Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Nov. 08, 2019
Cover page.
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DRH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		200,196,850

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Property and equipment, net	$ 3,008,023	$ 2,944,617
Right-of-use assets	98,496
Favorable lease assets, net	0	63,945
Restricted cash	49,579	47,735
Due from hotel managers	114,125	86,914
Prepaid and other assets	18,249	10,506
Cash and cash equivalents	26,723	43,863
Total assets	3,315,195	3,197,580
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	619,956	629,747
Term loans, net of unamortized debt issuance costs	398,699	348,219
Senior unsecured credit facility	75,000	0
Total debt	1,093,655	977,966
Deferred income related to key money, net	11,441	11,739
Unfavorable contract liabilities, net	67,997	73,151
Deferred rent	51,020	93,719
Lease liabilities	102,970
Due to hotel managers	81,426	72,678
Distributions declared and unpaid	25,771	26,339
Accounts payable and accrued expenses	70,561	51,395
Total liabilities	1,504,841	1,306,987
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; 400,000,000 shares authorized; 200,196,850 and 204,536,485 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	2,002	2,045
Additional paid-in capital	2,087,937	2,126,472
Accumulated deficit	(287,582)	(245,620)
Total stockholders’ equity	1,802,357	1,882,897
Noncontrolling interests	7,997	7,696
Total equity	1,810,354	1,890,593
Total liabilities and equity	$ 3,315,195	$ 3,197,580

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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)	200,196,850	204,536,485
Common stock, shares outstanding (in shares)	200,196,850	204,536,485

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 240,279	$ 220,818	$ 700,572	$ 640,297
Operating Expenses:
Depreciation and amortization	29,474	26,369	87,805	77,304
Corporate expenses	6,318	4,521	20,785	22,139
Business interruption insurance income	0	(8,227)	(8,822)	(16,254)
Gain on property insurance settlement	0	(1,730)	0	(1,730)
Total operating expenses, net	211,033	176,589	608,878	544,612
Interest and other income, net	(102)	(621)	(510)	(1,428)
Interest expense	14,184	10,233	38,264	30,384
Loss on early extinguishment of debt	2,373	0	2,373	0
Total other expenses, net	16,455	9,612	40,127	28,956
Income before income taxes	12,791	34,617	51,567	66,729
Income tax expense	(1,217)	(3,174)	(1,939)	(2,939)
Net income	11,574	31,443	49,628	63,790
Less: Net income attributable to noncontrolling interests	(45)	0	(194)	0
Net income attributable to common stockholders	$ 11,529	$ 31,443	$ 49,434	$ 63,790
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.06	$ 0.15	$ 0.24	$ 0.31
Diluted earnings per share (in dollars per share)	$ 0.06	$ 0.15	$ 0.24	$ 0.31
Rooms
Revenues:
Total revenues	$ 174,113	$ 165,750	$ 492,395	$ 469,786
Operating Expenses:
Operating expenses	42,840	41,779	124,581	117,972
Food and beverage
Revenues:
Total revenues	50,624	42,922	161,803	135,286
Operating Expenses:
Operating expenses	34,262	29,047	103,868	88,202
Other
Revenues:
Total revenues	15,542	12,146	46,374	35,225
Operating Expenses:
Operating expenses	85,157	72,224	241,955	222,152
Management fees
Operating Expenses:
Operating expenses	6,088	6,099	18,745	15,542
Franchise fees
Operating Expenses:
Operating expenses	$ 6,894	$ 6,507	$ 19,961	$ 19,285

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2017		200,306,733
Beginning Balance at Dec. 31, 2017	$ 1,833,645	$ 2,003	$ 2,061,451	$ (229,809)	$ 1,833,645	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(25,259)		111	(25,370)	(25,259)
Share-based compensation (in shares)		25,309
Share-based compensation	2,279	$ 0	2,279		2,279
Net Income	4,338			4,338	4,338
Sale of common stock (in shares)		230,719
Sale of common stock	2,746	$ 3	2,743		2,746
Ending balance (in shares) at Mar. 31, 2018		200,562,761
Ending Balance at Mar. 31, 2018	1,817,749	$ 2,006	2,066,584	(250,841)	1,817,749	0
Beginning balance (in shares) at Dec. 31, 2017		200,306,733
Beginning Balance at Dec. 31, 2017	1,833,645	$ 2,003	2,061,451	(229,809)	1,833,645	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	63,790
Ending balance (in shares) at Sep. 30, 2018		207,840,943
Ending Balance at Sep. 30, 2018	1,916,213	$ 2,078	2,157,968	(243,833)	1,916,213	0
Beginning balance (in shares) at Mar. 31, 2018		200,562,761
Beginning Balance at Mar. 31, 2018	1,817,749	$ 2,006	2,066,584	(250,841)	1,817,749	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(26,165)		118	(26,283)	(26,165)
Share-based compensation (in shares)		35,955
Share-based compensation	1,984	$ 0	1,984		1,984
Net Income	28,009			28,009	28,009
Sale of common stock (in shares)		7,242,227
Sale of common stock	89,722	$ 72	89,650		89,722
Ending balance (in shares) at Jun. 30, 2018		207,840,943
Ending Balance at Jun. 30, 2018	1,911,299	$ 2,078	2,158,336	(249,115)	1,911,299	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(26,147)		124	(26,271)	(26,147)
Share-based compensation	(198)		(308)	110	(198)
Net Income	31,443			31,443	31,443
Sale of common stock	(184)		(184)		(184)
Ending balance (in shares) at Sep. 30, 2018		207,840,943
Ending Balance at Sep. 30, 2018	1,916,213	$ 2,078	2,157,968	(243,833)	1,916,213	0
Beginning balance (in shares) at Dec. 31, 2018		204,536,485
Beginning Balance at Dec. 31, 2018	1,890,593	$ 2,045	2,126,472	(245,620)	1,882,897	7,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(25,504)		113	(25,483)	(25,370)	(134)
Share-based compensation (in shares)		55,916
Share-based compensation	1,157	$ 1	1,073		1,074	83
Common stock repurchased and retired (in shares)		(3,143,922)
Common stock repurchased and retired	(29,998)	$ (31)	(29,967)		(29,998)
Net Income	8,980			8,945	8,945	35
Ending balance (in shares) at Mar. 31, 2019		201,448,479
Ending Balance at Mar. 31, 2019	1,829,942	$ 2,015	2,097,691	(277,444)	1,822,262	7,680
Beginning balance (in shares) at Dec. 31, 2018		204,536,485
Beginning Balance at Dec. 31, 2018	$ 1,890,593	$ 2,045	2,126,472	(245,620)	1,882,897	7,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased and retired (in shares)	(4,428,947)
Net Income	$ 49,628
Ending balance (in shares) at Sep. 30, 2019		200,196,850
Ending Balance at Sep. 30, 2019	1,810,354	$ 2,002	2,087,937	(287,582)	1,802,357	7,997
Beginning balance (in shares) at Mar. 31, 2019		201,448,479
Beginning Balance at Mar. 31, 2019	1,829,942	$ 2,015	2,097,691	(277,444)	1,822,262	7,680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(25,379)		120	(25,365)	(25,245)	(134)
Share-based compensation (in shares)		33,396
Share-based compensation	2,205	$ 1	1,955		1,956	249
Common stock repurchased and retired (in shares)		(1,004,589)
Common stock repurchased and retired	(10,032)	$ (11)	(10,021)		(10,032)
Net Income	29,074			28,960	28,960	114
Ending balance (in shares) at Jun. 30, 2019		200,477,286
Ending Balance at Jun. 30, 2019	1,825,810	$ 2,005	2,089,745	(273,849)	1,817,901	7,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(25,329)		122	(25,321)	(25,199)	(130)
Share-based compensation	$ 1,098		866	59	925	173
Common stock repurchased and retired (in shares)	(280,436)	(280,436)
Common stock repurchased and retired	$ (2,799)	$ (3)	(2,796)		(2,799)
Net Income	11,574			11,529	11,529	45
Ending balance (in shares) at Sep. 30, 2019		200,196,850
Ending Balance at Sep. 30, 2019	$ 1,810,354	$ 2,002	$ 2,087,937	$ (287,582)	$ 1,802,357	$ 7,997

