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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 20, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		174,847,263
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,422,015,400

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Investment in hotel properties, net	$ 5,791,925	$ 3,367,776
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	23,885	0
Cash and cash equivalents	586,470	456,672
Restricted cash reserves	72,606	67,206
Hotel and other receivables, net of allowance of $510 and $182, respectively	60,011	26,018
Deferred income tax asset, net	56,761	44,614
Intangible Assets, Net (Excluding Goodwill)	133,211	898
Prepaid expense and other assets	69,936	60,209
Total assets	6,794,805	4,023,393
Liabilities and Equity
Debt, net	2,880,488	1,582,715
Term Loans and Revolver, net	1,170,954	1,169,308
Accounts payable and other liabilities	225,664	137,066
Deferred income tax liability	5,547	11,430
Advance deposits and deferred revenue	30,463	11,975
Accrued interest	17,081	3,444
Distributions payable	65,284	41,486
Total liabilities	3,224,527	1,788,116
Commitments and Contingencies (Note 12)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266 at December 31, 2017	366,936	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 174,869,046 and 124,364,178 shares issued and outstanding at December 31, 2017 and 2016, respectively	1,749	1,244
Additional paid-in capital	3,208,002	2,187,333
Accumulated other comprehensive income (loss)	8,846	(4,902)
(Distributions in excess of net earnings) retained earnings	82,566	(38,249)
Total shareholders’ equity	3,502,967	2,221,924
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	11,700	5,973
Noncontrolling interest in the Operating Partnership	11,181	7,380
Total noncontrolling interest	22,881	13,353
Limited Liability Company (LLC) Preferred Unit, Issuance Value	44,430	0
Total equity	3,570,278	2,235,277
Total liabilities and equity	$ 6,794,805	$ 4,023,393

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, issued (in shares)	0	0
Preferred shares of beneficial interest, outstanding (in shares)	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	174,869,046	124,364,178
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 0
Limited Liability Company (LLC) Preferred Unit, Liquidation Value	$ 45,430	$ 0
Common shares of beneficial interest, outstanding (in shares)	174,869,046	124,364,178
Hotel and other receivables, allowance (in dollars)	$ 510	$ 182
Series A Cumulative Preferred Stock [Member]
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	0
Preferred shares of beneficial interest, issued (in shares)	12,879,475	0
Preferred shares of beneficial interest, outstanding (in shares)	12,879,475	0

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating revenue
Room revenue				$ 1,146,882	$ 1,010,637	$ 985,361
Food and beverage revenue				157,672	111,691	114,818
Other revenue				51,707	37,667	36,161
Total revenue	$ 341,255	$ 296,259		1,356,261	1,159,995	1,136,340
Operating expense
Room expense				270,729	228,656	220,101
Food and beverage expense				113,914	79,589	81,117
Management and franchise fee expense				122,633	118,210	116,462
Other operating expense				304,595	241,654	239,966
Total property operating expense				811,871	668,109	657,646
Depreciation and amortization				186,993	162,500	156,226
Impairment loss				0	0	1,003
Property tax, insurance and other				91,406	77,281	76,682
General and administrative				40,453	31,516	37,810
Transaction costs				44,398	192	3,058
Total operating expense				1,175,121	939,598	932,425
Operating income				181,140	220,397	203,915
Other income				269	303	1,598
Interest income				2,987	1,695	1,563
Interest expense				(78,322)	(58,820)	(54,788)
Gain (Loss) on Investments	2,670			2,670	0	0
Income before income tax (expense) benefit				108,744	163,575	152,288
Income (Loss) from Equity Method Investments				133	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	108,877	163,575	$ 152,288
Income tax (expense) benefit				(42,118)	(8,190)	39,126
Income from operations	4,111	41,389		66,759	155,385	191,414
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property				8,980	45,929	28,398
Net income				75,739	201,314	219,812
Net income attributable to noncontrolling interests:
Net income attributable to common shareholders	$ 1,821	$ 41,174		$ 66,463	$ 200,352	$ 218,221
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.01	$ 0.33		$ 0.47	$ 1.61	$ 1.69
Weighted-average number of common shares (in shares)	140,249,961	123,621,323		140,616,838	123,651,003	128,444,469
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.01	$ 0.33		$ 0.47	$ 1.61	$ 1.68
Weighted-average number of common shares (in shares)	140,307,269	123,836,452		140,694,049	123,879,007	128,967,754
Comprehensive income:
Net income				$ 75,739	$ 201,314	$ 219,812
Unrealized gain (loss) on interest rate derivatives				13,748	11,700	(2,958)
Comprehensive income				89,487	213,014	216,854
Comprehensive income attributable to RLJ	$ 5,660	$ 50,644		88,583	212,052	215,263
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable				117	55	77
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable				291	907	1,514
Preferred Stock Dividends and Other Adjustments				(496)	0	0
Net Income (Loss) Attributable to Parent			$ 74,835	74,835	200,352	218,221
Preferred Stock Dividends, Income Statement Impact				$ (8,372)	$ 0	$ 0
Common Stock, Dividends, Per Share, Declared				$ 1.32	$ 1.32	$ 1.32

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Loss	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture	Series A Cumulative Preferred Stock [Member]
Net Income (Loss) Attributable to Parent	$ 218,221
Balance (in shares) at Dec. 31, 2014		131,964,706
Balance at Dec. 31, 2014	2,378,484	$ 1,319	$ 2,419,731	$ (46,415)	$ (13,644)		$ 11,198	$ 6,295
Increase (Decrease) in Equity
Net income (loss)	219,812			218,221			1,514	77
Unrealized gain (loss) on interest rate derivatives	(2,958)				(2,958)
Number of shares acquired as part of a share repurchase program (in shares)		(8,044,372)
Shares acquired as part of a share repurchase program	(225,186)	$ (80)	(225,106)
Issuance of restricted stock (in shares)		1,126,431
Issuance of restricted stock	0	$ 11	(11)
Amortization of share-based compensation	13,002		13,002
Share grants to trustees (in shares)		5,008
Share grants to trustees	132		132
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(403,722)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(12,020)	$ (4)	(12,016)
Forfeiture of restricted stock (in shares)		(12,376)
Restricted Stock Award, Forfeitures	0
Distribution to joint venture partner	(195)							(195)
Distributions on common shares and units	(170,547)			(169,367)			(1,180)
Balance (in shares) at Dec. 31, 2015		124,635,675
Balance at Dec. 31, 2015	2,200,524	$ 1,246	2,195,732	2,439	(16,602)		11,532	6,177
Increase (Decrease) in Equity
Preferred Stock Dividends and Other Adjustments	0
Net Income (Loss) Attributable to Parent	200,352
Net income (loss)	201,314			200,352			907	55
Unrealized gain (loss) on interest rate derivatives	$ 11,700				11,700
Redemption of Operating Partnership units, shares		335,250
Number of shares acquired as part of a share repurchase program (in shares)	(610,607)	(610,607)
Shares acquired as part of a share repurchase program	$ (13,271)	$ (6)	(13,265)
Issuance of restricted stock (in shares)		672,821
Issuance of restricted stock	0	$ 7	(7)
Amortization of share-based compensation	5,990		5,990
Share grants to trustees (in shares)		2,554
Share grants to trustees	57		57
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(244,015)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(5,502)	$ (2)	(5,500)
Forfeiture of restricted stock (in shares)		(427,500)
Restricted Stock Award, Forfeitures	0	$ (4)	4
Distribution to joint venture partner	(259)							(259)
Distributions on common shares and units	(165,276)			(164,542)			(734)
Balance (in shares) at Dec. 31, 2016		124,364,178
Balance at Dec. 31, 2016	2,235,277	$ 1,244	2,187,333	38,249	(4,902)	$ 0	7,380	5,973
Increase (Decrease) in Equity
Preferred Stock Dividends and Other Adjustments	0
Net Income (Loss) Attributable to Parent	74,835
Net income (loss)	75,739						291	117
Unrealized gain (loss) on interest rate derivatives	$ 13,748				13,748
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares									12,879,475
Stock Issued During Period, Value, Acquisitions									$ 366,936
Number of shares acquired as part of a share repurchase program (in shares)	(122,508)	(122,508)
Shares acquired as part of a share repurchase program	$ (2,610)	$ (1)	(2,609)
Issuance of restricted stock (in shares)		425,076
Issuance of restricted stock	0	$ 4	(4)
Amortization of share-based compensation	10,607		10,607
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(144,766)
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(3,050)	$ (2)	(3,048)
Forfeiture of restricted stock (in shares)		(11,038)
Restricted Stock Award, Forfeitures	0	$ 0	0
Contributions from a noncontrolling interest	117							117
Distributions on common shares and units	(188,110)			(187,278)		0	(832)
Balance (in shares) at Dec. 31, 2017		174,869,046							12,879,475
Balance at Dec. 31, 2017	3,570,278	$ 1,749	$ 3,208,002	$ (82,566)	$ 8,846	$ 44,430	$ 11,181	$ 11,700	$ 366,936
Increase (Decrease) in Equity
Preferred Stock Dividends and Other Adjustments	$ (496)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income	$ 75,739,000	$ 201,314,000	$ 219,812,000
Adjustments to reconcile net income to cash flow provided by operating activities:
Gain on sale of hotel properties	(8,980,000)	(45,929,000)	(28,398,000)
Gain (Loss) on Investments	(2,670,000)	0	0
Depreciation and amortization	186,993,000	162,500,000	156,226,000
Amortization of deferred financing costs	3,499,000	3,965,000	4,164,000
Amortization of Debt Discount (Premium)	(2,098,000)	751,000	784,000
Income (Loss) from Equity Method Investments	(133,000)	0	0
Proceeds from Equity Method Investment, Distribution	1,900,000	0	0
Accretion of interest income on investment in loan	(664,000)	(613,000)	(389,000)
Impairment loss	0	0	1,003,000
Share grants to trustees	0	57,000	132,000
Amortization of share-based compensation	10,607,000	5,990,000	13,002,000
Deferred income taxes	40,140,000	6,994,000	(40,554,000)
Changes in assets and liabilities:
Hotel and other receivables, net	(5,686,000)	(263,000)	115,000
Prepaid expense and other assets	3,805,000	(5,162,000)	4,802,000
Accounts payable and other liabilities	(27,575,000)	2,870,000	(5,502,000)
Advance deposits and deferred revenue	(5,307,000)	328,000	1,617,000
Accrued interest	(8,975,000)	(1,439,000)	2,100,000
Net cash flow provided by operating activities	260,595,000	331,363,000	328,914,000
Payments to acquire FelCor Lodging Trust	24,883,000	0	0
Cash flows from investing activities
Acquisition of hotel properties, net	0	0	(142,221,000)
Proceeds from the sale of hotel properties, net	180,279,000	269,185,000	246,405,000
Improvements and additions to hotel properties	(102,989,000)	(83,780,000)	(149,225,000)
Additions to property and equipment	(219,000)	(283,000)	(659,000)
Payments for (Proceeds from) Investments	12,792,079	0	0
Net cash flow provided by (used in) investing activities	64,980,000	185,122,000	(45,700,000)
Cash flows from financing activities
Borrowings under Revolver	0	51,000,000	0
Repayments under Revolver	0	(51,000,000)	0
Borrowings on Term Loans	0	0	150,000,000
Repayments of Senior Notes	(990,000)	0	0
Proceeds from mortgage loans	0	11,000,000	7,000,000
Payments of mortgage loans principal	(4,770,000)	(3,651,000)	(166,587,000)
Repurchase of common shares under a share repurchase program	(2,610,000)	(13,271,000)	(225,186,000)
Repurchase of common shares to satisfy employee withholding requirements	(3,050,000)	(5,502,000)	(12,020,000)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(6,279,000)	0	0
Distributions on common shares	(169,942,000)	(164,364,000)	(170,092,000)
Distributions on Operating Partnership units	(775,000)	(838,000)	(1,160,000)
Payments of deferred financing costs	(1,582,000)	(5,369,000)	(839,000)
Payments of Distributions to Affiliates	(496,000)	0	0
Cash received from a noncontrolling interest	117,000	0	0
Contributions from a noncontrolling interest	(117,000)
Distributions to joint venture partners	0	(259,000)	(195,000)
Net cash flow used in financing activities	(190,377,000)	(182,254,000)	(419,079,000)
Net change in cash and cash equivalents	135,198,000	334,231,000	(135,865,000)
Cash, cash equivalents, and restricted cash reserves, end of year	586,470,000	456,672,000	134,192,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 659,076,000	$ 523,878,000	$ 189,647,000

Organization	12 Months Ended
Organization	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, focused-service and compact full-service hotels. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of December 31, 2017, there were 175,642,948 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.6% of the outstanding OP units. As of December 31, 2017, the Company owned 158 hotel properties with approximately 31,000 rooms, located in 26 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 154 of its hotel properties, a 98.3% controlling interest in the DoubleTree Metropolitan Hotel New York City, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 156 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 157 of the 158 hotel properties to its taxable REIT subsidiaries ("TRS"), of which the Company owns a controlling financial interest.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Revenue Recognition The Company’s revenue consists of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues are recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as they are earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it is recorded as a bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival is recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. The Company discontinues the capitalization of interest once the real estate development project is substantially complete. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. For acquisitions that are considered business combinations, the Company recognizes the cumulative impact of a measurement period adjustment, if any, in the reporting period in which the adjustment is identified. Depending on the circumstances of the measurement period adjustment, the Company will disclose the prior period impact of the adjustment separately on the face of the consolidated statement of operations or in the notes to the consolidated financial statements. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, third-party appraisals, or if appropriate, the net sales proceeds from pending offers. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company tracks the inception-to-date contributions, distributions, and earnings for each of our unconsolidated joint ventures. Any cash distributions received up to the aggregate historical earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distributions in excess of the aggregate historical earnings of the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimated the fair value of the intangible assets by using market data and independent appraisals and making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement or the useful life of the respective intangible asset to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Term Loans (as defined in Note 9) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability. The Company presents the deferred financing costs for its Revolver (as defined in Note 9) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2017, 2016 and 2015, approximately $3.5 million, $4.0 million and $4.2 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income. Accumulated amortization at December 31, 2017 and 2016 was approximately $13.2 million and $9.7 million, respectively. Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $6.2 million, $4.2 million and $4.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in other operating expense in the consolidated statements of operations and comprehensive income. Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews, market studies, financial advisory, and other professional service fees. In addition, if the Company does complete a hotel property acquisition or a business combination, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. These costs are expensed as incurred in the consolidated statements of operations and comprehensive income. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility (the "Revolver") and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments as part of its interest rate risk management strategy. The Company utilizes derivatives to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative financial instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives have been determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheet at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the interest rate derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2017, the Company consolidated the Operating Partnership, which has a 0.4% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income. As of December 31, 2017, the Company consolidated the joint venture that owns the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture has a 1.7% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture has a 49% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint venture in the consolidated statements of operations and comprehensive income. Preferred Equity in a Consolidated Joint Venture The Knickerbocker joint venture raised capital through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. Based on the redemption features of the preferred equity, the Company presents the preferred equity raised by the Knickerbocker joint venture as preferred equity in a consolidated joint venture within the equity section of the consolidated balance sheets. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. The Company's current intention is to adhere to these REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company generally is not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. Income taxes are recorded using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when 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. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested share-based awards, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. Share-based Compensation From time to time, the Company may issue share-based awards under the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan") as compensation to officers, employees and non-employee trustees. The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which supersedes or replaces nearly all GAAP revenue recognition guidance. The guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements but it will result in additional disclosures in the notes to the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this standard, but it believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations and comprehensive income. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This guidance requires that the statement of cash flows reconcile the change during the period in the total of cash, cash equivalents, and restricted cash reserves. As a result, the restricted cash reserves will be included with cash and cash equivalents when reconciling the beginning-of-period and the end-of-period total amounts presented in the statement of cash flows. The Company adopted the guidance on October 1, 2017, and applied its provisions retrospectively. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company adopted this guidance on January 1, 2018. The Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements.

Merger with FelCor Lodging Trust Incorporated (Notes)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Merger with FelCor Lodging Trust Incorporated

On August 31, 2017 (the "Acquisition Date"), the Company, the Operating Partnership, Rangers Sub I, LLC, a wholly owned subsidiary of the Operating Partnership ("Rangers"), and Rangers Sub II, LP, a wholly owned subsidiary of the Operating Partnership ("Partnership Merger Sub"), consummated the transactions contemplated by the Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2017, with FelCor Lodging Trust Incorporated ("FelCor") and FelCor Lodging Limited Partnership ("FelCor LP") pursuant to which Partnership Merger Sub merged with and into FelCor LP, with FelCor LP surviving as a wholly owned subsidiary of the Operating Partnership (the "Partnership Merger"), and, immediately thereafter, FelCor merged with and into Rangers, with Rangers surviving as a wholly owned subsidiary of the Operating Partnership (the "REIT Merger" and, together with the Partnership Merger, the "Mergers").

Upon completion of the REIT Merger and under the terms of the Merger Agreement, each issued and outstanding share of common stock, par value $0.01 per share, of FelCor (other than shares held by any wholly owned subsidiary of FelCor or by the Company or any of its subsidiaries) was converted into the right to receive 0.362 (the "Common Exchange Ratio") common shares of beneficial interest, par value $0.01 per share, of the Company (the "Common Shares"), and each issued and outstanding share of $1.95 Series A cumulative convertible preferred stock, par value $0.01 per share, of FelCor was converted into the right to receive one $1.95 Series A Cumulative Convertible Preferred Share, par value $0.01 per share, of the Company (a "Series A Preferred Share").

Upon completion of the Partnership Merger and under the terms of the Merger Agreement, each limited partner of FelCor LP was entitled to elect to exchange its outstanding common limited partnership units in FelCor LP (the "FelCor LP Common Units") for a number of newly issued Common Shares based on the Common Exchange Ratio. Upon completion of the Partnership Merger, each outstanding FelCor LP Common Unit of any holder who did not make the foregoing election was converted into the right to receive a number of common limited partnership units in the Operating Partnership (the "OP Units") based on the Common Exchange Ratio. No fractional shares of units of Common Shares or OP Units were issued in the Mergers, and the value of any fractional interests was paid in cash.

The Company accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations. As a result of the Mergers, the Company acquired an ownership interest in the following 37 hotel properties:



Hotel Property Name	Location	Ownership Interest	Management Company	Rooms
DoubleTree Suites by Hilton Austin	Austin, TX	100%	Hilton	188
DoubleTree Suites by Hilton Orlando - Lake Buena Vista	Orlando, FL	100%	Hilton	229
Embassy Suites Atlanta - Buckhead	Atlanta, GA	100%	Hilton	316
Embassy Suites Birmingham	Birmingham, AL	100%	Hilton	242
Embassy Suites Boston Marlborough	Marlborough, MA	100%	Hilton	229
Embassy Suites Dallas - Love Field	Dallas, TX	100%	Aimbridge Hospitality	248
Embassy Suites Deerfield Beach - Resort & Spa	Deerfield Beach, FL	100%	Hilton	244
Embassy Suites Fort Lauderdale 17th Street	Fort Lauderdale, FL	100%	Hilton	361
Embassy Suites Los Angeles - International Airport South	El Segundo, CA	100%	Hilton	349
Embassy Suites Mandalay Beach - Hotel & Resort	Oxnard, CA	100%	Hilton	250
Embassy Suites Miami - International Airport	Miami, FL	100%	Hilton	318
Embassy Suites Milpitas Silicon Valley	Milpitas, CA	100%	Hilton	266
Embassy Suites Minneapolis - Airport	Bloomington, MN	100%	Hilton	310
Embassy Suites Myrtle Beach - Oceanfront Resort	Myrtle Beach, SC	100%	Hilton	255
Embassy Suites Napa Valley	Napa, CA	100%	Hilton	205
Embassy Suites Orlando - International Drive South/Convention Center	Orlando, FL	100%	Hilton	244
Embassy Suites Phoenix - Biltmore	Phoenix, AZ	100%	Hilton	232
Embassy Suites San Francisco Airport - South San Francisco	San Francisco, CA	100%	Hilton	312
Embassy Suites San Francisco Airport - Waterfront	Burlingame, CA	100%	Hilton	340
Embassy Suites Secaucus - Meadowlands (1)	Secaucus, NJ	50%	Hilton	261
Hilton Myrtle Beach Resort	Myrtle Beach, SC	100%	Hilton	385
Holiday Inn San Francisco - Fisherman's Wharf	San Francisco, CA	100%	InterContinental Hotels	585
San Francisco Marriott Union Square	San Francisco, CA	100%	Marriott Hotel Services	400
Sheraton Burlington Hotel & Conference Center (3)	Burlington, VT	100%	Marriott Hotel Services	309
Sheraton Philadelphia Society Hill Hotel	Philadelphia, PA	100%	Marriott Hotel Services	364
The Fairmont Copley Plaza (4)	Boston, MA	100%	FRHI Hotels & Resorts	383
The Knickerbocker New York	New York, NY	95%	Highgate Hotels	330
The Mills House Wyndham Grand Hotel	Charleston, SC	100%	Wyndham	216
The Vinoy Renaissance St. Petersburg Resort & Golf Club	St. Petersburg, FL	100%	Marriott Hotel Services	361
Wyndham Boston Beacon Hill	Boston, MA	100%	Wyndham	304
Wyndham Houston - Medical Center Hotel & Suites	Houston, TX	100%	Wyndham	287
Wyndham New Orleans - French Quarter	New Orleans, LA	100%	Wyndham	374
Wyndham Philadelphia Historic District	Philadelphia, PA	100%	Wyndham	364
Wyndham Pittsburgh University Center	Pittsburgh, PA	100%	Wyndham	251
Wyndham San Diego Bayside	San Diego, CA	100%	Wyndham	600
Wyndham Santa Monica At The Pier	Santa Monica, CA	100%	Wyndham	132
Chateau LeMoyne - French Quarter, New Orleans (2)	New Orleans, LA	50%	InterContinental Hotels	171
				11,215


(1)	The Company owns an indirect 50% ownership interest in the real estate at this hotel property and records the real estate interests using the equity method of accounting. The Company leases the hotel property to its TRS, of which the Company owns a controlling financial interest in the operating lessee, so the Company consolidates its ownership interest in the leased hotel.


(2)	The Company owns an indirect 50% ownership interest in this hotel property and accounts for its ownership interest using the equity method of accounting. This hotel property is operated without a lease.


(3)	In December 2017, this hotel property was converted to the DoubleTree by Hilton Burlington Vermont.


(4)	In December 2017, the Company sold this hotel property for a sale price of $170.0 million.

The total consideration for the Mergers was approximately $1.4 billion, which included the Company's issuance of approximately 50.4 million common shares at $20.18 per share to FelCor common stockholders, the Company's issuance of approximately 12.9 million Series A Preferred Shares at $28.49 per share to former FelCor preferred stockholders, the Operating Partnership's issuance of approximately 0.2 million OP Units at $20.18 per unit to former FelCor LP limited partners, and cash. The total consideration consisted of the following (in thousands):



	Total Consideration
Common Shares	$	1,016,227
Series A Preferred Shares	366,936
OP Units	4,342
Cash, net of cash, cash equivalents, and restricted cash reserves acquired	24,883
Total consideration	$	1,412,388

The Company allocated the purchase price consideration as follows (in thousands):



	August 31, 2017
Investment in hotel properties	$	2,661,114
Investment in unconsolidated joint ventures	25,651
Hotel and other receivables	28,308
Deferred income tax assets	58,170
Intangible assets	139,673
Prepaid expenses and other assets	23,811
Debt	(1,305,337		)
Accounts payable and other liabilities	(118,360		)
Advance deposits and deferred revenue	(23,795		)
Accrued interest	(22,612		)
Distributions payable	(4,312		)
Noncontrolling interest in consolidated joint ventures	(5,493		)
Preferred equity in a consolidated joint venture	(44,430		)
Total consideration	$	1,412,388

During the fourth quarter of 2017, the Company refined its valuation models to reflect changes in inputs and assumptions related to cash flow projections, discount rates, and tax attributes. Therefore, the Company recorded certain measurement period adjustments to decrease investment in hotel properties by $12.5 million, to decrease intangible assets by $12.0 million, to increase deferred income tax assets by approximately $26.2 million, to increase prepaid expenses and other assets by $1.2 million, to increase accounts payable and other liabilities by $2.6 million, and to increase noncontrolling interest in consolidated joint ventures by $0.3 million.

The Company used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired:

•

Investment in hotel properties — The Company estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties.

•

Investment in unconsolidated joint ventures — The Company estimated the fair value of its real estate interests in the unconsolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above and for the debt noted below. The Company recognized the net assets acquired based on its respective ownership interest in the joint venture according to the joint venture agreement.

•

Deferred income tax assets — The Company estimated the future realizable value of the deferred income tax assets by estimating the amount of the net operating loss that will be utilized in future periods by the acquired taxable REIT subsidiaries. The Company then applied its applicable effective tax rate against the net operating losses to determine the appropriate deferred income tax assets to recognize. This valuation methodology is based on Level 3 inputs in the fair value hierarchy.

•

Intangible assets — The Company estimated the fair value of its below market ground lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The below market ground lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The Company estimated the fair value of the advanced bookings intangible asset by using the income approach to determine the projected cash flows that a hotel property will receive as a result of future hotel room and guests events that have already been reserved and pre-booked at the hotel property as of the Acquisition Date. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company recognized the following intangible assets in the Mergers (dollars in thousands):



			Weighted Average Amortization Period (in Years)
Below market ground leases	$	118,050	54
Advanced bookings	13,862		1
Other intangible assets	7,761		6
Total intangible assets	$	139,673	46

•

Above market ground lease liabilities — The Company estimated the fair value of its above market ground lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The Company recognized approximately $15.5 million of above market ground lease liabilities in the Mergers, which are included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The above market ground lease liabilities are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income.

•

Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans using a discounted cash flow model and incorporated various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The Company recognized approximately $71.7 million in above market debt fair value adjustments on the Senior Notes and the mortgage loans assumed in the Mergers, which is included in debt, net in the accompanying consolidated balance sheet. The above market debt fair value adjustments are amortized over the remaining terms of the respective debt instruments as adjustments to interest expense in the consolidated statements of operations and comprehensive income.

•

Noncontrolling interest in consolidated joint ventures — The Company estimated the fair value of the consolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above. The Company then recognized the fair value of the noncontrolling interest in the consolidated joint ventures based on the joint venture partner's ownership interest in the consolidated joint venture. This valuation methodology is based on Level 3 inputs and assumptions in the fair value hierarchy.


•	Preferred equity in a consolidated joint venture — The Company estimated the fair value of the preferred equity in a consolidated joint venture by comparing the contractual terms of the preferred equity agreement to market-based terms of a similar preferred equity agreement, which is based on Level 3 inputs in the fair value hierarchy.


•	Hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, advance deposits and deferred revenue, accrued interest, and distributions payable — The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities.

For the hotel properties acquired during the year ended December 31, 2017, the total revenues and net income from the date of acquisition through December 31, 2017 are included in the accompanying consolidated statements of operations and comprehensive income as follows (in thousands):



	For the year ended December 31, 2017
Revenue	$	260,020
Net income	$	14,994

The following table presents the costs that were incurred in connection with the Mergers (in thousands):



	For the year ended December 31, 2017
Transaction costs	$	38,391
Integration costs	5,696
	$	44,087

The transaction costs primarily related to transfer taxes and financial advisory, legal, and other professional service fees in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs, including compensation for transition employees. The merger-related costs noted above are included in transaction costs in the accompanying consolidated statements of operations and comprehensive income.

The following unaudited condensed pro forma financial information presents the results of operations as if the Mergers had taken place on January 1, 2016. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the Mergers had taken place on January 1, 2016, nor is it indicative of the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands):



	For the year ended December 31,
	2017		2016
	(unaudited)
Revenue	$	1,893,899	$	1,996,517
Net income attributable to common shareholders	$	110,231	$	213,354
Net income per share attributable to common shareholders - basic	$	0.63	$	1.23
Net income per share attributable to common shareholders - diluted	$	0.63	$	1.22
Weighted-average number of shares outstanding - basic	174,142,918		174,009,107
Weighted-average number of shares outstanding - diluted	174,220,129		174,237,111

Acquisition of Hotel Properties

During the year ended December 31, 2017, other than the acquisition of FelCor, the Company did not acquire any other hotel properties. Refer to Note 3, Merger with FelCor Lodging Trust Incorporated, for information on the acquisition of FelCor.

During the year ended December 31, 2016, the Company did not acquire any hotel properties.

During the year ended December 31, 2015, the Company acquired a 100% interest in the following hotel properties:

Hotel Property Name

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt Place Washington DC Downtown K Street

Washington, DC

July 15, 2015

Aimbridge Hospitality

164

68,000

Homewood Suites Seattle Lynnwood

Lynnwood, WA

July 20, 2015

InnVentures

170

37,900

Residence Inn Palo Alto Los Altos (1)

Los Altos, CA

September 25, 2015

InnVentures

156

70,000

490

175,900

_______________________________________________________________________________

(1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million.

The allocation of the purchase price for the hotel properties acquired was as follows (in thousands):



	For the year ended December 31, 2015
Land and improvements	$	31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269		)
Total purchase price	$	175,900

See Note 18 for the detail of the other assets acquired and the liabilities assumed in conjunction with the Company’s acquisitions.

For the hotel properties acquired during the year ended December 31, 2015, the total revenues and net loss from the date of acquisition through December 31, 2015 are included in the accompanying consolidated statements of operations and comprehensive income as follows (in thousands):



	For the year ended December 31, 2015
Revenue	$	10,053
Net loss	$	(1,477	)

The following unaudited condensed pro forma financial information presents the results of operations as if the 2015 acquisitions had taken place on January 1, 2014. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 acquisitions had taken place on January 1, 2014, nor is it indicative of the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data):



	For the year ended December 31, 2015
	(unaudited)
Revenue	$	1,149,453
Net income attributable to common shareholders	$	222,498
Net income per share attributable to common shareholders - basic	$	1.72
Net income per share attributable to common shareholders - diluted	$	1.71
Weighted-average number of shares outstanding - basic	128,444,469
Weighted-average number of shares outstanding - diluted	128,967,754

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Investment in Hotel Properties

Investment in hotel properties consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
Land and improvements	$	1,275,030		$	675,889
Buildings and improvements	4,890,266			3,050,043
Furniture, fixtures and equipment	756,546			595,816
	6,921,842			4,321,748
Accumulated depreciation	(1,129,917		)	(953,972		)
Investment in hotel properties, net	$	5,791,925		$	3,367,776

For the years ended December 31, 2017, 2016 and 2015, the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $182.0 million, $162.2 million and $155.8 million, respectively.

