Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	DiamondRock Hospitality Co
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		200,888,710

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Property and equipment, net	$ 2,641,298	$ 2,882,176
Assets held for sale	62,035	0
Restricted cash	45,644	59,339
Due from hotel managers	90,839	86,698
Favorable lease assets, net	18,138	23,955
Prepaid and other assets	52,494	46,758
Cash and cash equivalents	166,548	213,584
Total assets	3,076,996	3,312,510
Liabilities:
Mortgage debt, net of unamortized debt issuance costs	825,995	1,169,749
Term loan, net of unamortized debt issuance costs	99,299	0
Senior unsecured credit facility	0	0
Total debt	925,294	1,169,749
Deferred income related to key money, net	21,485	23,568
Unfavorable contract liabilities, net	73,601	74,657
Deferred ground rent	77,572	70,153
Due to hotel managers	59,579	65,350
Dividends declared and unpaid	25,583	25,599
Liabilities of assets held for sale	1,137	0
Accounts payable and accrued expenses	54,981	58,829
Total liabilities	1,239,232	1,487,905
Stockholders’ Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; 400,000,000 shares authorized; 200,888,710 and 200,741,777 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	2,009	2,007
Additional paid-in capital	2,059,760	2,056,878
Accumulated deficit	(224,005)	(234,280)
Total stockholders’ equity	1,837,764	1,824,605
Total liabilities and stockholders’ equity	$ 3,076,996	$ 3,312,510

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	200,888,710	200,741,777
Common stock, shares outstanding	200,888,710	200,741,777

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rooms	$ 186,113	$ 181,563	$ 335,556	$ 326,199
Food and beverage	57,407	56,073	107,781	108,406
Other	13,144	12,165	26,361	24,084
Total revenues	256,664	249,801	469,698	458,689
Operating Expenses:
Rooms	43,257	41,993	81,971	80,457
Food and beverage	35,265	35,355	68,615	70,901
Management fees	8,772	8,903	15,381	15,103
Other hotel expenses	79,524	77,546	158,453	154,052
Depreciation and amortization	25,005	25,574	50,126	49,911
Impairment losses	0	9,675	0	10,461
Hotel acquisition costs	0	260	0	492
Corporate expenses	6,736	6,331	12,736	11,741
Total operating expenses, net	198,559	205,637	387,282	393,118
Operating profit	58,105	44,164	82,416	65,571
Interest and other income, net	(68)	(227)	(118)	(354)
Interest expense	11,074	12,838	22,738	26,056
Gain on sale of hotel properties	(8,121)	0	(8,121)	0
Total other expenses, net	2,885	12,611	14,499	25,702
Income before income taxes	55,220	31,553	67,917	39,869
Income tax expense	(11,045)	(6,731)	(6,964)	(4,405)
Net income	$ 44,175	$ 24,822	$ 60,953	$ 35,464
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.22	$ 0.12	$ 0.30	$ 0.18
Diluted earnings per share (in dollars per share)	$ 0.22	$ 0.12	$ 0.30	$ 0.18

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 60,953	$ 35,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,126	49,911
Corporate asset depreciation as corporate expenses	34	43
Gain on sale of hotel properties	8,121	0
Non-cash ground rent	2,662	2,987
Amortization of debt issuance costs and debt premium	1,215	1,262
Impairment losses	0	10,461
Amortization of favorable and unfavorable contracts, net	(956)	(727)
Amortization of deferred income related to key money	(1,434)	(534)
Stock-based compensation	3,363	3,000
Changes in assets and liabilities:
Prepaid expenses and other assets	(5,983)	(4,896)
Restricted cash	3,664	9,116
Due to/from hotel managers	(12,637)	(11,976)
Accounts payable and accrued expenses	1,720	5,832
Net cash provided by operating activities	94,606	99,943
Cash flows from investing activities:
Hotel capital expenditures	(54,096)	(32,199)
Hotel acquisitions	0	(150,400)
Net proceeds from sale of hotel properties	118,309	0
Change in restricted cash	3,529	5,412
Net cash provided by (used in) investing activities	67,742	(177,187)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(5,678)	(7,001)
Proceeds from sale of common stock, net	0	7,766
Proceeds from mortgage debt	0	85,000
Repayments of mortgage debt	(249,793)	(108,821)
Proceeds from senior unsecured term loan	100,000	0
Draws on senior unsecured credit facility	75,000	135,000
Repayments of senior unsecured credit facility	75,000	45,000
Purchase of interest rate cap	0	(325)
Payment of financing costs	(2,740)	(955)
Deposit on new mortgage loan	0	75
Payment of cash dividends	(50,488)	(45,852)
Repurchase of common stock	(685)	(2,735)
Net cash (used in) provided by financing activities	(209,384)	17,002
Net decrease in cash and cash equivalents	(47,036)	(60,242)
Cash and cash equivalents, beginning of period	213,584	144,365
Cash and cash equivalents, end of period	166,548	84,123
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	22,407	23,748
Cash paid for income taxes	1,203	507
Non-cash Financing Activities:
Unpaid dividends	$ 25,583	$ 25,479

Organization	6 Months Ended
Organization	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations and the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc., Starwood Hotels & Resorts Worldwide, Inc. or Hilton Worldwide). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of June 30, 2016, we owned 27 hotels with 9,630 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (5); Salt Lake City, Utah; San Diego, California; San Francisco, California; Sonoma, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. On July 7, 2016, we sold the 169-room Hilton Garden Inn Chelsea/New York City. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and currently owns, either directly or indirectly, all of the limited partnership units of our operating partnership.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed on February 29, 2016. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2016 and the results of our operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation. Property and Equipment Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We have not recognized any impairment loss for our investment in hotel properties during any of the periods presented. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. Revenue Recognition Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of June 30, 2016 and December 31, 2015. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016, although early adoption is permitted. We are evaluating the effect of ASU 2016-09 on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the effect of ASU 2016-02 on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. We adopted ASU No. 2015-16 effective January 1, 2016 and it did not have an impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. We adopted ASU No. 2015-02 effective January 1, 2016 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. We do not believe ASU 2014-09 will have a material impact on the our consolidated financial statements and related disclosures.