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 49,628	$ 63,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	87,805	77,304
Corporate asset depreciation as corporate expenses	170	161
Loss on early extinguishment of debt	2,373	0
Non-cash lease expense and other amortization	5,247	3,842
Non-cash interest rate swap fair value adjustment	4,790	0
Amortization of debt issuance costs	1,432	1,384
Amortization of deferred income related to key money	(297)	(2,469)
Stock-based compensation	4,882	4,104
Changes in assets and liabilities:
Prepaid expenses and other assets	(5,623)	25,489
Due to/from hotel managers	(18,119)	(21,436)
Accounts payable and accrued expenses	3,420	(2,215)
Net cash provided by operating activities	135,708	149,954
Cash flows from investing activities:
Hotel acquisitions	0	(119,537)
Purchase deposits	0	(2,000)
Proceeds from property insurance	0	30,742
Net cash used in investing activities	(140,803)	(167,548)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(10,374)	(9,947)
Proceeds from sale of common stock, net	0	92,715
Proceeds from senior unsecured term loan	350,000	0
Repayments of senior unsecured term loans	(300,000)	0
Draws on senior unsecured credit facility	125,000	85,000
Repayments of senior unsecured credit facility	(50,000)	(85,000)
Payment of financing costs	(4,796)	0
Distributions on common stock and units	(76,751)	(76,520)
Repurchase of common stock	(42,828)	0
Shares redeemed to satisfy tax withholdings on vested share based compensation	(452)	(149)
Net cash (used in) provided by financing activities	(10,201)	6,099
Net decrease in cash, cash equivalents, and restricted cash	(15,296)	(11,495)
Cash, cash equivalents, and restricted cash at beginning of period	91,598	223,773
Cash, cash equivalents, and restricted cash at end of period	76,302	212,278
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	32,604	28,462
Cash paid for income taxes	1,310	2,198
Capitalized interest	1,119	0
Non-cash cumulative effect of ASC 842 accounting standard adoption	15,286	0
Non-cash Investing and Financing Activities:
Loan assumed in hotel acquisition	0	2,943
Total cash, cash equivalents, and restricted cash	76,302	223,773
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures for operating hotels	(65,208)	0
Operating hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	$ (75,595)	$ (76,753)

Organization	9 Months Ended
Organization	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations, and the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of September 30, 2019, we owned 31 hotels with 10,102 guest rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (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 September 30, 2019, the Frenchman's Reef & Morning Star Beach Resort (“Frenchman's Reef”) is 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 99.6% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.4% of the common OP units are held by third parties. See Note 5 for additional disclosures related to common OP units.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

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.

In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2019, the results of our operations for the three and nine months ended September 30, 2019 and 2018, the statements of equity for the three and nine months ended September 30, 2019 and 2018, and the cash flows for the nine months ended September 30, 2019 and 2018. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018, included in our Annual Report on Form 10-K filed on February 26, 2019.

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.

Property and Equipment

Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based

upon total accumulated cost of the acquisition. 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, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized.

We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.

Cash and Cash Equivalents

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Revenue Recognition

Revenues from operations of the hotels are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. 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 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.

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 common OP 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.

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 real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes.

In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary (“TRS”) except for Frenchman’s Reef, which is owned by a Virgin Islands corporation that 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 that we have elected to be treated as a TRS.

We had no accruals for tax uncertainties as of September 30, 2019 and December 31, 2018.

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 observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows:

•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

•Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical

or similar assets in markets that are not active and model-derived valuations whose inputs are observable

•Level 3 - Model-derived valuations with unobservable inputs

Intangible Assets and Liabilities

Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. 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.

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.

Derivative Instruments

In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives.

Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations.

Noncontrolling Interests

The noncontrolling interest is the portion of equity in our 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.

Debt Issuance 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 debt issuance 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.

Leases

We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception.

Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date.

Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases

with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency.

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 Impact 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 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 Frenchman's Reef insurance claim is ongoing. During the three months ended September 30, 2018, we received $32.5 million of insurance proceeds. We received $6.4 million and $85.0 million of insurance proceeds during the nine months ended September 30, 2019 and 2018, respectively. Subsequent to September 30, 2019, we received a commitment from our insurers to receive an additional $40.1 million in insurance proceeds related to the Frenchman's Reef insurance claim. As of November 8, 2019, we have received $35.5 million of the committed amount.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Frenchman's Reef	$	—	$	5,680	$	8,822	$	12,965
Havana Cabana Key West	—		1,925		—		2,137
The Lodge at Sonoma	—		622		—		1,152
Total	$	—	$	8,227	$	8,822	$	16,254

Recent Accounting Standards

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 right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018. We adopted ASU No. 2016-02, along with its related clarifications and amendments (collectively, “ASC 842”), on January 1, 2019. Our consolidated financial statements as of September 30, 2019, and for the three and nine months then ended, are presented in accordance with ASC 842. The primary impact of the new standard is to the treatment of our ground leases, which represent the majority of all of our operating lease payments. Upon adoption, our right-of-use assets were adjusted for deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of

December 31, 2018. On January 1, 2019, we recognized lease liabilities totaling $101.2 million and right-of-use assets totaling $99.6 million.

We adopted ASC 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized in accumulated deficit on the adoption date and prior periods were not restated. The adoption of the standard did not have a material impact to our results of operations, cash flows, or liquidity. On adoption of the standard, we elected all available practical expedients provided for in ASC 842, including: (i) no reassessment of whether any expired or existing contracts were or contained leases; (ii) no reassessment of the lease classification for any expired or existing leases; (iii) no reassessment of initial direct costs for any existing leases; and (iv) use of hindsight in determining the lease term and in assessing the likelihood that a purchase option will be exercised. The practical expedients were consistently applied to all existing leases as of January 1, 2019. We also elected an accounting policy to account for leases with an initial term of 12 months or less using existing guidance for operating leases. For lease agreements in which we are the lessor, we have analyzed the standard and determined that there was no material impact to the recognition, measurement, or presentation of these revenues. Room revenues, which constitute the majority of our revenues, are considered short-term leases. We also earn revenues from retail leases at our hotel properties, which are included in other revenue.

