Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2017	Feb. 27, 2018	Jun. 30, 2017
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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		200,537,452
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2.2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Property and equipment, net	$ 2,692,286	$ 2,646,676
Restricted cash	40,204	46,069
Due from hotel managers	86,621	77,928
Favorable lease assets, net	26,690	18,013
Prepaid and other assets	71,488	19,127
Cash and cash equivalents	183,569	243,095
Total assets	3,100,858	3,050,908
Liabilities:
Mortgage debt, net of unamortized debt issuance costs	639,639	821,167
Term loans, net of unamortized debt issuance costs	298,153	99,372
Total debt	937,792	920,539
Deferred income related to key money, net	14,307	20,067
Unfavorable contract liabilities, net	70,734	72,646
Deferred ground rent	86,614	80,509
Due to hotel managers	74,213	58,294
Dividends declared and unpaid	25,708	25,567
Accounts payable and accrued expenses	57,845	36,499
Total liabilities	1,267,213	1,214,121
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; 200,306,733 and 200,200,902 shares issued and outstanding at December 31, 2017 and 2016, respectively	2,003	2,002
Additional paid-in capital	2,061,451	2,055,365
Accumulated deficit	(229,809)	(220,580)
Total stockholders’ equity	1,833,645	1,836,787
Total liabilities and stockholders’ equity	$ 3,100,858	$ 3,050,908

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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	200,306,733	200,200,902
Common stock, shares outstanding	200,306,733	200,200,902

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rooms	$ 635,932	$ 650,624	$ 673,578
Food and beverage	183,049	194,756	208,173
Other	51,024	51,178	49,239
Total revenues	870,005	896,558	930,990
Operating Expenses:
Rooms	158,534	159,151	163,549
Food and beverage	120,460	125,916	137,297
Management fees	21,969	30,143	30,633
Other hotel expenses	302,272	302,805	317,623
Depreciation and amortization	99,090	97,444	101,143
Impairment losses	3,209	0	10,461
Hotel acquisition costs	2,028	0	949
Corporate expenses	26,711	23,629	24,061
Gain on business interruption insurance	(4,051)	0	0
Total operating expenses, net	730,222	739,088	785,716
Operating income	139,783	157,470	145,274
Interest and other income, net	(1,820)	(762)	(688)
Interest expense	38,481	41,735	52,684
Gain on repayment of note receivable	0	0	(3,927)
Loss (gain) on sales of hotel properties, net	764	(10,698)	0
Loss on early extinguishment of debt	274	0	0
Total other expenses, net	37,699	30,275	48,069
Income before income taxes	102,084	127,195	97,205
Income tax expense	(10,207)	(12,399)	(11,575)
Net income	$ 91,877	$ 114,796	$ 85,630
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.46	$ 0.57	$ 0.43
Diluted earnings per share (in dollars per share)	$ 0.46	$ 0.57	$ 0.43
Weighted-average number of common shares outstanding:
Basic (in shares)	200,784,450	201,079,573	200,796,678
Diluted (in shares)	201,521,468	201,676,258	201,459,934

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2014	$ 1,828,987	$ 2,000	$ 2,045,755	$ (218,768)
Beginning balance, shares at Dec. 31, 2014		199,964,041
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,789)		353	(101,142)
Issuance and vesting of common stock grants, net	2,987	$ 2	2,985
Issuance and vesting of common stock grants, net, shares		253,130
Sale of common stock in secondary offerings, net of placement fees and expenses of $179	7,790	$ 5	7,785
Sale of common stock in secondary offerings, net of placement fees and expenses of $719, shares		524,606
Net income	85,630			85,630
Ending Balance at Dec. 31, 2015	1,824,605	$ 2,007	2,056,878	(234,280)
Ending balance, shares at Dec. 31, 2015		200,741,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,738)		358	(101,096)
Issuance and vesting of common stock grants, net	4,636	$ 2	4,634
Issuance and vesting of common stock grants, net, shares		187,362
Share repurchases	(6,512)	$ (7)	(6,505)
Share repurchases, shares		(728,237)
Net income	114,796			114,796
Ending Balance at Dec. 31, 2016	1,836,787	$ 2,002	2,055,365	(220,580)
Ending balance, shares at Dec. 31, 2016		200,200,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,682)		424	(101,106)
Issuance and vesting of common stock grants, net	5,663	$ 1	5,662
Issuance and vesting of common stock grants, net, shares		105,831
Net income	91,877			91,877
Ending Balance at Dec. 31, 2017	$ 1,833,645	$ 2,003	$ 2,061,451	$ (229,809)
Ending balance, shares at Dec. 31, 2017		200,306,733

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.50	$ 0.5	$ 0.50
Payments of stock issuance costs			$ 719

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Cash flows from operating activities:
Net income	$ 91,877	$ 114,796	$ 85,630
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	99,090	97,444	101,143
Corporate asset depreciation as corporate expenses	95	66	80
Loss (gain) on sale of hotel properties, net	764	(10,698)	0
Gain on repayment of note receivable	0	0	(3,927)
Loss on early extinguishment of debt	274	0	0
Non-cash ground rent	6,290	5,671	5,915
Non-cash amortization of financing costs, debt premium, and interest rate cap as interest	1,950	2,302	2,353
Impairment losses	43,993	0	10,461
Estimated recovery of impairment losses from insurance	(40,784)	0	0
Gain on business interruption insurance	(4,051)	0	0
Amortization of favorable and unfavorable contracts, net	(1,912)	(1,912)	(1,651)
Amortization of deferred income related to key money	(5,760)	(2,851)	(993)
Stock-based compensation	6,201	5,321	5,723
Deferred income tax expense	7,702	10,405	10,292
Changes in assets and liabilities:
Prepaid expenses and other assets	(22,282)	17,007	(3,144)
Restricted cash	2,535	55	12,606
Due to/from hotel managers	1,540	(1,056)	106
Accounts payable and accrued expenses	17,006	(20,969)	2,963
Net cash provided by operating activities	204,528	215,581	227,557
Cash flows from investing activities:
Hotel capital expenditures	(99,551)	(102,861)	(62,950)
Hotel acquisitions	(93,795)	0	(150,400)
Proceeds from sale of properties, net	(764)	183,874	0
Proceeds from property insurance	10,042	0	0
Notes receivable repayments	0	0	3,927
Change in restricted cash	5,457	4,641	2,785
Receipt of deferred key money	0	0	3,000
Net cash (used in) provided by investing activities	(178,611)	85,654	(203,638)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(12,417)	(11,198)	(13,322)
Repurchase of common stock and other	(537)	(7,197)	(2,735)
Proceeds from sale of common stock, net	0	0	7,790
Proceeds from mortgage debt	0	0	355,000
Repayments of mortgage debt	(170,368)	(249,793)	(202,130)
Proceeds from senior unsecured term loan	200,000	100,000	0
Draws on senior unsecured credit facility	0	75,000	195,000
Repayments of senior unsecured credit facility	0	(75,000)	(195,000)
Payment of financing costs	(1,579)	(2,765)	(2,866)
Purchase of interest rate cap	0	0	(325)
Payment of cash dividends	(100,542)	(100,771)	(96,112)
Net cash (used in) provided by financing activities	(85,443)	(271,724)	45,300
Net (decrease) increase in cash and cash equivalents	(59,526)	29,511	69,219
Cash and cash equivalents, beginning of year	243,095	213,584	144,365
Cash and cash equivalents, end of year	183,569	243,095	213,584
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	36,288	40,345	48,916
Cash paid for income taxes	3,251	1,973	1,099
Non-cash Investing and Financing Activities:
Unpaid dividends	25,708	25,567	25,599
Buyer assumption of mortgage debt on sale of hotel	$ 0	$ 89,486	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2017
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. (“Marriott”) or Hilton Worldwide (“Hilton”)). 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 December 31, 2017, we owned 28 hotels with 9,630 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 (4); Salt Lake City, Utah; San Diego, California; San Francisco, California; Sedona, Arizona (2); Sonoma, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. Two of our hotels, the Frenchman's Reef & Morning Star Marriott Beach Resort and the Inn at Key West, are currently closed as a result of damage incurred from Hurricanes Irma and Maria in September 2017. 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	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation 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 Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership 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. The presentation of deferred tax assets and liabilities has been adjusted in the accompanying consolidated balance sheet as of December 31, 2016. This adjustment reduced previously reported 2016 deferred tax assets, within prepaid and other assets on the consolidated balance sheet, and previously reported 2016 deferred tax liabilities, within accounts payable and accrued expenses on the consolidated balance sheet, each by $18.6 million, to reflect deferred taxes on a net basis by tax jurisdiction as required under ASC 740, Income Taxes. There was no impact to the consolidated statement of operations, the cash flows from operating, investing, or financing activities on the consolidated statement of cash flows for the year ended December 31, 2016, or to the consolidated statement of stockholders’ equity as of December 31, 2016. 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. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. 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 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 5 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 property and related assets exceed the 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 property's estimated fair market value is recorded and an impairment loss is recognized. 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. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from operations of the hotels are recognized when the goods or 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. 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. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We have elected to be treated as a REIT under the provisions of the Internal Revenue 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 existing 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, and the L'Auberge de Sedona and Orchards Inn Sedona, which are each leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of December 31, 2017 and 2016. Intangible Assets and Liabilities Intangible assets or 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. 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 stock grants 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 awards with service or market conditions 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. Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees. Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results. Accounting for Impacts of Natural Disasters Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel acquisitions will be considered asset purchases as opposed to business combinations. However, the determination will be made on a transaction-by-transaction basis and we do not expect the determination to materially change the recognition of the assets and liabilities acquired. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2017-01 effective January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-18 effective January 1, 2018. As a result, restricted cash reserves will be included with cash and cash equivalents on our consolidated statements of cash flows. The adoption will not change the presentation of our consolidated balance sheets. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-15 effective January 1, 2018 and it did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued 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 a liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our consolidated financial statements. 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. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are continuing to evaluate the effect of ASU 2016-02 on our consolidated financial statements and related disclosures. 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. By working in conjunction with our hotel operators, we have completed our evaluation of the effect that ASU No. 2014-09 will have on our consolidated financial statements. Because of the short-term, day-to-day nature of our hotel revenues, we have determined that the pattern of revenue recognition will not change significantly. Furthermore, we do not expect the standard to significantly impact the recognition of or accounting for real estate sales to third parties, since we primarily dispose of real estate in exchange for cash with few contingencies.We adopted the new standard effective January 1, 2018 under the cumulative effect transition method. No adjustment will be recorded to the Company’s opening balance of retained earnings on January 1, 2018 as there was no impact to net income for the Company.

Property and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2017 and 2016 consists of the following (in thousands):



	2017			2016
Land	$	602,879		$	553,769
Land improvements	7,994			7,994
Buildings	2,414,216			2,355,871
Furniture, fixtures and equipment	423,987			428,991
Construction in progress	31,906			35,253
	3,480,982			3,381,878
Less: accumulated depreciation	(788,696		)	(735,202		)
	$	2,692,286		$	2,646,676

During 2017, we determined the carrying value of $1.8 million of construction in progress was not recoverable and we recorded a corresponding $1.8 million charge within impairment losses for the year ended December 31, 2017.

As of December 31, 2017 and 2016 we had accrued capital expenditures of $11.7 million and $10.8 million, respectively.

Natural Disaster Impact

During September 2017, several of our hotels were impacted by the effects of Hurricanes Irma and Maria. Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, sustained significant damage and is currently closed. We expect that Frenchman's Reef will remain closed through the end of 2019. The Inn at Key West and Sheraton Suites Key West located in Key West, Florida and the Westin Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida were impacted by the effects of Hurricane Irma. Each of our Florida hotels closed in advance of the storm in order to comply with mandatory evacuation orders. The Westin Fort Lauderdale Beach Resort and Sheraton Suites Key West sustained minimal damage and reopened shortly after the storm, while the Inn at Key West sustained substantial damage and remains closed. We expect the Inn at Key West to reopen in the second quarter of 2018, renamed as the Havana Cabana Key West.

We maintain property, casualty, flood, and business interruption insurance for each of our hotels with coverage up to $361 million for each covered event, subject to certain deductibles and sublimits. While it is expected that insurance proceeds will be sufficient to cover all or a substantial portion of the remediation costs and business interruption at these hotels, no determination has been made as to the total amount or timing of the related payments.

During the year ended December 31, 2017, we recognized a $41.7 million impairment loss for property damage at Frenchman's Reef, the Inn at Key West, and the Sheraton Suites Key West. We have filed insurance claims for Frenchman's Reef and the Inn at Key West, but the damage to the Sheraton Suites Key West is below the insurance deductible. We recorded a reduction to the impairment loss and a corresponding receivable of $40.8 million reflecting the insurance proceeds that are probable of receipt up to the amount of the loss recorded. The receivable for insurance proceeds is included in prepaid and other assets on the accompanying consolidated balance sheet. We believe these amounts to be recoverable by considering various factors, including discussions with our insurance providers, consideration of their financial strength, and review of our insurance provisions and limits.

Favorable Lease Assets

12 Months Ended

Dec. 31, 2017

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 $2.7 million and $2.3 million as of December 31, 2017 and 2016, respectively, consist of the following (in thousands):



	December 31, 2017		December 31, 2016
Westin Boston Waterfront Hotel Ground Lease	$	17,643	$	17,859
Orchards Inn Sedona Annex Sublease	8,925		—
Lexington Hotel New York Tenant Leases	122		154
	$	26,690	$	18,013

The 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. Amortization expense for the years ended December 31, 2017, 2016, and 2015, was $0.4 million, $0.3 million, and $0.5 million, respectively. Amortization expense is expected to total $0.4 million annually for 2018 through 2022.

In connection with our acquisition of the Orchards Inn Sedona on February 28, 2017, we recorded a $9.1 million favorable lease asset. We determined the value using a discounted cash flow of the favorable difference between the contractual lease payments and estimated market rents. The market rents were estimated by a third-party valuation firm and the discount rate was estimated using a risk adjusted rate of return. See Note 10 for further discussion of this favorable lease asset.

We owned a favorable lease asset related to the right to acquire a leasehold interest in a parcel of land adjacent to the Westin Boston Waterfront Hotel for the development of a 320 to 350 room hotel (the “lease right”). During the second quarter of 2015, we decided not to exercise the option to acquire the leasehold interest and recorded an impairment loss of $9.6 million, which includes the write-off of $0.6 million of other assets related to the lease right included within prepaid and other assets on the accompanying consolidated balance sheets.

During 2015, we evaluated the Lexington Hotel New York favorable tenant leases for recoverability of the carrying value. The lease with one of the retail tenants at the Lexington Hotel New York was expected to terminate prior to the end of the lease term. We concluded that the asset was not realizable and recorded an impairment loss of $0.8 million during 2015.

Capital Stock

12 Months Ended

Dec. 31, 2017

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 did not sell any shares between January 2015 and December 31, 2017. In December 2017, our board of directors renewed the ATM Program. As of December 31, 2017, $200 million of the ATM shares were available to be sold under the ATM Program. Subsequent to December 31, 2017, we sold 230,719 shares of common stock at an average price of $12.02 for net proceeds of $2.7 million under the ATM Program.

Our board of directors have approved a share repurchase program 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.

During the year ended December 31, 2016, we repurchased 728,237 shares of our common stock at an average price of $8.92 per share for a total purchase price of $6.5 million. We have not repurchased any additional shares subsequent to December 31, 2016. We retired all repurchased shares on their respective settlement dates. In December 2017, our board of directors renewed the $150 million share repurchase program, effective January 1, 2018. As of February 27, 2018, we have $150 million of authorized capacity remaining under our share repurchase program.

Dividends

We have paid the following dividends to holders of our common stock for the years ended December 31, 2017 and 2016:



Payment Date	Record Date	Dividend per Share
April 12, 2016	March 31, 2016	$0.125
July 12, 2016	June 30, 2016	$0.125
October 12, 2016	September 30, 2016	$0.125
January 12, 2017	December 30, 2016	$0.125
April 12, 2017	March 31, 2017	$0.125
July 12, 2017	June 30, 2017	$0.125
October 12, 2017	September 29, 2017	$0.125
January 12, 2018	December 29, 2017	$0.125

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 December 31, 2017 and 2016, there were no shares of preferred stock outstanding.

Operating Partnership Units

Holders of operating partnership units have certain redemption rights, which 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 December 31, 2017 and 2016, there were no operating partnership units held by unaffiliated third parties.

