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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Aug. 02, 2012
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	0001511337
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		106,634,076
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Assets
Investment in hotel properties, net	$ 3,016,334	$ 2,820,457
Investment in loans	12,531	12,633
Cash and cash equivalents	155,595	310,231
Restricted cash reserves	82,085	87,288
Hotel receivables, net of allowance of $240 and $150, respectively	29,288	20,081
Deferred financing costs, net	9,327	9,639
Deferred income tax asset	1,626	1,369
Prepaid expense and other assets	34,046	28,320
Total assets	3,340,832	3,290,018
Liabilities and Equity
Borrowings under credit facility	85,000
Mortgage loans	1,335,186	1,341,735
Interest rate swap liability	1,421	1,796
Accounts payable and accrued expense	73,892	86,213
Deferred income tax liability	3,292	3,314
Advance deposits and deferred revenue	8,782	4,781
Accrued interest	2,343	2,115
Distributions payable	17,742	16,076
Total liabilities	1,527,658	1,456,030
Commitments and Contingencies (Note 8)
Shareholders' equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively.
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 106,634,076 and 106,279,049 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively.	1,067	1,063
Additional paid-in-capital	1,837,231	1,835,011
Accumulated other comprehensive loss	(1,407)	(1,782)
Distributions in excess of net earnings	(41,803)	(18,960)
Total shareholders' equity	1,795,088	1,815,332
Noncontrolling interest
Noncontrolling interest in joint venture	6,762	7,170
Noncontrolling interest in Operating Partnership	11,324	11,486
Total noncontrolling interest	18,086	18,656
Total equity	1,813,174	1,833,988
Total liabilities and equity	$ 3,340,832	$ 3,290,018

Combined Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Hotel receivables, allowance (in dollars)	$ 240	$ 150
Preferred shares of beneficial interest, par value (in dollars 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
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	106,634,076	106,279,049
Common shares of beneficial interest, shares outstanding	106,634,076	106,279,049

Combined Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Hotel operating revenue
Room revenue	$ 194,842	$ 177,903	$ 353,421	$ 322,628
Food and beverage revenue	22,403	21,254	41,908	40,167
Other operating department revenue	6,012	5,114	11,121	9,645
Total revenue	223,257	204,271	406,450	372,440
Hotel operating expense
Room	40,967	38,133	77,897	71,741
Food and beverage	15,508	14,870	29,948	28,289
Management fees	7,638	6,985	13,942	12,764
Other hotel expenses	65,156	58,897	123,714	113,184
Total hotel operating expense	129,269	118,885	245,501	225,978
Depreciation and amortization	31,454	30,702	65,151	62,453
Property tax, insurance and other	12,474	12,068	25,108	23,488
General and administrative	7,481	6,165	14,741	11,175
Transaction and pursuit costs	2,795	634	2,814	3,332
IPO costs		10,244		10,244
Total operating expense	183,473	178,698	353,315	336,670
Operating income	39,784	25,573	53,135	35,770
Other income	106	69	190	224
Interest income	418	357	837	840
Interest expense	(20,374)	(27,894)	(40,555)	(53,752)
Loss on disposal	(634)		(634)
Income (loss) from continuing operations before income taxes	19,300	(1,895)	12,973	(16,918)
Income tax expense	(281)	(407)	(875)	(688)
Income (loss) from continuing operations	19,019	(2,302)	12,098	(17,606)
Loss from discontinued operations		(159)		(1,131)
Net income (loss)	19,019	(2,461)	12,098	(18,737)
Net (income) loss attributable to non-controlling interests
Noncontrolling interest in joint venture	38	(83)	408	77
Noncontrolling interest in common units of Operating Partnership	(172)	21	(134)	21
Net income (loss) attributable to the Company	18,885	(2,523)	12,372	(18,639)
Distributions to preferred unitholders		(45)		(61)
Net income (loss) attributable to common shareholders	$ 18,885	$ (2,568)	$ 12,372	$ (18,700)
Basic per common share data:
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.22)
Discontinued operations (in dollars per share)				(0.01)
Net income (loss) per share attributable to common shareholders (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.23)
Weighted-average number of common shares (in shares)	105,388,743	88,767,570	105,360,778	81,228,975
Diluted per common share data:
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.22)
Discontinued operations (in dollars per share)				(0.01)
Net income (loss) per share attributable to common shareholders (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.23)
Weighted-average number of common shares (in shares)	105,454,679	88,767,570	105,414,876	81,228,975
Comprehensive income (loss)
Net income (loss) attributable to the Company	$ 18,885	$ (2,523)	$ 12,372	$ (18,639)
Unrealized gain (loss) on interest rate derivatives	381	(384)	375	812
Comprehensive income (loss) attributable to the Company	$ 19,266	$ (2,907)	$ 12,747	$ (17,827)

Combined Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Distributions in excess of net earnings	Accumulated Other Comprehensive Loss	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture	General Partner Fund II Member	General Partner Fund III Member	Limited Partners Fund II Member	Limited Partners Fund III Member	Members' Capital Class A Members	Members' Capital Class B Members	Preferred Units Fund II Member	Preferred Units Fund III Member
Balance at Dec. 31, 2010	$ 1,223,733				$ (3,806)	$ 7,623		$ 7,623	$ (13,409)	$ (23,328)	$ 433,013	$ 811,918	$ 6,592	$ 4,751	$ 189	$ 190
Increase (Decrease) in Owners' Equity
Net income (loss)	(18,737)			$ (8,613)		(98)	$ (21)	(77)	(7)		(9,444)	(234)	(256)	(85)
Unrealized gain on interest rate derivative	812				812
Partners' contributions	126,721								4,258	5,031	3,291	114,141
Partners' distributions	(16,296)								(3,230)	(3,798)	(4,876)	(4,392)
Members' distributions	(3,262)												(2,666)	(596)
Proceeds from sale of common stock, net	529,489	$ 316	$ 529,173
Proceeds from sale of common stock, net (in shares)		31,595,000
Issuance of restricted stock		$ 11	(11)
Issuance of restricted stock (in shares)		1,120,830
Amortization of share based compensation	639		639
Share grants to trustees	40		40
Share grants to trustees (in shares)		2,302
Exchange of owners' equity for common stock and units		$ 736	1,304,343			11,413	11,413		$ 12,388	$ 22,095	(421,960)	(921,396)	$ (3,670)	$ (4,070)	61	60
Exchange of owners' equity for common stock and units (in shares)		73,605,951
Distributions to JV partner	(500)					(500)		(500)
Distributions to preferred unitholders	(61)										$ (24)	$ (37)
Redemption of preferred units	(500)														$ (250)	$ (250)
Distributions on common shares and units	(8,577)			(8,505)		(72)	(72)
Balance at Jun. 30, 2011	1,833,501	$ 1,063	1,834,184	(17,118)	(2,994)	18,366	11,320	7,046
Balance (in shares) at Jun. 30, 2011		106,324,083
Balance at Dec. 31, 2011	$ 1,833,988	$ 1,063	1,835,011	(18,960)	(1,782)	18,656	11,486	7,170
Balance (in shares) at Dec. 31, 2011	106,279,049	106,279,049
Increase (Decrease) in Owners' Equity
Net income (loss)	$ 12,098			12,372		(274)	134	(408)
Unrealized gain on interest rate derivative	375				375
Issuance of restricted stock		$ 4	(4)
Issuance of restricted stock (in shares)		436,646
Amortization of share based compensation	3,213		3,213
Share grants to trustees	80		80
Share grants to trustees (in shares)		4,352
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,069)		(1,069)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(59,465)
Forfeiture of restricted stock (in shares)		(26,506)
Distributions on common shares and units	(35,511)			(35,215)		(296)	(296)
Balance at Jun. 30, 2012	$ 1,813,174	$ 1,067	$ 1,837,231	$ (41,803)	$ (1,407)	$ 18,086	$ 11,324	$ 6,762
Balance (in shares) at Jun. 30, 2012	106,634,076	106,634,076

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 12,098	$ (18,737)
Adjustments to reconcile net income (loss) to cash flow provided by operating activities:
Depreciation and amortization	65,151	64,386
Amortization of deferred financing costs	2,062	3,657
Amortization of deferred management fees	500	500
Loss on disposal	634
Share grants to trustees	80	40
Amortization of share based compensation	3,213	639
Deferred income tax liability	(279)
Changes in assets and liabilities:
Hotel receivables, net	(9,136)	(7,233)
Prepaid expense and other assets	(5,629)	(445)
Accounts payable and accrued expense	(14,566)	9,237
Advance deposits and deferred revenue	3,838	986
Accrued interest	228	(401)
Net cash flow provided by operating activities	58,194	52,629
Cash flows from investing activities:
Acquisition of hotel properties, net of cash acquired	(182,690)	(194,830)
Proceeds from principal payments on investment in loans	102	108
Improvements and additions to hotel properties	(76,991)	(26,331)
Additions to property and equipment	(241)	(73)
Releases from (funding of) restricted cash reserves, net	5,203	(24,772)
Net cash flow used in investing activities	(254,617)	(245,898)
Cash flows from financing activities:
Borrowings under credit facility	85,000
Proceeds from term loan		140,000
Proceeds from mortgage loans	85,000
Payment of mortgage principal	(91,549)	(483,197)
Payment of members' distributions		(3,262)
Proceeds from partners' contributions		126,721
Payment of partners' distributions		(16,296)
Distribution to preferred unitholders		(500)
Proceeds from issuance of common shares		568,700
Payment of offering costs		(39,211)
Distributions to noncontrolling interest		(500)
Repurchase of common shares	(1,069)
Distributions on common shares	(33,563)
Distributions on OP units	(282)
Payment of preferred unitholder distributions		(61)
Payment of deferred financing costs	(1,750)	(4,020)
Net cash flow provided by financing activities	41,787	288,374
Net change in cash and cash equivalents	(154,636)	95,105
Cash and cash equivalents, beginning of period	310,231	267,454
Cash and cash equivalents, end of period	$ 155,595	$ 362,559

