0001511337-21-000020 | 10-Q | XBRL Viewer

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

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 three months ended September 30,				For the nine months ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss attributable to RLJ	$	(148,007)	$	(173,101)	$	(277,440)	$	(317,499)
Less: Preferred dividends	(6,279)		(6,279)		(18,836)		(18,836)
Less: Dividends paid on unvested restricted shares	(25)		(13)		(61)		(42)
Less: Undistributed earnings attributable to unvested restricted shares	—		—		—		—
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	(154,311)	$	(179,393)	$	(296,337)	$	(336,377)

Denominator:



Weighted-average number of common shares - basic and diluted	164,068,011		163,609,865		163,964,227		164,763,540



Net loss per share attributable to common shareholders - basic and diluted	$	(0.94)	$	(1.10)	$	(1.81)	$	(2.04)

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2021

Equity Incentive Plan

Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]

A summary of the performance unit awards is as follows:


Date of Award	Number of Units Granted	Grant Date Fair Value	Conversion Range	Risk Free Interest Rate	Volatility
February 2018 (1)	264,000	$13.99	0% to 150%	2.42%	27.44%
February 2019	260,000	$19.16	0% to 200%	2.52%	27.19%
February 2020	489,000	$11.59	0% to 200%	1.08%	23.46%
February 2021	431,151	$20.90	0% to 200%	0.23%	69.47%

(1) In February 2021, following the end of the measurement period, the Company met certain threshold criterion and the performance units were converted into approximately 26,000 restricted shares.

Restricted share awards

Equity Incentive Plan

Summary of the unvested restricted shares

A summary of the unvested restricted shares as of September 30, 2021 is as follows:


	2021
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2021	1,252,228	$	15.17
Granted	1,733,358	15.93
Vested	(483,148)	16.34
Forfeited	(21,853)	12.98
Unvested at September 30, 2021	2,480,585	$	15.49

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 233,769	$ 83,932	$ 547,575	$ 382,005
Southern California
Disaggregation of Revenue [Line Items]
Revenues	34,656	15,987	74,774	50,839
South Florida
Disaggregation of Revenue [Line Items]
Revenues	26,084	9,473	84,867	49,928
Northern California
Disaggregation of Revenue [Line Items]
Revenues	24,182	7,963	49,977	49,778
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	16,837	7,903	38,657	22,993
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	9,029	4,011	19,955	15,775
New York City
Disaggregation of Revenue [Line Items]
Revenues	12,189	3,514	22,734	25,566
Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenues	10,500	3,345	20,074	13,492
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	9,189	3,145	23,461	17,408
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	7,706	1,904	18,992	12,985
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	7,493	893	15,158	11,732
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	38,762	12,234	90,247	59,462
Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenues	8,523	4,247	19,912	10,984
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	9,381	3,348	23,481	11,778
Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenues	5,498	1,737	14,571	8,468
Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenues	8,160	2,713	17,058	10,896
New Orleans
Disaggregation of Revenue [Line Items]
Revenues	5,580	1,515	13,657	9,921
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	200,051	72,545	469,377	319,290
Room Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	29,782	13,925	64,247	42,848
Room Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,317	7,743	70,319	41,315
Room Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,854	7,044	45,261	43,271
Room Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,308	6,633	32,831	18,511
Room Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,292	3,720	18,370	14,475
Room Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,601	3,385	20,461	22,298
Room Revenue \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,776	2,730	16,496	10,180
Room Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,773	2,775	20,344	15,177
Room Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,507	1,522	16,066	9,555
Room Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,960	742	10,292	6,932
Room Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,623	10,643	80,041	51,289
Room Revenue \| Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,902	3,958	16,973	9,186
Room Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,873	2,797	19,570	9,271
Room Revenue \| Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,282	1,299	11,249	7,005
Room Revenue \| Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,173	2,288	14,822	9,326
Room Revenue \| New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,028	1,341	12,035	8,651
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,013	3,831	36,238	35,870
Food and Beverage Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,998	496	3,720	3,627
Food and Beverage Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,738	847	8,586	5,487
Food and Beverage Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	983	123	1,628	3,923
Food and Beverage Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,838	981	4,203	3,588
Food and Beverage Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	175	18	263	388
Food and Beverage Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,083	23	1,366	2,163
Food and Beverage Revenue \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,465	341	2,762	2,615
Food and Beverage Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	393	29	657	750
Food and Beverage Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	345	53	884	1,342
Food and Beverage Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,875	85	3,185	3,863
Food and Beverage Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,508	304	3,401	3,845
Food and Beverage Revenue \| Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,268	172	2,211	1,309
Food and Beverage Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	896	302	2,357	1,767
Food and Beverage Revenue \| Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	264	32	651	450
Food and Beverage Revenue \| Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	181	24	332	446
Food and Beverage Revenue \| New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3	1	32	307
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,705	7,556	41,960	26,845
Other Revenue \| Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,876	1,566	6,807	4,364
Other Revenue \| South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,029	883	5,962	3,126
Other Revenue \| Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,345	796	3,088	2,584
Other Revenue \| Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	691	289	1,623	894
Other Revenue \| Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	562	273	1,322	912
Other Revenue \| New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	505	106	907	1,105
Other Revenue \| Denver, Colorado
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	259	274	816	697
Other Revenue \| Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,023	341	2,460	1,481
Other Revenue \| Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	854	329	2,042	2,088
Other Revenue \| Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	658	66	1,681	937
Other Revenue \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,631	1,287	6,805	4,328
Other Revenue \| Pittsburgh, Pennsylvannia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	353	117	728	489
Other Revenue \| Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	612	249	1,554	740
Other Revenue \| Orlando, Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	952	406	2,671	1,013
Other Revenue \| Atlanta, Georgia
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	806	401	1,904	1,124
Other Revenue \| New Orleans
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 549	$ 173	$ 1,590	$ 963

Investment in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Components of Investment In Unconsolidated Entities

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


	September 30, 2021		December 31, 2020
Equity basis of the joint venture investments	$	(6,359)	$	(6,687)
Cost of the joint venture investments in excess of the joint venture book value	13,018		13,485
Investment in unconsolidated joint ventures	$	6,659	$	6,798

Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities

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


	For the three months ended September 30,				For the nine months ended September 30,
	2021		2020		2021		2020
Operating loss	$	(77)	$	(993)	$	(3)	$	(824)
Depreciation of cost in excess of book value	(155)		(280)		(467)		(839)
Impairment loss	—		(6,533)		—		(6,533)

Equity in loss from unconsolidated joint ventures	$	(232)	$	(7,806)	$	(470)	$	(8,196)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Investment in hotel properties, net	$ 4,258,703	$ 4,486,416
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	6,659	6,798
Cash and cash equivalents	624,551	899,813
Restricted cash reserves	35,763	34,977
Hotel and other receivables, net of allowance of $176 and $292, respectively	28,833	13,346
Operating Lease, Right-of-Use Asset	138,972	142,989
Prepaid expense and other assets	30,763	32,833
Total assets	5,124,244	5,617,172
Liabilities and Equity
Debt, net	2,381,274	2,587,731
Accounts payable and other liabilities	154,266	172,325
Contract with Customer, Liability	20,472	32,177
Operating Lease, Liability	120,635	122,593
Accrued interest	9,061	6,206
Distributions payable	8,372	8,752
Total liabilities	2,694,080	2,929,784
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 September 30, 2021 and December 31, 2020	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 166,579,782 and 165,002,752 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,666	1,650
Additional paid-in capital	3,088,323	3,077,142
Accumulated other comprehensive loss	(31,702)	(69,050)
Retained Earnings	(1,011,081)	(710,161)
Total shareholders’ equity	2,414,142	2,666,517
Noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	9,567	13,002
Noncontrolling interest in the Operating Partnership	6,455	7,869
Total noncontrolling interests	16,022	20,871
Total equity	2,430,164	2,687,388
Total liabilities and equity	$ 5,124,244	$ 5,617,172

Fair Value

9 Months Ended

Sep. 30, 2021

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 2029 Senior Notes, 2026 Senior Notes and 2025 Senior Notes by using publicly available trading prices, which are Level 1 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 by 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):


	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
2029 Senior Notes, net	$	494,421	$	501,060	$	—	$	—
2026 Senior Notes, net	492,476		503,975		—		—
2025 Senior Notes, net	—		—		495,759		484,229
Revolver and Term Loans, net	1,014,659		1,005,545		1,568,304		1,543,636
Mortgage loans, net	379,718		371,810		523,668		512,118
Debt, net	$	2,381,274	$	2,382,390	$	2,587,731	$	2,539,983

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 September 30, 2021 (in thousands):


	Fair Value at September 30, 2021
	Level 1		Level 2		Level 3		Total
Interest rate swap asset	$	—	$	358	$	—	$	358
Interest rate swap liability	—		(35,566)		—		(35,566)
Total	$	—	$	(35,208)	$	—	$	(35,208)

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, 2020 (in thousands):


	Fair Value at December 31, 2020
	Level 1		Level 2		Level 3		Total

Interest rate swap liability	$	—	$	(69,050)	$	—	$	(69,050)
Total	$	—	$	(69,050)	$	—	$	(69,050)

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 September 30, 2021, 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