Impairment

During the years ended December 31, 2017 and 2016, the Company determined that there was no impairment of any assets.

During the year ended December 31, 2015, the Company recorded an impairment loss of $1.0 million related to one hotel property. The Company evaluated the recoverability of the hotel property's carrying value given the expectation to sell the hotel before the end of its previously estimated useful life. Based on an analysis of the estimated undiscounted net cash flows, the Company concluded that the carrying value of the hotel property was not recoverable. The Company estimated the fair value of the hotel property using a discounted cash flow analysis. In the analysis, the Company estimated the future net cash flows from the hotel property using the expected useful life and the holding period, and the applicable capitalization and discount rates.

Investment in Unconsolidated Joint Ventures (Notes)

12 Months Ended

Dec. 31, 2017

Investment in Unconsolidated Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Investment in Unconsolidated Joint Ventures

As of December 31, 2017, the Company owned 50% interests in joint ventures that owned two hotel properties. The Company also owned 50% interests in joint ventures that owned real estate and a condominium management business that are associated with two of our resort hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of December 31, 2017, the unconsolidated joint ventures' debt consisted entirely of non-recourse mortgage debt.

The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):



	December 31, 2017
Equity basis of the joint venture investments	$	253
Cost of the joint venture investments in excess of the joint venture book value	23,632
Investment in unconsolidated joint ventures	$	23,885

The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands):



	For the year ended December 31,
	2017
Unconsolidated joint venture net income attributable to the Company	$	623
Depreciation of cost in excess of book value	(490		)
Equity in income from unconsolidated joint ventures	$	133

Intangible Assets (Notes)

12 Months Ended

Dec. 31, 2017

Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Intangible Assets

The Company's intangible assets consisted of the following (in thousands):



		December 31, 2017							December 31, 2016
	Weighted Average Amortization Period (in Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Below market ground leases	54	$	118,609	$	(1,217	)	$	117,392	$	—	$	—		$	—
Advanced bookings	1	11,360		(3,083		)	8,277		—		—			—
Other intangible assets	6	9,511		(1,969		)	7,542		2,309		(1,411		)	898
Intangible assets, net	48	$	139,480	$	(6,269	)	$	133,211	$	2,309	$	(1,411	)	$	898

For the years ended December 31, 2017, 2016 and 2015, the Company recognized amortization expense related to its intangible assets of approximately $5.7 million, $0.2 million and $0.3 million, respectively.

As of December 31, 2017, the estimated amortization expense for the intangible assets over the next five years is as follows (in thousands):



	2018		2019		2020		2021		2022
Estimated amortization expense	$	11,345	$	6,314	$	5,211	$	4,797	$	4,797

Acquisition of Hotel Properties

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisition of Hotel Properties

Merger with FelCor Lodging Trust Incorporated



Hotel Property Name	Location	Ownership Interest	Management Company	Rooms
DoubleTree Suites by Hilton Austin	Austin, TX	100%	Hilton	188
DoubleTree Suites by Hilton Orlando - Lake Buena Vista	Orlando, FL	100%	Hilton	229
Embassy Suites Atlanta - Buckhead	Atlanta, GA	100%	Hilton	316
Embassy Suites Birmingham	Birmingham, AL	100%	Hilton	242
Embassy Suites Boston Marlborough	Marlborough, MA	100%	Hilton	229
Embassy Suites Dallas - Love Field	Dallas, TX	100%	Aimbridge Hospitality	248
Embassy Suites Deerfield Beach - Resort & Spa	Deerfield Beach, FL	100%	Hilton	244
Embassy Suites Fort Lauderdale 17th Street	Fort Lauderdale, FL	100%	Hilton	361
Embassy Suites Los Angeles - International Airport South	El Segundo, CA	100%	Hilton	349
Embassy Suites Mandalay Beach - Hotel & Resort	Oxnard, CA	100%	Hilton	250
Embassy Suites Miami - International Airport	Miami, FL	100%	Hilton	318
Embassy Suites Milpitas Silicon Valley	Milpitas, CA	100%	Hilton	266
Embassy Suites Minneapolis - Airport	Bloomington, MN	100%	Hilton	310
Embassy Suites Myrtle Beach - Oceanfront Resort	Myrtle Beach, SC	100%	Hilton	255
Embassy Suites Napa Valley	Napa, CA	100%	Hilton	205
Embassy Suites Orlando - International Drive South/Convention Center	Orlando, FL	100%	Hilton	244
Embassy Suites Phoenix - Biltmore	Phoenix, AZ	100%	Hilton	232
Embassy Suites San Francisco Airport - South San Francisco	San Francisco, CA	100%	Hilton	312
Embassy Suites San Francisco Airport - Waterfront	Burlingame, CA	100%	Hilton	340
Embassy Suites Secaucus - Meadowlands (1)	Secaucus, NJ	50%	Hilton	261
Hilton Myrtle Beach Resort	Myrtle Beach, SC	100%	Hilton	385
Holiday Inn San Francisco - Fisherman's Wharf	San Francisco, CA	100%	InterContinental Hotels	585
San Francisco Marriott Union Square	San Francisco, CA	100%	Marriott Hotel Services	400
Sheraton Burlington Hotel & Conference Center (3)	Burlington, VT	100%	Marriott Hotel Services	309
Sheraton Philadelphia Society Hill Hotel	Philadelphia, PA	100%	Marriott Hotel Services	364
The Fairmont Copley Plaza (4)	Boston, MA	100%	FRHI Hotels & Resorts	383
The Knickerbocker New York	New York, NY	95%	Highgate Hotels	330
The Mills House Wyndham Grand Hotel	Charleston, SC	100%	Wyndham	216
The Vinoy Renaissance St. Petersburg Resort & Golf Club	St. Petersburg, FL	100%	Marriott Hotel Services	361
Wyndham Boston Beacon Hill	Boston, MA	100%	Wyndham	304
Wyndham Houston - Medical Center Hotel & Suites	Houston, TX	100%	Wyndham	287
Wyndham New Orleans - French Quarter	New Orleans, LA	100%	Wyndham	374
Wyndham Philadelphia Historic District	Philadelphia, PA	100%	Wyndham	364
Wyndham Pittsburgh University Center	Pittsburgh, PA	100%	Wyndham	251
Wyndham San Diego Bayside	San Diego, CA	100%	Wyndham	600
Wyndham Santa Monica At The Pier	Santa Monica, CA	100%	Wyndham	132
Chateau LeMoyne - French Quarter, New Orleans (2)	New Orleans, LA	50%	InterContinental Hotels	171
				11,215


(1)	The Company owns an indirect 50% ownership interest in the real estate at this hotel property and records the real estate interests using the equity method of accounting. The Company leases the hotel property to its TRS, of which the Company owns a controlling financial interest in the operating lessee, so the Company consolidates its ownership interest in the leased hotel.


(2)	The Company owns an indirect 50% ownership interest in this hotel property and accounts for its ownership interest using the equity method of accounting. This hotel property is operated without a lease.


(3)	In December 2017, this hotel property was converted to the DoubleTree by Hilton Burlington Vermont.


(4)	In December 2017, the Company sold this hotel property for a sale price of $170.0 million.



	Total Consideration
Common Shares	$	1,016,227
Series A Preferred Shares	366,936
OP Units	4,342
Cash, net of cash, cash equivalents, and restricted cash reserves acquired	24,883
Total consideration	$	1,412,388

The Company allocated the purchase price consideration as follows (in thousands):



	August 31, 2017
Investment in hotel properties	$	2,661,114
Investment in unconsolidated joint ventures	25,651
Hotel and other receivables	28,308
Deferred income tax assets	58,170
Intangible assets	139,673
Prepaid expenses and other assets	23,811
Debt	(1,305,337		)
Accounts payable and other liabilities	(118,360		)
Advance deposits and deferred revenue	(23,795		)
Accrued interest	(22,612		)
Distributions payable	(4,312		)
Noncontrolling interest in consolidated joint ventures	(5,493		)
Preferred equity in a consolidated joint venture	(44,430		)
Total consideration	$	1,412,388

The Company used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired:

•



			Weighted Average Amortization Period (in Years)
Below market ground leases	$	118,050	54
Advanced bookings	13,862		1
Other intangible assets	7,761		6
Total intangible assets	$	139,673	46

•


•	Preferred equity in a consolidated joint venture — The Company estimated the fair value of the preferred equity in a consolidated joint venture by comparing the contractual terms of the preferred equity agreement to market-based terms of a similar preferred equity agreement, which is based on Level 3 inputs in the fair value hierarchy.


•	Hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, advance deposits and deferred revenue, accrued interest, and distributions payable — The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities.



	For the year ended December 31, 2017
Revenue	$	260,020
Net income	$	14,994

The following table presents the costs that were incurred in connection with the Mergers (in thousands):



	For the year ended December 31, 2017
Transaction costs	$	38,391
Integration costs	5,696
	$	44,087



	For the year ended December 31,
	2017		2016
	(unaudited)
Revenue	$	1,893,899	$	1,996,517
Net income attributable to common shareholders	$	110,231	$	213,354
Net income per share attributable to common shareholders - basic	$	0.63	$	1.23
Net income per share attributable to common shareholders - diluted	$	0.63	$	1.22
Weighted-average number of shares outstanding - basic	174,142,918		174,009,107
Weighted-average number of shares outstanding - diluted	174,220,129		174,237,111

Acquisition of Hotel Properties

During the year ended December 31, 2016, the Company did not acquire any hotel properties.

During the year ended December 31, 2015, the Company acquired a 100% interest in the following hotel properties:

Hotel Property Name

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt Place Washington DC Downtown K Street

Washington, DC

July 15, 2015

Aimbridge Hospitality

164

68,000

Homewood Suites Seattle Lynnwood

Lynnwood, WA

July 20, 2015

InnVentures

170

37,900

Residence Inn Palo Alto Los Altos (1)

Los Altos, CA

September 25, 2015

InnVentures

156

70,000

490

175,900

_______________________________________________________________________________

(1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million.

The allocation of the purchase price for the hotel properties acquired was as follows (in thousands):



	For the year ended December 31, 2015
Land and improvements	$	31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269		)
Total purchase price	$	175,900

See Note 18 for the detail of the other assets acquired and the liabilities assumed in conjunction with the Company’s acquisitions.



	For the year ended December 31, 2015
Revenue	$	10,053
Net loss	$	(1,477	)



	For the year ended December 31, 2015
	(unaudited)
Revenue	$	1,149,453
Net income attributable to common shareholders	$	222,498
Net income per share attributable to common shareholders - basic	$	1.72
Net income per share attributable to common shareholders - diluted	$	1.71
Weighted-average number of shares outstanding - basic	128,444,469
Weighted-average number of shares outstanding - diluted	128,967,754

Sale of Hotel Properties

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal of Hotel Properties

Sale of Hotel Properties

During the year ended December 31, 2017, the Company sold one hotel property for a sale price of approximately $170.0 million. In conjunction with this transaction, the Company recorded a $0.6 million loss on sale which is included in gain on sale of hotel properties in the accompanying consolidated statement of operations and comprehensive income.

The following table discloses the hotel property that was sold during the year ended December 31, 2017:



Hotel Property Name	Location	Sale Date	Rooms
The Fairmont Copley Plaza	Boston, MA	December 14, 2017	383
		Total	383

On February 21, 2018, the Company sold the Embassy Suites Boston Marlborough for $23.7 million.

During the year ended December 31, 2016, the Company sold four hotel properties in three separate transactions for a total sale price of approximately $301.5 million. In conjunction with these transactions, the Company recorded a $45.9 million gain on sale, which is included in the accompanying consolidated statement of operations and comprehensive income, and a deferred gain of $15.0 million related to the Company's maximum exposure to loss with respect to certain post-closing obligations, which is included in accounts payable and other liabilities in the accompanying consolidated balance sheet. During the year ended December 31, 2017, the Company met certain post-closing obligations and recognized an additional gain of $9.6 million which is included in gain on sale of hotel properties in the accompanying consolidated statement of operations and comprehensive income.

The following table provides a list of the hotel properties that were sold during the year ended December 31, 2016:



Hotel Property Name	Location	Sale Date	Rooms
Holiday Inn Express Merrillville	Merrillville, IN	February 22, 2016	62
SpringHill Suites Bakersfield	Bakersfield, CA	November 30, 2016	119
Hilton Garden Inn New York 35th Street	New York, NY	December 5, 2016	298
Hilton New York Fashion District	New York, NY	December 5, 2016	280
		Total	759

During the year ended December 31, 2015, the Company sold 23 hotel properties in four separate transactions for a total sale price of approximately $252.5 million. In conjunction with these transactions, the Company recorded a $28.4 million gain on sale, which is included in the accompanying consolidated statement of operations and comprehensive income.

The following table provides a list of the hotel properties that were sold during the year ended December 31, 2015:



Hotel Property Name	Location	Sale Date	Rooms
Courtyard Chicago Schaumburg	Schaumburg, IL	February 23, 2015	162
Courtyard Detroit Pontiac Bloomfield	Pontiac, MI	February 23, 2015	110
Courtyard Grand Junction	Grand Junction, CO	February 23, 2015	136
Courtyard Mesquite	Mesquite, TX	February 23, 2015	101
Courtyard San Antonio Airport Northstar	San Antonio, TX	February 23, 2015	78
Courtyard Tampa Brandon	Tampa, FL	February 23, 2015	90
Fairfield Inn & Suites Merrillville	Merrillville, IN	February 23, 2015	112
Fairfield Inn & Suites San Antonio Airport	San Antonio, TX	February 23, 2015	120
Fairfield Inn & Suites Tampa Brandon	Tampa, FL	February 23, 2015	107
Hampton Inn Merrillville	Merrillville, IN	February 23, 2015	64
Holiday Inn Grand Rapids Airport	Kentwood, MI	February 23, 2015	148
Homewood Suites Tampa Brandon	Tampa, FL	February 23, 2015	126
Marriott Auburn Hills Pontiac at Centerpoint	Pontiac, MI	February 23, 2015	290
Residence Inn Austin Round Rock	Round Rock, TX	February 23, 2015	96
Residence Inn Chicago Schaumburg	Schaumburg, IL	February 23, 2015	125
Residence Inn Detroit Pontiac Auburn Hills	Pontiac, MI	February 23, 2015	114
Residence Inn Grand Junction	Grand Junction, CO	February 23, 2015	104
Residence Inn Indianapolis Carmel	Carmel, IN	February 23, 2015	120
SpringHill Suites Chicago Schaumburg	Schaumburg, IL	February 23, 2015	132
SpringHill Suites Indianapolis Carmel	Carmel, IN	February 23, 2015	126
Fairfield Inn & Suites Valparaiso	Valparaiso, IN	May 22, 2015	63
Residence Inn South Bend	South Bend, IN	July 7, 2015	80
Embassy Suites Columbus	Columbus, OH	October 14, 2015	221
		Total	2,825

Investment in Loan

In November 2009, the Company purchased a mortgage loan that was collateralized by one hotel property. The loan matured on September 6, 2017. At the date of maturity, the Company's investment in loan receivable balance was $10.1 million and the Company received $12.8 million in net proceeds from the debtor. Accordingly, the Company recognized a gain on settlement of investment in loan of approximately $2.7 million.

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

The Company's debt consisted of the following (in thousands):



	December 31, 2017		December 31, 2016
Senior Notes	$	1,062,716	$	—
Revolver and Term Loans, net	1,170,954		1,169,308
Mortgage loans, net	646,818		413,407
Debt, net	$	2,880,488	$	1,582,715

Senior Notes

The Company's senior secured notes and the senior unsecured notes are collectively the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):



				Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date	December 31, 2017		December 31, 2016
Senior secured notes (1) (2) (3)	9	5.63%	March 2023	$	552,669	$	—
Senior unsecured notes (1) (2) (4)	—	6.00%	June 2025	510,047		—
Total Senior Notes				$	1,062,716	$	—


(1)	Requires payments of interest only through maturity.


(2)	Includes $28.7 million and $35.1 million at December 31, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that were assumed in the Mergers.

(3)

On February 27, 2018, the Company announced that it will early redeem the senior secured notes in full on March 9, 2018 (the "Redemption Date"). In accordance with the terms and conditions set forth in the indenture governing the senior secured notes, the aggregate amount payable upon redemption will be approximately $539.4 million, which includes the redemption price of 102.813% for the outstanding principal amount plus accrued and unpaid interest thereon through, but not including the Redemption Date.


(4)	The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0%.

The Senior Notes contain certain financial covenants relating to the Company's total leverage ratio, secured leverage ratio and interest coverage ratio. If an event of default exists, the Company is not permitted to (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. As of December 31, 2017, the Company was in compliance with all financial covenants.

Revolver and Term Loans

The Company has the following unsecured credit agreements in place:


•	$600.0 million revolving credit facility with a scheduled maturity date of April 22, 2020 with a one-year extension option if certain conditions are satisfied (the "Revolver");


•	$400.0 million term loan with a scheduled maturity date of March 20, 2019 (the "$400 Million Term Loan Maturing 2019");


•	$225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "$225 Million Term Loan Maturing 2019");


•	$400.0 million term loan with a scheduled maturity date of April 22, 2021 (the "$400 Million Term Loan Maturing 2021"); and


•	$150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "$150 Million Term Loan Maturing 2022").

The $400 Million Term Loan Maturing 2019, the $225 Million Term Loan Maturing 2019, the $400 Million Term Loan Maturing 2021, and the $150 Million Term Loan Maturing 2022 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, minimum tangible net worth and maximum secured indebtedness. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2017 and 2016, the Company was in compliance with all financial covenants.

The borrowings under the Revolver and Term Loans bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) plus an applicable margin. The margin ranges from 1.45% to 3.00%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.30%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings.

Under the terms of the credit agreement for the Revolver, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million, may be issued on behalf of the Company by the lenders under the Revolver. The Company will incur a fee that shall be agreed upon with the issuing bank. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. No standby letters of credit were outstanding at December 31, 2017. The Company also may borrow up to a maximum aggregate outstanding balance of $40.0 million of swingline loans. Any outstanding swingline loans reduce the available borrowings under the Revolver by a corresponding amount. There were no swingline loans outstanding at December 31, 2017.

The Company's unsecured credit agreements consisted of the following (in thousands):



			Outstanding Borrowings at
	Interest Rate at December 31, 2017 (1)	Maturity Date	December 31, 2017			December 31, 2016
Revolver (2)	3.16%	April 2020	$	—		$	—
$400 Million Term Loan Maturing 2019	3.35%	March 2019	400,000			400,000
$225 Million Term Loan Maturing 2019	4.24%	November 2019	225,000			225,000
$400 Million Term Loan Maturing 2021	3.14%	April 2021	400,000			400,000
$150 Million Term Loan Maturing 2022	3.43%	January 2022	150,000			150,000
			1,175,000			1,175,000
Deferred financing costs, net (3)			(4,046		)	(5,692		)
Total Revolver and Term Loans, net			$	1,170,954		$	1,169,308

_______________________________________________________________________________


(1)	Interest rate at December 31, 2017 gives effect to interest rate hedges.


(2)	At December 31, 2017 and 2016, there was $600.0 million and $400.0 million, respectively, of borrowing capacity on the Revolver. On August 31, 2017, the Company amended the Revolver to increase the borrowing capacity from $400.0 million to $600.0 million. The Company has the ability to further increase the borrowing capacity to $750.0 million, subject to certain lender requirements.


(3)	Excludes $2.6 million and $2.3 million as of December 31, 2017 and 2016, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

In January 2018, the Company amended the $400 Million Term Loan Maturing 2019, the $225 Million Term Loan Maturing 2019, and the $150 Million Term Loan Maturing 2022. The maturity dates for both the $400 Million Term Loan Maturing 2019 and the $225 Million Term Loan Maturing 2019 were extended to January 2023. The maturity date for the $150 Million Term Loan Maturing 2022 is still January 2022. The Company also reduced the interest rate pricing on each of the three term loans.

Mortgage Loans

The Company's mortgage loans consisted of the following (in thousands):



					Principal balance at
Lender	Number of Assets Encumbered	Interest Rate at December 31, 2017 (1)	Maturity Date		December 31, 2017			December 31, 2016
Wells Fargo (5)	4	4.04%	March 2018	(3)	$	143,250		$	146,250
Wells Fargo (2)	4	4.05%	October 2018	(4)	150,000			150,000
PNC Bank (2) (6)	5	3.66%	March 2021	(7)	85,000			85,000
Wells Fargo (8)	1	5.25%	June 2022		32,882			33,666
PNC Bank/Wells Fargo (9)	4	4.95%	October 2022		120,893			—
Prudential (10)	1	4.94%	October 2022		30,323			—
Scotiabank (2) (11)	1	LIBOR + 3.00%	November 2018		85,404			—
	20				647,752			414,916
Deferred financing costs, net					(934		)	(1,509		)
Total mortgage loans, net					$	646,818		$	413,407

_______________________________________________________________________________


(1)	Interest rate at December 31, 2017 gives effect to interest rate hedges.


(2)	Requires payments of interest only through maturity.


(3)	The maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.


(4)	In October 2017, the Company extended the maturity date for a one-year term. The maturity date may be extended for three additional one-year terms at the Company's option, subject to certain lender requirements.


(5)	Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.


(6)	The five hotels encumbered by the PNC Bank loan are cross-collateralized.


(7)	The maturity date may be extended for two one-year terms at the Company’s option, subject to certain lender requirements.


(8)	Includes $0.8 million and $1.0 million at December 31, 2017 and 2016, respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.


(9)	Includes $3.0 million at December 31, 2017 related to fair value adjustments on the mortgage loans that were assumed in the Mergers.


(10)	Includes $0.7 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.


(11)	Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at December 31, 2017 and 2016.

Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):



	For the year ended December 31,
	2017		2016		2015
Senior Notes	$	15,918	$	—	$	—
Revolver and Term Loans	39,262		38,849		35,898
Mortgage loans	19,643		16,006		16,500
Amortization of deferred financing costs	3,499		3,965		4,164
Capitalized interest	—		—		(1,774		)
Total interest expense	$	78,322	$	58,820	$	54,788

Future Minimum Principal Payments

As of December 31, 2017, the future minimum principal payments on the debt were as follows (in thousands):



2018	$	381,553
2019 (1)	628,766
2020	3,936
2021	489,166
2022	314,308
Thereafter	999,010
Total (2)	$	2,816,739

_______________________________________________________________________________


(1)	In January 2018, the maturity dates for both the $400 Million Term Loan Maturing 2019 and the $225 Million Term Loan Maturing 2019 were extended to January 2023.


(2)	Excludes a total of $68.7 million related to fair value adjustments on debt.

Derivatives and Hedging

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

The Company's interest rate swaps consisted of the following (in thousands):



			Notional value at				Fair value at
Hedge type	Interest rate	Maturity	December 31, 2017		December 31, 2016		December 31, 2017			December 31, 2016
Swap-cash flow	1.12%	November 2017	$	—	$	275,000	$	—		$	(558	)
Swap-cash flow	1.56%	March 2018	175,000		175,000		(38		)	(1,251		)
Swap-cash flow	1.64%	March 2018	175,000		175,000		(71		)	(1,413		)
Swap-cash flow	1.83%	September 2018	15,758		16,088		(23		)	(193		)
Swap-cash flow	1.75%	September 2018	15,758		16,088		(14		)	(172		)
Swap-cash flow	1.83%	September 2018	38,678		39,488		(57		)	(474		)
Swap-cash flow	1.75%	September 2018	39,632		40,462		(35		)	(433		)
Swap-cash flow	1.83%	September 2018	17,190		17,550		(25		)	(211		)
Swap-cash flow	1.75%	September 2018	16,235		16,575		(14		)	(177		)
Swap-cash flow	2.02%	March 2019	125,000		125,000		(383		)	(2,090		)
Swap-cash flow	1.94%	March 2019	100,000		100,000		(213		)	(1,505		)
Swap-cash flow	1.27%	March 2019	125,000		125,000		836			54
Swap-cash flow (1)	1.96%	March 2019	100,000		100,000		(230		)	(516		)
Swap-cash flow (1)	1.85%	March 2019	50,000		50,000		(43		)	(184		)
Swap-cash flow (1)	1.81%	March 2019	50,000		50,000		(19		)	(159		)
Swap-cash flow (1)	1.74%	March 2019	25,000		25,000		13			(57		)
Swap-cash flow (2)	1.80%	September 2020	33,000		33,000		202			111
Swap-cash flow (2)	1.80%	September 2020	82,000		82,000		502			277
Swap-cash flow (2)	1.80%	September 2020	35,000		35,000		214			118
Swap-cash flow	1.81%	October 2020	143,000		143,000		803			(1,113		)
Swap-cash flow (3)	1.15%	April 2021	100,000		100,000		2,880			2,513
Swap-cash flow (3)	1.20%	April 2021	100,000		100,000		2,726			2,360
Swap-cash flow (3)	2.15%	April 2021	75,000		75,000		(144		)	(410		)
Swap-cash flow (3)	1.91%	April 2021	75,000		—		415			—
Swap-cash flow	1.61%	June 2021	50,000		50,000		769			224
Swap-cash flow	1.56%	June 2021	50,000		50,000		869			352
Swap-cash flow	1.71%	June 2021	50,000		50,000		598			5
Swap-cash flow (4)	2.29%	December 2022	200,000		—		(413		)	—
Swap-cash flow (4)	2.29%	December 2022	125,000		—		(259		)	—
			$	2,186,251	$	2,064,251	$	8,846		$	(4,902	)

_______________________________________________________________________________


(1)	Effective between the maturity of the swap in November 2017 and the maturity of the debt in March 2019.


(2)	Effective between the maturity of the existing swaps in September 2018 and September 2020.


(3)	Effective between the maturity of the existing swaps in March 2018 and the maturity of the debt in April 2021.


(4)	Effective between the maturity of the existing swaps in March 2019 and December 2022.

As of December 31, 2017 and 2016, the aggregate fair value of the interest rate swap assets of $10.8 million and $6.0 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2017 and 2016, the aggregate fair value of the interest rate swap liabilities of $2.0 million and $10.9 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of December 31, 2017, there was approximately $8.8 million of unrealized gains included in accumulated other comprehensive income related to interest rate hedges that are effective in offsetting the variable cash flows. As of December 31, 2016, there was approximately $4.9 million of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the years ended December 31, 2017 and 2016. For the years ended December 31, 2017 and 2016, approximately $7.4 million and $15.9 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $0.1 million of the unrealized losses included in accumulated other comprehensive income (loss) at December 31, 2017 is expected to be reclassified into interest expense within the next 12 months.

Fair Value

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value

Fair Value Measurement

Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable:


•	Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities.


•	Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.


•	Level 3 — Inputs are unobservable and corroborated by little or no market data.

Fair Value of Financial Instruments

The Company used the following market assumptions and/or estimation methods:


•	Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities.

•

Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy.

The fair value of the Company's debt was as follows (in thousands):



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes	$	1,062,716	$	1,038,892	$	—	$	—
Revolver and Term Loans, net	1,170,954		1,179,052		1,169,308		1,176,798
Mortgage loans, net	646,818		643,078		413,407		402,134
Debt, net	$	2,880,488	$	2,861,022	$	1,582,715	$	1,578,932

Recurring Fair Value Measurements

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 (in thousands):



	Fair Value at December 31, 2017
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	10,827		$	—	$	10,827
Interest rate swap liability	—		(1,981		)	—		(1,981		)
Total	$	—	$	8,846		$	—	$	8,846

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 (in thousands):



	Fair Value at December 31, 2016
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	6,014		$	—	$	6,014
Interest rate swap liability	—		(10,916		)	—		(10,916		)
Total	$	—	$	(4,902	)	$	—	$	(4,902	)

The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2017, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Ground Leases

As of December 31, 2017, 17 of our hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The total ground rent expense was $11.1 million, $5.4 million and $5.5 million for the years ended December 31, 2017, 2016 and 2015, respectively, which is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income.

The Residence Inn Chicago Oak Brook is subject to a ground lease with an initial term expiring in 2100. After the initial term, the Company may extend the ground lease for an additional term of 99 years. The ground rent expense was de minimis for each of the years ended December 31, 2017, 2016 and 2015, respectively.

The Marriott Louisville Downtown is subject to a ground lease with an initial term expiring in 2053. After the initial term, the ground lease may be extended for up to four additional twenty-five year terms at the Company's option. The ground rent expense was de minimis for each of the years ended December 31, 2017, 2016 and 2015, respectively.

The Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center are subject to a ground lease with a term expiring in 2100. The ground rent expense was $0.9 million, $0.9 million and $1.0 million for the years ended December 31, 2017, 2016 and 2015, respectively.

The Hilton Garden Inn Bloomington is subject to a ground lease with an initial term expiring in 2053. After the initial term, the ground lease automatically extends for up to five additional ten-year terms unless certain conditions are met. The ground rent expense was de minimis for each of the years ended December 31, 2017, 2016 and 2015, respectively. In addition, the Hilton Garden Inn Bloomington is subject to an agreement to lease parking spaces with an initial term expiring in 2033. The agreement to lease parking spaces may be extended if certain events occur. The ground rent expense was de minimis for each of the years ended December 31, 2017, 2016 and 2015, respectively.

A portion of the site of the Courtyard Charleston Historic District is subject to a ground lease with a term expiring in 2096. The ground rent expense was $1.0 million for each of the years ended December 31, 2017, 2016 and 2015, respectively.

The Courtyard Waikiki Beach is subject to a ground lease with a term expiring in 2112. The ground rent expense was $3.5 million for the year ended December 31, 2017 and $3.4 million for each of the years ended December 31, 2016 and 2015, respectively.

