Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2018	Feb. 26, 2019	Jun. 29, 2018
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, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		201,392,563
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 2.5

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2018

Dec. 31, 2017

ASSETS

Property and equipment, net

$ 2,944,617

$ 2,692,286

Restricted cash

^[1]

47,735

40,204

Due from hotel managers

86,914

86,621

Favorable lease assets, net

63,945

26,690

Prepaid and other assets

10,506

71,488

Cash and cash equivalents

43,863

183,569

Total assets

3,197,580

3,100,858

Liabilities:

Mortgage and other debt, net of unamortized debt issuance costs

629,747

639,639

Term loans, net of unamortized debt issuance costs

348,219

298,153

Total debt

977,966

937,792

Deferred income related to key money, net

11,739

14,307

Unfavorable contract liabilities, net

73,151

70,734

Deferred ground rent

93,719

86,614

Due to hotel managers

72,678

74,213

Dividends and distributions declared and unpaid

26,339

25,708

Accounts payable and accrued expenses

51,395

57,845

Total liabilities

1,306,987

1,267,213

Equity:

Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.01 par value; 400,000,000 shares authorized; 204,536,485 and 200,306,733 shares issued and outstanding at December 31, 2018 and 2017, respectively

2,045

2,003

Additional paid-in capital

2,126,472

2,061,451

Accumulated deficit

(245,620)

(229,809)

Total stockholders' equity

1,882,897

1,833,645

Noncontrolling interests

7,696

Total equity

1,890,593

1,833,645

Total liabilities, noncontrolling interests and stockholders’ equity

$ 3,197,580

$ 3,100,858

[1]	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.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	204,536,485	200,306,733
Common stock, shares outstanding (in shares)	204,536,485	200,306,733

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total revenue	$ 863,704	$ 870,005	$ 896,558
Operating Expenses:
Depreciation and amortization	104,524	99,090	97,444
Impairment losses	0	3,209	0
Hotel acquisition costs	0	2,028	0
Corporate expenses	28,563	26,711	23,629
Business interruption insurance income	(19,379)	(4,051)	0
Gain on property insurance settlement	(1,724)	0	0
Total operating expenses, net	733,643	730,222	739,088
Interest and other income, net	(1,806)	(1,820)	(762)
Interest expense	40,970	38,481	41,735
Loss (gain) on sales of hotel properties, net	0	764	(10,698)
Loss on early extinguishment of debt	0	274	0
Total other expenses, net	39,164	37,699	30,275
Income before income taxes	90,897	102,084	127,195
Income tax expense	(3,101)	(10,207)	(12,399)
Net income	87,796	91,877	114,796
Less: Net income attributable to noncontrolling interests	(12)	0	0
Net income attributable to common stockholders	$ 87,784	$ 91,877	$ 114,796
Earnings per share:
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.43	$ 0.46	$ 0.57
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.43	$ 0.46	$ 0.57
Weighted-average number of common shares outstanding:
Basic (in shares)	205,462,911	200,784,450	201,079,573
Diluted (in shares)	206,131,150	201,521,468	201,676,258
Rooms
Revenues:
Total revenue	$ 631,048	$ 635,932	$ 650,624
Operating Expenses:
Operating expenses	158,078	158,534	159,151
Food and beverage
Revenues:
Total revenue	184,097	183,049	194,756
Operating Expenses:
Operating expenses	118,709	120,460	125,916
Other
Revenues:
Total revenue	48,559	51,024	51,178
Operating Expenses:
Operating expenses	322,713	302,272	302,805
Management fees
Operating Expenses:
Operating expenses	$ 22,159	$ 21,969	$ 30,143

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling interests
Beginning Balance at Dec. 31, 2015	$ 1,824,605	$ 2,007	$ 2,056,878	$ (234,280)	$ 1,824,605	$ 0
Beginning balance (in shares) at Dec. 31, 2015		200,741,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,738)		358	(101,096)	(100,738)
Issuance and vesting of common stock grants, net	4,636	$ 2	4,634		4,636
Issuance and vesting of common stock grants, net (in shares)		187,362
Share repurchases	(6,512)	$ (7)	(6,505)		(6,512)
Share repurchases (in shares)		(728,237)
Net income	114,796			114,796	114,796
Ending Balance at Dec. 31, 2016	1,836,787	$ 2,002	2,055,365	(220,580)	1,836,787	0
Ending balance (in shares) at Dec. 31, 2016		200,200,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,682)		424	(101,106)	(100,682)
Issuance and vesting of common stock grants, net	5,663	$ 1	5,662		5,663
Issuance and vesting of common stock grants, net (in shares)		105,831
Net income	91,877			91,877	91,877
Ending Balance at Dec. 31, 2017	1,833,645	$ 2,003	2,061,451	(229,809)	1,833,645	0
Ending balance (in shares) at Dec. 31, 2017		200,306,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(103,240)		465	(103,705)	(103,240)
Issuance and vesting of common stock grants, net	4,642	$ 1	4,531	110	4,642
Issuance and vesting of common stock grants, net (in shares)		141,165
Issuance of OP units	7,784					7,784
Sale of common stock	92,248	$ 75	92,173		92,248
Sale of common stock (in shares)		7,472,946
Common stock repurchased and retired	(32,182)	$ (34)	(32,148)		(32,182)
Common stock repurchased and retired (in shares)		(3,384,359)
Distributions to noncontrolling interests	(100)					(100)
Net income	87,796			87,784	87,784	12
Ending Balance at Dec. 31, 2018	$ 1,890,593	$ 2,045	$ 2,126,472	$ (245,620)	$ 1,882,897	$ 7,696
Ending balance (in shares) at Dec. 31, 2018		204,536,485

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 87,796	$ 91,877	$ 114,796
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	104,524	99,090	97,444
Corporate asset depreciation as corporate expenses	216	95	66
Loss (gain) on sale of hotel properties, net	0	764	(10,698)
Loss on early extinguishment of debt	0	274	0
Non-cash ground rent	7,305	6,290	5,671
Non-cash amortization of financing costs and interest rate cap as interest	1,862	1,950	2,302
Impairment losses	0	43,993	0
Estimated recovery of impairment losses from insurance	0	(40,784)	0
Amortization of favorable and unfavorable contracts, net	(1,969)	(1,912)	(1,912)
Amortization of deferred income related to key money	(2,568)	(5,760)	(2,851)
Stock-based compensation	5,573	6,201	5,321
Deferred income tax expense	1,591	7,702	10,405
Changes in assets and liabilities:
Prepaid expenses and other assets	28,657	(26,333)	17,007
Due to/from hotel managers	(5,686)	1,540	(1,056)
Accounts payable and accrued expenses	(7,997)	17,006	(20,969)
Net cash provided by operating activities	219,304	201,993	215,526
Cash flows from investing activities:
Hotel capital expenditures	(115,171)	(97,424)	(102,861)
Hotel acquisitions	(259,883)	(93,795)	0
Proceeds from sale of properties, net	0	(764)	175,300
Proceeds from property insurance	30,742	10,042	0
Net cash (used in) provided by investing activities	(344,312)	(181,941)	72,439
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(13,612)	(12,417)	(11,198)
Repurchase of common stock and other	(33,113)	(537)	(7,197)
Proceeds from sale of common stock, net	92,679	0	0
Repayments of mortgage debt	0	(170,368)	(249,793)
Proceeds from senior unsecured term loan	50,000	200,000	100,000
Draws on senior unsecured credit facility	85,000	0	75,000
Repayments of senior unsecured credit facility	(85,000)	0	(75,000)
Payment of financing costs	(412)	(1,579)	(2,765)
Payment of cash dividends	(102,709)	(100,542)	(100,771)
Net cash used in financing activities	(7,167)	(85,443)	(271,724)
Net (decrease) increase in cash and cash equivalents, and restricted cash	(132,175)	(65,391)	16,241
Cash, cash equivalents, and restricted cash beginning of year	223,773	289,164	272,923
Cash, cash equivalents, and restricted cash, end of year	91,598	223,773	289,164
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	38,548	36,288	40,345
Cash paid for income taxes	2,208	3,251	1,973
Non-cash Investing and Financing Activities:
Buyer assumption of mortgage debt on sale of hotel	0	0	89,486
Issuance of OP units in connection with acquisition of hotel property	7,784	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash, cash equivalents, and restricted cash	$ 223,773	$ 289,164	$ 272,923

Organization	12 Months Ended
Organization	Dec. 31, 2018
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 many 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, 2018, we owned 31 hotels with 10,091 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); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. As of December 31, 2018, the Frenchman's Reef & Morning Star Beach Resort ("Frenchman's Reef") is 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 owns either directly or indirectly 99.6% of the limited partnership units ("OP units") of our operating partnership. The remaining 0.4% of the OP units are held by third parties, otherwise unaffiliated with the Company. See Note 5 for additional disclosures related to OP units.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we 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

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

Following the adoption of FASB Accounting Standards Update (“ASU”) No. 2017-01, investments in hotel properties, including related land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are generally accounted for as asset acquisitions, which are recorded at total cost and allocated based on relative fair value. Direct acquisition-related costs are capitalized as a component of the acquired assets. 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 are 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 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 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 cease recording depreciation expense, and 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. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price.

Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.

Certain of our hotels have retail spaces, restaurants or other spaces which we lease to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in our consolidated statements of operations.

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 Frenchman’s Reef, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate ("Cavallo Point"), which is 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, 2018 and 2017.

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 contract 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.

Noncontrolling Interests

The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.

Restricted Cash

Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements.

Deferred Financing Costs

Financing costs are recorded at cost as a component of the debt carrying amount 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 receivable from managers 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 management fees or franchise fees.

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.

In September 2017, Hurricane Irma caused significant damage to Frenchman's Reef and Havana Cabana Key West. Frenchman's Reef was further impacted by Hurricane Maria. The Company has filed insurance claims for the remediation and repair of property damage and business interruption resulting from the hurricanes, as well as from the 2017 wildfires in Northern California that impacted The Lodge at Sonoma. In July 2018, the Company settled the insurance claims for Havana Cabana Key West and The Lodge at Sonoma. The Havana Cabana insurance claim was settled for $8.3 million, net of deductibles, and we recorded a gain of approximately $1.7 million related to the property damage. The Lodge at Sonoma claim was settled for $1.3 million, net of deductibles. The Frenchman’s Reef insurance claim is ongoing and we received $85.0 million and $10.0 million in insurance proceeds during the years ended December 31, 2018 and 2017, respectively.

The following table summarizes the business interruption insurance income by impacted hotel property (in thousands):



	Year Ended December 31,
	2018		2017
Frenchman's Reef	$	16,090	$	3,128
Havana Cabana Key West	2,137		923
The Lodge at Sonoma	1,152		—
Total	$	19,379	$	4,051

For the year ended December 31, 2018, we recognized a $1.7 million gain related to the settlement of the property damage insurance claim at the Havana Cabana Key West.

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 is effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2017-01 effective January 1, 2018. This standard does not affect the accounting for any of our transactions prior to January 1, 2018. Refer to Note 10 for more information about our three hotel property acquisitions during the year ended December 31, 2018, which were all accounted for as asset purchases.

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 is effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-18 effective January 1, 2018. The adoption of ASU No. 2016-18 changed the presentation of the statement of cash flows for the Company and we utilized a retrospective transition method for each period presented within financial statements for periods subsequent to the date of adoption. Restricted cash reserves are included with cash and cash equivalents on our consolidated statements of cash flows for all periods presented. There was no impact to the consolidated statements of income or the 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 is 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 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. 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 intend to adopt ASU No. 2016-02, along with its related clarifications and amendments, as of the effective date of January 1, 2019. We are finalizing our evaluation of the changes from adopting this standard to our future financial reporting and disclosures, as well as designing and implementing related processes and controls. We also intend to elect all of the new standard’s available transition practical expedients. We expect the standard to result in an increase to both total assets and total liabilities of between $95 million and $125 million, before adjusting for existing deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of December 31, 2018. Any changes to discount rates, lease terms or other variables may have a significant effect on the calculation of this recorded amount. We do not expect the adoption of the standard to result in a cumulative effect adjustment, or that the adoption of the standard will have a material impact to our results of operations, cash flows, or liquidity.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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. We adopted the new standard effective January 1, 2018, under the cumulative effect transition method. No adjustment was recorded to the our 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, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2018 and 2017 consists of the following (in thousands):



	2018			2017
Land	$	617,695		$	602,879
Land improvements	7,994			7,994
Buildings	2,682,320			2,414,216
Furniture, fixtures and equipment	491,421			423,987
Construction in progress	38,623			31,906
	3,838,053			3,480,982
Less: accumulated depreciation	(893,436		)	(788,696		)
	$	2,944,617		$	2,692,286

During the year ended December 31, 2017, we recognized a $41.7 million impairment loss for property damage at Frenchman's Reef, the Havana Cabana Key West, and the Sheraton Suites Key West in connection with Hurricanes Irma and Maria. We recorded a reduction to the impairment loss and a corresponding receivable of $40.8 million reflecting the insurance proceeds that were 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 sheets. We evaluate probable recovery by considering various factors, including discussions with our insurance providers, consideration of their financial strength, and review of our insurance provisions and limits. 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, 2018 and 2017, we had accrued capital expenditures of $12.4 million and $11.7 million, respectively.