General (Details)	3 Months Ended			9 Months Ended
General (Details)	Sep. 30, 2021 USD ($) property room state $ / shares shares	Jun. 30, 2021 $ / shares	Jun. 30, 2020 $ / shares	Sep. 30, 2021 USD ($) property room state shares	Dec. 31, 2020 USD ($) property	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2017 hotel
Sale of Stock
OP units outstanding (in units) \| shares	167,351,613			167,351,613
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)				99.50%
Number of Real Estate Properties	98			98				29
Number of hotel rooms owned \| room	22,300			22,300
Number of states in which hotels owned by the entity are located \| state	23			23
Equity Method Investment, Ownership Percentage	50.00%			50.00%
Dividends \| $ / shares	$ 0.01	$ 0.01	$ 0.33
Cash and cash equivalents \| $	$ 624,551,000			$ 624,551,000	$ 899,813,000	$ 995,963,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents \| $	$ 660,314,000			$ 660,314,000	$ 934,790,000	$ 1,038,649,000	$ 927,160,000
Number of open real estate properties	96			96
Doubletree Metropolitan Hotel New York City (Joint Venture)
Sale of Stock
Hotel property ownership interest (as a percent)				98.30%
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	94			94
Hotel property ownership interest (as a percent)				100.00%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96			96
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	2			2	2
Equity Method Investment, Ownership Percentage	50.00%			50.00%	50.00%
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	97			97
Ninety Five Percent Owned [Member] \| Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)				95.00%
Fifty Percent Owned [Member] \| Partially Owned Properties [Member]
Sale of Stock
Hotel property ownership interest (as a percent)				50.00%
Ninety Eight Percent Owned
Sale of Stock
Hotel property ownership interest (as a percent)				98.00%
Line of Credit \| The Revolver
Sale of Stock
Line of Credit Facility, Maximum Borrowing Capacity \| $	$ 600,000,000			$ 600,000,000

Debt (Mortgage Loans) (Details)	1 Months Ended			9 Months Ended
Debt (Mortgage Loans) (Details)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 30, 2019 increment	Sep. 30, 2021 USD ($) asset loan	Dec. 31, 2020 USD ($)
Debt
Mortgage loans, gross				$ 381,000,000	$ 526,079,000
Unamortized debt issuance costs on mortgage loans				$ (1,282,000)	(2,411,000)
Mortgage Loan in Cash Trap Event \| loan				3
Lender
Debt
Restricted Cash				$ 12,400,000
Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				19
Secured Debt [Member] \| Four Point Nine Four Percent Due October 2022 [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net					300,000
Secured Debt [Member] \| Wells Fargo 3
Debt
Number of Assets Encumbered \| asset				1
Interest Rate				0.00%
Mortgage loans, net				$ 0	30,332,000
Debt Instrument, Fair Value Adjustment, Net					300,000
Secured Debt [Member] \| Four Point Nine Five Percent Due October 2022 [Member]
Debt
Debt Instrument, Fair Value Adjustment, Net					900,000
Three Point Four Three Percent Due March 2024 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				4
Mortgage loans, net				$ 85,000,000	85,000,000
Debt Instrument, Interest Rate, Stated Percentage				2.84%
Three Point Three Two Percent Due April 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				7
Mortgage loans, net				$ 200,000,000	200,000,000
Debt Instrument, Interest Rate, Stated Percentage				3.30%
Four Point Nine Five Percent Due October 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				3
Mortgage loans, net				$ 0	86,775,000
Debt Instrument, Interest Rate, Stated Percentage				0.00%
The Revolver \| Line of Credit
Debt
Interest Rate				3.53%
Unsecured Debt				$ 200,000,000	400,000,000
Additional maturity term				1 year
Remaining borrowing capacity				$ 400,000,000	200,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 600,000,000
Four Point Nine Four Percent Due October 2022 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				1
Mortgage loans, net				$ 0	27,972,000
Debt Instrument, Interest Rate, Stated Percentage				0.00%
Four Point Zero Zero Percent Due April 2024 [Member] \| Secured Debt [Member]
Debt
Number of Assets Encumbered \| asset				3
Mortgage loans, net				$ 96,000,000	96,000,000
Debt Instrument, Interest Rate, Stated Percentage				2.53%
LIBOR Plus One Point Six Zero Percent [Member] \| Secured Debt [Member]
Debt
Additional maturity term			1 year
Number of additional maturity terms \| increment			2
$225 Million Term Loan Maturing 2023 \| Unsecured Debt [Member]
Debt
Interest Rate				4.72%
Unsecured Debt				$ 114,718,000	225,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 225,000,000
$400 Million Term Loan Maturing 2025 [Member] \| Unsecured Debt [Member]
Debt
Interest Rate				4.45%
Unsecured Debt				$ 400,000,000	$ 400,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 400,000,000
$500 Million Senior Notes Due 2026 \| Debt Instrument, Redemption, Period Two
Debt
Debt Instrument, Termination Costs		$ 5,700,000
$500 Million Senior Notes Due 2026 \| Debt Instrument, Redemption, Period One
Debt
Debt Instrument, Termination Costs	$ 1,300,000

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2021 USD ($) property	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) property	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 hotel
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue			3.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue			5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 35,763	$ 42,686	$ 35,763	$ 42,686	$ 34,977
Number of Real Estate Properties	98		98			29
NOI Guarantee Termination Payment			$ 36,000
Reduction of Management Fee Expense	$ 3,700	4,400	$ 12,700	13,200
Severance Costs		8,000		8,200
New York City
Loss Contingencies [Line Items]
Severance Costs		$ 6,700		$ 6,700

Fair Value (Details) $ in Thousands	Sep. 30, 2021 USD ($) room	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	$ (35,208)	$ (69,050)
Debt, net	$ 2,381,274	2,587,731
Disposals 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	577
Residence Inn Indianapolis Fishers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	78
Courtyard Houston Sugarland
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	112
Residence Inn Chicago Naperville
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	130
Fairfield Inn & Suites Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	94
Residence Inn Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	78
Courtyard Chicago Hammond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Property disposed, number of rooms \| room	85
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 2,382,390	2,539,983
Recurring \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	358
Interest rate swap liability	(35,566)	(69,050)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(35,208)	(69,050)
Recurring \| Level 1 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Recurring \| Fair Value, Inputs, Level 2 [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	358
Interest rate swap liability	(35,566)	(69,050)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	(35,208)	(69,050)
Recurring \| Fair Value, Inputs, Level 3 [Member] \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest rate swap asset	0
Interest rate swap liability	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Senior Notes [Member] \| $500 Million Term Loan Maturing 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross		0
Senior Notes [Member] \| $500 Million Term Loan Maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	494,421	0
Senior Notes [Member] \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	0	484,229
Unsecured Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	1,005,545	1,543,636
Unsecured Debt	1,014,659	1,568,304
Secured Debt [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	371,810	512,118
Secured Debt	379,718	523,668
$500 Million Senior Notes Due 2026 \| $500 Million Term Loan Maturing 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	492,476	0
$500 Million Senior Notes Due 2026 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	503,975	0
$500 Million Term Loan Maturing 2029 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 501,060	$ 0

Investment in Hotel Properties

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Investment in Hotel Properties

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


	September 30, 2021		December 31, 2020
Land and improvements	$	1,030,035	$	1,089,597
Buildings and improvements	4,020,434		4,084,712
Furniture, fixtures and equipment	695,470		697,404
	5,745,939		5,871,713
Accumulated depreciation	(1,487,236)		(1,385,297)
Investment in hotel properties, net	$	4,258,703	$	4,486,416

For the three and nine months ended September 30, 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.9 million and $140.5 million, respectively. For the three and nine months ended September 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $48.2 million and $146.1 million, respectively.

Impairments

During the nine months ended September 30, 2021, the Company entered into purchase and sale agreements to sell two hotel properties with an aggregate book value of approximately $18.5 million. The Company recorded impairment losses of $5.9 million to write down the hotel properties to fair value during the three months ended March 31, 2021. The sales of these two hotel properties closed in May 2021.

The Company evaluated the recoverability of the carrying value of the DoubleTree Metropolitan Hotel New York City and determined that the carrying value of this hotel property was not recoverable. As a result, the Company recorded an impairment

loss of $138.9 million to write down the hotel property to its estimated fair value as of September 30, 2021 of $153.0 million. The estimated fair value was determined using the market approach with observable inputs other than quoted prices (Level 2 inputs in the fair value hierarchy as discussed in footnote 10, Fair Value).

