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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 28, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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, $.01 par value
Trading Symbol	DRH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 2.1
Entity Common Stock, Shares Outstanding (in shares)		200,357,322
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2020 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2019, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

ASSETS

Property and equipment, net

$ 3,026,769

$ 2,944,617

Right-of-use assets

98,145

Restricted cash

^[1]

57,268

47,735

Due from hotel managers

91,207

86,914

Favorable lease assets, net

63,945

Prepaid and other assets

29,853

10,506

Cash and cash equivalents

122,524

43,863

Total assets

3,425,766

3,197,580

Liabilities:

Mortgage and other debt, net of unamortized debt issuance costs

616,329

629,747

Unsecured term loans, net of unamortized debt issuance costs

398,770

348,219

Senior unsecured credit facility

75,000

Total debt

1,090,099

977,966

Deferred income related to key money, net

11,342

11,739

Unfavorable contract liabilities, net

67,422

73,151

Deferred rent

52,012

93,719

Lease liabilities

103,625

Due to hotel managers

72,445

72,678

Distributions declared and unpaid

25,815

26,339

Accounts payable and accrued expenses

81,944

51,395

Total liabilities

1,504,704

1,306,987

Equity:

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

Common stock, $0.01 par value; 400,000,000 shares authorized; 200,207,795 and 204,536,485 shares issued and outstanding at December 31, 2019 and 2018, respectively

2,002

2,045

Additional paid-in capital

2,089,349

2,126,472

Accumulated deficit

(178,861)

(245,620)

Total stockholders' equity

1,912,490

1,882,897

Noncontrolling interests

8,572

7,696

Total equity

1,921,062

1,890,593

Total liabilities and equity

$ 3,425,766

$ 3,197,580

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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	200,207,795	204,536,485
Common stock, shares outstanding (in shares)	200,207,795	204,536,485

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenue	$ 938,091	$ 863,704	$ 870,005
Operating Expenses:
Depreciation and amortization	118,110	104,524	99,090
Impairment losses	0	0	3,209
Hotel acquisition costs	0	0	2,028
Corporate expenses	28,231	28,563	26,711
Business interruption insurance income	(8,822)	(19,379)	(4,051)
Gain on property insurance settlement	(144,192)	(1,724)	0
Total operating expenses, net	684,092	733,643	730,222
Interest and other income, net	(1,197)	(1,806)	(1,820)
Interest expense	46,584	40,970	38,481
Loss on sales of hotel properties, net	0	0	764
Loss on early extinguishment of debt	2,373	0	274
Total other expenses, net	47,760	39,164	37,699
Income before income taxes	206,239	90,897	102,084
Income tax expense	(22,028)	(3,101)	(10,207)
Net income	184,211	87,796	91,877
Less: Net income attributable to noncontrolling interests	(724)	(12)	0
Net income attributable to common stockholders	$ 183,487	$ 87,784	$ 91,877
Earnings per share:
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.91	$ 0.43	$ 0.46
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.90	$ 0.43	$ 0.46
Weighted-average number of common shares outstanding:
Basic (in shares)	202,009,750	205,462,911	200,784,450
Diluted (in shares)	202,741,630	206,131,150	201,521,468
Rooms
Revenues:
Total revenue	$ 661,153	$ 631,048	$ 635,932
Operating Expenses:
Operating expenses	166,937	158,078	158,534
Food and beverage
Revenues:
Total revenue	215,261	184,097	183,049
Operating Expenses:
Operating expenses	137,916	118,709	120,460
Other
Revenues:
Total revenue	61,677	48,559	51,024
Operating Expenses:
Operating expenses	333,505	296,535	278,302
Management fees
Operating Expenses:
Operating expenses	25,475	22,159	21,969
Franchise fees
Operating Expenses:
Operating expenses	$ 26,932	$ 26,178	$ 23,970

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total Stockholders' Equity	Noncontrolling interests
Beginning Balance at Dec. 31, 2016	$ 1,836,787	$ 2,002	$ 2,055,365	$ (220,580)	$ 1,836,787	$ 0
Beginning balance (in shares) at Dec. 31, 2016		200,200,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(100,682)		424	(101,106)	(100,682)
Issuance and vesting of common stock grants, net (in shares)		105,831
Share-based compensation	5,663	$ 1	5,662		5,663
Net income	91,877			91,877	91,877
Ending Balance at Dec. 31, 2017	1,833,645	$ 2,003	2,061,451	(229,809)	1,833,645	0
Ending balance (in shares) at Dec. 31, 2017		200,306,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(103,340)		465	(103,705)	(103,240)	(100)
Issuance and vesting of common stock grants, net (in shares)		141,165
Share-based compensation	4,642	$ 1	4,531	110	4,642
Redemption of Operating Partnership units	7,784					7,784
Sale of common stock (in shares)		7,472,946
Sale of common stock	92,248	$ 75	92,173		92,248
Common stock repurchased and retired (in shares)		(3,384,359)
Common stock repurchased and retired	(32,182)	$ (34)	(32,148)		(32,182)
Net income	87,796			87,784	87,784	12
Ending Balance at Dec. 31, 2018	1,890,593	$ 2,045	2,126,472	(245,620)	1,882,897	7,696
Ending balance (in shares) at Dec. 31, 2018		204,536,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends per common share	(101,528)		441	(101,442)	(101,001)	(527)
Issuance and vesting of common stock grants, net (in shares)		95,704
Share-based compensation	5,900	$ 1	5,176	0	5,177	723
Common stock repurchased and retired (in shares)		(4,428,947)
Common stock repurchased and retired	(42,828)	$ (44)	(42,784)		(42,828)
Net income	$ 184,211			183,487	183,487	724
Redemption of Operating Partnership units (in shares)	4,553
Redemption of Operating Partnership units	$ 0		44		44	(44)
Ending Balance at Dec. 31, 2019	$ 1,921,062	$ 2,002	$ 2,089,349	$ (178,861)	$ 1,912,490	$ 8,572
Ending balance (in shares) at Dec. 31, 2019		200,207,795

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Dividends per unit (in dollars per share)		$ 0.125

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 184,211	$ 87,796	$ 91,877
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118,110	104,524	99,090
Corporate asset depreciation as corporate expenses	229	216	95
Loss on sale of hotel properties, net	0	0	764
Loss on early extinguishment of debt	2,373	0	274
Gain on property insurance settlement	(144,192)	(1,724)	0
Non-cash lease expense and other amortization	7,011	5,336	4,378
Non-cash interest rate swap fair value adjustment	2,545	0	0
Amortization of debt issuance costs	1,885	1,862	1,950
Impairment losses	0	0	43,993
Estimated recovery of impairment losses from insurance	0	0	(40,784)
Amortization of deferred income related to key money	(396)	(2,568)	(5,760)
Share-based compensation	6,385	5,573	6,201
Deferred income tax expense	21,018	1,591	7,702
Changes in assets and liabilities:
Prepaid expenses and other assets	(6,674)	28,657	(26,333)
Due to/from hotel managers	(5,082)	(5,686)	1,540
Accounts payable and accrued expenses	5,866	(7,997)	17,006
Net cash provided by operating activities	193,289	217,580	201,993
Cash flows from investing activities:
Hotel acquisitions	0	(259,883)	(93,795)
Proceeds from sale of properties, net	0	0	(764)
Proceeds from property insurance	133,529	32,466	10,042
Net cash used in investing activities	(65,730)	(342,588)	(181,941)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(14,195)	(13,612)	(12,417)
Repurchase of common stock and other	(42,828)	(32,182)	0
Proceeds from sale of common stock, net	0	92,679	0
Repayments of mortgage debt	0	0	(170,368)
Proceeds from unsecured term loan	350,000	50,000	200,000
Repayments of unsecured term loans	(300,000)	0	0
Draws on senior unsecured credit facility	150,000	85,000	0
Repayments of senior unsecured credit facility	(75,000)	(85,000)	0
Payment of financing costs	(4,805)	(412)	(1,579)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(485)	(931)	(537)
Distributions on common stock and units	(102,052)	(102,709)	(100,542)
Net cash used in financing activities	(39,365)	(7,167)	(85,443)
Net increase (decrease) in cash and cash equivalents, and restricted cash	88,194	(132,175)	(65,391)
Cash, cash equivalents, and restricted cash beginning of year	91,598	223,773	289,164
Cash, cash equivalents, and restricted cash, end of year	179,792	91,598	223,773
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	43,742	38,548	36,288
Cash paid for income taxes	1,470	2,208	3,251
Capitalized interest	1,944	0	0
Non-cash cumulative effect of ASC 842 accounting standard adoption	15,286	0	0
Non-cash Investing and Financing Activities:
Loan assumed in hotel acquisition	0	2,943	0
Issuance of Operating Partnership units in connection with acquisition of hotel property	0	7,784	0
Redemption of Operating Partnership units for common stock	44	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash, cash equivalents, and restricted cash	91,598	91,598	223,773
Operating hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	(102,660)	(109,447)	(97,424)
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures for operating hotels	$ (96,599)	$ (5,724)	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 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 many of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of December 31, 2019, we owned 31 hotels with 10,102 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (4); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. As of December 31, 2019, the Frenchman's Reef & Morning Star Beach Resort (“Frenchman's Reef”) is currently closed as a result of damage incurred from Hurricanes Irma and Maria in September 2017. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns either directly or indirectly 99.6% of the limited partnership units (“OP units”) of our operating partnership. The remaining 0.4% of the OP units are held by third parties, otherwise unaffiliated with the Company. See Note 5 for additional disclosures related to OP units.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties

The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.

Fair Value Measurements

In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows:

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

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

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

•Level 3 - Model-derived valuations with unobservable inputs

Property and Equipment

Following the adoption of FASB Accounting Standards Update (“ASU”) No. 2017-01, investments in hotel properties, including related land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are generally accounted for as asset acquisitions, which are recorded at total cost and allocated based on relative fair value. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets.

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

Cash and Cash Equivalents

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

Revenue Recognition

Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price.

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

Income Taxes

We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

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

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

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

Intangible Assets and Liabilities

Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.

Share-Based Compensation

We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.

Comprehensive Income

We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.

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

Noncontrolling Interests

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

Restricted Cash

Restricted cash primarily consists of cash held in reserve 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 deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations.

Due to/from Hotel Managers

The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.

Key Money

Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.

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 Impacts of Natural Disasters

Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved.

In September 2017, Hurricane Irma caused significant damage to Frenchman's Reef and Havana Cabana Key West. Frenchman's Reef was further impacted by Hurricane Maria. The Company filed insurance claims for the remediation and repair of property damage and business interruption resulting from the hurricanes, as well as from the 2017 wildfires in Northern California that impacted The Lodge at Sonoma. In July 2018, the Company settled the insurance claims for Havana Cabana Key West and The Lodge at Sonoma. The Havana Cabana Key West insurance claim was settled for $8.3 million, net of deductibles, and we recorded a gain of approximately $1.7 million related to the property damage. The Lodge at Sonoma claim was settled for $1.3 million, net of deductibles. In June 2019, the Company settled the insurance claim for Frenchman's Reef related to the damages caused by Hurricane Maria for $1.4 million. In December 2019, the Company settled the insurance claim related to Hurricane Irma for total insurance payments of $246.8 million, of which $238.5 million related to Frenchman's Reef and $8.3 million related to amounts previously agreed to for the Havana Cabana Key West. The settlement amount includes proceeds previously received of $85.0 million and $10.0 million during the years ended December 31, 2018 and 2017, respectively.

We received $142.5 million, $85.0 million and $10.0 million in insurance proceeds during the years ended December 31, 2019, 2018 and 2017, respectively. Subsequent to December 31, 2019, we received the remaining $10.7 million committed insurance proceeds related to the Hurricane Irma settlement.

For the year ended December 31, 2019, we recognized a $144.2 million gain related to the settlement of the property damage insurance claim at Frenchman's Reef. For the year ended December 31, 2018, we recognized a $1.7 million gain related to the settlement of the property damage insurance claim at the Havana Cabana Key West.

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



	Year Ended December 31,
	2019		2018		2017
Frenchman's Reef	$	8,822	$	16,090	$	3,128
Havana Cabana Key West	—		2,137		923
The Lodge at Sonoma	—		1,152		—
Total	$	8,822	$	19,379	$	4,051

Recently Issued Accounting Pronouncements

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 December 31, 2019 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 certain retail leases at our hotel properties, which are included in other revenue.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2019 and 2018 consists of the following (in thousands):



	2019			2018
Land	$	617,695		$	617,695
Land improvements	7,994			7,994
Buildings	2,751,590			2,682,320
Furniture, fixtures and equipment	534,802			491,421
Construction in progress	126,464			38,623
	4,038,545			3,838,053
Less: accumulated depreciation	(1,011,776		)	(893,436		)
	$	3,026,769		$	2,944,617

As of December 31, 2019 and 2018, we had accrued capital expenditures of $13.1 million and $12.4 million, respectively.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under nine of our hotels and one parking garage. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. Additional information regarding the terms of our ground leases can be found in Note 12. As of December 31, 2019, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%.

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):



	Year Ended
	December 31, 2019
Operating lease cost	$	11,248
Variable lease payments	$	1,466
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,239

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



Year Ending December 31,	As of December 31, 2019
2020	$	3,315
2021	4,805
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	779,157
Less imputed interest	(675,532		)
Total lease liabilities	$	103,625

The future minimum annual rental commitments under all non-cancelable 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

Equity

12 Months Ended

Dec. 31, 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 year ended December 31, 2019, and the full amount remains available under the ATM Program.

Our board of directors has approved a share repurchase program authorizing us to repurchase shares of our common stock having an aggregate price of up to $250 million. Repurchases under this program are made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including stock price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. During the year ended December 31, 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 February 28, 2020, 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 December 31, 2019 and 2018, there were no shares of preferred stock outstanding.