A portion of the site of the Residence Inn Palo Alto Los Altos is subject to a ground lease with a term expiring in 2033. The ground rent expense was $0.1 million, $0.1 million and de minimis for the years ended December 31, 2017, 2016 and 2015, respectively.

The DoubleTree Suites by Hilton Orlando Lake Buena Vista is subject to a ground lease with an initial term expiring in 2032. After the initial term, the Company may extend the ground lease for an additional term of 25 years to 2057. The ground rent expense was $0.2 million for the year ended December 31, 2017.

The Embassy Suites San Francisco Airport Waterfront is subject to a ground lease with a term expiring in 2059. The ground rent expense was $0.7 million for the year ended December 31, 2017.

The DoubleTree by Hilton Burlington Vermont is subject to an agreement to lease parking spaces with a term expiring in 2051. The ground rent expense was $0.1 million for the year ended December 31, 2017.

The Vinoy Renaissance St. Petersburg Resort & Golf Club is subject to three ground leases on the hotel property. The hotel is subject to a ground lease with a term expiring in 2090. The golf course is subject to a ground lease with a term expiring in 2090. The marina is subject to a ground lease with a term expiring in 2088. The ground rent expense was $1.0 million for the year ended December 31, 2017.

The Wyndham Boston Beacon Hill is subject to a ground lease with a term expiring in 2028. The ground rent expense was $0.3 million for the year ended December 31, 2017.

The Wyndham New Orleans French Quarter is subject to a ground lease with a term expiring in 2065. The ground rent expense was $0.1 million for the year ended December 31, 2017.

The Wyndham Pittsburgh University Center is subject to a ground lease with an initial term expiring in 2038. After the initial term, the Company may extend the ground lease for up to five additional nine-year renewal terms to 2083. The ground rent expense was $0.1 million for the year ended December 31, 2017.

The Wyndham San Diego Bayside is subject to a ground lease with a term expiring in 2029. In addition, the Wyndham San Diego Bayside is subject to an agreement to lease parking spaces with a term expiring in 2018. The ground rent expense was $1.5 million for the year ended December 31, 2017.

The Holiday Inn San Francisco Fisherman's Wharf is subject to two ground leases with terms that expire in 2018. One of the ground leases can be extended to 2028, and the Company has the option to purchase the underlying land at fair market value at a future date. The ground rent expense was $1.6 million for the year ended December 31, 2017.

The Hampton Inn Garden City was subject to a ground lease that expired on December 31, 2016. The lease then reverted to a fee simple ownership interest. The ground rent expense was de minimis for each of the years ended December 31, 2016 and 2015, respectively.

As of December 31, 2017, the future minimum ground lease payments were as follows (in thousands):



	2018		2019		2020		2021		2022		Thereafter		Total
Future minimum ground lease payments	$	12,982	$	10,987	$	11,001	$	11,016	$	11,031	$	626,674	$	683,691

Restricted Cash Reserves

The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2017 and 2016, approximately $72.6 million and $67.2 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance.

Litigation

Other than the legal proceedings mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows.

Shareholder Litigation

The Company and several affiliated entities were named as defendants in four putative shareholder class action lawsuits filed in connection with RLJ's merger with FelCor. The first case, Assad v. FelCor Lodging Trust, Inc. et al., Case No. 1:17-cv-01744 (D. Md.) (the “Assad Lawsuit”), named as defendants the Company and certain affiliated entities, as well as FelCor, its former directors, and FelCor LP. The Assad Lawsuit was filed on June 26, 2017 in the United States District Court for the District of Maryland (the "Maryland Court"). The second case, Bagheri v. FelCor Lodging Trust, Inc., et al., Case No. 3:17-cv-01892 (the “Bagheri Lawsuit”), named as defendants the Company and certain affiliated entities, as well as FelCor, its former directors, and FelCor LP. The Bagheri Lawsuit was filed on July 17, 2017 in the United States District Court for the Northern District of Texas but was subsequently transferred to the Maryland Court. The third case, Johnson v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01786 (D. Md.) (the "Johnson Lawsuit"), named as defendants FelCor and its former directors. The Johnson Lawsuit was filed on June 28, 2017 in the Maryland Court. The fourth case, Sachs Investment Group v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01933 (D. Md.) (the "Sachs Lawsuit"), named as defendants FelCor and its former directors. The Sachs Lawsuit was filed on July 11, 2017 in the Maryland Court. Each of the lawsuits alleges violations of the Securities and Exchange Act of 1934 (the “Exchange Act”) arising in connection with the filing of the Company's Registration Statement on Form S-4 (the "Registration Statement") that was filed in connection with the Company's merger with FelCor. The plaintiffs in the lawsuits sought, among other things, damages, rescission of the Mergers, changes to the Registration Statement, an award of attorney's fees, and declaratory relief stating that the defendants violated the Exchange Act.

On July 21, 2017, the plaintiff in the Johnson Lawsuit filed a motion for preliminary injunction seeking to enjoin the Mergers. On August 8, 2017, however, the plaintiff withdrew that motion and represented that certain supplemental disclosures made by FelCor had addressed the basis for its preliminary injunction request.

On August 10, 2017, an order was entered consolidating the three original Maryland cases under the caption In Re FelCor Lodging Securities Litig., Case No. 1:17-cv-1786 (the "Consolidated Action"). The Assad Lawsuit was designated as the lead case for the Consolidated Action. On September 28, 2017, the Bagheri Lawsuit was also consolidated into the Consolidated Action.

On August 11, 2017, the Maryland Court entered an order regarding the selection of a Lead Plaintiff for the Consolidated Action. No stockholder moved for appointment and no Lead Plaintiff was appointed by the Court.

On October 26, 2017, the plaintiff and defendants in the Bagheri Lawsuit filed a stipulation of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day, and ordered the clerk to close the case.

On November 2, 2017, the plaintiffs in the Assad, Johnson, and Sachs lawsuits filed a notice of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day.

As a result of the resolution of the above shareholder lawsuits, there is currently no outstanding shareholder litigation relating to the merger with FelCor.

Pension Trust Litigation

Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC ("IHG"), which was previously the hotel management company for three of FelCor's hotels (two of which were sold in 2006, and one of which was converted by FelCor into a Wyndham brand and operation in 2013), notified FelCor that the National Retirement Fund in which the employees at those hotels had participated had assessed a withdrawal liability of $8.3 million, with required quarterly payments including interest, in connection with the termination of IHG’s operation of those hotels. FelCor's hotel management agreements with IHG stated that it may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension trust fund with respect to those hotels.

Based on the current assessment of the claim, the resolution of this matter may not occur until 2022. As of December 31, 2017, the Company had accrued approximately $5.4 million for the future quarterly payments to the pension trust fund, which is included in accounts payable and other liabilities in the accompanying consolidated balance sheet.

The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification.

Management Agreements

As of December 31, 2017, 157 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 3 to 25 years, with 17 different hotel management companies as noted in the table below. This number includes 46 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, Marriott, Wyndham, and other hotel brands.



Management Company		Number of Hotel Properties
Aimbridge Hospitality		4
Concord Hospitality Enterprises Company		1
Crestline Hotels and Resorts		1
Davidson Hotels and Resorts		1
Hilton Management and affiliates		24
HEI Hotels and Resorts		1
Highgate Hotels		5
Hyatt Corporation and affiliates		10
Interstate Hotels & Resorts		11
InnVentures		3
InterContinental Hotels Group		1
K Partners Hospitality Group		1
Marriott Management and affiliates		7
Sage Hospitality		4
Urgo Hotels		4
WLS		71
Wyndham		8
		157

Each management company receives a base management fee generally between 3.0% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally between 2.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel.

The Wyndham management agreements guarantee minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10-year term to 2023, subject to an aggregate $100.0 million limit over the term and an annual $21.5 million limit. For the year ended December 31, 2017, the Company recorded $2.4 million for its portion of the aggregate full-year guaranties. The Company recognized this amount as a reduction of Wyndham's contractual management and other fees.

Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2017, 2016 and 2015, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $48.9 million, $44.3 million and $44.1 million, respectively.

In December 2017, Interstate Hotels & Resorts ("Interstate") announced that it had entered into an agreement to acquire 62 of the Company's management agreements from WLS. The terms of the original WLS management agreements remain in effect. The transaction closed on January 24, 2018, at which time Interstate began managing the hotel properties. Upon completion of the transaction, the Company has 73 management agreements with Interstate, and WLS will continue to manage nine of the Company's hotel properties.

Franchise Agreements

As of December 31, 2017, 110 of the Company's hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes 46 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, Marriott, Wyndham, and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel does not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 4.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs generally between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of generally 3.0% of food and beverage revenues.

Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2017, 2016 and 2015, the Company incurred franchise fee expense of approximately $73.7 million, $73.9 million and $72.3 million, respectively.

Equity	12 Months Ended
Equity	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 Common Shares authorized for issuance. On May 1, 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $200.0 million of the Company's Common Shares through April 30, 2016. On October 30, 2015, the Company's board of trustees extended the duration of the share repurchase program to December 31, 2016 and increased the amount by $200.0 million to a total of $400.0 million. Between May 1, 2015 and December 31, 2015, the Company repurchased and retired 8,044,372 Common Shares for approximately $225.2 million. During the year ended December 31, 2016, the Company repurchased and retired 610,607 Common Shares for approximately $13.3 million. On February 17, 2017, the Company's board of trustees increased the authorized amount that may be repurchased by $40.0 million to a total of $440.0 million. During the year ended December 31, 2017, the Company repurchased and retired 122,508 Common Shares for approximately $2.6 million. As of December 31, 2017, the share repurchase program had a remaining capacity of $198.9 million. On February 16, 2018, the Company's board of trustees extended the duration of the share repurchase program to February 28, 2019. As a result of the REIT Merger, the Company issued 50.4 million Common Shares at a price of $20.18 per share to former FelCor common stockholders as consideration in the REIT Merger. Preferred Shares of Beneficial Interest Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. As of both December 31, 2016 and 2015, there were no preferred shares of beneficial interest outstanding. On August 31, 2017, the Company designated and authorized the issuance of up to 12,950,000 $1.95 Series A Preferred Shares. The Company issued 12,879,475 Series A Preferred Shares, at a price of $28.49 per share, to former FelCor preferred stockholders as consideration in the REIT Merger. The holders of the Series A Preferred Shares are entitled to receive dividends that are payable in cash in an amount equal to the greater of (i) $1.95 per annum or (ii) the cash distributions declared or paid for the corresponding period on the number of Common Shares into which a Series A Preferred Share is then convertible. Noncontrolling Interest in Consolidated Joint Ventures As of December 31, 2017, the Company consolidated the joint venture that owns the DoubleTree Metropolitan Hotel New York City hotel property, which has a third-party partner that owns a noncontrolling 1.7% ownership interest in the joint venture. In addition, the Company consolidated the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. Lastly, the Company owns a controlling financial interest in the operating lessee of the Embassy Suites Secaucus Meadowlands hotel property, which has a third-party partner that owns a noncontrolling 49% ownership interest in the joint venture. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2017, the Operating Partnership had 175,642,948 OP units outstanding, of which 99.6% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.4% ownership interest was owned by other limited partners. As a result of the Partnership Merger, the Operating Partnership issued 215,152 OP units at a price of $20.18 per unit, to former FelCor LP limited partners as consideration in the Partnership Merger. During the year ended December 31, 2016, the Company issued 335,250 common shares of beneficial interest in exchange for redeemed units. The limited partners own 773,902 OP units, which are redeemable for cash, or at the option of the Company, for a like number of Common Shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets. Consolidated Joint Venture Preferred Equity The Company's joint venture that redeveloped The Knickerbocker raised $45.0 million ($44.4 million net of issuance costs) through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. The purchasers receive a 3.25% current annual return (which increases to 8% if the Company does not redeem the equity interest before the fifth anniversary of the respective equity issuance), plus a 0.25% non-compounding annual return payable at redemption. The preferred equity raised by the joint venture is included in preferred equity in a consolidated joint venture on the consolidated balance sheets.

Equity Incentive Plan

12 Months Ended

Dec. 31, 2017

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

Equity Incentive Plan

On May 1, 2015, the Company’s shareholders approved the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan"), which constitutes an amendment and restatement of the RLJ Lodging Trust 2011 Equity Incentive Plan (the "2011 Plan"), including an increase in the total number of available shares under the 2015 Plan by 2,500,000 shares and changes to certain other terms of the 2011 Plan. The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2015 Plan. The 2015 Plan provides for a maximum of 7,500,000 Common Shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards.

Share Awards

From time to time, the Company may award unvested restricted shares under the 2015 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures.

Non-employee trustees may also elect to receive unrestricted shares under the 2015 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.

A summary of the unvested restricted shares is as follows:



	2017				2016				2015
	Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	649,447		$	23.00	540,885		$	26.73	731,459		$	21.21
Granted (1)	425,076		23.15		675,375		20.59		292,505		32.10
Vested (1)	(363,160	)	23.41		(272,780	)	23.66		(470,703	)	21.52
Forfeited (2)	(11,038	)	23.24		(294,033	)	23.70		(12,376	)	25.65
Unvested at December 31,	700,325		$	22.88	649,447		$	23.00	540,885		$	26.73

_______________________________________________________________________________


(1)	For the years ended December 31, 2016 and 2015, the Company issued 2,554 and 5,008, respectively, unrestricted shares in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 and $26.43, respectively.


(2)	Includes the forfeiture of 285,926 unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.

For the years ended December 31, 2017, 2016 and 2015, the Company recognized approximately $8.9 million, $6.9 million and $9.6 million, respectively, of share-based compensation expense related to the restricted share awards, which includes a benefit of $0.5 million for the year ended December 31, 2016 as a result of the forfeiture of unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.

As of December 31, 2017, there was $14.3 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 2.4 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2017, 2016 and 2015 was approximately $7.7 million, $5.8 million and $14.0 million, respectively.

Performance Units

In July 2012, the Company awarded performance units to certain employees. The performance units vested over a four-year period, including three years of performance-based vesting (the "2012 performance units measurement period") plus an additional one year of time-based vesting. In July 2015, following the end of the 2012 performance units measurement period, the Company issued 838,934 restricted shares upon conversion of the performance units. Half of the restricted shares vested immediately and the remaining half vested in July 2016. In May 2016, 133,467 unvested restricted shares related to the conversion of the performance units were forfeited upon the resignation of the Company's President and Chief Executive Officer.

In May 2016, the Company awarded 280,000 performance units with a grant date fair value of $10.31 per unit to certain employees. The performance units vest over a four-year period, including three years of performance-based vesting (the “2016 performance units measurement period”) plus an additional one year of time-based vesting. These performance units may convert into restricted shares at a range of 25% to 150% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return and a relative total shareholder return over the measurement period at specified percentiles of the peer group, as defined by the award. If at the end of the 2016 performance units measurement period the target criterion is met, then 50% of the restricted shares will vest immediately. The remaining 50% will vest one year later. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the 2016 performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation with the following assumptions: a risk-free interest rate of 1.05%, volatility of 23.82%, and an expected term equal to the requisite service period for the awards. The Company estimated the compensation expense for the performance units on a straight line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years.

In February 2017, the Company awarded 259,000 performance units with a grant date fair value of $14.93 per unit to certain employees. The performance units vest over a four-year period, including three years of performance-based vesting (the “2017 performance units measurement period”) plus an additional one year of time-based vesting. These performance units may convert into restricted shares at a range of 25% to 150% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return and a relative total shareholder return over the measurement period at specified percentiles of the peer group, as defined by the award. If at the end of the 2017 performance units measurement period the target criterion is met, then 50% of the restricted shares will vest immediately. The remaining 50% will vest one year later. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the 2017 performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation with the following assumptions: a risk-free interest rate of 1.57%, volatility of 25.73%, and an expected term equal to the requisite service period for the awards. The Company estimated the compensation expense for the performance units on a straight line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years.

For the years ended December 31, 2017 and 2015, the Company recognized $1.7 million and $3.4 million, respectively, of share-based compensation expense related to the performance unit awards. For the year ended December 31, 2016, the Company recognized a share-based compensation benefit of $0.9 million related to the performance unit awards, which included a benefit of $2.3 million as a result of the forfeiture of unvested restricted shares related to the conversion of the performance units upon the resignation of the Company's President and Chief Executive Officer in May 2016.

As of December 31, 2017, there was $4.3 million of total unrecognized compensation cost related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.5 years. The total fair value of the vested restricted shares related to the conversion of the performance units (calculated as the number of restricted shares issued multiplied by the vesting date share price) during the year ended December 31, 2016 was approximately $6.7 million.

As of December 31, 2017, there were 3,460,504 common shares available for future grant under the 2015 Plan.

Earnings per Common Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per Common Share is calculated by dividing net income attributable to common shareholders by the weighted-average number of Common Shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per Common Share is calculated by dividing net income attributable to common shareholders by the weighted-average number of Common Shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations.

The limited partners’ outstanding OP Units (which may be redeemed for Common Shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the years ended December 31, 2017, 2016 and 2015, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.

The computation of basic and diluted earnings per Common Share is as follows (in thousands, except share and per share data):



	For the year ended December 31,
	2017			2016			2015
Numerator:
Net income attributable to RLJ	$	74,835		$	200,352		$	218,221
Less: Preferred dividends	(8,372		)	—			—
Less: Dividends paid on unvested restricted shares	(1,029		)	(1,105		)	(1,180		)
Less: Undistributed earnings attributable to unvested restricted shares	—			(188		)	(378		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	65,434		$	199,059		$	216,663

Denominator:
Weighted-average number of Common Shares - basic	140,616,838			123,651,003			128,444,469
Unvested restricted shares	77,211			228,004			523,285
Unvested performance units	—			—			—
Weighted-average number of Common Shares - diluted	140,694,049			123,879,007			128,967,754

Net income per share attributable to common shareholders - basic	$	0.47		$	1.61		$	1.69

Net income per share attributable to common shareholders - diluted	$	0.47		$	1.61		$	1.68

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. A valuation allowance is recognized to reduce the deferred tax assets to the amount considered likely to be realized.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the "Tax Reform Act"). The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing limitations on net operating loss carryovers, and allowing dividend income from a REIT to be eligible for a 20% qualified business income deduction. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018.

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse. The provisional estimate of $31.7 million incorporates assumptions made based upon the best available interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance.

For federal income tax purposes, the cash distributions to shareholders are characterized as follows:



	For the Years Ended December 31,
	2017		2016
Common distributions:
Ordinary income	73.0	%	87.0	%
Return of capital	27.0	%	—
Capital gains	—		13.0	%
	100.0	%	100.0	%

Preferred distributions:
Ordinary income	100.0	%	—
Return of capital	—		—
Capital gains	—		—
	100.0	%	—

The components of the income tax provision from continuing operations are as follows (in thousands):



	For the Years Ended December 31,
	2017			2016			2015
Current:
Federal	$	(67	)	$	(76	)	$	(287	)
State	(2,304		)	(1,113		)	(1,145		)
Deferred:
Federal	(43,181		)	(6,141		)	36,359
State	3,434			(860		)	4,199
Total net tax (expense) benefit	$	(42,118	)	$	(8,190	)	$	39,126

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands):



	For the Years Ended December 31,
	2017			2016			2015
Expected federal tax expense at statutory rate	$	(41,593	)	$	(73,327	)	$	(63,240	)
Tax impact of REIT election	33,236			68,477			62,391
Expected tax expense at TRS	(8,357		)	(4,850		)	(849		)
Change in valuation allowance	366			(1,254		)	41,147
State income tax expense, net of federal	(1,388		)	(1,520		)	(1,111		)
Impact of rate change	(31,667		)	20			46
Other permanent items	(513		)	(382		)	(416		)
Impact of provision to return/deferred adjustments	(559		)	(204		)	309
Income tax (expense) benefit	$	(42,118	)	$	(8,190	)	$	39,126

A reconciliation of the Company's effective tax rate and the U.S. federal statutory income tax rate is as follows:



	For the Years Ended December 31,
	2017		2016		2015
Statutory U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
Impact of REIT election	(28.0	)%	(32.7	)%	(34.5	)%
State and local income taxes	1.2	%	0.7	%	0.6	%
Change in valuation allowance	(0.3	)%	0.6	%	(22.8	)%
Impact of rate change	26.6	%	—	%	—	%
Other	0.9	%	0.3	%	—	%
Effective tax rate	35.4	%	3.9	%	(21.7	)%

Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands):



	December 31,
	2017			2016
Deferred tax liabilities:
Property and equipment	$	—		$	(8,557	)
Prepaid expenses	(1,501		)	(2,349		)
Intangible assets	(3,597		)	—
Deposits	(449		)	—
Other	—			(524		)
Deferred tax liabilities	$	(5,547	)	$	(11,430	)

Deferred tax assets:
Property and equipment	$	5,427		$	1,082
Incentive and vacation accrual	4,576			2,640
Deferred revenue - key money	1,095			1,703
Allowance for doubtful accounts	128			72
Partnership basis	918			—
Contingent liability	301			—
Other	357			605
Other carryforwards	184			155
Net operating loss carryforwards	64,546			49,787
Federal historic tax credit	824			—
Valuation allowance	(21,595		)	(11,430		)
Deferred tax assets	$	56,761		$	44,614

The Company records a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2017 and 2016, the Company had a valuation allowance of approximately $21.6 million and $11.4 million, respectively, related to net operating loss ("NOL") carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. While the Company believes its forecast of future income is reasonable, it is inherently uncertain. If the Company’s projections of future income are lower than expected, the Company may need to establish an additional valuation allowance.

The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2018 to 2031 for state tax purposes. Additionally, the annual utilization of these NOLs is limited pursuant to Section 382 of the Code. The Company's historic tax credits begin to expire in 2035. Additionally, the annual utilization of these tax credits is limited pursuant to Section 383 of the Code.

The Company is subject to examination by the U.S. Internal Revenue Service ("IRS") and various state jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2017, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the years of 2013 and before. During 2016, the IRS commenced examination of the federal income tax return of the Company's primary TRS for the 2013 tax year. During 2017, the IRS extended the examination of the federal income tax returns of the Company's primary TRS for the 2014 and 2015 tax years. The Company anticipates the examination will be completed in 2018.

The Company had no accruals for tax uncertainties as of December 31, 2017 and 2016.

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.

Supplemental Information to Statements of Cash Flows

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)



	For the year ended December 31,
	2017			2016			2015
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	586,470		$	456,672		$	134,192
Restricted cash reserves	72,606			67,206			55,455
Cash, cash equivalents, and restricted cash reserves	$	659,076		$	523,878		$	189,647

Interest paid, net of capitalized interest	$	65,211		$	56,294		$	48,524

Income taxes paid	$	1,176		$	1,290		$	1,012

Supplemental investing and financing transactions (1)
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	—		$	177,169
Accounts receivable	—			—			179
Other assets	—			—			120
Mortgage debt assumed	—			—			(33,389		)
Fair value adjustment on mortgage debt assumed	—			—			(1,269		)
Advance deposits	—			—			(46		)
Accounts payable and other liabilities	—			—			(543		)
Acquisition of hotel properties, net	$	—		$	—		$	142,221

In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	$	170,000		$	301,540		$	252,500
Escrow related to certain post-closing obligations	14,000			(15,000		)	—
Transaction costs	(4,564		)	(16,693		)	(9,055		)
Operating prorations	843			(662		)	2,960
Proceeds from the sale of hotel properties, net	$	180,279		$	269,185		$	246,405

Supplemental non-cash transactions (1)
Change in fair market value of designated interest rate swaps	$	13,748		$	11,700		$	(2,958	)
Accrued capital expenditures	$	14,138		$	7,392		$	11,383
Distributions payable	$	65,284		$	41,486		$	41,409
Redemption of OP Units	$	—		$	4,325		$	—

(1) Refer to Note 3, Merger with FelCor Lodging Trust, for information related to the non-cash investing and financing activities associated with the acquisition of FelCor.

Quarterly Operating Results (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results (unaudited)

Selected Quarterly Financial Data (unaudited)

The tables below set forth the Company's unaudited condensed consolidated quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly financial data for the hotel properties are not indicative of the financial results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of the financial and operating results, changes in shareholders' equity, and cash flows for a period of several years.



	For the year ended December 31, 2017
	First Quarter		Second Quarter		Third Quarter (1)		Fourth Quarter (1)
Total revenue	$	260,232	$	292,284	$	341,255	$	462,490
Net income	$	21,777	$	42,464	$	4,111	$	7,387
Net income attributable to common shareholders	$	21,758	$	42,246	$	1,821	$	638
Comprehensive income attributable to RLJ	$	27,306	$	40,531	$	5,660	$	15,086
Basic per share data (1):
Net income attributable to common shareholders	$	0.17	$	0.34	$	0.01	$	—
Diluted per share data (1):
Net income attributable to common shareholders	$	0.17	$	0.34	$	0.01	$	—
Basic weighted-average common shares outstanding	123,734,173		123,785,735		140,249,961		174,147,522
Diluted weighted-average common shares outstanding	123,841,400		123,871,762		140,307,269		174,210,578


(1)	On August 31, 2017, the Company completed its merger with FelCor and acquired an ownership interest in 37 hotel properties. The increase in the quarterly financial data was a result of the financial impact related to the merger transaction. Refer to Note 3, Merger with FelCor Lodging Trust Incorporated, for more information on the accounting for the business combination.



	For the year ended December 31, 2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	275,171	$	317,112	$	296,259	$	271,453
Net income	$	25,350	$	58,740	$	41,389	$	75,835
Net income attributable to common shareholders	$	25,298	$	58,447	$	41,174	$	75,433
Comprehensive income attributable to RLJ	$	5,050	$	53,081	$	50,644	$	103,277
Basic per share data (1):
Net income attributable to common shareholders	$	0.20	$	0.47	$	0.33	$	0.61
Diluted per share data (1):
Net income attributable to common shareholders	$	0.20	$	0.47	$	0.33	$	0.61
Basic weighted-average common shares outstanding	123,739,823		123,544,034		123,621,323		123,698,633
Diluted weighted-average common shares outstanding	124,141,824		123,942,846		123,836,452		123,757,660


(1)	The basic and diluted net income per share attributable to common shareholders are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly amounts may not agree with the total for the year presented.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