Equity

9 Months Ended

Sep. 30, 2019

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 “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. We did not sell any shares of common stock during the nine months ended September 30, 2019, and the full amount remains available under the ATM Program.

Our board of directors has approved a $250.0 million share repurchase program authorizing us to repurchase shares 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 the three months ended September 30, 2019, we repurchased 280,436 shares of our common stock at an average price of $9.96 per share for a total purchase price of $2.8 million. During the nine months ended September 30, 2019, we repurchased 4,428,947 shares of our common stock at an average price of $9.65 per share for a total purchase price of $42.8 million. We retired all repurchased shares on their respective settlement dates. As of November 8, 2019, we have $175.2 million of authorized capacity remaining under our share repurchase program.

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 September 30, 2019 and December 31, 2018, there were no shares of preferred stock outstanding.

Operating Partnership Units

In connection with our acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder beginning December 12, 2019. Holders of common 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 September 30, 2019, there were 796,684 common OP units held by unaffiliated third parties.

Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan (as defined in Note 6 below) for the performance of services to or for the benefit of our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units may be converted, at any time, into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units 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. See Note 6 for additional disclosures related to LTIP units.

Dividends and Distributions

We have paid the following dividends to holders of our common stock and distributions to holders of operating partnership units during 2019 as follows:



Payment Date	Record Date	Dividend per Share
January 14, 2019	January 4, 2019	$	0.125
April 12, 2019	March 29, 2019	$	0.125
July 12, 2019	June 28, 2019	$	0.125
October 11, 2019	September 30, 2019	$	0.125

Stock Incentive Plans

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [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 1,262,120 shares as of September 30, 2019. 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.

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, 2019 to September 30, 2019 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	641,844		$	10.25
Granted	73,240		10.65
Vested	(300,575	)	10.07
Forfeited	(21,534	)	10.37
Unvested balance at September 30, 2019	392,975		$	10.46

The remaining share awards are expected to vest as follows: 9,542 shares during 2019, 229,336 shares during 2020, 130,622 shares during 2021, and 23,475 during 2022. As of September 30, 2019, the unrecognized compensation cost related to restricted stock awards was $2.6 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 18 months. We recorded $0.6 million and $0.2 million of compensation expense related to restricted stock awards for the three months ended September 30, 2019 and 2018, respectively. We recorded $1.9 million and $2.3 million of compensation expense related to restricted stock awards for the nine months ended September 30, 2019 and 2018, respectively. The compensation expense for the nine months ended September 30, 2018 includes $0.6 million related to the accelerated vesting of awards in connection with the departure of our former Chief Financial Officer. In the third quarter of 2018, we entered into a settlement agreement with our former Chief Financial Officer, in which he forfeited certain of his equity awards. As a result, the compensation expense previously recorded related to the forfeited awards was reversed during the third quarter of 2018.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. When granted, each executive officer is granted a target number of PSUs (the “PSU Target Award”). For 75% of the PSUs issued in 2016 and vesting in 2019, the actual number of shares of common stock issued to each executive officer is subject to the achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly traded lodging REITs over a three-year performance period. There will be no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. For the remaining 25% of PSUs issued in 2016 and vesting in 2019, the number of shares of common stock to be issued to each executive officer is determined based on achieving improvement in market share for each of our hotels over the three-year performance period based on a report prepared for each hotel by STR Global, a well-recognized and universally accepted benchmarking service for the hospitality industry. For the PSUs issued in 2017, 2018, and 2019, and vesting in 2020, 2021, and 2022, respectively, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three-year performance period determines the number of shares of common stock to be issued to each executive officer for 50% of the PSUs to be earned in the performance period. The number of shares of common stock to be issued to each executive officer for the remaining 50% of the PSUs is determined based on the achievement of improvement in market share for each of our hotels over the three-year performance period. For the PSUs tied to relative stockholder return issued in 2018 and 2019, the number of PSUs to be earned is limited to target if the Company's total stockholder return is negative for the 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.

On March 1, 2019, our board of directors granted 296,050 PSUs to our executive officers. The grant date fair value of the portion of the PSUs based on our relative total stockholder return was $9.68 using the assumptions of volatility of 24.3% and a risk-free rate of 2.54%. The grant date fair value of the portion of the PSUs based on hotel market share was $10.65, the closing stock price of our common stock on such date.

A summary of our PSUs from January 1, 2019 to September 30, 2019 is as follows:



	Number of Target Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	781,923		$	11.19
Granted	296,050		10.14
Additional units from dividends	30,778		10.02
Vested (1)	(251,375	)	8.80
Forfeited	(70,728	)	9.93
Unvested balance at September 30, 2019	786,648		$	11.18

______________________


(1)	The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award.

The remaining unvested PSUs are expected to vest as follows: 240,006 units during 2020, 283,910 units during 2021 and 262,732 units during 2022. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of September 30, 2019, the unrecognized compensation cost related to the PSUs was $3.7 million and is expected to be recognized on a straight-line basis over a weighted average period of 23 months. We recorded $1.1 million and a net reversal of $0.4 million of compensation expense related to the PSUs for the three months ended September 30, 2019 and 2018, respectively. We recorded $2.5 million and $1.3 million of compensation expense related to the PSUs for the nine months ended September 30, 2019 and 2018, respectively. The compensation expense for the nine months ended September 30, 2018 includes a net reversal of $0.4 million related to the accelerated vesting of awards in connection with the departure of our former Chief Financial Officer. In the third quarter of 2018, we entered into a settlement agreement with our former Chief Financial Officer, in which he forfeited certain of his equity awards. As a result, the compensation expense previously recorded related to the forfeited awards was reversed during the third quarter of 2018.

LTIP Units

During the first quarter of 2019, instead of granting restricted stock for the time-based portion of the annual long-term incentive award, we granted LTIP units to our executive officers. LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while allowing them to enjoy a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules.

A summary of our LTIP units from January 1, 2019 to September 30, 2019 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	—		$	—
Granted	281,925		10.65
Forfeited	(37,559	)	10.65
Unvested balance at September 30, 2019	244,366		$	10.65

During the nine months ended September 30, 2019, we granted 281,925 LTIP units to executive officers. These granted LTIP units had a weighted-average grant date fair value of $10.65 per unit. There are currently no vested LTIP units outstanding. The LTIP units are expected to vest ratably in 2020, 2021, and 2022. As of September 30, 2019, the unrecognized compensation cost related to LTIP unit awards was $2.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 29 months. We recorded $0.2 million of compensation expense related to LTIP unit awards for the three months ended September 30, 2019 and we recorded $0.5 million of compensation expense related to LTIP unit awards for the nine months ended September 30, 2019. We did not record any compensation expense related to LTIP unit awards during 2018.

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

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

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations.

