000
Operating loss carryforwards, net	$ 26,100,000	$ 11,200,000
Suburban Select Service Portfolio
Operating Loss Carryforwards [Line Items]
Tax effect of discontinued operation			$ 4,566,000

Income Taxes - Schedule of Bene

Income Taxes - Schedule of Benefits (Provisions) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ (3,139)	$ (4,028)	$ (1,340)
State	(1,196)	(2,178)	(1,102)
Total current	(4,335)	(6,206)	(2,442)
Deferred:
Federal	(71)	(471)	(3,303)
State	(671)	382	(120)
Total deferred	(742)	(89)	(3,423)
Total tax provision	(5,077)	(6,295)	(5,865)
Total tax provision attributable to discontinued operations	$ 0	$ 0	$ (4,566)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount
Provision for income taxes at statutory rate	$ (32,024)	$ (33,393)	$ (14,199)
Tax benefit related to REIT operations	28,351	27,783	8,786
Income for which no federal tax benefit was recognized	(7)	(1,930)	(3,092)
Valuation allowances	(20)	2,752	3,496
Impact of rate change on deferred tax balances	(666)	0	0
State tax provision, net of federal	(986)	(1,706)	(1,015)
Other	275	199	159
Total tax provision	$ (5,077)	$ (6,295)	$ (5,865)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss	$ 4,501	$ 5,063
Deferred income	1,414	1,567
Miscellaneous	89	100
Total deferred tax assets	6,004	6,730
Less: Valuation allowance	(4,442)	(4,426)
Net deferred tax assets	$ 1,562	$ 2,304

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Sep. 30, 2015	Mar. 05, 2015	Feb. 03, 2015	Jan. 05, 2015	Dec. 31, 2016	Dec. 31, 2015	Nov. 01, 2016	Feb. 04, 2015
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					50,000,000
Preferred stock, dividend rate, percentage				12.50%
Common stock, shares authorized (in shares)					500,000,000	500,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01	$ 0.01
Common stock, distribution, spinoff transaction, percentage			95.00%
Common stock, spinoff transaction, conversion ratio			0.125
Repurchase of common shares, net					$ 73,976,000	$ 36,946,000
Common stock, percentage of tender offer relative to common stock outstanding			1.60%
Number of units vested (in shares)					255,535
Time-Based LTIP Units and Class A LTIP Units
Class of Stock [Line Items]
Total number of units vested and nonvested (in shares)					1,378,573	521,450
Number of units vested (in shares)					118,960
2015 Repurchase Program
Class of Stock [Line Items]
Common stock, amount authorized for repurchase						$ 100,000,000	$ 75,000,000
Shares repurchased during period (in shares)					4,966,763
Repurchase of common shares, net					$ 74,000,000
Shares repurchased weighted average price (in dollars per share)					$ 14.89
Remaining authorized repurchase amount					$ 101,000,000
Operating Partnership
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners					1.30%
Operating Partnership | Time-Based LTIP Units and Class A LTIP Units
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners					1.30%	0.50%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				125
Preferred stock, liquidation preference (in dollars per share)				$ 1,000
Preferred stock, value, issued				$ 125,000
Preferred stock, redemption price (in dollars per share)	$ 1,000
Preferred stock, per share amounts of preferred dividends in arrears	31.25
Preferred stock redemption premium (in dollars per share)	100
Preferred stock, aggregate redemption price (in dollars per share)	$ 1,131.25
Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Common Stock | Tender Offer
Class of Stock [Line Items]
Common stock, amount authorized for repurchase								$ 125,000,000
Maximum price per share to acquire shares (in dollars per share)								$ 21
Minimum price per share to acquire shares (in dollars per share)								$ 19
Shares repurchased during period (in shares)		1,759,344
Repurchase of common shares, net		$ 36,900,000
Common Stock | 2015 Repurchase Program
Class of Stock [Line Items]
Common stock, par value (in dollars per share)						$ 0.01

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 05, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends Payable [Line Items]
Dividends declared (in dollars per share/unit)		$ 1.10	$ 0.84
Dividends, value		$ 119,270	$ 93,678
Preferred stock dividends		0	12	$ 0
Preferred stock, dividend rate, percentage	12.50%
Distributions payable		29,881	25,684
Time-Based LTIP Units and Class A LTIP Units | Common Stock
Dividends Payable [Line Items]
Distributions payable		97	34
Non-controlling Interests
Dividends Payable [Line Items]
Dividends, value		372	102
Non-controlling Interests | Operating Partnership
Dividends Payable [Line Items]
Dividends, value		372	102
Retained Earnings
Dividends Payable [Line Items]
Dividends, value		$ 118,898	$ 93,576