Property and Equipment

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of June 30, 2016 and December 31, 2015 consists of the following (in thousands):



	June 30, 2016			December 31, 2015
Land	$	553,769		$	578,338
Land improvements	7,994			7,994
Buildings	2,330,974			2,538,719
Furniture, fixtures and equipment	417,222			458,577
CIP	19,191			25,016
	3,329,150			3,608,644
Less: accumulated depreciation	(687,852		)	(726,468		)
	$	2,641,298		$	2,882,176

As of June 30, 2016, we had accrued capital expenditures of $6.2 million. As of December 31, 2015, we had accrued capital expenditures of $11.6 million.

Favorable Lease Assets

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Favorable Lease Assets

In connection with the acquisition of certain hotels, we have recognized intangible assets for favorable ground leases and tenant leases. Our favorable lease assets, net of accumulated amortization of $2.2 million and $2.6 million as of June 30, 2016 and December 31, 2015, respectively, consist of the following (in thousands):



	June 30, 2016		December 31, 2015
Westin Boston Waterfront Hotel Ground Lease	$	17,968	$	18,076
Hilton Minneapolis Ground Lease	—		5,685
Lexington Hotel New York Tenant Leases	170		186
Hilton Boston Downtown Tenant Leases	—		8
	$	18,138	$	23,955

Favorable lease assets are recorded at the acquisition date and are generally amortized using the straight-line method over the remaining non-cancelable term of the lease agreement. We recorded $0.1 million of amortization expense for each of the three months ended June 30, 2016 and 2015. We recorded $0.2 million and $0.3 million, respectively, of amortization expense for each of the six months ended June 30, 2016 and 2015.

On June 30, 2016, we sold the Hilton Minneapolis. In connection with the sale, we wrote off the favorable ground lease asset, which is included in the gain on sale of hotel properties on the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2016.

Capital Stock

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Capital Stock

Common Shares

We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors.

We have an “at-the-market” equity offering program (the “ATM program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. We have not sold any shares in 2016 and there is $128.3 million remaining under the ATM program.

Our board of directors approved a share repurchase program in November 2015 authorizing us to repurchase up to $150 million in shares of our common stock. Repurchases under this program will be made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. We have not repurchased any shares of our common stock since the program started.

We have paid the following dividends to holders of our common stock during 2016 as follows:



Payment Date	Record Date	Dividend per Share
January 12, 2016	December 31, 2015	$	0.1250
April 12, 2016	March 31, 2016	$	0.1250
July 12, 2016	June 30, 2016	$	0.1250

Preferred Shares

We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of June 30, 2016 and December 31, 2015, there were no shares of preferred stock outstanding.

Operating Partnership Units

Holders of operating partnership units have certain redemption rights, which would enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of June 30, 2016 and December 31, 2015, there were no operating partnership units held by unaffiliated third parties.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Stock Incentive Plans

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plans

On February 17, 2016, our board of directors adopted the 2016 Equity Incentive Plan (the “2016 Plan”). The 2016 Plan was approved by our stockholders on May 3, 2016 and replaced the 2004 Stock Option and Incentive Plan (the "2004 Plan"), which was scheduled to expire on April 26, 2017. We will no longer make share grants and issuances under the 2004 Plan, although awards previously made under the 2004 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements. Under the 2016 Plan, we are authorized to issue up to 6,082,664 shares of our common stock. We have issued or committed to issue 53,574 shares under the 2016 Plan as of June 30, 2016.

On May 11, 2016, we issued (i) 44,645 shares of fully vested common stock and (ii) 8,929 fully vested deferred stock units to our board of directors having an aggregate value of $510,000, based on the closing stock price for our common stock on such day.

Restricted Stock Awards

Restricted stock awards issued to our officers and employees generally vest over a 3-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. A summary of our restricted stock awards from January 1, 2016 to June 30, 2016 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	474,567		$	12.72
Granted	451,739		8.91
Vested	(241,698	)	11.83
Unvested balance at June 30, 2016	684,608		$	10.52

The remaining share awards are expected to vest as follows: 296,674 shares during 2017, 222,387 shares during 2018, 143,099 shares during 2019, and 22,448 during 2020. As of June 30, 2016, the unrecognized compensation cost related to restricted stock awards was $6.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 27 months. We recorded $0.8 million and $0.7 million, respectively, of compensation expenses related to restricted stock awards for the three months ended June 30, 2016 and 2015. We recorded $1.6 million and $1.4 million, respectively, of compensation expenses related to restricted stock awards for the six months ended June 30, 2016 and 2015.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). For the PSUs issued in 2014 and 2015 and vesting in 2017 and 2018, respectively, the actual number of shares of common stock issued to each executive officer is subject to the achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly traded lodging REITs over a three-year performance period. There will be no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. For the PSUs issued in 2016 and vesting in 2019, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three-year performance period remained in effect for 75% of the number of PSUs to be earned in the performance period. The remaining 25% is determined based on achieving improvement in market share for each of our hotels over the three-year performance period. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group.

We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on improvement in market share for each of our hotels is the closing price of our common stock on the grant date.

On February 26, 2016, our board of directors granted 310,398 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $8.42 using the assumptions of volatility of 24.3% and a risk-free rate of 0.93%. The grant date fair value of the portion of the PSUs based on hotel market share $8.91.

A summary of our PSUs from January 1, 2016 to June 30, 2016 is as follows:



	Number of Target Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	676,359		$	11.41
Granted	310,398		8.54
Additional units from dividends	19,296		9.27
Vested (1)	(242,096	)	9.85
Unvested balance at June 30, 2016	763,957		$	10.69

______________________


(1)	The number of shares of common stock earned for the PSUs vested in 2016 was equal to 89.5% of the PSU Target Award.