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Numerator:
Net income attributable to common stockholders	$	11,529		$	31,443	$	49,434		$	63,790
Dividends declared on unvested share-based compensation	(31		)	—		(101		)	—
Net income available to common stockholders	$	11,498		$	31,443	$	49,333		$	63,790
Denominator:
Weighted-average number of common shares outstanding—basic	201,448,348			208,758,945		202,218,646			204,520,637
Effect of dilutive securities:
Unvested restricted common stock	102,309			221,018		59,793			212,051
Shares related to unvested PSUs	441,632			617,074		404,149			617,074
Weighted-average number of common shares outstanding—diluted	201,992,289			209,597,037		202,682,588			205,349,762
Earnings per share:
Net income per share available to common stockholders—basic	$	0.06		$	0.15	$	0.24		$	0.31
Diluted earnings per share available to common stockholders—diluted	$	0.06		$	0.15	$	0.24		$	0.31

The common 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 common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

The following table sets forth information regarding the Company’s debt as of September 30, 2019 and December 31, 2018 (dollars in thousands):



			Principal Balance as of
Loan	Interest Rate	Maturity Date	September 30, 2019			December 31, 2018
Salt Lake City Marriott Downtown mortgage loan	4.25%	November 2020	$	53,866		$	55,032
Westin Washington D.C. City Center mortgage loan	3.99%	January 2023	61,106			62,734
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96%	April 2023	27,188			27,633
Westin San Diego mortgage loan	3.94%	April 2023	62,241			63,385
Courtyard Manhattan / Midtown East mortgage loan	4.40%	August 2024	81,494			82,620
Renaissance Worthington mortgage loan	3.66%	May 2025	81,321			82,540
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	61,549			62,411
Boston Westin mortgage loan	4.36%	November 2025	191,682			194,466
New Market Tax Credit loan (1)	5.17%	December 2020	2,943			2,943
Unamortized debt issuance costs			(3,434		)	(4,017		)
Total mortgage and other debt, net of unamortized debt issuance costs			619,956			629,747

Unsecured term loan	LIBOR + 1.45% (2)	May 2021	—			100,000
Unsecured term loan	LIBOR + 1.45% (2)	April 2022	—			200,000
Unsecured term loan	LIBOR + 1.40% (3)	October 2023	50,000			50,000
Unsecured term loan	LIBOR + 1.40% (4)	July 2024	350,000			—
Unamortized debt issuance costs			(1,301		)	(1,781		)
Unsecured term loans, net of unamortized debt issuance costs			398,699			348,219

Senior unsecured credit facility	LIBOR + 1.45% (5)	July 2023	75,000			—

Total debt, net of unamortized debt issuance costs			$	1,093,655		$	977,966
Weighted-Average Interest Rate	3.87%

_______________________


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


(2)	The loan was prepaid on July 25, 2019 in connection with the refinancing described below under the heading "Unsecured Term Loans."


(3)	We entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.


(4)	We entered into an interest rate swap agreement on July 25, 2019 to fix LIBOR at 1.70% through July 2024 for $175 million of the loan.


(5)	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. On July 25, 2019, the credit facility was amended to increase capacity to $400 million and extend maturity to July 2023.

Mortgage and Other Debt

We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of September 30, 2019, eight of our 31 hotels were secured by mortgage debt.

Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. As of September 30, 2019, we were in compliance with the financial covenants of our mortgage debt.

Senior Unsecured Credit Facility

Prior to July 25, 2019, we were party to a senior unsecured credit facility with a capacity up to $300 million with an accordion feature to expand up to $600 million, subject to lender consent. The maturity date was May 2020 and the interest rate on the facility was based on a pricing grid ranging from 150 to 225 basis points over LIBOR, based on the Company's leverage ratio.

On July 25, 2019, we entered into a Fifth Amended and Restated Credit Agreement (the "Credit Agreement"). The Credit Agreement amended and restated the senior unsecured credit facility (the "Revolving Credit Facility") to increase the capacity from $300 million to $400 million, decrease the pricing and extend the maturity date to July 2023. The maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than 30%	1.40	%
Greater than or equal to 30% but less than 35%	1.45	%
Greater than or equal to 35% but less than 40%	1.50	%
Greater than or equal to 40% but less than 45%	1.55	%
Greater than or equal to 45% but less than 50%	1.70	%
Greater than or equal to 50% but less than 55%	1.90	%
Greater than or equal to 55%	2.05	%

In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we are required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%.

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



		Actual at
	Covenant	September 30, 2019
Maximum leverage ratio (1)	60%	31.4%
Minimum fixed charge coverage ratio (2)	1.50x	3.74x
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.7%
Unencumbered leverage ratio	60.0%	26.1%
Unencumbered implied debt service coverage ratio	1.2x	2.79x

_____________________________


(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.

As of September 30, 2019, we had $75.0 million in borrowings outstanding under the Revolving Credit Facility and the Company's leverage ratio was 31.4%. Accordingly, interest on our borrowings under the Revolving Credit Facility will be based on LIBOR plus 145 basis points for the following quarter. We incurred interest and unused fees on the applicable facility of $1.1 million and $0.3 million for the three months ended September 30, 2019 and 2018, respectively. We incurred interest and unused fees on the applicable facility of $2.8 million and $1.0 million for the nine months ended September 30, 2019 and 2018, respectively.

Unsecured Term Loans

As of September 30, 2019, we are party to two five-year unsecured term loans. The Credit Agreement described above provided a new five-year, $350 million unsecured term loan (the "Term Loan Facility"). In connection with the Term Loan Facility, we repaid

the existing $100 million and $200 million unsecured term loans. In connection with the repayment of these term loans, we recorded a $2.4 million loss on early extinguishment of debt during the three and nine months ended September 30, 2019, which relates to the write-off of unamortized debt issuance costs. The Credit Agreement includes the right to increase the Revolving Credit Facility and Term Loan Facility in aggregate up to $1.2 billion, subject to lender approval.

The financial covenants of the two term loans are consistent with the covenants on our Revolving Credit Facility, which are described above. In connection with the transaction in July 2019, we also amended our $50 million term loan to align the pricing grid and certain other terms with the Credit Agreement. The interest rate on each of the term loans is based LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than 30%	1.35	%
Greater than or equal to 30% but less than 35%	1.40	%
Greater than or equal to 35% but less than 40%	1.45	%
Greater than or equal to 40% but less than 45%	1.50	%
Greater than or equal to 45% but less than 50%	1.65	%
Greater than or equal to 50% but less than 55%	1.85	%
Greater than or equal to 55%	2.00	%

As of September 30, 2019, the Company's leverage ratio was 31.4%. Accordingly, interest on our borrowings under the term loans will be based on LIBOR plus 140 basis points for the following quarter. In January 2019, we entered into an interest rate swap agreement to fix LIBOR at 2.41% through October 2023 for the $50 million unsecured term loan. We entered into an interest rate swap agreement on July 25, 2019 to fix LIBOR at 1.70% through July 2024 for $175 million of the Term Loan Facility. We incurred interest on the term loans of $3.5 million and $2.6 million for the three months ended September 30, 2019 and 2018, respectively. We incurred interest on the term loans of $10.4 million and $7.6 million for the nine months ended September 30, 2019 and 2018, respectively.