Stock Incentive Plans

12 Months Ended

Dec. 31, 2017

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

Stock Incentive Plans

We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), of which we have issued or committed to issue 447,089 shares as of December 31, 2017. In addition to these shares, additional shares of common stock could be issued in connection with the performance stock unit awards as further described below. The 2016 Plan replaced the 2004 Stock Option and Incentive Plan, as amended (the "2004 Plan"). We 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.

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 consolidated statements of operations. A summary of our restricted stock awards from January 1, 2015 to December 31, 2017 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2015	514,419		$	10.82
Granted	216,159		14.48
Forfeited	(183	)	9.08
Vested	(255,828	)	10.39
Unvested balance at December 31, 2015	474,567		12.72
Granted	461,281		8.94
Forfeited	(126,610	)	10.08
Vested	(241,698	)	11.83
Unvested balance at December 31, 2016	567,540		10.62
Granted	324,502		11.19
Forfeited	(16,669	)	10.80
Vested	(244,411	)	11.29
Unvested balance at December 31, 2017	630,962		$	10.66

The remaining share awards are expected to vest as follows: 287,148 during 2018, 227,699 during 2019, and 116,115 during 2020. As of December 31, 2017, the unrecognized compensation cost related to restricted stock awards was $4.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 22 months. For the years ended December 31, 2017, 2016, and 2015, we recorded $3.1 million, $2.8 million and $2.8 million, respectively, of compensation expense related to restricted stock awards.

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. 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. For 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. For the PSUs issued in 2017 and vesting in 2020, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three-year performance period applies to 50% of the number of PSUs to be earned in the performance period. The remaining 50% is determined based on achieving improvement in market share for each of our hotels over the three-year performance period.

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 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. The determination of the grant-date fair values of outstanding awards included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 27, 2015	22.9	%	1.01	%	$	12.13
February 26, 2016	24.3	%	0.93	%	$	8.42
February 26, 2017	26.7	%	1.46	%	$	10.89

A summary of our PSUs from January 1, 2015 to December 31, 2017 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2015	436,170		$	10.95
Granted	218,467		12.13
Additional units from dividends	21,722		13.51
Unvested balance at December 31, 2015	676,359		11.41
Granted	310,398		8.54
Additional units from dividends	38,324		9.37
Vested (1)	(242,096	)	9.85
Forfeited	(96,301	)	10.74
Unvested balance at December 31, 2016	686,684		10.65
Granted	266,009		11.04
Additional units from dividends	33,478		11.17
Vested (2)	(200,374	)	12.15
Unvested balance at December 31, 2017	785,797		$	10.42

______________________


(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.


(2)	There was no payout of shares of our common stock for PSUs that vested on February 27, 2017, as our total stockholder return fell below the 30th percentile of the total stockholder returns of the peer group over the three-year performance period.

The remaining unvested target units are expected to vest as follows: 216,186 during 2018, 294,545 during 2019 and 275,066 during 2020. The number of shares of common stock earned for the PSUs vesting in 2018 is equal to 51.8% of the PSU Target Award. As of December 31, 2017, the unrecognized compensation cost related to the PSUs was $3.1 million and is expected to be recognized on a straight-line basis over a period of 22 months. For the years ended December 31, 2017, 2016, and 2015, we recorded approximately $2.5 million, $2.0 million, and $2.3 million, respectively, of compensation expense related to the PSUs.

The compensation expense recorded for the year ended December 31, 2016 includes the reversal of $0.4 million of previously recognized compensation expense resulting from the forfeiture of PSUs related to the resignation of our former Executive Vice President and Chief Operating Officer.

Earnings Per Share

12 Months Ended

Dec. 31, 2017

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):



	Years Ended December 31,
	2017		2016		2015
Numerator:
Net income	$	91,877	$	114,796	$	85,630
Denominator:
Weighted-average number of common shares outstanding—basic	200,784,450		201,079,573		200,796,678
Effect of dilutive securities:
Unvested restricted common stock	188,759		47,468		129,640
Shares related to unvested PSUs	548,259		549,217		533,092
Unexercised stock appreciation rights	—		—		524
Weighted-average number of common shares outstanding—diluted	201,521,468		201,676,258		201,459,934
Earnings per share:
Basic earnings per share	$	0.46	$	0.57	$	0.43
Diluted earnings per share	$	0.46	$	0.57	$	0.43

We did not include the unexercised stock appreciation rights of 20,770 for the years ended December 31, 2017 and 2016 as they would be anti-dilutive.

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt as of December 31, 2017 (dollars in thousands):



					Principal Balance as of December 31,
Property	Interest Rate		Maturity Date	Amortization Provisions	2017			2016
Lexington Hotel New York	LIBOR + 2.25%		October 2017 (1)	Interest Only	$	—		$	170,368
Salt Lake City Marriott Downtown	4.25	%	November 2020	25 years	56,717			58,331
Westin Washington D.C. City Center	3.99	%	January 2023	25 years	64,833			66,848
The Lodge at Sonoma, a Renaissance Resort & Spa	3.96	%	April 2023	30 years	28,277			28,896
Westin San Diego	3.94	%	April 2023	30 years	64,859			66,276
Courtyard Manhattan / Midtown East	4.40	%	August 2024	30 years	84,067			85,451
Renaissance Worthington	3.66	%	May 2025	30 years	84,116			85,000
JW Marriott Denver at Cherry Creek	4.33	%	July 2025	30 years	63,519			64,579
Boston Westin	4.36	%	November 2025	30 years	198,046			201,470
Unamortized debt issuance costs					(4,795		)	(6,052		)
Total mortgage debt, net of unamortized debt issuance costs					639,639			821,167

Unsecured term loan	LIBOR + 1.45% (2)		May 2021	Interest Only	100,000			100,000
Unsecured term loan	LIBOR + 1.45% (2)		April 2022	Interest Only	200,000			—
Unamortized debt issuance costs					(1,847		)	(628		)
Unsecured term loans, net of unamortized debt issuance costs					298,153			99,372

Senior unsecured credit facility	LIBOR + 1.50%		May 2020 (3)	Interest Only	—			—

Total debt, net of unamortized debt issuance costs					$	937,792		$	920,539
Weighted-Average Interest Rate	3.79%

_____________


(1)	The mortgage was repaid on April 26, 2017.


(2)	The interest rate at December 31, 2017 was 2.81%


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

The aggregate debt maturities as of December 31, 2017 are as follows (in thousands):



2018	$	13,642
2019	14,247
2020	66,238
2021	113,574
2022	214,153
Thereafter	522,580
	$	944,434

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 pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2017, 8 of our 28 hotel properties 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 December 31, 2017, we were in compliance with the financial covenants of our mortgage debt.

On April 26, 2017, we repaid the mortgage loan secured by the Lexington Hotel New York with proceeds from a new unsecured term loan, which is discussed further below. The mortgage loan had an outstanding balance of $170.4 million at repayment.

Senior Unsecured Credit Facility

We are party to a $300 million senior unsecured credit facility with a maturity date of May 2020. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. The facility also includes an accordion feature to expand up to $600 million, subject to lender consent. The interest rate on the facility is based upon LIBOR, plus an applicable margin based upon 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 are required to pay an amount equal to 0.20% of the unused portion of the facility if the average usage of the facility was greater than 50% or 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	December 31, 2017
Maximum leverage ratio (1)	60%	24.6%
Minimum fixed charge coverage ratio (2)	1.50x	4.42x
Minimum tangible net worth (3)	$1.91 billion	$2.60 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	21.4%

_____________________________


(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 December 31, 2017, we had no borrowings outstanding under the facility and the Company's leverage ratio was 24.6%. 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 $1.0 million, $1.3 million and $1.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Unsecured Term Loans

We are party to a five-year $100 million unsecured term loan and a five-year $200 million unsecured term loan.

The financial covenants of the term loans are consistent with the covenants on our senior unsecured credit facility, which are described above. The interest rate on each of the term loans is based on a pricing grid ranging from 145 to 220 basis points over LIBOR, based on 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 December 31, 2017, the Company's leverage ratio was 24.6%. Accordingly, interest on our borrowings under the term loans will be based on LIBOR plus 145 basis points for the following quarter. We incurred interest on the term loans of $6.2 million and $1.3 million for the years ended December 31, 2017 and 2016, respectively.

Dispositions

12 Months Ended

Dec. 31, 2017

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 $65.8 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 $3.7 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 $54.8 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 $4.9 million during the year ended December 31, 2016. We recognized an incremental pre-tax loss of $0.8 million during the year ended December 31, 2017 due to a post-closing adjustment for hotel expenses incurred under our ownership period.

On July 7, 2016, we sold the 169-room Hilton Garden Inn Chelsea/New York City to an unaffiliated third party for a contractual sales price of $65.0 million. We received net proceeds of approximately $63.3 million from the transaction. We recognized a pre-tax gain on sale of the hotel of approximately $2.0 million.

Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gains and losses on sale, from the hotel properties sold during 2016 (in thousands):



	2017			2016		2015
Orlando Airport Marriott	$	—		$	8,225	$	2,752
Hilton Minneapolis	(764		)	4,872		1,428
Hilton Garden Inn Chelsea/New York City	—			3,107		3,272
Total pre-tax (loss) income	$	(764	)	$	16,204	$	7,452

Acquisitions

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions

2017 Acquisitions

On February 28, 2017, we acquired the 88-room L'Auberge de Sedona and the 70-room Orchards Inn Sedona, each located in Sedona, Arizona, for a total contractual purchase price of $97 million. The acquisition was funded with corporate cash. The hotels were managed by IMH Financial Corporation ("IMH") through December 6, 2017. The management agreement provided for a base management fee of 2.45% of gross revenues during IMH's management of the hotel in 2017.

Effective December 7, 2017, the hotel is managed by Two Roads Hospitality pursuant to a new management agreement with an initial term of five years. The management agreement provides for a base management fee of 0.5% of gross revenues through 2018, 1% of gross revenues in 2019, and 1.5% of gross revenues for the remainder of the term. The management agreement also provides for an incentive management fee of 10% of hotel operating profit above an owner's priority determined in accordance with the terms of the management agreement. The incentive management fee is capped at 1% of gross revenues for each year. The management agreement also specifies a corporate marketing contribution of 1% of gross revenues.

We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. We reviewed the terms of the annex sublease in conjunction with the hotel acquisition accounting and concluded that the terms are favorable to us compared with a typical current market lease. As a result, we recorded a $9.1 million favorable lease asset that will be amortized through 2070.

2015 Acquisitions

On February 6, 2015, we acquired the 157-room Shorebreak Hotel located in Huntington Beach, California for a purchase price of $58.8 million. Upon acquisition of the hotel, we entered into a 10-year management agreement with Kimpton Hotel and Restaurant Group, LLC.

On June 30, 2015, we acquired the 184-suite Sheraton Suites Key West located in Key West, Florida for a purchase price of $94.4 million. We assumed the existing management agreement with Ocean Properties.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands):



	L'Auberge de Sedona			Orchards Inn Sedona			Shorebreak Hotel			Sheraton Suites Key West
Land	$	39,384		$	9,726		$	19,908		$	49,592
Building and improvements	22,204			10,180			37,525			42,958
Furniture, fixtures and equipment	4,376			1,982			1,338			1,378
Total fixed assets	65,964			21,888			58,771			93,928
Favorable lease asset	—			9,065			—			—
Unfavorable lease liability	—			—			(349		)	—
Other assets and liabilities, net	(2,710		)	(412		)	401			500
Total	$	63,254		$	30,541		$	58,823		$	94,428

Acquired properties are included in our results of operations from the date of acquisition. The following pro forma financial information for the years ended December 31, 2017, 2016, and 2015, presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 were acquired on January 1, 2016 and as if the hotels acquired in 2015 were acquired on January 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.



	Year Ended December 31,
	2017		2016		2015
	(unaudited)		(unaudited)		(unaudited)
Revenues	$	873,427	$	924,806	$	942,547
Net income	$	91,602	$	118,232	$	89,184
Earnings per share:
Basic earnings per share	$	0.46	$	0.59	$	0.44
Diluted earnings per share	$	0.45	$	0.59	$	0.44

For the year ended December 31, 2017, our consolidated statement of operations includes $29.3 million of revenues and $5.9 million of net income related to the operations of the hotels acquired in 2017.

Recent Developments

In January 2018, we signed a purchase and sale agreement to acquire the Landing Resort & Spa in South Lake Tahoe, California. The acquisition is expected to close before the end of the first quarter of 2018 and will be funded with cash on hand. In February 2018, we signed a purchase and sale agreement to acquire another hotel, which we expect to close within the next 60 days and will be funded with cash on hand.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

We have elected to be treated as a REIT under the provisions of the Internal Revenue 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 are subject to federal, state, local and/or foreign income taxes.

Our provision for income taxes consists of the following (in thousands):



	Year Ended December 31,
	2017		2016			2015
Current - Federal	$	622	$	—		$	—
State	1,221		1,297			770
Foreign	662		697			515
	2,505		1,994			1,285
Deferred - Federal	6,432		9,779			8,249
State	425		1,324			2,315
Foreign	845		(698		)	(274		)
	7,702		10,405			10,290
Income tax provision	$	10,207	$	12,399		$	11,575

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Statutory federal tax provision (35)%	$	35,729		$	44,518		$	34,272
Tax impact of REIT election	(22,277		)	(31,101		)	(21,544		)
State income tax provision, net of federal tax benefit	1,652			1,703			1,745
Foreign income tax benefit	(430		)	(3,080		)	(2,266		)
Tax reform impact on U.S. taxes	(2,143		)	—			—
Tax reform impact on foreign taxes	(2,076		)	—			—
Other	(248		)	359			(632		)
Income tax provision	$	10,207		$	12,399		$	11,575

On December 22, 2017, the U.S. government enacted comprehensive tax legislation, H.R. 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"). Among other changes to the U.S. tax code, the Tax Act reduces the U.S. federal corporate income tax rate to 21%, and requires companies to pay a one-time transition tax on certain unrepatriated earnings (where applicable) of foreign subsidiaries with an election option to defer the transition tax over eight years. Accordingly, our federal net deferred tax liabilities as of December 31, 2017 have been remeasured using a U.S. federal income tax rate of 21% that is effective beginning on January 1, 2018, to reflect the effects of the enacted changes in tax rates at the date of enactment based on the applicable enacted tax rate when the temporary differences and carryforwards are expected to reverse. The impact of this remeasurement is a decrease to net deferred tax liabilities and a decrease to the deferred income tax provision in 2017 of approximately $4.2 million. Additionally, we incurred a transition tax obligation of $18.2 million related to the deemed mandatory repatriation of foreign earnings and profits of the Frenchman's Reef & Morning Star Marriott Beach Resort (located in the U.S. Virgin Islands) that we have elected to defer over the eight-year period allowed (upon election) under the Tax Act. The transition tax increased our 2017 REIT taxable income in 2017 by approximately $1.5 million.

We are required to pay franchise taxes in certain jurisdictions. We recorded approximately $0.4 million of franchise taxes during each of the years ended December 31, 2017, 2016 and 2015, which are classified as corporate expenses in the accompanying consolidated statements of operations.

Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands):



	2017			2016
Federal
Net operating loss carryforwards	$	3,099		$	12,629
Deferred income related to key money	2,549			5,313
Alternative minimum tax credit carryforwards	169			—
Other	355			296
Depreciation and amortization	(8,889		)	(14,535		)
Federal - Deferred tax (liabilities) assets, net	$	(2,717	)	$	3,703

State
Net operating loss carryforwards	$	3,126		$	3,021
Deferred income related to key money	801			816
Alternative minimum tax credit carryforwards	81			71
Other	111			45
Depreciation and amortization	(2,803		)	(2,231		)
Less: Valuation allowance	(400		)	(400		)
State - Deferred tax assets, net	$	916		$	1,322

Foreign (USVI)
Deferred income related to key money	$	95		$	1,278
Depreciation and amortization	(796		)	508
Other	1			2
Land basis recorded in purchase accounting	(2,617		)	(4,260		)
Foreign - Deferred tax liabilities, net	$	(3,317	)	$	(2,472	)

As of December 31, 2017, we had deferred tax assets of $6.2 million consisting of federal and state net operating loss carryforwards. The federal loss carryforwards of $3.1 million generally expire in 2029 through 2034 if not utilized by then. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax asset related to federal loss carryforwards prior to their expiration and have determined that no valuation allowance is required. The state loss carryforwards of $3.1 million generally expire in 2020 through 2034 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. As of December 31, 2017, we have a $0.4 million valuation allowance on the deferred tax asset related to the Illinois state loss carryforward. The remaining deferred tax assets of $4.2 million are expected to be recovered against reversing existing taxable temporary differences.