The remaining target units are expected to vest as follows: 218,671 units during 2017, 230,812 units during 2018 and 314,474 units during 2019. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of June 30, 2016, the unrecognized compensation cost related to the PSUs was $4.4 million and is expected to be recognized on a straight-line basis over a weighted average period of 25 months. We recorded $0.6 million of compensation expense related to the PSUs for each of the three months ended June 30, 2016 and 2015. We recorded $1.3 million and $1.1 million of compensation expense related to the PSUs for the six months ended June 30, 2016 and 2015, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Earnings Per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Numerator:
Net income	$	44,175	$	24,822	$	60,953	$	35,464
Denominator:
Weighted-average number of common shares outstanding—basic	201,273,767		200,830,064		201,133,321		200,738,301
Effect of dilutive securities:
Unvested restricted common stock	—		80,538		81,513		143,882
Unexercised stock appreciation rights	—		1,425		—		2,212
Shares related to unvested PSUs	553,617		230,720		553,617		230,720
Weighted-average number of common shares outstanding—diluted	201,827,384		201,142,747		201,768,451		201,115,115
Earnings per share:
Basic earnings per share	$	0.22	$	0.12	$	0.30	$	0.18
Diluted earnings per share	$	0.22	$	0.12	$	0.30	$	0.18

We did not include unexercised stock appreciation rights of 20,770 for the three and six months ended June 30, 2016 as they would be anti-dilutive. We did not include the effect of unvested restricted common stock in the calculation of the diluted weighted-average number of common shares outstanding for the three months ended June 30, 2016 as it would be anti-dilutive.

Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt as of June 30, 2016 (dollars in thousands):



Property	Principal Balance			Interest Rate	Maturity Date
Lexington Hotel New York	$	170,368		LIBOR + 2.25% (1)	October 2017 (2)
Salt Lake City Marriott Downtown	59,234			4.25%	November 2020
Westin Washington D.C. City Center	67,822			3.99%	January 2023
The Lodge at Sonoma, a Renaissance Resort & Spa	29,242			3.96%	April 2023
Westin San Diego	66,959			3.94%	April 2023
Courtyard Manhattan / Midtown East	86,000			4.40%	August 2024
Renaissance Worthington	85,000			3.66%	May 2025
JW Marriott Denver at Cherry Creek	65,000			4.33%	July 2025
Boston Westin	203,115			4.36%	November 2025
Unamortized debt issuance costs	(6,745		)
Total mortgage debt, net of unamortized debt issuance costs	825,995

Senior unsecured term loan	100,000			LIBOR + 1.45% (3)	May 2021
Unamortized debt issuance costs	(701		)
Senior unsecured term loan, net of unamortized debt issuance costs	99,299

Senior unsecured credit facility	—			LIBOR + 1.50% (4)	May 2020 (5)

Total debt, net of unamortized debt issuance costs	$	925,294
Weighted-Average Interest Rate				3.71%

_______________________


(1)	The interest rate as of June 30, 2016 was 2.71%.


(2)	The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of June 30, 2016, the debt yield was approximately 6.4%.


(3)	The interest rate as of June 30, 2016 was 1.90%.


(4)	The interest rate as of June 30, 2016 was 1.97%.


(5)	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

Mortgage Debt

We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of June 30, 2016, nine of our 27 hotels were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. As of June 30, 2016, we were in compliance with the financial covenants of our mortgage debt.

On January 11, 2016, we repaid the mortgage loan secured by the Chicago Marriott Downtown Magnificent Mile. The loan had an outstanding principal balance of $201.7 million with interest at a fixed rate of 5.98%.

On May 11, 2016, we repaid the mortgage loan secured by the Courtyard Manhattan Fifth Avenue. The loan had an outstanding principal balance of $48.1 million with interest at a fixed rate of 6.48%.

On June 30, 2016, in connection with the sale of the Hilton Minneapolis, the buyer assumed $89.5 million of mortgage debt secured by the hotel.

Senior Unsecured Credit Facility

We are party to a senior unsecured credit facility. On May 3, 2016, we amended and restated the facility to increase the capacity from $200 million to $300 million, decrease the pricing and extend the maturity date to May 2020. The maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The new facility also includes an accordion feature to expand up to $600 million, subject to lender consent. The interest rate on the new facility is based upon LIBOR, plus an applicable margin.

The applicable margin is based upon the the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than or equal to 35%	1.50	%
Greater than 35% but less than or equal to 45%	1.65	%
Greater than 45% but less than or equal to 50%	1.80	%
Greater than 50% but less than or equal to 55%	2.00	%
Greater than 55%	2.25	%

In addition to the interest payable on amounts outstanding under the facility, we were required to pay an amount equal to (x) 0.20% of the unused portion of the facility if the average usage of the facility was greater than 50% or (y) 0.30% of the unused portion of the facility if the average usage of the facility was less than or equal to 50%.

The facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:



		Actual at
	Covenant	June 30, 2016
Maximum leverage ratio (1)	60%	23.9%
Minimum fixed charge coverage ratio (2)	1.50x	4.09x
Minimum tangible net worth (3)	$1.91 billion	$2.52 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	27.1%

_____________________________


(1)	Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.


(2)	Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.


(3)	Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

As of June 30, 2016, we had no borrowings outstanding under the facility and the Company's leverage ratio was 23.9%. Accordingly, interest on our borrowings under the facility, if any, will be based on LIBOR plus 150 basis points for the following quarter. We incurred interest and unused credit facility fees on the facility of $0.4 million and $0.2 million for the three months ended June 30, 2016 and 2015, respectively. We incurred interest and unused credit facility fees on the facility of $0.8 million and $0.4 million for the six months ended June 30, 2016 and 2015, respectively.