Fair Value Measurements and Interest Rate Swaps

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements and Interest Rate Swaps

The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2019 and December 31, 2018, in thousands, is as follows:



	September 30, 2019				December 31, 2018
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,093,655	$	1,113,951	$	977,966	$	960,447
Interest rate swap liabilities	$	4,790	$	4,790	$	—	$	—

_______________


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

The fair value of our debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs, however these inputs are not significant to the fair value measurement in its entirety. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

Interest Rate Swaps

The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of September 30, 2019 and December 31, 2018, in thousands:



									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2019			December 31, 2018
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(2,038	)	$	—
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(2,752		)	—
									$	(4,790	)	$	—

The fair values of the interest rate swap agreements are included in accounts payable and accrued expenses on the accompanying consolidated balance sheet as of September 30, 2019.

- Definition

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

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. 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 Hurricane Irma. The insurers that remain party to this lawsuit are XL Insurance America, Inc., United Stated Fire Insurance Company, Lloyd's Underwriters Syndicate 1886 d/b/a QBE and MAPFRE Global Risks. 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. The insurers' New York suit has been stayed pending a final resolution of the Company's suit in St. Thomas. Notwithstanding the litigation, the Company and its insurers continue to engage in discussions and negotiation regarding the Company's claim. If the claim cannot be settled, the parties are scheduled to go to trial in the U.S. Virgin Islands in January 2020. 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 proactively worked with the franchisor and the manager of the hotel and developed and executed a plan aimed to improve guest satisfaction scores. Recently, through negotiation and agreement with the franchisor, the Company received a “clean slate” letter for this hotel and is no longer in default under the franchise agreement.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2019
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. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2019, the results of our operations for the three and nine months ended September 30, 2019 and 2018, the statements of equity for the three and nine months ended September 30, 2019 and 2018, and the cash flows for the nine months ended September 30, 2019 and 2018. Interim results are not necessarily indicative of full-year performance because of the impact of seasonal and short-term variations. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018, included in our Annual Report on Form 10-K filed on February 26, 2019.
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.
Property and Equipment	Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. 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, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. Management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition Revenues from operations of the hotels are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. 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 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.
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 common OP 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.
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 real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our taxable REIT subsidiary (“TRS”) except for Frenchman’s Reef, which is owned by a Virgin Islands corporation that 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 that we have elected to be treated as a TRS.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the observability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. 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.
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.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the consolidated statements of operations.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our 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.
Debt Issuance Costs	Debt Issuance 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 debt issuance 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.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency.
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.
Accounting for Impacts of Natural Disasters	Accounting for Impact 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.
Recent Accounting Standards	Recent Accounting Standards 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 right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018. We adopted ASU No. 2016-02, along with its related clarifications and amendments (collectively, “ASC 842”), on January 1, 2019. Our consolidated financial statements as of September 30, 2019, and for the three and nine months then ended, are presented in accordance with ASC 842. The primary impact of the new standard is to the treatment of our ground leases, which represent the majority of all of our operating lease payments. Upon adoption, our right-of-use assets were adjusted for deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of December 31, 2018. On January 1, 2019, we recognized lease liabilities totaling $101.2 million and right-of-use assets totaling $99.6 million. We adopted ASC 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized in accumulated deficit on the adoption date and prior periods were not restated. The adoption of the standard did not have a material impact to our results of operations, cash flows, or liquidity. On adoption of the standard, we elected all available practical expedients provided for in ASC 842, including: (i) no reassessment of whether any expired or existing contracts were or contained leases; (ii) no reassessment of the lease classification for any expired or existing leases; (iii) no reassessment of initial direct costs for any existing leases; and (iv) use of hindsight in determining the lease term and in assessing the likelihood that a purchase option will be exercised. The practical expedients were consistently applied to all existing leases as of January 1, 2019. We also elected an accounting policy to account for leases with an initial term of 12 months or less using existing guidance for operating leases. For lease agreements in which we are the lessor, we have analyzed the standard and determined that there was no material impact to the recognition, measurement, or presentation of these revenues. Room revenues, which constitute the majority of our revenues, are considered short-term leases. We also earn revenues from retail leases at our hotel properties, which are included in other revenue.

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of lease expense and other information

The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Operating lease cost	$	2,834	$	8,417
Variable lease payments	$	311	$	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$	835	$	2,421

Summary of operating lease maturities

The future minimum annual rental commitments under all noncancelable operating leases in effect as of December 31, 2018, as determined prior to the adoption of ASC 842 and its related practical expedients, are as follows (in thousands):



Year Ending December 31,	As of December 31, 2018
2019	$	5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
	$	663,218

Maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	As of September 30, 2019
2019 (excluding the nine months ended September 30, 2019)	$	818
2020	3,315
2021	4,805
2022	3,940
2023	3,997
Thereafter	763,100
Total lease payments	779,975
Less imputed interest	(677,005		)
Total lease liabilities	$	102,970

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of restricted stock awards

A summary of our restricted stock awards from January 1, 2019 to September 30, 2019 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	641,844		$	10.25
Granted	73,240		10.65
Vested	(300,575	)	10.07
Forfeited	(21,534	)	10.37
Unvested balance at September 30, 2019	392,975		$	10.46

Schedule of nonvested performance-based units activity

A summary of our PSUs from January 1, 2019 to September 30, 2019 is as follows:



	Number of Target Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	781,923		$	11.19
Granted	296,050		10.14
Additional units from dividends	30,778		10.02
Vested (1)	(251,375	)	8.80
Forfeited	(70,728	)	9.93
Unvested balance at September 30, 2019	786,648		$	11.18

______________________


(1)	The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award.

Summary of LTIP units

A summary of our LTIP units from January 1, 2019 to September 30, 2019 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2019	—		$	—
Granted	281,925		10.65
Forfeited	(37,559	)	10.65
Unvested balance at September 30, 2019	244,366		$	10.65

Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of long term debt

The following table sets forth information regarding the Company’s debt as of September 30, 2019 and December 31, 2018 (dollars in thousands):



			Principal Balance as of
Loan	Interest Rate	Maturity Date	September 30, 2019			December 31, 2018
Salt Lake City Marriott Downtown mortgage loan	4.25%	November 2020	$	53,866		$	55,032
Westin Washington D.C. City Center mortgage loan	3.99%	January 2023	61,106			62,734
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96%	April 2023	27,188			27,633
Westin San Diego mortgage loan	3.94%	April 2023	62,241			63,385
Courtyard Manhattan / Midtown East mortgage loan	4.40%	August 2024	81,494			82,620
Renaissance Worthington mortgage loan	3.66%	May 2025	81,321			82,540
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	61,549			62,411
Boston Westin mortgage loan	4.36%	November 2025	191,682			194,466
New Market Tax Credit loan (1)	5.17%	December 2020	2,943			2,943
Unamortized debt issuance costs			(3,434		)	(4,017		)
Total mortgage and other debt, net of unamortized debt issuance costs			619,956			629,747

Unsecured term loan	LIBOR + 1.45% (2)	May 2021	—			100,000
Unsecured term loan	LIBOR + 1.45% (2)	April 2022	—			200,000
Unsecured term loan	LIBOR + 1.40% (3)	October 2023	50,000			50,000
Unsecured term loan	LIBOR + 1.40% (4)	July 2024	350,000			—
Unamortized debt issuance costs			(1,301		)	(1,781		)
Unsecured term loans, net of unamortized debt issuance costs			398,699			348,219

Senior unsecured credit facility	LIBOR + 1.45% (5)	July 2023	75,000			—

Total debt, net of unamortized debt issuance costs			$	1,093,655		$	977,966
Weighted-Average Interest Rate	3.87%

_______________________


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


(2)	The loan was prepaid on July 25, 2019 in connection with the refinancing described below under the heading "Unsecured Term Loans."