Organization

6 Months Ended

Jun. 30, 2012

Organization

Organization

1. 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 invests primarily in premium-branded, focused-service and compact full-service hotels. The Company completed the initial public offering of its common shares of beneficial interest (the “IPO”) on May 16, 2011. The IPO resulted in the sale of 27,500,000 common shares at a price per share of $18.00 and generated gross proceeds of $495.0 million. The aggregate proceeds to the Company, net of underwriters’ discounts in connection with the IPO, were approximately $464.1 million. On June 3, 2011, the Company issued and sold an additional 4,095,000 common shares at a price per share of $18.00 upon exercise of the underwriters’ overallotment option (the “Overallotment”), generating gross proceeds of approximately $73.7 million. The Company received aggregate proceeds, net of underwriters’ discounts, in connection with the Overallotment of approximately $69.1 million. Subsequent to the IPO, the Company contributed the net proceeds from the IPO, including proceeds received from the Overallotment, to the Company’s operating partnership, RLJ Lodging Trust, L.P. (the “Operating Partnership”), which was formed as a Delaware limited partnership on January 31, 2011, in exchange for units of limited partnership interest in the Operating Partnership (“OP units”). The Operating Partnership holds substantially all of the Company’s assets and conducts substantially all of its business. Upon completion of the IPO, the Company owned approximately 99.1% of the aggregate OP units. The Company intends to elect and qualify to be taxed as a REIT, for U.S. federal income tax purposes, commencing with the portion of its taxable year ending December 31, 2011.

Upon completion of the IPO and related formation transactions, the Company succeeded to the operations and hotel investment and ownership platform of RLJ Development, LLC (“RLJ Development”), and the lodging assets of RLJ Lodging Fund II, L.P. (and its parallel fund) (“Fund II”) and RLJ Real Estate Fund III, L.P. (and its parallel fund) (“Fund III”), which collectively comprise the Company’s predecessor (the “RLJ Predecessor”). Accordingly, the RLJ Predecessor was not a separate legal entity. RLJ Development, Fund II and Fund III were entities under the common control of Robert L. Johnson, the Company’s Executive Chairman, and were formed for the purpose of acquiring and operating hotel properties. Upon completion of the IPO and formation transactions, all of the existing investors in RLJ Development, Fund II and Fund III received common shares or OP units, as applicable, as consideration for their respective interests in RLJ Development, Fund II and Fund III, and as a result became equity owners of the Company and/or the Operating Partnership, as applicable.

Due to the timing of the IPO and the formation transactions, the Company’s results of operations for the three and six months ended June 30, 2011 reflect the combined financial condition and results of operations of the RLJ Predecessor together with the Company. The financial condition as of December 31, 2011 and June 30, 2012 and results of operations for the three and six months ended June 30, 2012 reflect solely the Company.

Substantially all of the Company’s assets are held by, and all of its operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership. As of June 30, 2012, there were 107,528,076 OP units outstanding and the Company owned, through a combination of direct and indirect interests, 99.2% of the outstanding OP units.

As of June 30, 2012, the Company owned interests in 144 hotels with 21,342 rooms located in 20 states and the District of Columbia, interests in land parcels located adjacent to certain hotels and an interest in two mortgage loans secured by hotels. The Company, through wholly-owned subsidiaries, owned a 100% interest in all of its assets, with the exception of the Doubletree Metropolitan Hotel New York City, in which the Company, through wholly-owned subsidiaries, owned a 95% interest in a joint venture, DBT Met Hotel Venture, LP, which was formed to engage in hotel operations related to the Doubletree Metropolitan hotel. An independent hotel operator manages each hotel.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim combined 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 SEC applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The accompanying unaudited interim financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the combined consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity and statements of cash flows for the interim periods presented. The unaudited interim combined 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, 2011, included in our Annual Report on Form 10-K filed with the SEC on March 8, 2012. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of actual operating results for the entire year.

The unaudited interim combined consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, including a joint venture. All significant intercompany balances have been eliminated in consolidation.

The unaudited interim combined consolidated financial statements of RLJ Lodging Trust for the periods prior to the IPO include the accounts of Fund II, Fund III, and RLJ Development and their respective wholly-owned subsidiaries. All significant intercompany balances have been eliminated in consolidation. RLJ Development, Fund II and Fund III were entities under the common control of Robert L. Johnson and were formed for the purpose of acquiring and operating hotel properties. As part of the IPO and related formation transactions, the Company acquired certain of the assets of RLJ Development, including employees, furniture, fixtures and equipment (“FF&E”) and leases, which represented substantially all of RLJ Development’s business. Since these three entities were under common control and the Company succeeded to their operations and businesses, the combined entities of Fund II, Fund III and RLJ Development, for the periods prior to the IPO, are presented as the RLJ Predecessor and referred to as the Company.

Reporting Periods

As of June 30, 2012, the Company owned five hotels that are managed by affiliates of Marriott International (“Marriott”). The Company’s hotels managed by Marriott are accounted for on a fiscal year comprised of 52 or 53 weeks ending on the Friday closest to December 31. The Company’s results for the three and six months ended June 30, 2012 and 2011 include the results of operations for the Company’s Marriott-managed hotels for the 24-week periods ending June 15, 2012 and June 17, 2011, respectively.

Use of Estimates

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

Reclassifications

Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, owners’ equity or cash flows.

Revenue Recognition

The Company’s revenue comprises hotel operating revenue, such as room revenue, food and beverage revenue and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales and occupancy taxes collected from guests. All rebates or discounts are recorded as a reduction in revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as earned. Appropriate allowances are made for doubtful accounts and are recorded as bad debt expense. The allowances are calculated as a percentage of aged accounts receivable, based on individual hotel management company policy. Cash received prior to guest arrival is recorded as an advance from the guest and recognized as revenue at the time of occupancy.

Incentive payments received pursuant to entry into management agreements are deferred and amortized into income over the life of the respective agreements. In May 2012, the Company received an incentive payment of $4.0 million related to purchasing a hotel and entering into a franchise agreement, which will be recognized over the remaining term of the franchise agreement. As of June 30, 2012, there is approximately $4.0 million remaining to be recognized.

Investment in Hotel Properties

Hotel acquisitions consist almost exclusively of land, land improvements, buildings, building improvements, furniture, fixtures and equipment and inventory. The Company records the purchase price among these asset classes based on their respective fair values. When the Company acquires properties, they are acquired for use. Generally, the Company does not acquire any significant in-place leases or other intangible assets (e.g., management agreements, franchise agreements or trademarks) when hotels are acquired. The only intangible assets acquired through June 30, 2012 consisted of favorable lease agreements and miscellaneous operating agreements, which are short-term in nature. In conjunction with the acquisition of a hotel, the Company typically negotiates new franchise and management agreements with the selected brand and manager.

The Company’s investments in hotels are carried at cost and are depreciated using the straight-line method over estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for furniture, fixtures and equipment. Intangible assets arising from favorable or unfavorable leases are amortized using the straight-line method over the non-cancelable portion of the term of the agreement. Maintenance and repairs are expensed and major renewals or improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from the accounts and the related gain or loss is included in discontinued operations.

The Company considers each individual hotel to be an identifiable component of the business. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider a hotel as “held for sale” until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. Once a hotel is designated as “held for sale” the operations for that hotel are included in discontinued operations. The Company does not depreciate hotel assets so long as they are classified as “held for sale.” Upon designation of a hotel as being “held for sale” and quarterly thereafter, the Company reviews the realizability of the carrying value, less cost to sell, in accordance with the guidance. Any such adjustment in the carrying value of a hotel classified as “held for sale” is reflected in discontinued operations. The Company includes in discontinued operations the operating results of those hotels that are classified as “held for sale.”

The Company assesses the carrying values of each hotel whenever events or changes in circumstances indicate that the carrying amounts of these hotels may not be fully recoverable. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel. If the Company’s analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, it recognizes an impairment charge for the amount by which the carrying value exceeds the fair value of the hotel. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third party appraisals, where considered necessary.

The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and economy in general and the Company’s plans to manage the underlying hotels. However, assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to a current impairment analysis could impact these assumptions and result in future impairment charges of the hotels.

Franchise Agreements

As of June 30, 2012, 139 of the Company’s hotel properties are operated under franchise agreements with terms ranging from 10 to 30 years. The franchise agreements for these hotels allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee of between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in other hotel expenses in the accompanying unaudited interim combined consolidated financial statements.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period excluding the weighted average number of unvested restricted shares (“participating securities” as defined in Note 10). The basic earnings per share calculation includes the effect of such participating securities. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares that would be issued in the event of conversion of OP units. No adjustment is made for shares that are anti-dilutive during a period.