Favorable Lease Assets

12 Months Ended

Dec. 31, 2018

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 $3.4 million and $2.7 million as of December 31, 2018 and 2017, respectively, consist of the following (in thousands):



	2018			2017
Cavallo Point Ground Lease	$	17,908		$	—
Hotel Palomar Phoenix Ground Lease	19,763		—	—
Westin Boston Waterfront Hotel Ground Lease	17,426			17,643
Orchards Inn Sedona Annex Sublease	8,757			8,925
Lexington Hotel Tenant Leases	91			122
	$	63,945		$	26,690

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, 2018, 2017, and 2016, was $0.7 million, $0.4 million, and $0.3 million, respectively. Amortization expense is expected to total $1.1 million annually 2019 through 2023.

In connection with our acquisition of the Orchards Inn Sedona on February 28, 2017, we recorded a $9.1 million favorable lease asset. In connection with our acquisition of the Hotel Palomar Phoenix on March 1, 2018, we recorded a $20.0 million favorable lease asset. In connection with our acquisition of Cavallo Point on December 12, 2018, we recorded a $17.9 million favorable lease asset. We determined the value of these favorable lease assets using a discounted cash flow of the favorable difference between the contractual lease payments and estimated market rents. The market rents were estimated by applying a land capitalization rate to the estimated fee-simple value of the underlying land. The discount rate was estimated using a risk adjusted rate of return.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

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 “Current 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. Prior to the implementation of the Current ATM Program, the Company had a $200 million ATM program (the "Prior ATM Program"), which is no longer active. During the year ended December 31, 2018, we sold 7,472,946 shares of common stock at an average price of $12.56 for net proceeds of $92.9 million under the Prior ATM Program. The full amount remains available under the Current ATM Program.

Our board of directors has approved a share repurchase program authorizing us to repurchase shares of our common stock. On November 2, 2018, our board of directors increased the authorization under the share repurchase program from $150 million to $250 million of our common stock. Repurchases under this program are 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, 2018, we repurchased 3,384,359 shares of our common stock at an average price of $9.49 per share for a total purchase price of $32.2 million. Subsequent to December 31, 2018, we repurchased 3,143,922 shares of our common stock at an average price of $9.52 per share for a total purchase price of $30.0 million. We retired all repurchased shares on their respective settlement dates. As of February 26, 2019, we have $188.0 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, 2018 and 2017, and through the date of this report:



Payment Date	Record Date	Dividend per Share
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
April 12, 2018	March 29, 2018	$0.125
July 12, 2018	June 29, 2018	$0.125
October 12, 2018	September 28, 2018	$0.125
January 14, 2019	January 4, 2019	$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, 2018 and 2017, there were no shares of preferred stock outstanding.

Operating Partnership Units

In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each OP unit is redeemable at the option of the holder beginning December 12, 2019. Holders of OP 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, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. As of December 31, 2018, there were 796,684 operating partnership units held by unaffiliated third parties.

Stock Incentive Plans

12 Months Ended

Dec. 31, 2018

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 846,517 shares as of December 31, 2018. 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 three-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, 2016 to December 31, 2018 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	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
Granted	349,091		10.19
Forfeited	(51,061	)	10.44
Vested	(287,148	)	11.02
Unvested balance at December 31, 2018	641,844		$	10.25

The remaining share awards are expected to vest as follows: 310,117 during 2019, 215,368 during 2020, and 116,359 during 2021. As of December 31, 2018, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 21 months. For the years ended December 31, 2018, 2017, and 2016, we recorded $3.1 million, $3.1 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 vested in 2017 and 2018, respectively, the actual number of shares of common stock issued to each executive officer was 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 is 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 2018 and vesting in 2020 and 2021, respectively, 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 based on our relative total stockholder return included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 26, 2016	24.3	%	0.93	%	$	8.42
February 26, 2017	26.7	%	1.46	%	$	10.89
March 2, 2018	26.9	%	2.40	%	$	9.52
April 2, 2018	26.9	%	2.37	%	$	9.00

A summary of our PSUs from January 1, 2016 to December 31, 2018 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	676,359		$	11.41
Granted	310,398		8.54
Additional units from dividends	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
Granted	293,111		9.82
Additional units from dividends	35,197		11.24
Vested (3)	(218,514	)	11.98
Forfeited	(113,668	)	9.86
Unvested balance at December 31, 2018	781,923		$	11.19

______________________


(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.


(3)	The number of shares of common stock earned for the PSUs vested in 2018 was equal to 51.75% of the PSU Target Award.

The remaining unvested target units are expected to vest as follows: 247,949 during 2019, 231,221 during 2020 and 302,753 during 2021. As of December 31, 2018, 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, 2018, 2017, and 2016, we recorded approximately $1.9 million, $2.5 million, and $2.0 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 by our former Executive Vice President and Chief Operating Officer. The compensation expense for the year ended December 31, 2018 includes the reversal of $1.0 million of previously recognized compensation expense resulting from the forfeiture of PSUs by our former Executive Vice President and Chief Financial Officer.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

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 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,
	2018		2017		2016
Numerator:
Net income attributable to common stockholders	$	87,784	$	91,877	$	114,796
Denominator:
Weighted-average number of common shares outstanding—basic	205,462,911		200,784,450		201,079,573
Effect of dilutive securities:
Unvested restricted common stock	215,655		188,759		47,468
Shares related to unvested PSUs	452,584		548,259		549,217
Weighted-average number of common shares outstanding—diluted	206,131,150		201,521,468		201,676,258
Earnings per share:
Net income per share available to common stockholders—basic	$	0.43	$	0.46	$	0.57
Net income per share available to common stockholders—diluted	$	0.43	$	0.46	$	0.57

The OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since the OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt as of December 31, 2018 (dollars in thousands):



				Principal Balance as of December 31,
Loan	Interest Rate		Maturity Date	2018			2017
Salt Lake City Marriott Downtown mortgage loan	4.25	%	November 2020	$	55,032		$	56,717
Westin Washington D.C. City Center mortgage loan	3.99	%	January 2023	62,734			64,833
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96	%	April 2023	27,633			28,277
Westin San Diego mortgage loan	3.94	%	April 2023	63,385			64,859
Courtyard Manhattan / Midtown East mortgage loan	4.40	%	August 2024	82,620			84,067
Renaissance Worthington mortgage loan	3.66	%	May 2025	82,540			84,116
JW Marriott Denver at Cherry Creek mortgage loan	4.33	%	July 2025	62,411			63,519
Boston Westin mortgage loan	4.36	%	November 2025	194,466			198,046
New Market Tax Credit loan (1)	5.17	%	December 2020	2,943			—
Unamortized debt issuance costs				(4,017		)	(4,795		)
Total mortgage and other debt, net of unamortized debt issuance costs				629,747			639,639

Unsecured term loan	LIBOR + 1.45% (2)		May 2021	100,000			100,000
Unsecured term loan	LIBOR + 1.45% (2)		April 2022	200,000			200,000
Unsecured term loan	LIBOR + 1.45% (3)		October 2023	50,000			—
Unamortized debt issuance costs				(1,781		)	(1,847		)
Unsecured term loans, net of unamortized debt issuance costs				348,219			298,153

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

Total debt, net of unamortized debt issuance costs				$	977,966		$	937,792
Weighted-Average Interest Rate	4.01%

_____________


(1)	Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.


(2)	The interest rate at December 31, 2018 was 3.80%.


(3)	The interest rate at December 31, 2018 was 3.78%. We entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.


(4)	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, 2018 are as follows (in thousands):



2019	14,195
2020	66,174
2021	116,461
2022	214,095
2023	194,649
Thereafter	378,190
	$	983,764

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, 2018, eight of our 31 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, 2018, we were in compliance with the financial covenants of our mortgage debt.

On March 1, 2018, in connection with our acquisition of the Hotel Palomar in Phoenix, Arizona, we assumed a $2.9 million loan originated under a qualified New Market Tax Credit program. The loan is interest-only and bears an annual fixed interest rate equal to 5.17%. The loan matures on December 6, 2020.

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, 2018
Maximum leverage ratio (1)	60%	27.5%
Minimum fixed charge coverage ratio (2)	1.50x	4.17x
Minimum tangible net worth (3)	$1.98 billion	$2.72 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.9%

_____________________________


(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, 2018, we had no borrowings outstanding under the facility and the Company's leverage ratio was 27.5%. Accordingly, interest on our borrowings under the facility 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 $1.2 million, $1.0 million and $1.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Subsequent to December 31, 2018, we borrowed $45 million under the facility.

Unsecured Term Loans

We are party to a five-year $100 million unsecured term loan, a five-year $200 million unsecured term loan, and a new five-year $50 million unsecured term loan, entered into on October 18, 2018. On December 5, 2018, in connection with the acquisition closing of Cavallo Point, we drew down the full balance of the new $50 million term loan. In January 2019, we entered into an interest rate swap agreement to economically hedge variability in LIBOR-indexed interest payments at 2.41% through October 2023 for the $50 million unsecured term loan.

The financial covenants of the three term loans are consistent with the covenants on our senior unsecured credit facility, which are described above. The interest rate on the term loans is based on a pricing grid ranging from 140 to 220 basis points over LIBOR, based on the Company’s leverage ratio, as follows:



	Applicable Margins
Leverage Ratio	$100 Million and $200 Million Term Loans	$50 Million Term Loan
Less than or equal to 25%	1.45%	1.40%
Greater than 25% but less than or equal to 35%	1.45%	1.45%
Greater than 35% but less than or equal to 45%	1.60%	1.55%
Greater than 45% but less than or equal to 50%	1.75%	1.75%
Greater than 50% but less than or equal to 55%	1.95%	1.95%
Greater than 55%	2.20%	2.20%

As of December 31, 2018, the Company's leverage ratio was 27.5%. We incurred interest on the term loans of $10.6 million, $6.2 million and $1.3 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Dispositions

12 Months Ended

Dec. 31, 2018

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.

We had no dispositions during the years ended December 31, 2017 and 2018.

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):



	2018		2017			2016
Orlando Airport Marriott	$	—	$	—		$	8,225
Hilton Minneapolis	—		(764		)	4,872
Hilton Garden Inn Chelsea/New York City	—		—			3,107
Total pre-tax (loss) income	$	—	$	(764	)	$	16,204

Acquisitions

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisitions

2018 Acquisitions (Accounted for as Asset Acquisitions)

On March 1, 2018, we acquired the 77-room Landing Resort & Spa in South Lake Tahoe, California, for a total contractual purchase price of $42 million. The acquisition was funded with corporate cash. The acquisition is accounted for as an acquisition of assets; accordingly, direct acquisition costs were capitalized.

On March 1, 2018, we acquired the 242-room Hotel Palomar in Phoenix, Arizona, for a total contractual purchase price of $80 million. The acquisition was funded with corporate cash. In connection with the acquisition, we assumed a $2.9 million loan under a qualified New Market Tax Credit program. Refer to Note 8 for additional information about the loan. The acquisition is accounted for as an acquisition of assets; accordingly, our direct acquisition costs were capitalized.