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

Schedule III - Real Estate and Accumulated Depreciation



			Initial Costs				Costs Capitalized Subsequent to Acquisition		Gross Amount at December 31, 2017
Description	Debt		Land & Improvements		Building & Improvements		Land, Building & Improvements		Land & Improvements		Buildings & Improvements		Total (1)		Accumulated Depreciation		Date Acquired	Depreciation Life
Marriott Austin South	$	—	$	2,253	$	16,522	$	1,761	$	2,253	$	18,283	$	20,536	$	5,120	2006	15 - 40 years
Marriott Denver South @ Park Meadows	—		5,385		39,488		3,692		5,352		43,212		48,564		12,224		2006	15 - 40 years
Marriott Louisville Downtown	80,000		—		89,541		7,603		—		97,144		97,144		26,547		2006	15 - 40 years
Marriott Chicago Midway	—		4,464		32,736		2,255		4,499		34,957		39,456		10,059		2006	15 - 40 years
Renaissance Boulder Flatiron Hotel	—		4,440		32,557		2,718		4,718		34,996		39,714		9,862		2006	15 - 40 years
Renaissance Fort Lauderdale Plantation Hotel	—		4,842		35,517		1,998		4,876		37,481		42,357		10,594		2006	15 - 40 years
Courtyard Austin Northwest Arboretum	—		1,443		10,585		3,019		1,447		13,600		15,047		3,682		2006	15 - 40 years
Courtyard Austin South	—		1,530		11,222		1,526		1,553		12,725		14,278		3,672		2006	15 - 40 years
Courtyard Chicago Downtown Magnificent Mile	—		8,140		59,696		8,486		8,142		68,180		76,322		18,073		2006	15 - 40 years
Courtyard Denver West Golden	—		1,325		9,716		1,441		1,325		11,157		12,482		3,185		2006	15 - 40 years
Courtyard Chicago Southeast Hammond	—		1,038		7,616		1,376		1,080		8,950		10,030		2,619		2006	15 - 40 years
Courtyard Indianapolis @ The Capitol	—		2,482		18,207		1,664		2,482		19,870		22,352		5,481		2006	15 - 40 years
Courtyard Boulder Longmont	—		1,192		8,745		1,027		1,192		9,772		10,964		2,798		2006	15 - 40 years
Courtyard Boulder Louisville	—		1,640		12,025		1,443		1,642		13,466		15,108		3,919		2006	15 - 40 years
Courtyard Louisville Northeast	—		1,374		10,079		891		1,382		10,962		12,344		3,181		2006	15 - 40 years
Courtyard Midway Airport	—		2,172		15,927		2,492		2,197		18,393		20,590		5,821		2006	15 - 40 years
Courtyard South Bend Mishawaka	—		640		4,699		1,255		642		5,951		6,593		1,911		2006	15 - 40 years
Courtyard Salt Lake City Airport	—		2,333		17,110		1,397		2,333		18,507		20,840		5,157		2006	15 - 40 years
Courtyard Houston Sugarland	—		1,217		8,931		1,862		1,217		10,792		12,009		2,783		2006	15 - 40 years
Courtyard Fort Lauderdale SW Miramar	—		1,619		11,872		1,181		1,619		13,053		14,672		3,325		2007	15 - 40 years
Courtyard Austin Downtown Convention Center	47,448		6,049		44,361		1,538		6,049		45,898		51,947		11,588		2007	15 - 40 years
Courtyard Austin Airport	—		1,691		12,404		3,687		1,753		16,029		17,782		3,797		2007	15 - 40 years
Residence Inn Austin Northwest Arboretum	—		1,403		10,290		1,959		1,403		12,249		13,652		3,430		2006	15 - 40 years
Residence Inn Austin South	—		802		5,883		966		820		6,831		7,651		1,836		2006	15 - 40 years
Residence Inn Austin North Parmer Lane	—		1,483		10,872		1,728		1,483		12,601		14,084		3,299		2006	15 - 40 years
Residence Inn Indianapolis Fishers	—		998		7,322		1,005		1,048		8,277		9,325		2,294		2006	15 - 40 years
Residence Inn Denver West Golden	—		1,222		8,963		1,195		1,222		10,158		11,380		2,811		2006	15 - 40 years
Residence Inn Chicago Southeast Hammond	—		980		7,190		1,010		1,043		8,138		9,181		2,239		2006	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2017
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Residence Inn Houston By The Galleria	—	2,665	19,549	2,790	2,665	22,340	25,005	6,330	2006	15 - 40 years
Residence Inn Indianapolis Downtown On The Canal	—	2,670	19,588	2,102	2,670	21,690	24,360	6,060	2006	15 - 40 years
Residence Inn Longmont Boulder	—	1,407	10,321	796	1,407	11,117	12,524	3,088	2006	15 - 40 years
Residence Inn Boulder Louisville	—	1,298	9,519	972	1,298	10,490	11,788	2,991	2006	15 - 40 years
Residence Inn Louisville Northeast	—	1,319	9,675	1,203	1,325	10,872	12,197	3,006	2006	15 - 40 years
Residence Inn Merrillville	—	595	4,372	1,262	595	5,634	6,229	1,727	2006	15 - 40 years
Residence Inn Detroit Novi	—	1,427	10,445	2,119	1,666	12,325	13,991	3,317	2006	15 - 40 years
Residence Inn Chicago Oak Brook	—	—	20,436	938	—	21,374	21,374	6,013	2006	15 - 40 years
Residence Inn Fort Lauderdale Plantation	—	2,183	16,021	4,601	2,295	20,510	22,805	5,793	2006	15 - 40 years
Residence Inn Salt Lake City Airport	—	875	6,416	1,295	875	7,712	8,587	2,171	2006	15 - 40 years
Residence Inn San Antonio Downtown Market Sq	—	1,822	13,360	2,278	1,822	15,638	17,460	4,434	2006	15 - 40 years
Residence Inn Houston Sugarland	—	1,100	8,073	1,952	1,100	10,025	11,125	2,778	2006	15 - 40 years
Residence Inn Chicago Naperville	—	1,923	14,101	838	1,923	14,938	16,861	4,343	2006	15 - 40 years
Residence Inn Louisville Downtown	—	1,815	13,308	913	1,815	14,220	16,035	3,774	2007	15 - 40 years
Residence Inn Fort Lauderdale SW Miramar	—	1,692	12,409	1,581	1,700	13,982	15,682	3,566	2007	15 - 40 years
Residence Inn Austin Downtown Convention Center	31,632	3,767	27,626	636	3,767	28,262	32,029	7,174	2007	15 - 40 years
SpringHill Suites Austin North Parmer Lane	—	1,957	14,351	577	1,957	14,928	16,885	4,215	2006	15 - 40 years
SpringHill Suites Austin South	—	1,605	11,768	2,006	1,624	13,756	15,380	3,778	2006	15 - 40 years
SpringHill Suites Louisville Hurstbourne North	—	1,890	13,869	1,729	1,890	15,598	17,488	4,293	2006	15 - 40 years
SpringHill Suites South Bend Mishawaka	—	983	7,217	1,276	983	8,493	9,476	2,360	2006	15 - 40 years
SpringHill Suites Denver North Westminster	—	2,409	17,670	1,120	2,409	18,790	21,199	5,455	2006	15 - 40 years
SpringHill Suites Boulder Longmont	—	1,144	8,388	741	1,144	9,130	10,274	2,501	2007	15 - 40 years
Fairfield Inn & Suites Austin South Airport	—	505	3,702	1,127	505	4,829	5,334	1,231	2006	15 - 40 years
Fairfield Inn & Suites Denver Cherry Creek	—	1,203	8,823	1,309	1,203	10,132	11,335	2,924	2006	15 - 40 years
Fairfield Inn & Suites Chicago SE Hammond	—	722	5,301	1,386	790	6,620	7,410	1,856	2006	15 - 40 years
Fairfield Inn & Suites Key West	—	1,803	19,325	3,284	1,853	22,559	24,412	6,130	2006	15 - 40 years
Fairfield Inn & Suites Chicago Midway Airport	—	1,425	10,449	1,934	1,446	12,361	13,807	3,338	2006	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2017
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Fairfield Inn & Suites San Antonio Dwntn Mkt	—	1,378	10,105	1,348	1,378	11,453	12,831	3,128	2006	15 - 40 years
Hampton Inn Chicago Midway Airport	—	2,747	20,143	2,905	2,793	23,002	25,795	6,460	2006	15 - 40 years
Hilton Garden Inn Chicago Midway Airport	—	2,978	21,842	1,237	3,000	23,057	26,057	6,608	2006	15 - 40 years
Sleep Inn Midway Airport	—	1,189	8,718	1,672	1,210	10,368	11,578	3,148	2006	15 - 40 years
Holiday Inn Express & Suites Midway Airport	—	1,874	13,742	1,994	1,897	15,714	17,611	4,127	2006	15 - 40 years
Hilton Garden Inn Bloomington	17,500	—	18,945	931	—	19,876	19,876	4,505	2009	15 - 40 years
TGI Friday's Chicago Midway	—	829	6,139	654	851	6,771	7,622	1,876	2006	15 - 40 years
Hampton Inn & Suites Clearwater St Petersburg Ulmerton Road	—	1,106	12,721	1,144	1,146	13,825	14,971	3,621	2007	15 - 40 years
Hampton Inn Garden City	—	5,691	22,764	1,584	5,717	24,323	30,040	6,231	2007	15 - 40 years
Courtyard Houston By The Galleria	26,000	3,069	22,508	1,423	3,069	23,931	27,000	6,063	2007	15 - 40 years
Hampton Inn Fort Walton Beach	—	8,774	6,109	2,075	8,928	8,030	16,958	1,915	2007	15 - 40 years
Embassy Suites Los Angeles Downey	26,500	4,857	29,943	6,245	4,970	36,076	41,046	8,631	2008	15 - 40 years
Hyatt House Austin Arboretum	11,000	2,813	15,940	2,157	2,813	18,098	20,911	4,168	2008	15 - 40 years
Hyatt House Dallas Lincoln Park	18,000	3,169	17,958	3,562	3,337	21,352	24,689	4,552	2008	15 - 40 years
Hyatt House Dallas Uptown	16,500	2,241	12,698	3,056	2,317	15,679	17,996	3,371	2008	15 - 40 years
Hyatt House Houston Galleria	13,000	2,976	16,866	2,027	2,976	18,893	21,869	4,468	2008	15 - 40 years
Embassy Suites Tampa Downtown Convention Ctr	—	2,161	71,017	2,861	2,410	73,628	76,038	14,378	2010	15 - 40 years
Fairfield Inn & Suites Washington DC Downtown	—	16,214	22,265	5,393	16,332	27,540	43,872	6,161	2010	15 - 40 years
Embassy Suites Fort Myers Estero	—	2,816	7,862	1,637	2,879	9,436	12,315	2,046	2010	15 - 40 years
Homewood Suites Washington DC Downtown	31,515	23,139	34,188	4,369	23,139	38,557	61,696	7,038	2010	15 - 40 years
Hampton Inn & Suites Denver Tech Center	—	2,373	9,180	1,861	2,428	10,986	13,414	2,576	2010	15 - 40 years
Hotel Indigo New Orleans Garden District	—	1,901	3,865	11,784	2,082	15,468	17,550	4,464	2010	15 - 40 years
Residence Inn Columbia	—	1,993	11,487	1,834	2,069	13,245	15,314	2,874	2010	15 - 40 years
Residence Inn National Harbor Washington DC	—	7,457	37,046	1,517	7,480	38,539	46,019	6,965	2010	15 - 40 years
Residence Inn Silver Spring	—	3,945	18,896	1,035	3,989	19,887	23,876	4,151	2010	15 - 40 years
Hilton Garden Inn New Orleans Convention Center	—	3,405	20,750	4,657	3,479	25,333	28,812	5,252	2010	15 - 40 years
Hampton Inn West Palm Beach Arprt Central	—	2,280	9,769	1,346	2,280	11,115	13,395	2,164	2010	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2017
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Hilton Garden Inn West Palm Beach Airport	—	1,206	10,811	1,469	1,215	12,271	13,486	2,287	2010	15 - 40 years
Hilton Garden Inn Los Angeles Hollywood	—	5,303	19,136	6,259	5,521	25,177	30,698	5,602	2010	15 - 40 years
DoubleTree Metropolitan Hotel New York City	—	140,332	188,014	21,100	140,456	208,990	349,446	39,008	2010	15 - 40 years
Renaissance Pittsburgh Hotel	—	3,274	39,934	6,760	3,396	46,572	49,968	8,103	2011	15 - 40 years
Courtyard Atlanta Buckhead	—	2,860	21,668	3,579	2,875	25,231	28,106	4,524	2011	15 - 40 years
DoubleTree Hotel Columbia	—	1,933	6,486	5,504	2,070	11,854	13,924	2,775	2011	15 - 40 years
Marriott Denver Airport @ Gateway Park	26,500	3,083	38,356	3,831	3,178	42,092	45,270	7,902	2011	15 - 40 years
Embassy Suites West Palm Beach Central	—	3,656	9,614	6,366	3,792	15,844	19,636	3,835	2011	15 - 40 years
Hilton Garden Inn Durham Raleigh Research Triangle Park	—	1,751	4,763	5,417	1,888	10,042	11,930	3,041	2011	15 - 40 years
Hilton Garden Inn Pittsburgh University Place	—	1,975	18,490	8,723	2,435	26,752	29,187	5,904	2011	15 - 40 years
Hampton Inn Houston Near The Galleria	—	9,326	9,220	1,999	9,395	11,151	20,546	2,236	2011	15 - 40 years
Courtyard Charleston Historic District	—	2,714	35,828	1,341	2,837	37,047	39,884	5,857	2011	15 - 40 years
Residence Inn Bethesda Downtown	32,655	8,154	52,749	4,813	8,287	57,428	65,715	8,330	2012	15 - 40 years
Courtyard New York Manhattan Upper East Side	—	20,655	60,222	4,909	20,695	65,090	85,785	9,597	2012	15 - 40 years
Hilton Garden Inn San Francisco Oakland Bay Brg	—	11,903	22,757	2,448	11,947	25,161	37,108	3,775	2012	15 - 40 years
Embassy Suites Boston Waltham	—	6,268	56,024	3,519	6,322	59,490	65,812	8,329	2012	15 - 40 years
Courtyard Houston Downtown Convention Center	—	5,799	28,953	3,899	6,033	32,618	38,651	4,124	2013	15 - 40 years
Residence Inn Houston Downtown Convention Center	—	4,674	24,913	3,125	4,875	27,837	32,712	3,569	2013	15 - 40 years
SpringHill Suites Houston Downtown Convention Center	—	2,382	12,756	15,854	2,566	28,425	30,991	3,182	2013	15 - 40 years
Courtyard Waikiki Beach	—	557	79,033	9,432	670	88,351	89,021	10,553	2013	15 - 40 years
Courtyard San Francisco	—	11,277	18,198	27,349	11,291	45,533	56,824	4,630	2013	15 - 40 years
Residence Inn Atlanta Midtown Historic	—	2,812	6,044	7,246	2,939	13,163	16,102	1,534	2013	15 - 40 years
SpringHill Suites Portland Hillsboro	—	3,488	18,283	133	3,505	18,399	21,904	2,117	2013	15 - 40 years
Hilton Cabana Miami Beach	—	25,083	40,707	2,785	25,127	43,448	68,575	4,021	2014	15 - 40 years
Hyatt House Charlotte Center City	—	3,029	26,193	527	3,029	26,720	29,749	2,538	2014	15 - 40 years
Hyatt House Cypress Anaheim	—	3,995	9,164	3,958	4,354	12,763	17,117	1,664	2014	15 - 40 years
Hyatt House Emeryville San Francisco Bay Area	—	7,425	29,137	5,485	7,517	34,530	42,047	3,902	2014	15 - 40 years
Hyatt House San Diego Sorrento Mesa	—	10,420	21,288	1,208	10,530	22,386	32,916	2,413	2014	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2017
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Hyatt House San Jose Silicon Valley	—	6,820	31,682	25	6,820	31,706	38,526	3,076	2014	15 - 40 years
Hyatt House San Ramon	—	5,712	11,852	2,723	5,717	14,571	20,288	1,522	2014	15 - 40 years
Hyatt House Santa Clara	—	8,044	27,703	2,932	8,046	30,634	38,680	3,003	2014	15 - 40 years
Hyatt Centric The Woodlands	—	5,950	16,882	384	5,957	17,260	23,217	1,669	2014	15 - 40 years
Hyatt Place Fremont Silicon Valley	—	6,209	13,730	1,314	6,217	15,036	21,253	1,637	2014	15 - 40 years
Hyatt Place Madison Downtown	—	6,701	25,478	—	6,701	25,478	32,179	2,449	2014	15 - 40 years
Embassy Suites Irvine Orange County	—	15,062	33,048	7,856	15,154	40,811	55,965	4,047	2014	15 - 40 years
Courtyard Portland City Center	—	8,019	53,024	1,339	8,022	54,361	62,383	5,000	2014	15 - 40 years
Hyatt Atlanta Midtown	—	3,737	41,731	497	3,737	42,228	45,965	3,732	2014	15 - 40 years
DoubleTree Grand Key Resort	—	48,192	27,770	5,346	48,233	33,076	81,309	3,170	2014	15 - 40 years
Hyatt Place Washington DC Downtown K Street	—	10,763	55,225	1,169	10,763	56,393	67,156	3,519	2015	15 - 40 years
Homewood Suites Seattle Lynnwood	—	3,933	30,949	41	3,959	30,965	34,924	2,009	2015	15 - 40 years
Residence Inn Palo Alto Los Altos	32,882	16,996	45,786	189	17,040	45,931	62,971	2,890	2015	15 - 40 years
DoubleTree Suites by Hilton Austin	—	7,072	50,827	21	7,072	50,848	57,920	428	2017	15 - 40 years
DoubleTree Suites by Hilton Orlando - Lake Buena Vista	—	896	44,508	47	899	44,553	45,452	392	2017	15 - 40 years
Embassy Suites Atlanta - Buckhead	—	31,279	46,015	41	31,279	46,056	77,335	444	2017	15 - 40 years
Embassy Suites Birmingham	22,908	10,495	33,568	—	10,495	33,568	44,063	296	2017	15 - 40 years
Embassy Suites Boston Marlborough	—	5,233	18,114	376	5,233	18,490	23,723	177	2017	15 - 40 years
Embassy Suites Dallas - Love Field	—	6,408	34,694	131	6,408	34,825	41,233	299	2017	15 - 40 years
Embassy Suites Deerfield Beach - Resort & Spa	30,323	7,527	56,128	590	7,528	56,717	64,245	527	2017	15 - 40 years
Embassy Suites Fort Lauderdale 17th Street	34,339	30,933	54,592	479	31,051	54,953	86,004	534	2017	15 - 40 years
Embassy Suites Los Angeles - International Airport South	—	13,110	94,733	148	13,110	94,881	107,991	799	2017	15 - 40 years
Embassy Suites Mandalay Beach - Hotel & Resort	—	35,769	53,280	75	35,780	53,344	89,124	482	2017	15 - 40 years
Embassy Suites Miami - International Airport	—	14,765	18,099	1,157	14,813	19,208	34,021	174	2017	15 - 40 years
Embassy Suites Milpitas Silicon Valley	—	43,157	26,399	787	43,216	27,127	70,343	253	2017	15 - 40 years
Embassy Suites Minneapolis - Airport	36,832	7,248	41,202	2,213	7,248	43,415	50,663	436	2017	15 - 40 years
Embassy Suites Myrtle Beach - Oceanfront Resort	—	14,103	55,236	696	14,501	55,534	70,035	491	2017	15 - 40 years
Embassy Suites Napa Valley	26,814	24,429	63,188	190	24,429	63,378	87,807	559	2017	15 - 40 years
Embassy Suites Orlando - International Drive South/Convention Center	—	4,743	37,687	148	4,743	37,835	42,578	328	2017	15 - 40 years



			Initial Costs				Costs Capitalized Subsequent to Acquisition		Gross Amount at December 31, 2017
Description	Debt		Land & Improvements		Building & Improvements		Land, Building & Improvements		Land & Improvements		Buildings & Improvements		Total (1)		Accumulated Depreciation		Date Acquired	Depreciation Life
Embassy Suites Phoenix - Biltmore	—		24,680		24,487		264		24,701		24,730		49,431		222		2017	15 - 40 years
Embassy Suites San Francisco Airport - South San Francisco	—		39,616		55,163		594		39,634		55,739		95,373		476		2017	15 - 40 years
Embassy Suites San Francisco Airport - Waterfront	—		3,698		85,270		315		3,729		85,555		89,284		794		2017	15 - 40 years
Hilton Myrtle Beach Resort	—		17,864		73,713		83		17,870		73,790		91,660		646		2017	15 - 40 years
San Francisco Marriott Union Square	—		46,773		107,841		2,317		46,812		110,119		156,931		910		2017	15 - 40 years
DoubleTree by Hilton Burlington Vermont	—		8,362		30,812		1,178		8,410		31,942		40,352		342		2017	15 - 35 years
Sheraton Philadelphia Society Hill Hotel	—		13,304		83,333		289		13,317		83,608		96,925		711		2017	15 - 40 years
The Knickerbocker New York	85,404		113,613		119,453		191		113,614		119,643		233,257		1,000		2017	15 - 40 years
The Mills House Wyndham Grand Hotel	—		9,599		68,932		—		9,599		68,932		78,531		579		2017	15 - 40 years
The Vinoy Renaissance St. Petersburg Resort & Golf Club	—		3,754		64,024		7,710		4,934		70,554		75,488		693		2017	15 - 40 years
Wyndham Boston Beacon Hill	—		174		51,934		43		174		51,977		52,151		1,580		2017	12 years
Wyndham Houston - Medical Center Hotel & Suites	—		7,776		43,475		87		7,776		43,562		51,338		370		2017	15 - 40 years
Wyndham New Orleans - French Quarter	—		300		72,711		410		300		73,121		73,421		615		2017	15 - 40 years
Wyndham Philadelphia Historic District	—		8,367		51,914		78		8,367		51,992		60,359		439		2017	15 - 40 years
Wyndham Pittsburgh University Center	—		154		31,625		21		154		31,646		31,800		267		2017	15 - 40 years
Wyndham San Diego Bayside	—		989		29,440		338		989		29,778		30,767		848		2017	13 years
Wyndham Santa Monica At The Pier	—		27,054		45,866		129		27,063		45,986		73,049		390		2017	15 - 40 years
Holiday Inn San Francisco - Fisherman's Wharf	—		12,203		13,877		19		12,203		13,896		26,099		1,031		2017	2 - 40 years
Kingston Plantation Development Corp	—		—		2,000		10		—		2,010		2,010		17		2017	15 - 40 years
	$	647,752	$	1,266,655	$	4,507,365	$	391,276	$	1,275,030	$	4,890,266	$	6,165,296	$	628,518

_______________________________________________________________________________

(1) The aggregate cost of real estate for federal income tax purposes was approximately $5.8 billion at December 31, 2017.

The change in the total cost of the hotel properties is as follows:



	2017			2016			2015
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$	3,725,932		$	3,942,413		$	3,711,887
Add: Acquisitions	2,539,854			—			163,652
Add: Improvements	60,916			40,308			84,615
Less: Sale of hotel properties (1)	(161,406		)	(256,789		)	(16,738		)
Less: Impairment loss	—			—			(1,003		)
Less: Land, building and improvements of hotels held for sale	—			—			—
Balance at end of period	$	6,165,296		$	3,725,932		$	3,942,413

_______________________________________________________________________________

(1) The sale of the hotel properties for the year ended December 31, 2015 is net of the hotels classified as held for sale for the year ended December 31, 2014 that were subsequently sold in 2015.

The change in the accumulated depreciation of the real estate assets is as follows:



	2017			2016			2015
Reconciliation of Accumulated Depreciation
Balance at beginning of period	$	(520,517	)	$	(464,691	)	$	(382,266	)
Add: Depreciation for the period	(108,986		)	(91,400		)	(85,062		)
Less: Sale of hotel properties (1)	985			35,574			2,637
Less: Accumulated depreciation of hotels held for sale	—			—			—
Balance at end of period	$	(628,518	)	$	(520,517	)	$	(464,691	)

_______________________________________________________________________________

(1) The sale of the hotel properties for the year ended December 31, 2015 is net of the hotels classified as held for sale for the year ended December 31, 2014 that were subsequently sold in 2015.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Preferred Equity in a Consolidated Joint Venture [Policy Text Block]	Preferred Equity in a Consolidated Joint Venture The Knickerbocker joint venture raised capital through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. Based on the redemption features of the preferred equity, the Company presents the preferred equity raised by the Knickerbocker joint venture as preferred equity in a consolidated joint venture within the equity section of the consolidated balance sheets.
Equity Method Investments [Policy Text Block]	Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, third-party appraisals, or if appropriate, the net sales proceeds from pending offers. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company tracks the inception-to-date contributions, distributions, and earnings for each of our unconsolidated joint ventures. Any cash distributions received up to the aggregate historical earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distributions in excess of the aggregate historical earnings of the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimated the fair value of the intangible assets by using market data and independent appraisals and making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement or the useful life of the respective intangible asset to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.
Revenue Recognition	Revenue Recognition The Company’s revenue consists of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues are recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as they are earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it is recorded as a bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival is recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. The Company discontinues the capitalization of interest once the real estate development project is substantially complete. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. For acquisitions that are considered business combinations, the Company recognizes the cumulative impact of a measurement period adjustment, if any, in the reporting period in which the adjustment is identified. Depending on the circumstances of the measurement period adjustment, the Company will disclose the prior period impact of the adjustment separately on the face of the consolidated statement of operations or in the notes to the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Term Loans (as defined in Note 9) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability. The Company presents the deferred financing costs for its Revolver (as defined in Note 9) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2017, 2016 and 2015, approximately $3.5 million, $4.0 million and $4.2 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income. Accumulated amortization at December 31, 2017 and 2016 was approximately $13.2 million and $9.7 million, respectively.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $6.2 million, $4.2 million and $4.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in other operating expense in the consolidated statements of operations and comprehensive income.
Transaction and Pursuit Costs	Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews, market studies, financial advisory, and other professional service fees. In addition, if the Company does complete a hotel property acquisition or a business combination, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. These costs are expensed as incurred in the consolidated statements of operations and comprehensive income.
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility (the "Revolver") and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments as part of its interest rate risk management strategy. The Company utilizes derivatives to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative financial instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives have been determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheet at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the interest rate derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2017, the Company consolidated the Operating Partnership, which has a 0.4% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income. As of December 31, 2017, the Company consolidated the joint venture that owns the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture has a 1.7% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture has a 49% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint venture in the consolidated statements of operations and comprehensive income.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. The Company's current intention is to adhere to these REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company generally is not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. Income taxes are recorded using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when 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. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested share-based awards, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation.
Share-based Compensation	Share-based Compensation From time to time, the Company may issue share-based awards under the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan") as compensation to officers, employees and non-employee trustees. The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which supersedes or replaces nearly all GAAP revenue recognition guidance. The guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements but it will result in additional disclosures in the notes to the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this standard, but it believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations and comprehensive income. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This guidance requires that the statement of cash flows reconcile the change during the period in the total of cash, cash equivalents, and restricted cash reserves. As a result, the restricted cash reserves will be included with cash and cash equivalents when reconciling the beginning-of-period and the end-of-period total amounts presented in the statement of cash flows. The Company adopted the guidance on October 1, 2017, and applied its provisions retrospectively. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company adopted this guidance on January 1, 2018. The Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements.

Merger with FelCor Lodging Trust Incorporated (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block]

The total consideration consisted of the following (in thousands):



	Total Consideration
Common Shares	$	1,016,227
Series A Preferred Shares	366,936
OP Units	4,342
Cash, net of cash, cash equivalents, and restricted cash reserves acquired	24,883
Total consideration	$	1,412,388

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

As a result of the Mergers, the Company acquired an ownership interest in the following 37 hotel properties:



Hotel Property Name	Location	Ownership Interest	Management Company	Rooms
DoubleTree Suites by Hilton Austin	Austin, TX	100%	Hilton	188
DoubleTree Suites by Hilton Orlando - Lake Buena Vista	Orlando, FL	100%	Hilton	229
Embassy Suites Atlanta - Buckhead	Atlanta, GA	100%	Hilton	316
Embassy Suites Birmingham	Birmingham, AL	100%	Hilton	242
Embassy Suites Boston Marlborough	Marlborough, MA	100%	Hilton	229
Embassy Suites Dallas - Love Field	Dallas, TX	100%	Aimbridge Hospitality	248
Embassy Suites Deerfield Beach - Resort & Spa	Deerfield Beach, FL	100%	Hilton	244
Embassy Suites Fort Lauderdale 17th Street	Fort Lauderdale, FL	100%	Hilton	361
Embassy Suites Los Angeles - International Airport South	El Segundo, CA	100%	Hilton	349
Embassy Suites Mandalay Beach - Hotel & Resort	Oxnard, CA	100%	Hilton	250
Embassy Suites Miami - International Airport	Miami, FL	100%	Hilton	318
Embassy Suites Milpitas Silicon Valley	Milpitas, CA	100%	Hilton	266
Embassy Suites Minneapolis - Airport	Bloomington, MN	100%	Hilton	310
Embassy Suites Myrtle Beach - Oceanfront Resort	Myrtle Beach, SC	100%	Hilton	255
Embassy Suites Napa Valley	Napa, CA	100%	Hilton	205
Embassy Suites Orlando - International Drive South/Convention Center	Orlando, FL	100%	Hilton	244
Embassy Suites Phoenix - Biltmore	Phoenix, AZ	100%	Hilton	232
Embassy Suites San Francisco Airport - South San Francisco	San Francisco, CA	100%	Hilton	312
Embassy Suites San Francisco Airport - Waterfront	Burlingame, CA	100%	Hilton	340
Embassy Suites Secaucus - Meadowlands (1)	Secaucus, NJ	50%	Hilton	261
Hilton Myrtle Beach Resort	Myrtle Beach, SC	100%	Hilton	385
Holiday Inn San Francisco - Fisherman's Wharf	San Francisco, CA	100%	InterContinental Hotels	585
San Francisco Marriott Union Square	San Francisco, CA	100%	Marriott Hotel Services	400
Sheraton Burlington Hotel & Conference Center (3)	Burlington, VT	100%	Marriott Hotel Services	309
Sheraton Philadelphia Society Hill Hotel	Philadelphia, PA	100%	Marriott Hotel Services	364
The Fairmont Copley Plaza (4)	Boston, MA	100%	FRHI Hotels & Resorts	383
The Knickerbocker New York	New York, NY	95%	Highgate Hotels	330
The Mills House Wyndham Grand Hotel	Charleston, SC	100%	Wyndham	216
The Vinoy Renaissance St. Petersburg Resort & Golf Club	St. Petersburg, FL	100%	Marriott Hotel Services	361
Wyndham Boston Beacon Hill	Boston, MA	100%	Wyndham	304
Wyndham Houston - Medical Center Hotel & Suites	Houston, TX	100%	Wyndham	287
Wyndham New Orleans - French Quarter	New Orleans, LA	100%	Wyndham	374
Wyndham Philadelphia Historic District	Philadelphia, PA	100%	Wyndham	364
Wyndham Pittsburgh University Center	Pittsburgh, PA	100%	Wyndham	251
Wyndham San Diego Bayside	San Diego, CA	100%	Wyndham	600
Wyndham Santa Monica At The Pier	Santa Monica, CA	100%	Wyndham	132
Chateau LeMoyne - French Quarter, New Orleans (2)	New Orleans, LA	50%	InterContinental Hotels	171
				11,215


(1)	The Company owns an indirect 50% ownership interest in the real estate at this hotel property and records the real estate interests using the equity method of accounting. The Company leases the hotel property to its TRS, of which the Company owns a controlling financial interest in the operating lessee, so the Company consolidates its ownership interest in the leased hotel.


(2)	The Company owns an indirect 50% ownership interest in this hotel property and accounts for its ownership interest using the equity method of accounting. This hotel property is operated without a lease.