Operating Partnership Units

In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each OP unit is redeemable at the option of the holder. Holders of OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. As of December 31, 2019, there were 792,131 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 OP units and LTIP units for the years ended December 31, 2019 and 2018, and through the date of this report:



Payment Date	Record Date	Distributions per Common Share/Unit
April 12, 2018	March 29, 2018	$0.125
July 12, 2018	June 29, 2018	$0.125
October 12, 2018	September 28, 2018	$0.125
January 14, 2019	January 4, 2019	$0.125
April 12, 2019	March 29, 2019	$0.125
July 12, 2019	June 28, 2019	$0.125
October 11, 2019	September 30, 2019	$0.125
January 13, 2020	January 2, 2020	$0.125

Stock Incentive Plans

12 Months Ended

Dec. 31, 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 1,351,686 shares as of December 31, 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, 2017 to December 31, 2019 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2017	567,540		$	10.62
Granted	324,502		11.19
Forfeited	(16,669	)	10.80
Vested	(244,411	)	11.29
Unvested balance at December 31, 2017	630,962		10.66
Granted	349,091		10.19
Forfeited	(51,061	)	10.44
Vested	(287,148	)	11.02
Unvested balance at December 31, 2018	641,844		10.25
Granted	162,806		10.38
Forfeited	(21,534	)	10.37
Vested	(310,117	)	10.08
Unvested balance at December 31, 2019	472,999		$	10.40

The remaining share awards are expected to vest as follows: 237,866 during 2020, 139,152 during 2021, 32,005 during 2022, and 63,976 during 2023. As of December 31, 2019, the unrecognized compensation cost related to restricted stock awards was $2.9 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 22 months. For the years ended December 31, 2019, 2018, and 2017, we recorded $2.6 million, $3.1 million and $3.1 million, respectively, of compensation expense related to restricted stock awards.

Performance Stock Units

Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company’s performance as measured by two metrics: (1) relative total stockholder return and (2) hotel market share improvement.

The achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs is measured over a three-year performance period. There is no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group.

The improvement in market share for each of our hotels is measured over a 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.

The ratio of total PSUs issued to executive officers is divided between the two metrics as follows:



Grant Year	Vesting Year	Total Shareholder Return			Hotel Market Share
2014	2017	100	%		—	%
2015	2018	100	%		—	%
2016	2019	75	%		25	%
2017	2020	50	%		50	%
2018	2021	50	%	(1)	50	%
2019	2022	50	%	(1)	50	%

______________________


(1)	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. The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 26, 2017	26.7	%	1.46	%	$	10.89
March 2, 2018	26.9	%	2.40	%	$	9.52
April 2, 2018	26.9	%	2.37	%	$	9.00
March 1, 2019	24.3	%	2.54	%	$	9.68

A summary of our PSUs from January 1, 2017 to December 31, 2019 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2017	686,684		$	10.65
Granted	266,009		11.04
Additional units from dividends	33,478		11.17
Vested (1)	(200,374	)	12.15
Unvested balance at December 31, 2017	785,797		10.42
Granted	293,111		9.82
Additional units from dividends	35,197		11.24
Vested (2)	(218,514	)	11.98
Forfeited	(113,668	)	9.86
Unvested balance at December 31, 2018	781,923		11.19
Granted	296,050		10.14
Additional units from dividends	40,662		10.00
Vested (3)	(251,375	)	8.80
Forfeited	(70,728	)	9.93
Unvested balance at December 31, 2019	796,532		$	11.16

______________________


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


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


(3)	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 target units are expected to vest as follows: 243,022 during 2020, 287,477 during 2021 and 266,033 during 2022. As of December 31, 2019, the unrecognized compensation cost related to the PSUs was $3.0 million and is expected to be recognized on a straight-line basis over a period of 21 months. For the years ended December 31, 2019, 2018, and 2017, we recorded approximately $2.4 million, $1.9 million, and $2.5 million, respectively, of compensation expense related to the PSUs.

The compensation expense recorded for the year ended December 31, 2018 includes the reversal of $1.0 million of previously recognized compensation expense resulting from the forfeiture of PSUs by our former Executive Vice President and Chief Financial Officer.

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 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 December 31, 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 December 31, 2019	244,366		$	10.65

During the year ended December 31, 2019, we granted 281,925 LTIP units to executive officers, which 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 December 31, 2019, the unrecognized compensation cost related to LTIP unit awards was $1.9 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 26 months. We recorded $0.7 million of compensation expense related to LTIP unit awards for the year ended December 31, 2019. We did not record any compensation expense related to LTIP unit awards during 2018 or 2017.

Earnings Per Share

12 Months Ended

Dec. 31, 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 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):



	Years Ended December 31,
	2019			2018		2017
Numerator:
Net income attributable to common stockholders	$	183,487		$	87,784	$	91,877
Distributions declared on unvested share-based compensation	(132		)	—		—
Net income available to common stockholders	$	183,355		$	87,784	$	91,877
Denominator:
Weighted-average number of common shares outstanding—basic	202,009,750			205,462,911		200,784,450
Effect of dilutive securities:
Unvested restricted common stock	156,146			215,655		188,759
Shares related to unvested PSUs	575,734			452,584		548,259
Weighted-average number of common shares outstanding—diluted	202,741,630			206,131,150		201,521,468
Earnings per share:
Net income per share available to common stockholders—basic	$	0.91		$	0.43	$	0.46
Net income per share available to common stockholders—diluted	$	0.90		$	0.43	$	0.46

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

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

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



				Principal Balance as of December 31,
Loan	Interest Rate		Maturity Date	2019			2018
Salt Lake City Marriott Downtown mortgage loan	4.25	%	November 2020	$	53,273		$	55,032
Westin Washington D.C. City Center mortgage loan	3.99	%	January 2023	60,550			62,734
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96	%	April 2023	26,963			27,633
Westin San Diego mortgage loan	3.94	%	April 2023	61,851			63,385
Courtyard Manhattan / Midtown East mortgage loan	4.40	%	August 2024	81,107			82,620
Renaissance Worthington mortgage loan	3.66	%	May 2025	80,904			82,540
JW Marriott Denver at Cherry Creek mortgage loan	4.33	%	July 2025	61,253			62,411
Boston Westin mortgage loan	4.36	%	November 2025	190,725			194,466
New Market Tax Credit loan (1)	5.17	%	December 2020	2,943			2,943
Unamortized debt issuance costs				(3,240		)	(4,017		)
Total mortgage and other debt, net of unamortized debt issuance costs				616,329			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				(1,230		)	(1,781		)
Unsecured term loans, net of unamortized debt issuance costs				398,770			348,219

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

Total debt, net of unamortized debt issuance costs				$	1,090,099		$	977,966
Weighted-Average Interest Rate	3.81%

_____________


(1)	Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 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 on January 7, 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.

The aggregate debt maturities as of December 31, 2019 are as follows (in thousands):



2020	$	69,116
2021	13,518
2022	14,096
2023	194,650
2024	432,381
Thereafter	295,808
	$	1,019,569

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 pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2019, eight of our 31 hotel properties were secured by mortgage debt.

Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. As of December 31, 2019, we were in compliance with the financial covenants of our mortgage debt.

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

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 in 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 increased the capacity of our senior unsecured credit facility (the “Revolving Credit Facility”) from $300 million to $400 million, decreased the pricing grid and extended the maturity date from May 2020 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 or equal to 30%		1.40%
Greater than 30% but less than or equal to 35%		1.45%
Greater than 35% but less than or equal to 40%		1.50%
Greater than 40% but less than or equal to 45%		1.55%
Greater than 45% but less than or equal to 50%		1.70%
Greater than 50% but less than or equal to 55%		1.90%
Greater than 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 of the facility was greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage of the facility was 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	December 31, 2019
Maximum leverage ratio (1)	60%	28.5%
Minimum fixed charge coverage ratio (2)	1.50x	3.49x
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.6%
Unencumbered leverage ratio	60.0%	26.0%
Unencumbered implied debt service coverage ratio	1.20x	2.84x

_____________________________


(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 December 31, 2019, we had $75 million in borrowings outstanding under the Revolving Credit Facility and the Company's leverage ratio was 28.5%. Accordingly, interest on our borrowings under the Revolving Credit Facility will be based on LIBOR plus 140 basis points for the following quarter. We incurred interest and unused credit facility fees on the applicable facility of $3.7 million, $1.2 million and $1.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Subsequent to December 31, 2019, we repaid the $75 million outstanding under the Revolving Credit Facility.

Unsecured Term Loans

We are party to two five-year unsecured term loans. In connection with the Credit Agreement described above, we entered into a new five-year, $350 million unsecured term loan (the “Term Loan Facility”). We are also party to a $50 million unsecured term loan. In connection with the Term Loan Facility, we repaid the previously 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 year ended December 31, 2019, which related 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 the outstanding $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 on LIBOR, plus an applicable margin based on the Company’s leverage ratio, as follows:



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

As of December 31, 2019, the Company's leverage ratio was 28.5% Accordingly, interest on our borrowings under the term loans will be based on LIBOR plus 135 basis points for the following quarter. On January 7, 2019, we entered into an interest rate swap agreement to fix LIBOR at 2.41% through maturity 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 maturity for $175 million of the Term Loan Facility. We incurred interest on the term loans of $13.7 million, $10.6 million and $6.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

We had no acquisitions during the year ended December 31, 2019.

2018 Acquisitions

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

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

We lease the surface and air rights of the hotel property pursuant to a ground lease with the City of Phoenix. We own the building improvements fee simple. The ground lease expires in 2085, including all extension options. Refer to Note 12 for additional information about this lease. As lessee of government property, we are subject to a Government Property Lease Excise Tax (“GPLET”) under Arizona state statute in lieu of ad valorem real estate taxes through the end of the term of the ground lease. We reviewed the terms of the ground lease and GPLET agreement and concluded that the terms of the ground lease are favorable to us compared with a comparable market ground lease. Accordingly, we allocated $20.0 million of the total acquisition cost to a favorable ground lease asset. Upon adoption of ASC 842 on January 1, 2019, the right-of-use asset was adjusted for the unamortized balance of this favorable lease asset.

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

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

Cavallo Point is subject to a long-term ground lease agreement with the United States National Park Service that expires in 2066. Refer to Note 12 for additional information about this lease. We reviewed the terms of the ground lease and concluded that the terms of the ground lease are favorable to us compared with a comparable market ground lease. Accordingly, we allocated $17.9 million of the total acquisition cost to a favorable ground lease asset. Upon adoption of ASC 842 on January 1, 2019, the right-of-use asset was adjusted for the unamortized balance of this favorable lease asset.

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



	Cavallo Point			Landing Resort & Spa			Hotel Palomar Phoenix
Land	$	—		$	14,816		$	—
Building and improvements	123,100			24,351			59,703
Furniture, fixtures and equipment	10,470			3,346			5,207
Construction in progress	1,734			—			—
Total fixed assets	135,304			42,513			64,910
Favorable lease asset	17,907			—			20,012
Unfavorable lease liability	—			—			(4,644		)
New Market Tax Credit loan assumption	—			—			(2,943		)
Other assets and liabilities, net	(5,083		)	(658		)	497
Total	$	148,128		$	41,855		$	77,832

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes.

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



	Year Ended December 31,
	2019		2018			2017
Current - Federal	$	420	$	66		$	622
State	541		984			1,221
Foreign	49		460			662
	1,010		1,510			2,505
Deferred - Federal	80		1,857			6,432
State	132		178			425
Foreign	20,806		(444		)	845
	21,018		1,591			7,702
Income tax provision	$	22,028	$	3,101		$	10,207

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



	Year Ended December 31,
	2019			2018			2017
Statutory federal tax provision (1)	$	43,313		$	19,089		$	35,729
Tax impact of REIT election	(14,125		)	(14,439		)	(22,277		)
State income tax provision, net of federal tax benefit	532			705			1,652
Foreign income tax benefit	(6,998		)	(2,927		)	(430		)
Tax reform impact on U.S. taxes	—			—			(2,143		)
Tax reform impact on foreign taxes	—			—			(2,076		)
Other	(694		)	673			(248		)
Income tax provision	$	22,028		$	3,101		$	10,207

_____________________________


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

On December 22, 2017, the U.S. government enacted comprehensive tax legislation, H.R. 1, originally known as the Tax Cuts and Jobs Act (the “Tax Act”). Among other changes to the U.S. tax code, the Tax Act reduced the U.S. federal corporate income tax rate to 21%, and required companies to pay a one-time transition tax on certain unrepatriated earnings (where applicable) of foreign subsidiaries with an election option to defer the transition tax over eight years. Accordingly, our federal net deferred tax liabilities as of December 31, 2017 have been remeasured using a U.S. federal income tax rate of 21% that is effective beginning on January 1, 2018, to reflect the effects of the enacted changes in tax rates at the date of enactment based on the applicable enacted tax rate when the temporary differences and carryforwards are expected to reverse. The impact of this remeasurement is a decrease to net deferred tax liabilities and a decrease to the deferred income tax provision in 2017 of approximately $4.2 million. Additionally, we elected to defer the transition tax inclusion of approximately $17.8 million into REIT taxable income related to the deemed mandatory repatriation of foreign earnings and profits of the Frenchman's Reef & Morning Star Beach Resort (located in the U.S. Virgin Islands) over the eight-year period allowed under the Tax Act. The transition tax increased our 2017 REIT taxable income in 2017 by approximately $1.5 million. The remaining deferred transition tax inclusion was included in our 2018 REIT taxable income.

We are required to pay franchise taxes in certain jurisdictions. We recorded approximately $0.3 million of franchise taxes during the years ended December 31, 2019 and 2018 and $0.2 million of franchise taxes during the year ended December 31, 2017. These franchise taxes are classified as corporate expenses in the accompanying consolidated statements of operations.