We lease the surface and air rights of the hotel property pursuant to a ground lease with the City of Phoenix. We own the building improvements fee simple. The ground lease expires in 2085, including all extension options. Refer to Note 13 for additional information about this lease. As lessee of government property, we are subject to a Government Property Lease Excise Tax ("GPLET") under Arizona state statute in lieu of ad valorem real estate taxes through the end of the term of the ground lease. We reviewed the terms of the ground lease and GPLET agreement and concluded that the terms of the ground lease are favorable to us compared with a comparable market ground lease. Accordingly, we allocated $20.0 million of the total acquisition cost to a favorable ground lease asset that will be amortized over the remaining term of the ground lease, including all extension options.

We assumed an agreement previously made with the lessee of the subsurface parking facility under the hotel, which requires us to pay 50% of the lessee's lease payments to the landlord—the City of Phoenix. The agreement is coterminous with the underlying subsurface ground lease, which expires in 2085, including all extension options. We reviewed the terms of the parking agreement and concluded that the terms are unfavorable to us compared with a typical market parking agreement. Accordingly, we allocated $4.6 million of the total acquisition cost to an unfavorable agreement liability that will be amortized over the remaining term of the parking agreement, including all extension options.

On December 12, 2018, we acquired the 142-room Cavallo Point for a total contractual purchase price of $152 million. The acquisition was funded through a combination of corporate cash, proceeds from the new $50 million unsecured term loan and the issuance of OP units. The acquisition is accounted for as an acquisition of assets; accordingly, our direct acquisition costs were capitalized.

Cavallo Point is subject to a long-term ground lease agreement with the United States National Park Service that expires in 2066. Refer to Note 13 for additional information about this lease. We reviewed the terms of the ground lease and concluded that the terms of the ground lease are favorable to us compared with a comparable market ground lease. Accordingly, we allocated $17.9 million of the total acquisition cost to a favorable ground lease asset that will be amortized over the remaining term of the ground lease.

2017 Acquisitions (Accounted for as Business Combinations)

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.

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 comparable market lease. As a result, we recorded a $9.1 million favorable lease asset that will be amortized through 2070.

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, and 2016, present our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 and accounted for a business combinations were acquired on January 1, 2016. The hotels acquired in 2018 are accounted for as asset acquisitions and are not included in the information presented below. 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
		(unaudited)		(unaudited)
Revenues		$	873,427	$	924,806
Net income		$	91,602	$	118,232
Earnings per share:
Net income per share available to common stockholders—basic		$	0.46	$	0.59
Net income per share available to common stockholders—diluted		$	0.45	$	0.59

For the years ended December 31, 2018 and 2017, our consolidated statements of operations includes $34.7 million and $29.3 million of revenues, respectively, and $6.9 million and $5.9 million of net income, respectively, related to the operations of the hotels acquired in 2017 under business combination accounting.

The following table summarizes the assets acquired and liabilities assumed in our 2017 and 2018 acquisitions (in thousands):



	Cavallo Point			Landing Resort & Spa			Hotel Palomar Phoenix			L'Auberge de Sedona			Orchards Inn Sedona
Land	$	—		$	14,816		$	—		$	39,384		$	9,726
Building and improvements	123,100			24,351			59,703			22,204			10,180
Furniture, fixtures and equipment	10,470			3,346			5,207			4,376			1,982
Construction in progress	1,734			—			—			—			—
Total fixed assets	135,304			42,513			64,910			65,964			21,888
Favorable lease asset	17,907			—			20,012			—			9,065
Unfavorable lease liability	—			—			(4,644		)	—			—
New Market Tax Credit loan assumption	—			—			(2,943		)	—			—
Other assets and liabilities, net	(5,083		)	(658		)	497			(2,710		)	(412		)
Total	$	148,128		$	41,855		$	77,832		$	63,254		$	30,541

Income Taxes

12 Months Ended

Dec. 31, 2018

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,
	2018			2017		2016
Current - Federal	$	66		$	622	$	—
State	984			1,221		1,297
Foreign	460			662		697
	1,510			2,505		1,994
Deferred - Federal	1,857			6,432		9,779
State	178			425		1,324
Foreign	(444		)	845		(698		)
	1,591			7,702		10,405
Income tax provision	$	3,101		$	10,207	$	12,399

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



	Year Ended December 31,
	2018			2017			2016
Statutory federal tax provision (1)	$	19,089		$	35,729		$	44,518
Tax impact of REIT election	(14,439		)	(22,277		)	(31,101		)
State income tax provision, net of federal tax benefit	705			1,652			1,703
Foreign income tax benefit	(2,927		)	(430		)	(3,080		)
Tax reform impact on U.S. taxes	—			(2,143		)	—
Tax reform impact on foreign taxes	—			(2,076		)	—
Other	673			(248		)	359
Income tax provision	$	3,101		$	10,207		$	12,399

_____________________________


(1)	Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%.

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 elected to defer the transition tax inclusion of approximately $17.8 million into REIT taxable income related to the deemed mandatory repatriation of foreign earnings and profits of the Frenchman's Reef & Morning Star Beach Resort (located in the U.S. Virgin Islands) over the eight-year period allowed under the Tax Act. The transition tax increased our 2017 REIT taxable income in 2017 by approximately $1.5 million. The remaining deferred transition tax inclusion was included in our 2018 REIT taxable income.

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, 2018, 2017 and 2016, 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):



	2018			2017
Federal
Net operating loss carryforwards	$	1,983		$	3,099
Deferred income related to key money	2,465			2,549
Alternative minimum tax credit carryforwards	103			169
Other	326			355
Depreciation and amortization	(9,188		)	(8,889		)
Federal - Deferred tax (liabilities) assets, net	$	(4,311	)	$	(2,717	)

State
Net operating loss carryforwards	$	2,975		$	3,126
Deferred income related to key money	780			801
Alternative minimum tax credit carryforwards	80			81
Other	103			111
Depreciation and amortization	(2,906		)	(2,803		)
Less: Valuation allowance	(700		)	(400		)
State - Deferred tax assets, net	$	332		$	916

Foreign (USVI)
Deferred income related to key money	$	—		$	95
Depreciation and amortization	(255		)	(796		)
Other	—			1
Land basis recorded in purchase accounting	(2,617		)	(2,617		)
Foreign - Deferred tax liabilities, net	$	(2,872	)	$	(3,317	)

As of December 31, 2018, we had deferred tax assets of $5.0 million consisting of federal and state net operating loss carryforwards. The federal loss carryforwards of $2.0 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 $3.0 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, 2018, we have a $0.7 million valuation allowance on the deferred tax asset related to the Illinois state loss carryforward. The remaining deferred tax assets of $3.9 million are expected to be recovered against reversing existing taxable temporary differences.

The Frenchman's Reef & Morning Star 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 and Franchisors

12 Months Ended

Dec. 31, 2018

Relationships With Managers [Abstract]

Relationships with Managers and Franchisors

We are party to hotel management agreements for each of our hotels owned. 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 is a summary of management fees for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	Year Ended December 31,
	2018			2017			2016
Base management fees	$	20,467		$	22,265		$	24,480
Incentive management fees	5,805			6,259			7,810
Amortization of deferred income related to key money	(2,398		)	(4,840		)	(432		)
Amortization of unfavorable contract liabilities	(1,715		)	(1,715		)	(1,715		)
Total management fees, net	$	22,159		$	21,969		$	30,143

Nine of our hotels earned incentive management fees for the year ended December 31, 2018. 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.

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. We amortized $2.6 million of key money during the year ended December 31, 2018, $5.8 million during the year ended December 31, 2017, and $2.9 million during the year ended December 31, 2016.

In connection with a change in hotel manager of the Courtyard Manhattan/Midtown East, we recognized $1.9 million of accelerated amortization in 2017 of key money provided to us by the previous hotel manager. In connection with the termination of the management agreement for Frenchman's Reef, we accelerated the amortization of key money received from the hotel manager 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 was amortized during the first quarter of 2018.

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.

Franchise Agreements

We have franchise agreements for 13 of our hotels. Pursuant to these franchise agreements, we pay franchise fees based on a percentage of gross room sales, and, under certain agreements, a percentage based on gross food and beverage sales. Further, we pay certain other fees for marketing and reservation services.

The following is a summary of franchise fees for the years ended December 31, 2018, 2017 and 2016 (in thousands):



	Year Ended December 31,
	2018			2017			2016
Franchise fees	$	26,348		$	24,890		$	24,237
Amortization of deferred income related to key money	(170		)	(920		)	(2,420		)
Total franchise fees, net	$	26,178		$	23,970		$	21,817

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

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.

On August 13, 2018, the Company brought suit against certain of its property insurers in St. Thomas, U.S. Virgin Islands, over the amount of the coverage the insurers owe as a result of the damage caused to Frenchman's Reef by Hurricanes Irma and Maria. On September 28, 2018, certain of the Company's property insurers brought a similar suit against the Company in New York seeking a declaration that the insurers do not owe the full amount of the Company's claim. Notwithstanding the litigation, the Company and its insurers continue to engage in discussions and negotiation regarding the Company's claim.

Other Matters

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. Though the guest satisfaction scores have improved, the Company remains in default under the franchise agreement. While the franchisor has reserved all of its rights under the franchise agreement, no action to terminate the franchise agreement has been taken by the franchisor and no accrual was recorded as of December 31, 2018 or 2017.

If the Company is not successful in resolving the matter, 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.

Restricted Cash

As of December 31, 2018 and 2017, we had $47.7 million and $40.2 million, respectively, of restricted cash, which consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements.

Ground Leases

Seven 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 adjacent 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 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 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.


•	The Hotel Palomar Phoenix is subject to a ground lease that runs until 2085, inclusive of three renewal options of five years each.


•	Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options.

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 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 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 underlying the hotel 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, Westin Boston Waterfront Hotel, Salt Lake City Marriott Downtown, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all 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 $11.6 million, $10.2 million and $12.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Cash paid for ground rent was $4.7 million, $4.1 million and $7.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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



Property	Term (1)	Annual Rent
Bethesda Marriott Suites	Through 4/2087	$781,366 (2)
Courtyard Manhattan/Fifth Avenue (3)	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) (4)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension)	1/2013 - 12/2016	$11,305
	1/2017 - 12/2017	$13,000
	1/2018 - 12/2056 (5)	$13,500
Westin Boston Waterfront Hotel (6) (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 (7)	$60,000
Shorebreak Hotel	Through 4/2016	$115,542
	5/2016 - 4/2021 (8)	$126,649
Orchards Inn Sedona	Through 6/2018	$117,780
	7/2018 - 12/2070	$121,078 (9)
Hotel Palomar Phoenix (Base Rent)	Through 3/2020	$16,875
	4/2020 - 3/2021	$33,750
	4/2021 - 3/2085	$34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11)	1/2022 - 12/2023	$390,000
	1/2024 - 12/2033	$312,000
	1/2034 - 12/2043	$234,000
	1/2044 - 12/2053	$156,000
	1/2054 - 12/2063	$78,000
	1/2064 - 3/2085	$—
Cavallo Point (Base Rent)	Through 12/2018	$1
	1/2019 - 12/2066	$67,034 (12)
Cavallo Point (13) (Percentage Rent)	Through 12/2018	1.0% of adjusted gross revenue over threshold
	1/2019 - 12/2023	2.0% of adjusted gross revenue over threshold
	1/2024 - 12/2028	3.0% of adjusted gross revenue over threshold
	1/2029 - 12/2033	4.0% of adjusted gross revenue over threshold
	1/2034 - 12/2066	5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent)	Through 12/2066	10.0% of adjusted gross revenue over threshold



Property	Term (1)	Annual Rent
Renaissance Worthington garage ground lease	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, 2018. Rent increases annually by 5.5%.

(3)	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, 2018.

(4)	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.



(5)	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.

(6)	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.

(7)	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%.

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

(9)	Represents rent from July 2018 through June 2019. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.

(10)	Represents rent from April 2021 through March 2022. Rent increases annually each April by 2.5%.

(11)	As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax ("GPLET") under Arizona state statute with payments beginning in 2022.

(12)	Base rent increases in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%.

(13)	Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.

(14)	Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term.

Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2018 are as follows (in thousands):



2019	$	5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
	$	663,218

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017, in thousands, are as follows:



	December 31, 2018				December 31, 2017
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	977,966	$	960,447	$	937,792	$	942,529

_______________


(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, 2018

Quarterly Financial Data [Abstract]

Quarterly Operating Results (Unaudited)



	2018 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	181,530	$	237,949	$	220,818	$	223,407
Total operating expenses	168,011		200,012		176,589		189,031
Operating income	$	13,519	$	37,937	$	44,229	$	34,376
Net income	$	4,338	$	28,009	$	31,443	$	24,006
Net income attributable to common stockholders	$	4,338	$	28,009	$	31,443	$	23,994
Net income per share available to common stockholders—basic	$	0.02	$	0.14	$	0.15	$	0.12
Net income per share available to common stockholders—diluted	$	0.02	$	0.14	$	0.15	$	0.12



	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
Net income attributable to common stockholders	$	8,887	$	36,595	$	21,623	$	24,772
Net income per share available to common stockholders—basic	$	0.04	$	0.18	$	0.11	$	0.12
Net income per share available to common stockholders—diluted	$	0.04	$	0.18	$	0.11	$	0.12

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (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	$	2,534		$	3,623	$	36,037	$	39,660	$	(11,696	)	$	27,964	2005	40 Years
Bethesda Marriott Suites	—			—		45,656		5,345			—		51,001		51,001		(16,740		)	34,261		2004	40 Years
Boston Westin Waterfront	(194,466		)	—		273,696		26,091			—		299,787		299,787		(88,210		)	211,577		2007	40 Years
Cavallo Point	—			—		123,100		—			—		123,100		123,100		(308		)	122,792		2018	40 Years
Chicago Marriott Downtown	—			36,900		347,921		93,281			36,900		441,202		478,102		(121,187		)	356,915		2006	40 Years
The Gwen Chicago	—			31,650		76,961		22,243			31,650		99,204		130,854		(25,029		)	105,825		2006	40 Years
Courtyard Denver	—			9,400		36,180		2,978			9,400		39,158		48,558		(7,003		)	41,555		2011	40 Years
Courtyard Manhattan/Fifth Avenue	—			—		34,685		4,485			—		39,170		39,170		(13,359		)	25,811		2004	40 Years
Courtyard Manhattan/Midtown East	(82,620		)	16,500		54,812		5,199			16,500		60,011		76,511		(20,284		)	56,227		2004	40 Years
Frenchman's Reef & Morning Star Beach Resort	—			17,713		50,697		17,949			17,713		68,646		86,359		(15,230		)	71,129		2005	40 Years
Havana Cabana Key West	—			32,888		13,371		5,513			32,888		18,884		51,772		(1,491		)	50,281		2014	40 Years
Hilton Boston Downtown	—			23,262		128,628		12,877			23,262		141,505		164,767		(22,112		)	142,655		2012	40 Years
Hilton Burlington	—			9,197		40,644		2,006			9,197		42,650		51,847		(6,954		)	44,893		2012	40 Years
Hilton Garden Inn/New York Times Square Central	—			60,300		88,896		472			60,300		89,368		149,668		(9,702		)	139,966		2014	40 Years
Hotel Emblem	—			7,856		21,085		(36		)	7,856		21,049		28,905		(3,231		)	25,674		2012	40 Years
Hotel Palomar Phoenix	(2,943		)	—		59,703		(171		)	—		59,532		59,532		(1,281		)	58,251		2018	40 Years
JW Marriott Denver	(62,411		)	9,200		63,183		1,488			9,200		64,671		73,871		(12,250		)	61,621		2011	40 Years
The Landing at Lake Tahoe	—			14,816		24,351		(241		)	14,816		24,110		38,926		(531		)	38,395		2018	40 Years
L'Auberge de Sedona	—			39,384		22,204		293			39,384		22,497		61,881		(1,592		)	60,289		2017	40 Years
Lexington Hotel New York	—			92,000		229,368		22,796			92,000		252,164		344,164		(45,686		)	298,478		2011	40 Years
Orchards Inn Sedona	—			9,726		10,180		102			9,726		10,282		20,008		(511		)	19,497		2017	40 Years
Renaissance Charleston	—			5,900		32,511		5,208			5,900		37,719		43,619		(7,135		)	36,484		2010	40 Years
Renaissance Worthington	(82,540		)	15,500		63,428		18,037			15,500		81,465		96,965		(23,086		)	73,879		2005	40 Years
Salt Lake City Marriott Downtown	(55,032		)	—		45,815		5,701			855		50,661		51,516		(16,944		)	34,572		2004	40 Years
Sheraton Suites Key West	—			49,592		42,958		742			49,592		43,700		93,292		(3,996		)	89,296		2015	40 Years
Shorebreak Hotel	—			19,908		37,525		3,332			19,908		40,857		60,765		(3,847		)	56,918		2015	40 Years
The Lodge at Sonoma, a Renaissance Resort and Spa	(27,633		)	3,951		22,720		8,601			3,951		31,321		35,272		(12,233		)	23,039		2004	40 Years
Vail Marriott Mountain Resort & Spa	—			5,800		52,463		17,335			5,800		69,798		75,598		(18,695		)	56,903		2005	40 Years
Westin Fort Lauderdale Beach Resort	—			54,293		83,227		8,767			54,293		91,994		146,287		(8,929		)	137,358		2014	40 Years
Westin San Diego	(63,385		)	22,902		95,617		9,123			22,902		104,740		127,642		(16,454		)	111,188		2012	40 Years
Westin Washington, D.C City Center	(62,734		)	24,579		122,229		11,802			24,579		134,031		158,610		(21,162		)	137,448		2012	40 Years
Total	$	(633,764	)	$	616,840	$	2,377,317	$	313,852		$	617,695	$	2,690,314	$	3,308,009	$	(556,868	)	$	2,751,141

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2018, 2017 and 2016 is as follows (in thousands):



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
Additions:
Acquisitions	221,970
Capital expenditures	60,950
Deductions:
Dispositions and other	—
Balance at December 31, 2018	$	3,308,009

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2018, 2017 and 2016 is as follows (in thousands):



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
Depreciation and amortization	63,997
Dispositions and other	—
Balance at December 31, 2018	$	556,868

C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $3,151,650 as of December 31, 2018.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2018
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. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we 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; Accounting for Impacts of Natural Disasters	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. 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 Following the adoption of FASB Accounting Standards Update (“ASU”) No. 2017-01, investments in hotel properties, including related land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are generally accounted for as asset acquisitions, which are recorded at total cost and allocated based on relative fair value. Direct acquisition-related costs are capitalized as a component of the acquired assets. 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 are 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 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 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 cease recording depreciation expense, and 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. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Certain of our hotels have retail spaces, restaurants or other spaces which we lease to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in our consolidated statements of operations.
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 Frenchman’s Reef, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate ("Cavallo Point"), which is 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 contract 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.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures generally 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 as a component of the debt carrying amount 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 receivable from managers 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 management fees or franchise fees.
Rental Income and Expense	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 is effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2017-01 effective January 1, 2018. This standard does not affect the accounting for any of our transactions prior to January 1, 2018. Refer to Note 10 for more information about our three hotel property acquisitions during the year ended December 31, 2018, which were all accounted for as asset purchases. 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 is effective for annual periods beginning after December 15, 2017. We adopted ASU No. 2016-18 effective January 1, 2018. The adoption of ASU No. 2016-18 changed the presentation of the statement of cash flows for the Company and we utilized a retrospective transition method for each period presented within financial statements for periods subsequent to the date of adoption. Restricted cash reserves are included with cash and cash equivalents on our consolidated statements of cash flows for all periods presented. There was no impact to the consolidated statements of income or the 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 is 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 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. 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 intend to adopt ASU No. 2016-02, along with its related clarifications and amendments, as of the effective date of January 1, 2019. We are finalizing our evaluation of the changes from adopting this standard to our future financial reporting and disclosures, as well as designing and implementing related processes and controls. We also intend to elect all of the new standard’s available transition practical expedients. We expect the standard to result in an increase to both total assets and total liabilities of between $95 million and $125 million, before adjusting for existing deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of December 31, 2018. Any changes to discount rates, lease terms or other variables may have a significant effect on the calculation of this recorded amount. We do not expect the adoption of the standard to result in a cumulative effect adjustment, or that the adoption of the standard will have a material impact to our results of operations, cash flows, or liquidity. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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. We adopted the new standard effective January 1, 2018, under the cumulative effect transition method. No adjustment was recorded to the our opening balance of retained earnings on January 1, 2018, as there was no impact to net income for the Company.

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2018

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, 2016 to December 31, 2018 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	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
Granted	349,091		10.19
Forfeited	(51,061	)	10.44
Vested	(287,148	)	11.02
Unvested balance at December 31, 2018	641,844		$	10.25

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 based on our relative total stockholder return included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 26, 2016	24.3	%	0.93	%	$	8.42
February 26, 2017	26.7	%	1.46	%	$	10.89
March 2, 2018	26.9	%	2.40	%	$	9.52
April 2, 2018	26.9	%	2.37	%	$	9.00

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2016 to December 31, 2018 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2016	676,359		$	11.41
Granted	310,398		8.54
Additional units from dividends	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
Granted	293,111		9.82
Additional units from dividends	35,197		11.24
Vested (3)	(218,514	)	11.98
Forfeited	(113,668	)	9.86
Unvested balance at December 31, 2018	781,923		$	11.19

______________________


(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.


(3)	The number of shares of common stock earned for the PSUs vested in 2018 was equal to 51.75% of the PSU Target Award.

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of Long Term Debt

The following table sets forth information regarding the Company’s debt as of December 31, 2018 (dollars in thousands):



				Principal Balance as of December 31,
Loan	Interest Rate		Maturity Date	2018			2017
Salt Lake City Marriott Downtown mortgage loan	4.25	%	November 2020	$	55,032		$	56,717
Westin Washington D.C. City Center mortgage loan	3.99	%	January 2023	62,734			64,833
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96	%	April 2023	27,633			28,277
Westin San Diego mortgage loan	3.94	%	April 2023	63,385			64,859
Courtyard Manhattan / Midtown East mortgage loan	4.40	%	August 2024	82,620			84,067
Renaissance Worthington mortgage loan	3.66	%	May 2025	82,540			84,116
JW Marriott Denver at Cherry Creek mortgage loan	4.33	%	July 2025	62,411			63,519
Boston Westin mortgage loan	4.36	%	November 2025	194,466			198,046
New Market Tax Credit loan (1)	5.17	%	December 2020	2,943			—
Unamortized debt issuance costs				(4,017		)	(4,795		)
Total mortgage and other debt, net of unamortized debt issuance costs				629,747			639,639

Unsecured term loan	LIBOR + 1.45% (2)		May 2021	100,000			100,000
Unsecured term loan	LIBOR + 1.45% (2)		April 2022	200,000			200,000
Unsecured term loan	LIBOR + 1.45% (3)		October 2023	50,000			—
Unamortized debt issuance costs				(1,781		)	(1,847		)
Unsecured term loans, net of unamortized debt issuance costs				348,219			298,153

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

Total debt, net of unamortized debt issuance costs				$	977,966		$	937,792
Weighted-Average Interest Rate	4.01%

_____________


(1)	Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.


(2)	The interest rate at December 31, 2018 was 3.80%.


(3)	The interest rate at December 31, 2018 was 3.78%. We entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.


(4)	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, 2018 are as follows (in thousands):



2019	14,195
2020	66,174
2021	116,461
2022	214,095
2023	194,649
Thereafter	378,190
	$	983,764

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, 2018
Maximum leverage ratio (1)	60%	27.5%
Minimum fixed charge coverage ratio (2)	1.50x	4.17x
Minimum tangible net worth (3)	$1.98 billion	$2.72 billion
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.9%

_____________________________


(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.