Share Based Compensation

From time to time, the Company may award non-vested shares under the 2011 Equity Incentive Plan (the “2011 Plan”), as compensation to officers, employees and non-employee trustees (see Note 9). The shares issued to officers and employees vest over a period of time as determined by the Board of Trustees at the date of grant. The Company recognizes compensation expense for non-vested shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures.

Recent Accounting Pronouncements

Recently Adopted

In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure requirements in U.S.GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 provides new guidance concerning fair value measurements and disclosure. The new guidance is the result of joint efforts by the FASB and the International Accounting Standards Board (“IASB”) to develop a single, converged fair value framework on how to measure fair value and the necessary disclosures concerning fair value measurements. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. This ASU did not have a material effect on the Company’s financial position, results of operations, or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”). ASU 2011-05 revised guidance over the manner in which entities present comprehensive income in the financial statements. This guidance removes the previous presentation options and provides that entities must report comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. This guidance does not change the items that must be reported in other comprehensive income nor does it require incremental disclosures in addition to those previously required. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. This ASU did not have a material effect on the Company’s financial position, results of operations, or cash flows.

Recently Issued But Not Yet Adopted

In December 2011, the FASB issued ASU No. 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate-a Scope Clarification (“ASU No. 2011-10”). ASU No. 2011-10 represents the consensus reached in EITF Issue No. 10-E, “Derecognition of in Substance Real Estate.” The objective of this ASU is to resolve the diversity in practice about whether the guidance in FASB Accounting Standards CodificationTM (Codification) Subtopic 360-20, “Property, Plant, and Equipment — Real Estate Sales,” of Codification Topic 360, Property, Plant, and Equipment, applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt.

ASU 2011-10 provides that when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt, the reporting entity should apply the guidance in Codification Subtopic 360-20 to determine whether it should derecognize the in substance real estate. Generally, a reporting entity would not satisfy the requirements to derecognize the in substance real estate before the legal transfer of the real estate to the lender and the extinguishment of the related nonrecourse indebtedness. That is, even if the reporting entity ceases to have a controlling financial interest under Subtopic 810-10, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt.

This guidance should be applied on a prospective basis to deconsolidation events occurring after the effective date; with prior periods not adjusted even if the reporting entity has continuing involvement with previously derecognized in substance real estate entities. The guidance is effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. The Company does not expect this ASU to have a material effect on the Company’s financial position, results of operations, or cash flows.

Acquisition of Hotel Properties

6 Months Ended

Jun. 30, 2012

Acquisition of Hotel Properties

Acquisition of Hotel Properties

3. Acquisition of Hotel Properties

During the six months ended June 30, 2012, the Company acquired the following hotels, which were funded through a combination of cash available on the Company’s balance sheet and borrowings under its credit facility:

Hotel

Location

Acquisition Date

Management Company

Rooms

Purchase Price

%
Interest

Residence Inn Bethesda

Bethesda, MD

May 29, 2012

Marriott International

187

64.5 million

100

Courtyard New York Manhattan/Upper East Side

New York, NY

May 30, 2012

Highgate Hotels

226

82.0 million

100

Hilton Garden Inn San Francisco/Oakland Bay Bridge

Emeryville, CA

June 11, 2012

Davidson Hotels & Resorts

278

36.2 million

100

691

182.7 million

During the six months ended June 30, 2011, the Company, through wholly-owned subsidiaries, acquired the following hotels, which were funded by capital contributions:

Hotel

Location

Acquisition Date

Management Company

Rooms

Purchase Price

%
Interest

Embassy Suites Columbus

Columbus, OH

January 11, 2011

Crescent Hotels and Resorts

221

9.5 million

100

Renaissance Pittsburgh Hotel

Pittsburgh, PA

January 12, 2011

Sage Hospitality

300

47.1 million

100

Courtyard Atlanta Buckhead

Atlanta, GA

January 18, 2011

Noble

181

27.0 million

100

Doubletree Hotel Columbia

Columbia, MD

January 18, 2011

Urgo Hotels

152

10.5 million

100

Denver Airport Marriott at Gateway Park

Denver, CO

January 18, 2011

Sage Hospitality

238

46.0 million

100

Embassy Suites West Palm Beach-Central

West Palm Beach, FL

January 18, 2011

Windsor Capital Group

194

16.0 million

100

Hilton Garden Inn Raleigh Durham-Research Triangle Park

Durham, NC

January 24, 2011

Noble Management Group

177

7.0 million

100

Hilton Garden Inn Pittsburgh University Place

Pittsburgh, PA

January 24, 2011

Urgo Hotels

202

21.2 million

100

Hampton Inn Houston-Near the Galleria

Houston, TX

March 14, 2011

Interstate Hotels and Resorts

176

20.3 million

100

1,841

204.6 million

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

	June 30,		June 30,
	2012		2011
Land and land improvements	$	40,711	$	29,131
Buildings and improvements	135,727		155,995
Furniture, fixtures and equipment	6,220		21,900
Deferred tax liabilities assumed	—		(2,438		)
Total Purchase Price	$	182,658	$	204,588

There were no contingent consideration arrangements associated with these acquisitions nor was any goodwill recognized. See Note 14 for detail of non-cash prorations assumed at acquisition dates.

For the hotels acquired during the six months ended June 30, 2012 and 2011, respectively, total revenues and net income (loss) from the date of acquisition through June 30, 2012 and 2011, respectively, are included in the accompanying combined consolidated statements of operations for the three and six months ended June 30, 2012 and 2011, respectively, as follows (in thousands):

	2012 acquisitions
	For the three months ended June 30,					For the six months ended June 30,
	2012			2011		2012			2011
Revenue	$	3,022		$	—	$	3,022		$	—
Net loss	$	(2,413	)	$	—	$	(2,413	)	$	—

	2011 acquisitions
	For the three months ended June 30,				For the six months ended June 30,
	2012		2011		2012		2011
Revenue	$	24,031	$	19,539	$	43,323	$	33,574
Net income (loss)	$	3,668	$	2,571	$	4,326	$	(65	)

The unaudited condensed pro forma financial information excludes discontinued operations and is not necessarily indicative of what actual results of operations of the Company would have been assuming the 2012 and 2011 acquisitions had taken place on the latter of January 1, 2011 or the opening date of the hotel, nor does it purport to represent the results of operations for future periods. The unaudited condensed pro forma financial information in the table below excludes discontinued operations (in thousands):

	For the three months ended June 30,					For the six months ended June 30,
	2012		2011			2012		2011
Revenue	$	231,554	$	215,769		$	422,599	$	394,567
Net income (loss)	$	23,047	$	(211	)	$	16,837	$	(13,246	)
Net income (loss) per share attributable to common shareholders - basic	$	0.22	$	(0.00	)	$	0.16	$	(0.16	)
Net income (loss) per share attributable to common shareholders - diluted	$	0.22	$	(0.00	)	$	0.16	$	(0.16	)
Weighted average number of shares outstanding - basic	105,388,743		88,767,570			105,360,778		81,228,975
Weighted average number of shares outstanding - diluted	105,454,679		88,767,570			105,414,876		81,228,975

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

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-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 805
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations

Discontinued Operations

4. Discontinued Operations

In February 2010, Fund II received a notice of event of default for failure to make the required monthly payment on its mortgage loan secured by the New York LaGuardia Airport Marriott located in New York, NY. The mortgage loan matured in July 2010. In April 2011, Fund II escrowed an executed deed in lieu of foreclosure agreement for the benefit of the lenders. On August 5, 2011, the Company transferred title to the hotel to the lenders pursuant to the deed in lieu of foreclosure arrangement. The Company recorded a gain on extinguishment of indebtedness of approximately $23.5 million to discontinued operations in August 2011 and removed the hotel’s net assets and liabilities from its combined consolidated balance sheet at that time.

Operating results of discontinued operations were as follows (in thousands):

	For the three months ended June 30, 2011			For the six months ended June 30, 2011
Net revenues	$	7,259		$	13,380
Operating expenses	7,212			14,099
Operating income (loss)	47			(719		)
Interest expense	(206		)	(412		)
Net loss from discontinued operations	$	(159	)	$	(1,131	)

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Paragraph 43-48
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+ Details

Investment in Hotel Properties

6 Months Ended

Jun. 30, 2012

Investment in Hotel Properties

Investment in Hotel Properties

5. Investment in Hotel Properties

Investment in hotel properties as of June 30, 2012 and December 31, 2011 consisted of the following (in thousands):

	June 30,			December 31,
	2012			2011
Land and land improvements	$	556,908		$	515,957
Buildings and improvements	2,572,749			2,392,669
Furniture, fixtures and equipment	409,169			375,561
Intangibles	1,857			1,857
	3,540,683			3,286,044
Accumulated depreciation and amortization	(524,349		)	(465,587		)
Investment in hotel properties, net	$	3,016,334		$	2,820,457

For the three and six months ended June 30, 2012, depreciation and amortization expense related to investment in hotel properties was approximately $31.3 million and $64.9 million (excluding discontinued operations), respectively. For the three and six months ended June 30, 2011, depreciation and amortization expense related to investment in hotel properties was approximately $30.5 million and $61.9 million (excluding discontinued operations), respectively.