Senior Unsecured Term Loan

On May 3, 2016, we closed on a new five-year $100 million senior unsecured term loan. The interest rate on the term loan is based on a pricing grid ranging from 145 to 220 basis points over LIBOR, based on the Company’s leverage ratio. The financial covenants of the term loan are identical to the covenants on our senior unsecured credit facility, which are described above. The total proceeds from the term loan were used to repay a portion of the $75 million in borrowings then outstanding under our senior unsecured credit facility and to repay the $48.1 million mortgage loan secured by the Courtyard Manhattan Fifth Avenue. The mortgage secured by the Courtyard Manhattan Fifth Avenue was added as security to the term loan. The mortgage can be removed as security for the term loan at the Company's discretion.

The applicable margin is based upon the the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than or equal to 35%	1.45	%
Greater than 35% but less than or equal to 45%	1.60	%
Greater than 45% but less than or equal to 50%	1.75	%
Greater than 50% but less than or equal to 55%	1.95	%
Greater than 55%	2.20	%

As of June 30, 2016, the Company's leverage ratio was 23.9%. Accordingly, interest on our borrowings under the term loan will be based on LIBOR plus 145 basis points for the following quarter. We incurred interest on the facility of $0.3 million for the three and six months ended June 30, 2016.

Dispositions

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

On June 8, 2016, we sold the 485-room Orlando Airport Marriott to an unaffiliated third party for a contractual sales price of $63 million. We received net proceeds of approximately $65.5 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a pre-tax gain on sale of the hotel of approximately $3.4 million.

On June 30, 2016, we sold the 821-room Hilton Minneapolis to an unaffiliated third party for a contractual sales price of $140 million. The buyer assumed the $89.5 million mortgage loan secured by the hotel. We received net proceeds of approximately $54.6 million from the transaction, which included credit for the hotel's working capital. We recognized a pre-tax gain on sale of the hotel of approximately $4.7 million.

Our condensed consolidated statements of operations include the following pre-tax income (loss) from the hotel properties sold during the six months ended June 30, 2016 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,

	2016		2015		2016		2015
Orlando Airport Marriott	$	4,692	$	110	$	7,924	$	2,256
Hilton Minneapolis	6,962		687		4,666		(2,047		)
Total pre-tax income	$	11,654	$	797	$	12,590	$	209

Prior to June 30, 2016, we entered into an agreement to sell the Hilton Garden Inn Chelsea/New York City to an unaffiliated third party for a contractual sales price of $65 million. The hotel has been reclassified as held for sale in the condensed consolidated balance sheet as of June 30, 2016. The transaction closed on July 7, 2016.

The significant components of assets held for sale and liabilities of assets held for sale at June 30, 2016 consist of the following (in thousands):



Property and equipment	$	69,994
Less: accumulated depreciation	(10,251		)
	59,743
Due from hotel manager	1,726
Prepaid and other assets	566
Total assets held for sale	$	62,035

Due to hotel manager	1,137
Total liabilities of assets held for sale	$	1,137

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

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-Topic 205
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-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Name Accounting Standards Codification
-Topic 205
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+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments as of June 30, 2016 and December 31, 2015, in thousands, is as follows:



	June 30, 2016				December 31, 2015
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	925,294	$	927,940	$	1,169,749	$	1,152,351

_______________


(1)	The carrying amount of debt is net of unamortized debt issuance costs.

The fair value of our mortgage debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our mortgage debt by discounting the future cash flows of each instrument at estimated market rates. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. Other Matters During the quarter ended March 31, 2016, the Company was notified by the franchisor of one of its hotels that as a result of low guest satisfaction scores, the Company is in default under the franchise agreement for that hotel. The Company is proactively working with the franchisor and the manager of the hotel to develop and execute a plan to improve the guest satisfaction scores. While the franchisor has reserved all of its rights under the franchise agreement, including the right to terminate the franchise agreement in the future, no action to terminate the franchise agreement has been taken by the franchisor. In addition, the lender that holds the mortgage on this hotel received notice of the foregoing. The lender has provided written notice to the Company that although it has the right to call an event of default under the loan agreement after a notice and cure period has elapsed, the lender is not doing so but reserves all of its rights under the loan agreement. While the Company is working diligently with the franchisor and manager to develop an action plan to resolve the matter, no assurance can be given that the Company will be successful. If the Company is not successful, the franchisor may seek to terminate the franchise agreement and the lender may seek to declare an event of default under the loan agreement, which could result in a material adverse effect on the Company's business, financial condition or results of operation.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed on February 29, 2016. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2016 and the results of our operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Certain amounts in the 2015 financial statements have been reclassified to conform with the 2016 presentation.
Property and Equipment	Property and Equipment Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We have not recognized any impairment loss for our investment in hotel properties during any of the periods presented. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Revenue Recognition	Revenue Recognition Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as equity awards or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.
Stock-based Compensation	Stock-based Compensation We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of stock-based awards based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. We have elected to be treated as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016, although early adoption is permitted. We are evaluating the effect of ASU 2016-09 on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. We are evaluating the effect of ASU 2016-02 on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. We adopted ASU No. 2015-16 effective January 1, 2016 and it did not have an impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the way reporting enterprises evaluate the consolidation of limited partnerships, variable interests and similar entities. We adopted ASU No. 2015-02 effective January 1, 2016 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. We do not believe ASU 2014-09 will have a material impact on the our consolidated financial statements and related disclosures.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property and equipment

Property and equipment as of June 30, 2016 and December 31, 2015 consists of the following (in thousands):



	June 30, 2016			December 31, 2015
Land	$	553,769		$	578,338
Land improvements	7,994			7,994
Buildings	2,330,974			2,538,719
Furniture, fixtures and equipment	417,222			458,577
CIP	19,191			25,016
	3,329,150			3,608,644
Less: accumulated depreciation	(687,852		)	(726,468		)
	$	2,641,298		$	2,882,176

Favorable Lease Assets (Tables)