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Feb. 03, 2015	Dec. 31, 2016shares	Dec. 31, 2015shares	Feb. 02, 2015shares
Earnings Per Share [Abstract]
Common stock, shares outstanding (in shares)		106,794,788	111,671,372	113,400,000
Common stock, spinoff transaction, conversion ratio	0.125

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income from continuing operations	$ 49,327	$ 20,431	$ 26,141	$ (9,169)	$ 61,911	$ 17,847	$ 23,750	$ (14,377)	$ 86,730	$ 89,131	$ 34,679
Non-controlling interests in consolidated entities (Note 5)									268	567	0
Non-controlling interests of common units in Operating Partnership (Note 1)									(1,143)	(451)	0
Dividends, preferred shares									0	(12)	0
Dividends, unvested share-based compensation									(473)	(132)	0
Net income from continuing operations available to common stockholders									85,382	89,103	34,679
Net income (loss) from discontinued operations, net of tax					$ 0	$ 0	$ 0	$ (489)	0	(489)	75,120
Net income available to common stockholders									$ 85,382	$ 88,614	$ 109,799
Denominator:
Weighted average shares outstanding, basic (in shares)									108,012,708	111,989,686	113,397,997
Effect of dilutive share-based compensation (in shares)									130,290	148,537	0
Weighted average shares outstanding, diluted (in shares)									108,142,998	112,138,223	113,397,997
Basic and diluted earnings per share:
Net income from continuing operations (in dollars per share)									$ 0.79	$ 0.79	$ 0.31
Income from discontinued operations, net of tax (in dollars per share)									0	0	0.66
Net income per share available to common stockholders (in dollars per share)	$ 0.44	$ 0.19	$ 0.24	$ (0.08)	$ 0.55	$ 0.16	$ 0.21	$ (0.13)	$ 0.79	$ 0.79	$ 0.97

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 25, 2016	Mar. 17, 2016	May 05, 2015	May 31, 2016$ / sharesshares	Apr. 30, 2016$ / sharesshares	Mar. 31, 2016$ / sharesshares	Jun. 30, 2015employee$ / sharesshares	May 31, 2015$ / sharesshares	Feb. 28, 2015$ / sharesshares	Sep. 30, 2015$ / sharesshares	Sep. 30, 2016shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												1,741,534	924,969	817,640
Equity instruments other than options, granted in period (in shares)												1,082,208	606,151
Equity instruments other than options, vested in period (in shares)												223,157	32,378
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, allocation of recognized period costs, capitalized amount | $												$ 600
Vested Stock and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share-based compensation expense | $												1,200
Vested Stock and LTIP Units | Executive Officers and Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $												9,500
Restricted Stock Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $													$ 1,100
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $												10,500	10,400
Restricted Stock Units and LTIP Units | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $												$ 500	1,100
Restricted Stock Units and LTIP Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $													9
Restricted Stock Units and LTIP Units | Executive Officers and Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $													$ 5,100
Absolute TSR Class A LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	25.00%	25.00%	25.00%
Relative TSR Class A LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	75.00%	75.00%	75.00%
Absolute TSR Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	25.00%	25.00%	25.00%
Relative TSR Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total award	75.00%	75.00%	75.00%
2014 Share Unit Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock units convertible to common stock												1
2014 Share Unit Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												243,769	342,219	817,640
Equity instruments other than options, granted in period (in shares)												0	0
Equity instruments other than options, vested in period (in shares)												98,450	8,977
2014 Share Unit Plan | Restricted Stock Units (RSUs) | February 4, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)												3 years
2014 Share Unit Plan | Restricted Stock Units (RSUs) | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, allocation of recognized period costs, capitalized amount | $													$ 400
2014 Share Unit Plan | Restricted Stock Units (RSUs) | Management | February 4, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												98,486
2014 Share Unit Plan | Restricted Stock Units (RSUs) | Management | February 4, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												145,283
2015 Incentive Award Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												238,152	84,701	0
Award vesting period (in years)						3 years				3 years
Equity instruments other than options, granted in period (in shares)					26,738	104,079				67,669		182,599	84,701
Equity instruments other than options, granted in period, weighted average exercise price (in dollars per share) | $ / shares					$ 15.34	$ 13.09				$ 20.18
Equity instruments other than options, vested in period (in shares)												29,148	0
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition												1 year 7 months	2 years
2015 Incentive Award Plan | Common Stock | Board of Directors and Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, granted in period (in shares)									25,988
Equity instruments other than options, granted in period, weighted average exercise price (in dollars per share) | $ / shares									$ 20.55
2015 Incentive Award Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)											51,782
Equity instruments other than options, granted in period (in shares)										17,032
2015 Incentive Award Plan | Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)					110,179	664,515		409,874
Equity instruments other than options, quarterly dividend percentage												10.00%
2015 Incentive Award Plan | Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)					12,945	78,076		88,175
Equity instruments other than options, granted in period, weighted average exercise price (in dollars per share) | $ / shares					$ 7.85	$ 7.86		$ 14.10
2015 Incentive Award Plan | Time-Based LTIP Units | Executive Officer | February 4, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage											33.00%		33.00%
2015 Incentive Award Plan | Time-Based LTIP Units | Executive Officer | February 4, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage											33.00%		33.00%
2015 Incentive Award Plan | Time-Based LTIP Units | Executive Officer | February 4, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage											34.00%		34.00%
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested, number (in shares)												1,259,613	498,049	0
Equity instruments other than options, granted in period (in shares)												899,609	521,450
Equity instruments other than options, vested in period (in shares)							23,401					95,559	23,401
Equity instruments other than options, vested in period, weighted average grant date fair value (in dollars per share) | $ / shares							$ 22.44
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, number of employees affected | employee							7
2015 Incentive Award Plan | Vested Stock and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, granted in period, weighted average exercise price (in dollars per share) | $ / shares				$ 15.49
Equity instruments other than options, vested in period (in shares)				33,894