(3)	We entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.


(4)	We entered into an interest rate swap agreement on July 25, 2019 to fix LIBOR at 1.70% through July 2024 for $175 million of the loan.


(5)	The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. On July 25, 2019, the credit facility was amended to increase capacity to $400 million and extend maturity to July 2023.

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

The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than 30%	1.40	%
Greater than or equal to 30% but less than 35%	1.45	%
Greater than or equal to 35% but less than 40%	1.50	%
Greater than or equal to 40% but less than 45%	1.55	%
Greater than or equal to 45% but less than 50%	1.70	%
Greater than or equal to 50% but less than 55%	1.90	%
Greater than or equal to 55%	2.05	%

The interest rate on each of the term loans is based LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:



Leverage Ratio	Applicable Margin
Less than 30%	1.35	%
Greater than or equal to 30% but less than 35%	1.40	%
Greater than or equal to 35% but less than 40%	1.45	%
Greater than or equal to 40% but less than 45%	1.50	%
Greater than or equal to 45% but less than 50%	1.65	%
Greater than or equal to 50% but less than 55%	1.85	%
Greater than or equal to 55%	2.00	%

Summary of the most restrictive covenants for senior unsecured credit facility

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



		Actual at
	Covenant	September 30, 2019
Maximum leverage ratio (1)	60%	31.4%
Minimum fixed charge coverage ratio (2)	1.50x	3.74x
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.7%
Unencumbered leverage ratio	60.0%	26.1%
Unencumbered implied debt service coverage ratio	1.2x	2.79x

_____________________________


(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.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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+ Details

Fair Value Measurements and Interest Rate Swaps (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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

The fair value of certain financial assets and liabilities and other financial instruments as of September 30, 2019 and December 31, 2018, in thousands, is as follows:



	September 30, 2019				December 31, 2018
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,093,655	$	1,113,951	$	977,966	$	960,447
Interest rate swap liabilities	$	4,790	$	4,790	$	—	$	—

_______________

(1)

The carrying amount of debt is net of unamortized debt issuance costs.

Schedule of Interest Rate Derivatives

The Company's interest rate derivatives, which are not designated or accounted for as cash flow hedges, consisted of the following as of September 30, 2019 and December 31, 2018, in thousands:



									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		September 30, 2019			December 31, 2018
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(2,038	)	$	—
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(2,752		)	—
									$	(4,790	)	$	—

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2019 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	10,102
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]
General partner, ownership interest	99.60%
Limited partners, ownership interest	0.40%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 08, 2019	Nov. 08, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Accrual for tax uncertainties				$ 0			$ 0
Proceeds from insurance settlement, property and business interruption			$ 32,500,000	6,400,000	$ 85,000,000.0
Lease liabilities				102,970,000
Right-of-use assets				$ 98,496,000
Minimum \| Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life				5 years
Minimum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life				1 year
Maximum \| Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life				40 years
Maximum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Useful life				10 years
Accounting Standards Update 2016-02
Property, Plant and Equipment [Line Items]
Lease liabilities						$ 101,200,000
Right-of-use assets						$ 99,600,000
Subsequent Event \| Frenchman's Reef
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption	$ 35,500,000	$ 40,100,000

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property and Equipment
Property and equipment, at cost	$ 3,989,435	$ 3,838,053
Less: accumulated depreciation	(981,412)	(893,436)
Property and equipment, net	3,008,023	2,944,617
Land
Property and Equipment
Property and equipment, at cost	617,695	617,695
Land improvements
Property and Equipment
Property and equipment, at cost	7,994	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, at cost	2,723,453	2,682,320
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	517,007	491,421
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 123,286	$ 38,623

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,834	$ 8,417
Variable lease payments	311	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$ 835	$ 2,421

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019 (excluding the nine months ended September 30, 2019)	$ 818
2020	3,315
2021	4,805
2022	3,940
2023	3,997
Thereafter	763,100
Total lease payments	779,975
Less imputed interest	(677,005)
Total lease liabilities	$ 102,970
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 5,232
2020		4,866
2021		6,132
2022		5,122
2023		5,096
Thereafter		636,770
Total		$ 663,218

Equity - Narrative (Details)	3 Months Ended			9 Months Ended		12 Months Ended
Equity - Narrative (Details)	Sep. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2019 shares	Mar. 31, 2019 shares	Sep. 30, 2019 USD ($) vote $ / shares shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 $ / shares shares	Nov. 08, 2019 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (up to) (in shares)	400,000,000			400,000,000		400,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01		$ 0.01
Votes per common share \| vote				1
Value amount of shares authorized to be repurchased (up to) \| $	$ 250,000,000.0			$ 250,000,000.0
Shares repurchased (in shares)	280,436			4,428,947
Repurchased shares, average price per share (in dollars per share) \| $ / shares	$ 9.96			$ 9.65
Common stock repurchased \| $	$ 2,800,000			$ 42,828,000	$ 0
Preferred stock, shares authorized (up to) (in shares)	10,000,000			10,000,000		10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)	0			0		0
Limited partnership, price per unit (in dollars per unit) \| $ / shares						$ 11.76
Option to redeem for common stock ratio						1
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) \| $				$ 200,000,000
Shares repurchased (in shares)	280,436	1,004,589	3,143,922
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares)						796,684
Operating partnerships units held (in shares)	796,684			796,684
Subsequent Event
Class of Stock [Line Items]
Remaining authorized repurchase amount \| $							$ 175,200,000

Stock Incentive Plans - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
Stock Incentive Plans - Narrative (Details) - USD ($)	Mar. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award of maximum possible payout to executives				150.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2019 (in shares)		9,542		9,542
Awards expected to vest in 2020 (in shares)		229,336		229,336
Awards expected to vest in 2021 (in shares)		130,622		130,622
Award expected to vest in 2022 (in shares)		23,475		23,475
Unrecognized compensation cost		$ 2,600,000		$ 2,600,000
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				18 months
Compensation expense		$ 600,000	$ 200,000	$ 1,900,000	$ 2,300,000
Award vesting period (in years)				3 years
Number of shares, granted (in shares)				73,240
Weighted-average grant date fair value, shares granted (in dollars per share)				$ 10.65
Vested (in shares)				300,575
Restricted Stock \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation cost				$ 600,000
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2020 (in shares)		240,006		240,006
Awards expected to vest in 2021 (in shares)		283,910		283,910
Award expected to vest in 2022 (in shares)		262,732		262,732
Unrecognized compensation cost		$ 3,700,000		$ 3,700,000
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				23 months
Compensation expense		1,100,000	$ 400,000	$ 2,500,000	1,300,000
Award vesting period (in years)				3 years
Performance period (in years)				3 years
Percentage of total stockholder return for payout of shares				30.00%
Number of shares, granted (in shares)				296,050
Fair value at grant date (in dollars per share)	$ 9.68
Volatility	24.30%
Risk-free rate	2.54%
Fair value at grant date based on hotel market share (in dollars per share)	$ 10.65
Weighted-average grant date fair value, shares granted (in dollars per share)				$ 10.14
Vested (in shares)				251,375
Performance Stock Units \| Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation cost				$ (400,000)
Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				75.00%
Number of shares, granted (in shares)	296,050
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		2,100,000		$ 2,100,000
Unrecognized compensation expense related to compensation awards, period for recognition (in months)				29 months
Compensation expense		$ 200,000		$ 500,000	$ 0
Number of shares, granted (in shares)				281,925
Weighted-average grant date fair value, shares granted (in dollars per share)				$ 10.65
Vested (in shares)				0
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to) (in shares)		6,082,664		6,082,664
Number of shares issued or committed to issue (in shares)		1,262,120		1,262,120
Issued In 2016 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of payout based on total stockholder return				75.00%
Performance period (in years)				3 years
Percentage of payout based on improving market share				25.00%
Issued In 2017 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)				3 years
Percentage of payout based on improving market share				50.00%
Issued In 2017 \| Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				50.00%
Issued In 2018 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)				3 years
Percentage of payout based on improving market share				50.00%
Issued In 2018 \| Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				50.00%
Issued In 2019 \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)				3 years
Percentage of payout based on improving market share				50.00%
Issued In 2019 \| Performance Stock Units \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares				50.00%