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



	2019			2018
Federal
Net operating loss carryforwards	$	—		$	1,983
Deferred income related to key money	2,382			2,465
Alternative minimum tax credit carryforwards	—			103
Other	529			326
Depreciation and amortization	(7,928		)	(9,188		)
Federal - Deferred tax (liabilities) assets, net	$	(5,017	)	$	(4,311	)

State
Net operating loss carryforwards	$	2,572		$	2,975
Deferred income related to key money	735			780
Alternative minimum tax credit carryforwards	80			80
Other	167			103
Depreciation and amortization	(2,446		)	(2,906		)
Less: Valuation allowance	(700		)	(700		)
State - Deferred tax assets, net	$	408		$	332

Foreign (USVI)
Deferred income related to key money	$	—		$	—
Depreciation and amortization	(21,060		)	(255		)
Other	—			—
Land basis recorded in purchase accounting	(2,617		)	(2,617		)
Foreign - Deferred tax liabilities, net	$	(23,677	)	$	(2,872	)

As of December 31, 2019, we had deferred tax assets of $2.6 million consisting of state net operating loss carryforwards. The state loss carryforwards generally expire in 2022 through 2034 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. As of December 31, 2019, we have a $0.7 million valuation allowance on the deferred tax asset related to the Illinois and Georgia state loss carryforwards.

The Frenchman's Reef & Morning Star Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands (“USVI”) income taxes. We are party to a tax agreement with the USVI that reduces the income tax rate to approximately 4.4%. In December 2019, we were granted a modification to the tax agreement that reduces the income tax rate to approximately 2.3% beginning January 1, 2020. This agreement expires in February 2030.

Relationships with Managers and Franchisors

12 Months Ended

Dec. 31, 2019

Relationships With Managers [Abstract]

Relationships with Managers and Franchisors

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

The following is a summary of management fees for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	Year Ended December 31,
	2019			2018			2017
Base management fees	$	21,712		$	20,467		$	22,265
Incentive management fees	5,705			5,805			6,259
Amortization of deferred income related to key money	(227		)	(2,398		)	(4,840		)
Amortization of unfavorable contract liabilities	(1,715		)	(1,715		)	(1,715		)
Total management fees, net	$	25,475		$	22,159		$	21,969

Eight of our hotels earned incentive management fees for the year ended December 31, 2019. Nine of our hotels earned incentive management fees for the year ended December 31, 2018. Ten of our hotels earned incentive management fees for the year ended December 31, 2017.

Performance Termination Provisions

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

Key Money

Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. We amortized $0.4 million of key money during the year ended December 31, 2019, $2.6 million during the year ended December 31, 2018, and $5.8 million during the year ended December 31, 2017.

In connection with a change in hotel manager of the Courtyard Manhattan/Midtown East, we recognized $1.9 million of accelerated amortization of key money provided to us by the previous hotel manager during the year ended December 31, 2017. In connection with the termination of the management agreement for Frenchman's Reef, we accelerated the amortization of key money received from the hotel manager from the date of our notice of termination in 2017 through the effective termination date of February 20, 2018. We recognized an additional $2.6 million of amortization of key money during the year ended December 31, 2017 in connection with this acceleration. The remaining $2.2 million was amortized during the first quarter of 2018.

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

Franchise Agreements

We have franchise agreements for 14 of our hotels as of December 31, 2019. Pursuant to these franchise agreements, we pay franchise fees based on a percentage of gross room sales, and, under certain agreements, a percentage based on gross food and beverage sales. Further, we pay certain other fees for marketing and reservation services.

The following is a summary of franchise fees for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	Year Ended December 31,
	2019			2018			2017
Franchise fees	$	27,102		$	26,348		$	24,890
Amortization of deferred income related to key money (1)	(170		)	(170		)	(920		)
Total franchise fees, net	$	26,932		$	26,178		$	23,970

_____________________________


(1)	Relates to key money received for the Lexington Hotel New York.

In October 2019, we entered into a franchise agreement with Marriott for Frenchman's Reef. The franchise agreement expires on the 20th anniversary of the hotel's opening date. Subsequent to December 31, 2019, we entered into a franchise agreement with Marriott for the Westin Boston Waterfront Hotel. The franchise agreement expires in December 2026.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance, will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.

On August 13, 2018, the Company brought suit against certain of its property insurers in St. Thomas, U.S. Virgin Islands, over the amount of the coverage the insurers owe the Company as a result of the damage caused to Frenchman's Reef by Hurricane Irma. 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. In December 2019, the Company and each of the insurers remaining in the lawsuit settled the claim for $246.8 million, of which $238.5 million related to Frenchman's Reef and $8.3 million related to amounts previously agreed to for the Havana Cabana Key West. The settlement amount includes proceeds previously received of $85.0 million and $10.0 million during the years ended December 31, 2018 and 2017, respectively. As of February 28, 2020, the Company has received all the proceeds of the settlement and the suit has been dismissed in both St. Thomas, U.S. Virgin Islands and New York.

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.

Restricted Cash

As of December 31, 2019 and 2018, we had $57.3 million and $47.7 million, respectively, of restricted cash, which consists of reserves for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements.

Ground Leases

Additional information regarding our leases can be found in Note 4.

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


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


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

•

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


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


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


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


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

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

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

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

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

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



Property	Term (1)	Annual Rent
Bethesda Marriott Suites	Through 4/2087	$824,341 (2)
Courtyard Manhattan/Fifth Avenue (3)	10/2007 - 9/2017	$906,000
	10/2017 - 9/2027	$1,132,812
	10/2027 - 9/2037	$1,416,015
	10/2037 - 9/2047	$1,770,019
	10/2047 - 9/2057	$2,212,524
	10/2057 - 9/2067	$2,765,655
	10/2067 - 9/2077	$3,457,069
	10/2077 - 9/2085	$4,321,336
Salt Lake City Marriott Downtown (Ground lease for hotel) (4)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension)	1/2013 - 12/2016	$11,305
	1/2017 - 12/2017	$13,000
	1/2018 - 12/2056 (5)	$13,500
Westin Boston Waterfront Hotel (6) (Base rent)	1/2016 - 12/2020	$750,000
	1/2021 - 12/2025	$1,000,000
	1/2026 - 12/2030	$1,500,000
	1/2031 - 12/2035	$1,750,000
	1/2036 - 5/2099	No base rent
Westin Boston Waterfront Hotel (Percentage rent)	Through 5/2015	0% of annual gross revenue
	6/2016 - 5/2026	1.0% of annual gross revenue
	6/2026 - 5/2036	1.5% of annual gross revenue
	6/2036 - 5/2046	2.75% of annual gross revenue
	6/2046 - 5/2056	3.0% of annual gross revenue
	6/2056 - 5/2066	3.25% of annual gross revenue
	6/2066 - 5/2099	3.5% of annual gross revenue
JW Marriott Denver at Cherry Creek	1/2016 - 12/2020	$50,000
	1/2021 - 12/2025	$55,000
	1/2026 - 12/2030 (7)	$60,000
Shorebreak Hotel	Through 4/2016	$115,542
	5/2016 - 4/2021 (8)	$126,649
Orchards Inn Sedona	Through 6/2018	$117,780
	7/2018 - 12/2070	$123,499 (9)
Hotel Palomar Phoenix (Base Rent)	Through 3/2020	$16,875
	4/2020 - 3/2021	$33,750
	4/2021 - 3/2085	$34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11)	1/2022 - 12/2023	$390,000
	1/2024 - 12/2033	$312,000
	1/2034 - 12/2043	$234,000
	1/2044 - 12/2053	$156,000
	1/2054 - 12/2063	$78,000
	1/2064 - 3/2085	$—
Cavallo Point (Base Rent)	Through 12/2018	$1
	1/2019 - 12/2066	$67,034 (12)
Cavallo Point (13) (Percentage Rent)	Through 12/2018	1.0% of adjusted gross revenue over threshold
	1/2019 - 12/2023	2.0% of adjusted gross revenue over threshold
	1/2024 - 12/2028	3.0% of adjusted gross revenue over threshold
	1/2029 - 12/2033	4.0% of adjusted gross revenue over threshold
	1/2034 - 12/2066	5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent)	Through 12/2066	10.0% of adjusted gross revenue over threshold



Property	Term (1)	Annual Rent
Renaissance Worthington garage ground lease	8/2013 - 7/2022	$40,400
	8/2022 - 7/2037	$46,081
	8/2037 - 7/2052	$51,763
	8/2052 - 7/2067	$57,444

__________



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

(2)	Represents rent for the year ended December 31, 2019. Rent increases annually by 5.5%.

(3)	The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2019.

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



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

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

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

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

(9)	Represents rent from July 2019 through June 2020. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.

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

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

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

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

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

Fair Value Measurements and Interest Rate Swaps

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018, in thousands, are as follows:



	December 31, 2019				December 31, 2018
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,090,099	$	1,110,353	$	977,966	$	960,447
Interest rate swap liabilities	$	2,545	$	2,545	$	—	$	—

_______________


(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 December 31, 2019 and 2018, in thousands:



									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2019			December 31, 2018
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(1,597	)	$	—
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(948		)	—
									$	(2,545	)	$	—

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 December 31, 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

Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Quarterly Operating Results (Unaudited)



	2019 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	202,375	$	257,918	$	240,279	$	237,519
Total operating expenses	185,885		211,960		211,033		75,214
Operating income	$	16,490	$	45,958	$	29,246	$	162,305
Net income	$	8,980	$	29,074	$	11,574	$	134,583
Net income attributable to common stockholders	$	8,945	$	28,960	$	11,529	$	134,053
Net income per share available to common stockholders—basic	$	0.04	$	0.14	$	0.06	$	0.67
Net income per share available to common stockholders—diluted	$	0.04	$	0.14	$	0.06	$	0.66



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

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

DiamondRock Hospitality Company

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2019 (in thousands)



								Costs
				Initial Cost				Capitalized			Gross Amount at End of Year
						Building and		Subsequent to					Building and				Accumulated			Net Book		Year of	Depreciation
Description	Encumbrances			Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation			Value		Acquisition	Life
Atlanta Alpharetta Marriott	$	—		$	3,623	$	33,503	$	2,959		$	3,623	$	36,463	$	40,086	$	(12,626	)	$	27,460	2005	40 Years
Bethesda Marriott Suites	—			—		45,656		5,362			—		51,018		51,018		(18,026		)	32,992		2004	40 Years
Westin Boston Waterfront Hotel	(190,725		)	—		273,696		34,228			—		307,924		307,924		(95,988		)	211,936		2007	40 Years
Cavallo Point	—			—		123,100		2,613			—		125,713		125,713		(3,084		)	122,629		2018	40 Years
Chicago Marriott Downtown	—			36,900		347,921		97,018			36,900		444,939		481,839		(132,454		)	349,385		2006	40 Years
The Gwen Chicago	—			31,650		76,961		22,774			31,650		99,735		131,385		(27,568		)	103,817		2006	40 Years
Courtyard Denver	—			9,400		36,180		4,284			9,400		40,464		49,864		(8,009		)	41,855		2011	40 Years
Courtyard Manhattan/Fifth Avenue	—			—		34,685		4,925			—		39,610		39,610		(14,435		)	25,175		2004	40 Years
Courtyard Manhattan/Midtown East	(81,107		)	16,500		54,812		5,905			16,500		60,717		77,217		(21,832		)	55,385		2004	40 Years
Frenchman's Reef & Morning Star Beach Resort	—			17,713		50,697		17,949			17,713		68,646		86,359		(15,230		)	71,129		2005	40 Years
Havana Cabana Key West	—			32,888		13,371		5,336			32,888		18,707		51,595		(2,041		)	49,554		2014	40 Years
Hilton Boston Downtown	—			23,262		128,628		13,348			23,262		141,976		165,238		(25,725		)	139,513		2012	40 Years
Hilton Burlington	—			9,197		40,644		2,303			9,197		42,947		52,144		(8,061		)	44,083		2012	40 Years
Hilton Garden Inn/New York Times Square Central	—			60,300		88,896		636			60,300		89,533		149,833		(11,969		)	137,864		2014	40 Years
Hotel Emblem	—			7,856		21,085		7,821			7,856		28,906		36,762		(3,946		)	32,816		2012	40 Years
Hotel Palomar Phoenix	(2,943		)	—		59,703		(87		)	—		59,616		59,616		(2,781		)	56,835		2018	40 Years
JW Marriott Denver	(61,253		)	9,200		63,183		8,585			9,200		71,768		80,968		(13,996		)	66,972		2011	40 Years
The Landing at Lake Tahoe	—			14,816		24,351		810			14,816		25,161		39,977		(1,164		)	38,813		2018	40 Years
L'Auberge de Sedona	—			39,384		22,204		1,042			39,384		23,246		62,630		(2,468		)	60,162		2017	40 Years
Lexington Hotel New York	—			92,000		229,368		26,573			92,000		255,941		347,941		(52,236		)	295,705		2011	40 Years
Orchards Inn Sedona	—			9,726		10,180		115			9,726		10,295		20,021		(792		)	19,229		2017	40 Years
Renaissance Charleston Historic District	—			5,900		32,511		6,706			5,900		39,218		45,118		(8,139		)	36,979		2010	40 Years
Renaissance Worthington	(80,904		)	15,500		63,428		21,620			15,500		85,048		100,548		(25,203		)	75,345		2005	40 Years
Salt Lake City Marriott Downtown	(53,273		)	—		45,815		9,481			855		54,441		55,296		(18,310		)	36,986		2004	40 Years
Sheraton Suites Key West	—			49,592		42,958		9,646			49,592		52,604		102,196		(5,242		)	96,954		2015	40 Years
Shorebreak Hotel	—			19,908		37,525		3,599			19,908		41,124		61,032		(4,891		)	56,141		2015	40 Years
The Lodge at Sonoma, a Renaissance Resort and Spa	(26,963		)	3,951		22,720		8,816			3,951		31,536		35,487		(13,412		)	22,075		2004	40 Years
Vail Marriott Mountain Resort & Spa	—			5,800		52,463		25,767			5,800		78,230		84,030		(20,612		)	63,418		2005	40 Years
Westin Fort Lauderdale Beach Resort	—			54,293		83,227		10,662			54,293		93,889		148,182		(11,352		)	136,830		2014	40 Years
Westin San Diego	(61,851		)	22,902		95,617		9,279			22,902		104,896		127,798		(19,164		)	108,634		2012	40 Years
Westin Washington, D.C City Center	(60,550		)	24,579		122,229		13,044			24,579		135,273		159,852		(24,655		)	135,197		2012	40 Years
Total	$	(619,569	)	$	616,840	$	2,377,317	$	383,119		$	617,695	$	2,759,584	$	3,377,279	$	(625,411	)	$	2,751,868