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%

The interest rate on the term loans is based on a pricing grid ranging from 140 to 220 basis points over LIBOR, based on the Company’s leverage ratio, as follows:



	Applicable Margins
Leverage Ratio	$100 Million and $200 Million Term Loans	$50 Million Term Loan
Less than or equal to 25%	1.45%	1.40%
Greater than 25% but less than or equal to 35%	1.45%	1.45%
Greater than 35% but less than or equal to 45%	1.60%	1.55%
Greater than 45% but less than or equal to 50%	1.75%	1.75%
Greater than 50% but less than or equal to 55%	1.95%	1.95%
Greater than 55%	2.20%	2.20%

- 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, 2018

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):



	2018		2017			2016
Orlando Airport Marriott	$	—	$	—		$	8,225
Hilton Minneapolis	—		(764		)	4,872
Hilton Garden Inn Chelsea/New York City	—		—			3,107
Total pre-tax (loss) income	$	—	$	(764	)	$	16,204

- Definition

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

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+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Pro Forma Operating Information

The following pro forma financial information for the years ended December 31, 2017, and 2016, present our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 and accounted for a business combinations were acquired on January 1, 2016. The hotels acquired in 2018 are accounted for as asset acquisitions and are not included in the information presented below. 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
		(unaudited)		(unaudited)
Revenues		$	873,427	$	924,806
Net income		$	91,602	$	118,232
Earnings per share:
Net income per share available to common stockholders—basic		$	0.46	$	0.59
Net income per share available to common stockholders—diluted		$	0.45	$	0.59

Schedule of Acquired Assets and Liabilities

The following table summarizes the assets acquired and liabilities assumed in our 2017 and 2018 acquisitions (in thousands):



	Cavallo Point			Landing Resort & Spa			Hotel Palomar Phoenix			L'Auberge de Sedona			Orchards Inn Sedona
Land	$	—		$	14,816		$	—		$	39,384		$	9,726
Building and improvements	123,100			24,351			59,703			22,204			10,180
Furniture, fixtures and equipment	10,470			3,346			5,207			4,376			1,982
Construction in progress	1,734			—			—			—			—
Total fixed assets	135,304			42,513			64,910			65,964			21,888
Favorable lease asset	17,907			—			20,012			—			9,065
Unfavorable lease liability	—			—			(4,644		)	—			—
New Market Tax Credit loan assumption	—			—			(2,943		)	—			—
Other assets and liabilities, net	(5,083		)	(658		)	497			(2,710		)	(412		)
Total	$	148,128		$	41,855		$	77,832		$	63,254		$	30,541

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017		2016
Current - Federal	$	66		$	622	$	—
State	984			1,221		1,297
Foreign	460			662		697
	1,510			2,505		1,994
Deferred - Federal	1,857			6,432		9,779
State	178			425		1,324
Foreign	(444		)	845		(698		)
	1,591			7,702		10,405
Income tax provision	$	3,101		$	10,207	$	12,399

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,
	2018			2017			2016
Statutory federal tax provision (1)	$	19,089		$	35,729		$	44,518
Tax impact of REIT election	(14,439		)	(22,277		)	(31,101		)
State income tax provision, net of federal tax benefit	705			1,652			1,703
Foreign income tax benefit	(2,927		)	(430		)	(3,080		)
Tax reform impact on U.S. taxes	—			(2,143		)	—
Tax reform impact on foreign taxes	—			(2,076		)	—
Other	673			(248		)	359
Income tax provision	$	3,101		$	10,207		$	12,399

_____________________________


(1)	Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%.

Schedule of Deferred Tax Assets and Liabilities

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



	2018			2017
Federal
Net operating loss carryforwards	$	1,983		$	3,099
Deferred income related to key money	2,465			2,549
Alternative minimum tax credit carryforwards	103			169
Other	326			355
Depreciation and amortization	(9,188		)	(8,889		)
Federal - Deferred tax (liabilities) assets, net	$	(4,311	)	$	(2,717	)

State
Net operating loss carryforwards	$	2,975		$	3,126
Deferred income related to key money	780			801
Alternative minimum tax credit carryforwards	80			81
Other	103			111
Depreciation and amortization	(2,906		)	(2,803		)
Less: Valuation allowance	(700		)	(400		)
State - Deferred tax assets, net	$	332		$	916

Foreign (USVI)
Deferred income related to key money	$	—		$	95
Depreciation and amortization	(255		)	(796		)
Other	—			1
Land basis recorded in purchase accounting	(2,617		)	(2,617		)
Foreign - Deferred tax liabilities, net	$	(2,872	)	$	(3,317	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

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
Bethesda Marriott Suites	Through 4/2087	$781,366 (2)
Courtyard Manhattan/Fifth Avenue (3)	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) (4)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension)	1/2013 - 12/2016	$11,305
	1/2017 - 12/2017	$13,000
	1/2018 - 12/2056 (5)	$13,500
Westin Boston Waterfront Hotel (6) (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 (7)	$60,000
Shorebreak Hotel	Through 4/2016	$115,542
	5/2016 - 4/2021 (8)	$126,649
Orchards Inn Sedona	Through 6/2018	$117,780
	7/2018 - 12/2070	$121,078 (9)
Hotel Palomar Phoenix (Base Rent)	Through 3/2020	$16,875
	4/2020 - 3/2021	$33,750
	4/2021 - 3/2085	$34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11)	1/2022 - 12/2023	$390,000
	1/2024 - 12/2033	$312,000
	1/2034 - 12/2043	$234,000
	1/2044 - 12/2053	$156,000
	1/2054 - 12/2063	$78,000
	1/2064 - 3/2085	$—
Cavallo Point (Base Rent)	Through 12/2018	$1
	1/2019 - 12/2066	$67,034 (12)
Cavallo Point (13) (Percentage Rent)	Through 12/2018	1.0% of adjusted gross revenue over threshold
	1/2019 - 12/2023	2.0% of adjusted gross revenue over threshold
	1/2024 - 12/2028	3.0% of adjusted gross revenue over threshold
	1/2029 - 12/2033	4.0% of adjusted gross revenue over threshold
	1/2034 - 12/2066	5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent)	Through 12/2066	10.0% of adjusted gross revenue over threshold



Property	Term (1)	Annual Rent
Renaissance Worthington garage ground lease	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, 2018. Rent increases annually by 5.5%.

(3)	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, 2018.

(4)	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.



(5)	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.

(6)	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.

(7)	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%.

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

(9)	Represents rent from July 2018 through June 2019. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.

(10)	Represents rent from April 2021 through March 2022. Rent increases annually each April by 2.5%.

(11)	As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax ("GPLET") under Arizona state statute with payments beginning in 2022.

(12)	Base rent increases in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%.

(13)	Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent.

(14)	Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term.

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, 2018 are as follows (in thousands):



2019	$	5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
	$	663,218

Quarterly Operating Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information



	2018 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	181,530	$	237,949	$	220,818	$	223,407
Total operating expenses	168,011		200,012		176,589		189,031
Operating income	$	13,519	$	37,937	$	44,229	$	34,376
Net income	$	4,338	$	28,009	$	31,443	$	24,006
Net income attributable to common stockholders	$	4,338	$	28,009	$	31,443	$	23,994
Net income per share available to common stockholders—basic	$	0.02	$	0.14	$	0.15	$	0.12
Net income per share available to common stockholders—diluted	$	0.02	$	0.14	$	0.15	$	0.12



	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
Net income attributable to common stockholders	$	8,887	$	36,595	$	21,623	$	24,772
Net income per share available to common stockholders—basic	$	0.04	$	0.18	$	0.11	$	0.12
Net income per share available to common stockholders—diluted	$	0.04	$	0.18	$	0.11	$	0.12

Organization - Narrative (Details)	12 Months Ended
Organization - Narrative (Details)	Dec. 31, 2018 hotel room
Real Estate Properties [Line Items]
Number of hotels (in hotels)	31
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) \| room	10,091
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
Phoenix, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
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
South Lake Tahoe, 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
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
Ownership interest	99.60%
Limited partner, ownership interest	0.40%

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) Hotel	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption		$ 85,000,000	$ 10,000,000
Gain on business interruption insurance		19,379,000	4,051,000	$ 0
Estimated recovery of impairment losses from insurance		0	40,784,000	0
Insured event, gain		$ 1,724,000	0	$ 0
Number of properties acquired \| Hotel		3
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits		$ 0	0
Assets		3,197,580,000	3,100,858,000
Liabilities		$ 1,306,987,000	1,267,213,000
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
Havana Cabana Key West
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption	$ 8,300,000
Gain on business interruption insurance		$ 2,137,000	923,000
Insured event, gain		1,700,000
The Lodge at Sonoma
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, business interruption	$ 1,300,000
Gain on business interruption insurance		$ 1,152,000	$ 0
Subsequent Event \| Scenario, Forecast \| Accounting Standards Update 2016-02 \| Minimum
Income Tax Uncertainties [Abstract]
Assets					$ 95,000,000
Liabilities					95,000,000
Subsequent Event \| Scenario, Forecast \| Accounting Standards Update 2016-02 \| Maximum
Income Tax Uncertainties [Abstract]
Assets					125,000,000
Liabilities					$ 125,000,000

Summary of Significant Accounting Policies - Schedule of Gain on Business Interruption (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 19,379	$ 4,051	$ 0
Frenchman's Reef
Business Interruption Loss [Line Items]
Gain on business interruption insurance	16,090	3,128
Havana Cabana Key West
Business Interruption Loss [Line Items]
Gain on business interruption insurance	2,137	923
The Lodge at Sonoma
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 1,152	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment
Property and equipment, at cost	$ 3,838,053	$ 3,480,982
Less: accumulated depreciation	(893,436)	(788,696)
Property and equipment, net	2,944,617	2,692,286
Land
Property and Equipment
Property and equipment, at cost	617,695	602,879
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings
Property and Equipment
Property and equipment, at cost	2,682,320	2,414,216
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	491,421	423,987
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 38,623	$ 31,906

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Accrued capital expenditures	$ 12.4	$ 11.7
Construction in progress
Property, Plant and Equipment [Line Items]
Impairment loss		1.8
Hotel
Property, Plant and Equipment [Line Items]
Book value written on impaired asset		$ 41.7
Insurance settlements receivable	$ 40.8

Favorable Lease Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 12, 2018	Mar. 01, 2018	Feb. 28, 2017
Indefinite-lived Intangible Assets by Major Class [Line Items]
Amortization of intangible assets	$ 700	$ 400	$ 300
Amortization in 2019	1,100
Amortization in 2020	1,100
Amortization in 2021	1,100
Amortization in 2022	1,100
Amortization in 2023	1,100
Orchards Inn Sedona Annex Sublease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease asset						$ 9,065
Hotel Palomar Phoenix
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease asset					$ 20,000
Favorable lease asset					$ 20,012
Cavallo Point Ground Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Favorable lease asset				$ 17,907
Off-Market Favorable Lease
Indefinite-lived Intangible Assets by Major Class [Line Items]
Accumulated amortization	3,400	$ 2,700
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

Favorable Lease Assets - Schedule of Favorable Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Favorable lease assets, net	$ 63,945	$ 26,690
Cavallo Point Ground Lease \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	17,908	0
Hotel Palomar Phoenix Ground Lease \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	19,763	0
Boston Westin Waterfront \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	17,426	17,643
Orchards Inn Sedona Annex Sublease \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	8,757	8,925
Lexington Hotel Tenant Leases \| Above Market Leases Ground
Finite-Lived Intangible Assets [Line Items]
Carrying amount of the lease	$ 91	$ 122

Equity - Narrative (Details)	2 Months Ended	12 Months Ended
Equity - Narrative (Details)	Feb. 26, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) vote $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($)	Nov. 02, 2018 USD ($)	Nov. 01, 2018 USD ($)
Dividends Payable [Line Items]
Common stock, shares authorized (in shares) \| 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
Repurchase of common stock		$ 33,113,000	$ 537,000	$ 7,197,000
Common stock repurchased and retired		$ 32,182,000
Preferred stock, shares authorized (in shares) \| shares		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) \| shares		0	0
Operating partnership units option to redeem for common stock		1
Distribution per unit (in dollars per share) \| $ / shares		$ 11.76
Unaffiliated Third Parties
Dividends Payable [Line Items]
Units of partnership interest, amount (in shares) \| shares		796,684	0
Common Stock
Dividends Payable [Line Items]
Aggregate offering price		$ 200,000,000	$ 200,000,000
Number of shares of stock sold (in shares) \| shares		7,472,946
Price per share of stock sold (in dollars per share) \| $ / shares		$ 12.56
Proceeds from sale of stock		$ 92,900,000
Amount authorized to be repurchased					$ 250,000,000	$ 150,000,000
Shares repurchased during period (in shares) \| shares		3,384,359
Average cost per share (in dollars per share) \| $ / shares		$ 9.49
Repurchase of common stock		$ 32,200,000
Common stock repurchased and retired		$ 34,000
Subsequent Event
Dividends Payable [Line Items]
Value amount of shares authorized to be repurchased (up to)	$ 188,000,000
Subsequent Event \| Common Stock
Dividends Payable [Line Items]
Shares repurchased during period (in shares) \| shares	3,143,922
Average cost per share (in dollars per share) \| $ / shares	$ 9.52
Common stock repurchased and retired	$ 30,000,000