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ (283,157,000)	$ (320,914,000)
Adjustments to reconcile net loss to cash flow provided by (used in) operating activities:
Gain on sale of hotel properties, net	(3,133,000)	(485,000)
Gain (Loss) on Extinguishment of Debt	(893,000)	0
Depreciation and amortization	140,923,000	146,777,000
Amortization of deferred financing costs	4,211,000	3,214,000
Other amortization	(2,828,000)	(1,797,000)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	10,658,000	0
Income (Loss) from Equity Method Investments	470,000	8,196,000
Asset Impairment Charges	144,845,000	0
Amortization of share-based compensation	12,765,000	9,217,000
Deferred income taxes	0	51,447,000
Changes in assets and liabilities:
Hotel and other receivables, net	(15,749,000)	25,460,000
Prepaid expense and other assets	6,665,000	25,164,000
Accounts payable and other liabilities	14,366,000	(23,024,000)
Advance deposits and deferred revenue	(11,751,000)	(20,172,000)
Accrued interest	2,855,000	10,126,000
Net cash flow provided by (used in) operating activities	20,247,000	(86,791,000)
Cash flows from investing activities
Acquisition of hotel property, net	(58,569,000)	0
Proceeds from sales of hotel properties, net	36,217,000	485,000
Improvements and additions to hotel properties	(36,203,000)	(57,645,000)
Purchase deposits	(5,000,000)	0
Contributions to unconsolidated joint ventures	(331,000)	(100,000)
Distributions from unconsolidated joint ventures in excess of earnings	0	1,576,000
Net cash flow used in investing activities	(63,886,000)	(55,684,000)
Cash flows from financing activities
Borrowings under Revolver	0	400,000,000
Repayment of Revolver	(200,000,000)	0
Proceeds from issuances of senior notes	1,000,000,000	0
Redemption of 2025 Senior Notes (including a $9.5 million redemption premium)	(484,402,000)	0
Scheduled mortgage loan principal payments	(1,488,000)	(2,526,000)
Repayments of Term Loans	(356,338,000)	0
Repayments of mortgage loans (including $7.0 million in prepayment premiums)	(149,183,000)	0
Repurchase of common shares under a share repurchase program	0	(62,605,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,451,000)	(1,445,000)
Distributions on preferred shares	(18,836,000)	(18,836,000)
Distributions on common shares	(5,024,000)	(59,351,000)
Distributions on and redemption of Operating Partnership units	(24,000)	(431,000)
Payments of deferred financing costs	(13,982,000)	(2,106,000)
Contributions from consolidated joint venture partners	891,000	1,264,000
Net cash flow (used in) provided by financing activities	(230,837,000)	253,964,000
Net change in cash, cash equivalents, and restricted cash reserves	(274,476,000)	111,489,000
Cash, cash equivalents, and restricted cash reserves, beginning of year	934,790,000	927,160,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 660,314,000	$ 1,038,649,000

Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The Company recognized revenue from the following geographic markets (in thousands):


	For the three months ended September 30, 2021								For the three months ended September 30, 2020
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
Southern California	$	29,782	$	1,998	$	2,876	$	34,656	$	13,925	$	496	$	1,566	$	15,987
South Florida	21,317		2,738		2,029		26,084		7,743		847		883		9,473
Northern California	21,854		983		1,345		24,182		7,044		123		796		7,963
Chicago	14,308		1,838		691		16,837		6,633		981		289		7,903
New York City	10,601		1,083		505		12,189		3,385		23		106		3,514
Denver	8,776		1,465		259		10,500		2,730		341		274		3,345
Charleston	7,873		896		612		9,381		2,797		302		249		3,348
Houston	7,773		393		1,023		9,189		2,775		29		341		3,145
Washington, DC	8,292		175		562		9,029		3,720		18		273		4,011
Pittsburgh	6,902		1,268		353		8,523		3,958		172		117		4,247
Atlanta	7,173		181		806		8,160		2,288		24		401		2,713
Austin	6,507		345		854		7,706		1,522		53		329		1,904
Louisville	4,960		1,875		658		7,493		742		85		66		893
New Orleans	5,028		3		549		5,580		1,341		1		173		1,515
Orlando	4,282		264		952		5,498		1,299		32		406		1,737
Other	34,623		1,508		2,631		38,762		10,643		304		1,287		12,234
Total	$	200,051	$	17,013	$	16,705	$	233,769	$	72,545	$	3,831	$	7,556	$	83,932


	For the nine months ended September 30, 2021								For the nine months ended September 30, 2020
	Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue		Room Revenue		Food and Beverage Revenue		Other Revenue		Total Revenue
South Florida	$	70,319	$	8,586	$	5,962	$	84,867	$	41,315	$	5,487	$	3,126	$	49,928
Southern California	64,247		3,720		6,807		74,774		42,848		3,627		4,364		50,839
Northern California	45,261		1,628		3,088		49,977		43,271		3,923		2,584		49,778
Chicago	32,831		4,203		1,623		38,657		18,511		3,588		894		22,993
Charleston	19,570		2,357		1,554		23,481		9,271		1,767		740		11,778
Houston	20,344		657		2,460		23,461		15,177		750		1,481		17,408
New York City	20,461		1,366		907		22,734		22,298		2,163		1,105		25,566
Denver	16,496		2,762		816		20,074		10,180		2,615		697		13,492
Washington DC	18,370		263		1,322		19,955		14,475		388		912		15,775
Pittsburgh	16,973		2,211		728		19,912		9,186		1,309		489		10,984
Austin	16,066		884		2,042		18,992		9,555		1,342		2,088		12,985
Atlanta	14,822		332		1,904		17,058		9,326		446		1,124		10,896
Louisville	10,292		3,185		1,681		15,158		6,932		3,863		937		11,732
Orlando	11,249		651		2,671		14,571		7,005		450		1,013		8,468
New Orleans	12,035		32		1,590		13,657		8,651		307		963		9,921
Other	80,041		3,401		6,805		90,247		51,289		3,845		4,328		59,462
Total	$	469,377	$	36,238	$	41,960	$	547,575	$	319,290	$	35,870	$	26,845	$	382,005

Derivatives and Hedging Activities (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended
Derivatives and Hedging Activities (Details) - USD ($)	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020
Interest Rate Derivatives
Notional value		$ 1,399,655,000		$ 1,399,655,000			$ 2,124,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		(35,208,000)		(35,208,000)			(69,050,000)
Unrealized gains (losses) included in accumulated other comprehensive loss				(35,200,000)			(69,100,000)
Amount of hedge ineffectiveness				0	$ 0	$ 0
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net			$ 0	10,658,000	0
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months		(20,200,000)		(20,200,000)
Designated as Hedging Instrument \| Interest Rate Swap, 1.15% [Member]
Interest Rate Derivatives
Notional value		0		0			100,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(398,000)
Interest rate		1.15%		1.15%
Designated as Hedging Instrument \| interest Rate Swap, 1.20%
Interest Rate Derivatives
Notional value		$ 0		$ 0			100,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(418,000)
Interest rate		1.20%		1.20%
Designated as Hedging Instrument \| Interest Rate Swap, 2.15%
Interest Rate Derivatives
Notional value		$ 0		$ 0			75,000,000
Interest rate swap liability		$ 0		$ 0			594,000
Interest rate		2.15%		2.15%
Designated as Hedging Instrument \| Interest Rate Swap 1.91%
Interest Rate Derivatives
Notional value		$ 0		$ 0			75,000,000
Interest rate swap liability		$ 0		$ 0			523,000
Interest rate		1.91%		1.91%
Designated as Hedging Instrument \| Interest Rate Swap, 1.61%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0			433,000
Interest rate		1.61%		1.61%
Designated as Hedging Instrument \| Interest Rate Swap, 1.56%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(416,000)
Interest rate		1.56%		1.56%
Designated as Hedging Instrument \| Interest Rate Swap, 1.71%
Interest Rate Derivatives
Notional value		$ 0		$ 0			50,000,000
Interest rate swap liability		$ 0		$ 0			462,000
Interest rate		1.71%		1.71%
Designated as Hedging Instrument \| Interest Rate Swap, 2.29% [Member]
Interest Rate Derivatives
Notional value		$ 200,000,000		$ 200,000,000			200,000,000
Interest rate swap liability		$ 5,732,000		$ 5,732,000			9,044,000
Interest rate		2.29%		2.29%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 2,800,000
Derivative Liability, Notional Amount, Dedesignated Amount		$ 83,800,000		$ 83,800,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.290% [Member]
Interest Rate Derivatives
Notional value		125,000,000		125,000,000			125,000,000
Interest rate swap liability		$ 3,579,000		$ 3,579,000			5,648,000
Interest rate		2.29%		2.29%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 1,600,000
Derivative Liability, Notional Amount, Dedesignated Amount		$ 47,200,000		$ 47,200,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.38% [Member]
Interest Rate Derivatives
Notional value		87,780,000		87,780,000			200,000,000
Interest rate swap liability		$ 2,626,000		$ 2,626,000			9,436,000
Interest rate		2.38%		2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax				$ 2,200,000
Derivative Liability, Notional Amount, Terminated Amount		$ 112,200,000		112,200,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.380% [Member]
Interest Rate Derivatives
Notional value		36,875,000		36,875,000			100,000,000
Interest rate swap liability		$ 1,103,000		$ 1,103,000			4,716,000
Interest rate		2.38%		2.38%
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax				$ 4,000,000
Derivative Liability, Notional Amount, Terminated Amount		$ 63,100,000		63,100,000
Designated as Hedging Instrument \| Interest Rate Swap, 2.75% [Member]
Interest Rate Derivatives
Notional value		100,000,000		100,000,000			100,000,000
Interest rate swap liability		$ 5,300,000		$ 5,300,000			7,635,000
Interest rate		2.75%		2.75%
Designated as Hedging Instrument \| Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000			75,000,000
Interest rate swap liability		$ 3,768,000		$ 3,768,000			5,284,000
Interest rate		2.51%		2.51%
Designated as Hedging Instrument \| Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000			75,000,000
Interest rate swap liability		$ 3,556,000		$ 3,556,000			5,012,000
Interest rate		2.39%		2.39%
Designated as Hedging Instrument \| Interest Rate Swap, 1.35% [Member]
Interest Rate Derivatives
Notional value		$ 0		$ 0			49,000,000
Interest rate swap liability		$ 0		$ 0
Interest Rate Cash Flow Hedge Asset at Fair Value							(454,000)
Interest rate		1.35%		1.35%
Designated as Hedging Instrument \| Interest Rate Swap, 1.28% [Member]
Interest Rate Derivatives
Notional value		$ 100,000,000		$ 100,000,000			100,000,000
Interest rate swap liability		$ 1,181,000		$ 1,181,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(2,035,000)
Interest rate		1.28%		1.28%
Designated as Hedging Instrument \| Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value		$ 150,000,000		$ 150,000,000			150,000,000
Interest rate swap liability		$ 2,952,000		$ 2,952,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(5,508,000)
Interest rate		1.24%		1.24%
Designated as Hedging Instrument \| Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 952,000		$ 952,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,464,000)
Interest rate		1.16%		1.16%
Designated as Hedging Instrument \| Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 1,007,000		$ 1,007,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,526,000)
Interest rate		1.20%		1.20%
Designated as Hedging Instrument \| Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 940,000		$ 940,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,450,000)
Interest rate		1.15%		1.15%
Designated as Hedging Instrument \| Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 873,000		$ 873,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,374,000)
Interest rate		1.10%		1.10%
Designated as Hedging Instrument \| Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 356,000		$ 356,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(596,000)
Interest rate		0.98%		0.98%
Designated as Hedging Instrument \| Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 336,000		$ 336,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(573,000)
Interest rate		0.95%		0.95%
Designated as Hedging Instrument \| Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 323,000		$ 323,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(558,000)
Interest rate		0.93%		0.93%
Designated as Hedging Instrument \| Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000			25,000,000
Interest rate swap liability		$ 303,000		$ 303,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(535,000)
Interest rate		0.90%		0.90%
Designated as Hedging Instrument \| Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 422,000		$ 422,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,249,000)
Interest rate		0.85%		0.85%
Designated as Hedging Instrument \| Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 257,000		$ 257,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(1,047,000)
Interest rate		0.75%		0.75%
Designated as Hedging Instrument \| Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000			50,000,000
Interest rate swap liability		$ 358,000		$ 358,000
Interest Rate Cash Flow Hedge Asset at Fair Value							(662,000)
Interest rate		0.65%		0.65%
Interest Expense
Interest Rate Derivatives
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net		$ 5,000,000	$ 6,900,000	$ 18,900,000	$ 13,200,000
Accounts payable and other liabilities \| Interest rate swap
Interest Rate Derivatives
Interest rate swap liability		35,600,000		35,600,000			$ 69,100,000
Prepaid expenses and other assets \| Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value		$ (400,000)		$ (400,000)