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2019, 2018 and 2017 is as follows (in thousands):



Balance at December 31, 2016	$	2,917,634
Additions:
Acquisitions	81,494
Capital expenditures	68,573
Deductions:
Dispositions and other	(42,612		)
Balance at December 31, 2017	3,025,089
Additions:
Acquisitions	221,970
Capital expenditures	60,950
Deductions:
Dispositions and other	—
Balance at December 31, 2018	3,308,009
Additions:
Acquisitions	—
Capital expenditures	69,270
Deductions:
Dispositions and other	—
Balance at December 31, 2019	$	3,377,279

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2019, 2018 and 2017 is as follows (in thousands):



Balance at December 31, 2016	$	441,952
Depreciation and amortization	60,023
Dispositions and other	(9,104		)
Balance at December 31, 2017	492,871
Depreciation and amortization	63,997
Dispositions and other	—
Balance at December 31, 2018	556,868
Depreciation and amortization	68,543
Dispositions and other	—
Balance at December 31, 2019	$	625,411

C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $3,278,942 as of December 31, 2019.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 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. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties; Accounting for Impacts of Natural Disasters	Accounting for Impacts of Natural Disasters Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: •Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities •Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable •Level 3 - Model-derived valuations with unobservable inputs
Property and Equipment	Property and Equipment Following the adoption of FASB Accounting Standards Update (“ASU”) No. 2017-01, investments in hotel properties, including related land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are generally accounted for as asset acquisitions, which are recorded at total cost and allocated based on relative fair value. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, 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 classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and cease recording depreciation expense, and classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period.
Share-based Compensation	Share-Based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Comprehensive Income	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.
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. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the accompanying consolidated statements of operations.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash held in reserve 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 deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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 December 31, 2019 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 certain retail leases at our hotel properties, which are included in other revenue.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of gain on business interruption

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



	Year Ended December 31,
	2019		2018		2017
Frenchman's Reef	$	8,822	$	16,090	$	3,128
Havana Cabana Key West	—		2,137		923
The Lodge at Sonoma	—		1,152		—
Total	$	8,822	$	19,379	$	4,051

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2019 and 2018 consists of the following (in thousands):



	2019			2018
Land	$	617,695		$	617,695
Land improvements	7,994			7,994
Buildings	2,751,590			2,682,320
Furniture, fixtures and equipment	534,802			491,421
Construction in progress	126,464			38,623
	4,038,545			3,838,053
Less: accumulated depreciation	(1,011,776		)	(893,436		)
	$	3,026,769		$	2,944,617

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Components of ease 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):



	Year Ended
	December 31, 2019
Operating lease cost	$	11,248
Variable lease payments	$	1,466
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,239

Summary of operating lease maturities

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



Year Ending December 31,	As of December 31, 2019
2020	$	3,315
2021	4,805
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	779,157
Less imputed interest	(675,532		)
Total lease liabilities	$	103,625



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

Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Dividends Payable



Payment Date	Record Date	Distributions per Common Share/Unit
April 12, 2018	March 29, 2018	$0.125
July 12, 2018	June 29, 2018	$0.125
October 12, 2018	September 28, 2018	$0.125
January 14, 2019	January 4, 2019	$0.125
April 12, 2019	March 29, 2019	$0.125
July 12, 2019	June 28, 2019	$0.125
October 11, 2019	September 30, 2019	$0.125
January 13, 2020	January 2, 2020	$0.125

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Share Based Compensation Restricted Stock Activity

A summary of our restricted stock awards from January 1, 2017 to December 31, 2019 is as follows:



	Number of Shares		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2017	567,540		$	10.62
Granted	324,502		11.19
Forfeited	(16,669	)	10.80
Vested	(244,411	)	11.29
Unvested balance at December 31, 2017	630,962		10.66
Granted	349,091		10.19
Forfeited	(51,061	)	10.44
Vested	(287,148	)	11.02
Unvested balance at December 31, 2018	641,844		10.25
Granted	162,806		10.38
Forfeited	(21,534	)	10.37
Vested	(310,117	)	10.08
Unvested balance at December 31, 2019	472,999		$	10.40

Schedule of Performance Shares Issued

The ratio of total PSUs issued to executive officers is divided between the two metrics as follows:



Grant Year	Vesting Year	Total Shareholder Return			Hotel Market Share
2014	2017	100	%		—	%
2015	2018	100	%		—	%
2016	2019	75	%		25	%
2017	2020	50	%		50	%
2018	2021	50	%	(1)	50	%
2019	2022	50	%	(1)	50	%

______________________

(1)

The number of PSUs to be earned is limited to target if the Company's total stockholder return is negative for the performance period.

Summary of LTIP units

A summary of our LTIP units from January 1, 2019 to December 31, 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 December 31, 2019	244,366		$	10.65

Performance Stock Units

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

Fair Value Valuation Assumptions

The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions:



Award Grant Date	Volatility		Risk-Free Rate		Fair Value at Grant Date
February 26, 2017	26.7	%	1.46	%	$	10.89
March 2, 2018	26.9	%	2.40	%	$	9.52
April 2, 2018	26.9	%	2.37	%	$	9.00
March 1, 2019	24.3	%	2.54	%	$	9.68

Schedule of Nonvested Performance-based Units Activity

A summary of our PSUs from January 1, 2017 to December 31, 2019 is as follows:



	Number of Units		Weighted- Average Grant Date Fair Value
Unvested balance at January 1, 2017	686,684		$	10.65
Granted	266,009		11.04
Additional units from dividends	33,478		11.17
Vested (1)	(200,374	)	12.15
Unvested balance at December 31, 2017	785,797		10.42
Granted	293,111		9.82
Additional units from dividends	35,197		11.24
Vested (2)	(218,514	)	11.98
Forfeited	(113,668	)	9.86
Unvested balance at December 31, 2018	781,923		11.19
Granted	296,050		10.14
Additional units from dividends	40,662		10.00
Vested (3)	(251,375	)	8.80
Forfeited	(70,728	)	9.93
Unvested balance at December 31, 2019	796,532		$	11.16

______________________


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


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

(3)

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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	Years Ended December 31,
	2019			2018		2017
Numerator:
Net income attributable to common stockholders	$	183,487		$	87,784	$	91,877
Distributions declared on unvested share-based compensation	(132		)	—		—
Net income available to common stockholders	$	183,355		$	87,784	$	91,877
Denominator:
Weighted-average number of common shares outstanding—basic	202,009,750			205,462,911		200,784,450
Effect of dilutive securities:
Unvested restricted common stock	156,146			215,655		188,759
Shares related to unvested PSUs	575,734			452,584		548,259
Weighted-average number of common shares outstanding—diluted	202,741,630			206,131,150		201,521,468
Earnings per share:
Net income per share available to common stockholders—basic	$	0.91		$	0.43	$	0.46
Net income per share available to common stockholders—diluted	$	0.90		$	0.43	$	0.46

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Long Term Debt

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



				Principal Balance as of December 31,
Loan	Interest Rate		Maturity Date	2019			2018
Salt Lake City Marriott Downtown mortgage loan	4.25	%	November 2020	$	53,273		$	55,032
Westin Washington D.C. City Center mortgage loan	3.99	%	January 2023	60,550			62,734
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96	%	April 2023	26,963			27,633
Westin San Diego mortgage loan	3.94	%	April 2023	61,851			63,385
Courtyard Manhattan / Midtown East mortgage loan	4.40	%	August 2024	81,107			82,620
Renaissance Worthington mortgage loan	3.66	%	May 2025	80,904			82,540
JW Marriott Denver at Cherry Creek mortgage loan	4.33	%	July 2025	61,253			62,411
Boston Westin mortgage loan	4.36	%	November 2025	190,725			194,466
New Market Tax Credit loan (1)	5.17	%	December 2020	2,943			2,943
Unamortized debt issuance costs				(3,240		)	(4,017		)
Total mortgage and other debt, net of unamortized debt issuance costs				616,329			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				(1,230		)	(1,781		)
Unsecured term loans, net of unamortized debt issuance costs				398,770			348,219

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

Total debt, net of unamortized debt issuance costs				$	1,090,099		$	977,966
Weighted-Average Interest Rate	3.81%

_____________


(1)	Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 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 on January 7, 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.

Schedule of Maturities of Long-Term Debt

The aggregate debt maturities as of December 31, 2019 are as follows (in thousands):



2020	$	69,116
2021	13,518
2022	14,096
2023	194,650
2024	432,381
Thereafter	295,808
	$	1,019,569

Summary of Leverage and Applicable Margin

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



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

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

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	December 31, 2019
Maximum leverage ratio (1)	60%	28.5%
Minimum fixed charge coverage ratio (2)	1.50x	3.49x
Secured recourse indebtedness	Less than 45% of Total Asset Value	18.6%
Unencumbered leverage ratio	60.0%	26.0%
Unencumbered implied debt service coverage ratio	1.20x	2.84x

_____________________________


(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
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Acquired Assets and Liabilities

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



	Cavallo Point			Landing Resort & Spa			Hotel Palomar Phoenix
Land	$	—		$	14,816		$	—
Building and improvements	123,100			24,351			59,703
Furniture, fixtures and equipment	10,470			3,346			5,207
Construction in progress	1,734			—			—
Total fixed assets	135,304			42,513			64,910
Favorable lease asset	17,907			—			20,012
Unfavorable lease liability	—			—			(4,644		)
New Market Tax Credit loan assumption	—			—			(2,943		)
Other assets and liabilities, net	(5,083		)	(658		)	497
Total	$	148,128		$	41,855		$	77,832

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	Year Ended December 31,
	2019		2018			2017
Current - Federal	$	420	$	66		$	622
State	541		984			1,221
Foreign	49		460			662
	1,010		1,510			2,505
Deferred - Federal	80		1,857			6,432
State	132		178			425
Foreign	20,806		(444		)	845
	21,018		1,591			7,702
Income tax provision	$	22,028	$	3,101		$	10,207

Schedule of Effective Income Tax Rate Reconciliation

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



	Year Ended December 31,
	2019			2018			2017
Statutory federal tax provision (1)	$	43,313		$	19,089		$	35,729
Tax impact of REIT election	(14,125		)	(14,439		)	(22,277		)
State income tax provision, net of federal tax benefit	532			705			1,652
Foreign income tax benefit	(6,998		)	(2,927		)	(430		)
Tax reform impact on U.S. taxes	—			—			(2,143		)
Tax reform impact on foreign taxes	—			—			(2,076		)
Other	(694		)	673			(248		)
Income tax provision	$	22,028		$	3,101		$	10,207

_____________________________

(1)

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

Schedule of Deferred Tax Assets and Liabilities

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



	2019			2018
Federal
Net operating loss carryforwards	$	—		$	1,983
Deferred income related to key money	2,382			2,465
Alternative minimum tax credit carryforwards	—			103
Other	529			326
Depreciation and amortization	(7,928		)	(9,188		)
Federal - Deferred tax (liabilities) assets, net	$	(5,017	)	$	(4,311	)

State
Net operating loss carryforwards	$	2,572		$	2,975
Deferred income related to key money	735			780
Alternative minimum tax credit carryforwards	80			80
Other	167			103
Depreciation and amortization	(2,446		)	(2,906		)
Less: Valuation allowance	(700		)	(700		)
State - Deferred tax assets, net	$	408		$	332

Foreign (USVI)
Deferred income related to key money	$	—		$	—
Depreciation and amortization	(21,060		)	(255		)
Other	—			—
Land basis recorded in purchase accounting	(2,617		)	(2,617		)
Foreign - Deferred tax liabilities, net	$	(23,677	)	$	(2,872	)

Relationships with Managers and Franchisors (Tables)

12 Months Ended

Dec. 31, 2019

Relationships With Managers [Abstract]

Summary of Management Fees from Continuing Operations

The following is a summary of management fees for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	Year Ended December 31,
	2019			2018			2017
Base management fees	$	21,712		$	20,467		$	22,265
Incentive management fees	5,705			5,805			6,259
Amortization of deferred income related to key money	(227		)	(2,398		)	(4,840		)
Amortization of unfavorable contract liabilities	(1,715		)	(1,715		)	(1,715		)
Total management fees, net	$	25,475		$	22,159		$	21,969

Schedule of franchise fees

The following is a summary of franchise fees for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	Year Ended December 31,
	2019			2018			2017
Franchise fees	$	27,102		$	26,348		$	24,890
Amortization of deferred income related to key money (1)	(170		)	(170		)	(920		)
Total franchise fees, net	$	26,932		$	26,178		$	23,970

_____________________________


(1)	Relates to key money received for the Lexington Hotel New York.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Current and Future Minimum Rental Payments for Ground Leases