Equity - Schedule of Dividends Payable (Details) - $ / shares	Jan. 14, 2019	Oct. 12, 2018	Jul. 12, 2018	Apr. 12, 2018	Jan. 12, 2018	Oct. 12, 2017	Jul. 12, 2017	Apr. 12, 2017
Dividends Payable [Line Items]
Payment Date		Oct. 12, 2018	Jul. 12, 2018	Apr. 12, 2018	Jan. 12, 2018	Oct. 12, 2017	Jul. 12, 2017	Apr. 12, 2017
Record Date		Sep. 28, 2018	Jun. 29, 2018	Mar. 29, 2018	Dec. 29, 2017	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017
Dividends per share (in dollars per share)		$ 0.1250	$ 0.1250	$ 0.1250	$ 0.125	$ 0.1250	$ 0.1250	$ 0.125
Subsequent Event
Dividends Payable [Line Items]
Payment Date	Jan. 14, 2019
Record Date	Jan. 04, 2019
Dividends per share (in dollars per share)	$ 0.1250

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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)	310,117
Expected to vest two years from balance sheet date (in shares)	215,368
Expected to vest three years from balance sheet date (in shares)	116,359
Unrecognized compensation cost	$ 4.0
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	21 months
Compensation expense (in dollars)	$ 3.1	$ 3.1	$ 2.8
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years	3 years
Expected to vest one year from balance sheet date (in shares)	247,949
Expected to vest two years from balance sheet date (in shares)	231,221
Expected to vest three years from balance sheet date (in shares)	302,753
Unrecognized compensation cost	$ 3.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	22 months
Compensation expense (in dollars)	$ 1.9	$ 2.5	2.0
Performance period	3 years
Percentage of total stockholder return for payout of shares (as a percent)	30.00%	30.00%
Maximum possible payout to executive officer as a percentage of the target award (as a percent)	150.00%
Percentage based on improvement in market share of hotels (as a percent)	25.00%
Compensation expense, forfeitures			$ 0.4
Performance Stock Units \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (in dollars)	$ (1.0)
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 (in shares)	6,082,664
Number of shares issued or committed to issue (in shares)	846,517

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Units
Number of shares, Beginning Balance (in shares)	630,962	567,540	474,567
Number of shares, Granted (in shares)	349,091	324,502	461,281
Number of shares, Forfeited (in shares)	(51,061)	(16,669)	(126,610)
Number of shares, Vested (in shares)	(287,148)	(244,411)	(241,698)
Number of shares, Ending Balance (in shares)	641,844	630,962	567,540
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)	$ 10.66	$ 10.62	$ 12.72
Weighted-average grant date fair value, Granted (in dollars per share)	10.19	11.19	8.94
Weighted-average grant date fair value, Forfeited (in dollars per share)	10.44	10.80	10.08
Weighted-average grant date fair value, Vested (in dollars per share)	11.02	11.29	11.83
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.25	$ 10.66	$ 10.62

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value at Grant Date (in dollars per share)	$ 9.82	$ 11.04	$ 8.54
February 26, 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 26, 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
March 2, 2018 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.40%
Fair Value at Grant Date (in dollars per share)	$ 9.52
April 2, 2018 Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.37%
Fair Value at Grant Date (in dollars per share)	$ 9.00

Stock Incentive Plans - Performance Stock Units (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Units
Number of shares, Beginning Balance (in shares)	785,797	686,684	676,359
Number of shares, Granted (in shares)	293,111	266,009	310,398
Number of shares, Additional units from dividends	35,197	33,478	38,324
Number of shares, Vested (in shares)	(218,514)	(200,374)	(242,096)
Number of shares, Forfeited (in shares)	(113,668)		(96,301)
Number of shares, Ending Balance (in shares)	781,923	785,797	686,684
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.42	$ 10.65	$ 11.41
Weighted-average grant date fair value, Granted (in dollars per share)	9.82	11.04	8.54
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)	11.24	11.17	9.37
Weighted-average grant date fair value, Vested (in dollars per share)	11.98	12.15	9.85
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.86		10.74
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 11.19	$ 10.42	$ 10.65
Stock of common stock earned for the PSUs vested in 2016 (as a percent)	51.75%		89.50%
Percentage of total stockholder return for payout of shares (as a percent)	30.00%	30.00%
Share based payment, vesting period (years)	3 years	3 years

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income	$ 24,006	$ 31,443	$ 28,009	$ 4,338	$ 24,772	$ 21,623	$ 36,595	$ 8,887	$ 87,784	$ 91,877	$ 114,796
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)									205,462,911	200,784,450	201,079,573
Effect of dilutive securities:
Unvested restricted common stock (in shares)									215,655	188,759	47,468
Shares related to unvested PSUs (in shares)									452,584	548,259	549,217
Weighted-average number of common shares outstanding—diluted (in shares)									206,131,150	201,521,468	201,676,258
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.43	$ 0.46	$ 0.57
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.43	$ 0.46	$ 0.57

Debt - Schedule of Long Term Debt (Details) - USD ($)	12 Months Ended
Debt - Schedule of Long Term Debt (Details) - USD ($)	Dec. 31, 2018	Feb. 28, 2019	Jan. 31, 2019	Oct. 18, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal Balance	$ 983,764,000
Total mortgage and other debt, net of unamortized debt issuance costs	629,747,000				$ 639,639,000
Senior unsecured credit facility	0
Total debt	$ 977,966,000				937,792,000
Weighted-Average Interest Rate	4.01%
Unsecured Term Loan Due May 2021
Debt Instrument [Line Items]
Interest rate at period end	3.80%
Unsecured Term Loan Due October 2023
Debt Instrument [Line Items]
Interest rate at period end	3.78%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,017,000)				(4,795,000)
Total mortgage and other debt, net of unamortized debt issuance costs	629,747,000				639,639,000
Unsecured term loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	(1,781,000)				(1,847,000)
Total debt	$ 348,219,000				298,153,000
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
Unsecured term loan \| Unsecured Term Loan Due April 2022 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Unsecured term loan \| Unsecured Term Loan Due October 2023
Debt Instrument [Line Items]
Interest rate description	LIBOR + 1.45% (3)
Principal Balance				$ 50,000,000	0
Unsecured term loan \| Unsecured Term Loan Due October 2023 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
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%
Salt Lake City Marriott Downtown mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.25%
Principal Balance	$ 55,032,000				56,717,000
Westin Washington D.C. City Center mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.99%
Principal Balance	$ 62,734,000				64,833,000
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.96%
Principal Balance	$ 27,633,000				28,277,000
Westin San Diego mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.94%
Principal Balance	$ 63,385,000				64,859,000
Courtyard Manhattan / Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.40%
Principal Balance	$ 82,620,000				84,067,000
Renaissance Worthington \| Mortgages
Debt Instrument [Line Items]
Interest Rate	3.66%
Principal Balance	$ 82,540,000				84,116,000
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.33%
Principal Balance	$ 62,411,000				63,519,000
Boston Westin mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	4.36%
Principal Balance	$ 194,466,000				198,046,000
New Market Tax Credit loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate	5.17%
Principal Balance					$ 0
Subsequent Event
Debt Instrument [Line Items]
Senior unsecured credit facility		$ 45,000,000
Subsequent Event \| Unsecured Term Loan Due October 2023 \| LIBOR
Debt Instrument [Line Items]
Interest rate at period end			2.41%

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2019	$ 14,195
2020	66,174
2021	116,461
2022	214,095
2023	194,649
Thereafter	378,190
Total debt	$ 983,764

Debt - Mortgage Debt (Details) $ in Thousands	Apr. 26, 2017 USD ($)	Dec. 31, 2018 USD ($) hotel	Mar. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt \| hotel		8
Number of hotels (in hotels) \| hotel		31
Principal Balance		$ 983,764
Mortgages \| Lexington Hotel Tenant Leases
Debt Instrument [Line Items]
Extinguishment of debt	$ 170,400
Hotel Palomar Phoenix
Debt Instrument [Line Items]
Principal Balance			$ 2,943
Mortgages \| New Market Tax Credit loan
Debt Instrument [Line Items]
Principal Balance				$ 0
Interest Rate		5.17%

Debt - Senior Unsecured Credit Facility (Details)	12 Months Ended
Debt - Senior Unsecured Credit Facility (Details)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Feb. 28, 2019 USD ($)
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	1,200,000	$ 1,000,000	$ 1,300,000
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%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.275
Subsequent Event
Line of Credit Facility [Line Items]
Senior unsecured credit facility				$ 45,000,000

Debt - Schedule of Ratio of Net Indebtedness (Details) - Line of Credit	12 Months Ended
	Dec. 31, 2018
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 - Schedule of Debt Covenants (Details) $ in Millions	12 Months Ended
Debt - Schedule of Debt Covenants (Details) $ in Millions	Dec. 31, 2018 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	0.60
Minimum fixed charge coverage ratio	1.50
Minimum tangible net worth	$ 1,980
Secured recourse indebtedness	45.00%
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.275
Minimum fixed charge coverage ratio	4.17
Minimum tangible net worth	$ 2,720
Secured recourse indebtedness	18.90%

Debt - Senior Unsecured Term Loan (Details) $ in Thousands	12 Months Ended
Debt - Senior Unsecured Term Loan (Details) $ in Thousands	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 31, 2019	Oct. 18, 2018 USD ($)
Line Of Credit Facility Leverage Range [Line Items]
Outstanding principal balance	$ 983,764
Unsecured Term Loan Due May 2021
Line Of Credit Facility Leverage Range [Line Items]
Interest rate at period end	3.80%
Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Interest rate at period end	3.78%
Less than or equal to 25% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.40%
Greater than 25% but less than or equal to 35% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Greater than 25% but less than or equal to 35% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Greater than 35% but less than or equal to 45% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.55%
Greater than 35% but less than or equal to 45% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.60%
Greater than 45% but less than or equal to 50% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.75%
Greater than 45% but less than or equal to 50% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.75%
Greater than 50% but less than or equal to 55% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.95%
Greater than 50% but less than or equal to 55% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.95%
Greater than 55% \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	2.20%
Greater than 55% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	2.20%
Line Of Credit Facility Covenant Actual Results
Line Of Credit Facility Leverage Range [Line Items]
Maximum leverage ratio	0.275
Unsecured term loan \| Unsecured Term Loan Due May 2021
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance	$ 100,000	$ 100,000
Unsecured term loan \| Unsecured Term Loan Due April 2022
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance	$ 200,000
Number of term loans \| loan	3
Unsecured term loan \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance		0			$ 50,000
Unsecured term loan \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Interest incurred on the facility	$ 10,600	$ 6,200	$ 1,300
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due May 2021
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due April 2022
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Minimum \| Greater than 25% but less than or equal to 35% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.25
Minimum \| Greater than 35% but less than or equal to 45% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Minimum \| Greater than 45% but less than or equal to 50% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Minimum \| Greater than 50% but less than or equal to 55% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.50
Minimum \| Greater than 55% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
Minimum \| Unsecured term loan \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.40%
Maximum \| Less than or equal to 25% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.25
Maximum \| Greater than 25% but less than or equal to 35% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Maximum \| Greater than 35% but less than or equal to 45% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Maximum \| Greater than 45% but less than or equal to 50% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.50
Maximum \| Greater than 50% but less than or equal to 55% \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
Maximum \| Unsecured term loan \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	2.20%
Subsequent Event \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Interest rate at period end				2.41%