Summary of Significant Accounting Policies (Details) $ in Thousands	Sep. 30, 2021 USD ($) joint_venture	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Real Estate Interests, Number of Joint Ventures \| joint_venture	2
Equity Method Investment, Ownership Percentage	50.00%
Operating Lease, Right-of-Use Asset	$ 138,972	$ 142,989
Accounts payable and other liabilities	154,266	172,325
Operating Lease, Liability	$ 120,635	$ 122,593

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) property hotel	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) property hotel	Sep. 30, 2020 USD ($)	Dec. 31, 2017 hotel
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements \| hotel	67		67
Number of Real Estate Properties	98		98		29
Minimum
Other Commitments
Franchise Agreements Term			1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			3.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1.00%
Maximum
Other Commitments
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3.00%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold \| $	$ 12.9	$ 4.7	$ 30.5	$ 20.3

Acquisition of Hotel Property

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisition of Hotel Property

During the nine months ended September 30, 2021, the Company acquired a 100% interest in the following property:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hampton Inn and Suites Atlanta Midtown

Atlanta, GA

August 5, 2021

Aimbridge Hospitality

186

58,000

The acquisition of the Hampton Inn and Suites Atlanta Midtown was accounted for as an asset acquisition, whereby approximately $0.8 million of transactions costs were capitalized as part of the cost of the asset acquisition. The allocation of the costs for the property acquired was as follows (in thousands):


	September 30, 2021

Land and improvements	$	5,983
Buildings and improvements	48,267
Furniture, fixtures and equipment	4,563


Total purchase price	$	58,813

The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets.

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 18, 2021, the Company acquired the 205-room AC Hotel by Marriott Boston Downtown, located in Boston, Massachusetts, for $89.0 million.

Supplemental Information to Statements of Cash Flows

9 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)


	For the nine months ended September 30,
	2021		2020
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	624,551	$	995,963
Restricted cash reserves	35,763		42,686
Cash, cash equivalents, and restricted cash reserves	$	660,314	$	1,038,649

Interest paid	$	78,578	$	64,446

Income taxes paid	$	154	$	1,495

Operating cash flow lease payments for operating leases	$	8,985	$	9,013

Supplemental investing and financing transactions
In connection with the acquisition of a hotel property, the Company recorded the following:
Purchase of hotel property	$	58,000	$	—
Transaction costs	813		—
Operating prorations	(244)		—
Acquisition of hotel property, net	$	58,569	$	—

In connection with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	$	39,507	$	—
Transaction costs	(2,158)		485
Operating prorations	(1,132)		—
Proceeds from the sale of hotel properties, net	$	36,217	$	485

Supplemental non-cash transactions
Accrued capital expenditures	$	3,472	$	6,520

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net Income (Loss) Attributable to Parent	$ (148,007)	$ (173,101)	$ (277,440)	$ (317,499)
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(18,836)	(18,836)
Less: Dividends paid on unvested restricted shares	(25)	(13)	(61)	(42)
Less: Undistributed Earnings allocated to unvested restricted shares	0	0	0	0
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ (154,311)	$ (179,393)	$ (296,337)	$ (336,377)
Denominator:
Weighted-average number of common shares - basic (in shares)	164,068,011	163,609,865	163,964,227	164,763,540
Weighted-average number of common shares - diluted (in shares)	164,068,011	163,609,865	163,964,227	164,763,540
Net income per share attributable to common shareholders - basic (in dollars per share)	$ (0.94)	$ (1.10)	$ (1.81)	$ (2.04)
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ (0.94)	$ (1.10)	$ (1.81)	$ (2.04)

General	9 Months Ended
General	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General 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 owns primarily premium-branded, high-margin, 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 September 30, 2021, there were 167,351,613 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units. As of September 30, 2021, the Company owned 98 hotel properties with approximately 22,300 rooms, located in 23 states and the District of Columbia. The Company, through wholly-owned subsidiaries, owned a 100% interest in 94 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 96 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotel properties in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 97 of the 98 hotel properties to its taxable REIT subsidiaries ("TRS"), of which the Company owns a controlling financial interest. As of September 30, 2021, 96 of the Company’s 98 hotels were open, representing 98% of the portfolio. During the three months ended September 30, 2021, the Company temporarily suspended operations at one New Orleans hotel while remediation work is completed from damage caused by Hurricane Ida. COVID-19 The global outbreak of the novel coronavirus, or COVID-19, and the public health measures that have been undertaken in response have had, and will likely continue to have, a material impact on the Company's financial results and liquidity. Since the extent to which the COVID-19 pandemic will continue to impact the Company's operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty.

Acquisition of Hotel Property (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Schedule of Property Acquisitions

During the nine months ended September 30, 2021, the Company acquired a 100% interest in the following property:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hampton Inn and Suites Atlanta Midtown

Atlanta, GA

August 5, 2021

Aimbridge Hospitality

186

58,000

Schedule of Asset Acquisition, Property Allocation Cost

The allocation of the costs for the property acquired was as follows (in thousands):


	September 30, 2021

Land and improvements	$	5,983
Buildings and improvements	48,267
Furniture, fixtures and equipment	4,563


Total purchase price	$	58,813

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 624,551	$ 995,963	$ 899,813
Restricted cash reserves	35,763	42,686	34,977
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	660,314	1,038,649	$ 934,790	$ 927,160
Interest paid	78,578	64,446
Income taxes paid	154	1,495
Operating Lease, Payments	8,985	9,013
In connection with the acquisition of a hotel property, the Company recorded the following:
Purchase of hotel property	58,000	0
Transaction costs	813	0
Operating prorations	(244)	0
Acquisition of hotel property, net	58,569	0
In connection with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	39,507	0
Transaction costs	(2,158)	485
Operating prorations	(1,132)	0
Proceeds from the sale of hotel properties, net	36,217	485
Supplemental non-cash transactions
Accrued capital expenditures	$ 3,472	$ 6,520

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2021		December 31, 2020
2029 Senior Notes, net	$	494,421	$	—
2026 Senior Notes, net	492,476		—
2025 Senior Notes, net	—		495,759
Revolver	200,000		400,000
Term Loans, net	814,659		1,168,304
Mortgage loans, net	379,718		523,668
Debt, net	$	2,381,274	$	2,587,731

Schedule of Senior Notes

The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes." The Company's 2025 Senior Notes consisted of the following (in thousands):


			Outstanding Borrowings at
	Interest Rate	Maturity Date	September 30, 2021		December 31, 2020
2025 Senior Notes (1) (2)	6.00%	June 2025	$	—	$	495,759

(1)In September 2021, the Company redeemed the 2025 Senior Notes and paid a redemption premium of $9.5 million using the net proceeds from the issuance of the 2029 Senior Notes. The redemption premium is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss.

(2)The 2025 Senior Notes included $20.9 million at December 31, 2020 related to acquisition related fair value adjustments on the 2025 Senior Notes. As of the date of redemption of the 2025 Senior Notes, the carrying value of the acquisition related fair value adjustment was $17.7 million. As a result of the redemption, this amount was written off and is included in the gain on extinguishment of indebtedness, net, in the accompany consolidated statements of operations and comprehensive loss.