Share Based Compensation - Sche

Share Based Compensation - Schedule of Non-Vested Awards (Details) - $ / shares	1 Months Ended			5 Months Ended	12 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)					924,969	817,640
Adjustment for final units at spin-off date (in shares)						(462,959)
Granted (in shares)					1,082,208	606,151
Vested (in shares)					(223,157)	(32,378)
Expired (in shares)					(42,486)	0
Forfeited (in shares)					0	(3,485)
Outstanding at the end of period (in shares)					1,741,534	924,969
Vested at end of period (in shares)					255,535
Weighted average fair value of outstanding shares/units (dollars per share)					$ 11.86
Time-Based LTIP Units and Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Vested at end of period (in shares)					118,960
2014 Share Unit Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)					342,219	817,640
Adjustment for final units at spin-off date (in shares)						(462,959)
Granted (in shares)					0	0
Vested (in shares)					(98,450)	(8,977)
Expired (in shares)					0	0
Forfeited (in shares)					0	(3,485)
Outstanding at the end of period (in shares)					243,769	342,219
Vested at end of period (in shares)					107,427
Weighted average fair value of outstanding shares/units (dollars per share)					$ 20.18
2015 Incentive Award Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)					84,701	0
Adjustment for final units at spin-off date (in shares)						0
Granted (in shares)	26,738	104,079		67,669	182,599	84,701
Vested (in shares)					(29,148)	0
Expired (in shares)					0	0
Forfeited (in shares)					0	0
Outstanding at the end of period (in shares)					238,152	84,701
Vested at end of period (in shares)					29,148
Weighted average fair value of outstanding shares/units (dollars per share)					$ 14.92
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares)					498,049	0
Adjustment for final units at spin-off date (in shares)						0
Granted (in shares)					899,609	521,450
Vested (in shares)			(23,401)		(95,559)	(23,401)
Expired (in shares)					(42,486)	0
Forfeited (in shares)					0	0
Outstanding at the end of period (in shares)					1,259,613	498,049
Vested at end of period (in shares)					118,960
Weighted average fair value of outstanding shares/units (dollars per share)					$ 9.67

Share Based Compensation - Assu

Share Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares	Apr. 25, 2016	Mar. 17, 2016	May 05, 2015	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value by Component (dollars per share)				$ 11.86
Absolute TSR Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	25.00%	25.00%	25.00%
Grant Date Fair Value by Component (dollars per share)	$ 6.88	$ 6.88	$ 9.51
Volatility	31.42%	31.42%	26.85%
Risk free interest rate, minimum	0.50%	0.50%	0.09%
Risk free interest rate, maximum	1.14%	1.14%	1.05%
Dividend Yield	7.12%	7.12%	4.25%
Relative TSR Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	75.00%	75.00%	75.00%
Grant Date Fair Value by Component (dollars per share)	$ 8.85	$ 8.85	$ 16.16
Volatility	31.42%	31.42%	26.85%
Risk free interest rate, minimum	0.50%	0.50%	0.09%
Risk free interest rate, maximum	1.14%	1.14%	1.05%
Dividend Yield	7.12%	7.12%	4.25%
Absolute TSR Class A LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	25.00%	25.00%	25.00%
Grant Date Fair Value by Component (dollars per share)	$ 7.06	$ 7.06	$ 9.51
Volatility	31.42%	31.42%	26.85%
Risk free interest rate, minimum	0.50%	0.50%	0.09%
Risk free interest rate, maximum	1.14%	1.14%	1.05%
Dividend Yield	7.12%	7.12%	4.25%
Relative TSR Class A LTIPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	75.00%	75.00%	75.00%
Grant Date Fair Value by Component (dollars per share)	$ 8.95	$ 8.95	$ 16.16
Volatility	31.42%	31.42%	26.85%
Risk free interest rate, minimum	0.50%	0.50%	0.09%
Risk free interest rate, maximum	1.14%	1.14%	1.05%
Dividend Yield	7.12%	7.12%	4.25%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Commitments [Line Items]
Restricted cash and escrows	$ 70,973	$ 72,771
Annual rental periodic payment	$ 400
Ground lease, average remaining initial lease term	46 years
Ground lease, average remaining lease term including available renewal rights	64 years
Ground lease expense	$ 5,447	5,204	$ 5,541
Hotel Furniture, Fixtures, and Equipment Reserves
Other Commitments [Line Items]
Restricted cash and escrows	$ 58,600	$ 65,700