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets by Major Class

Our favorable lease assets, net of accumulated amortization of $2.2 million and $2.6 million as of June 30, 2016 and December 31, 2015, respectively, consist of the following (in thousands):



	June 30, 2016		December 31, 2015
Westin Boston Waterfront Hotel Ground Lease	$	17,968	$	18,076
Hilton Minneapolis Ground Lease	—		5,685
Lexington Hotel New York Tenant Leases	170		186
Hilton Boston Downtown Tenant Leases	—		8
	$	18,138	$	23,955

Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Restricted Stock Awards

A summary of our restricted stock awards from January 1, 2016 to June 30, 2016 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	474,567		$	12.72
Granted	451,739		8.91
Vested	(241,698	)	11.83
Unvested balance at June 30, 2016	684,608		$	10.52

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2016 to June 30, 2016 is as follows:



	Number of Target Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	676,359		$	11.41
Granted	310,398		8.54
Additional units from dividends	19,296		9.27
Vested (1)	(242,096	)	9.85
Unvested balance at June 30, 2016	763,957		$	10.69

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule of earnings (loss) per share, basic and diluted

The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Numerator:
Net income	$	44,175	$	24,822	$	60,953	$	35,464
Denominator:
Weighted-average number of common shares outstanding—basic	201,273,767		200,830,064		201,133,321		200,738,301
Effect of dilutive securities:
Unvested restricted common stock	—		80,538		81,513		143,882
Unexercised stock appreciation rights	—		1,425		—		2,212
Shares related to unvested PSUs	553,617		230,720		553,617		230,720
Weighted-average number of common shares outstanding—diluted	201,827,384		201,142,747		201,768,451		201,115,115
Earnings per share:
Basic earnings per share	$	0.22	$	0.12	$	0.30	$	0.18
Diluted earnings per share	$	0.22	$	0.12	$	0.30	$	0.18

Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Summary of long term debt

The following table sets forth information regarding the Company’s debt as of June 30, 2016 (dollars in thousands):



Property	Principal Balance			Interest Rate	Maturity Date
Lexington Hotel New York	$	170,368		LIBOR + 2.25% (1)	October 2017 (2)
Salt Lake City Marriott Downtown	59,234			4.25%	November 2020
Westin Washington D.C. City Center	67,822			3.99%	January 2023
The Lodge at Sonoma, a Renaissance Resort & Spa	29,242			3.96%	April 2023
Westin San Diego	66,959			3.94%	April 2023
Courtyard Manhattan / Midtown East	86,000			4.40%	August 2024
Renaissance Worthington	85,000			3.66%	May 2025
JW Marriott Denver at Cherry Creek	65,000			4.33%	July 2025
Boston Westin	203,115			4.36%	November 2025
Unamortized debt issuance costs	(6,745		)
Total mortgage debt, net of unamortized debt issuance costs	825,995

Senior unsecured term loan	100,000			LIBOR + 1.45% (3)	May 2021
Unamortized debt issuance costs	(701		)
Senior unsecured term loan, net of unamortized debt issuance costs	99,299

Senior unsecured credit facility	—			LIBOR + 1.50% (4)	May 2020 (5)

Total debt, net of unamortized debt issuance costs	$	925,294
Weighted-Average Interest Rate				3.71%

_______________________


(1)	The interest rate as of June 30, 2016 was 2.71%.


(2)	The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of June 30, 2016, the debt yield was approximately 6.4%.


(3)	The interest rate as of June 30, 2016 was 1.90%.


(4)	The interest rate as of June 30, 2016 was 1.97%.


(5)	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA

The applicable margin is based upon the the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than or equal to 35%	1.45	%
Greater than 35% but less than or equal to 45%	1.60	%
Greater than 45% but less than or equal to 50%	1.75	%
Greater than 50% but less than or equal to 55%	1.95	%
Greater than 55%	2.20	%

The applicable margin is based upon the the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than or equal to 35%	1.50	%
Greater than 35% but less than or equal to 45%	1.65	%
Greater than 45% but less than or equal to 50%	1.80	%
Greater than 50% but less than or equal to 55%	2.00	%
Greater than 55%	2.25	%

Summary of the most restrictive covenants for senior unsecured credit facility

The facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:



		Actual at
	Covenant	June 30, 2016
Maximum leverage ratio (1)	60%	23.9%
Minimum fixed charge coverage ratio (2)	1.50x	4.09x
Minimum tangible net worth (3)	$1.91 billion	$2.52 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	27.1%

_____________________________


(1)	Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.


(2)	Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period.


(3)	Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Dispositions (Tables)

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Pre-tax Income/(Loss) From Hotel Properties Sold

Our condensed consolidated statements of operations include the following pre-tax income (loss) from the hotel properties sold during the six months ended June 30, 2016 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,

	2016		2015		2016		2015
Orlando Airport Marriott	$	4,692	$	110	$	7,924	$	2,256
Hilton Minneapolis	6,962		687		4,666		(2,047		)
Total pre-tax income	$	11,654	$	797	$	12,590	$	209

Schedule of Assets and Liabilities of Assets Held-for-sale

The significant components of assets held for sale and liabilities of assets held for sale at June 30, 2016 consist of the following (in thousands):



Property and equipment	$	69,994
Less: accumulated depreciation	(10,251		)
	59,743
Due from hotel manager	1,726
Prepaid and other assets	566
Total assets held for sale	$	62,035

Due to hotel manager	1,137
Total liabilities of assets held for sale	$	1,137

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair value of certain financial assets and liabilities and other financial instruments

The fair value of certain financial assets and liabilities and other financial instruments as of June 30, 2016 and December 31, 2015, in thousands, is as follows:



	June 30, 2016				December 31, 2015
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	925,294	$	927,940	$	1,169,749	$	1,152,351

_______________


(1)	The carrying amount of debt is net of unamortized debt issuance costs.