Schedule of Revolver and Term Loans

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


			Outstanding Borrowings at
	Interest Rate at September 30, 2021 (1)	Maturity Date	September 30, 2021		December 31, 2020
Revolver (2)	3.53%	May 2024	$	200,000	$	400,000
$400 Million Term Loan Maturing 2023 (3)	4.73%	January 2023 (7)	203,944		400,000
$225 Million Term Loan Maturing 2023 (4)	4.72%	January 2023 (8)	114,718		225,000
$150 Million Term Loan Maturing 2023 (5)	4.18%	June 2023	100,000		150,000
$400 Million Term Loan Maturing 2025	4.45%	May 2025	400,000		400,000
			1,018,662		1,575,000
Deferred financing costs, net (6)			(4,003)		(6,696)
Total Revolver and Term Loans, net			$	1,014,659	$	1,568,304

(1)Interest rate at September 30, 2021 gives effect to interest rate hedges.

(2)At September 30, 2021 and December 31, 2020, there was $400.0 million and $200.0 million of remaining capacity on the Revolver, respectively. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied.

(3)The Company utilized $196.1 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan.

(4)The Company utilized $110.3 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan.

(5)Pursuant to the terms under the Company's credit agreements, the Company utilized $20.8 million of the proceeds from hotel dispositions and $29.2 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan. In addition, the Company has the option to extend the maturity one additional year to June 2024.

(6)Excludes $3.2 million and $4.1 million as of September 30, 2021 and December 31, 2020, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

(7)In September 2021, the Company amended this term loan to include a one-year extension option for approximately $151.7 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions.

(8)In September 2021, the Company amended this term loan to include a one-year extension option for approximately $73.0 million of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions.

Schedule Of Debt Instrument Covenants

A summary of the various restrictive covenants for the 2029 Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

A summary of the various restrictive covenants for the 2026 Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:

Covenant

Compliance

Leverage ratio (1)

<= 7.00x

N/A (3)

Fixed charge coverage ratio (2)

>= 1.50x

N/A (3)

Secured indebtedness ratio

<= 45.0%

N/A (3)

Unencumbered indebtedness ratio

<= 60.0%

N/A (3)

Unencumbered debt service coverage ratio

>= 2.00x

N/A (3)

Maintain minimum liquidity level

>= $150.0 million

Yes

(1)Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements.

(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.

(3)The Company is not currently required to comply with these covenants, see details below.

Schedule of mortgage loans

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


						Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate at September 30, 2021 (1)		Maturity Date		September 30, 2021		December 31, 2020
Mortgage loan (2)	7	3.30	%	April 2022	(6)	$	200,000	$	200,000
Mortgage loan (2)	3	2.53	%	April 2024	(6)	96,000		96,000
Mortgage loan (2)	4	2.84	%	April 2024	(6)	85,000		85,000
Mortgage loan (3)	1	—		June 2022	(7)	—		30,332
Mortgage loan (4)	3	—		October 2022	(7)	—		86,775
Mortgage loan (5)	1	—		October 2022	(8)	—		27,972


	19					381,000		526,079
Deferred financing costs, net						(1,282)		(2,411)
Total mortgage loans, net						$	379,718	$	523,668

(1)Interest rate at September 30, 2021 gives effect to interest rate hedges.

(2)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.

(3)Includes $0.3 million at December 31, 2020 related to a fair value adjustment on a mortgage loan.

(4)Includes $0.9 million at December 31, 2020 related to fair value adjustments on the mortgage loans.

(5)Includes $0.3 million at December 31, 2020 related to a fair value adjustment on the mortgage loan.

(6)The mortgage loan provides two one year extension options.

(7)In June 2021, the Company paid off the mortgage loan(s) in full and paid approximately $5.7 million in prepayment premiums using the proceeds from the issuance of the 2026 Senior Notes.

(8)In July 2021, the Company paid off the mortgage loan in full and paid approximately a $1.3 million prepayment premium using the proceeds from the issuance of the 2026 Senior Notes.

Schedule of Interest Expense Components

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


	For the three months ended September 30,				For the nine months ended September 30,
	2021		2020		2021		2020
Senior Notes	$	11,747	$	5,942	$	24,374	$	17,825
Revolver and Term Loans	11,079		15,730		42,281		39,087
Mortgage loans	2,580		4,368		10,328		13,483
Amortization of deferred financing costs	1,527		1,147		4,211		3,214
Undesignated interest rate swaps	—		(1,203)		—		(18)
Total interest expense	$	26,933	$	25,984	$	81,194	$	73,591

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Debt (Covenants) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2020 $ / shares
Debt Instrument Covenant [Abstract]
Dividends \| $ / shares	$ 0.01	$ 0.01	$ 0.33
Leverage ratio	0.0700
Fixed charge coverage ratio	0.0150
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	45.00%
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60.00%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0200
Debt Instrument, Actual [Abstract]
Leverage ratio	0.0423
Fixed charge coverage ratio	2.52%
Debt Instrument, Actual, Secured Indebtedness Ratio	1.86%
Debt Instrument, Actual, Unsecured Indebtedness Ratio	24.70%
Debt Instrument, Actual, Unsecured Interest Coverage Ratio	0.0169
Debt Instrument, Covenant, Minimum Liquidity Level	$ 125.0
Revolver and Term Loans \| Maximum \| Restriction Period
Debt
Payments for capital expenditures	150.0
Revolver and Term Loans \| Maximum \| Restriction Period \| Debt Instrument, Redemption, Period One
Debt
Payments to acquire businesses	450.0
Revolver and Term Loans \| Maximum \| Restriction Period \| Debt Instrument, Redemption, Period Two
Debt
Payments to acquire businesses	$ 300.0
$500 Million Term Loan Maturing 2026 \| Senior Notes [Member]
Debt Instrument Covenant [Abstract]
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	0.0150
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio	0.0065
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio	150.00%

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)	6,828,527		6,828,527
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)			1,252,228
Granted (in shares)			1,733,358
Vested (in shares)			(483,148)
Forfeited (in shares)			(21,853)
Unvested at the end of the period (in shares)	2,480,585		2,480,585
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 15.17
Granted (in dollars per share)			15.93
Vested (in dollars per share)			16.34
Forfeited (in dollars per share)			12.98
Unvested at the end of the period (in dollars per share)	$ 15.49		$ 15.49
Other Disclosures
Share-based compensation expense	$ 3.6	$ 2.3	$ 8.5	$ 6.6
Total unrecognized compensation costs	$ 31.8		$ 31.8
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 4 months 24 days
Total fair value of shares vested			$ 7.4	4.5
2015 Share Repurchase Program [Member]
Other Disclosures
Performance-based vesting period			3 years
Time-based vesting period			1 year
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return			40.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return			60.00%
Vesting percentage upon satisfaction of performance-based vesting period			50.00%
Vesting percentage upon satisfaction of time-based vesting period			50.00%
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
Common shares available for future grant (in shares)	3,985,990		3,985,990
2018 Performance Shares
Summary of non-vested shares/units
Granted (in shares)						264,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share						$ 13.99
Other Disclosures
Fair value assumptions, risk free interest rate						2.42%
Fair value assumptions, expected volatility rate						27.44%
2019 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)					260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share					$ 19.16
Other Disclosures
Fair value assumptions, risk free interest rate					2.52%
Fair value assumptions, expected volatility rate					27.19%
Performance Units
Other Disclosures
Share-based compensation expense	$ 1.5	$ 0.9	$ 4.2	$ 2.6
Total unrecognized compensation costs	$ 11.5		$ 11.5
Weighted-average period of recognition of unrecognized share-based compensation expense			2 years 1 month 6 days
2020 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)				489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 11.59
Other Disclosures
Fair value assumptions, risk free interest rate				1.08%
Fair value assumptions, expected volatility rate				23.46%
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)			431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 20.90
Other Disclosures
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return			2500.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return			75.00%
Fair value assumptions, risk free interest rate			0.23%
Fair value assumptions, expected volatility rate			69.47%
Percentage of grant date fair value to be recognized over three years			100.00%
Employee service share based compensation cost period of recognition			3 years
Minimum \| 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						0.00%
Minimum \| 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares			0.00%
Minimum \| 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					0.00%
Minimum \| 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0.00%
Minimum \| 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			0.00%
Maximum \| 2017 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						150.00%
Maximum \| Restricted share awards
Other Disclosures
Vesting period			4 years
Maximum \| 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares			200.00%
Maximum \| 2018 Performance Shares
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					150.00%
Maximum \| 2019 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200.00%
Maximum \| 2020 Performance Shares [Member]
Equity Incentive Plan
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			200.00%

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Oct. 31, 2021 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Real Estate	$ 89.0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Hotel and other receivables, allowance	$ 90	$ 292
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred shares of beneficial interest, shares issued	0	0
Preferred shares of beneficial interest, shares outstanding	0	0
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	166,579,782	165,002,752
Common shares of beneficial interest, shares outstanding	166,579,782	165,002,752
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Sale of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of property disposed of during period

The following table discloses the hotel properties that were sold during the nine months ended September 30, 2021:

Hotel Property Name

Location

Sale Date

Rooms

Courtyard Houston Sugarland

Stafford, TX

January 21, 2021

112

Residence Inn Indianapolis Fishers

Indianapolis, IN

May 10, 2021

Residence Inn Chicago Naperville

Warrenville, IL

May 12, 2021

130

Fairfield Inn & Suites Chicago Southeast Hammond

Hammond, IN

July 15, 2021

Residence Inn Chicago Southeast Hammond

Hammond, IN

August 3, 2021

Courtyard Chicago Southeast Hammond

Hammond, IN

August 5, 2021

Total

577

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited 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") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2021. 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. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expires on December 31, 2022. Based on the Company's assessment, there was no material impact arising from this guidance and the Company did not elect to apply any of the optional expedients.
Management Agreements	Management Agreements As of September 30, 2021, 97 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one to 25 years. This number includes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 3.0% 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. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2021, the Company incurred management fee expense of approximately $7.0 million and $16.4 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred management fee expense of approximately $2.3 million and $10.9 million, respectively.
Franchise Agreements	Franchise Agreements As of September 30, 2021, 67 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it 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, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of 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 loss. For the three and nine months ended September 30, 2021, the Company incurred franchise fee expense of approximately $12.9 million and $30.5 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred franchise fee expense of approximately $4.7 million and $20.3 million, respectively.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares 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 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.
Earnings Per 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 three and nine months ended September 30, 2021 and 2020, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt
Amortization of deferred financing costs	$ 1,527	$ 1,147	$ 4,211	$ 3,214
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	0	(1,203)	0	(18)
Total Interest Expense	26,933	25,984	81,194	73,591
Senior Notes [Member]
Debt
Interest expense	11,747	5,942	24,374	17,825
Secured Debt [Member]
Debt
Interest expense	2,580	4,368	10,328	13,483
Revolver and Term Loans
Debt
Interest expense	$ 11,079	$ 15,730	$ 42,281	$ 39,087

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) property	Sep. 30, 2020 USD ($)	Dec. 31, 2017 hotel
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%			50.00%
Number of Real Estate Properties	98			98		29
Equity Method Investments	$ 6,659	$ 6,798		$ 6,659
Equity in loss from unconsolidated joint ventures	$ (232)		$ (7,806)	$ (470)	$ (8,196)
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%		50.00%
Number of Real Estate Properties \| property	2	2		2
Impairment loss to write down investment in joint venture		$ 6,500
Operating loss
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ (6,359)	(6,687)		$ (6,359)
Equity in loss from unconsolidated joint ventures	(77)		(993)	(3)	(824)
Depreciation of cost in excess of book value
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	13,018	$ 13,485		13,018
Equity in loss from unconsolidated joint ventures	(155)		(280)	(467)	(839)
Impairment loss
Schedule of Equity Method Investments [Line Items]
Equity in loss from unconsolidated joint ventures	$ 0		$ (6,533)	$ 0	$ (6,533)

Acquisition of Hotel Property - Purchase Price Allocation for Asset Acquisition (Details) - Hampton Inn and Suites Atlanta Midtown $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Schedule of Asset Acquisition [Line Items]
Total purchase price	$ 58,813
Land and improvements
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	5,983
Buildings and improvements
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	48,267
Furniture, fixtures and equipment
Schedule of Asset Acquisition [Line Items]
Property, plant, and equipment	$ 4,563

Sale of Hotel Properties

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Sale of Hotel Properties

During the nine months ended September 30, 2021, the Company sold six hotel properties in six separate transactions for a combined sales price of approximately $39.5 million. In connection with these transactions, the Company recorded a net gain of $2.6 million, which is included in gain on sale of hotel properties, net, in the accompanying consolidated statements of operations and comprehensive loss.

The following table discloses the hotel properties that were sold during the nine months ended September 30, 2021:

Hotel Property Name

Location

Sale Date

Rooms

Courtyard Houston Sugarland

Stafford, TX

January 21, 2021

112

Residence Inn Indianapolis Fishers

Indianapolis, IN

May 10, 2021

Residence Inn Chicago Naperville

Warrenville, IL

May 12, 2021

130

Fairfield Inn & Suites Chicago Southeast Hammond

Hammond, IN

July 15, 2021

Residence Inn Chicago Southeast Hammond

Hammond, IN

August 3, 2021

Courtyard Chicago Southeast Hammond

Hammond, IN

August 5, 2021

Total

577

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of September 30, 2021 and December 31, 2020, approximately $35.8 million and $35.0 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, insurance and debt obligations where certain lenders held restricted cash due to a cash trap event. In addition, due to the effects of the COVID-19 pandemic on its operations, the Company has worked with the hotel brands, third-party managers and lenders to allow the use of available restricted cash reserves to cover operating shortfalls at certain hotels. Litigation 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. Management Agreements As of September 30, 2021, 97 of the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from one to 25 years. This number includes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 3.0% 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. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2021, the Company incurred management fee expense of approximately $7.0 million and $16.4 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred management fee expense of approximately $2.3 million and $10.9 million, respectively. Franchise Agreements As of September 30, 2021, 67 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from one to 30 years. This number excludes 29 hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott. In addition, one hotel is not operated with a hotel brand so it 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, between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of 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 loss. For the three and nine months ended September 30, 2021, the Company incurred franchise fee expense of approximately $12.9 million and $30.5 million, respectively. For the three and nine months ended September 30, 2020, the Company incurred franchise fee expense of approximately $4.7 million and $20.3 million, respectively. Wyndham Agreements In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee and received termination payments totaling $36.0 million from Wyndham, which amount is included in advance deposits and deferred revenue in the accompanying consolidated balance sheets. Effective January 1, 2020, the Company began recognizing the termination payments over the estimated term of the transitional agreements as a reduction to management and franchise fee expense in the consolidated statements of operations and comprehensive loss. During the nine months ended September 30, 2021, the Company extended the management and franchise agreements through December 31, 2022 for five and seven Wyndham properties, respectively. For the three and nine months ended September 30, 2021, the Company recognized approximately $3.7 million and $12.7 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments. For the three and nine months ended September 30, 2020, the Company recognized $4.4 million and $13.2 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments. Other During the three and nine months ended September 30, 2020, the Company incurred approximately $8.0 million and $8.2 million, respectively, in corporate- and property-level severance costs as a result of the COVID-19 pandemic. This amount includes $6.7 million for the three and nine months ended September 30, 2020 related to severance for associates at the Company's New York City hotels operating under collective bargaining agreements. The severance costs are included in other operating expense in the accompanying consolidated statements of operations and comprehensive loss.

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) property hotel	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) property hotel	Sep. 30, 2020 USD ($)	Dec. 31, 2017 hotel
Other Commitments
Number of Hotel Properties Operated under Management Agreements \| hotel	97		97
Number of Real Estate Properties	98		98		29
Minimum
Other Commitments
Management Agreement Term			1 year
Base Management Fee as Percentage of Hotel Revenues			1.75%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			3.00%
Maximum
Other Commitments
Management Agreement Term			25 years
Base Management Fee as Percentage of Hotel Revenues			3.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			7.00%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold \| $	$ 7.0	$ 2.3	$ 16.4	$ 10.9

Equity Incentive Plan

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"), which was approved by the Company's

shareholders on April 30, 2021. The 2021 Plan provides for a maximum of 6,828,527 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 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 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 as of September 30, 2021 is as follows:


	2021
	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2021	1,252,228	$	15.17
Granted	1,733,358	15.93
Vested	(483,148)	16.34
Forfeited	(21,853)	12.98
Unvested at September 30, 2021	2,480,585	$	15.49

For the three and nine months ended September 30, 2021, the Company recognized approximately $3.6 million and $8.5 million, respectively, of share-based compensation expense related to restricted share awards. For the three and nine months ended September 30, 2020, the Company recognized approximately $2.3 million and $6.6 million, respectively, of share-based compensation expense related to restricted share awards. As of September 30, 2021, there was $31.8 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 nine months ended September 30, 2021 and 2020 was approximately $7.4 million and $4.5 million, respectively.

Performance Units

From time to time, the Company may award performance units as compensation to officers and employees. The performance units granted prior to 2021 vest over a four year period, including three years of performance-based vesting (the “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 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (40% of award) and a relative total shareholder return (60% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. If at the end of the performance units measurement period the target criterion is met, then 50% of the performance units that are earned will vest at the end of the measurement period. The remaining 50% convert to restricted shares that will vest on the one year anniversary of the end of the measurement period. 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 performance units measurement period. The fair value of the performance units is determined using a Monte Carlo simulation, and an expected term equal to the requisite service period for the awards of four years. The Company estimates 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.

The performance units granted in 2021 vest at the end of a three year period. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. At the end of the performance units measurement

period the target criterion is met, 100% of the performance units that are earned will vest immediately. 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 performance units measurement period. For performance units granted in 2021, the Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 100% of the grant date fair value over three years.

A summary of the performance unit awards is as follows:


Date of Award	Number of Units Granted	Grant Date Fair Value	Conversion Range	Risk Free Interest Rate	Volatility
February 2018 (1)	264,000	$13.99	0% to 150%	2.42%	27.44%
February 2019	260,000	$19.16	0% to 200%	2.52%	27.19%
February 2020	489,000	$11.59	0% to 200%	1.08%	23.46%
February 2021	431,151	$20.90	0% to 200%	0.23%	69.47%

(1) In February 2021, following the end of the measurement period, the Company met certain threshold criterion and the performance units were converted into approximately 26,000 restricted shares.

For the three and nine months ended September 30, 2021, the Company recognized approximately $1.5 million and $4.2 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and nine months ended September 30, 2020, the Company recognized approximately $0.9 million and $2.6 million, respectively, of share-based compensation expense related to the performance unit awards. As of September 30, 2021, there was $11.5 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.1 years.

As of September 30, 2021, there were 3,985,990 common shares available for future grant under the 2021 Plan, which includes potential common shares that may convert from performance units if certain target criterion is met.