Commitments and Contingencies85

Commitments and Contingencies - Schedule of Future Minimum Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 3,232
2,018	3,232
2,019	3,232
2,020	3,232
2,021	3,232
Thereafter	104,046
Total	$ 120,206

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event - Interest Rate Swap	Feb. 28, 2017
Marriott Dallas City Center
Subsequent Event [Line Items]
Derivative, fixed interest rate	4.05%
Hyatt Regency Santa Clara
Subsequent Event [Line Items]
Derivative, fixed interest rate	3.81%

Quarterly Operating Results (87

Quarterly Operating Results (unaudited) - Financials (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 219,801	$ 233,946	$ 261,378	$ 235,035	$ 248,594	$ 248,453	$ 251,223	$ 227,874	$ 950,160	$ 976,144	$ 926,666
Net income (loss) from continuing operations	49,327	20,431	26,141	(9,169)	61,911	17,847	23,750	(14,377)	86,730	89,131	34,679
Net income (loss) from discontinued operations					0	0	0	(489)	0	(489)	75,120
Net income (loss) attributable to non-controlling interests	(567)	(189)	(373)	254	(132)	251	(3)	0	(875)	116	0
Net income (loss) attributable to the Company	48,760	20,242	25,768	(8,915)	61,779	18,098	23,747	(14,866)	85,855	88,758	109,799
Net income (loss) attributable to common stockholders	$ 48,760	$ 20,242	$ 25,768	$ (8,915)	$ 61,779	$ 18,094	$ 23,739	$ (14,866)	$ 85,855	$ 88,746	$ 109,799
Net income (loss) per share available to common stockholders, basic and diluted (in dollars per share)	$ 0.44	$ 0.19	$ 0.24	$ (0.08)	$ 0.55	$ 0.16	$ 0.21	$ (0.13)	$ 0.79	$ 0.79	$ 0.97