The Frenchman's Reef & Morning Star Marriott Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands ("USVI") income taxes. We are party to a tax agreement with the USVI that reduces the income tax rate to approximately 7%. This agreement expires in February 2030.

Relationships with Managers

12 Months Ended

Dec. 31, 2017

Relationships With Managers [Abstract]

Relationships With Managers

Relationships with Managers

We are party to hotel management agreements for each of our hotels owned. The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.



Property	Manager	Date of Agreement	Initial Term	Number of Renewal Terms
Atlanta Alpharetta Marriott	Marriott	9/2000	30 years	Two ten-year periods
Bethesda Marriott Suites	Marriott	12/2004	21 years	Two ten-year periods
Boston Westin Waterfront	Marriott	5/2004	20 years	Four ten-year periods
Chicago Marriott Downtown	Marriott	3/2006	32 years	Two ten-year periods
Courtyard Denver Downtown	Sage Hospitality	7/2011	5 years	One five-year period
Courtyard Manhattan/Fifth Avenue	Marriott	12/2004	30 years	None
Courtyard Manhattan/Midtown East	HEI Hotels & Resorts (1)	8/2017	10 years	None
Frenchman's Reef & Morning Star Marriott Beach Resort	Marriott (2)	9/2000	30 years	Two ten-year periods
The Gwen Chicago	HEI Hotels & Resorts	6/2016	10 years	None
Hilton Boston Downtown	Davidson Hotels & Resorts	11/2012	7 years	Two five-year periods
Hilton Burlington	Interstate Hotels & Resorts	12/2010	5 years	Month-to-month
Hilton Garden Inn New York City/Times Square Central	Highgate Hotels	1/2011	10 years	One five-year period
Hotel Rex	Viceroy Hotels & Resorts (3)	10/2017	10 years	One five-year period
Inn at Key West	Ocean Properties	12/2016	10 years	Two five-year periods
JW Marriott Denver at Cherry Creek	Sage Hospitality	5/2011	5 years	One five-year period
Lexington Hotel New York	Highgate Hotels	6/2011	10 years	One five-year period
Renaissance Charleston	Marriott	1/2000	21 years	Two five-year periods
Renaissance Worthington	Marriott	9/2000	30 years	Two ten-year periods
Salt Lake City Marriott Downtown	Marriott	12/2001	30 years	Three fifteen-year periods
L'Auberge de Sedona	Two Roads Hospitality (4)	12/2017	5 years	One five-year period
Orchards Inn Sedona	Two Roads Hospitality (4)	12/2017	5 years	One five-year period
Sheraton Suites Key West	Ocean Properties	6/2015	12 years	None
Shorebreak Hotel	Kimpton Hotel & Restaurant Group	2/2015	10 years	None
The Lodge at Sonoma, a Renaissance Resort & Spa	Marriott	10/2004	20 years	One ten-year period
Vail Marriott Mountain Resort & Spa	Vail Resorts	6/2005	15½ years	None
Westin Fort Lauderdale Beach Resort	HEI Hotels & Resorts	12/2014	10 years	None
Westin San Diego	Interstate Hotels & Resorts	12/2010	5 years	Month-to-month
Westin Washington D.C. City Center	HEI Hotels & Resorts	4/2015	10 years	None

______________


(1)	HEI Hotels & Resorts assumed management of the hotel in August 2017. The hotel was previously managed by Marriott.


(2)	We terminated the management agreement with Marriott, effective February 20, 2018. The hotel is currently closed as a result of the physical damage incurred from Hurricanes Irma and Maria.


(3)	Viceroy Hotels & Resorts assumed management of the hotel in October 2017. The hotel was previously managed by Joie de Vivre Hotels.


(4)	Two Roads Hospitality assumed management of the hotels in December 2017. The hotels were previously managed by IMH Financial Corporation.

Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.”

The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:



Property	Base Management Fee(1)			Incentive Management Fee(2)			FF&E Reserve Contribution(1)
Atlanta Alpharetta Marriott	3	%	(3)	25	%		5	%
Bethesda Marriott Suites	3	%		50	%	(4)	5	%	(5)
Boston Westin Waterfront	2.5	%		20	%		4	%
Chicago Marriott Downtown	2	%	(6)	18	%	(7)	5	%
Courtyard Denver Downtown	1.5	%	(8)	10	%		4	%
Courtyard Manhattan/Fifth Avenue	6	%		25	%		4	%
Courtyard Manhattan/Midtown East	1.5	%	(9)	15	%		4	%
Frenchman's Reef & Morning Star Marriott Beach Resort (10)	3	%		15	%		5.5	%
The Gwen Chicago	2	%	(11)	15	%		4	%
Hilton Boston Downtown	2	%		10	%		4	%
Hilton Burlington	1.5	%	(12)	10	%		—
Hilton Garden Inn New York City/Times Square Central	3	%		20	%		4	%
Hotel Rex	2.75	%	(13)	15	%		4	%
Inn at Key West	3	%		10	%		4	%
JW Marriott Denver at Cherry Creek	2.5	%		10	%		4	%
Lexington Hotel New York	3	%	(14)	20	%		5	%
Renaissance Charleston	3.5	%	(15)	20	%		5	%
Renaissance Worthington	3	%		25	%		5	%
Salt Lake City Marriott Downtown	1.5	%	(16)	20	%		5	%
L'Auberge de Sedona	0.5	%	(17)	10	%		4	%
Orchards Inn Sedona	0.5	%	(17)	10	%		4	%
Sheraton Suites Key West	3	%		10	%		4	%
Shorebreak Hotel	2.5	%		15	%		4	%
The Lodge at Sonoma, a Renaissance Resort & Spa	3	%		20	%		5	%
Vail Marriott Mountain Resort & Spa	3	%		20	%		4	%
Westin Fort Lauderdale Beach Resort	2	%		15	%		4	%
Westin San Diego	1.5	%	(12)	10	%		4	%
Westin Washington D.C. City Center	2	%		15	%		4	%

______________


(1)	As a percentage of gross revenues.


(2)	Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds.


(3)	The base management fee decreases to 2% of gross revenues between February 2018 and January 2021.


(4)	The owner's priority expires in 2028, after which the manager will receive 50% of the hotel's operating profits.


(5)	The contribution is reduced to 1% until operating profits exceed an owner's priority of $4.4 million.


(6)	The base management fee decreased from 3.0% to 2.0% for October 2017 through September 2021 and will then revert back to 3% for the remainder of the term.


(7)	Calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income.


(8)	The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit.


(9)	Prior to August 2017, the base management fee was 5% of gross revenues under the previous hotel manager. The base management fee was 1.5% of gross revenues between August 2017 and December 2017 and increases to 1.75% of gross revenues for 2018 through the remainder of the term.


(10)	We terminated the management agreement with Marriott, effective February 20, 2018. The hotel is currently closed as a result of the physical damage incurred from Hurricanes Irma and Maria.


(11)	The base management fee increases to 2.25% for 2018 through the remainder of the term.

(12) Total management fees are capped at 2.5% of gross revenues.


(13)	Prior to September 2017, the base management fee was 3% of gross revenues under the previous hotel manager.


(14)	The base management fee decreased to 2% from January 2017 through June 2017, and reverted back to 3% for the remainder of the term.


(15)	The base management fee increased to 3.5% beginning September 2017 through the remainder of the term.


(16)	The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term.


(17)	Prior to December 2017, the base management fee was 2.45% of gross revenues under the previous hotel manager. The base management fee increases to 1.0% for 2019 and 1.5% for 2020 through the remainder of the term.

The following is a summary of management fees for the years ended December 31, 2017, 2016 and 2015 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Base management fees	$	22,265		$	24,480		$	25,491
Incentive management fees	6,259			7,810			7,405
Amortization of deferred income related to key money	(4,840		)	(432		)	(548		)
Amortization of unfavorable contract liabilities	(1,715		)	(1,715		)	(1,715		)
Total management fees, net	$	21,969		$	30,143		$	30,633

Ten of our hotels earned incentive management fees for the year ended December 31, 2017. Nine of our hotels earned incentive management fees for the year ended December 31, 2016. Seven of our hotels earned incentive management fees for the year ended December 31, 2015.

Performance Termination Provisions

Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment.

Key Money

Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations.

During 2015, Starwood provided us with $3.0 million of key money in connection with our renovation associated with the brand conversion of the hotel formerly known as the Conrad Chicago to The Gwen, a Luxury Collection Hotel. The key money was amortized against franchise fees over the period of the renovation—January 2016 through April 2017.

We amortized $5.8 million of key money during the year ended December 31, 2017, $2.9 million during the year ended December 31, 2016, and $1.0 million during the year ended December 31, 2015.

In connection with the change in hotel manager of the Courtyard Manhattan/Midtown East, we recognized $1.9 million of accelerated amortization of key money during the year ended December 31, 2017. In connection with the termination of the hotel manager of Frenchman's Reef & Morning Star Marriott Beach Resort, we accelerated the amortization of key money from the date of our notice of termination in 2017 through the effective termination date of February 20, 2018. We recognized an additional $2.6 million of amortization of key money during the year ended December 31, 2017 in connection with this acceleration. The remaining $2.2 million of unamortized key money related to Frenchman's Reef & Morning Star Marriott Beach Resort as of December 31, 2017 will be amortized during the first quarter of 2018.

Franchise Agreements

The following table sets forth the terms of the hotel franchise agreements for our 13 franchised hotels:



	Date of Agreement	Term	Franchise Fee
Vail Marriott Mountain Resort & Spa	6/2005	16 years	6% of gross room sales plus 3% of gross food and beverage sales
JW Marriott Denver at Cherry Creek	5/2011	15 years	6% of gross room sales and 3% of gross food and beverage sales
Lexington Hotel New York	3/2012	20 years	5% of gross room sales
Courtyard Denver Downtown	7/2011	16 years	4.5% of gross room sales (1)
Hilton Boston Downtown	7/2012	10 years	5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Westin Washington D.C. City Center	12/2010	20 years	7% of gross room sales and 3% of gross food and beverage sales
Westin San Diego	12/2010	20 years	7% of gross room sales and 3% of gross food and beverage sales
Hilton Burlington	7/2012	10 years	3% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales (2)
Hilton Garden Inn New York/Times Square Central	6/2011	22 years	5% of gross room sales; program fee of 4.3% of gross room sales
Westin Fort Lauderdale Beach Resort	12/2014	20 years	6% of gross room sales and 2% of gross food and beverage sales
The Gwen Chicago	5/2015	20 years	4.5% of gross room sales
Sheraton Suites Key West	2/2006	20 years	5% of gross room sales
Courtyard Manhattan/Midtown East	8/2017	25 years	6% of gross room sales

______________


(1)	Prior to October 2017, the franchise fee was 5.5% of gross room sales. The franchise fee reverts back to 5.5% of gross room sales beginning October 2019.


(2)	Prior to July 2017, the franchise fee was 5% of gross room sales. The franchise fee will increase to 4% of gross room sales beginning August 2019 and to 5% of gross room sales beginning August 2020 through the remainder of the term.

The following is a summary of franchise fees for the years ended December 31, 2017, 2016 and 2015 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Franchise fees	$	24,890		$	24,237		$	22,192
Amortization of deferred income related to key money	(920		)	(2,420		)	(170		)
Total franchise fees, net	$	23,970		$	21,817		$	22,022

Total franchise fees are included in other hotel expenses on the accompanying consolidated statements of operations.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

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

As previously reported, in February 2016, the Company was notified by the franchisor of one of its hotels that as a result of low guest satisfaction scores, the Company was in default under the franchise agreement for that hotel. The Company continues to proactively work with the franchisor and the manager of the hotel and has developed and executed a plan aimed to improve guest satisfaction scores. To date, the guest satisfaction scores have improved so that the Company is no longer in default under the franchise agreement. However, if the guest satisfaction scores were to decrease again, the franchisor may again notify the Company that it is in default under the franchise agreement and that the franchisor is reserving all of its rights under the franchise agreement, including the right to terminate the franchise agreement in the future.

While the Company continues to work diligently with the franchisor and manager to maintain the guest satisfaction scores at a level such that the Company does not fall back into default, 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 assert a claim it is owed a termination fee, including a payment for liquidated damages, which could result in a material adverse effect on the Company's business, financial condition or results of operation.

Ground Leases

Five of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel:


•	The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087. There are no renewal options.


•	The Courtyard Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option.

•

The Salt Lake City Marriott Downtown is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the City Creek Project. We own a 21% interest in the land under the hotel. The term of the ground lease covering the land under the hotel runs through 2056, inclusive of our renewal options. The term of the ground lease covering the extension into the City Creek Project was amended during 2017 to run coterminously with the term of the ground lease covering the land under the hotel. As such, the term now runs through 2056, inclusive of our renewal options.


•	The Westin Boston Waterfront is subject to a ground lease that runs until 2099. There are no renewal options.


•	The Shorebreak Hotel is subject to a ground lease that runs until 2100, inclusive of two renewal options of 25 years each and one 24-year renewal option. We own a 95.5% undivided interest in the land underlying the hotel and lease the remaining 4.5% under the ground lease.

In addition, a portion of the parking garage relating to the Renaissance Worthington is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of the three 15-year renewal options. The remainder of the land on which the parking garage is constructed is owned by us in fee simple.

A portion of the JW Marriott Denver at Cherry Creek is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of the two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple.

We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land on which the hotel is constructed is owned by us in fee simple.

These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard Manhattan/Fifth Avenue and Westin Boston Waterfront Hotel ground leases) and payments for all (or in the case of the ground lease covering the Salt Lake City Marriott Downtown extension, our tenant's share of) charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property.

Ground rent expense was $10.2 million, $12.7 million and $15.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. Cash paid for ground rent was $4.1 million, $7.0 million and $9.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

The following table reflects the current and future annual rents under our ground leases:



	Property	Term (1)	Annual Rent
Ground leases under hotel:	Bethesda Marriott Suites	Through 4/2087	$740,632 (2)
	Courtyard Manhattan/Fifth Avenue (3)(4)	10/2007 - 9/2017	$906,000
		10/2017 - 9/2027	$1,132,812
		10/2027 - 9/2037	$1,416,015
		10/2037 - 9/2047	$1,770,019
		10/2047 - 9/2057	$2,212,524
		10/2057 - 9/2067	$2,765,655
		10/2067 - 9/2077	$3,457,069
		10/2077 - 9/2085	$4,321,336
	Salt Lake City Marriott Downtown (Ground lease for hotel) (5)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
	(Ground lease for extension)	1/2013 - 12/2016	$11,305
		1/2017 - 12/2017	$13,000
		1/2018 - 12/2056 (6)	$13,500
	Westin Boston Waterfront Hotel (7) (Base rent)	1/2016 - 12/2020	$750,000
		1/2021 - 12/2025	$1,000,000
		1/2026 - 12/2030	$1,500,000
		1/2031 - 12/2035	$1,750,000
		1/2036 - 5/2099	No base rent
	Westin Boston Waterfront Hotel (Percentage rent)	Through 5/2015	0% of annual gross revenue
		6/2016 - 5/2026	1.0% of annual gross revenue
		6/2026 - 5/2036	1.5% of annual gross revenue
		6/2036 - 5/2046	2.75% of annual gross revenue
		6/2046 - 5/2056	3.0% of annual gross revenue
		6/2056 - 5/2066	3.25% of annual gross revenue
		6/2066 - 5/2099	3.5% of annual gross revenue
	JW Marriott Denver at Cherry Creek	1/2015 - 12/2020	$50,000
		1/2021 - 12/2025	$55,000
		1/2026 - 12/2030 (8)	$60,000
	Shorebreak Hotel	Through 4/2016	$115,542
		5/2016 - 4/2021 (9)	$126,649
	Orchards Inn Sedona	5/2013 - 12/2070 (10)	$9,815
Ground leases under parking garage:	Renaissance Worthington	8/2013 - 7/2022	$40,400
		8/2022 - 7/2037	$46,081
		8/2037 - 7/2052	$51,763
		8/2052 - 7/2067	$57,444

_____________



(1)	These terms assume our exercise of all renewal options.

(2)	Represents rent for the year ended December 31, 2017. Rent increases annually by 5.5%.

(3)	The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease.

(4)	The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2017.

(5)	We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel.



(6)	Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease.

(7)	Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.

(8)	Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.

(9)	Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation.

(10)	Rent will increase on July 1, 2018 and every year thereafter based on a Consumer Price Index calculation.

Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2017 are as follows (in thousands):



2018	$	4,957
2019	4,885
2020	4,583
2021	4,747
2022	4,762
Thereafter	619,799
	$	643,733

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2017 and 2016, in thousands, are as follows:



	December 31, 2017				December 31, 2016
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	937,792	$	942,529	$	920,539	$	906,156

_______________


(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

Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Quarterly Operating Results (Unaudited)



	2017 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	196,210	$	243,272	$	223,486	$	207,037
Total operating expenses	176,914		192,621		189,168		171,519
Operating income	$	19,296	$	50,651	$	34,318	$	35,518
Net income	$	8,887	$	36,595	$	21,623	$	24,772
Basic earnings per share	$	0.04	$	0.18	$	0.11	$	0.12
Diluted earnings per share	$	0.04	$	0.18	$	0.11	$	0.12



	2016 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	213,034	$	256,664	$	220,239	$	206,621
Total operating expenses	188,723		198,559		178,936		172,870
Operating income	$	24,311	$	58,105	$	41,303	$	33,751
Net income	$	16,778	$	44,175	$	29,937	$	23,906
Basic earnings per share	$	0.08	$	0.22	$	0.15	$	0.12
Diluted earnings per share	$	0.08	$	0.22	$	0.15	$	0.12

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

DiamondRock Hospitality Company

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2017 (in thousands)



								Costs
				Initial Cost				Capitalized			Gross Amount at End of Year
						Building and		Subsequent to					Building and				Accumulated			Net Book		Year of	Depreciation
Description	Encumbrances			Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation			Value		Acquisition	Life
Atlanta Alpharetta Marriott	$	—		$	3,623	$	33,503	$	2,186		$	3,623	$	35,689	$	39,312	$	(10,781	)	$	28,531	2005	40 Years
Bethesda Marriott Suites	—			—		45,656		1,960			—		47,616		47,616		(15,476		)	32,140		2004	40 Years
Boston Westin Waterfront	(198,046		)	—		273,696		23,709			—		297,405		297,405		(80,503		)	216,902		2007	40 Years
Chicago Marriott Downtown	—			36,900		347,921		73,994			36,900		421,915		458,815		(110,069		)	348,746		2006	40 Years
The Gwen Chicago	—			31,650		76,961		22,172			31,650		99,133		130,783		(22,536		)	108,247		2006	40 Years
Courtyard Denver	—			9,400		36,180		2,706			9,400		38,886		48,286		(6,022		)	42,264		2011	40 Years
Courtyard Manhattan/Fifth Avenue	—			—		34,685		4,252			—		38,937		38,937		(12,322		)	26,615		2004	40 Years
Courtyard Manhattan/Midtown East	(84,067		)	16,500		54,812		5,131			16,500		59,943		76,443		(18,755		)	57,688		2004	40 Years
Frenchman's Reef & Morning Star Marriott Beach Resort	—			17,713		50,697		17,614			17,713		68,285		85,998		(15,230		)	70,768		2005	40 Years
Hilton Boston Downtown	—			23,262		128,628		12,285			23,262		140,913		164,175		(18,527		)	145,648		2012	40 Years
Hilton Burlington	—			9,197		40,644		2,002			9,197		42,646		51,843		(5,858		)	45,985		2012	40 Years
Hilton Garden Inn/New York Times Square Central	—			60,300		88,896		182			60,300		89,078		149,378		(7,436		)	141,942		2014	40 Years
Hotel Rex	—			7,856		21,085		(39		)	7,856		21,046		28,902		(2,702		)	26,200		2012	40 Years
Inn at Key West	—			32,888		13,371		(1,766		)	32,888		11,605		44,493		(1,075		)	43,418		2014	40 Years
JW Marriott Denver	(63,519		)	9,200		63,183		1,475			9,200		64,658		73,858		(10,623		)	63,235		2011	40 Years
L'Auberge de Sedona	—			39,384		22,204		185			39,384		22,389		61,773		(740		)	61,033		2017	40 Years
Lexington Hotel New York	—			92,000		229,368		20,442			92,000		249,810		341,810		(39,262		)	302,548		2011	40 Years
Orchards Inn Sedona	—			9,726		10,180		52			9,726		10,232		19,958		(230		)	19,728		2017	40 Years
Renaissance Charleston	—			5,900		32,511		4,785			5,900		37,296		43,196		(6,185		)	37,011		2010	40 Years
Renaissance Worthington	(84,116		)	15,500		63,428		16,811			15,500		80,239		95,739		(21,013		)	74,726		2005	40 Years
Salt Lake City Marriott Downtown	(56,717		)	—		45,815		4,317			855		49,277		50,132		(15,684		)	34,448		2004	40 Years
Sheraton Suites Key West	—			49,592		42,958		335			49,592		43,293		92,885		(2,769		)	90,116		2015	40 Years
Shorebreak Hotel	—			19,908		37,525		3,035			19,908		40,560		60,468		(2,820		)	57,648		2015	40 Years
The Lodge at Sonoma, a Renaissance Resort and Spa	(28,277		)	3,951		22,720		6,858			3,951		29,578		33,529		(11,045		)	22,484		2004	40 Years
Westin Fort Lauderdale Beach Resort	—			54,293		83,227		4,888			54,293		88,115		142,408		(6,624		)	135,784		2014	40 Years
Westin San Diego	(64,859		)	22,902		95,617		8,194			22,902		103,811		126,713		(13,776		)	112,937		2012	40 Years
Westin Washington, D.C City Center	(64,833		)	24,579		122,229		11,361			24,579		133,590		158,169		(17,704		)	140,465		2012	40 Years
Vail Marriott Mountain Resort & Spa	—			5,800		52,463		3,802			5,800		56,265		62,065		(17,104		)	44,961		2005	40 Years
Total	$	(644,434	)	$	602,024	$	2,170,163	$	252,928		$	602,879	$	2,422,210	$	3,025,089	$	(492,871	)	$	2,532,218

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2017, 2016 and 2015 is as follows:



Balance at December 31, 2014	$	2,944,103
Additions:
Acquisitions	149,983
Capital expenditures	30,965
Deductions:
Dispositions and other	—
Balance at December 31, 2015	3,125,051
Additions:
Acquisitions	—
Capital expenditures	$	61,823
Deductions:
Dispositions and other	(269,240		)
Balance at December 31, 2016	2,917,634
Additions:
Acquisitions	81,494
Capital expenditures	68,573
Deductions:
Dispositions and other	(42,612		)
Balance at December 31, 2017	$	3,025,089

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2017, 2016 and 2015 is as follows:



Balance at December 31, 2014	$	355,462
Depreciation and amortization	63,847
Dispositions and other	—
Balance at December 31, 2015	419,309
Depreciation and amortization	65,490
Dispositions and other	(42,847		)
Balance at December 31, 2016	441,952
Depreciation and amortization	60,023
Dispositions and other	(9,104		)
Balance at December 31, 2017	$	492,871

C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,988,637 as of December 31, 2017.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership 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.
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.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.
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
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 5 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 property and related assets exceed the 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 property's estimated fair market value is recorded and an impairment loss is recognized. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition Revenues from operations of the hotels are recognized when the goods or 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.
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. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We have elected to be treated as a REIT under the provisions of the Internal Revenue 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 existing 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, and the L'Auberge de Sedona and Orchards Inn Sedona, which are each leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or 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.
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 stock grants 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 awards with service or market conditions 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.
Comprehensive Income	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements.
Deferred Financing Costs	Deferred Financing Costs Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees.
Straight-Line Rental Income and Expense	Straight-Line Rental Income and Expense We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. As a result of the standard, we anticipate that the majority of our hotel acquisitions will be considered asset purchases as opposed to business combinations. However, the determination will be made on a transaction-by-transaction basis and we do not expect the determination to materially change the recognition of the assets and liabilities acquired. This standard will be applied on a prospective basis and, therefore, it does not affect the accounting for any of our previous transactions. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2017-01 effective January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-18 effective January 1, 2018. As a result, restricted cash reserves will be included with cash and cash equivalents on our consolidated statements of cash flows. The adoption will not change the presentation of our consolidated balance sheets. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. This standard will be effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-15 effective January 1, 2018 and it did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued 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 a liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our consolidated financial statements. 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. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are continuing to evaluate the effect of ASU 2016-02 on our consolidated financial statements and related disclosures. 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. By working in conjunction with our hotel operators, we have completed our evaluation of the effect that ASU No. 2014-09 will have on our consolidated financial statements. Because of the short-term, day-to-day nature of our hotel revenues, we have determined that the pattern of revenue recognition will not change significantly. Furthermore, we do not expect the standard to significantly impact the recognition of or accounting for real estate sales to third parties, since we primarily dispose of real estate in exchange for cash with few contingencies.We adopted the new standard effective January 1, 2018 under the cumulative effect transition method. No adjustment will be recorded to the Company’s opening balance of retained earnings on January 1, 2018 as there was no impact to net income for the Company.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2017 and 2016 consists of the following (in thousands):



	2017			2016
Land	$	602,879		$	553,769
Land improvements	7,994			7,994
Buildings	2,414,216			2,355,871
Furniture, fixtures and equipment	423,987			428,991
Construction in progress	31,906			35,253
	3,480,982			3,381,878
Less: accumulated depreciation	(788,696		)	(735,202		)
	$	2,692,286		$	2,646,676

Favorable Lease Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets by Major Class

Our favorable lease assets, net of accumulated amortization of $2.7 million and $2.3 million as of December 31, 2017 and 2016, respectively, consist of the following (in thousands):



	December 31, 2017		December 31, 2016
Westin Boston Waterfront Hotel Ground Lease	$	17,643	$	17,859
Orchards Inn Sedona Annex Sublease	8,925		—
Lexington Hotel New York Tenant Leases	122		154
	$	26,690	$	18,013

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Based Compensation Restricted Stock Activity

A summary of our restricted stock awards from January 1, 2015 to December 31, 2017 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2015	514,419		$	10.82
Granted	216,159		14.48
Forfeited	(183	)	9.08
Vested	(255,828	)	10.39
Unvested balance at December 31, 2015	474,567		12.72
Granted	461,281		8.94
Forfeited	(126,610	)	10.08
Vested	(241,698	)	11.83
Unvested balance at December 31, 2016	567,540		10.62
Granted	324,502		11.19
Forfeited	(16,669	)	10.80
Vested	(244,411	)	11.29
Unvested balance at December 31, 2017	630,962		$	10.66

Performance Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair Value Valuation Assumptions

The determination of the grant-date fair values of outstanding awards included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 27, 2015	22.9	%	1.01	%	$	12.13
February 26, 2016	24.3	%	0.93	%	$	8.42
February 26, 2017	26.7	%	1.46	%	$	10.89

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2015 to December 31, 2017 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2015	436,170		$	10.95
Granted	218,467		12.13
Additional units from dividends	21,722		13.51
Unvested balance at December 31, 2015	676,359		11.41
Granted	310,398		8.54
Additional units from dividends	38,324		9.37
Vested (1)	(242,096	)	9.85
Forfeited	(96,301	)	10.74
Unvested balance at December 31, 2016	686,684		10.65
Granted	266,009		11.04
Additional units from dividends	33,478		11.17
Vested (2)	(200,374	)	12.15
Unvested balance at December 31, 2017	785,797		$	10.42

______________________


(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.


(2)	There was no payout of shares of our common stock for PSUs that vested on February 27, 2017, as our total stockholder return fell below the 30th percentile of the total stockholder returns of the peer group over the three-year performance period.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings 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):



	Years Ended December 31,
	2017		2016		2015
Numerator:
Net income	$	91,877	$	114,796	$	85,630
Denominator:
Weighted-average number of common shares outstanding—basic	200,784,450		201,079,573		200,796,678
Effect of dilutive securities:
Unvested restricted common stock	188,759		47,468		129,640
Shares related to unvested PSUs	548,259		549,217		533,092
Unexercised stock appreciation rights	—		—		524
Weighted-average number of common shares outstanding—diluted	201,521,468		201,676,258		201,459,934
Earnings per share:
Basic earnings per share	$	0.46	$	0.57	$	0.43
Diluted earnings per share	$	0.46	$	0.57	$	0.43

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Summary of Long Term Debt

The following table sets forth information regarding the Company’s debt as of December 31, 2017 (dollars in thousands):



					Principal Balance as of December 31,
Property	Interest Rate		Maturity Date	Amortization Provisions	2017			2016
Lexington Hotel New York	LIBOR + 2.25%		October 2017 (1)	Interest Only	$	—		$	170,368
Salt Lake City Marriott Downtown	4.25	%	November 2020	25 years	56,717			58,331
Westin Washington D.C. City Center	3.99	%	January 2023	25 years	64,833			66,848
The Lodge at Sonoma, a Renaissance Resort & Spa	3.96	%	April 2023	30 years	28,277			28,896
Westin San Diego	3.94	%	April 2023	30 years	64,859			66,276
Courtyard Manhattan / Midtown East	4.40	%	August 2024	30 years	84,067			85,451
Renaissance Worthington	3.66	%	May 2025	30 years	84,116			85,000
JW Marriott Denver at Cherry Creek	4.33	%	July 2025	30 years	63,519			64,579
Boston Westin	4.36	%	November 2025	30 years	198,046			201,470
Unamortized debt issuance costs					(4,795		)	(6,052		)
Total mortgage debt, net of unamortized debt issuance costs					639,639			821,167

Unsecured term loan	LIBOR + 1.45% (2)		May 2021	Interest Only	100,000			100,000
Unsecured term loan	LIBOR + 1.45% (2)		April 2022	Interest Only	200,000			—
Unamortized debt issuance costs					(1,847		)	(628		)
Unsecured term loans, net of unamortized debt issuance costs					298,153			99,372

Senior unsecured credit facility	LIBOR + 1.50%		May 2020 (3)	Interest Only	—			—

Total debt, net of unamortized debt issuance costs					$	937,792		$	920,539
Weighted-Average Interest Rate	3.79%

_____________


(1)	The mortgage was repaid on April 26, 2017.


(2)	The interest rate at December 31, 2017 was 2.81%


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

Schedule of Maturities of Long-Term Debt

The aggregate debt maturities as of December 31, 2017 are as follows (in thousands):



2018	$	13,642
2019	14,247
2020	66,238
2021	113,574
2022	214,153
Thereafter	522,580
	$	944,434

Summary of Leverage and Applicable Margin

The interest rate on the facility is based upon LIBOR, plus an applicable margin based upon 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	%



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	%

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	December 31, 2017
Maximum leverage ratio (1)	60%	24.6%
Minimum fixed charge coverage ratio (2)	1.50x	4.42x
Minimum tangible net worth (3)	$1.91 billion	$2.60 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	21.4%

_____________________________


(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)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

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

Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gains and losses on sale, from the hotel properties sold during 2016 (in thousands):



	2017			2016		2015
Orlando Airport Marriott	$	—		$	8,225	$	2,752
Hilton Minneapolis	(764		)	4,872		1,428
Hilton Garden Inn Chelsea/New York City	—			3,107		3,272
Total pre-tax (loss) income	$	(764	)	$	16,204	$	7,452

- 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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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Schedule of Acquired Assets and Liabilities

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands):



	L'Auberge de Sedona			Orchards Inn Sedona			Shorebreak Hotel			Sheraton Suites Key West
Land	$	39,384		$	9,726		$	19,908		$	49,592
Building and improvements	22,204			10,180			37,525			42,958
Furniture, fixtures and equipment	4,376			1,982			1,338			1,378
Total fixed assets	65,964			21,888			58,771			93,928
Favorable lease asset	—			9,065			—			—
Unfavorable lease liability	—			—			(349		)	—
Other assets and liabilities, net	(2,710		)	(412		)	401			500
Total	$	63,254		$	30,541		$	58,823		$	94,428

Pro Forma Operating Information

The following pro forma financial information for the years ended December 31, 2017, 2016, and 2015, presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 were acquired on January 1, 2016 and as if the hotels acquired in 2015 were acquired on January 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.