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



Property	Term (1)	Annual Rent
Bethesda Marriott Suites	Through 4/2087	$824,341 (2)
Courtyard Manhattan/Fifth Avenue (3)	10/2007 - 9/2017	$906,000
	10/2017 - 9/2027	$1,132,812
	10/2027 - 9/2037	$1,416,015
	10/2037 - 9/2047	$1,770,019
	10/2047 - 9/2057	$2,212,524
	10/2057 - 9/2067	$2,765,655
	10/2067 - 9/2077	$3,457,069
	10/2077 - 9/2085	$4,321,336
Salt Lake City Marriott Downtown (Ground lease for hotel) (4)	Through 12/2056	Greater of $132,000 or 2.6% of annual gross room sales
Salt Lake City Marriott Downtown (Ground lease for extension)	1/2013 - 12/2016	$11,305
	1/2017 - 12/2017	$13,000
	1/2018 - 12/2056 (5)	$13,500
Westin Boston Waterfront Hotel (6) (Base rent)	1/2016 - 12/2020	$750,000
	1/2021 - 12/2025	$1,000,000
	1/2026 - 12/2030	$1,500,000
	1/2031 - 12/2035	$1,750,000
	1/2036 - 5/2099	No base rent
Westin Boston Waterfront Hotel (Percentage rent)	Through 5/2015	0% of annual gross revenue
	6/2016 - 5/2026	1.0% of annual gross revenue
	6/2026 - 5/2036	1.5% of annual gross revenue
	6/2036 - 5/2046	2.75% of annual gross revenue
	6/2046 - 5/2056	3.0% of annual gross revenue
	6/2056 - 5/2066	3.25% of annual gross revenue
	6/2066 - 5/2099	3.5% of annual gross revenue
JW Marriott Denver at Cherry Creek	1/2016 - 12/2020	$50,000
	1/2021 - 12/2025	$55,000
	1/2026 - 12/2030 (7)	$60,000
Shorebreak Hotel	Through 4/2016	$115,542
	5/2016 - 4/2021 (8)	$126,649
Orchards Inn Sedona	Through 6/2018	$117,780
	7/2018 - 12/2070	$123,499 (9)
Hotel Palomar Phoenix (Base Rent)	Through 3/2020	$16,875
	4/2020 - 3/2021	$33,750
	4/2021 - 3/2085	$34,594 (10)
Hotel Palomar Phoenix (Government Property Lease Excise Tax) (11)	1/2022 - 12/2023	$390,000
	1/2024 - 12/2033	$312,000
	1/2034 - 12/2043	$234,000
	1/2044 - 12/2053	$156,000
	1/2054 - 12/2063	$78,000
	1/2064 - 3/2085	$—
Cavallo Point (Base Rent)	Through 12/2018	$1
	1/2019 - 12/2066	$67,034 (12)
Cavallo Point (13) (Percentage Rent)	Through 12/2018	1.0% of adjusted gross revenue over threshold
	1/2019 - 12/2023	2.0% of adjusted gross revenue over threshold
	1/2024 - 12/2028	3.0% of adjusted gross revenue over threshold
	1/2029 - 12/2033	4.0% of adjusted gross revenue over threshold
	1/2034 - 12/2066	5.0% of adjusted gross revenue over threshold
Cavallo Point (14) (Participation Rent)	Through 12/2066	10.0% of adjusted gross revenue over threshold



Property	Term (1)	Annual Rent
Renaissance Worthington garage ground lease	8/2013 - 7/2022	$40,400
	8/2022 - 7/2037	$46,081
	8/2037 - 7/2052	$51,763
	8/2052 - 7/2067	$57,444

__________



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

(2)	Represents rent for the year ended December 31, 2019. Rent increases annually by 5.5%.

(3)	The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2019.

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



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

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

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

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

(9)	Represents rent from July 2019 through June 2020. On July 1, 2018, rent increased based on a Consumer Price Index calculation, and will continue to do so annually through the end of the lease.

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

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

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

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

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

Fair Value Measurements and Interest Rate Swaps (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018, in thousands, are as follows:



	December 31, 2019				December 31, 2018
	Carrying Amount (1)		Fair Value		Carrying Amount (1)		Fair Value
Debt	$	1,090,099	$	1,110,353	$	977,966	$	960,447
Interest rate swap liabilities	$	2,545	$	2,545	$	—	$	—

_______________

(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 December 31, 2019 and 2018, in thousands:



									Fair Value of Assets (Liabilities)
Hedged Debt	Type	Rate Fixed		Index	Effective Date	Maturity Date	Notional Amount		December 31, 2019			December 31, 2018
$50 million term loan	Swap	2.41	%	1-Month LIBOR	January 7, 2019	October 18, 2023	$	50,000	$	(1,597	)	$	—
$350 million term loan	Swap	1.70	%	1-Month LIBOR	July 25, 2019	July 25, 2024	$	175,000	(948		)	—
									$	(2,545	)	$	—

Quarterly Operating Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information



	2019 Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share data)
Total revenue	$	202,375	$	257,918	$	240,279	$	237,519
Total operating expenses	185,885		211,960		211,033		75,214
Operating income	$	16,490	$	45,958	$	29,246	$	162,305
Net income	$	8,980	$	29,074	$	11,574	$	134,583
Net income attributable to common stockholders	$	8,945	$	28,960	$	11,529	$	134,053
Net income per share available to common stockholders—basic	$	0.04	$	0.14	$	0.06	$	0.67
Net income per share available to common stockholders—diluted	$	0.04	$	0.14	$	0.06	$	0.66



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

Organization - Narrative (Details)	12 Months Ended
Organization - Narrative (Details)	Dec. 31, 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
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
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
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
South Lake Tahoe, California
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Washington D.C.
Real Estate Properties [Line Items]
Number of hotels (in hotels)	2
St. Thomas, U.S. Virgin Islands
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels (in hotels)	1
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
Ownership interest	99.60%
Limited partner, ownership interest	0.40%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	1 Months Ended			2 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Jul. 31, 2018	Feb. 26, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Property, Plant and Equipment [Line Items]
Unrecognized tax benefits	$ 0				$ 0	$ 0
Proceeds from insurance settlement, property and business interruption	246,800,000				142,500,000	85,000,000.0	$ 10,000,000.0
Insured event, gain					144,192,000	1,724,000	0
Gain on business interruption insurance					8,822,000	19,379,000	4,051,000
Lease liabilities	103,625,000				103,625,000
Right-of-use assets	98,145,000				$ 98,145,000
Minimum \| Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)					5 years
Minimum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)					1 year
Maximum \| Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)					40 years
Maximum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)					10 years
Frenchman's Reef
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption	$ 238,500,000
Proceeds from insurance settlement, business interruption		$ 1,400,000
Gain on business interruption insurance					$ 8,822,000	16,090,000	3,128,000
Havana Cabana Key West
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption			$ 8,300,000
Insured event, gain			1,700,000
Gain on business interruption insurance					0	2,137,000	923,000
The Lodge at Sonoma
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, business interruption			$ 1,300,000
Gain on business interruption insurance					$ 0	$ 1,152,000	$ 0
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
Property, Plant and Equipment [Line Items]
Proceeds from insurance settlement, property and business interruption				$ 10,700,000

Summary of Significant Accounting Policies - Schedule of Gain on Business Interruption (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 8,822	$ 19,379	$ 4,051
Frenchman's Reef
Business Interruption Loss [Line Items]
Gain on business interruption insurance	8,822	16,090	3,128
Havana Cabana Key West
Business Interruption Loss [Line Items]
Gain on business interruption insurance	0	2,137	923
The Lodge at Sonoma
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 0	$ 1,152	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment
Property and equipment, at cost	$ 4,038,545	$ 3,838,053
Less: accumulated depreciation	(1,011,776)	(893,436)
Property and equipment, net	3,026,769	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
Property and Equipment
Property and equipment, at cost	2,751,590	2,682,320
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, at cost	534,802	491,421
Construction in progress
Property and Equipment
Property and equipment, at cost	$ 126,464	$ 38,623

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 13.1	$ 12.4

Leases - Narrative (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	66 years
Weighted-average discount rate	5.77%

Leases - Lease Cost and Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 11,248
Variable lease payments	1,466
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,239

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 3,315
2021	4,805
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	779,157
Less imputed interest	(675,532)
Total lease liabilities	$ 103,625
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020		$ 5,232
2021		4,866
2022		6,132
2023		5,122
2024		5,096
Thereafter		636,770
Total		$ 663,218

Equity - Narrative (Details)	12 Months Ended
Equity - Narrative (Details)	Dec. 31, 2019 USD ($) vote $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)	Feb. 28, 2020 USD ($)
Dividends Payable [Line Items]
Common stock, shares authorized (in shares) \| shares	400,000,000	400,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock votes \| vote	1
Payments for Repurchase of Common Stock	$ 42,828,000	$ 32,182,000	$ 0
Common stock repurchased and retired	$ 42,828,000	$ 32,182,000
Preferred stock, shares authorized (in shares) \| shares	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) \| shares	0	0
Distribution per unit (in dollars per share) \| $ / shares		$ 11.76
Operating partnership units option to redeem for common stock	1
Unaffiliated Third Parties
Dividends Payable [Line Items]
Units of partnership interest, amount (in shares) \| shares	792,131	796,684
Common Stock
Dividends Payable [Line Items]
Aggregate offering price	$ 200,000,000
Amount authorized to be repurchased	$ 250,000,000
Shares repurchased during period (in shares) \| shares	4,428,947	3,384,359
Average cost per share (in dollars per share) \| $ / shares	$ 9.65
Payments for Repurchase of Common Stock	$ 42,800,000
Common stock repurchased and retired	$ 44,000	$ 34,000
Subsequent Event
Dividends Payable [Line Items]
Value amount of shares authorized to be repurchased (up to)				$ 175,200,000

Equity - Schedule of Dividends Payable (Details) - $ / shares	Jan. 13, 2020	Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019	Jan. 14, 2019	Oct. 12, 2018	Jul. 12, 2018	Apr. 12, 2018
Dividends Payable [Line Items]
Payment Date		Oct. 11, 2019	Jul. 12, 2019	Apr. 12, 2019	Jan. 14, 2019	Oct. 12, 2018	Jul. 12, 2018	Apr. 12, 2018
Record Date		Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Jan. 04, 2019	Sep. 28, 2018	Jun. 29, 2018	Mar. 29, 2018
Dividends per share (in dollars per share)		$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125
Subsequent Event
Dividends Payable [Line Items]
Payment Date	Jan. 13, 2020
Record Date	Jan. 02, 2020
Dividends per share (in dollars per share)	$ 0.125

Stock Incentive Plans - Narrative (Details) - USD ($)	12 Months Ended
Stock Incentive Plans - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date (in shares)	237,866
Expected to vest two years from balance sheet date (in shares)	139,152
Expected to vest three years from balance sheet date (in shares)	32,005
Expected to vest four years from balance sheet (in shares)	63,976
Unrecognized compensation cost	$ 2,900,000
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	22 months
Compensation expense	$ 2,600,000	$ 3,100,000	$ 3,100,000
Number of shares, Granted (in shares)	162,806	349,091	324,502
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.38	$ 10.19	$ 11.19
Number of shares, Vested (in shares)	310,117	287,148	244,411
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment, vesting period (years)	3 years
Expected to vest one year from balance sheet date (in shares)	243,022
Expected to vest two years from balance sheet date (in shares)	287,477
Expected to vest three years from balance sheet date (in shares)	266,033
Unrecognized compensation cost	$ 3,000,000.0
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	21 months
Performance period	3 years
Maximum possible payout to executive officer as a percentage of the target award (as a percent)	150.00%
Compensation expense	$ 2,400,000	$ 1,900,000	$ 2,500,000
Compensation expense, forfeitures		$ 1,000,000.0
Number of shares, Granted (in shares)	296,050	293,111	266,009
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.14	$ 9.82	$ 11.04
Number of shares, Vested (in shares)	251,375	218,514	200,374
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,900,000
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	26 months
Compensation expense	$ 700,000	$ 0	$ 0
Number of shares, Granted (in shares)	281,925
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.65
Number of shares, 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 (in shares)	6,082,664
Number of shares issued or committed to issue (in shares)	1,351,686
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares (as a percent)	30.00%
Minimum \| Performance Stock Units \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares (as a percent)	75.00%

Stock Incentive Plans - Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock
Number of Units
Number of shares, Beginning Balance (in shares)	641,844	630,962	567,540
Number of shares, Granted (in shares)	162,806	349,091	324,502
Number of shares, Forfeited (in shares)	(21,534)	(51,061)	(16,669)
Number of shares, Vested (in shares)	(310,117)	(287,148)	(244,411)
Number of shares, Ending Balance (in shares)	472,999	641,844	630,962
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 10.25	$ 10.66	$ 10.62
Weighted-average grant date fair value, Granted (in dollars per share)	10.38	10.19	11.19
Weighted-average grant date fair value, Forfeited (in dollars per share)	10.37	10.44	10.80
Weighted-average grant date fair value, Vested (in dollars per share)	10.08	11.02	11.29
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 10.40	$ 10.25	$ 10.66
Performance Shares
Number of Units
Number of shares, Beginning Balance (in shares)	781,923	785,797	686,684
Number of shares, Granted (in shares)	296,050	293,111	266,009
Number of shares, Forfeited (in shares)	(70,728)	(113,668)
Number of shares, Vested (in shares)	(251,375)	(218,514)	(200,374)
Number of shares, Ending Balance (in shares)	796,532	781,923	785,797
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 11.19	$ 10.42	$ 10.65
Weighted-average grant date fair value, Granted (in dollars per share)	10.14	9.82	11.04
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.93	9.86
Weighted-average grant date fair value, Vested (in dollars per share)	8.80	11.98	12.15
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 11.16	$ 11.19	$ 10.42

Stock Incentive Plans - Performance Stock Units Issued (Details) - Executive Officer - Performance Stock Units	12 Months Ended
	Dec. 31, 2019
2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	100.00%
Hotel Market Share	0.00%
2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	100.00%
Hotel Market Share	0.00%
2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	75.00%
Hotel Market Share	25.00%
2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	50.00%
Hotel Market Share	50.00%
2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	50.00%
Hotel Market Share	50.00%
2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shareholder Return	50.00%
Hotel Market Share	50.00%

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.14	$ 9.82	$ 11.04
February 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.70%
Risk-Free Rate	1.46%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 10.89
March 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.40%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.52
April 2, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	26.90%
Risk-Free Rate	2.37%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.00
March 1, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24.30%
Risk-Free Rate	2.54%
Weighted-average grant date fair value, Granted (in dollars per share)	$ 9.68