Organization (Details)	Jul. 07, 2016 room	Jun. 30, 2016 Hotel room
Real Estate Properties [Line Items]
Number of hotels (in hotels)		27
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room		9,630
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels (in hotels)		2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels (in hotels)		2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)		2
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)		2
Minneapolis, Minnesota
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
New York, New York
Real Estate Properties [Line Items]
Number of hotels (in hotels)		5
Orlando, Florida
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Washington D.C
Real Estate Properties [Line Items]
Number of hotels (in hotels)		2
St. Thomas, U.S. Virgin Islands
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)		1
Subsequent Event \| Hilton Garden Inn Chelsea \| New York, New York
Real Estate Properties [Line Items]
Number of hotel rooms sold \| room	169

Summary of Significant Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Accrual for tax uncertainties	$ 0	$ 0
Minimum \| Buildings, Land Improvements, and Building Improvements [Member]
Useful life	15 years
Minimum \| Furniture, Fixtures and Equipment
Useful life	1 year
Maximum \| Buildings, Land Improvements, and Building Improvements [Member]
Useful life	40 years
Maximum \| Furniture, Fixtures and Equipment
Useful life	10 years

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Accrued capital expenditures	$ 6,200	$ 11,600
Property and Equipment
Property and equipment, at cost	3,329,150	3,608,644
Less: accumulated depreciation	(687,852)	(726,468)
Property and equipment, net	2,641,298	2,882,176
Land
Property and Equipment
Property and equipment, at cost	553,769	578,338
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings
Property and Equipment
Property and equipment, at cost	2,330,974	2,538,719
Furniture, Fixtures and Equipment
Property and Equipment
Property and equipment, at cost	417,222	458,577
CIP
Property and Equipment
Property and equipment, at cost	$ 19,191	$ 25,016

Favorable Lease Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease assets, net	$ 18,138	$ 23,955
Above Market Leases Ground \| Boston Westin Waterfront
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	17,968	18,076
Above Market Leases Ground \| Hilton Minneapolis
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	0	5,685
Above Market Leases Ground \| Lexington Hotel New York
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	170	186
Above Market Leases Ground \| Hilton Boston Downtown
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right	$ 0	$ 8

Favorable Lease Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Finite-lived intangible assets, amortization expense	$ 0.1	$ 0.1	$ 0.2	$ 0.3
Off-Market Favorable Lease
Business Acquisition [Line Items]
Accumulated amortization	$ 2.2		$ 2.2		$ 2.6

Capital Stock (Details)				6 Months Ended
Capital Stock (Details)	Jul. 12, 2016 $ / shares	Apr. 12, 2016 $ / shares	Jan. 12, 2016 $ / shares	Jun. 30, 2016 USD ($) $ / shares shares	Dec. 31, 2015 $ / shares shares	Nov. 30, 2015 USD ($)
Dividends Payable [Line Items]
Common stock, shares authorized (up to) \| shares				400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Dividends per Share (in dollars per share) \| $ / shares		$ 0.1250	$ 0.1250
Preferred stock, shares authorized (up to) \| shares				10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Preferred Stock, shares outstanding \| shares				0	0
Common stock partnership units option redemption ratio				1
Unaffiliated Third Parties
Dividends Payable [Line Items]
Operating partnerships units held (in shares) \| shares				0	0
Common Stock
Dividends Payable [Line Items]
Aggregate offering price (up to) \| $				$ 200,000,000
Remaining amount under ATM program \| $				$ 128,300,000
Value amount of shares authorized to be repurchased (up to) \| $						$ 150,000,000
Subsequent Event
Dividends Payable [Line Items]
Dividends per Share (in dollars per share) \| $ / shares	$ 0.1250

Stock Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	May 11, 2016	Feb. 26, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Feb. 17, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)					3 years
Percentage of target award of maximum possible payout to executives					150.00%
Deferred Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	8,929
Common Stock & Deferred Stock Units \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of shares issued	$ 510
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Awards expected to vest in 2017 (in shares)			296,674		296,674
Awards expected to vest in 2018 (in shares)			222,387		222,387
Awards expected to vest in 2019 (in shares)			143,099		143,099
Awards expected to vest in 2020 (in shares)			22,448		22,448
Unrecognized compensation cost			$ 6,100		$ 6,100
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					27 months
Compensation expense			$ 800	$ 700	$ 1,600	$ 1,400
Number of unvested shares outstanding			684,608		684,608			474,567
Shares vested during period					241,698
Number of shares, Granted					451,739
Weighted-average grant date fair value, Granted (in dollars per share)					$ 8.91
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Awards expected to vest in 2017 (in shares)			218,671		218,671
Awards expected to vest in 2018 (in shares)			230,812		230,812
Awards expected to vest in 2019 (in shares)			314,474		314,474
Unrecognized compensation cost			$ 4,400		$ 4,400
Unrecognized compensation expense related to compensation awards, period for recognition (in months)					25 months
Compensation expense			$ 600	$ 600	$ 1,300	$ 1,100
Number of unvested shares outstanding			763,957		763,957			676,359
Shares vested during period					242,096
Number of shares, Granted		310,398			310,398
Percentage of total stockholder return for payout of shares					30.00%
Percentage of payout based on improving market share					25.00%
Fair Value at Grant Date (in dollars per share)		$ 8.42
Volatility		24.30%
Risk-Free Rate		0.93%
Weighted-average grant date fair value, Granted (in dollars per share)		$ 8.91			$ 8.54
Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares					75.00%
2004 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or committed to issue			53,574		53,574
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized (up to)							6,082,664
Common Stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	44,645