	Year Ended December 31,
	2017		2016		2015
	(unaudited)		(unaudited)		(unaudited)
Revenues	$	873,427	$	924,806	$	942,547
Net income	$	91,602	$	118,232	$	89,184
Earnings per share:
Basic earnings per share	$	0.46	$	0.59	$	0.44
Diluted earnings per share	$	0.45	$	0.59	$	0.44

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our provision for income taxes consists of the following (in thousands):



	Year Ended December 31,
	2017		2016			2015
Current - Federal	$	622	$	—		$	—
State	1,221		1,297			770
Foreign	662		697			515
	2,505		1,994			1,285
Deferred - Federal	6,432		9,779			8,249
State	425		1,324			2,315
Foreign	845		(698		)	(274		)
	7,702		10,405			10,290
Income tax provision	$	10,207	$	12,399		$	11,575

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Statutory federal tax provision (35)%	$	35,729		$	44,518		$	34,272
Tax impact of REIT election	(22,277		)	(31,101		)	(21,544		)
State income tax provision, net of federal tax benefit	1,652			1,703			1,745
Foreign income tax benefit	(430		)	(3,080		)	(2,266		)
Tax reform impact on U.S. taxes	(2,143		)	—			—
Tax reform impact on foreign taxes	(2,076		)	—			—
Other	(248		)	359			(632		)
Income tax provision	$	10,207		$	12,399		$	11,575

Schedule of Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are as follows (in thousands):



	2017			2016
Federal
Net operating loss carryforwards	$	3,099		$	12,629
Deferred income related to key money	2,549			5,313
Alternative minimum tax credit carryforwards	169			—
Other	355			296
Depreciation and amortization	(8,889		)	(14,535		)
Federal - Deferred tax (liabilities) assets, net	$	(2,717	)	$	3,703

State
Net operating loss carryforwards	$	3,126		$	3,021
Deferred income related to key money	801			816
Alternative minimum tax credit carryforwards	81			71
Other	111			45
Depreciation and amortization	(2,803		)	(2,231		)
Less: Valuation allowance	(400		)	(400		)
State - Deferred tax assets, net	$	916		$	1,322

Foreign (USVI)
Deferred income related to key money	$	95		$	1,278
Depreciation and amortization	(796		)	508
Other	1			2
Land basis recorded in purchase accounting	(2,617		)	(4,260		)
Foreign - Deferred tax liabilities, net	$	(3,317	)	$	(2,472	)

Relationships with Managers (Tables)

12 Months Ended

Dec. 31, 2017

Relationships With Managers [Abstract]

Schedule Sets Forth the Agreement Date, Initial Term and Number of Renewal Terms Under the Respective Hotel Management Agreements for Each of Our Owned Hotels

The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.



Property	Manager	Date of Agreement	Initial Term	Number of Renewal Terms
Atlanta Alpharetta Marriott	Marriott	9/2000	30 years	Two ten-year periods
Bethesda Marriott Suites	Marriott	12/2004	21 years	Two ten-year periods
Boston Westin Waterfront	Marriott	5/2004	20 years	Four ten-year periods
Chicago Marriott Downtown	Marriott	3/2006	32 years	Two ten-year periods
Courtyard Denver Downtown	Sage Hospitality	7/2011	5 years	One five-year period
Courtyard Manhattan/Fifth Avenue	Marriott	12/2004	30 years	None
Courtyard Manhattan/Midtown East	HEI Hotels & Resorts (1)	8/2017	10 years	None
Frenchman's Reef & Morning Star Marriott Beach Resort	Marriott (2)	9/2000	30 years	Two ten-year periods
The Gwen Chicago	HEI Hotels & Resorts	6/2016	10 years	None
Hilton Boston Downtown	Davidson Hotels & Resorts	11/2012	7 years	Two five-year periods
Hilton Burlington	Interstate Hotels & Resorts	12/2010	5 years	Month-to-month
Hilton Garden Inn New York City/Times Square Central	Highgate Hotels	1/2011	10 years	One five-year period
Hotel Rex	Viceroy Hotels & Resorts (3)	10/2017	10 years	One five-year period
Inn at Key West	Ocean Properties	12/2016	10 years	Two five-year periods
JW Marriott Denver at Cherry Creek	Sage Hospitality	5/2011	5 years	One five-year period
Lexington Hotel New York	Highgate Hotels	6/2011	10 years	One five-year period
Renaissance Charleston	Marriott	1/2000	21 years	Two five-year periods
Renaissance Worthington	Marriott	9/2000	30 years	Two ten-year periods
Salt Lake City Marriott Downtown	Marriott	12/2001	30 years	Three fifteen-year periods
L'Auberge de Sedona	Two Roads Hospitality (4)	12/2017	5 years	One five-year period
Orchards Inn Sedona	Two Roads Hospitality (4)	12/2017	5 years	One five-year period
Sheraton Suites Key West	Ocean Properties	6/2015	12 years	None
Shorebreak Hotel	Kimpton Hotel & Restaurant Group	2/2015	10 years	None
The Lodge at Sonoma, a Renaissance Resort & Spa	Marriott	10/2004	20 years	One ten-year period
Vail Marriott Mountain Resort & Spa	Vail Resorts	6/2005	15½ years	None
Westin Fort Lauderdale Beach Resort	HEI Hotels & Resorts	12/2014	10 years	None
Westin San Diego	Interstate Hotels & Resorts	12/2010	5 years	Month-to-month
Westin Washington D.C. City Center	HEI Hotels & Resorts	4/2015	10 years	None

______________


(1)	HEI Hotels & Resorts assumed management of the hotel in August 2017. The hotel was previously managed by Marriott.


(2)	We terminated the management agreement with Marriott, effective February 20, 2018. The hotel is currently closed as a result of the physical damage incurred from Hurricanes Irma and Maria.


(3)	Viceroy Hotels & Resorts assumed management of the hotel in October 2017. The hotel was previously managed by Joie de Vivre Hotels.


(4)	Two Roads Hospitality assumed management of the hotels in December 2017. The hotels were previously managed by IMH Financial Corporation.

Schedule of Base Management Fee, Incentive Management Fee and FF&E Reserve Contribution

The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:



Property	Base Management Fee(1)			Incentive Management Fee(2)			FF&E Reserve Contribution(1)
Atlanta Alpharetta Marriott	3	%	(3)	25	%		5	%
Bethesda Marriott Suites	3	%		50	%	(4)	5	%	(5)
Boston Westin Waterfront	2.5	%		20	%		4	%
Chicago Marriott Downtown	2	%	(6)	18	%	(7)	5	%
Courtyard Denver Downtown	1.5	%	(8)	10	%		4	%
Courtyard Manhattan/Fifth Avenue	6	%		25	%		4	%
Courtyard Manhattan/Midtown East	1.5	%	(9)	15	%		4	%
Frenchman's Reef & Morning Star Marriott Beach Resort (10)	3	%		15	%		5.5	%
The Gwen Chicago	2	%	(11)	15	%		4	%
Hilton Boston Downtown	2	%		10	%		4	%
Hilton Burlington	1.5	%	(12)	10	%		—
Hilton Garden Inn New York City/Times Square Central	3	%		20	%		4	%
Hotel Rex	2.75	%	(13)	15	%		4	%
Inn at Key West	3	%		10	%		4	%
JW Marriott Denver at Cherry Creek	2.5	%		10	%		4	%
Lexington Hotel New York	3	%	(14)	20	%		5	%
Renaissance Charleston	3.5	%	(15)	20	%		5	%
Renaissance Worthington	3	%		25	%		5	%
Salt Lake City Marriott Downtown	1.5	%	(16)	20	%		5	%
L'Auberge de Sedona	0.5	%	(17)	10	%		4	%
Orchards Inn Sedona	0.5	%	(17)	10	%		4	%
Sheraton Suites Key West	3	%		10	%		4	%
Shorebreak Hotel	2.5	%		15	%		4	%
The Lodge at Sonoma, a Renaissance Resort & Spa	3	%		20	%		5	%
Vail Marriott Mountain Resort & Spa	3	%		20	%		4	%
Westin Fort Lauderdale Beach Resort	2	%		15	%		4	%
Westin San Diego	1.5	%	(12)	10	%		4	%
Westin Washington D.C. City Center	2	%		15	%		4	%

______________


(1)	As a percentage of gross revenues.


(2)	Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds.


(3)	The base management fee decreases to 2% of gross revenues between February 2018 and January 2021.


(4)	The owner's priority expires in 2028, after which the manager will receive 50% of the hotel's operating profits.


(5)	The contribution is reduced to 1% until operating profits exceed an owner's priority of $4.4 million.


(6)	The base management fee decreased from 3.0% to 2.0% for October 2017 through September 2021 and will then revert back to 3% for the remainder of the term.


(7)	Calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income.


(8)	The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit.


(9)	Prior to August 2017, the base management fee was 5% of gross revenues under the previous hotel manager. The base management fee was 1.5% of gross revenues between August 2017 and December 2017 and increases to 1.75% of gross revenues for 2018 through the remainder of the term.


(10)	We terminated the management agreement with Marriott, effective February 20, 2018. The hotel is currently closed as a result of the physical damage incurred from Hurricanes Irma and Maria.


(11)	The base management fee increases to 2.25% for 2018 through the remainder of the term.

(12) Total management fees are capped at 2.5% of gross revenues.


(13)	Prior to September 2017, the base management fee was 3% of gross revenues under the previous hotel manager.


(14)	The base management fee decreased to 2% from January 2017 through June 2017, and reverted back to 3% for the remainder of the term.


(15)	The base management fee increased to 3.5% beginning September 2017 through the remainder of the term.


(16)	The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term.


(17)	Prior to December 2017, the base management fee was 2.45% of gross revenues under the previous hotel manager. The base management fee increases to 1.0% for 2019 and 1.5% for 2020 through the remainder of the term.

Summary of Management Fees from Continuing Operations

The following is a summary of management fees for the years ended December 31, 2017, 2016 and 2015 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Base management fees	$	22,265		$	24,480		$	25,491
Incentive management fees	6,259			7,810			7,405
Amortization of deferred income related to key money	(4,840		)	(432		)	(548		)
Amortization of unfavorable contract liabilities	(1,715		)	(1,715		)	(1,715		)
Total management fees, net	$	21,969		$	30,143		$	30,633

Schedule of the Terms of the Hotel Franchise Agreements

The following table sets forth the terms of the hotel franchise agreements for our 13 franchised hotels:



	Date of Agreement	Term	Franchise Fee
Vail Marriott Mountain Resort & Spa	6/2005	16 years	6% of gross room sales plus 3% of gross food and beverage sales
JW Marriott Denver at Cherry Creek	5/2011	15 years	6% of gross room sales and 3% of gross food and beverage sales
Lexington Hotel New York	3/2012	20 years	5% of gross room sales
Courtyard Denver Downtown	7/2011	16 years	4.5% of gross room sales (1)
Hilton Boston Downtown	7/2012	10 years	5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Westin Washington D.C. City Center	12/2010	20 years	7% of gross room sales and 3% of gross food and beverage sales
Westin San Diego	12/2010	20 years	7% of gross room sales and 3% of gross food and beverage sales
Hilton Burlington	7/2012	10 years	3% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales (2)
Hilton Garden Inn New York/Times Square Central	6/2011	22 years	5% of gross room sales; program fee of 4.3% of gross room sales
Westin Fort Lauderdale Beach Resort	12/2014	20 years	6% of gross room sales and 2% of gross food and beverage sales
The Gwen Chicago	5/2015	20 years	4.5% of gross room sales
Sheraton Suites Key West	2/2006	20 years	5% of gross room sales
Courtyard Manhattan/Midtown East	8/2017	25 years	6% of gross room sales

______________


(1)	Prior to October 2017, the franchise fee was 5.5% of gross room sales. The franchise fee reverts back to 5.5% of gross room sales beginning October 2019.


(2)	Prior to July 2017, the franchise fee was 5% of gross room sales. The franchise fee will increase to 4% of gross room sales beginning August 2019 and to 5% of gross room sales beginning August 2020 through the remainder of the term.

Schedule of franchise fees

The following is a summary of franchise fees for the years ended December 31, 2017, 2016 and 2015 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Franchise fees	$	24,890		$	24,237		$	22,192
Amortization of deferred income related to key money	(920		)	(2,420		)	(170		)
Total franchise fees, net	$	23,970		$	21,817		$	22,022

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Current and Future Minimum Rental Payments for Ground Leases

The following table reflects the current and future annual rents under our ground leases:



	Property	Term (1)	Annual Rent
Ground leases under hotel:	Bethesda Marriott Suites	Through 4/2087	$740,632 (2)
	Courtyard Manhattan/Fifth Avenue (3)(4)	10/2007 - 9/2017	$906,000
		10/2017 - 9/2027	$1,132,812
		10/2027 - 9/2037	$1,416,015
		10/2037 - 9/2047	$1,770,019
		10/2047 - 9/2057	$2,212,524
		10/2057 - 9/2067	$2,765,655
		10/2067 - 9/2077	$3,457,069
		10/2077 - 9/2085	$4,321,336
	Salt Lake City Marriott Downtown (Ground lease for hotel) (5)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
	(Ground lease for extension)	1/2013 - 12/2016	$11,305
		1/2017 - 12/2017	$13,000
		1/2018 - 12/2056 (6)	$13,500
	Westin Boston Waterfront Hotel (7) (Base rent)	1/2016 - 12/2020	$750,000
		1/2021 - 12/2025	$1,000,000
		1/2026 - 12/2030	$1,500,000
		1/2031 - 12/2035	$1,750,000
		1/2036 - 5/2099	No base rent
	Westin Boston Waterfront Hotel (Percentage rent)	Through 5/2015	0% of annual gross revenue
		6/2016 - 5/2026	1.0% of annual gross revenue
		6/2026 - 5/2036	1.5% of annual gross revenue
		6/2036 - 5/2046	2.75% of annual gross revenue
		6/2046 - 5/2056	3.0% of annual gross revenue
		6/2056 - 5/2066	3.25% of annual gross revenue
		6/2066 - 5/2099	3.5% of annual gross revenue
	JW Marriott Denver at Cherry Creek	1/2015 - 12/2020	$50,000
		1/2021 - 12/2025	$55,000
		1/2026 - 12/2030 (8)	$60,000
	Shorebreak Hotel	Through 4/2016	$115,542
		5/2016 - 4/2021 (9)	$126,649
	Orchards Inn Sedona	5/2013 - 12/2070 (10)	$9,815
Ground leases under parking garage:	Renaissance Worthington	8/2013 - 7/2022	$40,400
		8/2022 - 7/2037	$46,081
		8/2037 - 7/2052	$51,763
		8/2052 - 7/2067	$57,444

_____________



(1)	These terms assume our exercise of all renewal options.

(2)	Represents rent for the year ended December 31, 2017. Rent increases annually by 5.5%.

(3)	The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease.

(4)	The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2017.

(5)	We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel.



(6)	Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease.

(7)	Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease.

(8)	Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%.

(9)	Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation.

(10)	Rent will increase on July 1, 2018 and every year thereafter based on a Consumer Price Index calculation.

Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases

Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2017 are as follows (in thousands):



2018	$	4,957
2019	4,885
2020	4,583
2021	4,747
2022	4,762
Thereafter	619,799
	$	643,733

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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 December 31, 2017 and 2016, in thousands, are as follows:



	December 31, 2017				December 31, 2016
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	937,792	$	942,529	$	920,539	$	906,156

_______________


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

Quarterly Operating Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information



	2017 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	196,210	$	243,272	$	223,486	$	207,037
Total operating expenses	176,914		192,621		189,168		171,519
Operating income	$	19,296	$	50,651	$	34,318	$	35,518
Net income	$	8,887	$	36,595	$	21,623	$	24,772
Basic earnings per share	$	0.04	$	0.18	$	0.11	$	0.12
Diluted earnings per share	$	0.04	$	0.18	$	0.11	$	0.12



	2016 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	213,034	$	256,664	$	220,239	$	206,621
Total operating expenses	188,723		198,559		178,936		172,870
Operating income	$	24,311	$	58,105	$	41,303	$	33,751
Net income	$	16,778	$	44,175	$	29,937	$	23,906
Basic earnings per share	$	0.08	$	0.22	$	0.15	$	0.12
Diluted earnings per share	$	0.08	$	0.22	$	0.15	$	0.12

Organization - Narrative (Details)	Dec. 31, 2017 hotel room
Real Estate Properties [Line Items]
Number of hotels (in hotels)	28
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
New York, New York
Real Estate Properties [Line Items]
Number of hotels (in hotels)	4
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
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
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

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenue Recognition [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Minimum \| Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Minimum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	1 year
Maximum \| Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	40 years
Maximum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	10 years
Accounting Standards Update 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets (liabilities), net		$ 18,600,000

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property and Equipment
Property and equipment, at cost	$ 3,480,982	$ 3,381,878
Less: accumulated depreciation	(788,696)	(735,202)
Property and equipment, net	2,692,286	2,646,676
Land
Property and Equipment
Property and equipment, at cost	602,879	553,769
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings
Property and Equipment
Property and equipment, at cost	2,414,216	2,355,871
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	423,987	428,991
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 31,906	$ 35,253

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Accrued capital expenditures	$ 11.7	$ 10.8
Construction in progress
Property, Plant and Equipment [Line Items]
Impairment loss	1.8
Hotel
Property, Plant and Equipment [Line Items]
Insurance coverage, per covered event (up to)	361.0
Book value written on impaired asset	41.7
Insurance settlements receivable	$ 40.8

Favorable Lease Assets - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Favorable Lease Assets - Narrative (Details) $ in Thousands	Jun. 30, 2015 USD ($)	Dec. 31, 2017 USD ($) room	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2017 USD ($)	Feb. 28, 2017 USD ($)
Indefinite-lived Intangible Assets by Major Class [Line Items]
Amortization of intangible assets		$ 400	$ 300	$ 500
Amortization in 2018		400
Amortization in 2019		400
Amortization in 2020		400
Amortization in 2021		400
Amortization in 2022		400
Write off of assets		3,209	0	10,461
Off-Market Favorable Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Accumulated amortization		$ 2,700	$ 2,300
Off-Market Favorable Lease \| Orchards Inn Sedona Annex Sublease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying amount of the lease right					$ 9,100	$ 9,100
Above Market Lease Rights \| Westin Boston Waterfront Hotel Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Impairment of favorable lease asset	$ 9,600
Above Market Lease Rights \| Lexington Hotel New York Tenant Leases
Indefinite-lived Intangible Assets by Major Class [Line Items]
Impairment of favorable lease asset				$ 800
Prepaid Expenses and Other Current Assets \| Above Market Lease Rights \| Westin Boston Waterfront Hotel Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Write off of assets	$ 600
Minimum \| Above Market Lease Rights \| Westin Boston Waterfront Hotel Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Number of room hotel for development for which favorable lease assets are owned \| room		320
Maximum \| Above Market Lease Rights \| Westin Boston Waterfront Hotel Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Number of room hotel for development for which favorable lease assets are owned \| room		350

Favorable Lease Assets - Schedule of Favorable Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Favorable lease assets, net	$ 26,690	$ 18,013
Westin Boston Waterfront Hotel Ground Lease \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	17,643	17,859
Orchards Inn Sedona Annex Sublease \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	8,925	0
Lexington Hotel New York Tenant Leases \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	$ 122	$ 154

Capital Stock - Narrative (Details)	2 Months Ended	12 Months Ended
Capital Stock - Narrative (Details)	Feb. 27, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) vote $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Dividends Payable [Line Items]
Common stock, shares authorized \| shares		400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Common stock votes \| vote		1
Preferred stock, shares authorized \| 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
Operating partnership units option to redeem for common stock		1
Unaffiliated Third Parties
Dividends Payable [Line Items]
Units of partnership interest, amount (in shares) \| shares		0	0
Common Stock
Dividends Payable [Line Items]
Aggregate offering price \| $		$ 200,000,000
Remaining amount under ATM program \| $		200,000,000
Amount authorized to be repurchased \| $		$ 150,000,000
Shares repurchased during period \| shares			728,237
Average cost per share \| $ / shares			$ 8.92
Value of repurchased stock \| $			$ 6,500,000
Subsequent Event
Dividends Payable [Line Items]
Number of share of stock sold \| shares	230,719
Price per share of stock sold (in dollars per share) \| $ / shares	$ 12.02
Proceeds from sale of stock \| $	$ 2,700,000
Value amount of shares authorized to be repurchased (up to) \| $	$ 150,000,000

Capital Stock - Schedule of Dividends Payable (Details) - $ / shares	Jan. 12, 2018	Oct. 12, 2017	Jul. 12, 2017	Apr. 12, 2017	Jan. 12, 2017	Oct. 12, 2016	Jul. 12, 2016	Apr. 12, 2016
Dividends Payable [Line Items]
Payment Date		Oct. 12, 2017	Jul. 12, 2017	Apr. 12, 2017	Jan. 12, 2017	Oct. 12, 2016	Jul. 12, 2016	Apr. 12, 2016
Record Date		Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Dividends per share (in dollars per share)		$ 0.1250	$ 0.1250	$ 0.125	$ 0.125	$ 0.1250	$ 0.1250	$ 0.125
Subsequent Event
Dividends Payable [Line Items]
Payment Date	Jan. 12, 2018
Record Date	Dec. 29, 2017
Dividends per share (in dollars per share)	$ 0.125

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 17, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	22 months
Issued In 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date (in shares)	287,148
Expected to vest two years from balance sheet date (in shares)	227,699
Expected to vest three years from balance sheet date (in shares)	116,115
Unrecognized compensation cost	$ 4.1
Compensation expense (in dollars)	$ 3.1	$ 2.8	$ 2.8
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date (in shares)	216,186
Expected to vest two years from balance sheet date (in shares)	294,545
Expected to vest three years from balance sheet date (in shares)	275,066
Unrecognized compensation cost	$ 3.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	22 months
Compensation expense (in dollars)	$ 2.5	$ 2.0	$ 2.3
Performance period	3 years
Maximum possible payout to executive officer as a percentage of the target award (as a percent)	150.00%
Percentage of total stockholder return for payout of shares (as a percent)	30.00%
Percentage based on improvement in market share of hotels (as a percent)	25.00%
Stock of common stock earned for the PSUs vested in 2018 (as a percent)	51.80%	89.50%
Compensation expense, forfeitures		$ 0.4
Performance Stock Units \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares (as a percent)	75.00%
Performance Stock Units \| Issued In 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Percentage of payout based on improving market share	50.00%
Performance Stock Units \| Issued In 2017 \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares (as a percent)	50.00%
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized				6,082,664
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	447,089

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance	567,540	474,567	514,419
Number of shares, Granted	324,502	461,281	216,159
Number of shares, Forfeited	(16,669)	(126,610)	(183)
Number of shares, Vested	(244,411)	(241,698)	(255,828)
Number of shares, Ending Balance	630,962	567,540	474,567
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.62	$ 12.72	$ 10.82
Weighted-average grant date fair value, Granted (in dollars per share)	11.19	8.94	14.48
Weighted-average grant date fair value, Forfeited (in dollars per share)	10.80	10.08	9.08
Weighted-average grant date fair value, Vested (in dollars per share)	11.29	11.83	10.39
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.66	$ 10.62	$ 12.72

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value at Grant Date (in dollars per share)	$ 11.04	$ 8.54	$ 12.13
February 2015 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	22.90%
Risk-Free Rate	1.01%
Fair Value at Grant Date (in dollars per share)	$ 12.13
February 2016 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24.30%
Risk-Free Rate	0.93%
Fair Value at Grant Date (in dollars per share)	$ 8.42
February 2017 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.70%
Risk-Free Rate	1.46%
Fair Value at Grant Date (in dollars per share)	$ 10.89

Stock Incentive Plans - Performance Stock Units (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Beginning Balance	686,684	676,359	436,170
Number of shares, Granted	266,009	310,398	218,467
Number of shares, Additional units from dividends	33,478	38,324	21,722
Number of shares, Vested	(200,374)	(242,096)
Number of shares, Forfeited		(96,301)
Number of shares, Ending Balance	785,797	686,684	676,359
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.65	$ 11.41	$ 10.95
Weighted-average grant date fair value, Granted (in dollars per share)	11.04	8.54	12.13
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)	11.17	9.37	13.51
Weighted-average grant date fair value, Vested (in dollars per share)	12.15	9.85
Weighted-average grant date fair value, Forfeited (in dollars per share)		10.74
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.42	$ 10.65	$ 11.41
Stock of common stock earned for the PSUs vested in 2016 (as a percent)	51.80%	89.50%
Percentage of total stockholder return for payout of shares (as a percent)	30.00%
Share based payment, vesting period (years)tion Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income	$ 24,772	$ 21,623	$ 36,595	$ 8,887	$ 23,906	$ 29,937	$ 44,175	$ 16,778	$ 91,877	$ 114,796	$ 85,630
Denominator:
Weighted-average number of common shares outstanding—basic									200,784,450	201,079,573	200,796,678
Effect of dilutive securities:
Unvested restricted common stock									188,759	47,468	129,640
Shares related to unvested PSUs									548,259	549,217	533,092
Unexercised stock appreciation rights									0	0	524
Weighted-average number of common shares outstanding—diluted									201,521,468	201,676,258	201,459,934
Basic earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.46	$ 0.57	$ 0.43
Diluted earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.46	$ 0.57	$ 0.43
Stock Appreciation Rights (SARs)
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount									20,770	20,770

Debt - Schedule of Long Term Debt (Details) - USD ($)	12 Months Ended
Debt - Schedule of Long Term Debt (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Balance	$ 944,434,000
Total mortgage debt, net of unamortized debt issuance costs	639,639,000		$ 821,167,000
Senior unsecured credit facility	0
Total debt	$ 937,792,000		920,539,000
Weighted-Average Interest Rate	3.79%
Unsecured Term Loan Due May 2021
Debt Instrument [Line Items]
Interest rate at period end		2.81%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,795,000)		(6,052,000)
Total mortgage debt, net of unamortized debt issuance costs	639,639,000		821,167,000
Unsecured term loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	(1,847,000)		(628,000)
Total debt	$ 298,153,000		99,372,000
Unsecured term loan \| Unsecured Term Loan Due May 2021
Debt Instrument [Line Items]
Interest rate description	LIBOR + 1.45% (2)
Principal Balance	$ 100,000,000		100,000,000
Unsecured term loan \| Unsecured Term Loan Due May 2021 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Unsecured term loan \| Unsecured Term Loan Due April 2022
Debt Instrument [Line Items]
Interest rate description	LIBOR + 1.45% (2)
Principal Balance	$ 200,000,000		0
Unsecured term loan \| Unsecured Term Loan Due April 2022 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.94%
Senior unsecured credit facility
Debt Instrument [Line Items]
Interest rate description	LIBOR + 1.50%
Senior unsecured credit facility	$ 0		0
Senior unsecured credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Lexington Hotel New York Tenant Leases \| Mortgages
Debt Instrument [Line Items]
Interest rate description	LIBOR + 2.25%
Principal Balance	$ 0		170,368,000
Lexington Hotel New York Tenant Leases \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Salt Lake City Marriott Downtown \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.25%
Amortization Provisions	25 years
Principal Balance	$ 56,717,000		58,331,000
Westin Washington D.C. City Center \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.99%
Amortization Provisions	25 years
Principal Balance	$ 64,833,000		66,848,000
The Lodge at Sonoma, a Renaissance Resort & Spa \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.96%
Amortization Provisions	30 years
Principal Balance	$ 28,277,000		28,896,000
Westin San Diego \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.94%
Amortization Provisions	30 years
Principal Balance	$ 64,859,000		66,276,000
Courtyard Manhattan / Midtown East \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.40%
Amortization Provisions	30 years
Principal Balance	$ 84,067,000		85,451,000
Renaissance Worthington \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.66%
Amortization Provisions	30 years
Principal Balance	$ 84,116,000		85,000,000
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.33%
Amortization Provisions	30 years
Principal Balance	$ 63,519,000		64,579,000
Boston Westin \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.36%
Amortization Provisions	30 years
Principal Balance	$ 198,046,000		$ 201,470,000

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
2018	$ 13,642
2019	14,247
2020	66,238
2021	113,574
2022	214,153
Thereafter	522,580
Total debt	$ 944,434

Debt - Mortgage Debt (Details) $ in Millions	Apr. 26, 2017 USD ($)	Dec. 31, 2017 hotel
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt		8
Number of hotels (in hotels)		28
Mortgages \| Lexington Hotel New York Tenant Leases
Debt Instrument [Line Items]
Extinguishment of debt \| $	$ 170.4

Debt - Schedule of Ratio of Net Indebtedness (Details) - Line of Credit	12 Months Ended
	Dec. 31, 2017
Less than or equal to 35% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Greater than 35% but less than or equal to 45% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Greater than 35% but less than or equal to 45% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Greater than 45% but less than or equal to 50% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Greater than 45% but less than or equal to 50% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Greater than 50% but less than or equal to 55% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Greater than 50% but less than or equal to 55% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
Greater than 55% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.50%
LIBOR \| Less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.50%
LIBOR \| Greater than 35% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.65%
LIBOR \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.80%
LIBOR \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.00%
LIBOR \| Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.25%

Debt - Senior Unsecured Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Increase in credit facility	$ 600,000,000
Percent of unused portion, line of credit facility, triggering lower commitment fee percentage	50.00%
Senior unsecured credit facility	$ 0
Unsecured term loan \| LIBOR
Line of Credit Facility [Line Items]
Interest and unused credit facility fees	1,000,000	$ 1,300,000	$ 1,100,000
Senior unsecured credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Senior unsecured credit facility	$ 0	$ 0
Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Minimum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.20%
Maximum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.30%

Debt - Schedule of Debt Covenants (Details) $ in Millions	12 Months Ended
Debt - Schedule of Debt Covenants (Details) $ in Millions	Dec. 31, 2017 USD ($)
Line of Credit Facility [Line Items]
Percent of net proceeds from future equity issuances	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	45.00%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.246
Minimum fixed charge coverage ratio	4.42
Minimum tangible net worth	$ 2,600
Secured recourse indebtedness	21.40%

Debt - Senior Unsecured Term Loan (Details)		12 Months Ended
Debt - Senior Unsecured Term Loan (Details)	May 03, 2016	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Line Of Credit Facility Leverage Range [Line Items]
Outstanding principal balance		$ 944,434,000
Line Of Credit Facility Covenant Actual Results
Line Of Credit Facility Leverage Range [Line Items]
Maximum leverage ratio (as a percent)		0.246
Medium-term Notes \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Interest incurred on the facility		$ 6,200,000	$ 1,300,000
Medium-term Notes \| Less than or equal to 35% \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.45%
Medium-term Notes \| Greater than 35% but less than or equal to 45% \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.60%
Medium-term Notes \| Greater than 45% but less than or equal to 50% \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.75%
Medium-term Notes \| Greater than 50% but less than or equal to 55% \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		1.95%
Medium-term Notes \| Greater than 55% \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate		2.20%
Minimum \| Medium-term Notes \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Maximum \| Medium-term Notes \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	2.20%
Unsecured Term Loan Due May 2021 \| Medium-term Notes
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)		5 years
Outstanding principal balance		$ 100,000,000
Unsecured Term Loan Due April 2022 \| Medium-term Notes
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)		5 years

Dispositions - Narrative (Details) $ in Thousands				12 Months Ended
Dispositions - Narrative (Details) $ in Thousands	Jul. 07, 2016 USD ($) room	Jun. 30, 2016 USD ($) room	Jun. 08, 2016 USD ($) room	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel property				$ (764)	$ 10,698	$ 0
Mortgage debt				639,639	821,167
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
Proceeds from sale of properties, net			65,800
Gain (loss) on sale of hotel property			$ 3,700
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
Proceeds from sale of properties, net		54,800
Gain (loss) on sale of hotel property				(800)	4,900
New York, New York \| Hilton Garden Inn Chelsea/New York City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold \| room	169
Contractual sales price	$ 65,000
Proceeds from sale of properties, net	63,300
Gain (loss) on sale of hotel property	$ 2,000
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt				$ 639,639	$ 821,167
Mortgages \| Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt		$ 89,500

Dispositions - Schedule of Pre-tax Income/(Loss) From Hotel Properties Sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	$ (764)	$ 16,204	$ 7,452
Orlando, Florida \| Orlando Airport Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	0	8,225	2,752
Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	(764)	4,872	1,428
New York, New York \| Hilton Garden Inn Chelsea/New York City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	$ 0	$ 3,107	$ 3,272

- 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

Acquisitions - Narrative (Details) $ in Thousands				12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Dec. 07, 2017	Feb. 28, 2017 USD ($) room	Feb. 06, 2015 USD ($) room	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2015 USD ($) suite
L'Auberge de Sedona
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		88
Purchase price		$ 63,254
Orchards Inn Sedona Annex Sublease
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		70
Purchase price		$ 30,541
L'Auberge de Sedona & Orchards Inn
Business Acquisition [Line Items]
Purchase price		$ 97,000
Base management fee percentage of gross revenues in year one		2.45%
Management agreement	5 years
Base management fee percentage of gross revenues in year two	0.50%
Base management fee percentage of gross revenues in year three	1.00%
Base management fee percentage of gross revenues thereafter	1.50%
Base incentive management fee percentage	10.00%
Incentive management fee percentage for gross revenues	1.00%
Corporate marketing contribution percentage of gross revenues	1.00%
Revenue related to acquisitions				$ 29,300
Net income related to acquisitions				$ 5,900
Shorebreak Hotel
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room			157
Purchase price			$ 58,823
Sheraton Suites Key West
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| suite						184
Purchase price						$ 94,428
Kimpton Hotels \| Shorebreak Hotel
Business Acquisition [Line Items]
Management agreement			10 years
Off-Market Favorable Lease \| Orchards Inn Sedona Annex Sublease
Business Acquisition [Line Items]
Carrying amount of the lease right		$ 9,100			$ 9,100