Stock Incentive Plans - Performance Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted- Average Grant Date Fair Value
Stock of common stock earned for the PSUs vested (as a percent)	0.00%
Performance Stock Units
Number of Units
Number of shares, Beginning Balance (in shares)	781,923	785,797	686,684
Number of shares, Granted (in shares)	296,050	293,111	266,009
Number of shares, Additional units from dividends	40,662	35,197	33,478
Number of shares, Vested (in shares)	(251,375)	(218,514)	(200,374)
Number of shares, Forfeited (in shares)	(70,728)	(113,668)
Number of shares, Ending Balance (in shares)	796,532	781,923	785,797
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share)	$ 11.19	$ 10.42	$ 10.65
Weighted-average grant date fair value, Granted (in dollars per share)	10.14	9.82	11.04
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share)	10.00	11.24	11.17
Weighted-average grant date fair value, Vested (in dollars per share)	8.80	11.98	12.15
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.93	9.86
Weighted-average grant date fair value, Ending balance (in dollars per share)	$ 11.16	$ 11.19	$ 10.42
Stock of common stock earned for the PSUs vested (as a percent)	74.33%	51.75%
Share based payment, vesting period (years)	3 years

Stock Incentive Plans - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Number of Units
Number of shares, Beginning Balance (in shares) \| shares	0
Number of shares, Granted (in shares) \| shares	281,925
Number of shares, Forfeited (in shares) \| shares	(37,559)
Number of shares, Ending Balance (in shares) \| shares	244,366
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value, Beginning balance (in dollars per share) \| $ / shares	$ 0
Weighted-average grant date fair value, Granted (in dollars per share) \| $ / shares	10.65
Weighted-average grant date fair value, Forfeited (in dollars per share) \| $ / shares	10.65
Weighted-average grant date fair value, Ending balance (in dollars per share) \| $ / shares	$ 10.65

Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income attributable to common stockholders	$ 134,053	$ 11,529	$ 28,960	$ 8,945	$ 23,994	$ 31,443	$ 28,009	$ 4,338	$ 183,487	$ 87,784	$ 91,877
Distributions declared on unvested share-based compensation									(132)	0	0
Net income available to common stockholders									$ 183,355	$ 87,784	$ 91,877
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)									202,009,750	205,462,911	200,784,450
Effect of dilutive securities:
Unvested restricted common stock (in shares)									156,146	215,655	188,759
Shares related to unvested PSUs (in shares)									575,734	452,584	548,259
Weighted-average number of common shares outstanding—diluted (in shares)									202,741,630	206,131,150	201,521,468
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.67	$ 0.06	$ 0.14	$ 0.04	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.91	$ 0.43	$ 0.46
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.66	$ 0.06	$ 0.14	$ 0.04	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.90	$ 0.43	$ 0.46

Debt - Schedule of Long Term Debt (Details) - USD ($)		12 Months Ended
Debt - Schedule of Long Term Debt (Details) - USD ($)	Jul. 25, 2019	Dec. 31, 2019	Jul. 31, 2019	Jul. 24, 2019	Jan. 07, 2019	Dec. 31, 2018	Mar. 01, 2018
Debt Instrument [Line Items]
Principal Balance		$ 1,019,569,000
Total mortgage and other debt, net of unamortized debt issuance costs		616,329,000				$ 629,747,000
Total debt		1,090,099,000				977,966,000
Senior unsecured credit facility		$ 75,000,000				0
Weighted-Average Interest Rate		3.81%
Unsecured Term Loan Due October 2023 \| LIBOR
Debt Instrument [Line Items]
Interest rate at period end					2.41%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (3,240,000)				(4,017,000)
Total mortgage and other debt, net of unamortized debt issuance costs		616,329,000				629,747,000
Unsecured term loan
Debt Instrument [Line Items]
Unamortized debt issuance costs		(1,230,000)				(1,781,000)
Total debt		$ 398,770,000				348,219,000
Unsecured term loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Unsecured term loan \| Unsecured Term Loan Due May 2021
Debt Instrument [Line Items]
Principal Balance		$ 0				100,000,000
Interest rate description		LIBOR + 1.45%
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				200,000,000
Interest rate description		LIBOR + 1.45%
Unsecured term loan \| Unsecured Term Loan Due April 2022 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
Unsecured term loan \| Unsecured Term Loan Due October 2023
Debt Instrument [Line Items]
Principal Balance		$ 50,000,000	$ 50,000,000			50,000,000
Interest rate description		LIBOR + 1.40%
Unsecured term loan \| Unsecured Term Loan Due October 2023 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Unsecured term loan \| Unsecured Term Loan Due July 2024
Debt Instrument [Line Items]
Principal Balance		$ 350,000,000				0
Interest rate description		LIBOR + 1.40%
Unsecured term loan \| Unsecured Term Loan Due July 2024 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Unsecured term loan \| Unsecured Term Loan, $175 million
Debt Instrument [Line Items]
Principal Balance	$ 175,000,000
Unsecured term loan \| Unsecured Term Loan, $175 million \| London Interbank Offered Rate (LIBOR) Swap Rate \| Interest Rate Swap
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Senior unsecured credit facility
Debt Instrument [Line Items]
Interest rate description		LIBOR + 1.45%
Senior unsecured credit facility		$ 75,000,000				0
Senior unsecured credit facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Senior unsecured credit facility \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000			$ 300,000,000
Senior unsecured credit facility \| Senior Unsecured Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
Salt Lake City Marriott Downtown mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		4.25%
Principal Balance		$ 53,273,000				55,032,000
Westin Washington D.C. City Center mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		3.99%
Principal Balance		$ 60,550,000				62,734,000
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		3.96%
Principal Balance		$ 26,963,000				27,633,000
Westin San Diego mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		3.94%
Principal Balance		$ 61,851,000				63,385,000
Courtyard Manhattan / Midtown East mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		4.40%
Principal Balance		$ 81,107,000				82,620,000
Renaissance Worthington mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		3.66%
Principal Balance		$ 80,904,000				82,540,000
JW Marriott Denver at Cherry Creek \| Mortgages
Debt Instrument [Line Items]
Interest Rate		4.33%
Principal Balance		$ 61,253,000				62,411,000
Boston Westin mortgage loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		4.36%
Principal Balance		$ 190,725,000				194,466,000
New Market Tax Credit loan \| Mortgages
Debt Instrument [Line Items]
Interest Rate		5.17%
Principal Balance		$ 2,943,000				$ 2,943,000	$ 2,900,000

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 69,116
2021	13,518
2022	14,096
2023	194,650
2024	432,381
Thereafter	295,808
Total debt	$ 1,019,569

Debt - Mortgage Debt (Details) $ in Thousands	Dec. 31, 2019 USD ($) hotel	Dec. 31, 2018 USD ($)	Mar. 01, 2018 USD ($)
Debt Instrument [Line Items]
Number of hotel properties secured by mortgage debt (in hotels) \| hotel	8
Number of hotels (in hotels) \| hotel	31
Principal Balance \| $	$ 1,019,569
Mortgages \| New Market Tax Credit loan
Debt Instrument [Line Items]
Principal Balance \| $	$ 2,943	$ 2,943	$ 2,900
Interest Rate	5.17%

Debt - Senior Unsecured Credit Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 26, 2020	Jul. 25, 2019	Jul. 24, 2019
Line of Credit Facility [Line Items]
Percent of unused portion, line of credit facility, triggering lower commitment fee percentage	50.00%
Senior unsecured credit facility	$ 75,000,000	$ 0
Subsequent Event
Line of Credit Facility [Line Items]
Senior unsecured credit facility				$ 75,000,000
Minimum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.20%
Maximum
Line of Credit Facility [Line Items]
Commitment fee on unused percentage	0.30%
Senior unsecured credit facility
Line of Credit Facility [Line Items]
Senior unsecured credit facility	$ 75,000,000	0
Interest and unused credit facility fees	$ 3,700,000	$ 1,200,000	$ 1,000,000.0
Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.40%
Senior Unsecured Credit Facility \| Senior 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 \| Senior unsecured credit facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.45%
Senior Unsecured Credit Facility \| Senior unsecured credit facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Senior Unsecured Credit Facility \| Senior unsecured credit facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%

Debt - Schedule of Ratio of Net Indebtedness (Details) - Line of Credit	12 Months Ended
	Dec. 31, 2019
Less than or equal to 30% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.30
Greater than 30% but less than or equal to 35% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.30
Greater than 30% but less than or equal to 35% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Greater than 35% but less than or equal to 40% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Greater than 35% but less than or equal to 40% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.4
Greater than 40% but less than or equal to 45% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.4
Greater than 40% but less than or equal to 45% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Greater than 45% but less than or equal to 50% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Greater than 45% but less than or equal to 50% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Greater than 50% but less than or equal to 55% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Greater than 50% but less than or equal to 55% \| Maximum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
Greater than 55% \| Minimum
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.40%
LIBOR \| Less than or equal to 30%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.40%
LIBOR \| Greater than 30% but less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.45%
LIBOR \| Greater than 35% but less than or equal to 40%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.50%
LIBOR \| Greater than 40% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.55%
LIBOR \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.70%
LIBOR \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	1.90%
LIBOR \| Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Applicable Margin	2.05%

Debt - Schedule of Debt Covenants (Details)	12 Months Ended
Debt - Schedule of Debt Covenants (Details)	Dec. 31, 2019
Line Of Credit Facility Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.60
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45.00%
Unencumbered leverage ratio	60.00%
Unencumbered implied debt service coverage ratio	1.20
Line Of Credit Facility Covenant Actual Results
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.285
Minimum fixed charge coverage ratio	3.49
Secured recourse indebtedness	18.60%
Unencumbered leverage ratio	26.00%
Unencumbered implied debt service coverage ratio	2.84

Debt - Unsecured Term Loans (Details)	12 Months Ended
Debt - Unsecured Term Loans (Details)	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jul. 31, 2019 USD ($)	Jul. 25, 2019 USD ($)	Jan. 07, 2019
Line Of Credit Facility Leverage Range [Line Items]
Number of term loans \| loan	2
Outstanding principal balance	$ 1,019,569,000
Loss on early extinguishment of debt	$ 2,373,000	$ 0	$ 274,000
LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Interest rate at period end						2.41%
Less than or equal to 30% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.35%
Greater than 30% but less than or equal to 35% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.40%
Greater than 35% but less than or equal to 40% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Greater than 40% but less than or equal to 45% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.50%
Greater than 45% but less than or equal to 50% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.65%
Greater than 50% but less than or equal to 55% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.85%
Greater than 55% \| LIBOR \| $100 Million and $200 Million Term Loans
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	2.00%
Line Of Credit Facility Covenant Actual Results
Line Of Credit Facility Leverage Range [Line Items]
Maximum leverage ratio	0.285
Unsecured term loan
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Accordion feature, higher borrowing capacity					$ 1,200,000,000
Unsecured term loan \| Unsecured Term Loan Due July 2024
Line Of Credit Facility Leverage Range [Line Items]
Debt instrument, term (in years)	5 years
Outstanding principal balance	$ 350,000,000	0
Unsecured term loan \| Unsecured Term Loan Due April 2022
Line Of Credit Facility Leverage Range [Line Items]
Number of term loans \| loan	2
Outstanding principal balance	$ 0	200,000,000
Unsecured term loan \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Outstanding principal balance	$ 50,000,000	50,000,000		$ 50,000,000
Unsecured term loan \| Unsecured Term Loan, $175 million
Line Of Credit Facility Leverage Range [Line Items]
Outstanding principal balance					$ 175,000,000
Unsecured term loan \| LIBOR
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.35%
Interest incurred on the facility	$ 13,700,000	$ 10,600,000	$ 6,200,000
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due July 2024
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.40%
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due April 2022
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.45%
Unsecured term loan \| LIBOR \| Unsecured Term Loan Due October 2023
Line Of Credit Facility Leverage Range [Line Items]
Basis spread on variable rate	1.40%
Unsecured term loan \| Minimum \| Greater than 30% but less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.30
Unsecured term loan \| Minimum \| Greater than 35% but less than or equal to 40%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Unsecured term loan \| Minimum \| Greater than 40% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.4
Unsecured term loan \| Minimum \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Unsecured term loan \| Minimum \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Unsecured term loan \| Minimum \| Greater than 55%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55
Unsecured term loan \| Maximum \| Less than or equal to 30%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.30
Unsecured term loan \| Maximum \| Greater than 30% but less than or equal to 35%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.35
Unsecured term loan \| Maximum \| Greater than 35% but less than or equal to 40%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.4
Unsecured term loan \| Maximum \| Greater than 40% but less than or equal to 45%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.45
Unsecured term loan \| Maximum \| Greater than 45% but less than or equal to 50%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.5
Unsecured term loan \| Maximum \| Greater than 50% but less than or equal to 55%
Line Of Credit Facility Leverage Range [Line Items]
Leverage Ratio	0.55

Acquisitions - Narrative (Details) $ in Thousands			12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Dec. 12, 2018 USD ($) room	Mar. 01, 2018 USD ($) room	Dec. 31, 2019 USD ($) acquisition	Jul. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| acquisition			0
Outstanding principal balance			$ 1,019,569
Unfavorable off-market lease			(67,422)		$ (73,151)
Landing Resort & Spa
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		77
Purchase price		$ 42,000
Favorable lease asset		$ 0
Hotel Palomar Phoenix
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room		242
Purchase price		$ 80,000
Outstanding principal balance		2,900
Favorable lease asset		$ 20,000
Percentage of lease payments		50.00%
Unfavorable off-market lease		$ (4,600)
Favorable lease asset		$ 20,012
Cavallo Point
Business Acquisition [Line Items]
Number of rooms acquired (in rooms) \| room	142
Purchase price	$ 152,000
Favorable lease asset	$ 17,907
Unsecured term loan \| Unsecured Term Loan Due October 2023
Business Acquisition [Line Items]
Outstanding principal balance			$ 50,000	$ 50,000	$ 50,000