Stock Incentive Plans - Stock Awards Activity (Details) - $ / shares		6 Months Ended
	Feb. 26, 2016	Jun. 30, 2016
Restricted Stock
Number of Shares
Number of shares, Beginning Balance		474,567
Number of shares, Granted		451,739
Number of shares, Vested		(241,698)
Number of shares, Ending Balance		684,608
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)		$ 12.72
Weighted-average grant date fair value, Granted (in dollars per share)		8.91
Weighted-average grant date fair value, Vested (in dollars per share)		11.83
Weighted-average grant date fair value, Ending balance (in dollars per share)		$ 10.52
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock earned for the PSUs vested in 2016 (as a percent)		89.50%
Number of Shares
Number of shares, Beginning Balance		676,359
Number of shares, Granted	310,398	310,398
Number of shares, Additional units from dividends		19,296
Number of shares, Vested		(242,096)
Number of shares, Ending Balance		763,957
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)		$ 11.41
Weighted-average grant date fair value, Granted (in dollars per share)	$ 8.91	8.54
Weighted-average grant date fair value, Additional units from dividends (in dollars per share)		9.27
Weighted-average grant date fair value, Vested (in dollars per share)		9.85
Weighted-average grant date fair value, Ending balance (in dollars per share)		$ 10.69

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 44,175	$ 24,822	$ 60,953	$ 35,464
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	201,273,767	200,830,064	201,133,321	200,738,301
Weighted-average number of common shares outstanding—diluted (in shares)	201,827,384	201,142,747	201,768,451	201,115,115
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.22	$ 0.12	$ 0.30	$ 0.18
Diluted earnings per share (in dollars per share)	$ 0.22	$ 0.12	$ 0.30	$ 0.18
Stock Appreciation Rights (SARs)
Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation (in shares)	20,770		20,770
Unvested restricted common stock
Denominator:
Unvested Stock/SARs/MSUs (in shares)	0	80,538	81,513	143,882
Stock Appreciation Rights
Denominator:
Unvested Stock/SARs/MSUs (in shares)	0	1,425	0	2,212
Shares related to unvested PSUs
Denominator:
Unvested Stock/SARs/MSUs (in shares)	553,617	230,720	553,617	230,720

Debt - Schedule of Long Term Debt (Details)	3 Months Ended	6 Months Ended
Debt - Schedule of Long Term Debt (Details)	Jun. 30, 2016 USD ($) extension	Jun. 30, 2016 USD ($) extension	May 11, 2016	May 03, 2016 USD ($)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Total mortgage debt, net of unamortized debt issuance costs	$ 825,995,000	$ 825,995,000			$ 1,169,749,000
Senior unsecured credit facility	0	0			0
Total debt	$ 925,294,000	$ 925,294,000			$ 1,169,749,000
Weighted - Average Interest Rate (as a percent)	3.71%	3.71%
Mortgages
Debt Instrument [Line Items]
Total mortgage debt, net of unamortized debt issuance costs	$ 825,995,000	$ 825,995,000
Unamortized debt issuance costs	(6,745,000)	(6,745,000)
Senior unsecured credit facility
Debt Instrument [Line Items]
Senior unsecured credit facility	$ 0	$ 0		$ 75,000,000
Interest rate	1.97%	1.97%
Line of credit, Variable rate basis description		LIBOR + 1.50% (4)
Senior unsecured credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%	1.50%
Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance	$ 100,000,000	$ 100,000,000
Total debt	99,299,000	99,299,000
Unamortized debt issuance costs	(701,000)	(701,000)
Courtyard Manhattan / Fifth Avenue \| Mortgages
Debt Instrument [Line Items]
Interest rate			6.48%
Lexington Hotel New York \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 170,368,000	$ 170,368,000
Debt, Variable rate basis description		LIBOR + 2.25% (1)
Debt instrument, interest rate at period end (as a percent)	2.71%	2.71%
Number of one year extensions \| extension	2	2
Duration of extension term (in years)		1 year
Required debt yield threshold percentage to extend loan		0.13
Debt yield, percentage		0.064
Lexington Hotel New York \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Marriott Salt Lake City Downtown \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 59,234,000	$ 59,234,000
Interest rate	4.25%	4.25%
Westin Washington, D.C. City Center \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 67,822,000	$ 67,822,000
Interest rate	3.99%	3.99%
The Lodge at Sonoma, a Renaissance Resort and Spa \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 29,242,000	$ 29,242,000
Interest rate	3.96%	3.96%
Westin San Diego \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 66,959,000	$ 66,959,000
Interest rate	3.94%	3.94%
Courtyard Manhattan / Midtown East \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 86,000,000	$ 86,000,000
Interest rate	4.40%	4.40%
Renaissance Worthington \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 85,000,000	$ 85,000,000
Interest rate	3.6625%	3.6625%
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 65,000,000	$ 65,000,000
Interest rate	4.33%	4.33%
Boston Westin Waterfront \| Mortgages
Debt Instrument [Line Items]
Principal balance	$ 203,115,000	$ 203,115,000
Interest rate	4.36%	4.36%
Senior Unsecured Term Loan
Debt Instrument [Line Items]
Interest rate	1.90%	1.90%
Line of credit, Variable rate basis description		LIBOR + 1.45% (3)
Senior Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%

Debt - Mortgage Debt (Details)	Jun. 30, 2016 USD ($) Hotel	Jan. 11, 2016 USD ($)
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt (in hotels) \| Hotel	9
Number of hotels (in hotels) \| Hotel	27
Mortgages \| Hilton Minneapolis
Debt Instrument [Line Items]
Outstanding principal balance \| $	$ 89,500,000
Mortgages \| Chicago Marriott Downtown Magnificent Mile
Debt Instrument [Line Items]
Outstanding principal balance \| $		$ 201,713,137
Fixed rate percentage		5.975%
Mortgages \| Renaissance Worthington
Debt Instrument [Line Items]
Fixed rate percentage	3.6625%
Mortgages \| JW Marriott Denver at Cherry Creek
Debt Instrument [Line Items]
Fixed rate percentage	4.33%
Mortgages \| Boston Westin Waterfront
Debt Instrument [Line Items]
Fixed rate percentage	4.36%