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Jun. 30, 2015	Feb. 06, 2015
L'Auberge de Sedona
Schedule of Acquired Assets and Liabilities
Land	$ 39,384
Building and improvements	22,204
Furniture, fixtures and equipment	4,376
Total fixed assets	65,964
Favorable lease asset	0
Unfavorable lease liability	0
Other assets and liabilities, net	(2,710)
Total	63,254
Orchards Inn Sedona Annex Sublease
Schedule of Acquired Assets and Liabilities
Land	9,726
Building and improvements	10,180
Furniture, fixtures and equipment	1,982
Total fixed assets	21,888
Favorable lease asset	9,065
Unfavorable lease liability	0
Other assets and liabilities, net	(412)
Total	$ 30,541
Shorebreak Hotel
Schedule of Acquired Assets and Liabilities
Land			$ 19,908
Building and improvements			37,525
Furniture, fixtures and equipment			1,338
Total fixed assets			58,771
Favorable lease asset			0
Unfavorable lease liability			(349)
Other assets and liabilities, net			401
Total			$ 58,823
Sheraton Suites Key West
Schedule of Acquired Assets and Liabilities
Land		$ 49,592
Building and improvements		42,958
Furniture, fixtures and equipment		1,378
Total fixed assets		93,928
Favorable lease asset		0
Unfavorable lease liability		0
Other assets and liabilities, net		500
Total		$ 94,428

Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Revenues	$ 873,427	$ 924,806	$ 942,547
Net income	$ 91,602	$ 118,232	$ 89,184
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.46	$ 0.59	$ 0.44
Diluted earnings per share (in dollars per share)	$ 0.45	$ 0.59	$ 0.44

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current Income Tax Expense (Benefit)
Federal	$ 622	$ 0	$ 0
State	1,221	1,297	770
Foreign	662	697	515
Current Income Tax Expense (Benefit)	2,505	1,994	1,285
Deferred Income Tax Expense (Benefit)
Federal	6,432	9,779	8,249
State	425	1,324	2,315
Foreign	845	(698)	(274)
Deferred Income Tax Expense (Benefit)	7,702	10,405	10,290
Income tax provision	$ 10,207	$ 12,399	$ 11,575

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (35)%	$ 35,729	$ 44,518	$ 34,272
Tax impact of REIT election	(22,277)	(31,101)	(21,544)
State income tax provision, net of federal tax benefit	1,652	1,703	1,745
Foreign income tax benefit	(430)	(3,080)	(2,266)
Tax reform impact on U.S. taxes	(2,143)	0	0
Tax reform impact on foreign taxes	(2,076)	0	0
Other	(248)	359	(632)
Income tax provision	$ 10,207	$ 12,399	$ 11,575
Statutory federal tax provision (as a percent)	35.00%	35.00%	35.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act of 2017, decrease to deferred income tax provisions	$ 4,200
Tax Cuts and Jobs Act of 2017, transition tax obligation	18,200
Tax Cuts and Jobs Act of 2017, increase in taxable income	1,500
Franchise tax expense	400	$ 400	$ 400
Net operating loss carryforwards	6,200
Deferred tax assets expected to be recovered against reversing taxable temporary differences	$ 4,200
Frenchman's Reef & Morning Star Marriott Beach
Income Tax Contingency [Line Items]
New adjusted tax rate after the reduction (as a percent)	7.00%
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 3,099	12,629
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	3,126	3,021
Less: Valuation allowance	$ (400)	$ (400)

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 6,200
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,099	$ 12,629
Deferred income related to key money	2,549	5,313
Alternative minimum tax credit carryforwards	169	0
Other	355	296
Depreciation and amortization	(8,889)	(14,535)
Deferred tax assets, net		3,703
Deferred tax liabilities, net	(2,717)
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,126	3,021
Deferred income related to key money	801	816
Alternative minimum tax credit carryforwards	81	71
Other	111	45
Depreciation and amortization	(2,803)	(2,231)
Less: Valuation allowance	(400)	(400)
Deferred tax assets, net	916	1,322
Foreign (USVI)
Operating Loss Carryforwards [Line Items]
Deferred income related to key money	95	1,278
Other	1	2
Depreciation and amortization	(796)
Depreciation and amortization		508
Land basis recorded in purchase accounting	(2,617)	(4,260)
Deferred tax liabilities, net	$ (3,317)	$ (2,472)

Relationships with Managers - Schedules of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2017 renewal_term
Atlanta Alpharetta Marriott \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Number of renewal terms (in years)	2
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Bethesda Marriott Suites \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	21 years
Number of renewal terms (in years)	2
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	50.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Boston Westin \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	20 years
Number of renewal terms (in years)	4
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Chicago Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	32 years
Number of renewal terms (in years)	2
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	18.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Courtyard Denver Downtown \| Sage Hospitality
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Courtyard Manhattan / Fifth Avenue \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Base management fee (as a percentage of gross revenue)	6.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Courtyard Manhattan / Midtown East \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Frenchman's Reef & Morning Star Marriott Beach \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Number of renewal terms (in years)	2
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.50%
The Gwen Chicago \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Hilton Boston \| Davidson Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	7 years
Number of renewal terms (in years)	2
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Hilton Burlington \| Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	0.00%
Hilton Garden Inn New York City/Times Square Central \| Highgate Hotels
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Hotel Rex \| Joie de Vivre Hotels
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	2.75%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Inn At Key West \| Ocean Properties
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Number of renewal terms (in years)	2
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
JW Marriott Denver at Cherry Creek \| Sage Hospitality
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Lexington Hotel New York Tenant Leases \| Highgate Hotels
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Renaissance Charleston \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	21 years
Number of renewal terms (in years)	2
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	3.50%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Renaissance Worthington \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Number of renewal terms (in years)	2
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	25.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Salt Lake City Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	30 years
Number of renewal terms (in years)	3
Renewal term (in years)	15 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
L'Auberge de Sedona \| Two Roads Hospitality
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	0.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Orchards Inn Sedona \| Two Roads Hospitality
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Number of renewal terms (in years)	1
Renewal term (in years)	5 years
Base management fee (as a percentage of gross revenue)	0.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Sheraton Suites Key West \| Ocean Properties
Real Estate Properties [Line Items]
Initial term (in years)	12 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Shorebreak Hotel \| Kimpton Hotels
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.50%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
The Lodge at Sonoma, a Renaissance Resort & Spa \| Marriott
Real Estate Properties [Line Items]
Initial term (in years)	20 years
Number of renewal terms (in years)	1
Renewal term (in years)	10 years
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	5.00%
Vail Marriott Mountain Resort & Spa \| Vail Resorts
Real Estate Properties [Line Items]
Initial term (in years)	15 years 6 months
Base management fee (as a percentage of gross revenue)	3.00%
Incentive management fee (as a percentage of operating profit)	20.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Westin Fort Lauderdale Beach Resort \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Westin San Diego \| Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	5 years
Base management fee (as a percentage of gross revenue)	1.50%
Incentive management fee (as a percentage of operating profit)	10.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%
Westin Washington D.C. City Center \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Initial term (in years)	10 years
Base management fee (as a percentage of gross revenue)	2.00%
Incentive management fee (as a percentage of operating profit)	15.00%
FF&E Reserve Contribution (as a percentage of gross revenue)	4.00%

Relationships with Managers - Footnotes (Details) - USD ($)				1 Months Ended					5 Months Ended	6 Months Ended	8 Months Ended	9 Months Ended	11 Months Ended	12 Months Ended				36 Months Ended	48 Months Ended
	Sep. 01, 2017	Jul. 01, 2017	Apr. 30, 2016	Sep. 30, 2021	May 31, 2021	May 31, 2018	Jul. 31, 2017	May 31, 2016	Dec. 31, 2017	Jun. 30, 2017	Aug. 31, 2017	Sep. 30, 2017	Nov. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2021	Sep. 30, 2021
Atlanta Alpharetta Marriott \| Marriott
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	25.00%
Bethesda Marriott Suites \| Marriott
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	50.00%
FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a percent)																	1.00%
Operating profits exceeds owner's priority																	$ 4,400,000
Chicago Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Base management fee (as a percent)												3.00%
Incentive management fee (as a percentage of operating profit)																	18.00%
Operating profits exceeds owner's priority																	$ 0
Calculated as net operating income before incentive management fees (as a percent)																	18.00%
Courtyard Denver Downtown \| Sage Hospitality
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	10.00%
Base management fee as a percent of gross revenue																	1.50%
Base management fee as a percent of gross operating profit																	1.50%
Courtyard Manhattan / Midtown East \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	15.00%
Base management fee as a percent of gross revenue							5.00%		1.50%
The Gwen Chicago \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	15.00%
Hilton Burlington \| Interstate Hotels and Resorts
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	10.00%
Property management fee percent fee of gross revenue, capped percentage																	2.50%
Hotel Rex \| Joie de Vivre Hotels
Real Estate Properties [Line Items]
Base management fee (as a percent)											3.00%
Incentive management fee (as a percentage of operating profit)																	15.00%
Lexington Hotel New York Tenant Leases \| Highgate Hotels
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	20.00%
Base management fee reduction (as a percent)										2.00%
Additional base management fee (as a percent)		3.00%
Renaissance Charleston \| Marriott
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	20.00%
Additional base management fee (as a percent)	3.50%
Salt Lake City Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Incentive management fee (as a percentage of operating profit)																	20.00%
Base management fee reduction (as a percent)			3.00%					1.50%
L'Auberge de Sedona & Orchards Inn \| Two Roads Hospitality
Real Estate Properties [Line Items]
Base management fee as a percent of gross revenue													2.45%
Scenario, Forecast \| Atlanta Alpharetta Marriott \| Marriott
Real Estate Properties [Line Items]
Base management fee (as a percent)																		2.00%
Scenario, Forecast \| Chicago Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Base management fee (as a percent)				3.00%															2.00%
Scenario, Forecast \| Courtyard Manhattan / Midtown East \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Base management fee as a percent of gross revenue																1.75%
Scenario, Forecast \| The Gwen Chicago \| HEI Hotels and Resorts
Real Estate Properties [Line Items]
Base management fee (as a percent)																2.25%
Scenario, Forecast \| Salt Lake City Marriott Downtown \| Marriott
Real Estate Properties [Line Items]
Additional base management fee (as a percent)					3.00%	2.00%
Scenario, Forecast \| L'Auberge de Sedona & Orchards Inn \| Two Roads Hospitality
Real Estate Properties [Line Items]
Base management fee (as a percent)														1.50%	1.00%

Relationships with Managers - Schedule of Management Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Relationships With Managers [Abstract]
Base management fees	$ 22,265	$ 24,480	$ 25,491
Incentive management fees	6,259	7,810	7,405
Amortization of deferred income related to key money	(4,840)	(432)	(548)
Amortization of unfavorable contract liabilities	(1,715)	(1,715)	(1,715)
Total management fees, net	$ 21,969	$ 30,143	$ 30,633

Relationships with Managers - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) hotel	Dec. 31, 2016 USD ($) hotel	Dec. 31, 2015 USD ($) hotel
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees \| hotel		10	9	7
Amortization		$ 5,760	$ 2,851	$ 993
Number of franchised hotels \| hotel		13
Key Money
Real Estate Properties [Line Items]
Amortization		$ 5,800	$ 2,900	1,000
Key Money \| The Gwen Chicago
Real Estate Properties [Line Items]
Amortization				$ 3,000
Key Money \| Courtyard Manhattan / Midtown East
Real Estate Properties [Line Items]
Amortization		1,900
Key Money \| Frenchman's Reef & Morning Star Marriott Beach
Real Estate Properties [Line Items]
Amortization		$ 2,600
Key Money \| Frenchman's Reef & Morning Star Marriott Beach \| Scenario, Forecast
Real Estate Properties [Line Items]
Amortization	$ 2,200

Relationships with Managers - Schedule of Franchise Agreements (Details)	1 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2020	Oct. 31, 2019	Aug. 31, 2019	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2017
Vail Marriott Mountain Resort & Spa
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						16 years
Franchise fee as percentage of gross rooms revenue (as a percent)						6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
JW Marriott Denver at Cherry Creek
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						15 years
Franchise fee as percentage of gross rooms revenue (as a percent)						6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
Lexington Hotel New York Tenant Leases
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						5.00%
Courtyard Denver Downtown
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						16 years
Franchise fee as percentage of gross rooms revenue (as a percent)					5.50%	4.50%
Courtyard Denver Downtown \| Scenario, Forecast
Real Estate Properties [Line Items]
Franchise fee as percentage of gross rooms revenue (as a percent)		5.50%
Hilton Boston
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						10 years
Franchise fee as percentage of gross rooms revenue (as a percent)						5.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
Program fee as a percentage of gross room revenue (as a percent)						4.00%
Westin Washington D.C. City Center
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						7.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
Westin San Diego
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						7.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
Hilton Burlington
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						10 years
Franchise fee as percentage of gross rooms revenue (as a percent)				5.00%		3.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						3.00%
Program fee as a percentage of gross room revenue (as a percent)						4.00%
Hilton Burlington \| Scenario, Forecast
Real Estate Properties [Line Items]
Franchise fee as percentage of gross rooms revenue (as a percent)	5.00%		4.00%
Hilton Garden Inn New York City/Times Square Central
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						22 years
Franchise fee as percentage of gross rooms revenue (as a percent)						5.00%
Program fee as a percentage of gross room revenue (as a percent)						4.30%
Westin Fort Lauderdale Beach Resort
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						6.00%
Franchise fee as percentage of food and beverage revenue (as a percent)						2.00%
The Gwen Chicago
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						4.50%
Sheraton Suites Key West
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						20 years
Franchise fee as percentage of gross rooms revenue (as a percent)						5.00%
Courtyard Manhattan / Midtown East
Real Estate Properties [Line Items]
Franchise fee agreement term (in years)						25 years
Franchise fee as percentage of gross rooms revenue (as a percent)						6.00%

Relationships with Managers - Franchise Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Relationships With Managers [Abstract]
Franchise fees	$ 24,890	$ 24,237	$ 22,192
Amortization of deferred income related to key money	(920)	(2,420)	(170)
Total franchise fees, net	$ 23,970	$ 21,817	$ 22,022

Commitments and Contingencies - Narrative (Details) $ in Millions		12 Months Ended
	Feb. 28, 2017 room	Dec. 31, 2017 USD ($) ft² hotel renewal_term ground_lease	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Feb. 06, 2015 room
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) \| hotel		5
Ground rent expense \| $		$ 10.2	$ 12.7	$ 15.1
Cash paid for ground rent \| $		$ 4.1	$ 7.0	$ 9.4
Bethesda Marriott Suites
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		0
Courtyard Manhattan / Fifth Avenue
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		1
Ground leases renewal option (in years)		49 years
Salt Lake City Marriott Downtown
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) \| ground_lease		2
Interest in land under hotel (as a percent of ownership)		21.00%
Boston Westin
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		0
Renaissance Worthington
Real Estate Properties [Line Items]
Number of properties subject to ground leases (in hotels) \| ground_lease		3
Number of renewal periods (in ones)		3
Ground leases renewal option (in years)		15 years
Percentage of land on which the parking garage is constructed		25.00%
JW Marriott Denver at Cherry Creek
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		2
Ground leases renewal option (in years)		5 years
Area of real estate property \| ft²		5,500
Incremental renewal option (in years)		1 year
First Set of Renewal Options \| Shorebreak Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		2
Ground leases renewal option (in years)		25 years
Second Set of Renewal Options \| Shorebreak Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)		1
Ground leases renewal option (in years)		24 years
Shorebreak Hotel
Real Estate Properties [Line Items]
Number of rooms acquired (in rooms) \| room					157
Orchards Inn Sedona
Real Estate Properties [Line Items]
Number of rooms \| room	28
Number of rooms acquired (in rooms) \| room	70
Long-Term Ground Lease \| Shorebreak Hotel
Real Estate Properties [Line Items]
Ownership of undivided interest (as a percent of ownership)		95.50%
Land Underlying the Hotel and Lease \| Shorebreak Hotel
Real Estate Properties [Line Items]
Interest in land under hotel (as a percent of ownership)		4.50%