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2019		12,879,475	169,852,246
Balance at Dec. 31, 2019	$ 3,226,483	$ 366,936	$ 1,699	$ 3,127,982	$ (274,769)	$ (19,514)	$ 10,084	$ 14,065
Increase (Decrease) in Owners' Equity
Net income (loss)	(320,914)						(1,599)	(1,816)
Unrealized gain (loss) on interest rate derivatives	(57,450)					(57,450)
Redemption of Operating Partnership units	(8)						(8)
Contributions from consolidated joint venture partners	1,264							1,264
Share grants to trustees (in shares)			801,463
Share grants to trustees	0		$ 8	(8)
Amortization of share-based compensation	$ 9,934			9,934
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(133,704)
Shares acquired as part of a share repurchase program (in shares)	(5,489,335)		(5,489,335)
Shares acquired as part of a share repurchase program	$ (62,605)		$ (56)	(62,549)
Forfeiture of restricted stock (in shares)			(8,434)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(4,355)				(4,179)		(176)
Balance (in shares) at Sep. 30, 2020		12,879,475	165,022,236
Balance at Sep. 30, 2020	2,772,068	$ 366,936	$ 1,650	3,073,915	(615,283)	(76,964)	8,301	13,513
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,445)		$ (1)	(1,444)
Net Income (Loss) Attributable to Parent	(317,499)				(317,499)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	0
Equity Incentive Plan
Stock Issued During Period, Value, Conversion of Units	8						8
Balance (in shares) at Jun. 30, 2020		12,879,475	165,092,953
Balance at Jun. 30, 2020	2,945,471	$ 366,936	$ 1,651	3,071,063	(434,242)	(82,573)	9,144	13,492
Increase (Decrease) in Owners' Equity
Net income (loss)	(173,919)						(839)	21
Unrealized gain (loss) on interest rate derivatives	5,609					5,609
Amortization of share-based compensation	3,447			3,447
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(70,717)
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,665)				(1,661)		(4)
Balance (in shares) at Sep. 30, 2020		12,879,475	165,022,236
Balance at Sep. 30, 2020	2,772,068	$ 366,936	$ 1,650	3,073,915	(615,283)	(76,964)	8,301	13,513
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(596)			(595)
Net Income (Loss) Attributable to Parent	(173,101)				(173,101)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	0
Balance (in shares) at Dec. 31, 2020		12,879,475	165,002,752
Balance at Dec. 31, 2020	2,687,388	$ 366,936	$ 1,650	3,077,142	(710,161)	(69,050)	7,869	13,002
Increase (Decrease) in Owners' Equity
Net income (loss)	(283,157)						(1,391)	(4,326)
Unrealized gain (loss) on interest rate derivatives	26,690					26,690
Redemption of Operating Partnership units	(7)						(7)
Contributions from consolidated joint venture partners	891							891
Issuance of restricted stock	0		$ 17	(17)
Issuance of restricted stock (in shares)			1,759,193
Amortization of share-based compensation	13,648			13,648
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(160,310)
Forfeiture of restricted stock (in shares)			(21,853)
Restricted Stock Award, Forfeitures	0		$ 0	0
Dividends, Preferred Stock	(18,836)				(18,836)
Distributions on common shares and units	(4,660)				(4,644)		(16)
Balance (in shares) at Sep. 30, 2021		12,879,475	166,579,782
Balance at Sep. 30, 2021	2,430,164	$ 366,936	$ 1,666	3,088,323	(1,011,081)	(31,702)	6,455	9,567
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,451)		$ (1)	(2,450)
Net Income (Loss) Attributable to Parent	(277,440)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net	10,658					10,658
Equity Incentive Plan
Issuance of restricted stock (in shares)			1,759,193
Stock Issued During Period, Value, Conversion of Units	7						7
Balance (in shares) at Jun. 30, 2021		12,879,475	166,626,796
Balance at Jun. 30, 2021	2,579,918	$ 366,936	$ 1,666	3,083,175	(855,106)	(36,297)	7,195	12,349
Increase (Decrease) in Owners' Equity
Net income (loss)	(151,818)						(727)	(3,084)
Unrealized gain (loss) on interest rate derivatives	4,595					4,595
Redemption of Operating Partnership units	(7)						(7)
Contributions from consolidated joint venture partners	302							302
Amortization of share-based compensation	5,524			5,524
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(26,543)
Forfeiture of restricted stock (in shares)			(20,471)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,695)				(1,689)		(6)
Balance (in shares) at Sep. 30, 2021		12,879,475	166,579,782
Balance at Sep. 30, 2021	2,430,164	$ 366,936	$ 1,666	3,088,323	$ (1,011,081)	(31,702)	6,455	$ 9,567
Increase (Decrease) in Owners' Equity
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(376)		$ 0	$ (376)
Net Income (Loss) Attributable to Parent	(148,007)
Reclassification of unrealized losses on discontinued cash flow hedges to other income (expense), net						$ 0
Equity Incentive Plan
Stock Issued During Period, Value, Conversion of Units	$ 7						$ 7

Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

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


	September 30, 2021		December 31, 2020
Land and improvements	$	1,030,035	$	1,089,597
Buildings and improvements	4,020,434		4,084,712
Furniture, fixtures and equipment	695,470		697,404
	5,745,939		5,871,713
Accumulated depreciation	(1,487,236)		(1,385,297)
Investment in hotel properties, net	$	4,258,703	$	4,486,416

Document and Entity Information - shares	3 Months Ended	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Sep. 30, 2021
Document Transition Report		false
Entity File Number		001-35169
Entity Registrant Name		RLJ LODGING TRUST
Entity Incorporation, State or Country Code		MD
Entity Tax Identification Number		27-4706509
Entity Address, Address Line One		3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town		Bethesda,
Entity Address, State or Province		MD
Entity Address, Postal Zip Code		20814
City Area Code		301
Local Phone Number		280-7777
Title of 12(b) Security		Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol		RLJ
Security Exchange Name		NYSE
Entity Current Reporting Status		Yes
Entity Interactive Data Current		Yes
Entity Filer Category		Large Accelerated Filer
Entity Small Business		false
Entity Emerging Growth Company		false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding			166,579,782
Entity Central Index Key		0001511337
Current Fiscal Year End Date		--12-31
Document Fiscal Year Focus		2021
Document Fiscal Period Focus		Q3
Amendment Flag		false

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes 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 is still continuing to provide a full valuation allowance against the deferred tax assets. The Company had no accruals for tax uncertainties as of September 30, 2021 and December 31, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Equity	9 Months Ended
Equity	Sep. 30, 2021
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the nine months ended September 30, 2021, the Company did not repurchase any common shares. During the nine months ended September 30, 2020, the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million. During the nine months ended September 30, 2021 and 2020, the Company declared a cash dividend of $0.01 per common share in each of the first, second and third quarters of 2021 and 2020. Series A Preferred Shares During the nine months ended September 30, 2021 and 2020, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first, second and third quarters of 2021 and 2020. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns the DoubleTree Metropolitan Hotel New York City, which has a third-party partner that owns a noncontrolling 1.7% ownership interest in the joint venture. In addition, the Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% 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. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of September 30, 2021, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2020 contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2020. Basis of Presentation and Principles of Consolidation The unaudited 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") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2021. 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. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net loss and comprehensive loss, shareholders’ equity or cash flows. 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. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expires on December 31, 2022. Based on the Company's assessment, there was no material impact arising from this guidance and the Company did not elect to apply any of the optional expedients.

Supplemental Information to Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows


	For the nine months ended September 30,
	2021		2020
Reconciliation of cash, cash equivalents, and restricted cash reserves
Cash and cash equivalents	$	624,551	$	995,963
Restricted cash reserves	35,763		42,686
Cash, cash equivalents, and restricted cash reserves	$	660,314	$	1,038,649

Interest paid	$	78,578	$	64,446

Income taxes paid	$	154	$	1,495

Operating cash flow lease payments for operating leases	$	8,985	$	9,013

Supplemental investing and financing transactions
In connection with the acquisition of a hotel property, the Company recorded the following:
Purchase of hotel property	$	58,000	$	—
Transaction costs	813		—
Operating prorations	(244)		—
Acquisition of hotel property, net	$	58,569	$	—

In connection with the sale of hotel properties, the Company recorded the following:
Sale of hotel properties	$	39,507	$	—
Transaction costs	(2,158)		485
Operating prorations	(1,132)		—
Proceeds from the sale of hotel properties, net	$	36,217	$	485

Supplemental non-cash transactions
Accrued capital expenditures	$	3,472	$	6,520

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

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


	September 30, 2021		December 31, 2020
2029 Senior Notes, net	$	494,421	$	—
2026 Senior Notes, net	492,476		—
2025 Senior Notes, net	—		495,759
Revolver	200,000		400,000
Term Loans, net	814,659		1,168,304
Mortgage loans, net	379,718		523,668
Debt, net	$	2,381,274	$	2,587,731

2029 Senior Notes

In September 2021, the Operating Partnership issued an aggregate principal amount of $500.0 million of its 4.00% senior secured notes due 2029 (the "2029 Senior Notes") under an indenture, dated as of September 13, 2021, among the Operating Partnership, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. The 2029 Senior Notes will mature on September 15, 2029 and bear interest at a rate of 4.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2022. The Company used the net proceeds of the offering of the 2029 Senior Notes to redeem all of the outstanding 2025 Senior Notes (as defined below), as well as for any redemption premium, unpaid interest, costs and expenses related thereto. During the nine months ended September 30, 2021, the Company capitalized $5.6 million of deferred financing costs related to the issuance of the 2029 Senior Notes.