SCHEDULE III - REAL ESTATE AN88

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 783,762
Initial Cost to Company of Land	328,452
Initial Cost to Company of Buildings and Improvements	2,472,005
Adjustments to Land Basis	3,050
Adjustments to Basis	260,057
Land and Improvements	331,502
Buildings and Improvements	2,732,062
Total Carrying Amount	3,063,564	$ 3,221,989	$ 3,048,960	$ 2,875,766
Accumulated Depreciation	619,975	$ 580,285	$ 505,986	$ 376,510
Aggregate cost for income tax purposes	3,157,000
Hotel | Andaz Napa, Napa, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	38,000
Initial Cost to Company of Land	10,150
Initial Cost to Company of Buildings and Improvements	57,012
Adjustments to Land Basis	0
Adjustments to Basis	797
Land and Improvements	10,150
Buildings and Improvements	57,809
Total Carrying Amount	67,959
Accumulated Depreciation	$ 12,351
Hotel | Andaz Napa, Napa, CA | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Andaz Napa, Napa, CA | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Andaz San Diego
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	6,949
Initial Cost to Company of Buildings and Improvements	43,430
Adjustments to Land Basis	0
Adjustments to Basis	4,684
Land and Improvements	6,949
Buildings and Improvements	48,114
Total Carrying Amount	55,063
Accumulated Depreciation	$ 9,088
Hotel | Andaz San Diego | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Andaz San Diego | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Andaz Savannah
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 21,500
Initial Cost to Company of Land	2,680
Initial Cost to Company of Buildings and Improvements	36,212
Adjustments to Land Basis	0
Adjustments to Basis	553
Land and Improvements	2,680
Buildings and Improvements	36,765
Total Carrying Amount	39,445
Accumulated Depreciation	$ 5,275
Hotel | Andaz Savannah | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Andaz Savannah | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Aston Waikiki Beach Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	171,989
Adjustments to Land Basis	0
Adjustments to Basis	4,836
Land and Improvements	0
Buildings and Improvements	176,825
Total Carrying Amount	176,825
Accumulated Depreciation	$ 24,312
Hotel | Aston Waikiki Beach Hotel | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Aston Waikiki Beach Hotel | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	1,232
Initial Cost to Company of Buildings and Improvements	19,000
Adjustments to Land Basis	0
Adjustments to Basis	1,310
Land and Improvements	1,232
Buildings and Improvements	20,310
Total Carrying Amount	21,542
Accumulated Depreciation	$ 3,888
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Bohemian Hotel Savannah Riverfront
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 27,480
Initial Cost to Company of Land	2,300
Initial Cost to Company of Buildings and Improvements	24,240
Adjustments to Land Basis	0
Adjustments to Basis	1,176
Land and Improvements	2,300
Buildings and Improvements	25,416
Total Carrying Amount	27,716
Accumulated Depreciation	$ 6,652
Hotel | Bohemian Hotel Savannah Riverfront | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Bohemian Hotel Savannah Riverfront | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Canary Santa Barbara
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	22,361
Initial Cost to Company of Buildings and Improvements	57,822
Adjustments to Land Basis	0
Adjustments to Basis	589
Land and Improvements	22,361
Buildings and Improvements	58,411
Total Carrying Amount	80,772
Accumulated Depreciation	$ 3,822
Hotel | Canary Santa Barbara | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Canary Santa Barbara | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Courtyard Birmingham Downtown at UAB
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	20,810
Adjustments to Land Basis	1,552
Adjustments to Basis	2,411
Land and Improvements	1,552
Buildings and Improvements	23,221
Total Carrying Amount	24,773
Accumulated Depreciation	$ 10,510
Hotel | Courtyard Birmingham Downtown at UAB | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Courtyard Birmingham Downtown at UAB | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Courtyard Fort Worth Downtown/Blackstone Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	774
Initial Cost to Company of Buildings and Improvements	45,820
Adjustments to Land Basis	0
Adjustments to Basis	6,342
Land and Improvements	774
Buildings and Improvements	52,162
Total Carrying Amount	52,936
Accumulated Depreciation	$ 21,986
Hotel | Courtyard Fort Worth Downtown/Blackstone Fort Worth, TX | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Courtyard Fort Worth Downtown/Blackstone Fort Worth, TX | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Courtyard Kansas City Country Club Plaza Kansas City, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	3,426
Initial Cost to Company of Buildings and Improvements	16,349
Adjustments to Land Basis	0
Adjustments to Basis	3,868
Land and Improvements	3,426
Buildings and Improvements	20,217
Total Carrying Amount	23,643
Accumulated Depreciation	$ 9,617
Hotel | Courtyard Kansas City Country Club Plaza Kansas City, MO | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Courtyard Kansas City Country Club Plaza Kansas City, MO | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Courtyard Pittsburgh Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	2,700
Initial Cost to Company of Buildings and Improvements	33,086
Adjustments to Land Basis	0
Adjustments to Basis	2,711
Land and Improvements	2,700
Buildings and Improvements	35,797
Total Carrying Amount	38,497
Accumulated Depreciation	$ 11,201
Hotel | Courtyard Pittsburgh Downtown | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Courtyard Pittsburgh Downtown | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Fairmont Dallas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 55,498