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)		1 Months Ended	12 Months Ended
	May 01, 2021	Jan. 31, 2031	Dec. 31, 2017
Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			5.50%
Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Term			49 years
Ground leases renewal option (in years)			49 years
Courtyard Manhattan / Fifth Avenue \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Ownership percentage of hotel land			21.00%
Annual rent reimbursed by hotel			21.00%
Boston Westin
Schedule of Ground Leased Assets [Line Items]
Term			30 years
Boston Westin \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.50%
JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)			5 years
Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)			15 years
Through 4/2087 \| Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 740,632
10/2007 - 9/2017 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			906,000
10/2017 - 9/2027 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,132,812
10/2027 - 9/2037 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,416,015
10/2037 - 9/2047 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,770,019
10/2047 - 9/2057 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,212,524
10/2057 - 9/2067 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,765,655
10/2067 - 9/2077 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			3,457,069
10/2077 - 9/2085 \| Courtyard Manhattan / Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			4,321,336
Through 12/2056 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 132,000
Annual rent expense (as a percentage of gross room sales)			2.60%
1/2013 - 12/2017 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 11,305
1/2017 - 12/2017 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			13,000
1/2018 - 12/2056 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			13,500
1/2016 - 12/2020 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			750,000
1/2021 - 12/2025 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,000,000
1/2021 - 12/2025 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			55,000
1/2026 - 12/2030 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,500,000
1/2026 - 12/2030 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			60,000
1/2031 - 12/2035 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,750,000
1/2036 - 5/2099 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 0
Through 05/2015 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			0.00%
6/2016 - 5/2026 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.00%
6/2026 - 5/2036 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.50%
6/2036 - 5/2046 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.75%
6/2046 - 5/2056 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
6/2056 - 5/2066 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.25%
6/2066 - 5/2099 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.50%
1/2015 - 12/2020 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 50,000
Through 4/2016 \| Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent			115,542
5/2016 - 4/2021 \| Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent			126,649
5/2013 - 12/2070 \| Boston Westin
Schedule of Ground Leased Assets [Line Items]
Annual rent			9,815
8/2013 - 7/2022 \| Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual rent			40,400
8/2022 - 7/2037 \| Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual rent			46,081
8/2037 - 7/2052 \| Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual rent			51,763
8/2052 - 7/2067 \| Renaissance Worthington
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 57,444
Scenario, Forecast \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent		3.00%
Rent increase (in years)		1 year
Scenario, Forecast \| 1/2026 - 12/2030 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Rent increase (in years)	5 years

Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 4,957
2019	4,885
2020	4,583
2021	4,747
2022	4,762
Thereafter	619,799
Total	$ 643,733

Fair Value of Financial Instruments - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 937,792	$ 920,539
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	937,792	920,539
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 942,529	$ 906,156

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Total revenue	$ 207,037	$ 223,486	$ 243,272	$ 196,210	$ 206,621	$ 220,239	$ 256,664	$ 213,034	$ 870,005	$ 896,558	$ 930,990
Total operating expenses	171,519	189,168	192,621	176,914	172,870	178,936	198,559	188,723	730,222	739,088	785,716
Operating income	35,518	34,318	50,651	19,296	33,751	41,303	58,105	24,311	139,783	157,470	145,274
Net income	$ 24,772	$ 21,623	$ 36,595	$ 8,887	$ 23,906	$ 29,937	$ 44,175	$ 16,778	$ 91,877	$ 114,796	$ 85,630
Basic earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.46	$ 0.57	$ 0.43
Diluted earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.12	$ 0.15	$ 0.22	$ 0.08	$ 0.46	$ 0.57	$ 0.43

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ (644,434)
Initial Cost - Land				602,024
Initial Cost - Buildings and Improvements				2,170,163
Costs Capitalized Subsequent to Acquisition				252,928
Gross Amount at End of Year - Land				602,879
Gross Amount at End of Year - Buildings and Improvements				2,422,210
Gross Amount at End of Year - Total	$ 2,917,634	$ 3,125,051	$ 2,944,103	3,025,089
Accumulated Depreciation	(441,952)	(419,309)	(355,462)	(492,871)
Net Book Value				2,532,218
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of period	2,917,634	3,125,051	2,944,103
Acquisitions
Acquisitions	81,494	0	149,983
Capital expenditures	68,573	61,823	30,965
Deductions:
Dispositions and other	(42,612)	(269,240)	0
Balance at end of period	3,025,089	2,917,634	3,125,051
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of period	441,952	419,309	355,462
Depreciation and amortization	60,023	65,490	63,847
Dispositions and other	(9,104)	(42,847)	0
Balance at end of period	492,871	$ 441,952	$ 419,309
Aggregate cost of properties for Federal income tax purposes				2,988,637
Atlanta Alpharetta Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				3,623
Initial Cost - Buildings and Improvements				33,503
Costs Capitalized Subsequent to Acquisition				2,186
Gross Amount at End of Year - Land				3,623
Gross Amount at End of Year - Buildings and Improvements				35,689
Gross Amount at End of Year - Total	39,312			39,312
Accumulated Depreciation	$ (10,781)			(10,781)
Net Book Value				28,531
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,312
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	10,781
Bethesda Marriott Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,656
Costs Capitalized Subsequent to Acquisition				1,960
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				47,616
Gross Amount at End of Year - Total	47,616			47,616
Accumulated Depreciation	$ (15,476)			(15,476)
Net Book Value				32,140
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 47,616
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	15,476
Boston Westin
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(198,046)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				273,696
Costs Capitalized Subsequent to Acquisition				23,709
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				297,405
Gross Amount at End of Year - Total	297,405			297,405
Accumulated Depreciation	$ (80,503)			(80,503)
Net Book Value				216,902
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 297,405
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	80,503
Chicago Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				36,900
Initial Cost - Buildings and Improvements				347,921
Costs Capitalized Subsequent to Acquisition				73,994
Gross Amount at End of Year - Land				36,900
Gross Amount at End of Year - Buildings and Improvements				421,915
Gross Amount at End of Year - Total	458,815			458,815
Accumulated Depreciation	$ (110,069)			(110,069)
Net Book Value				348,746
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 458,815
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	110,069
The Gwen Chicago
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				31,650
Initial Cost - Buildings and Improvements				76,961
Costs Capitalized Subsequent to Acquisition				22,172
Gross Amount at End of Year - Land				31,650
Gross Amount at End of Year - Buildings and Improvements				99,133
Gross Amount at End of Year - Total	130,783			130,783
Accumulated Depreciation	$ (22,536)			(22,536)
Net Book Value				108,247
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 130,783
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	22,536
Courtyard Denver
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,400
Initial Cost - Buildings and Improvements				36,180
Costs Capitalized Subsequent to Acquisition				2,706
Gross Amount at End of Year - Land				9,400
Gross Amount at End of Year - Buildings and Improvements				38,886
Gross Amount at End of Year - Total	48,286			48,286
Accumulated Depreciation	$ (6,022)			(6,022)
Net Book Value				42,264
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 48,286
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	6,022
Courtyard Manhattan / Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				34,685
Costs Capitalized Subsequent to Acquisition				4,252
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				38,937
Gross Amount at End of Year - Total	38,937			38,937
Accumulated Depreciation	$ (12,322)			(12,322)
Net Book Value				26,615
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 38,937
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	12,322
Courtyard Manhattan / Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(84,067)
Initial Cost - Land				16,500
Initial Cost - Buildings and Improvements				54,812
Costs Capitalized Subsequent to Acquisition				5,131
Gross Amount at End of Year - Land				16,500
Gross Amount at End of Year - Buildings and Improvements				59,943
Gross Amount at End of Year - Total	76,443			76,443
Accumulated Depreciation	$ (18,755)			(18,755)
Net Book Value				57,688
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 76,443
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	18,755
Frenchman's Reef & Morning Star Marriott Beach
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				17,713
Initial Cost - Buildings and Improvements				50,697
Costs Capitalized Subsequent to Acquisition				17,614
Gross Amount at End of Year - Land				17,713
Gross Amount at End of Year - Buildings and Improvements				68,285
Gross Amount at End of Year - Total	85,998			85,998
Accumulated Depreciation	$ (15,230)			(15,230)
Net Book Value				70,768
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 85,998
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	15,230
Hilton Boston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				23,262
Initial Cost - Buildings and Improvements				128,628
Costs Capitalized Subsequent to Acquisition				12,285
Gross Amount at End of Year - Land				23,262
Gross Amount at End of Year - Buildings and Improvements				140,913
Gross Amount at End of Year - Total	164,175			164,175
Accumulated Depreciation	$ (18,527)			(18,527)
Net Book Value				145,648
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 164,175
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	18,527
Hilton Burlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,197
Initial Cost - Buildings and Improvements				40,644
Costs Capitalized Subsequent to Acquisition				2,002
Gross Amount at End of Year - Land				9,197
Gross Amount at End of Year - Buildings and Improvements				42,646
Gross Amount at End of Year - Total	51,843			51,843
Accumulated Depreciation	$ (5,858)			(5,858)
Net Book Value				45,985
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,843
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	5,858
Hilton Garden Inn New York City/Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				60,300
Initial Cost - Buildings and Improvements				88,896
Costs Capitalized Subsequent to Acquisition				182
Gross Amount at End of Year - Land				60,300
Gross Amount at End of Year - Buildings and Improvements				89,078
Gross Amount at End of Year - Total	149,378			149,378
Accumulated Depreciation	$ (7,436)			(7,436)
Net Book Value				141,942
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,378
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	7,436
Hotel Rex
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				7,856
Initial Cost - Buildings and Improvements				21,085
Costs Capitalized Subsequent to Acquisition				(39)
Gross Amount at End of Year - Land				7,856
Gross Amount at End of Year - Buildings and Improvements				21,046
Gross Amount at End of Year - Total	28,902			28,902
Accumulated Depreciation	$ (2,702)			(2,702)
Net Book Value				26,200
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 28,902
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	2,702
Inn At Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				32,888
Initial Cost - Buildings and Improvements				13,371
Costs Capitalized Subsequent to Acquisition				(1,766)
Gross Amount at End of Year - Land				32,888
Gross Amount at End of Year - Buildings and Improvements				11,605
Gross Amount at End of Year - Total	44,493			44,493
Accumulated Depreciation	$ (1,075)			(1,075)
Net Book Value				43,418
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 44,493
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	1,075
JW Marriott Denver at Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(63,519)
Initial Cost - Land				9,200
Initial Cost - Buildings and Improvements				63,183
Costs Capitalized Subsequent to Acquisition				1,475
Gross Amount at End of Year - Land				9,200
Gross Amount at End of Year - Buildings and Improvements				64,658
Gross Amount at End of Year - Total	73,858			73,858
Accumulated Depreciation	$ (10,623)			(10,623)
Net Book Value				63,235
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 73,858
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	10,623
L'Auberge de Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				39,384
Initial Cost - Buildings and Improvements				22,204
Costs Capitalized Subsequent to Acquisition				185
Gross Amount at End of Year - Land				39,384
Gross Amount at End of Year - Buildings and Improvements				22,389
Gross Amount at End of Year - Total	61,773			61,773
Accumulated Depreciation	$ (740)			(740)
Net Book Value				61,033
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 61,773
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	740
Lexington Hotel New York Tenant Leases
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				92,000
Initial Cost - Buildings and Improvements				229,368
Costs Capitalized Subsequent to Acquisition				20,442
Gross Amount at End of Year - Land				92,000
Gross Amount at End of Year - Buildings and Improvements				249,810
Gross Amount at End of Year - Total	341,810			341,810
Accumulated Depreciation	$ (39,262)			(39,262)
Net Book Value				302,548
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 341,810
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	39,262
Orchards Inn Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,726
Initial Cost - Buildings and Improvements				10,180
Costs Capitalized Subsequent to Acquisition				52
Gross Amount at End of Year - Land				9,726
Gross Amount at End of Year - Buildings and Improvements				10,232
Gross Amount at End of Year - Total	19,958			19,958
Accumulated Depreciation	$ (230)			(230)
Net Book Value				19,728
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 19,958
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	230
Renaissance Charleston
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,900
Initial Cost - Buildings and Improvements				32,511
Costs Capitalized Subsequent to Acquisition				4,785
Gross Amount at End of Year - Land				5,900
Gross Amount at End of Year - Buildings and Improvements				37,296
Gross Amount at End of Year - Total	43,196			43,196
Accumulated Depreciation	$ (6,185)			(6,185)
Net Book Value				37,011
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 43,196
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	6,185
Renaissance Worthington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(84,116)
Initial Cost - Land				15,500
Initial Cost - Buildings and Improvements				63,428
Costs Capitalized Subsequent to Acquisition				16,811
Gross Amount at End of Year - Land				15,500
Gross Amount at End of Year - Buildings and Improvements				80,239
Gross Amount at End of Year - Total	95,739			95,739
Accumulated Depreciation	$ (21,013)			(21,013)
Net Book Value				74,726
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 95,739
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	21,013
Salt Lake City Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(56,717)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,815
Costs Capitalized Subsequent to Acquisition				4,317
Gross Amount at End of Year - Land				855
Gross Amount at End of Year - Buildings and Improvements				49,277
Gross Amount at End of Year - Total	50,132			50,132
Accumulated Depreciation	$ (15,684)			(15,684)
Net Book Value				34,448
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 50,132
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	15,684
Sheraton Suites Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				49,592
Initial Cost - Buildings and Improvements				42,958
Costs Capitalized Subsequent to Acquisition				335
Gross Amount at End of Year - Land				49,592
Gross Amount at End of Year - Buildings and Improvements				43,293
Gross Amount at End of Year - Total	92,885			92,885
Accumulated Depreciation	$ (2,769)			(2,769)
Net Book Value				90,116
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 92,885
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	2,769
Shorebreak Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				19,908
Initial Cost - Buildings and Improvements				37,525
Costs Capitalized Subsequent to Acquisition				3,035
Gross Amount at End of Year - Land				19,908
Gross Amount at End of Year - Buildings and Improvements				40,560
Gross Amount at End of Year - Total	60,468			60,468
Accumulated Depreciation	$ (2,820)			(2,820)
Net Book Value				57,648
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 60,468
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	2,820
The Lodge at Sonoma, a Renaissance Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(28,277)
Initial Cost - Land				3,951
Initial Cost - Buildings and Improvements				22,720
Costs Capitalized Subsequent to Acquisition				6,858
Gross Amount at End of Year - Land				3,951
Gross Amount at End of Year - Buildings and Improvements				29,578
Gross Amount at End of Year - Total	33,529			33,529
Accumulated Depreciation	$ (11,045)			(11,045)
Net Book Value				22,484
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 33,529
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	11,045
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				54,293
Initial Cost - Buildings and Improvements				83,227
Costs Capitalized Subsequent to Acquisition				4,888
Gross Amount at End of Year - Land				54,293
Gross Amount at End of Year - Buildings and Improvements				88,115
Gross Amount at End of Year - Total	142,408			142,408
Accumulated Depreciation	$ (6,624)			(6,624)
Net Book Value				135,784
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 142,408
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	6,624
Westin San Diego
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(64,859)
Initial Cost - Land				22,902
Initial Cost - Buildings and Improvements				95,617
Costs Capitalized Subsequent to Acquisition				8,194
Gross Amount at End of Year - Land				22,902
Gross Amount at End of Year - Buildings and Improvements				103,811
Gross Amount at End of Year - Total	126,713			126,713
Accumulated Depreciation	$ (13,776)			(13,776)
Net Book Value				112,937
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 126,713
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	13,776
Westin Washington D.C. City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(64,833)
Initial Cost - Land				24,579
Initial Cost - Buildings and Improvements				122,229
Costs Capitalized Subsequent to Acquisition				11,361
Gross Amount at End of Year - Land				24,579
Gross Amount at End of Year - Buildings and Improvements				133,590
Gross Amount at End of Year - Total	158,169			158,169
Accumulated Depreciation	$ (17,704)			(17,704)
Net Book Value				140,465
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 158,169
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	17,704
Vail Marriott Mountain Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,800
Initial Cost - Buildings and Improvements				52,463
Costs Capitalized Subsequent to Acquisition				3,802
Gross Amount at End of Year - Land				5,800
Gross Amount at End of Year - Buildings and Improvements				56,265
Gross Amount at End of Year - Total	62,065			62,065
Accumulated Depreciation	$ (17,104)			(17,104)
Net Book Value				$ 44,961
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 62,065
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 17,104