The 2029 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee any indebtedness under the Company’s credit facilities, any additional first lien obligations or certain other bank indebtedness (each, a “Subsidiary Guarantor”). The 2029 Senior Notes are secured, subject to certain permitted liens, by a first priority security interest in all of the equity interests owned by the Operating Partnership and certain of the Subsidiary Guarantors (each, a “Secured Guarantor”) in certain of the other Subsidiary Guarantors (the “Collateral”), which Collateral also secures the obligations under the 2026 Senior Notes and the Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of the 2029 Senior Notes if the Operating Partnership and the Company achieve compliance with certain financial covenant requirements, after which the 2029 Senior Notes will be unsecured.

At any time prior to September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the accrued principal amount thereof plus any unpaid interest earned through the redemption date plus a make-whole premium. At any time on or after September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes, in whole or in part, at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 1, 2025, (ii) 101.0% of the principal amount should redemption occur before September 15, 2026, and (iii) 100.0% of the principal amount should such redemption occur on or after September 15, 2026, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to September 15, 2024, the Operating Partnership may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the accrued principal amount thereof plus any unpaid interest, subject to certain conditions.

The indenture governing the 2029 Senior Notes contains customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indenture.

A summary of the various restrictive covenants for the 2029 Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

As of September 30, 2021, the Company was in compliance with all covenants associated with the 2029 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2029 Senior Notes indenture.

2026 Senior Notes

In June 2021, the Operating Partnership issued an aggregate principal amount of $500.0 million of its 3.75% senior secured notes due 2026 (the "2026 Senior Notes") under an indenture, dated as of June 17, 2021, among the Operating Partnership, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. The 2026 Senior Notes will mature on July 1, 2026 and bear interest at a rate of 3.75% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, commencing on January 1, 2022. The Company used the net proceeds of the offering of the 2026 Senior Notes to partially repay indebtedness under the Company's Term Loans (as defined below) and secured mortgage indebtedness, as well as for any costs and expenses related thereto. During the nine months ended September 30, 2021, the Company capitalized $8.0 million of deferred financing costs related to the issuance of the 2026 Senior Notes.

The 2026 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and the Subsidiary Guarantors. The 2026 Senior Notes are secured, subject to certain permitted liens, by the Collateral, which Collateral also secures the obligations under the 2029 Senior Notes and the Company’s credit facilities on a first priority basis. The Collateral may be released in full prior to the maturity of the 2026 Senior Notes if the Operating Partnership and the Company achieve compliance with certain financial covenant requirements, after which the 2026 Senior Notes will be unsecured.

At any time prior to July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the accrued principal amount thereof plus any unpaid interest earned through the redemption date plus a make-whole premium. At any time on or after July 1, 2023, the Operating Partnership may redeem the 2026 Senior Notes, in whole or in part, at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should redemption occur before July 1, 2025, and (iii) 100.0% of the principal amount should such redemption occur on or after July 1, 2025, in each case plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The indenture governing the 2026 Senior Notes contains customary covenants that will limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indenture.

A summary of the various restrictive covenants for the 2026 Senior Notes are as follows:

Covenant

Compliance

Maintenance Covenant

Unencumbered Asset to Unencumbered Debt Ratio

> 150.0%

Yes

Incurrence Covenants

Consolidated Indebtedness less than Adjusted Total Assets

< .65x

Yes

Consolidated Secured Indebtedness less than Adjusted Total Assets

< .45x

Yes

Interest Coverage Ratio

> 1.5x

As of September 30, 2021, the Company was in compliance with all covenants associated with the 2026 Senior Notes except the interest coverage ratio. Failure to meet an incurrence covenant does not, in and of itself, constitute an event of default under the 2026 Senior Notes indenture.

2025 Senior Notes

The Company's $475.0 million senior notes due 2025 are referred to as the "2025 Senior Notes." The Company's 2025 Senior Notes consisted of the following (in thousands):


			Outstanding Borrowings at
	Interest Rate	Maturity Date	September 30, 2021		December 31, 2020
2025 Senior Notes (1) (2)	6.00%	June 2025	$	—	$	495,759

Revolver and Term Loans

The Company has the following credit agreements in place:

•$600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver");

•$400.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023");

•$225.0 million term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"); and

•$150.0 million term loan with a scheduled maturity date of June 10, 2023 (the "$150 Million Term Loan Maturing 2023"); and

•$400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025").

The $400 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2023, $150 Million Term Loan Maturing 2023, and the $400 Million Term Loan Maturing 2025 are collectively the "Term Loans."

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


			Outstanding Borrowings at
	Interest Rate at September 30, 2021 (1)	Maturity Date	September 30, 2021		December 31, 2020
Revolver (2)	3.53%	May 2024	$	200,000	$	400,000
$400 Million Term Loan Maturing 2023 (3)	4.73%	January 2023 (7)	203,944		400,000
$225 Million Term Loan Maturing 2023 (4)	4.72%	January 2023 (8)	114,718		225,000
$150 Million Term Loan Maturing 2023 (5)	4.18%	June 2023	100,000		150,000
$400 Million Term Loan Maturing 2025	4.45%	May 2025	400,000		400,000
			1,018,662		1,575,000
Deferred financing costs, net (6)			(4,003)		(6,696)
Total Revolver and Term Loans, net			$	1,014,659	$	1,568,304

(1)Interest rate at September 30, 2021 gives effect to interest rate hedges.

(3)The Company utilized $196.1 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan.

(4)The Company utilized $110.3 million of the proceeds from the issuance of the 2026 Senior Notes to reduce the outstanding principal balance of this term loan.

The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:

Covenant

Compliance

Leverage ratio (1)

<= 7.00x

N/A (3)

Fixed charge coverage ratio (2)

>= 1.50x

N/A (3)

Secured indebtedness ratio

<= 45.0%

N/A (3)

Unencumbered indebtedness ratio

<= 60.0%

N/A (3)

Unencumbered debt service coverage ratio

>= 2.00x

N/A (3)

Maintain minimum liquidity level

>= $150.0 million

Yes

(3)The Company is not currently required to comply with these covenants, see details below.

In June and September 2021, the Company amended its Revolver and Term Loans. The June 2021 amendments extend by one fiscal quarter the suspension of testing of all existing financial maintenance covenants under the Revolver and the Term Loan agreements for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modify certain covenant thresholds.

In addition, as part of the Revolver and Term Loans amendment in June 2021, the Company amended the $150 Million Term Loan Maturing 2023 to extend the maturity for $100.0 million of the original principal balance from January 2022 to June 2023 with an option to extend the maturity by one year to June 2024. The applicable margin on the interest rate will be 3.0% for LIBOR loans and 2.0% for base rate loans until the end of the Leverage Relief Period, as defined in the existing credit agreement. After the end of the leverage relief period, the applicable margin will revert to the original leverage- or ratings-based pricing.

As part of the Revolver and Term Loans amendment in September 2021, the Company amended the $400 Million Term Loan Maturing 2023 and $225 Million Term Loan Maturing 2023 to include a one-year extension option for approximately $151.7 million and $73.0 million, respectively, of the principal balance. The exercise of the one-year extension option will be at the Company's discretion, subject to certain conditions. In addition, this amendment increased the limits for acquisitions, with the current limits further discussed below.

Through the date that the financial statements are delivered for the quarter ending June 30, 2022 (the "Restriction Period"), the Company is subject to various restrictions including, but not limited to, the requirement to pledge the equity interests in certain subsidiaries that own unencumbered properties to secure the Revolver and Term Loans, asset sales, equity issuances and incurrences of indebtedness will, subject to various exceptions, continue to be required to be applied as a mandatory prepayment of certain amounts outstanding under the Revolver and the Term Loans. In addition, the restrictions limit the ability of the Company and its subsidiaries to incur additional indebtedness and make prepayments of indebtedness, increase dividends and distributions, make capital expenditures over $150.0 million in each of the 2021 and 2022 calendar years through the last day of the Restriction Period, and make investments, including certain acquisitions over $450.0 million or $300.0 million, dependent upon the outstanding balance of the Company's Revolver. All of these limitations are subject to various exceptions. The Company is also required to maintain minimum liquidity, as defined in the amendments, of $150.0 million until certain leverage thresholds are met.

At the Company's election, the Restriction Period and the Covenant Relief Period may be terminated early if the Company is at such time able to comply with the applicable financial covenants. If the Company assesses that it is unlikely to meet the financial covenant thresholds for periods following the Covenant Relief Period, then the Company will seek an extension of the Covenant Relief Period.

Mortgage Loans

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


						Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate at September 30, 2021 (1)		Maturity Date		September 30, 2021		December 31, 2020
Mortgage loan (2)	7	3.30	%	April 2022	(6)	$	200,000	$	200,000
Mortgage loan (2)	3	2.53	%	April 2024	(6)	96,000		96,000
Mortgage loan (2)	4	2.84	%	April 2024	(6)	85,000		85,000
Mortgage loan (3)	1	—		June 2022	(7)	—		30,332
Mortgage loan (4)	3	—		October 2022	(7)	—		86,775
Mortgage loan (5)	1	—		October 2022	(8)	—		27,972


	19					381,000		526,079
Deferred financing costs, net						(1,282)		(2,411)
Total mortgage loans, net						$	379,718	$	523,668