Debt - Senior Unsecured Credit Facility (Details)		3 Months Ended		6 Months Ended
Debt - Senior Unsecured Credit Facility (Details)	May 03, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	May 11, 2016 USD ($)	May 02, 2016 USD ($)	Dec. 31, 2015 USD ($)
Line of Credit Facility [Line Items]
Senior unsecured credit facility		$ 0		$ 0				$ 0
Senior unsecured credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000						$ 200,000,000
Increase in credit facility	600,000,000
Senior unsecured credit facility	$ 75,000,000	0		0
Interest and unused credit facility fees		$ 400,000	$ 200,000	$ 800,000	$ 400,000
Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%		1.50%
Courtyard Manhattan / Fifth Avenue \| Mortgages
Line of Credit Facility [Line Items]
Outstanding principal balance		$ 48,100,000		$ 48,100,000		$ 48,080,144.76
Minimum \| Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.75%
Maximum \| Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.75%
Senior Unsecured Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.45%
Senior Unsecured Term Loan \| Medium-term Notes
Line of Credit Facility [Line Items]
Term (in years)	5 years
Outstanding principal balance	$ 100,000,000
Senior Unsecured Term Loan \| Minimum \| Medium-term Notes \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.45%
Senior Unsecured Term Loan \| Maximum \| Medium-term Notes \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.20%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)		0.239		0.239

Debt - Schedule of Ratio of Net Indebtedness (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)
Line Of Credit Facility Leverage Range [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)		50.00%
Minimum
Line Of Credit Facility Leverage Range [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)		0.20%
Maximum
Line Of Credit Facility Leverage Range [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)		0.30%
Senior Unsecured Term Loan \| Minimum \| Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.35
Senior Unsecured Term Loan \| Minimum \| Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.45
Senior Unsecured Term Loan \| Minimum \| Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.5
Senior Unsecured Term Loan \| Minimum \| Greater than 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.55
Senior Unsecured Term Loan \| Maximum \| Less than or equal to 35%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.35
Senior Unsecured Term Loan \| Maximum \| Greater than 35% but less than or equal to 45%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.45
Senior Unsecured Term Loan \| Maximum \| Greater than 45% but less than or equal to 50%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.5
Senior Unsecured Term Loan \| Maximum \| Greater than 50% but less than or equal to 55%
Summary of leverage and applicable margin
Ratio of net indebtedness to EBITDA (as a percent)		0.55
Senior Unsecured Term Loan \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Interest incurred on the facility	$ 0.3	$ 0.3
Senior Unsecured Term Loan \| LIBOR \| Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Senior Unsecured Term Loan \| LIBOR \| Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.60%
Senior Unsecured Term Loan \| LIBOR \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Senior Unsecured Term Loan \| LIBOR \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.95%
Senior Unsecured Term Loan \| LIBOR \| Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.20%
Line Of Credit Facility Covenant Actual Results
Line Of Credit Facility Leverage Range [Line Items]
Maximum leverage ratio (as a percent)	0.239	0.239
Senior unsecured credit facility \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.50%	1.50%
Senior unsecured credit facility \| LIBOR \| Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.50%
Senior unsecured credit facility \| LIBOR \| Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.65%
Senior unsecured credit facility \| LIBOR \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.80%
Senior unsecured credit facility \| LIBOR \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.00%
Senior unsecured credit facility \| LIBOR \| Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.25%
Senior unsecured credit facility \| LIBOR \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Senior unsecured credit facility \| LIBOR \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.75%

Debt - Schedule of Debt Covenants (Details) $ in Millions	6 Months Ended
Debt - Schedule of Debt Covenants (Details) $ in Millions	Jun. 30, 2016 USD ($)
Line of Credit Facility [Line Items]
Net proceeds from future equity issuances (as a percent)	75.00%
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.60
Minimum fixed charge coverage ratio	1.50
Minimum tangible net worth	$ 1,910
Secured recourse indebtedness ratio	45.00%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.239
Minimum fixed charge coverage ratio	4.09
Minimum tangible net worth	$ 2,520
Secured recourse indebtedness ratio	27.10%

Dispositions (Details)				6 Months Ended
Dispositions (Details)	Jul. 07, 2016 USD ($)	Jun. 30, 2016 USD ($) room	Jun. 08, 2016 USD ($) room	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of hotel properties				$ 118,309,000	$ 0
Total mortgage debt, net of unamortized debt issuance costs		$ 825,995,000		825,995,000		$ 1,169,749,000
Orlando, Florida \| Orlando Airport Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold \| room			485
Contractual sales price			$ 63,000,000
Net proceeds from sale of hotel properties			65,500,000
Gain on sale of hotel property			$ 3,400,000
Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold \| room		821
Contractual sales price		$ 140,000,000
Net proceeds from sale of hotel properties		54,600,000
Gain on sale of hotel property		4,700,000
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total mortgage debt, net of unamortized debt issuance costs		825,995,000		825,995,000
Mortgages \| Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total mortgage debt, net of unamortized debt issuance costs		$ 89,500,000		$ 89,500,000
Subsequent Event \| Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contractual sales price	$ 65,000,000

Dispositions - Schedule of Pre-tax Income/(Loss) From Hotel Properties Sold (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	$ (11,654)	$ (797)	$ (12,590)	$ (209)
Orlando Airport Marriott \| Orlando, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	(4,692)	(110)	(7,924)	(2,256)
Hilton Minneapolis \| Minneapolis, Minnesota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax income (loss)	$ (6,962)	$ (687)	$ (4,666)	$ 2,047

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Dispositions - Schedule of Long Lived Assets and Liabiltiies Held-for-sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Property and equipment	$ 69,994
Less: accumulated depreciation	(10,251)
Property and equipment, net	59,743
Due from hotel manager	1,726
Prepaid and other assets	566
Assets Held-for-sale	62,035	$ 0
Due to hotel manager	1,137
Liabilities Held-for-sale	$ 1,137	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of debt	$ 925,294	$ 1,169,749
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of debt	925,294	1,169,749
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 927,940	$ 1,152,351