Initial Cost to Company of Land	8,700
Initial Cost to Company of Buildings and Improvements	60,634
Adjustments to Land Basis	0
Adjustments to Basis	17,175
Land and Improvements	8,700
Buildings and Improvements	77,809
Total Carrying Amount	86,509
Accumulated Depreciation	$ 27,569
Hotel | Fairmont Dallas | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Fairmont Dallas | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Grand Bohemian Hotel Charleston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 19,628
Initial Cost to Company of Land	4,550
Initial Cost to Company of Buildings and Improvements	26,582
Adjustments to Land Basis	0
Adjustments to Basis	119
Land and Improvements	4,550
Buildings and Improvements	26,701
Total Carrying Amount	31,251
Accumulated Depreciation	$ 1,776
Hotel | Grand Bohemian Hotel Charleston | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Grand Bohemian Hotel Charleston | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Grand Bohemian Hotel Mountain Brook
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 25,899
Initial Cost to Company of Land	2,000
Initial Cost to Company of Buildings and Improvements	42,246
Adjustments to Land Basis	0
Adjustments to Basis	277
Land and Improvements	2,000
Buildings and Improvements	42,523
Total Carrying Amount	44,523
Accumulated Depreciation	$ 2,625
Hotel | Grand Bohemian Hotel Mountain Brook | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Grand Bohemian Hotel Mountain Brook | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Grand Bohemian Hotel Orlando
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 60,000
Initial Cost to Company of Land	7,739
Initial Cost to Company of Buildings and Improvements	75,510
Adjustments to Land Basis	0
Adjustments to Basis	3,132
Land and Improvements	7,739
Buildings and Improvements	78,642
Total Carrying Amount	86,381
Accumulated Depreciation	$ 15,844
Hotel | Grand Bohemian Hotel Orlando | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Grand Bohemian Hotel Orlando | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hampton Inn & Suites Baltimore Inner Harbor Baltimore, MD
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	1,700
Initial Cost to Company of Buildings and Improvements	21,067
Adjustments to Land Basis	0
Adjustments to Basis	2,197
Land and Improvements	1,700
Buildings and Improvements	23,264
Total Carrying Amount	24,964
Accumulated Depreciation	$ 9,060
Hotel | Hampton Inn & Suites Baltimore Inner Harbor Baltimore, MD | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hampton Inn & Suites Baltimore Inner Harbor Baltimore, MD | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hilton Garden Inn Washington DC Downtown
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	18,800
Initial Cost to Company of Buildings and Improvements	64,359
Adjustments to Land Basis	0
Adjustments to Basis	6,087
Land and Improvements	18,800
Buildings and Improvements	70,446
Total Carrying Amount	89,246
Accumulated Depreciation	$ 30,175
Hotel | Hilton Garden Inn Washington DC Downtown | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hilton Garden Inn Washington DC Downtown | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hotel Commonwealth
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	114,085
Adjustments to Land Basis	0
Adjustments to Basis	211
Land and Improvements	0
Buildings and Improvements	114,296
Total Carrying Amount	114,296
Accumulated Depreciation	$ 5,222
Hotel | Hotel Commonwealth | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hotel Commonwealth | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hotel Monaco Chicago
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 21,644
Initial Cost to Company of Land	15,056
Initial Cost to Company of Buildings and Improvements	40,841
Adjustments to Land Basis	0
Adjustments to Basis	1,727
Land and Improvements	15,056
Buildings and Improvements	42,568
Total Carrying Amount	57,624
Accumulated Depreciation	$ 7,667
Hotel | Hotel Monaco Chicago | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hotel Monaco Chicago | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hotel Monaco Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 41,000
Initial Cost to Company of Land	5,742
Initial Cost to Company of Buildings and Improvements	69,158
Adjustments to Land Basis	0
Adjustments to Basis	1,656
Land and Improvements	5,742
Buildings and Improvements	70,814
Total Carrying Amount	76,556
Accumulated Depreciation	$ 11,421
Hotel | Hotel Monaco Denver | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hotel Monaco Denver | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hotel Monaco Salt Lake City Salt Lake City, UT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	1,777
Initial Cost to Company of Buildings and Improvements	56,156
Adjustments to Land Basis	0
Adjustments to Basis	3,002
Land and Improvements	1,777
Buildings and Improvements	59,158
Total Carrying Amount	60,935
Accumulated Depreciation	$ 9,233
Hotel | Hotel Monaco Salt Lake City Salt Lake City, UT | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hotel Monaco Salt Lake City Salt Lake City, UT | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hotel Palomar Philadelphia Philadelphia, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 60,000
Initial Cost to Company of Land	9,060
Initial Cost to Company of Buildings and Improvements	90,909
Adjustments to Land Basis	0
Adjustments to Basis	671
Land and Improvements	9,060
Buildings and Improvements	91,580
Total Carrying Amount	100,640
Accumulated Depreciation	$ 6,277
Hotel | Hotel Palomar Philadelphia Philadelphia, PA | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hotel Palomar Philadelphia Philadelphia, PA | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hyatt Centric Key West Resort & Spa Key West, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	40,986
Initial Cost to Company of Buildings and Improvements	34,529