Impairment

During each of the three and six months ended June 30, 2012 and 2011, the Company determined there was no impairment on its investment in hotels.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2012

Debt

Debt

6. Debt

Credit Facility

The Company entered into an unsecured revolving credit facility on June 20, 2011 that provides for maximum borrowings of up to $300.0 million. The credit facility requires that a group of no less than 15 of the Company’s hotel properties remain unencumbered by outstanding indebtedness. The credit facility contains certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, minimum tangible net worth and maximum secured indebtedness. If an event of default exists, under the terms of the credit facility, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of June 30, 2012, the Company was in compliance with all financial covenants.

The credit facility matures on June 20, 2014 and may be extended for an additional year at the Company’s option. In addition, the Company has the option to increase the revolving loan commitment to $450.0 million, subject to certain conditions (including consent of the lenders). The Company incurred $3.0 million in fees related to the credit facility which are being deferred and amortized over the term of the credit facility. The computed amortization approximates the amount that would be computed using the effective interest method.

Borrowings under the credit facility bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) plus an applicable margin. The margin ranges from 2.25% to 3.25%, depending on the Company’s leverage ratio, as calculated under the terms of the credit facility. The Company incurs an unused facility fee of between 0.30% and 0.40%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of outstanding borrowings.

Under the terms of the credit facility, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million, may be issued on behalf of the Company by the lenders holding the credit facility. The Company will incur a fee of 0.125% of the value of each standby letter of credit that is issued on its behalf. Any outstanding standby letters of credit would reduce the available borrowings on the credit facility by a corresponding amount. No standby letters of credit were outstanding at June 30, 2012. The Company also may borrow up to a maximum aggregate outstanding balance of $40.0 million of swingline loans. Any outstanding swingline loans would reduce the available borrowings on the credit facility by a corresponding amount. No swingline loans were outstanding at June 30, 2012.

The Company incurred interest expense on the credit facility for the three and six months ended June 30, 2012 of approximately $0.6 million and $0.6 million, respectively. For the three and six months ended June 30, 2012, the Company incurred an unused commitment fee of approximately $0.2 million and $0.5 million, respectively. There were $85.0 million of borrowings outstanding at June 30, 2012.

The Company did not incur any interest expense on the credit facility for the three and six months ended June 30, 2011. For both the three and six months ended June 30, 2011, the Company incurred an unused commitment fee of approximately $37,000.

RLJ Predecessor Credit Facility

Fund III, through wholly-owned subsidiaries, maintained a credit facility that provided for maximum borrowings of up to $200.0 million. The credit facility was collateralized by Fund III’s partners’ committed and uncalled capital and was guaranteed by Fund III. Borrowings under the credit facility bore interest at variable rates equal to the LIBOR plus a margin of 0.75%. The credit facility matured on January 31, 2011.

Fund III incurred no interest expense related to the credit facility for either the three or six months ended June 30, 2011. Additionally, there was an unused commitment fee of 0.15% of the unused portion of the credit facility. For both the three and six months ended June 30, 2011, Fund III incurred an unused commitment fee of approximately $12,000.

Mortgage Loans

As of June 30, 2012 and December 31, 2011, the Company was subject to the following mortgage loans (in thousands):

	Number	Interest rate at
	of Assets	June 30,		Maturity	Principal balance at,
Lender	Encumbered	2012 (1)		Date	June 30, 2012		December 31, 2011
Keybank		—		April 2012(2)	$	—	$	48,000
State Street Bank		—		April 2012(2)	—		37,000
Wells Fargo	1	4.25	%(3)	June 2013(4)	60,000		60,000
Wells Fargo	1	5.50	%(3)	Oct 2013(4)	40,000		40,000
Wells Fargo	1	5.50	%(3)	Oct 2013(4)	31,000		31,000
Wells Fargo (5)	1	4.90	%(6)	Dec 2013(4)	150,000		150,000
Blackstone (5)		10.75	%(6)	Dec 2013(4)	50,000		50,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	68,500		68,500
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	17,500		17,500
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	21,000		21,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	11,000		11,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	24,000		24,000
Capmark Financial Group	1	6.12	%	April 2015	4,265		4,327
Capmark Financial Group	1	5.55	%	May 2015	11,478		11,656
Capmark Financial Group	1	5.50	%	June2015	5,014		5,014
Capmark Financial Group	1	5.55	%	June 2015	4,979		5,057
Barclay’s Bank	1	5.55	%	June 2015	2,601		2,642
Barclay’s Bank	1	5.55	%	June 2015	4,270		4,336
Barclay’s Bank	1	5.55	%	June 2015	9,953		10,107
Barclay’s Bank	1	5.55	%	June 2015	8,883		9,020
Barclay’s Bank	1	5.55	%	June 2015	7,962		8,084
Barclay’s Bank	1	5.60	%	June 2015	5,520		5,603
Barclay’s Bank	1	5.60	%	June 2015	8,577		8,707
Barclay’s Bank	1	5.55	%	June 2015	5,216		5,296
Barclay’s Bank	1	5.55	%	June 2015	34,581		35,115
Barclay’s Bank	1	5.60	%	June 2015	6,568		6,669
Barclay’s Bank	1	5.55	%	June 2015	5,853		5,943
Barclay’s Bank	1	5.55	%	June 2015	6,726		6,830
Barclay’s Bank	1	5.60	%	June 2015	8,569		8,701
Barclay’s Bank	1	5.55	%	June 2015	6,718		6,821
Barclay’s Bank	1	5.55	%	June 2015	7,394		7,508
Barclay’s Bank	1	5.55	%	June 2015	6,726		6,830
Barclay’s Bank	1	5.55	%	June 2015	7,678		7,796
Barclay’s Bank	1	5.55	%	June 2015	9,635		9,783
Capmark Financial Group	1	5.50	%	July 2015	6,779		6,883
Barclay’s Bank	1	5.44	%	Sept 2015	11,054		11,223
PNC Bank	7	2.60	%(3)	May 2016(8)	85,000		—
Merrill Lynch	1	6.29	%	July 2016	9,236		9,294
Merrill Lynch	1	6.29	%	July 2016	5,552		5,552
Merrill Lynch	1	6.29	%	July 2016	7,731		7,780
Merrill Lynch	1	6.29	%	July 2016	9,252		9,307
Wachovia Securities (7)	43	6.29	%	July 2016	490,288		493,358
Wachovia Securities	1	6.29	%	July 2016	6,622		6,664
Wells Fargo / Morgan Stanley	2	6.29	%	July 2016	35,037		35,256
Wells Fargo / Morgan Stanley	1	6.29	%	July 2016	6,794		6,837
Wells Fargo / Morgan Stanley	1	6.29	%	July 2016	9,675		9,736
	92				$	1,335,186	$	1,341,735

(1) Interest rate at June 30, 2012 gives effect to interest rate swaps and LIBOR floors, where applicable.

(2) The Keybank and State Street Bank loans were paid off with borrowings on the $300.0 million Credit Facility at maturity on April 9, 2012.

(3) Requires payments of interest only until the commencement of the extension periods.

(4) Maturity date may be extended for up to two additional one-year terms at the Company’s option (subject to the Company’s prior satisfaction of certain conditions and advance notice of the exercise of the Company’s option).

(5) The Wells Fargo and Blackstone loans are a senior and a mezzanine loan, respectively, which, as of June 30, 2012, had outstanding balances of $150.0 million and $50.0 million, respectively.

(6) Requires payments of interest only until the commencement of the second extension period.

(7) The 43 Wachovia Securities loans are cross-collateralized.

(8) Maturity date may be extended for one one-year term at the Company’s option (subject to the Company’s prior satisfaction of certain conditions and advance notice of the exercise of the Company’s option).

Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these covenants at June 30, 2012 and December 31, 2011.

In November 2011, the Company elected to cease the subsidization of debt service on the mortgage loan secured by the SpringHill Suites Southfield, Michigan. The loan matures in June 2015. In January 2012, the Company received notice of an event of default for failure to make the required monthly payment on its mortgage loan secured by the SpringHill Suites Southfield. The Company is working with the lender to transfer the asset in an orderly manner. As of June 30, 2012, the principal balance outstanding was $5.0 million for the SpringHill Suites Southfield.

In November 2011, the Company elected to cease the subsidization of debt service on the mortgage loan secured by the Courtyard Goshen, Indiana. The loan matures in July 2016. In December 2011, the Company received notice of an event of default for failure to make the required monthly payment on its mortgage loan secured by the Courtyard Goshen. In May 2012, an Order Appointing Receiver (the “Order”) was entered in the Elkhart County, Indiana, Superior Court No. 1. In June 2012, the receiver, pursuant to the Order, took control of the property for the benefit of the lender of the mortgage loan. As of June 30, 2012, the principal balance outstanding was $5.6 million for the Courtyard Goshen.

Term Loan

On January 14, 2011, Fund III entered into a $140.0 million unsecured term loan. Fund III agreed to maintain an unencumbered asset pool of ten hotel properties during the term of the term loan. The term loan had an original maturity date of September 30, 2011, with two six month extension options, and bore interest at LIBOR plus 4.25%, with a LIBOR floor of 1.00%. For the three and six months ended June 30, 2011, the Company incurred $1.7 million and $3.2 million of interest expense, respectively, related to the term loan. The term loan was fully repaid on October 21, 2011.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes

Income Taxes

7. Income Taxes

The Company intends to elect to be taxed as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code when it files its U.S. federal tax return for its short taxable year ended December 31, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its owners. The Company’s intention is to adhere to these requirements and maintain the qualification for taxation as a REIT. As a REIT, the Company is not subject to federal corporate income tax on that portion of net income that is currently distributed to its owners. However, the Company’s taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes.