Dispositions - Narrative (Details)				12 Months Ended
Dispositions - Narrative (Details)	Jul. 07, 2016 USD ($) room	Jun. 30, 2016 USD ($) room	Jun. 08, 2016 USD ($) room	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contractual sales price				$ 0	$ 0
Gain (loss) on sale of hotel property				0	(764,000)	$ 10,698,000
Mortgage debt				629,747,000	639,639,000
Orlando, Florida \| Orlando Airport Marriott
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold \| room			485
Contractual sales price			$ 63,000,000
Proceeds from sale of properties, net			65,800,000
Gain (loss) on sale of hotel property			$ 3,700,000
Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms sold \| room		821
Contractual sales price		$ 140,000,000
Proceeds from sale of properties, net		54,800,000
Gain (loss) on sale of hotel property					(800,000)	$ 4,900,000
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	$ 65,000,000
Proceeds from sale of properties, net	63,300,000
Gain (loss) on sale of hotel property	$ 2,000,000
Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt				$ 629,747,000	$ 639,639,000
Mortgages \| Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage debt		$ 89,500,000

Dispositions - Schedule of Pre-tax Income/(Loss) From Hotel Properties Sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	$ 0	$ (764)	$ 16,204
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	0	8,225
Minneapolis, Minnesota \| Hilton Minneapolis
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total pre-tax (loss) income	0	(764)	4,872
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	$ 0	$ 3,107

- 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. 12, 2018 USD ($) room	Mar. 01, 2018 USD ($) room	Feb. 28, 2017 USD ($) room	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 18, 2018 USD ($)
Business Acquisition [Line Items]
Outstanding principal balance				$ 983,764
Unfavorable off-market lease				(73,151)	$ (70,734)
Revenue related to acquisitions				34,700	29,300
Net income related to acquisitions				6,900	5,900
Landing Resort & Spa
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		77
Purchase price		$ 42,000
Favorable lease asset		$ 0
Hotel Palomar Phoenix
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		242
Purchase price		$ 80,000
Outstanding principal balance		2,943
Favorable lease asset		20,012
Favorable lease asset		$ 20,000
Percentage of lease payments		50.00%
Unfavorable off-market lease		$ (4,600)
Cavallo Point
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room	142
Purchase price	$ 152,000
Favorable lease asset	$ 17,907
L'Auberge de Sedona
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room			88
Favorable lease asset			$ 0
Orchards Inn Sedona Annex Sublease
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room			70
Favorable lease asset			$ 9,065
Number of rooms \| room			28
L'Auberge de Sedona & Orchards Inn
Business Acquisition [Line Items]
Purchase price			$ 97,000
Off-Market Favorable Lease \| Orchards Inn Sedona Annex Sublease
Business Acquisition [Line Items]
Carrying amount of the lease right			$ 9,100	$ 9,100
Unsecured term loan \| Unsecured Term Loan Due October 2023
Business Acquisition [Line Items]
Outstanding principal balance					$ 0	$ 50,000

Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Revenues	$ 873,427	$ 924,806
Net income	$ 91,602	$ 118,232
Earnings per share:
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.46	$ 0.59
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.45	$ 0.59

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 12, 2018	Mar. 01, 2018	Dec. 31, 2017	Feb. 28, 2017
Schedule of Acquired Assets and Liabilities
New Market Tax Credit loan assumption	$ (977,966)			$ (937,792)
Cavallo Point
Schedule of Acquired Assets and Liabilities
Land		$ 0
Building and improvements		123,100
Furniture, fixtures and equipment		10,470
Construction in progress		1,734
Total fixed assets		135,304
Favorable lease asset		17,907
Unfavorable lease liability		0
New Market Tax Credit loan assumption		0
Other assets and liabilities, net		(5,083)
Total		$ 148,128
Landing Resort & Spa
Schedule of Acquired Assets and Liabilities
Land			$ 14,816
Building and improvements			24,351
Furniture, fixtures and equipment			3,346
Construction in progress			0
Total fixed assets			42,513
Favorable lease asset			0
Unfavorable lease liability			0
New Market Tax Credit loan assumption			0
Other assets and liabilities, net			(658)
Total			41,855
Hotel Palomar Phoenix
Schedule of Acquired Assets and Liabilities
Land			0
Building and improvements			59,703
Furniture, fixtures and equipment			5,207
Construction in progress			0
Total fixed assets			64,910
Favorable lease asset			20,012
Unfavorable lease liability			(4,644)
New Market Tax Credit loan assumption			(2,943)
Other assets and liabilities, net			497
Total			$ 77,832
L'Auberge de Sedona
Schedule of Acquired Assets and Liabilities
Land					$ 39,384
Building and improvements					22,204
Furniture, fixtures and equipment					4,376
Construction in progress					0
Total fixed assets					65,964
Favorable lease asset					0
Unfavorable lease liability					0
New Market Tax Credit loan assumption					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
Construction in progress					0
Total fixed assets					21,888
Favorable lease asset					9,065
Unfavorable lease liability					0
New Market Tax Credit loan assumption					0
Other assets and liabilities, net					(412)
Total					$ 30,541

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current Income Tax Expense (Benefit)
Federal	$ 66	$ 622	$ 0
State	984	1,221	1,297
Foreign	460	662	697
Current Income Tax Expense (Benefit)	1,510	2,505	1,994
Deferred Income Tax Expense (Benefit)
Federal	1,857	6,432	9,779
State	178	425	1,324
Foreign	(444)	845	(698)
Deferred Income Tax Expense (Benefit)	1,591	7,702	10,405
Income tax provision	$ 3,101	$ 10,207	$ 12,399

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (1)	$ 19,089	$ 35,729	$ 44,518
Tax impact of REIT election	(14,439)	(22,277)	(31,101)
State income tax provision, net of federal tax benefit	705	1,652	1,703
Foreign income tax benefit	(2,927)	(430)	(3,080)
Tax reform impact on U.S. taxes	0	(2,143)	0
Tax reform impact on foreign taxes	0	(2,076)	0
Other	673	(248)	359
Income tax provision	$ 3,101	$ 10,207	$ 12,399
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, 2018	Dec. 31, 2017	Dec. 31, 2016
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		17,800
Tax Cuts and Jobs Act of 2017, increase in taxable income		1,500
Franchise tax expense	$ 400	400	$ 400
Net operating loss carryforwards	5,000
Deferred tax assets expected to be recovered against reversing taxable temporary differences	$ 3,900
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	$ 1,983	3,099
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	2,975	3,126
Valuation allowance	$ 700	$ 400

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 5,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1,983	$ 3,099
Deferred income related to key money	2,465	2,549
Alternative minimum tax credit carryforwards	103	169
Other	326	355
Depreciation and amortization	(9,188)	(8,889)
Deferred tax liabilities, net	(4,311)	(2,717)
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,975	3,126
Deferred income related to key money	780	801
Alternative minimum tax credit carryforwards	80	81
Other	103	111
Depreciation and amortization	(2,906)	(2,803)
Less: Valuation allowance	(700)	(400)
Deferred tax assets, net	332	916
Foreign (USVI)
Operating Loss Carryforwards [Line Items]
Deferred income related to key money	0	95
Other	0	1
Depreciation and amortization	(255)	(796)
Land basis recorded in purchase accounting	(2,617)	(2,617)
Deferred tax liabilities, net	$ (2,872)	$ (3,317)

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Capitalized Contract Cost [Line Items]
Base management fees	$ 20,467	$ 22,265	$ 24,480
Incentive management fees	5,805	6,259	7,810
Amortization of deferred income related to key money	(2,398)	(4,840)	(432)
Amortization of unfavorable contract liabilities	(1,715)	(1,715)	(1,715)
Management fees
Capitalized Contract Cost [Line Items]
Operating expenses	$ 22,159	$ 21,969	$ 30,143

Relationships with Managers and Franchisors - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) hotel	Dec. 31, 2017 USD ($) hotel	Dec. 31, 2016 USD ($) hotel	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees \| hotel		9	10	9
Amortization		$ 2,568	$ 5,760	$ 2,851
Number of franchised hotels \| hotel		13
Key Money
Real Estate Properties [Line Items]
Amortization		$ 2,600	5,800	$ 2,900
Key Money \| The Gwen Chicago
Real Estate Properties [Line Items]
Amortization					$ 3,000
Key Money \| Courtyard Manhattan / Midtown East mortgage loan
Real Estate Properties [Line Items]
Amortization		$ 1,900
Key Money \| Frenchman's Reef & Morning Star Marriott Beach
Real Estate Properties [Line Items]
Amortization	$ 2,200		$ 2,600

Relationships with Managers and Franchisors - Franchise Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Capitalized Contract Cost [Line Items]
Amortization of deferred income related to key money	$ (170)	$ (920)	$ (2,420)
Total franchise fees, net	26,178	23,970	21,817
Franchise
Capitalized Contract Cost [Line Items]
Franchise fees	$ 26,348	$ 24,890	$ 24,237

Commitments and Contingencies - Narrative (Details)
$ in Thousands

12 Months Ended

Feb. 28, 2017

room

Dec. 31, 2018

USD ($)

ft²

hotel

renewal_term

ground_lease

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Real Estate Properties [Line Items]

Restricted cash | $

^[1]

$ 47,735

$ 40,204

$ 46,069

Number of properties subject to ground leases (in hotels) | hotel

Ground rent expense | $

$ 11,600

10,200

12,700

Cash paid for ground rent | $

$ 4,700

$ 4,100

$ 7,000

Bethesda Marriott Suites

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Courtyard Manhattan / Fifth Avenue

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

49 years

Salt Lake City Marriott Downtown mortgage loan

Real Estate Properties [Line Items]

Number of properties subject to ground leases (in hotels) | ground_lease

Interest in land under hotel (as a percent of ownership)

21.00%

Boston Westin mortgage loan

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Cavallo Point

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Renaissance Worthington

Real Estate Properties [Line Items]

Number of properties subject to ground leases (in hotels) | ground_lease

Number of renewal periods (in ones)

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)

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)

Ground leases renewal option (in years)

25 years

First Set of Renewal Options | Hotel Palomar Phoenix

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

5 years

Second Set of Renewal Options | Shorebreak Hotel

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

24 years

Orchards Inn Sedona

Real Estate Properties [Line Items]

Number of rooms | room

Number of rooms acquired (in rooms) | room

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%

[1]	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.

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)		1 Months Ended		12 Months Ended
	May 01, 2021	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
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]
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 mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term				30 years
Boston Westin mortgage loan \| 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
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent				2.50%
Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Percentage rent				$ 30,000,000
Participation rent				$ 40,000,000
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 - 12/2016 \| 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 mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent				750,000
1/2021 - 12/2025 \| Boston Westin mortgage loan
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 mortgage loan
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 mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent				1,750,000
1/2036 - 5/2099 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent				$ 0
Through 05/2015 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				0.00%
6/2016 - 5/2026 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				1.00%
6/2026 - 5/2036 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				1.50%
6/2036 - 5/2046 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				2.75%
6/2046 - 5/2056 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				3.00%
6/2056 - 5/2066 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				3.25%
6/2066 - 5/2099 \| Boston Westin mortgage loan
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
Through 6/2018 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent				117,780
7/2018 - 12/2070 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent				121,078
Through 3/2020 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				16,875
4/2020 - 3/2021 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				33,750
4/2021 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				34,594
1/2022 - 12/2023 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				390,000
1/2024 - 12/2033 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				312,000
1/2034 - 12/2043 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				234,000
1/2044 - 12/2053 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				156,000
1/2054 - 12/2063 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				78,000
1/2064 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent				0
1/2019 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent				67,034
Through 12/2018 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent				$ 1
Annual rent (as a percentage of gross revenue)				1.00%
1/2019 - 12/2023 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				2.00%
1/2024 - 12/2028 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				3.00%
1/2029 - 12/2033 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				4.00%
1/2034 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				5.00%
Through 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)				10.00%
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 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Participation rent					$ 42,000,000	$ 42,000,000
Scenario, Forecast \| 1/2026 - 12/2030 \| Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Rent increase (in years)	5 years
Scenario, Forecast \| 1/2019 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Rent increase (in years)			5 years
Average adjusted gross revenues, period			3 years
Adjusted gross revenues, multiplying percentage			75.00%

Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
Total	$ 663,219

Fair Value of Financial Instruments - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 977,966	$ 937,792
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	977,966	937,792
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 960,447	$ 942,529