Adjustments to Land Basis	0
Adjustments to Basis	5,393
Land and Improvements	40,986
Buildings and Improvements	39,922
Total Carrying Amount	80,908
Accumulated Depreciation	$ 6,307
Hotel | Hyatt Centric Key West Resort & Spa Key West, FL | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hyatt Centric Key West Resort & Spa Key West, FL | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Hyatt Regency Santa Clara
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 90,000
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	100,227
Adjustments to Land Basis	0
Adjustments to Basis	11,661
Land and Improvements	0
Buildings and Improvements	111,888
Total Carrying Amount	111,888
Accumulated Depreciation	$ 19,482
Hotel | Hyatt Regency Santa Clara | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Hyatt Regency Santa Clara | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Key West Bottling Court
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	4,144
Initial Cost to Company of Buildings and Improvements	2,682
Adjustments to Land Basis	0
Adjustments to Basis	18
Land and Improvements	4,144
Buildings and Improvements	2,700
Total Carrying Amount	6,844
Accumulated Depreciation	$ 187
Hotel | Key West Bottling Court | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Key West Bottling Court | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Loews New Orleans Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 37,500
Initial Cost to Company of Land	3,529
Initial Cost to Company of Buildings and Improvements	70,652
Adjustments to Land Basis	0
Adjustments to Basis	5,387
Land and Improvements	3,529
Buildings and Improvements	76,039
Total Carrying Amount	79,568
Accumulated Depreciation	$ 11,285
Hotel | Loews New Orleans Hotel | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Loews New Orleans Hotel | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Lorien Hotel & Spa Alexandria, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	4,365
Initial Cost to Company of Buildings and Improvements	40,888
Adjustments to Land Basis	0
Adjustments to Basis	1,006
Land and Improvements	4,365
Buildings and Improvements	41,894
Total Carrying Amount	46,259
Accumulated Depreciation	$ 8,064
Hotel | Lorien Hotel & Spa Alexandria, VA | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Lorien Hotel & Spa Alexandria, VA | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Charleston Town Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 16,403
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	26,647
Adjustments to Land Basis	0
Adjustments to Basis	9,017
Land and Improvements	0
Buildings and Improvements	35,664
Total Carrying Amount	35,664
Accumulated Depreciation	$ 12,794
Hotel | Marriott Charleston Town Center | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Charleston Town Center | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Chicago at Medical District/UIC Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	8,831
Initial Cost to Company of Buildings and Improvements	17,911
Adjustments to Land Basis	0
Adjustments to Basis	6,036
Land and Improvements	8,831
Buildings and Improvements	23,947
Total Carrying Amount	32,778
Accumulated Depreciation	$ 11,983
Hotel | Marriott Chicago at Medical District/UIC Chicago, IL | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Chicago at Medical District/UIC Chicago, IL | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Dallas City Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 51,000
Initial Cost to Company of Land	6,300
Initial Cost to Company of Buildings and Improvements	45,158
Adjustments to Land Basis	0
Adjustments to Basis	20,598
Land and Improvements	6,300
Buildings and Improvements	65,756
Total Carrying Amount	72,056
Accumulated Depreciation	$ 27,193
Hotel | Marriott Dallas City Center | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Dallas City Center | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Griffin Gate Resort & Spa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	8,638
Initial Cost to Company of Buildings and Improvements	54,960
Adjustments to Land Basis	1,498
Adjustments to Basis	8,992
Land and Improvements	10,136
Buildings and Improvements	63,952
Total Carrying Amount	74,088
Accumulated Depreciation	$ 17,026
Hotel | Marriott Griffin Gate Resort & Spa | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Griffin Gate Resort & Spa | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Napa Valley Hotel & Spa Napa Valley, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	14,800
Initial Cost to Company of Buildings and Improvements	57,223
Adjustments to Land Basis	0
Adjustments to Basis	16,038
Land and Improvements	14,800
Buildings and Improvements	73,261
Total Carrying Amount	88,061
Accumulated Depreciation	$ 16,166
Hotel | Marriott Napa Valley Hotel & Spa Napa Valley, CA | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Napa Valley Hotel & Spa Napa Valley, CA | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott San Francisco Airport Waterfront
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	36,700
Initial Cost to Company of Buildings and Improvements	72,370
Adjustments to Land Basis	0
Adjustments to Basis	23,236
Land and Improvements	36,700
Buildings and Improvements	95,606
Total Carrying Amount	132,306
Accumulated Depreciation	$ 23,670
Hotel | Marriott San Francisco Airport Waterfront | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott San Francisco Airport Waterfront | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott West Des Moines Des Moines, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	3,410
Initial Cost to Company of Buildings and Improvements	15,416
Adjustments to Land Basis	0
Adjustments to Basis	5,669
Land and Improvements	3,410
Buildings and Improvements	21,085
Total Carrying Amount	24,495
Accumulated Depreciation	$ 8,189