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted.

The Company had no accruals for tax uncertainties as of June 30, 2012 and December 31, 2011.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies

Commitments and Contingencies

8. Commitments and Contingencies

The Company is obligated to maintain reserve funds for capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment) 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 restricted cash ranging from 1.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Amounts will be capitalized as incurred. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. Additionally, some mortgage agreements require the Company to reserve restricted cash for the periodic payment of real estate taxes and insurance. As of June 30, 2012 and December 31, 2011, approximately $82.1 million and $87.3 million, respectively, was available in restricted cash reserves for future capital expenditures, real estate taxes and insurance.

Litigation

Neither the Company nor any of its subsidiaries are currently involved in any regulatory or legal proceedings that management believes will have a material adverse effect on the financial position, operations or liquidity of the Company.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Interpretation (FIN)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Number 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Equity Incentive Plan

6 Months Ended

Jun. 30, 2012

Equity Incentive Plan

Equity Incentive Plan

9. Equity Incentive Plan

The Company may issue equity-based awards to officers, employees, non-employee trustees and other eligible persons under the 2011 Plan. The 2011 Plan provides for a maximum of 5,000,000 common shares of beneficial interest 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. In addition, the maximum number of common shares subject to awards of any combination that may be granted under the 2011 Plan during any calendar year to any one individual is limited to 1,000,000 shares. The exercise price of share options is determined by the Board of Trustees, but may not be less than 100% of the fair market value of the common shares on the date of grant. For grantees that own greater than ten percent of the total combined voting power of all classes of outstanding voting securities of the Company, the exercise price of share options may not be less than 110% of the fair market value of the common shares on the date of grant. The fair market value for all other types of share awards is determined by the closing price on the date of grant. As of June 30, 2012, there were 3,459,868 common shares available for future grant under the 2011 Plan.

Non-vested Restricted Share Awards

From time to time, the Company may award non-vested shares under the 2011 Plan, as compensation to officers, employees and non-employee trustees. The shares issued to officers and employees vest over a period of time as determined by the Board of Trustees at the date of grant. The Company recognizes compensation expense for non-vested 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.

A summary of the non-vested shares as of June 30, 2012 is as follows:

	Number of Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2012	970,288		$	17.93
Granted	436,646		17.57
Vested	(171,399	)	17.86
Forfeited	(26,506	)	17.78
Unvested at June 30, 2012	1,209,029		$	17.81

For the three and six months ended June 30, 2012, the Company recognized approximately $1.7 million and $3.2 million, respectively, of share-based compensation expense related to these restricted share awards. For both the three and six months ended June 30, 2011, the Company recognized approximately $0.6 million of share-based compensation expense related to these restricted share awards. As of June 30, 2012, there was $20.7 million of total unrecognized compensation costs related to non-vested share awards. As of June 30, 2012, these costs were expected to be primarily recognized over a weighted-average period of 3.1 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the six months ended June 30, 2012 was approximately $3.1 million.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings per Common Share

6 Months Ended

Jun. 30, 2012

Earnings per Common Share

Earnings per Common Share

10. Earnings per Common Share

The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest 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 six months ended June 30, 2012, since the limited partners’ share of income would also be added back to net income. 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 securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) have been excluded, as applicable, from net income or loss attributable to common shareholders utilized in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of noncontrolling interests in the earnings per share calculations. The weighted average number of OP units held by the noncontrolling interest was 894,000 for both the three and six months ended June 30, 2012.

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,						For the six months ended,
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations	$	18,885		$	(2,409	)	$	12,372		$	(17,569	)
Add: Income (loss) from discontinued operations	—			(159		)	—			(1,131		)
Net income (loss) attributable to common shareholders	18,885			(2,568		)	12,372			(18,700		)
Less: Dividends paid on unvested restricted shares	(199		)	(90		)	(411		)	(90		)
Less: Undistributed earnings attributable to unvested restricted shares	(13		)	—			—			—
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	18,673		$	(2,658	)	$	11,961		$	(18,790	)
Denominator:
Weighted-average number of common shares - basic	105,388,743			88,767,570			105,360,778			81,228,975
Unvested restricted shares	65,936			—			54,098			—
Weighted-average number of common shares - diluted	105,454,679			88,767,570			105,414,876			81,228,975
Net income (loss) per share attributable to common shareholders - basic	$	0.18		$	(0.03	)	$	0.11		$	(0.22	)
Discontinued operations	—			—			—			(0.01		)
Net income (loss) per share attributable to common shareholders - basic	$	0.18		$	(0.03	)	$	0.11		$	(0.23	)
Net income (loss) per share attributable to common shareholders - diluted	$	0.18		$	(0.03	)	$	0.11		$	(0.22	)
Discontinued operations	—			—			—			(0.01		)
Net income (loss) per share attributable to common shareholders - diluted	$	0.18		$	(0.03	)	$	0.11		$	(0.23	)

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three months ended June 30, 2012, approximately $13,000 representing undistributed earnings were allocable to participating shares. For the six months ended June 30, 2012, no earnings representing undistributed earnings were allocated to participating shares because the Company paid dividends in excess of net income. For both the three and six months ended June 30, 2011, no earnings representing undistributed earnings were allocated to participating shares because the Company had a net loss for the both periods.

Financial Instruments: Derivatives and Hedging

6 Months Ended

Jun. 30, 2012

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

11. Financial Instruments: Derivatives and Hedging

The Company employs interest rate swaps and caps to hedge against interest rate fluctuations. Unrealized gains and losses are reported in other comprehensive loss with no effect recognized in earnings as long as the characteristics of the swap and the hedged item are closely matched. The ineffective portion of all hedges is recognized in earnings in the current period. As of June 30, 2012 and December 31, 2011, approximately 25.2% and 25.1%, respectively, of the Company’s borrowings were subject to variable rates, after taking into consideration the effect of interest rate swaps and caps.

As of June 30, 2012 and December 31, 2011, the Company has entered into the following interest rate swaps and caps, which the Company has designated as cash flow hedges (in thousands):

	Notional value at				Hedge			Fair value at
Hedge type	June 30, 2012		December 31, 2011		interest rate		Maturity	June 30, 2012			December 31, 2011
Interest rate cap	$	—	$	48,000	6.00	%	4/9/2012	$	—		$	—
Interest rate cap	—		37,000		6.00	%	4/9/2012	—			—
Interest rate cap	—		60,000		5.00	%	6/29/2012	—			—
Interest rate cap	50,000		50,000		3.50	%	12/23/2012	—			3
Swap-cash flow	150,000		150,000		1.15	%	12/23/2012	(747		)	(1,145		)
Swap-cash flow	40,000		40,000		1.00	%	10/6/2013	(367		)	(369		)
Swap-cash flow	31,000		31,000		1.00	%	10/6/2013	(285		)	(285		)
Interest rate cap	60,000		—		1.00	%	6/29/2013	(22		)	—
	$	331,000	$	416,000				$	(1,421	)	$	(1,796	)

As of June 30, 2012 and December 31, 2011, there was approximately $1.4 million and $1.8 million, respectively, in unrealized losses included in accumulated other comprehensive loss, a component of shareholders’ equity, related to interest rate hedges that are effective in offsetting the variable cash flows. The Company does not expect to reclassify any amount into earnings within the next 12 months. There were no ineffective hedges during either the three or six months ended June 30, 2012 or 2011.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value

6 Months Ended

Jun. 30, 2012

Fair Value

Fair Value

12. Fair Value

Fair Value of Financial Instruments

The estimated fair values of financial instruments have been determined by the Company using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. The Company used the following market assumptions and/or estimation methods:

· Cash and cash equivalents, hotel receivables, accounts payable and accrued expenses - The carrying amounts reported in the combined consolidated balance sheet for these financial instruments approximate fair value because of their short maturities.

· Investment in collateralized loans - Fair value is determined by discounting the future contractual cash flows to the present value using a current market interest rate. The market rate is determined by giving consideration to one or both of the following criteria, as appropriate: (1) interest rates for loans of comparable quality and maturity, and (2) the value of the underlying collateral. The fair values of the Company’s investment in collateralized loans are generally classified within Level 3 of the valuation hierarchy. The fair value estimated at both June 30, 2012 and December 31, 2011 was $22.6 million.

· Interest rate swaps and caps - The fair value of interest rate swaps and caps is determined as discussed in Note 11 to these financial statements.

· Variable rate mortgage notes payable and borrowings under the credit facility - The carrying amounts reported in the combined consolidated balance sheets for these financial instruments approximate fair value. The Company estimates the fair value of its variable rate debt by using quoted market rates for similar loans with similar terms and loan to value ratios, which is a Level 3 input. As a result, the Company determined that its fixed rate mortgage notes payable in their entirety are classified in Level 3 of the fair value hierarchy.