During the year ended December 31, 2015, the Company acquired a 100% interest in the following hotel properties:

Hotel Property Name

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt Place Washington DC Downtown K Street

Washington, DC

July 15, 2015

Aimbridge Hospitality

164

68,000

Homewood Suites Seattle Lynnwood

Lynnwood, WA

July 20, 2015

InnVentures

170

37,900

Residence Inn Palo Alto Los Altos (1)

Los Altos, CA

September 25, 2015

InnVentures

156

70,000

490

175,900

_______________________________________________________________________________

(1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The Company allocated the purchase price consideration as follows (in thousands):



	August 31, 2017
Investment in hotel properties	$	2,661,114
Investment in unconsolidated joint ventures	25,651
Hotel and other receivables	28,308
Deferred income tax assets	58,170
Intangible assets	139,673
Prepaid expenses and other assets	23,811
Debt	(1,305,337		)
Accounts payable and other liabilities	(118,360		)
Advance deposits and deferred revenue	(23,795		)
Accrued interest	(22,612		)
Distributions payable	(4,312		)
Noncontrolling interest in consolidated joint ventures	(5,493		)
Preferred equity in a consolidated joint venture	(44,430		)
Total consideration	$	1,412,388

The allocation of the purchase price for the hotel properties acquired was as follows (in thousands):



	For the year ended December 31, 2015
Land and improvements	$	31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269		)
Total purchase price	$	175,900

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The Company recognized the following intangible assets in the Mergers (dollars in thousands):



			Weighted Average Amortization Period (in Years)
Below market ground leases	$	118,050	54
Advanced bookings	13,862		1
Other intangible assets	7,761		6
Total intangible assets	$	139,673	46

Schedule revenue and net income on acquisition [Table Text Block]



	For the year ended December 31, 2017
Revenue	$	260,020
Net income	$	14,994

Business Acquisition, Transaction costs [Table Text Block]

The following table presents the costs that were incurred in connection with the Mergers (in thousands):



	For the year ended December 31, 2017
Transaction costs	$	38,391
Integration costs	5,696
	$	44,087

Business Acquisition, Pro Forma Information [Table Text Block]

The unaudited condensed pro forma financial information is as follows (in thousands):



	For the year ended December 31,
	2017		2016
	(unaudited)
Revenue	$	1,893,899	$	1,996,517
Net income attributable to common shareholders	$	110,231	$	213,354
Net income per share attributable to common shareholders - basic	$	0.63	$	1.23
Net income per share attributable to common shareholders - diluted	$	0.63	$	1.22
Weighted-average number of shares outstanding - basic	174,142,918		174,009,107
Weighted-average number of shares outstanding - diluted	174,220,129		174,237,111



	For the year ended December 31, 2015
	(unaudited)
Revenue	$	1,149,453
Net income attributable to common shareholders	$	222,498
Net income per share attributable to common shareholders - basic	$	1.72
Net income per share attributable to common shareholders - diluted	$	1.71
Weighted-average number of shares outstanding - basic	128,444,469
Weighted-average number of shares outstanding - diluted	128,967,754

Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

Investment in hotel properties consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
Land and improvements	$	1,275,030		$	675,889
Buildings and improvements	4,890,266			3,050,043
Furniture, fixtures and equipment	756,546			595,816
	6,921,842			4,321,748
Accumulated depreciation	(1,129,917		)	(953,972		)
Investment in hotel properties, net	$	5,791,925		$	3,367,776

Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of components of investments in unconsolidated joint ventures [Abstract]

Schedule of Components of Investment In Unconsolidated Entities [Table Text Block]

The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):



	December 31, 2017
Equity basis of the joint venture investments	$	253
Cost of the joint venture investments in excess of the joint venture book value	23,632
Investment in unconsolidated joint ventures	$	23,885

Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities [Table Text Block]

The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands):



	For the year ended December 31,
	2017
Unconsolidated joint venture net income attributable to the Company	$	623
Depreciation of cost in excess of book value	(490		)
Equity in income from unconsolidated joint ventures	$	133

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

The Company's intangible assets consisted of the following (in thousands):



		December 31, 2017							December 31, 2016
	Weighted Average Amortization Period (in Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Below market ground leases	54	$	118,609	$	(1,217	)	$	117,392	$	—	$	—		$	—
Advanced bookings	1	11,360		(3,083		)	8,277		—		—			—
Other intangible assets	6	9,511		(1,969		)	7,542		2,309		(1,411		)	898
Intangible assets, net	48	$	139,480	$	(6,269	)	$	133,211	$	2,309	$	(1,411	)	$	898

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

As of December 31, 2017, the estimated amortization expense for the intangible assets over the next five years is as follows (in thousands):



	2018		2019		2020		2021		2022
Estimated amortization expense	$	11,345	$	6,314	$	5,211	$	4,797	$	4,797

Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of acquired properties

As a result of the Mergers, the Company acquired an ownership interest in the following 37 hotel properties:



Hotel Property Name	Location	Ownership Interest	Management Company	Rooms
DoubleTree Suites by Hilton Austin	Austin, TX	100%	Hilton	188
DoubleTree Suites by Hilton Orlando - Lake Buena Vista	Orlando, FL	100%	Hilton	229
Embassy Suites Atlanta - Buckhead	Atlanta, GA	100%	Hilton	316
Embassy Suites Birmingham	Birmingham, AL	100%	Hilton	242
Embassy Suites Boston Marlborough	Marlborough, MA	100%	Hilton	229
Embassy Suites Dallas - Love Field	Dallas, TX	100%	Aimbridge Hospitality	248
Embassy Suites Deerfield Beach - Resort & Spa	Deerfield Beach, FL	100%	Hilton	244
Embassy Suites Fort Lauderdale 17th Street	Fort Lauderdale, FL	100%	Hilton	361
Embassy Suites Los Angeles - International Airport South	El Segundo, CA	100%	Hilton	349
Embassy Suites Mandalay Beach - Hotel & Resort	Oxnard, CA	100%	Hilton	250
Embassy Suites Miami - International Airport	Miami, FL	100%	Hilton	318
Embassy Suites Milpitas Silicon Valley	Milpitas, CA	100%	Hilton	266
Embassy Suites Minneapolis - Airport	Bloomington, MN	100%	Hilton	310
Embassy Suites Myrtle Beach - Oceanfront Resort	Myrtle Beach, SC	100%	Hilton	255
Embassy Suites Napa Valley	Napa, CA	100%	Hilton	205
Embassy Suites Orlando - International Drive South/Convention Center	Orlando, FL	100%	Hilton	244
Embassy Suites Phoenix - Biltmore	Phoenix, AZ	100%	Hilton	232
Embassy Suites San Francisco Airport - South San Francisco	San Francisco, CA	100%	Hilton	312
Embassy Suites San Francisco Airport - Waterfront	Burlingame, CA	100%	Hilton	340
Embassy Suites Secaucus - Meadowlands (1)	Secaucus, NJ	50%	Hilton	261
Hilton Myrtle Beach Resort	Myrtle Beach, SC	100%	Hilton	385
Holiday Inn San Francisco - Fisherman's Wharf	San Francisco, CA	100%	InterContinental Hotels	585
San Francisco Marriott Union Square	San Francisco, CA	100%	Marriott Hotel Services	400
Sheraton Burlington Hotel & Conference Center (3)	Burlington, VT	100%	Marriott Hotel Services	309
Sheraton Philadelphia Society Hill Hotel	Philadelphia, PA	100%	Marriott Hotel Services	364
The Fairmont Copley Plaza (4)	Boston, MA	100%	FRHI Hotels & Resorts	383
The Knickerbocker New York	New York, NY	95%	Highgate Hotels	330
The Mills House Wyndham Grand Hotel	Charleston, SC	100%	Wyndham	216
The Vinoy Renaissance St. Petersburg Resort & Golf Club	St. Petersburg, FL	100%	Marriott Hotel Services	361
Wyndham Boston Beacon Hill	Boston, MA	100%	Wyndham	304
Wyndham Houston - Medical Center Hotel & Suites	Houston, TX	100%	Wyndham	287
Wyndham New Orleans - French Quarter	New Orleans, LA	100%	Wyndham	374
Wyndham Philadelphia Historic District	Philadelphia, PA	100%	Wyndham	364
Wyndham Pittsburgh University Center	Pittsburgh, PA	100%	Wyndham	251
Wyndham San Diego Bayside	San Diego, CA	100%	Wyndham	600
Wyndham Santa Monica At The Pier	Santa Monica, CA	100%	Wyndham	132
Chateau LeMoyne - French Quarter, New Orleans (2)	New Orleans, LA	50%	InterContinental Hotels	171
				11,215


(1)	The Company owns an indirect 50% ownership interest in the real estate at this hotel property and records the real estate interests using the equity method of accounting. The Company leases the hotel property to its TRS, of which the Company owns a controlling financial interest in the operating lessee, so the Company consolidates its ownership interest in the leased hotel.


(2)	The Company owns an indirect 50% ownership interest in this hotel property and accounts for its ownership interest using the equity method of accounting. This hotel property is operated without a lease.

During the year ended December 31, 2015, the Company acquired a 100% interest in the following hotel properties:

Hotel Property Name

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt Place Washington DC Downtown K Street

Washington, DC

July 15, 2015

Aimbridge Hospitality

164

68,000

Homewood Suites Seattle Lynnwood

Lynnwood, WA

July 20, 2015

InnVentures

170

37,900

Residence Inn Palo Alto Los Altos (1)

Los Altos, CA

September 25, 2015

InnVentures

156

70,000

490

175,900

_______________________________________________________________________________

(1) In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million.

Schedule of allocation of purchase price for the properties acquired

The Company allocated the purchase price consideration as follows (in thousands):



	August 31, 2017
Investment in hotel properties	$	2,661,114
Investment in unconsolidated joint ventures	25,651
Hotel and other receivables	28,308
Deferred income tax assets	58,170
Intangible assets	139,673
Prepaid expenses and other assets	23,811
Debt	(1,305,337		)
Accounts payable and other liabilities	(118,360		)
Advance deposits and deferred revenue	(23,795		)
Accrued interest	(22,612		)
Distributions payable	(4,312		)
Noncontrolling interest in consolidated joint ventures	(5,493		)
Preferred equity in a consolidated joint venture	(44,430		)
Total consideration	$	1,412,388

The allocation of the purchase price for the hotel properties acquired was as follows (in thousands):



	For the year ended December 31, 2015
Land and improvements	$	31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269		)
Total purchase price	$	175,900

Schedule of total revenues and net income (loss) from the properties acquired



	For the year ended December 31, 2015
Revenue	$	10,053
Net loss	$	(1,477	)

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information is as follows (in thousands):



	For the year ended December 31,
	2017		2016
	(unaudited)
Revenue	$	1,893,899	$	1,996,517
Net income attributable to common shareholders	$	110,231	$	213,354
Net income per share attributable to common shareholders - basic	$	0.63	$	1.23
Net income per share attributable to common shareholders - diluted	$	0.63	$	1.22
Weighted-average number of shares outstanding - basic	174,142,918		174,009,107
Weighted-average number of shares outstanding - diluted	174,220,129		174,237,111



	For the year ended December 31, 2015
	(unaudited)
Revenue	$	1,149,453
Net income attributable to common shareholders	$	222,498
Net income per share attributable to common shareholders - basic	$	1.72
Net income per share attributable to common shareholders - diluted	$	1.71
Weighted-average number of shares outstanding - basic	128,444,469
Weighted-average number of shares outstanding - diluted	128,967,754

Sale of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Properties disposed

The following table discloses the hotel property that was sold during the year ended December 31, 2017:



Hotel Property Name	Location	Sale Date	Rooms
The Fairmont Copley Plaza	Boston, MA	December 14, 2017	383
		Total	383

The following table provides a list of the hotel properties that were sold during the year ended December 31, 2016:



Hotel Property Name	Location	Sale Date	Rooms
Holiday Inn Express Merrillville	Merrillville, IN	February 22, 2016	62
SpringHill Suites Bakersfield	Bakersfield, CA	November 30, 2016	119
Hilton Garden Inn New York 35th Street	New York, NY	December 5, 2016	298
Hilton New York Fashion District	New York, NY	December 5, 2016	280
		Total	759

The following table provides a list of the hotel properties that were sold during the year ended December 31, 2015:



Hotel Property Name	Location	Sale Date	Rooms
Courtyard Chicago Schaumburg	Schaumburg, IL	February 23, 2015	162
Courtyard Detroit Pontiac Bloomfield	Pontiac, MI	February 23, 2015	110
Courtyard Grand Junction	Grand Junction, CO	February 23, 2015	136
Courtyard Mesquite	Mesquite, TX	February 23, 2015	101
Courtyard San Antonio Airport Northstar	San Antonio, TX	February 23, 2015	78
Courtyard Tampa Brandon	Tampa, FL	February 23, 2015	90
Fairfield Inn & Suites Merrillville	Merrillville, IN	February 23, 2015	112
Fairfield Inn & Suites San Antonio Airport	San Antonio, TX	February 23, 2015	120
Fairfield Inn & Suites Tampa Brandon	Tampa, FL	February 23, 2015	107
Hampton Inn Merrillville	Merrillville, IN	February 23, 2015	64
Holiday Inn Grand Rapids Airport	Kentwood, MI	February 23, 2015	148
Homewood Suites Tampa Brandon	Tampa, FL	February 23, 2015	126
Marriott Auburn Hills Pontiac at Centerpoint	Pontiac, MI	February 23, 2015	290
Residence Inn Austin Round Rock	Round Rock, TX	February 23, 2015	96
Residence Inn Chicago Schaumburg	Schaumburg, IL	February 23, 2015	125
Residence Inn Detroit Pontiac Auburn Hills	Pontiac, MI	February 23, 2015	114
Residence Inn Grand Junction	Grand Junction, CO	February 23, 2015	104
Residence Inn Indianapolis Carmel	Carmel, IN	February 23, 2015	120
SpringHill Suites Chicago Schaumburg	Schaumburg, IL	February 23, 2015	132
SpringHill Suites Indianapolis Carmel	Carmel, IN	February 23, 2015	126
Fairfield Inn & Suites Valparaiso	Valparaiso, IN	May 22, 2015	63
Residence Inn South Bend	South Bend, IN	July 7, 2015	80
Embassy Suites Columbus	Columbus, OH	October 14, 2015	221
		Total	2,825

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The Company's debt consisted of the following (in thousands):



	December 31, 2017		December 31, 2016
Senior Notes	$	1,062,716	$	—
Revolver and Term Loans, net	1,170,954		1,169,308
Mortgage loans, net	646,818		413,407
Debt, net	$	2,880,488	$	1,582,715

Schedule of unsecured credit agreements

The Company's unsecured credit agreements consisted of the following (in thousands):



			Outstanding Borrowings at
	Interest Rate at December 31, 2017 (1)	Maturity Date	December 31, 2017			December 31, 2016
Revolver (2)	3.16%	April 2020	$	—		$	—
$400 Million Term Loan Maturing 2019	3.35%	March 2019	400,000			400,000
$225 Million Term Loan Maturing 2019	4.24%	November 2019	225,000			225,000
$400 Million Term Loan Maturing 2021	3.14%	April 2021	400,000			400,000
$150 Million Term Loan Maturing 2022	3.43%	January 2022	150,000			150,000
			1,175,000			1,175,000
Deferred financing costs, net (3)			(4,046		)	(5,692		)
Total Revolver and Term Loans, net			$	1,170,954		$	1,169,308

_______________________________________________________________________________


(1)	Interest rate at December 31, 2017 gives effect to interest rate hedges.


(2)	At December 31, 2017 and 2016, there was $600.0 million and $400.0 million, respectively, of borrowing capacity on the Revolver. On August 31, 2017, the Company amended the Revolver to increase the borrowing capacity from $400.0 million to $600.0 million. The Company has the ability to further increase the borrowing capacity to $750.0 million, subject to certain lender requirements.


(3)	Excludes $2.6 million and $2.3 million as of December 31, 2017 and 2016, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Schedule of mortgage loans

he Company's mortgage loans consisted of the following (in thousands):



					Principal balance at
Lender	Number of Assets Encumbered	Interest Rate at December 31, 2017 (1)	Maturity Date		December 31, 2017			December 31, 2016
Wells Fargo (5)	4	4.04%	March 2018	(3)	$	143,250		$	146,250
Wells Fargo (2)	4	4.05%	October 2018	(4)	150,000			150,000
PNC Bank (2) (6)	5	3.66%	March 2021	(7)	85,000			85,000
Wells Fargo (8)	1	5.25%	June 2022		32,882			33,666
PNC Bank/Wells Fargo (9)	4	4.95%	October 2022		120,893			—
Prudential (10)	1	4.94%	October 2022		30,323			—
Scotiabank (2) (11)	1	LIBOR + 3.00%	November 2018		85,404			—
	20				647,752			414,916
Deferred financing costs, net					(934		)	(1,509		)
Total mortgage loans, net					$	646,818		$	413,407

_______________________________________________________________________________


(1)	Interest rate at December 31, 2017 gives effect to interest rate hedges.


(2)	Requires payments of interest only through maturity.


(3)	The maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.


(4)	In October 2017, the Company extended the maturity date for a one-year term. The maturity date may be extended for three additional one-year terms at the Company's option, subject to certain lender requirements.


(5)	Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.


(6)	The five hotels encumbered by the PNC Bank loan are cross-collateralized.


(7)	The maturity date may be extended for two one-year terms at the Company’s option, subject to certain lender requirements.


(8)	Includes $0.8 million and $1.0 million at December 31, 2017 and 2016, respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.


(9)	Includes $3.0 million at December 31, 2017 related to fair value adjustments on the mortgage loans that were assumed in the Mergers.


(10)	Includes $0.7 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.


(11)	Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

Components of interest expense

The components of the Company's interest expense consisted of the following (in thousands):



	For the year ended December 31,
	2017		2016		2015
Senior Notes	$	15,918	$	—	$	—
Revolver and Term Loans	39,262		38,849		35,898
Mortgage loans	19,643		16,006		16,500
Amortization of deferred financing costs	3,499		3,965		4,164
Capitalized interest	—		—		(1,774		)
Total interest expense	$	78,322	$	58,820	$	54,788

Future minimum principal payments

As of December 31, 2017, the future minimum principal payments on the debt were as follows (in thousands):



2018	$	381,553
2019 (1)	628,766
2020	3,936
2021	489,166
2022	314,308
Thereafter	999,010
Total (2)	$	2,816,739

_______________________________________________________________________________


(1)	In January 2018, the maturity dates for both the $400 Million Term Loan Maturing 2019 and the $225 Million Term Loan Maturing 2019 were extended to January 2023.


(2)	Excludes a total of $68.7 million related to fair value adjustments on debt.

Schedule of Senior Notes [Table Text Block]

The Company's senior secured notes and the senior unsecured notes are collectively the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):



				Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date	December 31, 2017		December 31, 2016
Senior secured notes (1) (2) (3)	9	5.63%	March 2023	$	552,669	$	—
Senior unsecured notes (1) (2) (4)	—	6.00%	June 2025	510,047		—
Total Senior Notes				$	1,062,716	$	—


(1)	Requires payments of interest only through maturity.


(2)	Includes $28.7 million and $35.1 million at December 31, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that were assumed in the Mergers.

(3)


(4)	The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0%.

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps and caps

he Company's interest rate swaps consisted of the following (in thousands):



			Notional value at				Fair value at
Hedge type	Interest rate	Maturity	December 31, 2017		December 31, 2016		December 31, 2017			December 31, 2016
Swap-cash flow	1.12%	November 2017	$	—	$	275,000	$	—		$	(558	)
Swap-cash flow	1.56%	March 2018	175,000		175,000		(38		)	(1,251		)
Swap-cash flow	1.64%	March 2018	175,000		175,000		(71		)	(1,413		)
Swap-cash flow	1.83%	September 2018	15,758		16,088		(23		)	(193		)
Swap-cash flow	1.75%	September 2018	15,758		16,088		(14		)	(172		)
Swap-cash flow	1.83%	September 2018	38,678		39,488		(57		)	(474		)
Swap-cash flow	1.75%	September 2018	39,632		40,462		(35		)	(433		)
Swap-cash flow	1.83%	September 2018	17,190		17,550		(25		)	(211		)
Swap-cash flow	1.75%	September 2018	16,235		16,575		(14		)	(177		)
Swap-cash flow	2.02%	March 2019	125,000		125,000		(383		)	(2,090		)
Swap-cash flow	1.94%	March 2019	100,000		100,000		(213		)	(1,505		)
Swap-cash flow	1.27%	March 2019	125,000		125,000		836			54
Swap-cash flow (1)	1.96%	March 2019	100,000		100,000		(230		)	(516		)
Swap-cash flow (1)	1.85%	March 2019	50,000		50,000		(43		)	(184		)
Swap-cash flow (1)	1.81%	March 2019	50,000		50,000		(19		)	(159		)
Swap-cash flow (1)	1.74%	March 2019	25,000		25,000		13			(57		)
Swap-cash flow (2)	1.80%	September 2020	33,000		33,000		202			111
Swap-cash flow (2)	1.80%	September 2020	82,000		82,000		502			277
Swap-cash flow (2)	1.80%	September 2020	35,000		35,000		214			118
Swap-cash flow	1.81%	October 2020	143,000		143,000		803			(1,113		)
Swap-cash flow (3)	1.15%	April 2021	100,000		100,000		2,880			2,513
Swap-cash flow (3)	1.20%	April 2021	100,000		100,000		2,726			2,360
Swap-cash flow (3)	2.15%	April 2021	75,000		75,000		(144		)	(410		)
Swap-cash flow (3)	1.91%	April 2021	75,000		—		415			—
Swap-cash flow	1.61%	June 2021	50,000		50,000		769			224
Swap-cash flow	1.56%	June 2021	50,000		50,000		869			352
Swap-cash flow	1.71%	June 2021	50,000		50,000		598			5
Swap-cash flow (4)	2.29%	December 2022	200,000		—		(413		)	—
Swap-cash flow (4)	2.29%	December 2022	125,000		—		(259		)	—
			$	2,186,251	$	2,064,251	$	8,846		$	(4,902	)

_______________________________________________________________________________


(1)	Effective between the maturity of the swap in November 2017 and the maturity of the debt in March 2019.


(2)	Effective between the maturity of the existing swaps in September 2018 and September 2020.


(3)	Effective between the maturity of the existing swaps in March 2018 and the maturity of the debt in April 2021.


(4)	Effective between the maturity of the existing swaps in March 2019 and December 2022.

Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The fair value of the Company's debt was as follows (in thousands):



	December 31, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes	$	1,062,716	$	1,038,892	$	—	$	—
Revolver and Term Loans, net	1,170,954		1,179,052		1,169,308		1,176,798
Mortgage loans, net	646,818		643,078		413,407		402,134
Debt, net	$	2,880,488	$	2,861,022	$	1,582,715	$	1,578,932

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 (in thousands):



	Fair Value at December 31, 2017
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	10,827		$	—	$	10,827
Interest rate swap liability	—		(1,981		)	—		(1,981		)
Total	$	—	$	8,846		$	—	$	8,846

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 (in thousands):



	Fair Value at December 31, 2016
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	6,014		$	—	$	6,014
Interest rate swap liability	—		(10,916		)	—		(10,916		)
Total	$	—	$	(4,902	)	$	—	$	(4,902	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum ground lease payments

As of December 31, 2017, the future minimum ground lease payments were as follows (in thousands):



	2018		2019		2020		2021		2022		Thereafter		Total
Future minimum ground lease payments	$	12,982	$	10,987	$	11,001	$	11,016	$	11,031	$	626,674	$	683,691

Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies



Management Company		Number of Hotel Properties
Aimbridge Hospitality		4
Concord Hospitality Enterprises Company		1
Crestline Hotels and Resorts		1
Davidson Hotels and Resorts		1
Hilton Management and affiliates		24
HEI Hotels and Resorts		1
Highgate Hotels		5
Hyatt Corporation and affiliates		10
Interstate Hotels & Resorts		11
InnVentures		3
InterContinental Hotels Group		1
K Partners Hospitality Group		1
Marriott Management and affiliates		7
Sage Hospitality		4
Urgo Hotels		4
WLS		71
Wyndham		8
		157

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2017

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

Summary of the unvested restricted shares

A summary of the unvested restricted shares is as follows:



	2017				2016				2015
	Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	649,447		$	23.00	540,885		$	26.73	731,459		$	21.21
Granted (1)	425,076		23.15		675,375		20.59		292,505		32.10
Vested (1)	(363,160	)	23.41		(272,780	)	23.66		(470,703	)	21.52
Forfeited (2)	(11,038	)	23.24		(294,033	)	23.70		(12,376	)	25.65
Unvested at December 31,	700,325		$	22.88	649,447		$	23.00	540,885		$	26.73

_______________________________________________________________________________


(1)	For the years ended December 31, 2016 and 2015, the Company issued 2,554 and 5,008, respectively, unrestricted shares in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $22.26 and $26.43, respectively.


(2)	Includes the forfeiture of 285,926 unvested restricted shares upon the resignation of the Company's President and Chief Executive Officer in May 2016.

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

The computation of basic and diluted earnings per Common Share is as follows (in thousands, except share and per share data):



	For the year ended December 31,
	2017			2016			2015
Numerator:
Net income attributable to RLJ	$	74,835		$	200,352		$	218,221
Less: Preferred dividends	(8,372		)	—			—
Less: Dividends paid on unvested restricted shares	(1,029		)	(1,105		)	(1,180		)
Less: Undistributed earnings attributable to unvested restricted shares	—			(188		)	(378		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	65,434		$	199,059		$	216,663

Denominator:
Weighted-average number of Common Shares - basic	140,616,838			123,651,003			128,444,469
Unvested restricted shares	77,211			228,004			523,285
Unvested performance units	—			—			—
Weighted-average number of Common Shares - diluted	140,694,049			123,879,007			128,967,754

Net income per share attributable to common shareholders - basic	$	0.47		$	1.61		$	1.69

Net income per share attributable to common shareholders - diluted	$	0.47		$	1.61		$	1.68

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of cash distributions for federal income tax purposes

For federal income tax purposes, the cash distributions to shareholders are characterized as follows:



	For the Years Ended December 31,
	2017		2016
Common distributions:
Ordinary income	73.0	%	87.0	%
Return of capital	27.0	%	—
Capital gains	—		13.0	%
	100.0	%	100.0	%

Preferred distributions:
Ordinary income	100.0	%	—
Return of capital	—		—
Capital gains	—		—
	100.0	%	—

Schedule of components of the income tax provision from continuing operations

The components of the income tax provision from continuing operations are as follows (in thousands):



	For the Years Ended December 31,
	2017			2016			2015
Current:
Federal	$	(67	)	$	(76	)	$	(287	)
State	(2,304		)	(1,113		)	(1,145		)
Deferred:
Federal	(43,181		)	(6,141		)	36,359
State	3,434			(860		)	4,199
Total net tax (expense) benefit	$	(42,118	)	$	(8,190	)	$	39,126

Schedule of differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations



	For the Years Ended December 31,
	2017			2016			2015
Expected federal tax expense at statutory rate	$	(41,593	)	$	(73,327	)	$	(63,240	)
Tax impact of REIT election	33,236			68,477			62,391
Expected tax expense at TRS	(8,357		)	(4,850		)	(849		)
Change in valuation allowance	366			(1,254		)	41,147
State income tax expense, net of federal	(1,388		)	(1,520		)	(1,111		)
Impact of rate change	(31,667		)	20			46
Other permanent items	(513		)	(382		)	(416		)
Impact of provision to return/deferred adjustments	(559		)	(204		)	309
Income tax (expense) benefit	$	(42,118	)	$	(8,190	)	$	39,126

A reconciliation of the Company's effective tax rate and the U.S. federal statutory income tax rate is as follows:



	For the Years Ended December 31,
	2017		2016		2015
Statutory U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
Impact of REIT election	(28.0	)%	(32.7	)%	(34.5	)%
State and local income taxes	1.2	%	0.7	%	0.6	%
Change in valuation allowance	(0.3	)%	0.6	%	(22.8	)%
Impact of rate change	26.6	%	—	%	—	%
Other	0.9	%	0.3	%	—	%
Effective tax rate	35.4	%	3.9	%	(21.7	)%

Schedule of deferred tax assets (liabilities)



	December 31,
	2017			2016
Deferred tax liabilities:
Property and equipment	$	—		$	(8,557	)
Prepaid expenses	(1,501		)	(2,349		)
Intangible assets	(3,597		)	—
Deposits	(449		)	—
Other	—			(524		)
Deferred tax liabilities	$	(5,547	)	$	(11,430	)

Deferred tax assets:
Property and equipment	$	5,427		$	1,082
Incentive and vacation accrual	4,576			2,640
Deferred revenue - key money	1,095			1,703
Allowance for doubtful accounts	128			72
Partnership basis	918			—
Contingent liability	301			—
Other	357			605
Other carryforwards	184			155
Net operating loss carryforwards	64,546			49,787
Federal historic tax credit	824			—
Valuation allowance	(21,595		)	(11,430		)
Deferred tax assets	$	56,761		$	44,614

Supplemental Information to Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows



	For the year ended December 31,
	2017			2016			2015
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	586,470		$	456,672		$	134,192
Restricted cash reserves	72,606			67,206			55,455
Cash, cash equivalents, and restricted cash reserves	$	659,076		$	523,878		$	189,647

Interest paid, net of capitalized interest	$	65,211		$	56,294		$	48,524

Income taxes paid	$	1,176		$	1,290		$	1,012

Supplemental investing and financing transactions (1)
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	—		$	177,169
Accounts receivable	—			—			179
Other assets	—			—			120
Mortgage debt assumed	—			—			(33,389		)
Fair value adjustment on mortgage debt assumed	—			—			(1,269		)
Advance deposits	—			—			(46		)
Accounts payable and other liabilities	—			—			(543		)
Acquisition of hotel properties, net	$	—		$	—		$	142,221

In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	$	170,000		$	301,540		$	252,500
Escrow related to certain post-closing obligations	14,000			(15,000		)	—
Transaction costs	(4,564		)	(16,693		)	(9,055		)
Operating prorations	843			(662		)	2,960
Proceeds from the sale of hotel properties, net	$	180,279		$	269,185		$	246,405

Supplemental non-cash transactions (1)
Change in fair market value of designated interest rate swaps	$	13,748		$	11,700		$	(2,958	)
Accrued capital expenditures	$	14,138		$	7,392		$	11,383
Distributions payable	$	65,284		$	41,486		$	41,409
Redemption of OP Units	$	—		$	4,325		$	—

Quarterly Operating Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information



	For the year ended December 31, 2017
	First Quarter		Second Quarter		Third Quarter (1)		Fourth Quarter (1)
Total revenue	$	260,232	$	292,284	$	341,255	$	462,490
Net income	$	21,777	$	42,464	$	4,111	$	7,387
Net income attributable to common shareholders	$	21,758	$	42,246	$	1,821	$	638
Comprehensive income attributable to RLJ	$	27,306	$	40,531	$	5,660	$	15,086
Basic per share data (1):
Net income attributable to common shareholders	$	0.17	$	0.34	$	0.01	$	—
Diluted per share data (1):
Net income attributable to common shareholders	$	0.17	$	0.34	$	0.01	$	—
Basic weighted-average common shares outstanding	123,734,173		123,785,735		140,249,961		174,147,522
Diluted weighted-average common shares outstanding	123,841,400		123,871,762		140,307,269		174,210,578


(1)	On August 31, 2017, the Company completed its merger with FelCor and acquired an ownership interest in 37 hotel properties. The increase in the quarterly financial data was a result of the financial impact related to the merger transaction. Refer to Note 3, Merger with FelCor Lodging Trust Incorporated, for more information on the accounting for the business combination.