Hotel | Marriott West Des Moines Des Moines, IA | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott West Des Moines Des Moines, IA | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Marriott Woodlands Waterway Hotel & Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	5,500
Initial Cost to Company of Buildings and Improvements	98,886
Adjustments to Land Basis	0
Adjustments to Basis	29,972
Land and Improvements	5,500
Buildings and Improvements	128,858
Total Carrying Amount	134,358
Accumulated Depreciation	$ 52,151
Hotel | Marriott Woodlands Waterway Hotel & Convention Center | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Marriott Woodlands Waterway Hotel & Convention Center | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	6,834
Initial Cost to Company of Buildings and Improvements	90,792
Adjustments to Land Basis	0
Adjustments to Basis	12,406
Land and Improvements	6,834
Buildings and Improvements	103,198
Total Carrying Amount	110,032
Accumulated Depreciation	$ 24,956
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Renaissance Austin Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	10,656
Initial Cost to Company of Buildings and Improvements	97,960
Adjustments to Land Basis	0
Adjustments to Basis	12,562
Land and Improvements	10,656
Buildings and Improvements	110,522
Total Carrying Amount	121,178
Accumulated Depreciation	$ 27,334
Hotel | Renaissance Austin Hotel | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Renaissance Austin Hotel | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Residence Inn Baltimore Inner Harbor Baltimore, MD
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	55,410
Adjustments to Land Basis	0
Adjustments to Basis	4,612
Land and Improvements	0
Buildings and Improvements	60,022
Total Carrying Amount	60,022
Accumulated Depreciation	$ 25,226
Hotel | Residence Inn Baltimore Inner Harbor Baltimore, MD | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Residence Inn Baltimore Inner Harbor Baltimore, MD | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Residence Inn Boston Cambridge
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 63,000
Initial Cost to Company of Land	10,346
Initial Cost to Company of Buildings and Improvements	72,735
Adjustments to Land Basis	0
Adjustments to Basis	6,391
Land and Improvements	10,346
Buildings and Improvements	79,126
Total Carrying Amount	89,472
Accumulated Depreciation	$ 30,264
Hotel | Residence Inn Boston Cambridge | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Residence Inn Boston Cambridge | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Residence Inn Denver City Center Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 45,210
Initial Cost to Company of Land	5,291
Initial Cost to Company of Buildings and Improvements	74,638
Adjustments to Land Basis	0
Adjustments to Basis	679
Land and Improvements	5,291
Buildings and Improvements	75,317
Total Carrying Amount	80,608
Accumulated Depreciation	$ 12,274
Hotel | Residence Inn Denver City Center Denver, CO | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Residence Inn Denver City Center Denver, CO | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | RiverPlace Hotel
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 0
Initial Cost to Company of Land	18,322
Initial Cost to Company of Buildings and Improvements	46,664
Adjustments to Land Basis	0
Adjustments to Basis	690
Land and Improvements	18,322
Buildings and Improvements	47,354
Total Carrying Amount	65,676
Accumulated Depreciation	$ 3,445
Hotel | RiverPlace Hotel | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | RiverPlace Hotel | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Westin Galleria Houston Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 60,000
Initial Cost to Company of Land	7,842
Initial Cost to Company of Buildings and Improvements	112,850
Adjustments to Land Basis	0
Adjustments to Basis	12,127
Land and Improvements	7,842
Buildings and Improvements	124,977
Total Carrying Amount	132,819
Accumulated Depreciation	$ 19,287
Hotel | Westin Galleria Houston Houston, TX [Member] | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Westin Galleria Houston Houston, TX [Member] | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Hotel | Westin Oaks Houston at the Galleria Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	$ 50,000
Initial Cost to Company of Land	4,262
Initial Cost to Company of Buildings and Improvements	96,090
Adjustments to Land Basis	0
Adjustments to Basis	2,036
Land and Improvements	4,262
Buildings and Improvements	98,126
Total Carrying Amount	102,388
Accumulated Depreciation	$ 17,121
Hotel | Westin Oaks Houston at the Galleria Houston, TX | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Hotel | Westin Oaks Houston at the Galleria Houston, TX | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years

SCHEDULE III - REAL ESTATE AN89

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 3,221,989	$ 3,048,960	$ 2,875,766
Acquisitions	114,085	245,138	178,022
Capital improvements	57,919	50,640	48,489
Reclasses of properties under development	0	75,378	0
Disposals and write-offs	(330,429)	(141,265)	(53,317)
Properties classified as held for sale	0	(56,862)	0
Balance at end of year	$ 3,063,564	$ 3,221,989	$ 3,048,960

SCHEDULE III - REAL ESTATE AN90

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 580,285	$ 505,986	$ 376,510
Depreciation expense, continuing operations	143,212	142,530	137,476
Depreciation expense, properties classified as held for sale	0	1,893	0
Accumulated depreciation, properties classified as held for sale	0	(22,353)	0
Disposals and write-offs	(103,522)	(47,771)	(8,000)
Balance at end of year	$ 619,975	$ 580,285	$ 505,986
Building and Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	30 years
Minimum | Furniture and Fixtures
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	5 years
Maximum | Furniture and Fixtures
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Life for Depreciation	15 years