· Fixed rate mortgage notes payable - The fair value estimated at June 30, 2012 and December 31, 2011 of $752.5 million and $771.5 million, respectively, is calculated based on the net present value of payments over the term of the loans using estimated market rates for similar mortgage loans with similar terms and loan to value ratios, which is a Level 3 input. As a result, the Company determined that its fixed rate mortgage notes payable in their entirety are classified in Level 3 of the fair value hierarchy. The carrying value of fixed rate mortgage notes payable at June 30, 2012 and December 31, 2011 was $777.2 million and $783.7 million, respectively.

Fair Value Measurement

Fair value is defined as the price that would be received to sell 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.

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 June 30, 2012 (in thousands).

	Fair Value at June 30, 2012
	Level 1		Level 2			Level 3		Total
Interest rate swap and cap liability	$	—	$	(1,421	)	$	—	$	(1,421	)
Total	$	—	$	(1,421	)	$	—	$	(1,421	)

The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of 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 June 30, 2012, 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions

Related Party Transactions

13. Related Party Transactions

Upon completion of the IPO, the management fee obligation of the RLJ Predecessor ceased to exist. The Company paid monthly fees for management advisory services to the managing member of RLJ Development. Such fees amounted to $0.3 million and $0.9 million for the three months and six months ended June 30, 2011, respectively, and are included in general and administrative expense.

The Company periodically pays or collects certain amounts on behalf of or from RLJ Companies, LLC, an entity controlled by Robert L. Johnson, the Company’s Executive Chairman. As of June 30, 2012, there was $15,000 due to RLJ Companies, LLC which was included in accounts payable and accrued expense. At December 31, 2011, there was $28,000 due from RLJ Companies, LLC which was included in prepaid and other assets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher SEC
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-Number 210
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Supplemental Information to Statements of Cash Flows

6 Months Ended

Jun. 30, 2012

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows

14. Supplemental Information to Statements of Cash Flows (in thousands)

	For the six months ended June 30,
	2012			2011

Interest paid	$	38,265		$	50,908

Income taxes paid	$	1,221		$	1,010

Supplemental investing and financing transactions:
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	$	182,658		$	204,588
Accounts receivable	71			457
Other assets	556			862
Advance deposits	(163		)	(368		)
Accounts payable and accrued expenses	(432		)	(2,209		)
Application of purchase deposit	—			(8,500		)
Acquisition of hotel properties	$	182,690		$	194,830

Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	$	375		$	812

Accrued capital expenditures	$	1,813		$	—

Distributions payable	$	17,742		$	8,577

Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

Subsequent Events

15. Subsequent Events

On July 13, 2012, the Company paid a dividend of $0.165 per common share of beneficial interest to shareholders of record at June 29, 2012.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Reporting Periods

Use of Estimates

Reclassifications

Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, owners’ equity or cash flows.

Revenue Recognition

Investment in Hotel Properties

Franchise Agreements

Earnings Per Share

Share Based Compensation

Recent Accounting Pronouncements

Recently Adopted

Recently Issued But Not Yet Adopted

Acquisition of Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2012

Acquisition of Hotel Properties

Schedule of hotels acquired through wholly-owned subsidiaries, which were funded by capital contributions

Hotel

Location

Acquisition Date

Management Company

Rooms

Purchase Price

%
Interest

Residence Inn Bethesda

Bethesda, MD

May 29, 2012

Marriott International

187

64.5 million

100

Courtyard New York Manhattan/Upper East Side

New York, NY

May 30, 2012

Highgate Hotels

226

82.0 million

100

Hilton Garden Inn San Francisco/Oakland Bay Bridge

Emeryville, CA

June 11, 2012

Davidson Hotels & Resorts

278

36.2 million

100

691

182.7 million

Hotel

Location

Acquisition Date

Management Company

Rooms

Purchase Price

%
Interest

Embassy Suites Columbus

Columbus, OH

January 11, 2011

Crescent Hotels and Resorts

221

9.5 million

100

Renaissance Pittsburgh Hotel

Pittsburgh, PA

January 12, 2011

Sage Hospitality

300

47.1 million

100

Courtyard Atlanta Buckhead

Atlanta, GA

January 18, 2011

Noble

181

27.0 million

100

Doubletree Hotel Columbia

Columbia, MD

January 18, 2011

Urgo Hotels

152

10.5 million

100

Denver Airport Marriott at Gateway Park

Denver, CO

January 18, 2011

Sage Hospitality

238

46.0 million

100

Embassy Suites West Palm Beach-Central

West Palm Beach, FL

January 18, 2011

Windsor Capital Group

194

16.0 million

100

Hilton Garden Inn Raleigh Durham-Research Triangle Park

Durham, NC

January 24, 2011

Noble Management Group

177

7.0 million

100

Hilton Garden Inn Pittsburgh University Place

Pittsburgh, PA

January 24, 2011

Urgo Hotels

202

21.2 million

100

Hampton Inn Houston-Near the Galleria

Houston, TX

March 14, 2011

Interstate Hotels and Resorts

176

20.3 million

100

1,841

204.6 million

Schedule of allocation of purchase price for the hotel properties acquired

	June 30,		June 30,
	2012		2011
Land and land improvements	$	40,711	$	29,131
Buildings and improvements	135,727		155,995
Furniture, fixtures and equipment	6,220		21,900
Deferred tax liabilities assumed	—		(2,438		)
Total Purchase Price	$	182,658	$	204,588

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

	2012 acquisitions
	For the three months ended June 30,					For the six months ended June 30,
	2012			2011		2012			2011
Revenue	$	3,022		$	—	$	3,022		$	—
Net loss	$	(2,413	)	$	—	$	(2,413	)	$	—

	2011 acquisitions
	For the three months ended June 30,				For the six months ended June 30,
	2012		2011		2012		2011
Revenue	$	24,031	$	19,539	$	43,323	$	33,574
Net income (loss)	$	3,668	$	2,571	$	4,326	$	(65	)

Schedule of unaudited condensed pro forma financial information, excluding discontinued operations

	For the three months ended June 30,					For the six months ended June 30,
	2012		2011			2012		2011
Revenue	$	231,554	$	215,769		$	422,599	$	394,567
Net income (loss)	$	23,047	$	(211	)	$	16,837	$	(13,246	)
Net income (loss) per share attributable to common shareholders - basic	$	0.22	$	(0.00	)	$	0.16	$	(0.16	)
Net income (loss) per share attributable to common shareholders - diluted	$	0.22	$	(0.00	)	$	0.16	$	(0.16	)
Weighted average number of shares outstanding - basic	105,388,743		88,767,570			105,360,778		81,228,975
Weighted average number of shares outstanding - diluted	105,454,679		88,767,570			105,414,876		81,228,975

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2012

Discontinued Operations

Schedule of operating results of discontinued operations

	For the three months ended June 30, 2011			For the six months ended June 30, 2011
Net revenues	$	7,259		$	13,380
Operating expenses	7,212			14,099
Operating income (loss)	47			(719		)
Interest expense	(206		)	(412		)
Net loss from discontinued operations	$	(159	)	$	(1,131	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Investment in Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2012

Investment in Hotel Properties

Schedule of investment in hotel properties

	June 30,			December 31,
	2012			2011
Land and land improvements	$	556,908		$	515,957
Buildings and improvements	2,572,749			2,392,669
Furniture, fixtures and equipment	409,169			375,561
Intangibles	1,857			1,857
	3,540,683			3,286,044
Accumulated depreciation and amortization	(524,349		)	(465,587		)
Investment in hotel properties, net	$	3,016,334		$	2,820,457

Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt

Schedule of mortgage loans

	Number	Interest rate at
	of Assets	June 30,		Maturity	Principal balance at,
Lender	Encumbered	2012 (1)		Date	June 30, 2012		December 31, 2011
Keybank		—		April 2012(2)	$	—	$	48,000
State Street Bank		—		April 2012(2)	—		37,000
Wells Fargo	1	4.25	%(3)	June 2013(4)	60,000		60,000
Wells Fargo	1	5.50	%(3)	Oct 2013(4)	40,000		40,000
Wells Fargo	1	5.50	%(3)	Oct 2013(4)	31,000		31,000
Wells Fargo (5)	1	4.90	%(6)	Dec 2013(4)	150,000		150,000
Blackstone (5)		10.75	%(6)	Dec 2013(4)	50,000		50,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	68,500		68,500
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	17,500		17,500
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	21,000		21,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	11,000		11,000
Wells Fargo	1	3.85	%(3)	Oct 2014(4)	24,000		24,000
Capmark Financial Group	1	6.12	%	April 2015	4,265		4,327
Capmark Financial Group	1	5.55	%	May 2015	11,478		11,656
Capmark Financial Group	1	5.50	%	June2015	5,014		5,014
Capmark Financial Group	1	5.55	%	June 2015	4,979		5,057
Barclay’s Bank	1	5.55	%	June 2015	2,601		2,642
Barclay’s Bank	1	5.55	%	June 2015	4,270		4,336
Barclay’s Bank	1	5.55	%	June 2015	9,953		10,107
Barclay’s Bank	1	5.55	%	June 2015	8,883		9,020
Barclay’s Bank	1	5.55	%	June 2015	7,962		8,084
Barclay’s Bank	1	5.60	%	June 2015	5,520		5,603
Barclay’s Bank	1	5.60	%	June 2015	8,577		8,707
Barclay’s Bank	1	5.55	%	June 2015	5,216		5,296
Barclay’s Bank	1	5.55	%	June 2015	34,581		35,115
Barclay’s Bank	1	5.60	%	June 2015	6,568		6,669
Barclay’s Bank	1	5.55	%	June 2015	5,853		5,943
Barclay’s Bank	1	5.55	%	June 2015	6,726		6,830
Barclay’s Bank	1	5.60	%	June 2015	8,569		8,701
Barclay’s Bank	1	5.55	%	June 2015	6,718		6,821
Barclay’s Bank	1	5.55	%	June 2015	7,394		7,508
Barclay’s Bank	1	5.55	%	June 2015	6,726		6,830
Barclay’s Bank	1	5.55	%	June 2015	7,678		7,796
Barclay’s Bank	1	5.55	%	June 2015	9,635		9,783
Capmark Financial Group	1	5.50	%	July 2015	6,779		6,883
Barclay’s Bank	1	5.44	%	Sept 2015	11,054		11,223
PNC Bank	7	2.60	%(3)	May 2016(8)	85,000		—
Merrill Lynch	1	6.29	%	July 2016	9,236		9,294
Merrill Lynch	1	6.29	%	July 2016	5,552		5,552
Merrill Lynch	1	6.29	%	July 2016	7,731		7,780
Merrill Lynch	1	6.29	%	July 2016	9,252		9,307
Wachovia Securities (7)	43	6.29	%	July 2016	490,288		493,358
Wachovia Securities	1	6.29	%	July 2016	6,622		6,664
Wells Fargo / Morgan Stanley	2	6.29	%	July 2016	35,037		35,256
Wells Fargo / Morgan Stanley	1	6.29	%	July 2016	6,794		6,837
Wells Fargo / Morgan Stanley	1	6.29	%	July 2016	9,675		9,736
	92				$	1,335,186	$	1,341,735