	For the year ended December 31, 2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	275,171	$	317,112	$	296,259	$	271,453
Net income	$	25,350	$	58,740	$	41,389	$	75,835
Net income attributable to common shareholders	$	25,298	$	58,447	$	41,174	$	75,433
Comprehensive income attributable to RLJ	$	5,050	$	53,081	$	50,644	$	103,277
Basic per share data (1):
Net income attributable to common shareholders	$	0.20	$	0.47	$	0.33	$	0.61
Diluted per share data (1):
Net income attributable to common shareholders	$	0.20	$	0.47	$	0.33	$	0.61
Basic weighted-average common shares outstanding	123,739,823		123,544,034		123,621,323		123,698,633
Diluted weighted-average common shares outstanding	124,141,824		123,942,846		123,836,452		123,757,660


(1)	The basic and diluted net income per share attributable to common shareholders are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly amounts may not agree with the total for the year presented.

Organization (Details)		12 Months Ended
Organization (Details)	Aug. 31, 2017 Rooms	Dec. 31, 2017 property state room shares	Sep. 30, 2017 property
Sale of Stock
Number of OP units outstanding (in shares) \| shares		175,642,948
Company's ownership interest in the Operating Partnership		99.60%
Number of properties owned		158
Number of hotel rooms owned \| room		31,000
Number of states in which hotels owned by the entity are located \| state		26
Ownership interest in assets		100.00%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets		98.30%
The Knickerbocker New York [Member]
Sale of Stock
Number of hotel rooms owned \| Rooms	330
Ownership interest in assets	95.00%
RLJ Lodging Trust LP
Sale of Stock
Company's ownership interest in the Operating Partnership		0.40%
Partially Owned Properties [Member] \| Ninety Five Percent Owned [Member] \| The Knickerbocker New York [Member]
Sale of Stock
Ownership interest in assets		95.00%
Partially Owned Properties [Member] \| Fifty Percent Owned [Member]
Sale of Stock
Ownership interest in assets		50.00%
Consolidated Properties [Member]
Sale of Stock
Number of properties owned			156
Unconsolidated Properties [Member]
Sale of Stock
Number of properties owned		2
Ownership interest in assets		50.00%
Leased Hotel Properties [Member]
Sale of Stock
Number of properties owned			157

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies
Amortization of deferred financing costs	$ 3,499	$ 3,965	$ 4,164
Accumulated amortization on deferred financing costs	13,200	9,700
Advertising expense	$ 6,200	4,200	$ 4,100
Limited Partner's ownership interest in the Operating Partnership	99.60%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	1.70%
RLJ Lodging Trust LP
Summary of Significant Accounting Policies
Limited Partner's ownership interest in the Operating Partnership	0.40%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years
Prepaid Expenses and Other Current Assets \| Accounting Standards Update 2015-03
Summary of Significant Accounting Policies
Unamortized deferred financing costs	$ 2,600	$ 2,300

Merger with FelCor Lodging Trust Incorporated (Details)		3 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
Merger with FelCor Lodging Trust Incorporated (Details)	Aug. 31, 2017 USD ($) Rooms $ / shares shares	Dec. 31, 2017 USD ($) room $ / shares	Dec. 31, 2017 USD ($) room $ / shares	Sep. 30, 2017 $ / shares	Dec. 31, 2017 USD ($) room $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares
Business Acquisition [Line Items]
Business Combination, Measurement Period Adjustment, Investment in Hotel Properties		$ 12,500,000
Revenue					$ 1,893,899,000	$ 1,996,517,000	$ 1,149,453,000
Transaction costs in a business combination					$ 38,391,000
Business Combination, Revenue recognized during the period			$ 260,020,000
Off-market Lease, Unfavorable	$ 15,489,544
Real Estate Properties, Ownership Interest, Percentage					100.00%
Sale of hotel properties					$ 170,000,000	$ 301,540,000	252,500,000
Number of Units in Real Estate Property \| room		31,000	31,000		31,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 4,342,000
Payments to Acquire Businesses, Net of Cash Acquired	$ 24,883,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Number of Businesses Acquired	37
Business Combination, Consideration Transferred	$ 1,412,388,000
Below Market Lease, Gross		$ 118,609,000	$ 118,609,000		$ 118,609,000	$ 0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				46 years
Other Intangible Assets, Gross		9,511,000	9,511,000		9,511,000	2,309,000
Business Combination, Net Income recognized during the period			14,994,000
Integration costs in a business combination					5,696,000
Total merger-related costs of a business combination					44,087,000
Net income attributable to common shareholders					$ 110,231,000	$ 213,354,000	$ 222,498,000
Business Acquisition, Pro Forma Earnings Per Share, Basic \| $ / shares					$ 0.63	$ 1.23	$ 1.72
Business Acquisition, Pro Forma Earnings Per Share, Diluted \| $ / shares					$ 0.63	$ 1.22	$ 1.71
Weighted Average Basic Shares Outstanding, Pro Forma \| shares					174,142,918	174,009,107
Pro Forma Weighted Average Shares Outstanding, Diluted \| shares					174,220,129	174,237,111
Debt Instrument, Fair Value Adjustment, Net		68,700,000	$ 68,700,000		$ 68,700,000
Business Combination, Measurement Period Adjustment, Intangible Assets		12,000,000
Business Combination, Measurement Period Adjustment, Deferred Income Tax Assets		26,200,000
Business Combination, Measurement Period Adjustment, Prepaid Expenses and Other Assets		1,200,000
Business Combination, Measurement Period Adjustment, Accounts Payable and Other Liabilities		2,600,000
Business Combination, Measurement Period Adjustment, Noncontrolling Interest in Consolidated Joint Ventures		$ 300,000
Common Stock
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,016,227,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	50,400,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price \| $ / shares	$ 20.18
Series A Cumulative Preferred Stock [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 366,936,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	12,879,475
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price \| $ / shares	$ 28.49
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares					$ 1.95
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.01	$ 0.01		0.01	$ 0
Partnership Interest [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 4,342,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price \| $ / shares	$ 20.18
Business Acquisition, Common Units Issued or Issuable, Number of Units \| shares	215,152
DoubleTree Suites by Hilton Austin [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	188
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	229
Embassy Suites Atlanta Buckhead [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	316
Embassy Suites Birmingham [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	242
Embassy Suites Boston Marlborough [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	229
Embassy Suites Dallas Love Field [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	248
Embassy Suites Deerfield Beach [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	244
Embassy Suites Fort Lauderdale 17th Street [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	361
Embassy Suites Los Angeles International Airport South [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	349
Embassy Suites Mandalay Beach [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	250
Embassy Suites Miami International Airport [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	318
Embassy Suites Milpitas Silicon Valley [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	266
Embassy Suites Minneapolis Airport [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	310
Embassy Suites Myrtle Beach [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	255
Embassy Suites Napa Valley [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	205
Embassy Suites Orlando International Drive [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	244
Embassy Suites Phoenix Biltmore [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	232
Embassy Suites San Francisco Airport South San Francisco [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	312
Embassy Suites San Francisco Airport Waterfront [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	340
Embassy Suites Secaucus [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	50.00%
Number of Units in Real Estate Property \| Rooms	261
Hilton Myrtle Beach Resort [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	385
Holiday Inn San Francisco Fisherman's Wharf [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	585
San Francisco Marriott Union Square [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	400
Sheraton Burlington Hotel & Conference Center [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	309
Sheraton Philadelphia Society Hill Hotel [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	364
Fairmont Copley Plaza [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	383
The Knickerbocker New York [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	95.00%
Number of Units in Real Estate Property \| Rooms	330
Mills House Wyndham Grand Hotel [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	216
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	361
Wyndham Boston Beacon Hill [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	304
Wyndham Houston Medical Center [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	287
Wyndham New Orleans French Quarter [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	374
Wyndham Philadelphia Historic District [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	364
Wyndham Pittsburgh University Center [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	251
Wyndham San Diego Bayside [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	600
Wyndham Santa Monica At The Pier [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	100.00%
Number of Units in Real Estate Property \| Rooms	132
FelCor Lodging LP [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate Investment, Net	$ 2,661,114,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equity Investments	25,651,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	28,308,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	58,170,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	139,673,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	23,811,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(1,305,337,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(118,360,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	(23,795,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Interest Payable	(22,612,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Dividends Payable	(4,312,000)
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	(5,493,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Preferred equity in a consolidated joint venture	(44,430,000)
Below Market Lease, Gross	118,050,000
Advanced Bookings	13,862,000
Other Intangible Assets, Gross	7,761,000
Total intangible assets	139,673,000
Debt Instrument, Fair Value Adjustment, Net	$ 71,700,000
FelCor Lodging Trust [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| Rooms	11,215
Chateau LeMoyne French Quarter, New Orleans [Member]
Business Acquisition [Line Items]
Real Estate Properties, Ownership Interest, Percentage	50.00%
Number of Units in Real Estate Property \| Rooms	171
FelCor Lodging Trust [Member]
Business Acquisition [Line Items]
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01
Common Stock, Conversion Basis				0.362
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares				$ 1.95
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.01
RLJ Lodging Trust [Member] \| Series A Cumulative Preferred Stock [Member]
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount \| $ / shares				1.95	$ 1.95
Preferred Stock, Par or Stated Value Per Share \| $ / shares				$ 0.01
Below market ground leases [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				54 years
Other finite-lived intangible assets [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				6 years
Advanced Bookings [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				1 year

Investment in Hotel Properties - Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,275,030	$ 675,889
Buildings and improvements	4,890,266	3,050,043
Furniture, fixtures and equipment	756,546	595,816
Total	6,921,842	4,321,748
Accumulated depreciation	(1,129,917)	(953,972)
Investment in hotel properties, net	$ 5,791,925	$ 3,367,776

Investment in Hotel Properties - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) hotel	Dec. 31, 2015 USD ($) hotel
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to investment in hotel properties	$ 182,000	$ 162,200	$ 155,800
Impairment loss	0	$ 0	$ 1,003
Number of impaired properties \| hotel		0	1
Proceeds from the sale of hotel properties, net	$ 180,279	$ 269,185	$ 246,405

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($) property	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 133	$ 133	$ 0	$ 0
Equity Method Investments	$ 23,885	$ 23,885
Number of Real Estate Properties \| property	158	158
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Number of Real Estate Properties \| property	2	2
Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 253	$ 253
Cost in Excess of Book Value of Hotel Investments [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	(490)
Equity Method Investments	23,632	$ 23,632
Hotel-related Investments [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 623

Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 5,700	$ 200	$ 300
Finite-Lived Intangible Assets, Remaining Amortization Period	48 years
Other Intangible Assets, Gross	$ 9,511	2,309
Finite-Lived Intangible Assets, Accumulated Amortization	(1,969)	(1,411)
Finite-Lived Intangible Assets, Net	7,542	898
Advanced Bookings, Gross	11,360	0
Advanced Bookings, Accumulated Amortization	(3,083)	0
Advanced Bookings, Net	8,277	0
Below Market Lease, Accumulated Amortization	(1,217)	0
Below Market Lease, Net	117,392	0
Below Market Lease, Gross	118,609	0
Intangible Assets, Gross (Excluding Goodwill)	139,480	2,309
Intangible Assets, Net	133,211	898
Intangible Assets, Accumulated Amortization	(6,269)	$ (1,411)
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	11,345
Finite-Lived Intangible Assets, Amortization Expense, Year Two	6,314
Finite-Lived Intangible Assets, Amortization Expense, Year Three	5,211
Finite-Lived Intangible Assets, Amortization Expense, Year Four	4,797
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 4,797
Below market ground leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	54 years
Advanced Bookings [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years

Acquisition of Hotel Properties - Acquired Properties (Details) $ in Thousands				12 Months Ended
	Sep. 25, 2015 USD ($) room	Jul. 20, 2015 USD ($) room	Jul. 15, 2015 USD ($) room	Dec. 31, 2017 USD ($) room	Dec. 31, 2016 USD ($) room	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Ownership interest in assets				100.00%
Number of Units in Real Estate Property \| room				31,000
Mortgage debt assumed	$ 33,400			$ 0	$ 0	$ 33,389
Fair value of debt assumed	$ 34,700
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Ownership interest in assets						100.00%
Number of Units in Real Estate Property \| room					490
Purchase Price					$ 175,900
Hyatt Place Washington DC Downtown K Street
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| room			164
Purchase Price			$ 68,000
Homewood Suites Seattle Lynnwood
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| room		170
Purchase Price		$ 37,900
Residence Inn Palo Alto Los Altos
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| room	156
Purchase Price	$ 70,000

Acquisition of Hotel Properties - Allocation of Purchase Price for Properties Acquired (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Business Combinations [Abstract]
Land and improvements	$ 31,692
Buildings and improvements	131,960
Furniture, fixtures and equipment	13,517
Fair value adjustment on mortgage debt assumed	(1,269)
Total purchase price	$ 175,900

Acquisition of Hotel Properties - Revenue and Net Income (Loss) From Properties Acquired (Details) - 2015 Acquisitions [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Revenue	$ 10,053
Net income (loss)	$ (1,477)

Acquisition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Revenue									$ 1,893,899	$ 1,996,517	$ 1,149,453
Net income attributable to common shareholders									$ 110,231	$ 213,354	$ 222,498
Net income per share attributable to common shareholders - basic (in dollars per share)									$ 0.63	$ 1.23	$ 1.72
Net income per share attributable to common shareholders - diluted (in dollars per share)									$ 0.63	$ 1.22	$ 1.71
Weighted-average number of common shares (in shares)	174,147,522	140,249,961	123,785,735	123,734,173	123,698,633	123,621,323	123,544,034	123,739,823	140,616,838	123,651,003	128,444,469
Weighted average number of shares outstanding - diluted (in shares)											128,967,754

Sale of Hotel Properties - Properties Disposed (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) room hotel	Dec. 31, 2016 USD ($) room hotel	Dec. 31, 2015 USD ($) room hotel	Dec. 14, 2017 room	Dec. 05, 2016 room	Nov. 30, 2016 room	Feb. 22, 2016 room	Oct. 14, 2015 room	Jul. 07, 2015 room	May 22, 2015 room	Feb. 23, 2015 room
Sale of Hotel Properties
Gain (Loss) on Investments \| $		$ 2,670,000	$ 2,670,000	$ 0	$ 0
Investment Owned, Balance, Principal Amount \| $	$ 10,100,000	$ 10,100,000
Number of properties disposed \| hotel			1	4	23
Sale of hotel properties \| $			$ 170,000,000	$ 301,540,000	$ 252,500,000
Gain on sale of hotel properties \| $			600,000	45,900,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property \| $			8,980,000	45,929,000	28,398,000
Disposal Group, Deferred Gain Recognized During Period \| $			9,600,000
Payments for (Proceeds from) Investments \| $	$ 12,800,000		$ (12,792,079)	$ 0	$ 0
2017 Hotel Disposals
Sale of Hotel Properties
Rooms			383
Fairmont Copley Plaza [Member]
Sale of Hotel Properties
Rooms						383
2016 Hotel Disposals
Sale of Hotel Properties
Rooms				759
Holiday Inn Express Merrillville
Sale of Hotel Properties
Rooms									62
SpringHill Suites Bakersfield
Sale of Hotel Properties
Rooms								119
Hilton Garden Inn New York 35th Street
Sale of Hotel Properties
Rooms							298
Hilton New York Fashion District
Sale of Hotel Properties
Rooms							280
2015 Hotel Disposals
Sale of Hotel Properties
Rooms					2,825
Courtyard Chicago Schaumburg
Sale of Hotel Properties
Rooms													162
Courtyard Grand Junction
Sale of Hotel Properties
Rooms													136
Courtyard Mesquite
Sale of Hotel Properties
Rooms													101
Courtyard Detroit Pontiac Bloomfield
Sale of Hotel Properties
Rooms													110
Courtyard San Antonio Airport Northstar
Sale of Hotel Properties
Rooms													78
Courtyard Tampa Brandon
Sale of Hotel Properties
Rooms													90
Fairfield Inn & Suites Merrillville
Sale of Hotel Properties
Rooms													112
Fairfield Inn & Suites San Antonio Airport
Sale of Hotel Properties
Rooms													120
Fairfield Inn & Suites Tampa Brandon
Sale of Hotel Properties
Rooms													107
Hampton Inn Merrillville
Sale of Hotel Properties
Rooms													64
Holiday Inn Grand Rapids Airport
Sale of Hotel Properties
Rooms													148
Homewood Suites Tampa Brandon
Sale of Hotel Properties
Rooms													126
Marriott Auburn Hills Pontiac at Centerpoint
Sale of Hotel Properties
Rooms													290
Residence Inn Austin Round Rock
Sale of Hotel Properties
Rooms													96
Residence Inn Chicago Schaumburg
Sale of Hotel Properties
Rooms													125
Residence Inn Detroit Pontiac Auburn Hills
Sale of Hotel Properties
Rooms													114
Residence Inn Grand Junction
Sale of Hotel Properties
Rooms													104
Residence Inn Indianapolis Carmel
Sale of Hotel Properties
Rooms													120
SpringHill Suites Chicago Schaumburg
Sale of Hotel Properties
Rooms													132
SpringHill Suites Indianapolis Carmel
Sale of Hotel Properties
Rooms													126
Fairfield Inn & Suites Valparaiso
Sale of Hotel Properties
Rooms												63
Residence Inn South Bend
Sale of Hotel Properties
Rooms											80
Embassy Suites Columbus
Sale of Hotel Properties
Rooms										221
Accounts Payable and Accrued Liabilities
Sale of Hotel Properties
Disposal Group, Deferred Gain on Disposal \| $				$ 15,000,000

Debt - Credit Facilities (Details)	12 Months Ended
Debt - Credit Facilities (Details)	Dec. 31, 2017 USD ($) asset instrument	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Line of credit, future borrowing capacity if extended	$ 750,000,000
Debt Instrument, Fair Value Adjustment, Net	68,700,000
Early Repayment of Senior Secured Notes	539,400,000
Long-term Debt, Gross	1,062,716,000	$ 0
Debt, net	2,880,488,000	1,582,715,000
Unamortized debt issuance costs on term loans	(4,046,000)	(5,692,000)
Unsecured Debt	1,170,954,000	1,169,308,000
Unsecured Debt, Gross	1,175,000,000	1,175,000,000
Long-term Debt	2,880,488,000	1,582,715,000
Line of credit, old borrowing capacity	400,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 600,000,000
Revolving Credit Facility and Term Loans \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over variable interest rate basis	1.45%
Revolving Credit Facility and Term Loans \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread over variable interest rate basis	3.00%
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	103.00%
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.813%
The Revolver \| Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000.0
Number of standby letters of credit that may be issued, minimum \| instrument	1
The Revolver \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000.0
Secured Debt [Member]
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	20
Debt, net	$ 646,818,000	413,407,000
Secured Debt [Member] \| Five Point Six Three Percent Due March 2023 [Member]
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	9
Debt Instrument, Interest Rate, Stated Percentage	5.625%
Long-term Debt, Gross	$ 552,669,000	0
Unsecured Debt \| $400 Million Term Loan Maturing 2021
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Interest Rate	3.14%
Unsecured Debt	$ 400,000,000	400,000,000
Unsecured Debt \| $400 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000.0
Interest Rate	3.35%
Unsecured Debt	$ 400,000,000	400,000,000
Unsecured Debt \| $225 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225,000,000.0
Interest Rate	4.24%
Unsecured Debt	$ 225,000,000	225,000,000
Unsecured Debt \| $150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0
Interest Rate	3.43%
Unsecured Debt	$ 150,000,000	150,000,000
Unsecured Debt \| Six Point Zero Zero Percent Due June 2025 [Member]
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	0
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Long-term Debt, Gross	$ 510,047,000	0
The Revolver \| The Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000.0
Additional maturity term	1 year
Interest Rate	3.16%
Remaining borrowing capacity	$ 600,000,000	400,000,000
Unsecured Debt	$ 0	0
The Revolver \| The Revolver \| Minimum
Debt Instrument [Line Items]
Unused facility fee percentage	0.20%
The Revolver \| The Revolver \| Maximum
Debt Instrument [Line Items]
Unused facility fee percentage	0.30%
Accounting Standards Update 2015-03 \| Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Unamortized deferred financing costs on the Revolver	$ 2,600,000	$ 2,300,000
Senior Secured Notes [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Adjustment, Net	28,700,000
Senior Unsecured Notes [Member] \| Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument, Fair Value Adjustment, Net	$ 35,100,000

Debt - Mortgage Loans (Details) $ in Thousands	12 Months Ended
Debt - Mortgage Loans (Details) $ in Thousands	Dec. 31, 2017 USD ($) hotel asset term	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Secured Debt, Gross	$ 647,752	$ 414,916
Secured Debt	2,880,488	1,582,715
Unamortized debt issuance costs on mortgage loans	(934)	(1,509)
Fair value adjustment	$ 68,700
Mortgage Loans
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	20
Secured Debt	$ 646,818	413,407
Mortgage Loans \| Four Point Nine Five Percent Due October 2022 [Member]
Debt Instrument [Line Items]
Fair value adjustment	3,000
Mortgage Loans \| LIBOR Plus Three Point Zero Zero Percent Due November 2017 [Member]
Debt Instrument [Line Items]
Fair value adjustment	400
Mortgage Loans \| Four Point Nine Four Percent Due October 2022 [Member]
Debt Instrument [Line Items]
Fair value adjustment	$ 700
Mortgage Loans \| PNC Bank
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	5
Interest Rate	3.66%
Secured Debt	$ 85,000	85,000
Number of hotels encumbered by loans that are cross-collateralized \| hotel	5
Number of additional maturity terms \| term	2
Mortgage Loans \| Wells Fargo 1
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	4
Interest Rate	4.04%
Secured Debt	$ 143,250	146,250
Number of hotels encumbered by loans that are cross-collateralized \| hotel	2
Mortgage Loans \| Wells Fargo 2
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	4
Interest Rate	4.05%
Secured Debt	$ 150,000	150,000
Number of additional maturity terms \| term	4
Additional maturity term	1 year
Mortgage Loans \| Wells Fargo 3
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	1
Interest Rate	5.25%
Secured Debt	$ 32,882	33,666
Fair value adjustment	$ 800	1,000
Four Point Nine Five Percent Due October 2022 [Member] \| Mortgage Loans
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	4
Debt Instrument, Interest Rate, Stated Percentage	4.95%
Secured Debt	$ 120,893	0
Four Point Nine Four Percent Due October 2022 [Member] \| Mortgage Loans
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	1
Debt Instrument, Interest Rate, Stated Percentage	4.94%
Secured Debt	$ 30,323	0
LIBOR Plus Three Point Zero Zero Percent Due November 2017 [Member] \| Mortgage Loans
Debt Instrument [Line Items]
Number of Assets Encumbered \| asset	1
Secured Debt	$ 85,404	$ 0

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 3,499	$ 3,965	$ 4,164
Capitalized interest	0	0	(1,774)
Total interest expense	78,322	58,820	54,788
Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	15,918	0	0
Mortgage Loans
Debt Instrument [Line Items]
Interest expense	19,643	16,006	16,500
Unsecured Debt
Debt Instrument [Line Items]
Interest expense	$ 39,262	$ 38,849	$ 35,898

Debt - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017	$ 381,553
2018	628,766
2019	3,936
2020	489,166
2021	314,308
Thereafter	999,010
Total debt	2,880,488	$ 1,582,715
Fair value adjustment	68,700
Long term debt, total future minimum principal payments	$ 2,816,739

Derivatives and Hedging (Details) - USD ($)	12 Months Ended
Derivatives and Hedging (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Financial Instruments: Derivatives and Hedging
Notional value	$ 2,186,251,000	$ 2,064,251,000
Interest rate swaps, net	8,846,000	(4,902,000)
Unrealized gains (losses) included in accumulated other comprehensive loss	8,846,000	(4,900,000)
Amount of hedge ineffectiveness	0	0
Amount expected to be reclassified to interest expense in next twelve months	(100,000)
Designated as Hedging Instrument \| Swap-cash flow 1
Financial Instruments: Derivatives and Hedging
Notional value	$ 0	275,000,000
Hedge interest rate	1.12%
Interest rate swaps, fair value, liabilities	$ 0	(558,000)
Designated as Hedging Instrument \| Swap-cash flow 2
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	175,000,000
Hedge interest rate	1.56%
Interest rate swaps, fair value, liabilities	$ (38,000)	(1,251,000)
Designated as Hedging Instrument \| Swap-cash flow 3
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	175,000,000
Hedge interest rate	1.64%
Interest rate swaps, fair value, liabilities	$ (71,000)	(1,413,000)
Designated as Hedging Instrument \| Swap-cash flow 4
Financial Instruments: Derivatives and Hedging
Notional value	$ 15,758,000	16,088,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (23,000)	(193,000)
Designated as Hedging Instrument \| Swap-cash flow 5
Financial Instruments: Derivatives and Hedging
Notional value	$ 15,758,000	16,088,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (14,000)	(172,000)
Designated as Hedging Instrument \| Swap-cash flow 6
Financial Instruments: Derivatives and Hedging
Notional value	$ 38,678,000	39,488,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (57,000)	(474,000)
Designated as Hedging Instrument \| Swap-cash flow 7
Financial Instruments: Derivatives and Hedging
Notional value	$ 39,632,000	40,462,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (35,000)	(433,000)
Designated as Hedging Instrument \| Swap-cash flow 8
Financial Instruments: Derivatives and Hedging
Notional value	$ 17,190,000	17,550,000
Hedge interest rate	1.83%
Interest rate swaps, fair value, liabilities	$ (25,000)	(211,000)
Designated as Hedging Instrument \| Swap-cash flow 9
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,235,000	16,575,000
Hedge interest rate	1.75%
Interest rate swaps, fair value, liabilities	$ (14,000)	(177,000)
Designated as Hedging Instrument \| Swap-cash flow 10
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	125,000,000
Hedge interest rate	2.02%
Interest rate swaps, fair value, liabilities	$ (383,000)	(2,090,000)
Designated as Hedging Instrument \| Swap-cash flow 11
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.94%
Interest rate swaps, fair value, liabilities	$ (213,000)	(1,505,000)
Designated as Hedging Instrument \| Swap-cash flow 12
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	125,000,000
Hedge interest rate	1.27%
Interest rate swaps, fair value, assets	$ 836,000	54,000
Designated as Hedging Instrument \| Swap-cash flow 13
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.96%
Interest rate swaps, fair value, liabilities	$ (230,000)	(516,000)
Designated as Hedging Instrument \| Swap-cash flow 14
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.85%
Interest rate swaps, fair value, liabilities	$ (43,000)	(184,000)
Designated as Hedging Instrument \| Swap-cash flow 15
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.81%
Interest rate swaps, fair value, liabilities	$ (19,000)	(159,000)
Designated as Hedging Instrument \| Swap-cash flow 16
Financial Instruments: Derivatives and Hedging
Notional value	$ 25,000,000	25,000,000
Hedge interest rate	1.74%
Interest rate swaps, fair value, liabilities		(57,000)
Interest rate swaps, fair value, assets	$ 13,000
Designated as Hedging Instrument \| Swap-cash flow 17
Financial Instruments: Derivatives and Hedging
Notional value	$ 33,000,000	33,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 202,000	111,000
Designated as Hedging Instrument \| Swap-cash flow 18
Financial Instruments: Derivatives and Hedging
Notional value	$ 82,000,000	82,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 502,000	277,000
Designated as Hedging Instrument \| Swap-cash flow 19
Financial Instruments: Derivatives and Hedging
Notional value	$ 35,000,000	35,000,000
Hedge interest rate	1.80%
Interest rate swaps, fair value, assets	$ 214,000	118,000
Designated as Hedging Instrument \| Swap-cash flow 20
Financial Instruments: Derivatives and Hedging
Notional value	$ 143,000,000	143,000,000
Hedge interest rate	1.81%
Interest rate swaps, fair value, liabilities		(1,113,000)
Interest rate swaps, fair value, assets	$ 803,000
Designated as Hedging Instrument \| Swap-cash flow 21
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.61%
Interest rate swaps, fair value, assets	$ 769,000	224,000
Designated as Hedging Instrument \| Swap-cash flow 22
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.56%
Interest rate swaps, fair value, assets	$ 869,000	352,000
Designated as Hedging Instrument \| Swap-cash flow 23
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000,000	50,000,000
Hedge interest rate	1.71%
Interest rate swaps, fair value, assets	$ 598,000	5,000
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Twenty Eight [Member]
Financial Instruments: Derivatives and Hedging
Notional value	$ 200,000,000	0
Hedge interest rate	2.29%
Interest rate swaps, fair value, liabilities	$ (413,000)
Interest rate swaps, fair value, assets		0
Designated as Hedging Instrument \| Swap-cash flow 24
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.15%
Interest rate swaps, fair value, assets	$ 2,880,000	2,513,000
Designated as Hedging Instrument \| Swap-cash flow 25
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	100,000,000
Hedge interest rate	1.20%
Interest rate swaps, fair value, assets	$ 2,726,000	2,360,000
Designated as Hedging Instrument \| Swap-cash flow 26
Financial Instruments: Derivatives and Hedging
Notional value	$ 75,000,000	75,000,000
Hedge interest rate	2.15%
Interest rate swaps, fair value, liabilities	$ (144,000)	(410,000)
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Twenty Seven [Member]
Financial Instruments: Derivatives and Hedging
Notional value	75,000,000	0
Hedge interest rate			1.91%
Interest rate swaps, fair value, assets	415,000	0
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Twenty Nine [Member]
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	0
Hedge interest rate	2.29%
Interest rate swaps, fair value, liabilities	$ (259,000)
Interest rate swaps, fair value, assets		0
Accounts Payable and Accrued Liabilities \| Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, liabilities	(1,981,000)	(10,916,000)
Prepaid Expenses and Other Current Assets \| Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, assets	10,827,000	6,014,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Amounts reclassified from accumulated other comprehensive income (loss) into interest expense	$ 7,400,000	$ 15,900,000