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 12, 2018	Mar. 01, 2018
Schedule of Acquired Assets and Liabilities
New Market Tax Credit loan assumption	$ (1,090,099)	$ (977,966)
Cavallo Point
Schedule of Acquired Assets and Liabilities
Land			$ 0
Building and improvements			123,100
Furniture, fixtures and equipment			10,470
Construction in progress			1,734
Total fixed assets			135,304
Favorable lease asset			17,907
Unfavorable lease liability			0
New Market Tax Credit loan assumption			0
Other assets and liabilities, net			(5,083)
Total			$ 148,128
Landing Resort & Spa
Schedule of Acquired Assets and Liabilities
Land				$ 14,816
Building and improvements				24,351
Furniture, fixtures and equipment				3,346
Construction in progress				0
Total fixed assets				42,513
Favorable lease asset				0
Unfavorable lease liability				0
New Market Tax Credit loan assumption				0
Other assets and liabilities, net				(658)
Total				41,855
Hotel Palomar Phoenix
Schedule of Acquired Assets and Liabilities
Land				0
Building and improvements				59,703
Furniture, fixtures and equipment				5,207
Construction in progress				0
Total fixed assets				64,910
Favorable lease asset				20,012
Unfavorable lease liability				(4,644)
New Market Tax Credit loan assumption				(2,943)
Other assets and liabilities, net				497
Total				$ 77,832

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Income Tax Expense (Benefit)
Federal	$ 420	$ 66	$ 622
State	541	984	1,221
Foreign	49	460	662
Current Income Tax Expense (Benefit)	1,010	1,510	2,505
Deferred Income Tax Expense (Benefit)
Federal	80	1,857	6,432
State	132	178	425
Foreign	20,806	(444)	845
Deferred Income Tax Expense (Benefit)	21,018	1,591	7,702
Income tax provision	$ 22,028	$ 3,101	$ 10,207

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision	$ 43,313	$ 19,089	$ 35,729
Tax impact of REIT election	(14,125)	(14,439)	(22,277)
State income tax provision, net of federal tax benefit	532	705	1,652
Foreign income tax benefit	(6,998)	(2,927)	(430)
Tax reform impact on U.S. taxes	0	0	(2,143)
Tax reform impact on foreign taxes	0	0	(2,076)
Other	(694)	673	(248)
Income tax provision	$ 22,028	$ 3,101	$ 10,207

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act of 2017, decrease to deferred income tax provisions				$ 4,200
Tax Cuts and Jobs Act of 2017, transition tax obligation				17,800
Tax Cuts and Jobs Act of 2017, increase in taxable income				1,500
Franchise tax expense		$ 300	$ 300	$ 200
Frenchman's Reef & Morning Star Beach Resort
Income Tax Contingency [Line Items]
New adjusted tax rate after the reduction (as a percent)		4.40%
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 2,572	2,975
Valuation allowance		$ 700	$ 700
Scenario, Forecast \| Frenchman's Reef & Morning Star Beach Resort
Income Tax Contingency [Line Items]
New adjusted tax rate after the reduction (as a percent)	2.30%

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 0	$ 1,983
Deferred income related to key money	2,382	2,465
Alternative minimum tax credit carryforwards	0	103
Other	529	326
Depreciation and amortization	(7,928)	(9,188)
Deferred tax liabilities, net	(5,017)	(4,311)
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,572	2,975
Deferred income related to key money	735	780
Alternative minimum tax credit carryforwards	80	80
Other	167	103
Depreciation and amortization	(2,446)	(2,906)
Less: Valuation allowance	(700)	(700)
Deferred tax assets, net	408	332
Foreign (USVI)
Operating Loss Carryforwards [Line Items]
Deferred income related to key money	0	0
Other	0	0
Depreciation and amortization	(21,060)	(255)
Deferred tax liabilities, net	(23,677)	(2,872)
Land basis recorded in purchase accounting	$ (2,617)	$ (2,617)

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capitalized Contract Cost [Line Items]
Base management fees	$ 21,712	$ 20,467	$ 22,265
Incentive management fees	5,705	5,805	6,259
Amortization of deferred income related to key money	(227)	(2,398)	(4,840)
Amortization of unfavorable contract liabilities	(1,715)	(1,715)	(1,715)
Management fees
Capitalized Contract Cost [Line Items]
Total	$ 25,475	$ 22,159	$ 21,969

Relationships with Managers and Franchisors - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) hotel	Dec. 31, 2018 USD ($) hotel	Dec. 31, 2017 USD ($) hotel	Dec. 31, 2015 USD ($)
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees \| hotel		8	9	10
Amortization		$ 396	$ 2,568	$ 5,760
Number of franchised hotels \| hotel		14
Key Money
Real Estate Properties [Line Items]
Amortization		$ 400	$ 2,600	5,800
Key Money \| Courtyard Manhattan / Midtown East mortgage loan
Real Estate Properties [Line Items]
Amortization				1,900
Key Money \| Frenchman's Reef & Morning Star Beach Resort
Real Estate Properties [Line Items]
Amortization	$ 2,200			$ 2,600
Key Money \| The Gwen Chicago
Real Estate Properties [Line Items]
Amortization					$ 3,000

Relationships with Managers and Franchisors - Franchise Fees (Details) - Franchise fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capitalized Contract Cost [Line Items]
Franchise fees	$ 27,102	$ 26,348	$ 24,890
Amortization of deferred income related to key money	(170)	(170)	(920)
Total	$ 26,932	$ 26,178	$ 23,970

Commitments and Contingencies - Narrative (Details)

1 Months Ended

12 Months Ended

Dec. 31, 2019

USD ($)

ft²

hotel

room

renewal_term

ground_lease

Jul. 31, 2018

USD ($)

Dec. 31, 2019

USD ($)

ft²

hotel

room

renewal_term

ground_lease

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Real Estate Properties [Line Items]

Proceeds from insurance settlement, property and business interruption | $

$ 246,800,000

$ 142,500,000

$ 85,000,000.0

$ 10,000,000.0

Loss contingency accrual | $

Restricted cash | $

^[1]

$ 57,268,000

$ 47,735,000

$ 40,204,000

Number of properties subject to ground leases | hotel

Frenchman's Reef

Real Estate Properties [Line Items]

Proceeds from insurance settlement, property and business interruption | $

$ 238,500,000

Havana Cabana Key West

Real Estate Properties [Line Items]

Proceeds from insurance settlement, property and business interruption | $

$ 8,300,000

Bethesda Marriott Suites

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Courtyard Manhattan/Fifth Avenue

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

49 years

Salt Lake City Marriott Downtown mortgage loan

Real Estate Properties [Line Items]

Number of properties subject to ground leases | ground_lease

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

21.00%

Boston Westin mortgage loan

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Cavallo Point

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Renaissance Worthington mortgage loan

Real Estate Properties [Line Items]

Number of properties subject to ground leases | ground_lease

Number of renewal periods (in ones)

Ground leases renewal option (in years)

15 years

Percentage of land on which the parking garage is constructed

25.00%

JW Marriott Denver at Cherry Creek

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

5 years

Area of real estate property (in square feet) | ft²

5,500

Incremental renewal option (in years)

1 year

First Set of Renewal Options | Shorebreak Hotel

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

25 years

First Set of Renewal Options | Hotel Palomar Phoenix

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

5 years

Second Set of Renewal Options | Shorebreak Hotel

Real Estate Properties [Line Items]

Number of renewal periods (in ones)

Ground leases renewal option (in years)

24 years

Orchards Inn Sedona

Real Estate Properties [Line Items]

Number of rooms | room

Number of rooms acquired (in rooms) | room

Long-Term Ground Lease | Shorebreak Hotel

Real Estate Properties [Line Items]

Ownership of undivided interest (as a percent of ownership)

95.50%

Land Underlying the Hotel and Lease | Shorebreak Hotel

Real Estate Properties [Line Items]

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

4.50%

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

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			5.50%
Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)			49 years
Courtyard Manhattan/Fifth Avenue \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Ownership percentage of hotel land			21.00%
Annual rent reimbursed by hotel			21.00%
Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term			30 years
Boston Westin mortgage loan \| Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.50%
JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)			5 years
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			2.50%
Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Percentage rent			$ 30,000,000
Participation rent			$ 42,000,000		$ 40,000,000
Renaissance Worthington mortgage loan
Schedule of Ground Leased Assets [Line Items]
Ground leases renewal option (in years)			15 years
Through 4/2087 \| Bethesda Marriott Suites
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 824,341
10/2007 - 9/2017 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			906,000
10/2017 - 9/2027 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,132,812
10/2027 - 9/2037 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,416,015
10/2037 - 9/2047 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,770,019
10/2047 - 9/2057 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,212,524
10/2057 - 9/2067 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,765,655
10/2067 - 9/2077 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			3,457,069
10/2077 - 9/2085 \| Courtyard Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			4,321,336
Through 12/2056 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 132,000
Annual rent expense (as a percentage of gross room sales)			2.60%
1/2013 - 12/2016 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 11,305
1/2017 - 12/2017 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			13,000
1/2018 - 12/2056 \| Salt Lake City Marriott Downtown
Schedule of Ground Leased Assets [Line Items]
Annual rent			13,500
1/2016 - 12/2020 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			750,000
1/2021 - 12/2025 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,000,000
1/2021 - 12/2025 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			55,000
1/2026 - 12/2030 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,500,000
1/2026 - 12/2030 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			60,000
1/2031 - 12/2035 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,750,000
1/2036 - 5/2099 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 0
Through 5/2015 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			0.00%
6/2016 - 5/2026 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.00%
6/2026 - 5/2036 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.50%
6/2036 - 5/2046 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.75%
6/2046 - 5/2056 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
6/2056 - 5/2066 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.25%
6/2066 - 5/2099 \| Boston Westin mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.50%
1/2016 - 12/2020 \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 50,000
Through 4/2016 \| Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent			115,542
5/2016 - 4/2021 \| Shorebreak Hotel
Schedule of Ground Leased Assets [Line Items]
Annual rent			126,649
Through 6/2018 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent			117,780
7/2018 - 12/2070 \| Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent			123,499
Through 3/2020 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			16,875
4/2020 - 3/2021 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			33,750
4/2021 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			34,594
1/2022 - 12/2023 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			390,000
1/2024 - 12/2033 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			312,000
1/2034 - 12/2043 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			234,000
1/2044 - 12/2053 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			156,000
1/2054 - 12/2063 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			78,000
1/2064 - 3/2085 \| Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			0
1/2019 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent			67,034
Rent increase (in years)		5 years
Average adjusted gross revenues, period		3 years
Adjusted gross revenues, multiplying percentage		75.00%
Through 12/2018 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 1
Annual rent (as a percentage of gross revenue)			1.00%
1/2019 - 12/2023 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.00%
1/2024 - 12/2028 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.00%
1/2029 - 12/2033 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			4.00%
1/2034 - 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5.00%
Through 12/2066 \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			10.00%
8/2013 - 7/2022 \| Renaissance Worthington mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 40,400
8/2022 - 7/2037 \| Renaissance Worthington mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			46,081
8/2037 - 7/2052 \| Renaissance Worthington mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			51,763
8/2052 - 7/2067 \| Renaissance Worthington mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 57,444
Scenario, Forecast \| JW Marriott Denver at Cherry Creek
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3.00%
Rent increase (in years)	1 year
Scenario, Forecast \| Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Participation rent				$ 42,000,000

Fair Value Measurements and Interest Rate Swaps - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 1,090,099	$ 977,966
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	1,110,353	960,447
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	1,090,099	977,966
Interest Rate Swap \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	2,545	0
Interest Rate Swap \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liabilities	$ 2,545	$ 0

Fair Value Measurements and Interest Rate Swaps - Interest Rate Swap (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Unsecured Term Loan Due October 2023 \| Unsecured term loan
Derivative [Line Items]
Principal balance	$ 50,000,000
Unsecured Term Loan Due July 2024 \| Unsecured term loan
Derivative [Line Items]
Principal balance	350,000,000
Interest Rate Swap
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ (2,545,000)	$ 0
Interest Rate Swap \| Unsecured Term Loan Due October 2023
Derivative [Line Items]
Rate Fixed	2.41%
Notional Amount	$ 50,000
Fair Value of Assets (Liabilities)	$ (1,597,000)	0
Interest Rate Swap \| Unsecured Term Loan Due July 2024
Derivative [Line Items]
Rate Fixed	1.70%
Notional Amount	$ 175,000
Fair Value of Assets (Liabilities)	$ (948,000)	$ 0

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Total revenue	$ 237,519	$ 240,279	$ 257,918	$ 202,375	$ 223,407	$ 220,818	$ 237,949	$ 181,530	$ 938,091	$ 863,704	$ 870,005
Total operating expenses	75,214	211,033	211,960	185,885	189,031	176,589	200,012	168,011	684,092	733,643	730,222
Operating income	162,305	29,246	45,958	16,490	34,376	44,229	37,937	13,519
Net income	134,583	11,574	29,074	8,980	24,006	31,443	28,009	4,338	184,211	87,796	91,877
Net income attributable to common stockholders	$ 134,053	$ 11,529	$ 28,960	$ 8,945	$ 23,994	$ 31,443	$ 28,009	$ 4,338	$ 183,487	$ 87,784	$ 91,877
Net income per share available to common stockholders - basic (in dollars per share)	$ 0.67	$ 0.06	$ 0.14	$ 0.04	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.91	$ 0.43	$ 0.46
Net income per share available to common stockholders - diluted (in dollars per share)	$ 0.66	$ 0.06	$ 0.14	$ 0.04	$ 0.12	$ 0.15	$ 0.14	$ 0.02	$ 0.90	$ 0.43	$ 0.46