(1) Interest rate at June 30, 2012 gives effect to interest rate swaps and LIBOR floors, where applicable.

(2) The Keybank and State Street Bank loans were paid off with borrowings on the $300.0 million Credit Facility at maturity on April 9, 2012.

(3) Requires payments of interest only until the commencement of the extension periods.

(5) The Wells Fargo and Blackstone loans are a senior and a mezzanine loan, respectively, which, as of June 30, 2012, had outstanding balances of $150.0 million and $50.0 million, respectively.

(6) Requires payments of interest only until the commencement of the second extension period.

(7) The 43 Wachovia Securities loans are cross-collateralized.

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2012

Equity Incentive Plan

Summary of the non-vested shares

	Number of Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2012	970,288		$	17.93
Granted	436,646		17.57
Vested	(171,399	)	17.86
Forfeited	(26,506	)	17.78
Unvested at June 30, 2012	1,209,029		$	17.81

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings per Common Share

Schedule of computation of basic and diluted earnings per common share

	For the three months ended,						For the six months ended,
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations	$	18,885		$	(2,409	)	$	12,372		$	(17,569	)
Add: Income (loss) from discontinued operations	—			(159		)	—			(1,131		)
Net income (loss) attributable to common shareholders	18,885			(2,568		)	12,372			(18,700		)
Less: Dividends paid on unvested restricted shares	(199		)	(90		)	(411		)	(90		)
Less: Undistributed earnings attributable to unvested restricted shares	(13		)	—			—			—
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	18,673		$	(2,658	)	$	11,961		$	(18,790	)
Denominator:
Weighted-average number of common shares - basic	105,388,743			88,767,570			105,360,778			81,228,975
Unvested restricted shares	65,936			—			54,098			—
Weighted-average number of common shares - diluted	105,454,679			88,767,570			105,414,876			81,228,975
Net income (loss) per share attributable to common shareholders - basic	$	0.18		$	(0.03	)	$	0.11		$	(0.22	)
Discontinued operations	—			—			—			(0.01		)
Net income (loss) per share attributable to common shareholders - basic	$	0.18		$	(0.03	)	$	0.11		$	(0.23	)
Net income (loss) per share attributable to common shareholders - diluted	$	0.18		$	(0.03	)	$	0.11		$	(0.22	)
Discontinued operations	—			—			—			(0.01		)
Net income (loss) per share attributable to common shareholders - diluted	$	0.18		$	(0.03	)	$	0.11		$	(0.23	)

Financial Instruments: Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2012

Financial Instruments: Derivatives and Hedging

Schedule of interest rate swaps and caps, designated as cash flow hedges

	Notional value at				Hedge			Fair value at
Hedge type	June 30, 2012		December 31, 2011		interest rate		Maturity	June 30, 2012			December 31, 2011
Interest rate cap	$	—	$	48,000	6.00	%	4/9/2012	$	—		$	—
Interest rate cap	—		37,000		6.00	%	4/9/2012	—			—
Interest rate cap	—		60,000		5.00	%	6/29/2012	—			—
Interest rate cap	50,000		50,000		3.50	%	12/23/2012	—			3
Swap-cash flow	150,000		150,000		1.15	%	12/23/2012	(747		)	(1,145		)
Swap-cash flow	40,000		40,000		1.00	%	10/6/2013	(367		)	(369		)
Swap-cash flow	31,000		31,000		1.00	%	10/6/2013	(285		)	(285		)
Interest rate cap	60,000		—		1.00	%	6/29/2013	(22		)	—
	$	331,000	$	416,000				$	(1,421	)	$	(1,796	)

Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value

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

	Fair Value at June 30, 2012
	Level 1		Level 2			Level 3		Total
Interest rate swap and cap liability	$	—	$	(1,421	)	$	—	$	(1,421	)
Total	$	—	$	(1,421	)	$	—	$	(1,421	)

Supplemental Information to Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2012

Supplemental Information to Statements of Cash Flows

Schedule of supplemental information to statements of cash flows

	For the six months ended June 30,
	2012			2011

Interest paid	$	38,265		$	50,908

Income taxes paid	$	1,221		$	1,010

Supplemental investing and financing transactions:
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	$	182,658		$	204,588
Accounts receivable	71			457
Other assets	556			862
Advance deposits	(163		)	(368		)
Accounts payable and accrued expenses	(432		)	(2,209		)
Application of purchase deposit	—			(8,500		)
Acquisition of hotel properties	$	182,690		$	194,830

Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	$	375		$	812

Accrued capital expenditures	$	1,813		$	—

Distributions payable	$	17,742		$	8,577

Organization (Details) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2011 USD ($) shares	May 31, 2011 USD ($) shares	Jun. 30, 2012 hotel room state loan shares	Jun. 30, 2011 USD ($)	Jun. 03, 2011 $ / shares	May 16, 2011 $ / shares
Sale of Stock
Sale of common shares \| shares	4,095,000
Price per share of common shares (in dollars per share) \| $ / shares					$ 18.00
Gross proceeds from sale of common shares	$ 73,700			$ 529,489
Aggregate proceeds, net of underwriters discounts	$ 69,100
Ownership interest in OP units (as a percent)			99.10%
OP units outstanding (in units) \| shares			107,528,076
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)			99.20%
Number of hotels owned \| hotel			144
Number of hotel rooms owned \| room			21,342
Number of states in which hotels owned by the entity are located \| state			20
Number of mortgage loans owned \| loan			2
Ownership interest in assets (as a percent)			100.00%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)			95.00%
IPO
Sale of Stock
Sale of common shares \| shares		27,500,000
Price per share of common shares (in dollars per share) \| $ / shares						$ 18.00
Gross proceeds from sale of common shares		$ 495,000
Aggregate proceeds, net of underwriters discounts		$ 464,100

Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2012 USD ($)	May 30, 2011 entity	Jun. 30, 2012 USD ($) hotel W
Summary of Significant Accounting Policies
Number of entities under common control of predecessor \| entity		3
Reporting Periods
Number of hotels owned \| hotel			144
Revenue Recognition
Revenue to be recognized \| $			$ 4.0
Franchise Agreements
Number of hotel properties operated under franchise agreements \| hotel			139
Marriott
Reporting Periods
Number of hotels owned \| hotel			5
Number of weeks in a quarter \| W			24
Revenue Recognition
Incentive payment received \| $	$ 4.0
Land improvements
Investment in Hotel Properties
Estimated useful lives			15 years
Buildings improvements
Investment in Hotel Properties
Estimated useful lives			15 years
Buildings
Investment in Hotel Properties
Estimated useful lives			40 years
Minimum
Franchise Agreements
Term of franchise agreements			10 years
Royalty fee as a percentage of room revenue			3.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue			1.00%
Royalty fee as a percentage of food and beverage revenues			1.00%
Minimum \| Marriott
Reporting Periods
Number of weeks in a fiscal year \| W			52
Minimum \| Furniture, fixtures and equipment
Investment in Hotel Properties
Estimated useful lives			3 years
Maximum
Franchise Agreements
Term of franchise agreements			30 years
Royalty fee as a percentage of room revenue			6.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue			4.30%
Royalty fee as a percentage of food and beverage revenues			3.00%
Maximum \| Marriott
Reporting Periods
Number of weeks in a fiscal year \| W			53
Maximum \| Furniture, fixtures and equipment
Investment in Hotel Properties
Estimated useful lives			5 years