Fair Value (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Fair Value
Long-term Debt, Gross	$ 1,062,716,000	$ 0
Unsecured Debt	1,170,954,000	1,169,308,000
Total	8,846,000	(4,902,000)
Debt, net	2,880,488,000	1,582,715,000
Long-term Debt	2,880,488,000	1,582,715,000
Level 2
Fair Value
Long-term Debt, Fair Value	2,861,022,000	1,578,932,000
Recurring [Member] \| Interest rate swap
Fair Value
Interest rate swap asset	10,827,000	6,014,000
Interest rate swap liability	(1,981,000)	(10,916,000)
Total	8,846,000	(4,902,000)
Recurring [Member] \| Level 1 \| Interest rate swap
Fair Value
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	0	0
Recurring [Member] \| Level 2 \| Interest rate swap
Fair Value
Interest rate swap asset	10,827,000	6,014,000
Interest rate swap liability	(1,981,000)	(10,916,000)
Total	8,846,000	(4,902,000)
Recurring [Member] \| Level 3 \| Interest rate swap
Fair Value
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	0	0
Mortgages [Member] \| Level 2
Fair Value
Long-term Debt, Fair Value	643,078,000	402,134,000
Senior Notes [Member] \| Level 2
Fair Value
Long-term Debt, Fair Value	1,038,892,000	0
Revolving Credit Facility and Term Loans \| Level 2
Fair Value
Long-term Debt, Fair Value	$ 1,179,052,000	$ 1,176,798,000

Commitments and Contingencies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) hotel term	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Ground Leases
Number of properties subject to ground lease \| hotel		17
Rent expense		$ 11,100,000	$ 5,400,000	$ 5,500,000
Cash required for reserve, as a percentage of hotel revenue, minimum		3.00%
Cash required for reserve, as a percentage of hotel revenue, maximum		5.00%
Restricted cash reserves		$ 72,606,000	67,206,000	55,455,000
Loss Contingency, Damages Sought, Value	$ 8,300,000
Loss Contingency Accrual		$ 5,400,000
Residence Inn Chicago Oak Brook
Ground Leases
Period of additional terms for which lease may be extended		99 years
Marriott Louisville Downtown
Ground Leases
Period of additional terms for which lease may be extended		25 years
Maximum number of additional terms for which lease may be extended \| term		4
Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center
Ground Leases
Contingent rent		$ 900,000	900,000	1,000,000
Hilton Garden Inn Bloomington
Ground Leases
Period of additional terms for which lease may be extended		10 years
Maximum number of additional terms for which lease may be extended \| term		5
Courtyard Charleston Historic District
Ground Leases
Contingent rent		$ 1,000,000	1,000,000	1,000,000
Courtyard Waikiki Beach
Ground Leases
Rent expense		3,500,000	3,400,000	3,400,000
Residence Inn Palo Alto Los Altos
Ground Leases
Rent expense		60,619	$ 58,287	$ 0
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member]
Ground Leases
Rent expense		248,041
Embassy Suites San Francisco Airport Waterfront [Member]
Ground Leases
Rent expense		720,910
Doubletree by Hilton Burlington Vermont [Member]
Ground Leases
Rent expense		50,666
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member]
Ground Leases
Rent expense		1,003,373
Wyndham Boston Beacon Hill [Member]
Ground Leases
Rent expense		288,806
Wyndham New Orleans French Quarter [Member]
Ground Leases
Rent expense		114,236
Wyndham Pittsburgh University Center [Member]
Ground Leases
Rent expense		141,948
Wyndham San Diego Bayside [Member]
Ground Leases
Rent expense		1,512,704
Holiday Inn San Francisco Fisherman's Wharf [Member]
Ground Leases
Rent expense		$ 1,619,499

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Minimum ground rent
2017	$ 12,982
2018	10,987
2019	11,001
2020	11,016
2021	11,031
Thereafter	626,674
Total	$ 683,691

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) hotel agreement	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 24, 2018 hotel
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	157
Number of hotel management companies \| agreement	17
Number of Real Estate Properties under a Combined Management/Franchise Agreement	46
Management agreement with franchise agreement, base management fee percentage	7.00%
Management fee expense \| $	$ 48.9	$ 44.3	$ 44.1
Number of hotel properties operated under franchise agreements	110
Franchise fee expense \| $	$ 73.7	$ 73.9	$ 72.3
NOI Guarantee over life of agreement \| $	100.0
NOI Guarantee annual limit \| $	21.5
NOI Guarantee earned by the Company \| $	$ 2.4
Minimum
Operating Leased Assets [Line Items]
Management agreement term	3 years
Base management fee percentage	3.00%
Term of franchise agreements	10 years
Royalty fee as a percentage of room revenue	4.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1.00%
Maximum
Operating Leased Assets [Line Items]
Management agreement term	25 years
Base management fee percentage	3.50%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3.00%
Aimbridge Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
Concord Hospitality Enterprises Company
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Crestline Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Davidson Hotels & Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Embassy Suites Management
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	24
HEI Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Highgate Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	5
Hyatt Corporation and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	10
Interstate Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	11
InnVentures
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	3
InterContinental Hotels Group PLC [Member]
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
K Partners Hospitality Group
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	1
Marriott Hotel Services
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	7
Sage Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
Urgo Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	4
WLS
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	71
Wyndham Hotel Group [Member]
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements	8
Subsequent Event [Member] \| Interstate Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				73
Management Agreements Acquired				62
Subsequent Event [Member] \| WLS
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				9

Equity (Details) - USD ($)		8 Months Ended	9 Months Ended		12 Months Ended
Equity (Details) - USD ($)	Aug. 31, 2017	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 17, 2017	Oct. 30, 2015	May 01, 2015	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)					450,000,000	450,000,000					450,000,000
Share repurchase program, authorized amount								$ 440,000,000.0	$ 400,000,000.0	$ 200,000,000.0
Number of shares acquired as part of a share repurchase program (in shares)		(8,044,372)			(122,508)	(610,607)
Shares acquired as part of a share repurchase program		$ (225,186,000)			$ (2,610,000)	$ (13,271,000)	$ (225,186,000)
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 198,932,517
Share repurchase program, increase in authorized amount								$ 40,000,000.0	$ 200,000,000.0
Total authorized for issuance number of preferred shares of beneficial interest (in shares)					50,000,000	50,000,000					50,000,000
Preferred shares of beneficial interest, outstanding (in shares)		0			0	0	0
Limited Partner's ownership interest in the Operating Partnership					99.60%
Proceeds from Issuance of Redeemable Convertible Preferred Stock					$ 45,000,000
Proceeds net of issuance costs on the issuance of preferred equity in a consolidated joint venture					$ 44,400,000
DBT Met Hotel Venture, LP
Equity
Noncontrolling ownership interest in joint venture					1.70%
The Knickerbocker New York [Member]
Equity
Noncontrolling ownership interest in joint venture					5.00%
Embassy Suites Secaucus [Member]
Equity
Noncontrolling ownership interest in joint venture					49.00%
RLJ Lodging Trust LP
Equity
Limited Partner's ownership interest in the Operating Partnership					0.40%
Common Stock
Equity
Number of shares acquired as part of a share repurchase program (in shares)					(122,508)	(610,607)	(8,044,372)
Shares acquired as part of a share repurchase program					$ (1,000)	$ (6,000)	$ (80,000)
Common shares issued upon conversion of OP units				335,250		335,250
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	50,358,104
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price	$ 20.18
Limited Partners
Equity
Number of OP units outstanding (in shares)					773,902
Series A Cumulative Preferred Stock [Member]
Equity
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000				12,950,000	0
Preferred Stock, Dividend Rate, Per-Dollar-Amount					$ 1.95
Preferred shares of beneficial interest, outstanding (in shares)					12,879,475	0
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	12,879,475
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price	$ 28.49
Series A Cumulative Preferred Stock [Member] \| RLJ Lodging Trust [Member]
Equity
Preferred Stock, Dividend Rate, Per-Dollar-Amount			$ 1.95		$ 1.95
Partnership Interest [Member]
Equity
Business Acquisition, Common Units Issued or Issuable, Number of Units	215,152
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Share Price	$ 20.18
Corporate Joint Venture [Member]
Equity
Preferred Stock, Dividend Rate, Percentage					3.25%
Preferred Stock, Dividend Rate if not Redeemed, Percentage					8.00%
Preferred Stock, Dividend Rate, Non-Compounding Rate Payable at Redemption, Percentage					0.25%

Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended			12 Months Ended
	May 01, 2015	May 31, 2016	Jul. 31, 2015	Jul. 31, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	2,500,000
Number of shares authorized (in shares)					7,500,000
Share-based compensation expense					$ 0	$ 57	$ 132
Common shares available for future grant (in shares)					3,460,504
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 8,900	6,900	9,600
Total unrecognized compensation costs					$ 14,300
Weighted-average period of recognition of unrecognized share-based compensation expense					2 years 4 months 24 days
Total fair value of shares vested					$ 7,700	$ 5,800	$ 14,000
Unvested restricted shares					700,325	649,447	540,885	731,459
2012 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Restricted shares issued upon conversion of performance units (in shares)			838,934
2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 1,700	$ (900)	$ 3,400
Total unrecognized compensation costs					$ 4,300
Weighted-average period of recognition of unrecognized share-based compensation expense					2 years 6 months 12 days
Total fair value of shares vested						$ 6,700
President and Chief Executive Officer \| Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ (500)
President and Chief Executive Officer \| Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ (2,300)

Equity Incentive Plan - Unvested Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 28, 2017	May 31, 2016	Jul. 31, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of non-vested shares/units
Granted (in shares)					2,554	5,008
Weighted Average Grant Date Fair Value
Granted (in dollars per share)					$ 22.26	$ 26.43
Share grants to trustees				$ 0	$ (57)	$ (132)
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 6 months 12 days
Weighted Average Grant Date Fair Value
Share grants to trustees				$ (1,700)	900	$ (3,400)
Total fair value of shares vested					$ 6,700
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 4 months 24 days
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)				649,447	540,885
Granted (in shares)				425,076	675,375	292,505
Vested (in shares)				(363,160)	(272,780)	(470,703)
Forfeited (in shares)				(11,038)	(294,033)	(12,376)
Unvested at the end of the period (in shares)				700,325	649,447	540,885
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 23.00	$ 26.73	$ 21.21
Granted (in dollars per share)				23.15	20.59	32.10
Vested (in dollars per share)				23.41	23.66	21.52
Forfeited (in dollars per share)				23.24	23.70	25.65
Unvested at the end of the period (in dollars per share)				$ 22.88	$ 23.00	$ 26.73
Share grants to trustees				$ (8,900)	$ (6,900)	$ (9,600)
Total fair value of shares vested				$ 7,700	$ 5,800	$ 14,000
2012 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Performance-based vesting period			3 years
Time-based vesting period			1 year
2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance-based vesting period		3 years
Time-based vesting period		1 year
Vesting percentage upon satisfaction of performance-based vesting period		50.00%
Vesting percentage upon satisfaction of time-based vesting period		50.00%
Fair value assumptions, risk free interest rate		1.05%
Fair value assumptions, expected volatility rate		23.82%
Percentage of grant date fair value to be recognized over three years		50.00%
Employee service share based compensation cost period of recognition		3 years
Percentage of grant date fair value to be recognized over four years		50.00%
Employee service share based compensation cost period of recognition		4 years
Summary of non-vested shares/units
Granted (in shares)		280,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 10.31
2017 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance-based vesting period	3 years
Time-based vesting period	1 year
Vesting percentage upon satisfaction of performance-based vesting period	50.00%
Vesting percentage upon satisfaction of time-based vesting period	50.00%
Fair value assumptions, risk free interest rate	1.57%
Fair value assumptions, expected volatility rate	25.73%
Percentage of grant date fair value to be recognized over three years	50.00%
Employee service share based compensation cost period of recognition	3 years
Percentage of grant date fair value to be recognized over four years	50.00%
Employee service share based compensation cost period of recognition	4 years
Summary of non-vested shares/units
Granted (in shares)	259,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 14.93
President and Chief Executive Officer \| Performance units
Weighted Average Grant Date Fair Value
Share grants to trustees		$ 2,300
President and Chief Executive Officer \| Restricted share awards
Summary of non-vested shares/units
Forfeited (in shares)		(285,926)
Weighted Average Grant Date Fair Value
Share grants to trustees		$ 500
President and Chief Executive Officer \| 2012 Performance Units
Summary of non-vested shares/units
Forfeited (in shares)		(133,467)
Minimum \| 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance units that will convert into restricted shares		25.00%
Minimum \| 2017 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance units that will convert into restricted shares	25.00%
Maximum \| 2016 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance units that will convert into restricted shares		150.00%
Maximum \| 2017 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance units that will convert into restricted shares	150.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent									$ 74,835	$ 74,835	$ 200,352	$ 218,221
Numerator:
Net income attributable to common shareholders	$ 638	$ 1,821	$ 42,246	$ 21,758	$ 75,433	$ 41,174	$ 58,447	$ 25,298		66,463	200,352	218,221
Preferred Stock Dividends, Income Statement Impact										(8,372)	0	0
Less: Dividends paid on unvested restricted shares										(1,029)	(1,105)	(1,180)
Less: Undistributed earnings attributable to unvested restricted shares										0	(188)	(378)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares										$ 65,434	$ 199,059	$ 216,663
Denominator:
Weighted-average number of common shares - basic (in shares)	174,147,522	140,249,961	123,785,735	123,734,173	123,698,633	123,621,323	123,544,034	123,739,823		140,616,838	123,651,003	128,444,469
Unvested restricted shares (in shares)										77,211	228,004	523,285
Unvested performance units (in shares)										0	0	0
Weighted-average number of common shares - diluted (in shares)	174,210,578	140,307,269	123,871,762	123,841,400	123,757,660	123,836,452	123,942,846	124,141,824		140,694,049	123,879,007	128,967,754
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.00	$ 0.01	$ 0.34	$ 0.17	$ 0.61	$ 0.33	$ 0.47	$ 0.20		$ 0.47	$ 1.61	$ 1.69
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.00	$ 0.01	$ 0.34	$ 0.17	$ 0.61	$ 0.33	$ 0.47	$ 0.20		$ 0.47	$ 1.61	$ 1.68

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes
REIT Dividends Qualified Business Income Deduction	20.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%	35.00%
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as REIT	(28.00%)	(32.70%)	(34.50%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	1.20%	0.70%	0.60%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	(0.30%)	0.60%	(22.80%)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	26.60%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	0.90%	0.30%	0.00%
Effective Income Tax Rate Reconciliation, Percent	35.40%	3.90%	(21.70%)
Tax Reform Act, New Corporate Income Tax Rate	21.00%
Current:
Federal	$ (67)	$ (76)	$ (287)
State	(2,304)	(1,113)	(1,145)
Deferred:
Federal	(43,181)	(6,141)	36,359
State	3,434	(860)	4,199
Income tax (expense) benefit	(42,118)	(8,190)	39,126
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected federal tax expense at statutory rate	(41,593)	(73,327)	(63,240)
Tax impact of REIT election	33,236	68,477	62,391
Expected tax expense at TRS	(8,357)	(4,850)	(849)
Change in valuation allowance	366	(1,254)	41,147
State income tax expense, net of federal	(1,388)	(1,520)	(1,111)
Impact of rate change	(31,667)	20	46
Other permanent items	(513)	(382)	(416)
Impact of provision to return/deferred adjustments	(559)	(204)	309
Income tax (expense) benefit	$ (42,118)	$ (8,190)	$ 39,126
Common distributions
Income Taxes
Ordinary income	73.00%	87.00%
Return of capital	27.00%	0.00%
Capital gains	0.00%	13.00%
Total	100.00%	100.00%
Series A Cumulative Preferred Stock [Member]
Income Taxes
Ordinary income	100.00%	0.00%
Return of capital	0.00%	0.00%
Capital gains	0.00%	0.00%
Total	100.00%	0.00%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax liabilities:
Property and equipment	$ 0	$ (8,557)
Prepaid expenses	(1,501)	(2,349)
Deferred Tax Liabilities, Intangible Assets	(3,597)	0
Deferred Tax Liabilities, Deposits	(449)	0
Other	0	(524)
Deferred tax liabilities	(5,547)	(11,430)
Deferred tax assets:
Property and equipment	5,427	1,082
Incentive and vacation accrual	4,576	2,640
Deferred revenue - key money	1,095	1,703
Allowance for doubtful accounts	128	72
Deferred Tax Assets, Partnership Basis	918	0
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies	301	0
Other	357	605
Other carryforwards	184	155
Net operating loss carryforwards	64,546	49,787
Deferred Tax Assets, Historic Tax Credits	824	0
Valuation allowance	(21,595)	(11,430)
Deferred tax assets	$ 56,761	$ 44,614

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 25, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents		$ 586,470	$ 456,672	$ 134,192
Restricted cash reserves		72,606	67,206	55,455
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents		659,076	523,878	189,647	$ 325,512
Interest paid, net of capitalized interest		65,211	56,294	48,524
Income taxes paid		1,176	1,290	1,012
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate		0	0	177,169
Accounts receivable		0	0	179
Other assets		0	0	120
Mortgage debt assumed	$ (33,400)	0	0	(33,389)
Fair value adjustment on mortgage debt assumed		0	0	(1,269)
Advance deposits		0	0	(46)
Accounts payable and other liabilities		0	0	(543)
Acquisition of hotel properties, net		0	0	142,221
In conjunction with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties		170,000	301,540	252,500
Escrow Deposits Related to Property Sales		14,000
Escrow related to certain post-closing obligations			15,000	0
Transaction costs		(4,564)	(16,693)	(9,055)
Operating prorations		843	(662)	2,960
Proceeds from the sale of hotel properties, net		180,279	269,185	246,405
Supplemental non-cash transactions (1)
Change in fair market value of designated interest rate swaps		13,748	11,700	(2,958)
Accrued capital expenditures		14,138	7,392	11,383
Distributions payable		65,284	41,486	41,409
Conversion of Stock, Amount Issued		$ 0	$ 4,325	$ 0

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 462,490	$ 341,255	$ 292,284	$ 260,232	$ 271,453	$ 296,259	$ 317,112	$ 275,171	$ 1,356,261	$ 1,159,995	$ 1,136,340
Net income	7,387	4,111	42,464	21,777	75,835	41,389	58,740	25,350	66,759	155,385	191,414
Comprehensive income attributable to RLJ	$ 15,086	$ 5,660	$ 40,531	$ 27,306	$ 103,277	$ 50,644	$ 53,081	$ 5,050	$ 88,583	$ 212,052	$ 215,263
Basic per share data (1):
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.00	$ 0.01	$ 0.34	$ 0.17	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.47	$ 1.61	$ 1.69
Diluted per share data (1):
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.00	$ 0.01	$ 0.34	$ 0.17	$ 0.61	$ 0.33	$ 0.47	$ 0.20	$ 0.47	$ 1.61	$ 1.68
Weighted Average Number of Shares Outstanding, Basic	174,147,522	140,249,961	123,785,735	123,734,173	123,698,633	123,621,323	123,544,034	123,739,823	140,616,838	123,651,003	128,444,469
Weighted Average Number of Shares Outstanding, Diluted	174,210,578	140,307,269	123,871,762	123,841,400	123,757,660	123,836,452	123,942,846	124,141,824	140,694,049	123,879,007	128,967,754