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Total revenue	$ 223,407	$ 220,818	$ 237,949	$ 181,530	$ 207,037	$ 223,486	$ 243,272	$ 196,210	$ 863,704	$ 870,005	$ 896,558
Total operating expenses	189,031	176,589	200,012	168,011	171,519	189,168	192,621	176,914	733,643	730,222	739,088
Operating income	34,376	44,229	37,937	13,519	35,518	34,318	50,651	19,296
Net income	24,006	31,443	28,009	4,338	24,772	21,623	36,595	8,887	$ 87,784	$ 91,877	$ 114,796
Net income attributable to common stockholders	$ 23,994	$ 31,443	$ 28,009	$ 4,338	$ 24,772	$ 21,623	$ 36,595	$ 8,887
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.43	$ 0.46	$ 0.57
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.12	$ 0.11	$ 0.18	$ 0.04	$ 0.43	$ 0.46	$ 0.57

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Name Accounting Standards Codification
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ (633,764)
Initial Cost - Land				616,840
Initial Cost - Buildings and Improvements				2,377,317
Costs Capitalized Subsequent to Acquisition				313,852
Gross Amount at End of Year - Land				617,695
Gross Amount at End of Year - Buildings and Improvements				2,690,314
Gross Amount at End of Year - Total	$ 3,025,089	$ 2,917,634	$ 3,125,051	3,308,009
Accumulated Depreciation	(492,871)	(441,952)	(419,309)	(556,868)
Net Book Value				2,751,141
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	3,025,089	2,917,634	3,125,051
Acquisitions
Acquisitions	221,970	81,494	0
Capital expenditures	60,950	68,573	61,823
Deductions:
Dispositions and other	0	(42,612)	(269,240)
Balance at end of period	3,308,009	3,025,089	2,917,634
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	492,871	441,952	419,309
Depreciation and amortization	63,997	60,023	65,490
Dispositions and other	0	(9,104)	(42,847)
Balance at end of period	556,868	$ 492,871	$ 441,952
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				2,534
Gross Amount at End of Year - Land				3,623
Gross Amount at End of Year - Buildings and Improvements				36,037
Gross Amount at End of Year - Total	39,660			39,660
Accumulated Depreciation	$ (11,696)			(11,696)
Net Book Value				27,964
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,660
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,696
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				5,345
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				51,001
Gross Amount at End of Year - Total	51,001			51,001
Accumulated Depreciation	$ (16,740)			(16,740)
Net Book Value				34,261
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,001
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,740
Boston Westin Waterfront
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(194,466)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				273,696
Costs Capitalized Subsequent to Acquisition				26,091
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				299,787
Gross Amount at End of Year - Total	299,787			299,787
Accumulated Depreciation	$ (88,210)			(88,210)
Net Book Value				211,577
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 299,787
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	88,210
Cavallo Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				123,100
Costs Capitalized Subsequent to Acquisition				0
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				123,100
Gross Amount at End of Year - Total	123,100			123,100
Accumulated Depreciation	$ (308)			(308)
Net Book Value				122,792
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 123,100
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	308
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				93,281
Gross Amount at End of Year - Land				36,900
Gross Amount at End of Year - Buildings and Improvements				441,202
Gross Amount at End of Year - Total	478,102			478,102
Accumulated Depreciation	$ (121,187)			(121,187)
Net Book Value				356,915
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 478,102
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	121,187
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				22,243
Gross Amount at End of Year - Land				31,650
Gross Amount at End of Year - Buildings and Improvements				99,204
Gross Amount at End of Year - Total	130,854			130,854
Accumulated Depreciation	$ (25,029)			(25,029)
Net Book Value				105,825
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 130,854
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	25,029
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				2,978
Gross Amount at End of Year - Land				9,400
Gross Amount at End of Year - Buildings and Improvements				39,158
Gross Amount at End of Year - Total	48,558			48,558
Accumulated Depreciation	$ (7,003)			(7,003)
Net Book Value				41,555
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 48,558
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	7,003
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				4,485
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				39,170
Gross Amount at End of Year - Total	39,170			39,170
Accumulated Depreciation	$ (13,359)			(13,359)
Net Book Value				25,811
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,170
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	13,359
Courtyard Manhattan / Midtown East mortgage loan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(82,620)
Initial Cost - Land				16,500
Initial Cost - Buildings and Improvements				54,812
Costs Capitalized Subsequent to Acquisition				5,199
Gross Amount at End of Year - Land				16,500
Gross Amount at End of Year - Buildings and Improvements				60,011
Gross Amount at End of Year - Total	76,511			76,511
Accumulated Depreciation	$ (20,284)			(20,284)
Net Book Value				56,227
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 76,511
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	20,284
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				17,949
Gross Amount at End of Year - Land				17,713
Gross Amount at End of Year - Buildings and Improvements				68,646
Gross Amount at End of Year - Total	86,359			86,359
Accumulated Depreciation	$ (15,230)			(15,230)
Net Book Value				71,129
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 86,359
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	15,230
Havana Cabana 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				5,513
Gross Amount at End of Year - Land				32,888
Gross Amount at End of Year - Buildings and Improvements				18,884
Gross Amount at End of Year - Total	51,772			51,772
Accumulated Depreciation	$ (1,491)			(1,491)
Net Book Value				50,281
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,772
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,491
Hilton Boston Downtown
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				12,877
Gross Amount at End of Year - Land				23,262
Gross Amount at End of Year - Buildings and Improvements				141,505
Gross Amount at End of Year - Total	164,767			164,767
Accumulated Depreciation	$ (22,112)			(22,112)
Net Book Value				142,655
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 164,767
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	22,112
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				2,006
Gross Amount at End of Year - Land				9,197
Gross Amount at End of Year - Buildings and Improvements				42,650
Gross Amount at End of Year - Total	51,847			51,847
Accumulated Depreciation	$ (6,954)			(6,954)
Net Book Value				44,893
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,847
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	6,954
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				472
Gross Amount at End of Year - Land				60,300
Gross Amount at End of Year - Buildings and Improvements				89,368
Gross Amount at End of Year - Total	149,668			149,668
Accumulated Depreciation	$ (9,702)			(9,702)
Net Book Value				139,966
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,668
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	9,702
Hotel Emblem
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				(36)
Gross Amount at End of Year - Land				7,856
Gross Amount at End of Year - Buildings and Improvements				21,049
Gross Amount at End of Year - Total	28,905			28,905
Accumulated Depreciation	$ (3,231)			(3,231)
Net Book Value				25,674
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 28,905
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,231
Hotel Palomar Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(2,943)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				59,703
Costs Capitalized Subsequent to Acquisition				(171)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				59,532
Gross Amount at End of Year - Total	59,532			59,532
Accumulated Depreciation	$ (1,281)			(1,281)
Net Book Value				58,251
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,532
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,281
JW Marriott Denver at Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(62,411)
Initial Cost - Land				9,200
Initial Cost - Buildings and Improvements				63,183
Costs Capitalized Subsequent to Acquisition				1,488
Gross Amount at End of Year - Land				9,200
Gross Amount at End of Year - Buildings and Improvements				64,671
Gross Amount at End of Year - Total	73,871			73,871
Accumulated Depreciation	$ (12,250)			(12,250)
Net Book Value				61,621
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 73,871
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	12,250
The Landing at Lake Tahoe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				14,816
Initial Cost - Buildings and Improvements				24,351
Costs Capitalized Subsequent to Acquisition				(241)
Gross Amount at End of Year - Land				14,816
Gross Amount at End of Year - Buildings and Improvements				24,110
Gross Amount at End of Year - Total	38,926			38,926
Accumulated Depreciation	$ (531)			(531)
Net Book Value				38,395
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 38,926
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	531
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				293
Gross Amount at End of Year - Land				39,384
Gross Amount at End of Year - Buildings and Improvements				22,497
Gross Amount at End of Year - Total	61,881			61,881
Accumulated Depreciation	$ (1,592)			(1,592)
Net Book Value				60,289
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 61,881
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,592
Lexington Hotel New York
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				22,796
Gross Amount at End of Year - Land				92,000
Gross Amount at End of Year - Buildings and Improvements				252,164
Gross Amount at End of Year - Total	344,164			344,164
Accumulated Depreciation	$ (45,686)			(45,686)
Net Book Value				298,478
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 344,164
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	45,686
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				102
Gross Amount at End of Year - Land				9,726
Gross Amount at End of Year - Buildings and Improvements				10,282
Gross Amount at End of Year - Total	20,008			20,008
Accumulated Depreciation	$ (511)			(511)
Net Book Value				19,497
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 20,008
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	511
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				5,208
Gross Amount at End of Year - Land				5,900
Gross Amount at End of Year - Buildings and Improvements				37,719
Gross Amount at End of Year - Total	43,619			43,619
Accumulated Depreciation	$ (7,135)			(7,135)
Net Book Value				36,484
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 43,619
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	7,135
Renaissance Worthington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(82,540)
Initial Cost - Land				15,500
Initial Cost - Buildings and Improvements				63,428
Costs Capitalized Subsequent to Acquisition				18,037
Gross Amount at End of Year - Land				15,500
Gross Amount at End of Year - Buildings and Improvements				81,465
Gross Amount at End of Year - Total	96,965			96,965
Accumulated Depreciation	$ (23,086)			(23,086)
Net Book Value				73,879
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 96,965
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	23,086
Salt Lake City Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(55,032)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,815
Costs Capitalized Subsequent to Acquisition				5,701
Gross Amount at End of Year - Land				855
Gross Amount at End of Year - Buildings and Improvements				50,661
Gross Amount at End of Year - Total	51,516			51,516
Accumulated Depreciation	$ (16,944)			(16,944)
Net Book Value				34,572
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,516
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,944
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				742
Gross Amount at End of Year - Land				49,592
Gross Amount at End of Year - Buildings and Improvements				43,700
Gross Amount at End of Year - Total	93,292			93,292
Accumulated Depreciation	$ (3,996)			(3,996)
Net Book Value				89,296
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 93,292
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,996
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				3,332
Gross Amount at End of Year - Land				19,908
Gross Amount at End of Year - Buildings and Improvements				40,857
Gross Amount at End of Year - Total	60,765			60,765
Accumulated Depreciation	$ (3,847)			(3,847)
Net Book Value				56,918
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 60,765
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,847
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(27,633)
Initial Cost - Land				3,951
Initial Cost - Buildings and Improvements				22,720
Costs Capitalized Subsequent to Acquisition				8,601
Gross Amount at End of Year - Land				3,951
Gross Amount at End of Year - Buildings and Improvements				31,321
Gross Amount at End of Year - Total	35,272			35,272
Accumulated Depreciation	$ (12,233)			(12,233)
Net Book Value				23,039
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 35,272
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	12,233
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				17,335
Gross Amount at End of Year - Land				5,800
Gross Amount at End of Year - Buildings and Improvements				69,798
Gross Amount at End of Year - Total	75,598			75,598
Accumulated Depreciation	$ (18,695)			(18,695)
Net Book Value				56,903
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 75,598
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	18,695
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				8,767
Gross Amount at End of Year - Land				54,293
Gross Amount at End of Year - Buildings and Improvements				91,994
Gross Amount at End of Year - Total	146,287			146,287
Accumulated Depreciation	$ (8,929)			(8,929)
Net Book Value				137,358
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 146,287
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,929
Westin San Diego
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(63,385)
Initial Cost - Land				22,902
Initial Cost - Buildings and Improvements				95,617
Costs Capitalized Subsequent to Acquisition				9,123
Gross Amount at End of Year - Land				22,902
Gross Amount at End of Year - Buildings and Improvements				104,740
Gross Amount at End of Year - Total	127,642			127,642
Accumulated Depreciation	$ (16,454)			(16,454)
Net Book Value				111,188
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 127,642
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	16,454
Westin Washington, D.C City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(62,734)
Initial Cost - Land				24,579
Initial Cost - Buildings and Improvements				122,229
Costs Capitalized Subsequent to Acquisition				11,802
Gross Amount at End of Year - Land				24,579
Gross Amount at End of Year - Buildings and Improvements				134,031
Gross Amount at End of Year - Total	158,610			158,610
Accumulated Depreciation	$ (21,162)			(21,162)
Net Book Value				$ 137,448
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 158,610
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 21,162