Stock Incentive Plans - Stock Awards Activity (Details)	9 Months Ended
Stock Incentive Plans - Stock Awards Activity (Details)	Sep. 30, 2019 $ / shares shares
Weighted- Average Grant Date Fair Value
Stock of common stock earned for the PSUs vested in 2018	74.33%
Restricted Stock
Number of Shares
Beginning Balance (in shares)	641,844
Granted (in shares)	73,240
Vested (in shares)	(300,575)
Forfeited (in shares)	(21,534)
Ending Balance (in shares)	392,975
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 10.25
Granted (in dollars per share) \| $ / shares	10.65
Vested (in dollars per share) \| $ / shares	10.07
Forfeited (in dollars per share) \| $ / shares	10.37
Ending balance (in dollars per share) \| $ / shares	$ 10.46
Performance Stock Units
Number of Shares
Beginning Balance (in shares)	781,923
Granted (in shares)	296,050
Additional units from dividends (in shares)	30,778
Vested (in shares)	(251,375)
Forfeited (in shares)	(70,728)
Ending Balance (in shares)	786,648
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 11.19
Granted (in dollars per share) \| $ / shares	10.14
Additional units from dividends (in dollars per share) \| $ / shares	10.02
Vested (in dollars per share) \| $ / shares	8.80
Forfeited (in dollars per share) \| $ / shares	9.93
Ending balance (in dollars per share) \| $ / shares	$ 11.18
Long-Term Incentive Plan Unit
Number of Shares
Beginning Balance (in shares)	0
Granted (in shares)	281,925
Vested (in shares)	0
Forfeited (in shares)	(37,559)
Ending Balance (in shares)	244,366
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	10.65
Forfeited (in dollars per share) \| $ / shares	10.65
Ending balance (in dollars per share) \| $ / shares	$ 10.65

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to common stockholders	$ 11,529	$ 31,443	$ 49,434	$ 63,790
Dividends declared on unvested share-based compensation	(31)	0	(101)	0
Net income available to common stockholders	$ 11,498	$ 31,443	$ 49,333	$ 63,790
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	201,448,348	208,758,945	202,218,646	204,520,637
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	201,992,289	209,597,037	202,682,588	205,349,762
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.06	$ 0.15	$ 0.24	$ 0.31
Diluted earnings per share (in dollars per share)	$ 0.06	$ 0.15	$ 0.24	$ 0.31
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	102,309	221,018	59,793	212,051
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	441,632	617,074	404,149	617,074

Debt - Schedule of Long Term Debt (Details) - USD ($)		1 Months Ended	9 Months Ended
Debt - Schedule of Long Term Debt (Details) - USD ($)	Jul. 25, 2019	Jan. 31, 2019	Sep. 30, 2019	Jul. 24, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total mortgage and other debt, net of unamortized debt issuance costs			$ 619,956,000		$ 629,747,000
Total debt			1,093,655,000		977,966,000
Senior unsecured credit facility			$ 75,000,000		0
Weighted-average interest rate (as a percent)			3.87%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ (3,434,000)		(4,017,000)
Total mortgage and other debt, net of unamortized debt issuance costs			619,956,000		629,747,000
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs			(1,301,000)		(1,781,000)
Total debt			$ 398,699,000		348,219,000
Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Unsecured credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Unsecured Term Loan Due May 2021 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 0		100,000,000
Line of credit, variable rate basis description			LIBOR + 1.45%
Unsecured Term Loan Due May 2021 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Unsecured Term Loan Due April 2022 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 0		200,000,000
Line of credit, variable rate basis description			LIBOR + 1.45%
Unsecured Term Loan Due April 2022 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 50,000,000		50,000,000
Line of credit, variable rate basis description			LIBOR + 1.40%
Unsecured Term Loan Due October 2023 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Unsecured Term Loan due July 2024 \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance			$ 350,000,000		0
Line of credit, variable rate basis description			LIBOR + 1.40%
Unsecured Term Loan due July 2024 \| Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Unsecured Term Loan, $175 million \| Unsecured Term Loan
Debt Instrument [Line Items]
Principal balance	$ 175,000,000
Senior Unsecured Credit Facility \| Unsecured credit facility
Debt Instrument [Line Items]
Senior unsecured credit facility			$ 75,000,000.0		0
Maximum borrowing capacity	$ 400,000,000			$ 300,000,000
Senior Unsecured Credit Facility \| Unsecured credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.45%
Salt Lake City Marriott Downtown \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.25%
Principal balance			$ 53,866,000		55,032,000
Westin Washington, D.C. City Center \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.99%
Principal balance			$ 61,106,000		62,734,000
The Lodge at Sonoma, a Renaissance Resort and Spa \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.96%
Principal balance			$ 27,188,000		27,633,000
Westin San Diego \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.94%
Principal balance			$ 62,241,000		63,385,000
Courtyard Manhattan / Midtown East \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.40%
Principal balance			$ 81,494,000		82,620,000
Renaissance Worthington \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			3.66%
Principal balance			$ 81,321,000		82,540,000
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.33%
Principal balance			$ 61,549,000		62,411,000
Boston Westin \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			4.36%
Principal balance			$ 191,682,000		194,466,000
New Market Tax Credit loan \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage			5.17%
Principal balance			$ 2,943,000		$ 2,943,000
Interest Rate Swap \| Unsecured Term Loan Due October 2023 \| Unsecured Term Loan \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.41%
Interest Rate Swap \| Unsecured Term Loan, $175 million \| Unsecured Term Loan \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%