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Debt	$ 647,752
Initial Costs
Land & Improvements	1,266,655
Building & Improvements	4,507,365
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	391,276
Gross Amount
Land & Improvements	1,275,030
Buildings & Improvements	4,890,266
Total	6,165,296	$ 3,725,932	$ 3,942,413	$ 3,711,887
Accumulated Depreciation	628,518	$ 520,517	$ 464,691	$ 382,266
Aggregate cost of real estate for federal income tax purposes	5,800,000
Marriott Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	2,253
Building & Improvements	16,522
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,761
Gross Amount
Land & Improvements	2,253
Buildings & Improvements	18,283
Total	20,536
Accumulated Depreciation	$ 5,120
Marriott Austin South [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Austin South [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver South @ Park Meadow [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,692
Gross Amount
Land & Improvements	5,352
Buildings & Improvements	43,212
Total	48,564
Accumulated Depreciation	$ 12,224
Marriott Denver South @ Park Meadow [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver South @ Park Meadow [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 80,000
Initial Costs
Land & Improvements	0
Building & Improvements	89,541
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,603
Gross Amount
Land & Improvements	0
Buildings & Improvements	97,144
Total	97,144
Accumulated Depreciation	$ 26,547
Marriott Louisville Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Louisville Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,255
Gross Amount
Land & Improvements	4,499
Buildings & Improvements	34,957
Total	39,456
Accumulated Depreciation	$ 10,059
Marriott Chicago Midway [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Chicago Midway [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,718
Gross Amount
Land & Improvements	4,718
Buildings & Improvements	34,996
Total	39,714
Accumulated Depreciation	$ 9,862
Renaissance Boulder Flatiron Hotel [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Fort Lauderdale Plantation Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,998
Gross Amount
Land & Improvements	4,876
Buildings & Improvements	37,481
Total	42,357
Accumulated Depreciation	$ 10,594
Renaissance Fort Lauderdale Plantation Hotel [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Fort Lauderdale Plantation Hotel [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Northwest Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,443
Building & Improvements	10,585
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,019
Gross Amount
Land & Improvements	1,447
Buildings & Improvements	13,600
Total	15,047
Accumulated Depreciation	$ 3,682
Courtyard Austin Northwest Arboretum [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Northwest Arboretum [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,530
Building & Improvements	11,222
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,526
Gross Amount
Land & Improvements	1,553
Buildings & Improvements	12,725
Total	14,278
Accumulated Depreciation	$ 3,672
Courtyard Austin South [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin South [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,486
Gross Amount
Land & Improvements	8,142
Buildings & Improvements	68,180
Total	76,322
Accumulated Depreciation	$ 18,073
Courtyard Chicago Downtown Magnificent Mile [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Denver West Golden [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,325
Building & Improvements	9,716
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,441
Gross Amount
Land & Improvements	1,325
Buildings & Improvements	11,157
Total	12,482
Accumulated Depreciation	$ 3,185
Courtyard Denver West Golden [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Denver West Golden [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Southeast Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,038
Building & Improvements	7,616
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,376
Gross Amount
Land & Improvements	1,080
Buildings & Improvements	8,950
Total	10,030
Accumulated Depreciation	$ 2,619
Courtyard Chicago Southeast Hammond [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Southeast Hammond [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,664
Gross Amount
Land & Improvements	2,482
Buildings & Improvements	19,870
Total	22,352
Accumulated Depreciation	$ 5,481
Courtyard Indianapolis @ The Capitol [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Boulder Longmont [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,192
Building & Improvements	8,745
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,027
Gross Amount
Land & Improvements	1,192
Buildings & Improvements	9,772
Total	10,964
Accumulated Depreciation	$ 2,798
Courtyard Boulder Longmont [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Boulder Longmont [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Boulder Louisville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,640
Building & Improvements	12,025
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,443
Gross Amount
Land & Improvements	1,642
Buildings & Improvements	13,466
Total	15,108
Accumulated Depreciation	$ 3,919
Courtyard Boulder Louisville [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Boulder Louisville [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Louisville Northeast [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,374
Building & Improvements	10,079
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	891
Gross Amount
Land & Improvements	1,382
Buildings & Improvements	10,962
Total	12,344
Accumulated Depreciation	$ 3,181
Courtyard Louisville Northeast [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Louisville Northeast [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,172
Building & Improvements	15,927
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,492
Gross Amount
Land & Improvements	2,197
Buildings & Improvements	18,393
Total	20,590
Accumulated Depreciation	$ 5,821
Courtyard Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard South Bend Mishawaka [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	640
Building & Improvements	4,699
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,255
Gross Amount
Land & Improvements	642
Buildings & Improvements	5,951
Total	6,593
Accumulated Depreciation	$ 1,911
Courtyard South Bend Mishawaka [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard South Bend Mishawaka [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Salt Lake City Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,333
Building & Improvements	17,110
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,397
Gross Amount
Land & Improvements	2,333
Buildings & Improvements	18,507
Total	20,840
Accumulated Depreciation	$ 5,157
Courtyard Salt Lake City Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Salt Lake City Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Sugarland [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,217
Building & Improvements	8,931
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,862
Gross Amount
Land & Improvements	1,217
Buildings & Improvements	10,792
Total	12,009
Accumulated Depreciation	$ 2,783
Courtyard Houston Sugarland [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Sugarland [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Sort Lauderdale SW Miramar [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,619
Building & Improvements	11,872
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,181
Gross Amount
Land & Improvements	1,619
Buildings & Improvements	13,053
Total	14,672
Accumulated Depreciation	$ 3,325
Courtyard Sort Lauderdale SW Miramar [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Sort Lauderdale SW Miramar [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 47,448
Initial Costs
Land & Improvements	6,049
Building & Improvements	44,361
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,538
Gross Amount
Land & Improvements	6,049
Buildings & Improvements	45,898
Total	51,947
Accumulated Depreciation	$ 11,588
Courtyard Austin Downtown Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,691
Building & Improvements	12,404
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,687
Gross Amount
Land & Improvements	1,753
Buildings & Improvements	16,029
Total	17,782
Accumulated Depreciation	$ 3,797
Courtyard Austin Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Northwest Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,403
Building & Improvements	10,290
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,959
Gross Amount
Land & Improvements	1,403
Buildings & Improvements	12,249
Total	13,652
Accumulated Depreciation	$ 3,430
Residence Inn Austin Northwest Arboretum [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Northwest Arboretum [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	802
Building & Improvements	5,883
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	966
Gross Amount
Land & Improvements	820
Buildings & Improvements	6,831
Total	7,651
Accumulated Depreciation	$ 1,836
Residence Inn Austin South [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin South [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin North Parmer Lane [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,483
Building & Improvements	10,872
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,728
Gross Amount
Land & Improvements	1,483
Buildings & Improvements	12,601
Total	14,084
Accumulated Depreciation	$ 3,299
Residence Inn Austin North Parmer Lane [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin North Parmer Lane [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Fishers [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	998
Building & Improvements	7,322
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,005
Gross Amount
Land & Improvements	1,048
Buildings & Improvements	8,277
Total	9,325
Accumulated Depreciation	$ 2,294
Residence Inn Indianapolis Fishers [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Fishers [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Denver West Golden [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,222
Building & Improvements	8,963
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,195
Gross Amount
Land & Improvements	1,222
Buildings & Improvements	10,158
Total	11,380
Accumulated Depreciation	$ 2,811
Residence Inn Denver West Golden [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Denver West Golden [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Southeast Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	980
Building & Improvements	7,190
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,010
Gross Amount
Land & Improvements	1,043
Buildings & Improvements	8,138
Total	9,181
Accumulated Depreciation	$ 2,239
Residence Inn Chicago Southeast Hammond [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Southeast Hammond [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,790
Gross Amount
Land & Improvements	2,665
Buildings & Improvements	22,340
Total	25,005
Accumulated Depreciation	$ 6,330
Residence Inn Houston By The Galleria [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,102
Gross Amount
Land & Improvements	2,670
Buildings & Improvements	21,690
Total	24,360
Accumulated Depreciation	$ 6,060
Residence Inn Indianapolis Downtown On The Canal [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Longmont Boulder [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,407
Building & Improvements	10,321
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	796
Gross Amount
Land & Improvements	1,407
Buildings & Improvements	11,117
Total	12,524
Accumulated Depreciation	$ 3,088
Residence Inn Longmont Boulder [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Longmont Boulder [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Boulder Louisville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,298
Building & Improvements	9,519
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	972
Gross Amount
Land & Improvements	1,298
Buildings & Improvements	10,490
Total	11,788
Accumulated Depreciation	$ 2,991
Residence Inn Boulder Louisville [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Boulder Louisville [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Northeast [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,319
Building & Improvements	9,675
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,203
Gross Amount
Land & Improvements	1,325
Buildings & Improvements	10,872
Total	12,197
Accumulated Depreciation	$ 3,006
Residence Inn Louisville Northeast [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Northeast [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Merrillville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,262
Gross Amount
Land & Improvements	595
Buildings & Improvements	5,634
Total	6,229
Accumulated Depreciation	$ 1,727
Residence Inn Merrillville [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Merrillville [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Detroit Novi [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,427
Building & Improvements	10,445
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,119
Gross Amount
Land & Improvements	1,666
Buildings & Improvements	12,325
Total	13,991
Accumulated Depreciation	$ 3,317
Residence Inn Detroit Novi [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Detroit Novi [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Oak Brook [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	0
Building & Improvements	20,436
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	938
Gross Amount
Land & Improvements	0
Buildings & Improvements	21,374
Total	21,374
Accumulated Depreciation	$ 6,013
Residence Inn Chicago Oak Brook [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Oak Brook [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Fort Lauderdale Plantation [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,183
Building & Improvements	16,021
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,601
Gross Amount
Land & Improvements	2,295
Buildings & Improvements	20,510
Total	22,805
Accumulated Depreciation	$ 5,793
Residence Inn Fort Lauderdale Plantation [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Fort Lauderdale Plantation [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Salt Lake City Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	875
Building & Improvements	6,416
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,295
Gross Amount
Land & Improvements	875
Buildings & Improvements	7,712
Total	8,587
Accumulated Depreciation	$ 2,171
Residence Inn Salt Lake City Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Salt Lake City Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn San Antonio Downtown Market Sq [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,822
Building & Improvements	13,360
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,278
Gross Amount
Land & Improvements	1,822
Buildings & Improvements	15,638
Total	17,460
Accumulated Depreciation	$ 4,434
Residence Inn San Antonio Downtown Market Sq [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn San Antonio Downtown Market Sq [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Sugarland [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,100
Building & Improvements	8,073
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,952
Gross Amount
Land & Improvements	1,100
Buildings & Improvements	10,025
Total	11,125
Accumulated Depreciation	$ 2,778
Residence Inn Houston Sugarland [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Sugarland [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Naperville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,923
Building & Improvements	14,101
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	838
Gross Amount
Land & Improvements	1,923
Buildings & Improvements	14,938
Total	16,861
Accumulated Depreciation	$ 4,343
Residence Inn Chicago Naperville [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Naperville [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,815
Building & Improvements	13,308
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	913
Gross Amount
Land & Improvements	1,815
Buildings & Improvements	14,220
Total	16,035
Accumulated Depreciation	$ 3,774
Residence Inn Louisville Downtown [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Fort Lauderdale SW Miramar [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,692
Building & Improvements	12,409
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,581
Gross Amount
Land & Improvements	1,700
Buildings & Improvements	13,982
Total	15,682
Accumulated Depreciation	$ 3,566
Residence Inn Fort Lauderdale SW Miramar [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Fort Lauderdale SW Miramar [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,632
Initial Costs
Land & Improvements	3,767
Building & Improvements	27,626
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	636
Gross Amount
Land & Improvements	3,767
Buildings & Improvements	28,262
Total	32,029
Accumulated Depreciation	$ 7,174
Residence Inn Austin Downtown Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Austin North Parmer Lane [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,957
Building & Improvements	14,351
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	577
Gross Amount
Land & Improvements	1,957
Buildings & Improvements	14,928
Total	16,885
Accumulated Depreciation	$ 4,215
SpringHill Suites Austin North Parmer Lane [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Austin North Parmer Lane [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,605
Building & Improvements	11,768
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,006
Gross Amount
Land & Improvements	1,624
Buildings & Improvements	13,756
Total	15,380
Accumulated Depreciation	$ 3,778
SpringHill Suites Austin South [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Austin South [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Louisville Hurstbourne North [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,890
Building & Improvements	13,869
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,729
Gross Amount
Land & Improvements	1,890
Buildings & Improvements	15,598
Total	17,488
Accumulated Depreciation	$ 4,293
SpringHill Suites Louisville Hurstbourne North [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Louisville Hurstbourne North [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites South Bend Mishawaka [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	983
Building & Improvements	7,217
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,276
Gross Amount
Land & Improvements	983
Buildings & Improvements	8,493
Total	9,476
Accumulated Depreciation	$ 2,360
SpringHill Suites South Bend Mishawaka [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites South Bend Mishawaka [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Denver North Westminster [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,409
Building & Improvements	17,670
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,120
Gross Amount
Land & Improvements	2,409
Buildings & Improvements	18,790
Total	21,199
Accumulated Depreciation	$ 5,455
SpringHill Suites Denver North Westminster [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Denver North Westminster [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Boulder Longmont [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,144
Building & Improvements	8,388
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	741
Gross Amount
Land & Improvements	1,144
Buildings & Improvements	9,130
Total	10,274
Accumulated Depreciation	$ 2,501
SpringHill Suites Boulder Longmont [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Boulder Longmont [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Austin South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	505
Building & Improvements	3,702
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,127
Gross Amount
Land & Improvements	505
Buildings & Improvements	4,829
Total	5,334
Accumulated Depreciation	$ 1,231
Fairfield Inn & Suites Austin South [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Austin South [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Denver Cherry Creek [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,203
Building & Improvements	8,823
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,309
Gross Amount
Land & Improvements	1,203
Buildings & Improvements	10,132
Total	11,335
Accumulated Depreciation	$ 2,924
Fairfield Inn & Suites Denver Cherry Creek [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Denver Cherry Creek [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago SE Hammond [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	722
Building & Improvements	5,301
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,386
Gross Amount
Land & Improvements	790
Buildings & Improvements	6,620
Total	7,410
Accumulated Depreciation	$ 1,856
Fairfield Inn & Suites Chicago SE Hammond [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago SE Hammond [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,803
Building & Improvements	19,325
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,284
Gross Amount
Land & Improvements	1,853
Buildings & Improvements	22,559
Total	24,412
Accumulated Depreciation	$ 6,130
Fairfield Inn & Suites Key West [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Key West [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,934
Gross Amount
Land & Improvements	1,446
Buildings & Improvements	12,361
Total	13,807
Accumulated Depreciation	$ 3,338
Fairfield Inn & Suites Chicago Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,378
Building & Improvements	10,105
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,348
Gross Amount
Land & Improvements	1,378
Buildings & Improvements	11,453
Total	12,831
Accumulated Depreciation	$ 3,128
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites San Antonio Dwntn Mkt [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,905
Gross Amount
Land & Improvements	2,793
Buildings & Improvements	23,002
Total	25,795
Accumulated Depreciation	$ 6,460
Hampton Inn Chicago Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,237
Gross Amount
Land & Improvements	3,000
Buildings & Improvements	23,057
Total	26,057
Accumulated Depreciation	$ 6,608
Hilton Garden Inn Chicago Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,672
Gross Amount
Land & Improvements	1,210
Buildings & Improvements	10,368
Total	11,578
Accumulated Depreciation	$ 3,148
Sleep Inn Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,994
Gross Amount
Land & Improvements	1,897
Buildings & Improvements	15,714
Total	17,611
Accumulated Depreciation	$ 4,127
Holiday Inn Express Hotel & Suites Midway Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Bloomington
Real Estate and Accumulated Depreciation
Debt	$ 17,500
Initial Costs
Land & Improvements	0
Building & Improvements	18,945
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	931
Gross Amount
Land & Improvements	0
Buildings & Improvements	19,876
Total	19,876
Accumulated Depreciation	$ 4,505
Hilton Garden Inn Bloomington \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Bloomington \| Maximum
Gross Amount
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	654
Gross Amount
Land & Improvements	851
Buildings & Improvements	6,771
Total	7,622
Accumulated Depreciation	$ 1,876
TGI Friday's Chicago Midway [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,106
Building & Improvements	12,721
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,144
Gross Amount
Land & Improvements	1,146
Buildings & Improvements	13,825
Total	14,971
Accumulated Depreciation	$ 3,621
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,691
Building & Improvements	22,764
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,584
Gross Amount
Land & Improvements	5,717
Buildings & Improvements	24,323
Total	30,040
Accumulated Depreciation	$ 6,231
Hampton Inn Garden City [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Garden City [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,000
Initial Costs
Land & Improvements	3,069
Building & Improvements	22,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,423
Gross Amount
Land & Improvements	3,069
Buildings & Improvements	23,931
Total	27,000
Accumulated Depreciation	$ 6,063
Courtyard Houston By The Galleria [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Fort Walton Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,774
Building & Improvements	6,109
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,075
Gross Amount
Land & Improvements	8,928
Buildings & Improvements	8,030
Total	16,958
Accumulated Depreciation	$ 1,915
Hampton Inn Fort Walton Beach [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Fort Walton Beach [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,500
Initial Costs
Land & Improvements	4,857
Building & Improvements	29,943
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,245
Gross Amount
Land & Improvements	4,970
Buildings & Improvements	36,076
Total	41,046
Accumulated Depreciation	$ 8,631
Embassy Suites Los Angeles Downey [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Austin Arboretum [Member]
Real Estate and Accumulated Depreciation
Debt	$ 11,000
Initial Costs
Land & Improvements	2,813
Building & Improvements	15,940
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,157
Gross Amount
Land & Improvements	2,813
Buildings & Improvements	18,098
Total	20,911
Accumulated Depreciation	$ 4,168
Hyatt House Austin Arboretum [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Austin Arboretum [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Lincoln Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 18,000
Initial Costs
Land & Improvements	3,169
Building & Improvements	17,958
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,562
Gross Amount
Land & Improvements	3,337
Buildings & Improvements	21,352
Total	24,689
Accumulated Depreciation	$ 4,552
Hyatt House Dallas Lincoln Park [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Lincoln Park [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Uptown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 16,500
Initial Costs
Land & Improvements	2,241
Building & Improvements	12,698
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,056
Gross Amount
Land & Improvements	2,317
Buildings & Improvements	15,679
Total	17,996
Accumulated Depreciation	$ 3,371
Hyatt House Dallas Uptown [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Uptown [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Houston Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Initial Costs
Land & Improvements	2,976
Building & Improvements	16,866
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,027
Gross Amount
Land & Improvements	2,976
Buildings & Improvements	18,893
Total	21,869
Accumulated Depreciation	$ 4,468
Hyatt House Houston Galleria [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Houston Galleria [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,161
Building & Improvements	71,017
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,861
Gross Amount
Land & Improvements	2,410
Buildings & Improvements	73,628
Total	76,038
Accumulated Depreciation	$ 14,378
Embassy Suites Tampa Downtown Convention Ctr [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	16,214
Building & Improvements	22,265
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,393
Gross Amount
Land & Improvements	16,332
Buildings & Improvements	27,540
Total	43,872
Accumulated Depreciation	$ 6,161
Fairfield Inn & Suites Washington DC Downtown [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,816
Building & Improvements	7,862
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,637
Gross Amount
Land & Improvements	2,879
Buildings & Improvements	9,436
Total	12,315
Accumulated Depreciation	$ 2,046
Embassy Suites Fort Myers Estero [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,515
Initial Costs
Land & Improvements	23,139
Building & Improvements	34,188
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,369
Gross Amount
Land & Improvements	23,139
Buildings & Improvements	38,557
Total	61,696
Accumulated Depreciation	$ 7,038
Homewood Suites Washington DC Downtown [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Suites Denver Tech Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,373
Building & Improvements	9,180
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,861
Gross Amount
Land & Improvements	2,428
Buildings & Improvements	10,986
Total	13,414
Accumulated Depreciation	$ 2,576
Hampton Inn Suites Denver Tech Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Suites Denver Tech Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hotel Indigo New Orleans Garden District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,901
Building & Improvements	3,865
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,784
Gross Amount
Land & Improvements	2,082
Buildings & Improvements	15,468
Total	17,550
Accumulated Depreciation	$ 4,464
Hotel Indigo New Orleans Garden District [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hotel Indigo New Orleans Garden District [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Columbia [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,993
Building & Improvements	11,487
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,834
Gross Amount
Land & Improvements	2,069
Buildings & Improvements	13,245
Total	15,314
Accumulated Depreciation	$ 2,874
Residence Inn Columbia [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Columbia [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,457
Building & Improvements	37,046
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,517
Gross Amount
Land & Improvements	7,480
Buildings & Improvements	38,539
Total	46,019
Accumulated Depreciation	$ 6,965
Residence Inn National Harbor Washington DC [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Silver Spring [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,945
Building & Improvements	18,896
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,035
Gross Amount
Land & Improvements	3,989
Buildings & Improvements	19,887
Total	23,876
Accumulated Depreciation	$ 4,151
Residence Inn Silver Spring [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Silver Spring [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,405
Building & Improvements	20,750
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,657
Gross Amount
Land & Improvements	3,479
Buildings & Improvements	25,333
Total	28,812
Accumulated Depreciation	$ 5,252
Hilton Garden Inn New Orleans Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn West Palm Beach Central Arprt Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,280
Building & Improvements	9,769
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,346
Gross Amount
Land & Improvements	2,280
Buildings & Improvements	11,115
Total	13,395
Accumulated Depreciation	$ 2,164
Hampton Inn West Palm Beach Central Arprt Central [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn West Palm Beach Central Arprt Central [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn West Palm Beach Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,206
Building & Improvements	10,811
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,469
Gross Amount
Land & Improvements	1,215
Buildings & Improvements	12,271
Total	13,486
Accumulated Depreciation	$ 2,287
Hilton Garden Inn West Palm Beach Airport [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn West Palm Beach Airport [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,303
Building & Improvements	19,136
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,259
Gross Amount
Land & Improvements	5,521
Buildings & Improvements	25,177
Total	30,698
Accumulated Depreciation	$ 5,602
Hilton Garden Inn Los Angeles Hollywood [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Metropolitan Hotel New York City
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	140,332
Building & Improvements	188,014
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	21,100
Gross Amount
Land & Improvements	140,456
Buildings & Improvements	208,990
Total	349,446
Accumulated Depreciation	$ 39,008
Doubletree Metropolitan Hotel New York City \| Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Metropolitan Hotel New York City \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,274
Building & Improvements	39,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,760
Gross Amount
Land & Improvements	3,396
Buildings & Improvements	46,572
Total	49,968
Accumulated Depreciation	$ 8,103
Renaissance Pittsburgh Hotel [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,860
Building & Improvements	21,668
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,579
Gross Amount
Land & Improvements	2,875
Buildings & Improvements	25,231
Total	28,106
Accumulated Depreciation	$ 4,524
Courtyard Atlanta Buckhead [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Hotel Columbia [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,933
Building & Improvements	6,486
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,504
Gross Amount
Land & Improvements	2,070
Buildings & Improvements	11,854
Total	13,924
Accumulated Depreciation	$ 2,775
Doubletree Hotel Columbia [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Hotel Columbia [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver Airport @ Gateway Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 26,500
Initial Costs
Land & Improvements	3,083
Building & Improvements	38,356
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,831
Gross Amount
Land & Improvements	3,178
Buildings & Improvements	42,092
Total	45,270
Accumulated Depreciation	$ 7,902
Marriott Denver Airport @ Gateway Park [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver Airport @ Gateway Park [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,656
Building & Improvements	9,614
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,366
Gross Amount
Land & Improvements	3,792
Buildings & Improvements	15,844
Total	19,636
Accumulated Depreciation	$ 3,835
Embassy Suites West Palm Beach Central [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,751
Building & Improvements	4,763
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,417
Gross Amount
Land & Improvements	1,888
Buildings & Improvements	10,042
Total	11,930
Accumulated Depreciation	$ 3,041
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Durham Raleigh Research Triangle Park [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,975
Building & Improvements	18,490
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,723
Gross Amount
Land & Improvements	2,435
Buildings & Improvements	26,752
Total	29,187
Accumulated Depreciation	$ 5,904
Hilton Garden Inn Pittsburgh University Place [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Houston Near the Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	9,326
Building & Improvements	9,220
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,999
Gross Amount
Land & Improvements	9,395
Buildings & Improvements	11,151
Total	20,546
Accumulated Depreciation	$ 2,236
Hampton Inn Houston Near the Galleria [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Houston Near the Galleria [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,714
Building & Improvements	35,828
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,341
Gross Amount
Land & Improvements	2,837
Buildings & Improvements	37,047
Total	39,884
Accumulated Depreciation	$ 5,857
Courtyard Charleston Historic District \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Charleston Historic District \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 32,655
Initial Costs
Land & Improvements	8,154
Building & Improvements	52,749
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,813
Gross Amount
Land & Improvements	8,287
Buildings & Improvements	57,428
Total	65,715
Accumulated Depreciation	$ 8,330
Residence Inn Bethesda Downtown [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	20,655
Building & Improvements	60,222
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,909
Gross Amount
Land & Improvements	20,695
Buildings & Improvements	65,090
Total	85,785
Accumulated Depreciation	$ 9,597
Courtyard New York Manhattan Upper East Side [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,903
Building & Improvements	22,757
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,448
Gross Amount
Land & Improvements	11,947
Buildings & Improvements	25,161
Total	37,108
Accumulated Depreciation	$ 3,775
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,268
Building & Improvements	56,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,519
Gross Amount
Land & Improvements	6,322
Buildings & Improvements	59,490
Total	65,812
Accumulated Depreciation	$ 8,329
Embassy Suites Boston Waltham [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,799
Building & Improvements	28,953
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,899
Gross Amount
Land & Improvements	6,033
Buildings & Improvements	32,618
Total	38,651
Accumulated Depreciation	$ 4,124
Courtyard Houston Downtown Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,674
Building & Improvements	24,913
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,125
Gross Amount
Land & Improvements	4,875
Buildings & Improvements	27,837
Total	32,712
Accumulated Depreciation	$ 3,569
Residence Inn Houston Downtown Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,382
Building & Improvements	12,756
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	15,854
Gross Amount
Land & Improvements	2,566
Buildings & Improvements	28,425
Total	30,991
Accumulated Depreciation	$ 3,182
SpringHill Suites Houston Downtown Convention Center [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	557
Building & Improvements	79,033
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,432
Gross Amount
Land & Improvements	670
Buildings & Improvements	88,351
Total	89,021
Accumulated Depreciation	$ 10,553
Courtyard Waikiki Beach \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Waikiki Beach \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,277
Building & Improvements	18,198
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	27,349
Gross Amount
Land & Improvements	11,291
Buildings & Improvements	45,533
Total	56,824
Accumulated Depreciation	$ 4,630
Courtyard San Francisco [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Francisco [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,812
Building & Improvements	6,044
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,246
Gross Amount
Land & Improvements	2,939
Buildings & Improvements	13,163
Total	16,102
Accumulated Depreciation	$ 1,534
Residence Inn Atlanta Midtown Historic [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,488
Building & Improvements	18,283
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	133
Gross Amount
Land & Improvements	3,505
Buildings & Improvements	18,399
Total	21,904
Accumulated Depreciation	$ 2,117
SpringHill Suites Portland Hillsboro [Member] \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	25,083
Building & Improvements	40,707
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,785
Gross Amount
Land & Improvements	25,127
Buildings & Improvements	43,448
Total	68,575
Accumulated Depreciation	$ 4,021
Hilton Cabana Miami Beach \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Cabana Miami Beach \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,029
Building & Improvements	26,193
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	527
Gross Amount
Land & Improvements	3,029
Buildings & Improvements	26,720
Total	29,749
Accumulated Depreciation	$ 2,538
Hyatt House Charlotte Center City \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Charlotte Center City \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,995
Building & Improvements	9,164
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,958
Gross Amount
Land & Improvements	4,354
Buildings & Improvements	12,763
Total	17,117
Accumulated Depreciation	$ 1,664
Hyatt House Cypress Anaheim \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Cypress Anaheim \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,425
Building & Improvements	29,137
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,485
Gross Amount
Land & Improvements	7,517
Buildings & Improvements	34,530
Total	42,047
Accumulated Depreciation	$ 3,902
Hyatt House Emeryville San Francisco Bay Area \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,420
Building & Improvements	21,288
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,208
Gross Amount
Land & Improvements	10,530
Buildings & Improvements	22,386
Total	32,916
Accumulated Depreciation	$ 2,413
Hyatt House San Diego Sorrento Mesa \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,820
Building & Improvements	31,682
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	25
Gross Amount
Land & Improvements	6,820
Buildings & Improvements	31,706
Total	38,526
Accumulated Depreciation	$ 3,076
Hyatt House San Jose Silicon Valley \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,712
Building & Improvements	11,852
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,723
Gross Amount
Land & Improvements	5,717
Buildings & Improvements	14,571
Total	20,288
Accumulated Depreciation	$ 1,522
Hyatt House San Ramon \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Ramon \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,044
Building & Improvements	27,703
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,932
Gross Amount
Land & Improvements	8,046
Buildings & Improvements	30,634
Total	38,680
Accumulated Depreciation	$ 3,003
Hyatt House Santa Clara \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Santa Clara \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Centric The Woodlands
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,950
Building & Improvements	16,882
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	384
Gross Amount
Land & Improvements	5,957
Buildings & Improvements	17,260
Total	23,217
Accumulated Depreciation	$ 1,669
Hyatt Centric The Woodlands \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Centric The Woodlands \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,209
Building & Improvements	13,730
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,314
Gross Amount
Land & Improvements	6,217
Buildings & Improvements	15,036
Total	21,253
Accumulated Depreciation	$ 1,637
Hyatt Place Fremont Silicon Valley \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,701
Building & Improvements	25,478
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	6,701
Buildings & Improvements	25,478
Total	32,179
Accumulated Depreciation	$ 2,449
Hyatt Place Madison Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Madison Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	15,062
Building & Improvements	33,048
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,856
Gross Amount
Land & Improvements	15,154
Buildings & Improvements	40,811
Total	55,965
Accumulated Depreciation	$ 4,047
Embassy Suites Irvine Orange County \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Irvine Orange County \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,019
Building & Improvements	53,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,339
Gross Amount
Land & Improvements	8,022
Buildings & Improvements	54,361
Total	62,383
Accumulated Depreciation	$ 5,000
Courtyard Portland City Center \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Portland City Center \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,737
Building & Improvements	41,731
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	497
Gross Amount
Land & Improvements	3,737
Buildings & Improvements	42,228
Total	45,965
Accumulated Depreciation	$ 3,732
Hyatt Atlanta Midtown \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Atlanta Midtown \| Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	48,192
Building & Improvements	27,770
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,346
Gross Amount
Land & Improvements	48,233
Buildings & Improvements	33,076
Total	81,309
Accumulated Depreciation	$ 3,170
DoubleTree Grand Key Resort \| Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Grand Key Resort \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,763
Building & Improvements	55,225
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,169
Gross Amount
Land & Improvements	10,763
Buildings & Improvements	56,393
Total	67,156
Accumulated Depreciation	$ 3,519
Hyatt Place Washington DC Downtown K Street \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street \| Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,933
Building & Improvements	30,949
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	41
Gross Amount
Land & Improvements	3,959
Buildings & Improvements	30,965
Total	34,924
Accumulated Depreciation	$ 2,009
Homewood Suites Seattle Lynnwood \| Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos
Real Estate and Accumulated Depreciation
Debt	$ 32,882
Initial Costs
Land & Improvements	16,996
Building & Improvements	45,786
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	189
Gross Amount
Land & Improvements	17,040
Buildings & Improvements	45,931
Total	62,971
Accumulated Depreciation	$ 2,890
Residence Inn Palo Alto Los Altos \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos \| Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Suites by Hilton Austin [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,072
Building & Improvements	50,827
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	21
Gross Amount
Land & Improvements	7,072
Buildings & Improvements	50,848
Total	57,920
Accumulated Depreciation	428
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	896
Building & Improvements	44,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	47
Gross Amount
Land & Improvements	899
Buildings & Improvements	44,553
Total	45,452
Accumulated Depreciation	392
Embassy Suites Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	31,279
Building & Improvements	46,015
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	41
Gross Amount
Land & Improvements	31,279
Buildings & Improvements	46,056
Total	77,335
Accumulated Depreciation	444
Embassy Suites Birmingham [Member]
Real Estate and Accumulated Depreciation
Debt	22,908
Initial Costs
Land & Improvements	10,495
Building & Improvements	33,568
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	10,495
Buildings & Improvements	33,568
Total	44,063
Accumulated Depreciation	296
Embassy Suites Dallas Love Field [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	6,408
Building & Improvements	34,694
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	131
Gross Amount
Land & Improvements	6,408
Buildings & Improvements	34,825
Total	41,233
Accumulated Depreciation	299
Embassy Suites Deerfield Beach [Member]
Real Estate and Accumulated Depreciation
Debt	30,323
Initial Costs
Land & Improvements	7,527
Building & Improvements	56,128
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	590
Gross Amount
Land & Improvements	7,528
Buildings & Improvements	56,717
Total	64,245
Accumulated Depreciation	527
Embassy Suites Fort Lauderdale 17th Street [Member]
Real Estate and Accumulated Depreciation
Debt	34,339
Initial Costs
Land & Improvements	30,933
Building & Improvements	54,592
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	479
Gross Amount
Land & Improvements	31,051
Buildings & Improvements	54,953
Total	86,004
Accumulated Depreciation	534
Embassy Suites Los Angeles International Airport South [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	13,110
Building & Improvements	94,733
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	148
Gross Amount
Land & Improvements	13,110
Buildings & Improvements	94,881
Total	107,991
Accumulated Depreciation	799
Embassy Suites Mandalay Beach [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	35,769
Building & Improvements	53,280
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	75
Gross Amount
Land & Improvements	35,780
Buildings & Improvements	53,344
Total	89,124
Accumulated Depreciation	482
Embassy Suites Miami International Airport [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	14,765
Building & Improvements	18,099
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,157
Gross Amount
Land & Improvements	14,813
Buildings & Improvements	19,208
Total	34,021
Accumulated Depreciation	174
Embassy Suites Milpitas Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	43,157
Building & Improvements	26,399
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	787
Gross Amount
Land & Improvements	43,216
Buildings & Improvements	27,127
Total	70,343
Accumulated Depreciation	253
Embassy Suites Minneapolis Airport [Member]
Real Estate and Accumulated Depreciation
Debt	36,832
Initial Costs
Land & Improvements	7,248
Building & Improvements	41,202
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,213
Gross Amount
Land & Improvements	7,248
Buildings & Improvements	43,415
Total	50,663
Accumulated Depreciation	436
Embassy Suites Myrtle Beach [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	14,103
Building & Improvements	55,236
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	696
Gross Amount
Land & Improvements	14,501
Buildings & Improvements	55,534
Total	70,035
Accumulated Depreciation	491
Embassy Suites Napa Valley [Member]
Real Estate and Accumulated Depreciation
Debt	26,814
Initial Costs
Land & Improvements	24,429
Building & Improvements	63,188
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	190
Gross Amount
Land & Improvements	24,429
Buildings & Improvements	63,378
Total	87,807
Accumulated Depreciation	559
Embassy Suites Orlando International Drive [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	4,743
Building & Improvements	37,687
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	148
Gross Amount
Land & Improvements	4,743
Buildings & Improvements	37,835
Total	42,578
Accumulated Depreciation	328
Embassy Suites Phoenix Biltmore [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	24,680
Building & Improvements	24,487
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	264
Gross Amount
Land & Improvements	24,701
Buildings & Improvements	24,730
Total	49,431
Accumulated Depreciation	222
Embassy Suites San Francisco Airport South San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	39,616
Building & Improvements	55,163
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	594
Gross Amount
Land & Improvements	39,634
Buildings & Improvements	55,739
Total	95,373
Accumulated Depreciation	476
Embassy Suites San Francisco Airport Waterfront [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	3,698
Building & Improvements	85,270
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	315
Gross Amount
Land & Improvements	3,729
Buildings & Improvements	85,555
Total	89,284
Accumulated Depreciation	794
Hilton Myrtle Beach Resort [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	17,864
Building & Improvements	73,713
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	83
Gross Amount
Land & Improvements	17,870
Buildings & Improvements	73,790
Total	91,660
Accumulated Depreciation	646
San Francisco Marriott Union Square [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	46,773
Building & Improvements	107,841
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,317
Gross Amount
Land & Improvements	46,812
Buildings & Improvements	110,119
Total	156,931
Accumulated Depreciation	910
Doubletree by Hilton Burlington Vermont [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	8,362
Building & Improvements	30,812
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,178
Gross Amount
Land & Improvements	8,410
Buildings & Improvements	31,942
Total	40,352
Accumulated Depreciation	342
Sheraton Philadelphia Society Hill Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	13,304
Building & Improvements	83,333
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	289
Gross Amount
Land & Improvements	13,317
Buildings & Improvements	83,608
Total	96,925
Accumulated Depreciation	711
The Knickerbocker New York [Member]
Real Estate and Accumulated Depreciation
Debt	85,404
Initial Costs
Land & Improvements	113,613
Building & Improvements	119,453
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	191
Gross Amount
Land & Improvements	113,614
Buildings & Improvements	119,643
Total	233,257
Accumulated Depreciation	1,000
Mills House Wyndham Grand Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	9,599
Building & Improvements	68,932
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	9,599
Buildings & Improvements	68,932
Total	78,531
Accumulated Depreciation	579
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	3,754
Building & Improvements	64,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,710
Gross Amount
Land & Improvements	4,934
Buildings & Improvements	70,554
Total	75,488
Accumulated Depreciation	693
Wyndham Boston Beacon Hill [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	174
Building & Improvements	51,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	43
Gross Amount
Land & Improvements	174
Buildings & Improvements	51,977
Total	52,151
Accumulated Depreciation	1,580
Wyndham Houston Medical Center [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	7,776
Building & Improvements	43,475
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	87
Gross Amount
Land & Improvements	7,776
Buildings & Improvements	43,562
Total	51,338
Accumulated Depreciation	370
Wyndham New Orleans French Quarter [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	300
Building & Improvements	72,711
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	410
Gross Amount
Land & Improvements	300
Buildings & Improvements	73,121
Total	73,421
Accumulated Depreciation	615
Wyndham Philadelphia Historic District [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	8,367
Building & Improvements	51,914
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	78
Gross Amount
Land & Improvements	8,367
Buildings & Improvements	51,992
Total	60,359
Accumulated Depreciation	439
Wyndham Pittsburgh University Center [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	154
Building & Improvements	31,625
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	21
Gross Amount
Land & Improvements	154
Buildings & Improvements	31,646
Total	31,800
Accumulated Depreciation	267
Wyndham San Diego Bayside [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	989
Building & Improvements	29,440
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	338
Gross Amount
Land & Improvements	989
Buildings & Improvements	29,778
Total	30,767
Accumulated Depreciation	848
Wyndham Santa Monica At The Pier [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	27,054
Building & Improvements	45,866
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	129
Gross Amount
Land & Improvements	27,063
Buildings & Improvements	45,986
Total	73,049
Accumulated Depreciation	390
Holiday Inn San Francisco Fisherman's Wharf [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	12,203
Building & Improvements	13,877
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	19
Gross Amount
Land & Improvements	12,203
Buildings & Improvements	13,896
Total	26,099
Accumulated Depreciation	1,031
Kingston Plantation Development Corp [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	0
Building & Improvements	2,000
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	10
Gross Amount
Land & Improvements	0
Buildings & Improvements	2,010
Total	2,010
Accumulated Depreciation	17
Embassy Suites Boston Marlborough [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	5,233
Building & Improvements	18,114
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	376
Gross Amount
Land & Improvements	5,233
Buildings & Improvements	18,490
Total	23,723
Accumulated Depreciation	$ 177

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 3,725,932	$ 3,942,413
Add: Acquisitions	2,539,854	0	$ 163,652
Add: Improvements	60,916	40,308	84,615
Less: Disposition of properties	(161,406)	(256,789)	(16,738)
Less: Impairment loss	0	0	(1,003)
Less: Land, building and improvements of hotels held for sale	0	0	0
Balance at end of period	6,165,296	3,725,932	3,942,413
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(520,517)	(464,691)
Add: Depreciation for the period	(108,986)	(91,400)	(85,062)
Less: Disposition of properties	985	35,574	2,637
Less: Accumulated depreciation of hotels held for sale	0	0	0
Balance at end of period	$ (628,518)	$ (520,517)	$ (464,691)

Label	Element	Value
Dividends, Preferred Stock	us-gaap_DividendsPreferredStock	$ 8,372,000
Noncontrolling Interest, Increase from Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	5,493,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	0
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	1,016,227,000
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	366,936,000
Capital Units [Member]
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	(4,325,000)
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable	4,342,000
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	1,015,723,000
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	4,322,000
Common Stock [Member]
Stock Issued During Period, Value, Conversion of Units	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	3,000
Stock Issued During Period, Value, Acquisitions	us-gaap_StockIssuedDuringPeriodValueAcquisitions	504,000
Retained Earnings [Member]
Dividends, Preferred Stock	us-gaap_DividendsPreferredStock	8,372,000
Preferred Capital in Consolidated Joint Venture [Member]
Preferred Stock Dividends and Other Adjustments	us-gaap_PreferredStockDividendsAndOtherAdjustments	496,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	44,430,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 496,000