- Definition

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

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- Definition

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

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

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+ Details

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				$ (619,569)
Initial Cost - Land				616,840
Initial Cost - Buildings and Improvements				2,377,317
Costs Capitalized Subsequent to Acquisition				383,119
Gross Amount at End of Year - Land				617,695
Gross Amount at End of Year - Buildings and Improvements				2,759,584
Gross Amount at End of Year - Total	$ 3,377,279	$ 3,025,089	$ 2,917,634	3,377,279
Accumulated Depreciation	(625,411)	(492,871)	(441,952)	(625,411)
Net Book Value				2,751,868
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	3,308,009	3,025,089	2,917,634
Acquisitions
Acquisitions	0	221,970	81,494
Capital expenditures	69,270	60,950	68,573
Deductions:
Dispositions and other	0	0	(42,612)
Balance at end of period	3,377,279	3,308,009	3,025,089
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	556,868	492,871	441,952
Depreciation and amortization	68,543	63,997	60,023
Dispositions and other	0	0	(9,104)
Balance at end of period	625,411	$ 556,868	$ 492,871
Aggregate cost of properties for Federal income tax purposes				3,278,942
Atlanta Alpharetta Marriott
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				3,623
Initial Cost - Buildings and Improvements				33,503
Costs Capitalized Subsequent to Acquisition				2,959
Gross Amount at End of Year - Land				3,623
Gross Amount at End of Year - Buildings and Improvements				36,463
Gross Amount at End of Year - Total	40,086			40,086
Accumulated Depreciation	$ (12,626)			(12,626)
Net Book Value				27,460
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 40,086
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	12,626
Bethesda Marriott Suites
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,656
Costs Capitalized Subsequent to Acquisition				5,362
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				51,018
Gross Amount at End of Year - Total	51,018			51,018
Accumulated Depreciation	$ (18,026)			(18,026)
Net Book Value				32,992
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	18,026
Westin Boston Waterfront Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(190,725)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				273,696
Costs Capitalized Subsequent to Acquisition				34,228
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				307,924
Gross Amount at End of Year - Total	307,924			307,924
Accumulated Depreciation	$ (95,988)			(95,988)
Net Book Value				211,936
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 307,924
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	95,988
Cavallo Point
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				123,100
Costs Capitalized Subsequent to Acquisition				2,613
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				125,713
Gross Amount at End of Year - Total	125,713			125,713
Accumulated Depreciation	$ (3,084)			(3,084)
Net Book Value				122,629
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 125,713
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,084
Chicago Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				36,900
Initial Cost - Buildings and Improvements				347,921
Costs Capitalized Subsequent to Acquisition				97,018
Gross Amount at End of Year - Land				36,900
Gross Amount at End of Year - Buildings and Improvements				444,939
Gross Amount at End of Year - Total	481,839			481,839
Accumulated Depreciation	$ (132,454)			(132,454)
Net Book Value				349,385
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 481,839
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	132,454
The Gwen Chicago
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				31,650
Initial Cost - Buildings and Improvements				76,961
Costs Capitalized Subsequent to Acquisition				22,774
Gross Amount at End of Year - Land				31,650
Gross Amount at End of Year - Buildings and Improvements				99,735
Gross Amount at End of Year - Total	131,385			131,385
Accumulated Depreciation	$ (27,568)			(27,568)
Net Book Value				103,817
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 131,385
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	27,568
Courtyard Denver
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,400
Initial Cost - Buildings and Improvements				36,180
Costs Capitalized Subsequent to Acquisition				4,284
Gross Amount at End of Year - Land				9,400
Gross Amount at End of Year - Buildings and Improvements				40,464
Gross Amount at End of Year - Total	49,864			49,864
Accumulated Depreciation	$ (8,009)			(8,009)
Net Book Value				41,855
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 49,864
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,009
Courtyard Manhattan/Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				34,685
Costs Capitalized Subsequent to Acquisition				4,925
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				39,610
Gross Amount at End of Year - Total	39,610			39,610
Accumulated Depreciation	$ (14,435)			(14,435)
Net Book Value				25,175
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,610
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	14,435
Courtyard Manhattan/Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(81,107)
Initial Cost - Land				16,500
Initial Cost - Buildings and Improvements				54,812
Costs Capitalized Subsequent to Acquisition				5,905
Gross Amount at End of Year - Land				16,500
Gross Amount at End of Year - Buildings and Improvements				60,717
Gross Amount at End of Year - Total	77,217			77,217
Accumulated Depreciation	$ (21,832)			(21,832)
Net Book Value				55,385
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 77,217
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	21,832
Frenchman's Reef & Morning Star Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				17,713
Initial Cost - Buildings and Improvements				50,697
Costs Capitalized Subsequent to Acquisition				17,949
Gross Amount at End of Year - Land				17,713
Gross Amount at End of Year - Buildings and Improvements				68,646
Gross Amount at End of Year - Total	86,359			86,359
Accumulated Depreciation	$ (15,230)			(15,230)
Net Book Value				71,129
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 86,359
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	15,230
Havana Cabana Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				32,888
Initial Cost - Buildings and Improvements				13,371
Costs Capitalized Subsequent to Acquisition				5,336
Gross Amount at End of Year - Land				32,888
Gross Amount at End of Year - Buildings and Improvements				18,707
Gross Amount at End of Year - Total	51,595			51,595
Accumulated Depreciation	$ (2,041)			(2,041)
Net Book Value				49,554
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,595
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,041
Hilton Boston Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				23,262
Initial Cost - Buildings and Improvements				128,628
Costs Capitalized Subsequent to Acquisition				13,348
Gross Amount at End of Year - Land				23,262
Gross Amount at End of Year - Buildings and Improvements				141,976
Gross Amount at End of Year - Total	165,238			165,238
Accumulated Depreciation	$ (25,725)			(25,725)
Net Book Value				139,513
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 165,238
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	25,725
Hilton Burlington
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,197
Initial Cost - Buildings and Improvements				40,644
Costs Capitalized Subsequent to Acquisition				2,303
Gross Amount at End of Year - Land				9,197
Gross Amount at End of Year - Buildings and Improvements				42,947
Gross Amount at End of Year - Total	52,144			52,144
Accumulated Depreciation	$ (8,061)			(8,061)
Net Book Value				44,083
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 52,144
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,061
Hilton Garden Inn/New York Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				60,300
Initial Cost - Buildings and Improvements				88,896
Costs Capitalized Subsequent to Acquisition				636
Gross Amount at End of Year - Land				60,300
Gross Amount at End of Year - Buildings and Improvements				89,533
Gross Amount at End of Year - Total	149,833			149,833
Accumulated Depreciation	$ (11,969)			(11,969)
Net Book Value				137,864
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 149,833
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,969
Hotel Emblem
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				7,856
Initial Cost - Buildings and Improvements				21,085
Costs Capitalized Subsequent to Acquisition				7,821
Gross Amount at End of Year - Land				7,856
Gross Amount at End of Year - Buildings and Improvements				28,906
Gross Amount at End of Year - Total	36,762			36,762
Accumulated Depreciation	$ (3,946)			(3,946)
Net Book Value				32,816
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 36,762
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,946
Hotel Palomar Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(2,943)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				59,703
Costs Capitalized Subsequent to Acquisition				(87)
Gross Amount at End of Year - Land				0
Gross Amount at End of Year - Buildings and Improvements				59,616
Gross Amount at End of Year - Total	59,616			59,616
Accumulated Depreciation	$ (2,781)			(2,781)
Net Book Value				56,835
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,616
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,781
JW Marriott Denver at Cherry Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(61,253)
Initial Cost - Land				9,200
Initial Cost - Buildings and Improvements				63,183
Costs Capitalized Subsequent to Acquisition				8,585
Gross Amount at End of Year - Land				9,200
Gross Amount at End of Year - Buildings and Improvements				71,768
Gross Amount at End of Year - Total	80,968			80,968
Accumulated Depreciation	$ (13,996)			(13,996)
Net Book Value				66,972
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 80,968
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	13,996
The Landing at Lake Tahoe
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				14,816
Initial Cost - Buildings and Improvements				24,351
Costs Capitalized Subsequent to Acquisition				810
Gross Amount at End of Year - Land				14,816
Gross Amount at End of Year - Buildings and Improvements				25,161
Gross Amount at End of Year - Total	39,977			39,977
Accumulated Depreciation	$ (1,164)			(1,164)
Net Book Value				38,813
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 39,977
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,164
L'Auberge de Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				39,384
Initial Cost - Buildings and Improvements				22,204
Costs Capitalized Subsequent to Acquisition				1,042
Gross Amount at End of Year - Land				39,384
Gross Amount at End of Year - Buildings and Improvements				23,246
Gross Amount at End of Year - Total	62,630			62,630
Accumulated Depreciation	$ (2,468)			(2,468)
Net Book Value				60,162
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 62,630
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,468
Lexington Hotel New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				92,000
Initial Cost - Buildings and Improvements				229,368
Costs Capitalized Subsequent to Acquisition				26,573
Gross Amount at End of Year - Land				92,000
Gross Amount at End of Year - Buildings and Improvements				255,941
Gross Amount at End of Year - Total	347,941			347,941
Accumulated Depreciation	$ (52,236)			(52,236)
Net Book Value				295,705
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 347,941
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	52,236
Orchards Inn Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				9,726
Initial Cost - Buildings and Improvements				10,180
Costs Capitalized Subsequent to Acquisition				115
Gross Amount at End of Year - Land				9,726
Gross Amount at End of Year - Buildings and Improvements				10,295
Gross Amount at End of Year - Total	20,021			20,021
Accumulated Depreciation	$ (792)			(792)
Net Book Value				19,229
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 20,021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	792
Renaissance Charleston Historic District
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,900
Initial Cost - Buildings and Improvements				32,511
Costs Capitalized Subsequent to Acquisition				6,706
Gross Amount at End of Year - Land				5,900
Gross Amount at End of Year - Buildings and Improvements				39,218
Gross Amount at End of Year - Total	45,118			45,118
Accumulated Depreciation	$ (8,139)			(8,139)
Net Book Value				36,979
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 45,118
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,139
Renaissance Worthington mortgage loan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(80,904)
Initial Cost - Land				15,500
Initial Cost - Buildings and Improvements				63,428
Costs Capitalized Subsequent to Acquisition				21,620
Gross Amount at End of Year - Land				15,500
Gross Amount at End of Year - Buildings and Improvements				85,048
Gross Amount at End of Year - Total	100,548			100,548
Accumulated Depreciation	$ (25,203)			(25,203)
Net Book Value				75,345
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 100,548
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	25,203
Salt Lake City Marriott Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(53,273)
Initial Cost - Land				0
Initial Cost - Buildings and Improvements				45,815
Costs Capitalized Subsequent to Acquisition				9,481
Gross Amount at End of Year - Land				855
Gross Amount at End of Year - Buildings and Improvements				54,441
Gross Amount at End of Year - Total	55,296			55,296
Accumulated Depreciation	$ (18,310)			(18,310)
Net Book Value				36,986
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 55,296
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	18,310
Sheraton Suites Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				49,592
Initial Cost - Buildings and Improvements				42,958
Costs Capitalized Subsequent to Acquisition				9,646
Gross Amount at End of Year - Land				49,592
Gross Amount at End of Year - Buildings and Improvements				52,604
Gross Amount at End of Year - Total	102,196			102,196
Accumulated Depreciation	$ (5,242)			(5,242)
Net Book Value				96,954
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 102,196
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	5,242
Shorebreak Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				19,908
Initial Cost - Buildings and Improvements				37,525
Costs Capitalized Subsequent to Acquisition				3,599
Gross Amount at End of Year - Land				19,908
Gross Amount at End of Year - Buildings and Improvements				41,124
Gross Amount at End of Year - Total	61,032			61,032
Accumulated Depreciation	$ (4,891)			(4,891)
Net Book Value				56,141
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 61,032
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	4,891
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(26,963)
Initial Cost - Land				3,951
Initial Cost - Buildings and Improvements				22,720
Costs Capitalized Subsequent to Acquisition				8,816
Gross Amount at End of Year - Land				3,951
Gross Amount at End of Year - Buildings and Improvements				31,536
Gross Amount at End of Year - Total	35,487			35,487
Accumulated Depreciation	$ (13,412)			(13,412)
Net Book Value				22,075
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 35,487
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	13,412
Vail Marriott Mountain Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				5,800
Initial Cost - Buildings and Improvements				52,463
Costs Capitalized Subsequent to Acquisition				25,767
Gross Amount at End of Year - Land				5,800
Gross Amount at End of Year - Buildings and Improvements				78,230
Gross Amount at End of Year - Total	84,030			84,030
Accumulated Depreciation	$ (20,612)			(20,612)
Net Book Value				63,418
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 84,030
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	20,612
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				0
Initial Cost - Land				54,293
Initial Cost - Buildings and Improvements				83,227
Costs Capitalized Subsequent to Acquisition				10,662
Gross Amount at End of Year - Land				54,293
Gross Amount at End of Year - Buildings and Improvements				93,889
Gross Amount at End of Year - Total	148,182			148,182
Accumulated Depreciation	$ (11,352)			(11,352)
Net Book Value				136,830
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 148,182
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,352
Westin San Diego
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(61,851)
Initial Cost - Land				22,902
Initial Cost - Buildings and Improvements				95,617
Costs Capitalized Subsequent to Acquisition				9,279
Gross Amount at End of Year - Land				22,902
Gross Amount at End of Year - Buildings and Improvements				104,896
Gross Amount at End of Year - Total	127,798			127,798
Accumulated Depreciation	$ (19,164)			(19,164)
Net Book Value				108,634
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 127,798
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	19,164
Westin Washington, D.C City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances				(60,550)
Initial Cost - Land				24,579
Initial Cost - Buildings and Improvements				122,229
Costs Capitalized Subsequent to Acquisition				13,044
Gross Amount at End of Year - Land				24,579
Gross Amount at End of Year - Buildings and Improvements				135,273
Gross Amount at End of Year - Total	159,852			159,852
Accumulated Depreciation	$ (24,655)			(24,655)
Net Book Value				$ 135,197
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 159,852
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 24,655

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (15,286,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(15,286,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (15,286,000)