Debt - Senior Unsecured Credit Facility (Details)	3 Months Ended		9 Months Ended
Debt - Senior Unsecured Credit Facility (Details)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jul. 25, 2019 USD ($)	Jul. 24, 2019 USD ($)	Dec. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)			50.00%
Senior unsecured credit facility	$ 75,000,000		$ 75,000,000				$ 0
Unsecured credit facility
Line of Credit Facility [Line Items]
Interest and unused credit facility fees	$ 1,100,000	$ 300,000	$ 2,800,000	$ 1,000,000.0
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)			0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)			0.30%
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.60		0.60
Minimum fixed charge coverage ratio			1.50
Secured recourse indebtedness			45.00%
Unencumbered leverage ratio	60.00%		60.00%
Unencumbered implied debt service coverage ratio			1.2
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio (as a percent)	0.314		0.314
Minimum fixed charge coverage ratio			3.74
Secured recourse indebtedness			18.70%
Unencumbered leverage ratio	26.10%		26.10%
Unencumbered implied debt service coverage ratio			2.79
LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.45%
Less than 30% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.30
Less than 30% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.40%
Greater than or equal to 30% but less than 35% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.30
Greater than or equal to 30% but less than 35% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.35
Greater than or equal to 30% but less than 35% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.45%
Greater than or equal to 35% but less than 40% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.35
Greater than or equal to 35% but less than 40% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.40
Greater than or equal to 35% but less than 40% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.50%
Greater than or equal to 40% but less than 45% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.40
Greater than or equal to 40% but less than 45% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.45
Greater than or equal to 40% but less than 45% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.55%
Greater than or equal to 45% but less than 50% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.45
Greater than or equal to 45% but less than 50% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.50
Greater than or equal to 45% but less than 50% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.70%
Greater than or equal to 50% but less than 55% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.50
Greater than or equal to 50% but less than 55% \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.55
Greater than or equal to 50% but less than 55% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.90%
Greater than or equal to 55% \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Ratio of net indebtedness to EBITDA			0.55
Greater than or equal to 55% \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.05%
Senior Unsecured Credit Facility \| Unsecured credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 400,000,000	$ 300,000,000
Accordion feature, higher borrowing capacity						$ 600,000,000
Senior unsecured credit facility	$ 75,000,000.0		$ 75,000,000.0				$ 0
Senior Unsecured Credit Facility \| LIBOR \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.45%
Senior Unsecured Credit Facility \| LIBOR \| Minimum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.50%
Senior Unsecured Credit Facility \| LIBOR \| Maximum \| Unsecured credit facility
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.25%

Debt - Unsecured Term Loan (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Debt - Unsecured Term Loan (Details)	Jul. 25, 2019 USD ($)	Jan. 31, 2019	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) loan	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Number of loans \| loan					2
Debt repaid					$ 10,374,000	$ 9,947,000
Loss on early extinguishment of debt			$ 2,373,000	$ 0	$ 2,373,000	0
Line Of Credit Facility Covenant Actual Results
Debt Instrument [Line Items]
Maximum leverage ratio (as a percent)			0.314		0.314
Unsecured Term Loan
Debt Instrument [Line Items]
Debt instrument, term (in years)					5 years
Accordion feature, higher borrowing capacity	$ 1,200,000,000
Unsecured Term Loan \| Less than 30%
Debt Instrument [Line Items]
Basis spread on variable rate					1.35%
Unsecured Term Loan \| Less than 30% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.30
Unsecured Term Loan \| Greater than or equal to 30% but less than 35%
Debt Instrument [Line Items]
Basis spread on variable rate					1.40%
Unsecured Term Loan \| Greater than or equal to 30% but less than 35% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.30
Unsecured Term Loan \| Greater than or equal to 30% but less than 35% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.35
Unsecured Term Loan \| Greater than or equal to 35% but less than 40%
Debt Instrument [Line Items]
Basis spread on variable rate					1.45%
Unsecured Term Loan \| Greater than or equal to 35% but less than 40% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.35
Unsecured Term Loan \| Greater than or equal to 35% but less than 40% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.40
Unsecured Term Loan \| Greater than or equal to 40% but less than 45%
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Unsecured Term Loan \| Greater than or equal to 40% but less than 45% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.40
Unsecured Term Loan \| Greater than or equal to 40% but less than 45% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.45
Unsecured Term Loan \| Greater than or equal to 45% but less than 50%
Debt Instrument [Line Items]
Basis spread on variable rate					1.65%
Unsecured Term Loan \| Greater than or equal to 45% but less than 50% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.45
Unsecured Term Loan \| Greater than or equal to 45% but less than 50% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.50
Unsecured Term Loan \| Greater than or equal to 50% but less than 55%
Debt Instrument [Line Items]
Basis spread on variable rate					1.85%
Unsecured Term Loan \| Greater than or equal to 50% but less than 55% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.5
Unsecured Term Loan \| Greater than or equal to 50% but less than 55% \| Maximum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.55
Unsecured Term Loan \| Greater than or equal to 55%
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Unsecured Term Loan \| Greater than or equal to 55% \| Minimum
Debt Instrument [Line Items]
Ratio of net indebtedness to EBITDA					0.55
Unsecured Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.40%
Interest incurred on the facility			$ 3,500,000	$ 2,600,000	$ 10,400,000	$ 7,600,000
Unsecured Term Loan \| Applicable Margin
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Principal balance	$ 350,000,000
Unsecured Term Loan \| Unsecured Term Loan Due May 2021
Debt Instrument [Line Items]
Principal balance			0		$ 0		$ 100,000,000
Debt repaid	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]
Principal balance			0		$ 0		200,000,000
Debt repaid	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, $175 million
Debt Instrument [Line Items]
Principal balance	$ 175,000,000
Unsecured Term Loan \| $50 million term loan
Debt Instrument [Line Items]
Principal balance			$ 50,000,000		$ 50,000,000		$ 50,000,000
Unsecured Term Loan \| $50 million term loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.40%
Interest Rate Swap \| Unsecured Term Loan \| Unsecured Term Loan, $175 million \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Interest Rate Swap \| Unsecured Term Loan \| $50 million term loan \| LIBOR Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.41%

Fair Value Measurements and Interest Rate Swaps - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 1,093,655	$ 977,966
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	1,093,655	977,966
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,113,951	960,447
Interest Rate Swap \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	4,790	0
Interest Rate Swap \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	$ 4,790	$ 0

Fair Value Measurements and Interest Rate Swaps - Interest Rate Derivatives (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Interest Rate Swap
Derivative [Line Items]
Fair Value of Liabilities	$ (4,790,000)	$ 0
Interest Rate Swap \| $50 million term loan
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000,000
Fair Value of Liabilities	$ (2,038,000)	0
Interest Rate Swap \| $350 million term loan
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000,000
Fair Value of Liabilities	(2,752,000)	0
Unsecured Term Loan \| $50 million term loan
Derivative [Line Items]
Hedged Debt	50,000,000	50,000,000
Unsecured Term Loan \| $350 million term loan
Derivative [Line Items]
Hedged Debt	$ 350,000,000	$ 0

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 23.3	$ 12.4

Leases - Narrative (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term	66 years
Weighted-average discount rate	5.77%

Equity - Schedule of Dividends Payable (Details) - $ / shares	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019	Jan. 14, 2019
Subsequent Event [Line Items]
Dividends per Share (in dollars per share)		$ 0.125	$ 0.125	$ 0.125
Subsequent Event
Subsequent Event [Line Items]
Dividends per Share (in dollars per share)	$ 0.125

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125