Acquisition of Hotel Properties (Details) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2012 USD ($) room	May 31, 2012	Mar. 31, 2011	Jan. 31, 2011	Jun. 30, 2012 USD ($) room $ / shares shares	Jun. 30, 2011 USD ($) room $ / shares shares	Jun. 30, 2012 USD ($) room $ / shares shares	Jun. 30, 2011 USD ($) room $ / shares shares	Jun. 11, 2012 USD ($) room	May 30, 2012 USD ($) room	May 29, 2012 USD ($) room	Mar. 14, 2011 USD ($) room	Jan. 24, 2011 USD ($) room	Jan. 18, 2011 USD ($) room	Jan. 12, 2011 USD ($) room	Jan. 11, 2011 USD ($) room
Acquisition of Hotel Properties
Rooms \| room	21,342				21,342		21,342
% Interest							100.00%
Total revenues and net income (loss) from hotels acquired
Revenue					$ 223,257	$ 204,271	$ 406,450	$ 372,440
Net income (loss)					19,019	(2,461)	12,098	(18,737)
Unaudited condensed pro forma financial information
Revenue					231,554	215,769	422,599	394,567
Net income (loss)					$ 23,047	$ (211)	$ 16,837	$ (13,246)
Net income (loss) per share attributable to common shareholders - basic \| $ / shares					$ 0.22	$ 0.00	$ 0.16	$ (0.16)
Net income (loss) per share attributable to common shareholders - diluted \| $ / shares					$ 0.22	$ 0.00	$ 0.16	$ (0.16)
Weighted average number of shares outstanding - basic \| shares					105,388,743	88,767,570	105,360,778	81,228,975
Weighted average number of shares outstanding - diluted \| shares					105,454,679	88,767,570	105,414,876	81,228,975
2011 acquisitions
Acquisition of Hotel Properties
Rooms \| room						1,841		1,841
Allocation of purchase price for the hotel properties acquired
Land and land improvements						$ 29,131		$ 29,131
Buildings and improvements						155,995		155,995
Furniture, fixtures and equipment						21,900		21,900
Deferred tax liabilities assumed						(2,438)		(2,438)
Total Purchase Price						204,588		204,588
Total revenues and net income (loss) from hotels acquired
Revenue					$ 24,031	19,539	$ 43,323	33,574
Net income (loss)					$ 3,668	$ 2,571	$ 4,326	$ (65)
Embassy Suites Columbus
Acquisition of Hotel Properties
Rooms \| room																221
Purchase Price																$ 9,500
% Interest				100.00%
Renaissance Pittsburgh Hotel
Acquisition of Hotel Properties
Rooms \| room															300
Purchase Price															$ 47,100
% Interest				100.00%
Courtyard Atlanta Buckhead
Acquisition of Hotel Properties
Rooms \| room														181
Purchase Price														$ 27,000
% Interest				100.00%
Doubletree Hotel Columbia
Acquisition of Hotel Properties
Rooms \| room														152
Purchase Price														$ 10,500
% Interest				100.00%
Denver Airport Marriott at Gateway Park
Acquisition of Hotel Properties
Rooms \| room														238
Purchase Price														$ 46,000
% Interest				100.00%
Embassy Suites West Palm Beach-Central
Acquisition of Hotel Properties
Rooms \| room														194
Purchase Price														$ 16,000
% Interest				100.00%
Hilton Garden Inn Raleigh Durham-Research Triangle Park
Acquisition of Hotel Properties
Rooms \| room													177
Purchase Price													$ 7,000
% Interest				100.00%
Hilton Garden Inn Pittsburgh University Place
Acquisition of Hotel Properties
Rooms \| room													202
Purchase Price													$ 21,200
% Interest				100.00%
Hampton Inn Houston-Near the Galleria
Acquisition of Hotel Properties
Rooms \| room												176
Purchase Price												$ 20,300
% Interest			100.00%
2012 acquisitions
Acquisition of Hotel Properties
Rooms \| room	691				691		691
Allocation of purchase price for the hotel properties acquired
Land and land improvements	$ 40,711				$ 40,711		$ 40,711
Buildings and improvements	135,727				135,727		135,727
Furniture, fixtures and equipment	6,220				6,220		6,220
Total Purchase Price	$ 182,658				182,658		182,658
Total revenues and net income (loss) from hotels acquired
Revenue					3,022		3,022
Net income (loss)					$ (2,413)		$ (2,413)
Residence Inn Bethesda
Acquisition of Hotel Properties
Rooms \| room											187
Purchase Price											$ 64,500
% Interest		100.00%
Courtyard New York Manhattan/Upper East Side
Acquisition of Hotel Properties
Rooms \| room										226
Purchase Price										$ 82,000
% Interest		100.00%
Hilton Garden Inn San Francisco/Oakland Bay Bridge
Acquisition of Hotel Properties
Rooms \| room									278
Purchase Price									$ 36,200
% Interest	100.00%

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Aug. 30, 2011	Jun. 30, 2011	Jun. 30, 2011
Operating results of discontinued operations
Net loss from discontinued operations		$ (159)	$ (1,131)
RLJ Lodging Fund II, L.P.
Discontinued operations
Gain on extinguishment of indebtedness relating to discontinued operations	$ 23,500
Operating results of discontinued operations
Net revenues		7,259	13,380
Operating expenses		7,212	14,099
Operating income (loss)		47	(719)
Interest expense		(206)	(412)
Net loss from discontinued operations		$ (159)	$ (1,131)

- Definition

Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Investment in Hotel Properties
Land and land improvements	$ 556,908		$ 556,908		$ 515,957
Buildings and improvements	2,572,749		2,572,749		2,392,669
Furniture, fixtures and equipment	409,169		409,169		375,561
Intangibles	1,857		1,857		1,857
Investment in hotel properties, gross	3,540,683		3,540,683		3,286,044
Accumulated depreciation and amortization	(524,349)		(524,349)		(465,587)
Investment in hotel properties, net	3,016,334		3,016,334		$ 2,820,457
Depreciation and amortization expense related to investment in hotel properties	$ 31,300	$ 30,500	$ 64,900	$ 61,900

Debt (Details)	1 Months Ended		3 Months Ended		6 Months Ended
Debt (Details)	Apr. 30, 2012 USD ($)	Jan. 31, 2011 USD ($)	Jun. 30, 2012 USD ($) asset hotel	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) instrument asset hotel term	Jun. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
Debt
Borrowings outstanding under facility			$ 85,000,000		$ 85,000,000
Mortgage loans			1,335,186,000		1,335,186,000		$ 1,341,735,000
Credit facility
Debt
Maximum borrowings			300,000,000		300,000,000
Revolving loan commitment optional new maximum amount			450,000,000		450,000,000
Fees incurred			3,000,000		$ 3,000,000
Variable interest rate basis					LIBOR
Unused commitment fee			200,000	$ 37,000	$ 500,000	$ 37,000
Amount borrowed	$ 300,000,000
Interest expense			$ 600,000		$ 600,000
Credit facility \| Minimum
Debt
Number of hotel properties required to remain unencumbered by outstanding indebtedness \| hotel			15		15
Spread over variable interest rate basis (as a percent)			2.25%		2.25%
Unused facility fee (as a percent)					0.30%
Credit facility \| Maximum
Debt
Spread over variable interest rate basis (as a percent)			3.25%		3.25%
Unused facility fee (as a percent)					0.40%
Standby letters of credit
Debt
Fee on debt (as a percent)					0.125%
Standby letters of credit \| Minimum
Debt
Number of standby letters of credit that may be issued \| instrument					1
Standby letters of credit \| Maximum
Debt
Maximum borrowings			$ 30,000,000		$ 30,000,000
Swingline loans
Debt
Maximum borrowings			$ 40,000,000		$ 40,000,000
RLJ Predecessor Credit Facility
Debt
Maximum borrowings		$ 200,000,000
Variable interest rate basis		LIBOR
Spread over variable interest rate basis (as a percent)		0.75%
Unused facility fee (as a percent)		0.15%
Unused commitment fee				$ 12,000		$ 12,000
Mortgage Loans
Debt
Number of Assets Encumbered \| asset			92		92
Mortgage loans			$ 1,335,186,000		$ 1,335,186,000		1,341,735,000
Mortgage Loans \| Keybank
Debt
Mortgage loans							48,000,000
Mortgage Loans \| State Street Bank
Debt
Mortgage loans							37,000,000
Mortgage Loans \| Wells Fargo, lender 1
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			4.25%		4.25%
Mortgage loans			$ 60,000,000		$ 60,000,000		60,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.50%		5.50%
Mortgage loans			$ 40,000,000		$ 40,000,000		40,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 3
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.50%		5.50%
Mortgage loans			$ 31,000,000		$ 31,000,000		31,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 4
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			4.90%		4.90%
Mortgage loans			$ 150,000,000		$ 150,000,000		150,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Blackstone
Debt
Interest rate (as a percent)			10.75%		10.75%
Mortgage loans			$ 50,000,000		$ 50,000,000		50,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 5
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			3.85%		3.85%
Mortgage loans			$ 68,500,000		$ 68,500,000		68,500,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 6
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			3.85%		3.85%
Mortgage loans			$ 17,500,000		$ 17,500,000		17,500,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 7
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			3.85%		3.85%
Mortgage loans			$ 21,000,000		$ 21,000,000		21,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 8
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			3.85%		3.85%
Mortgage loans			$ 11,000,000		$ 11,000,000		11,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Wells Fargo, lender 9
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			3.85%		3.85%
Mortgage loans			$ 24,000,000		$ 24,000,000		24,000,000
Number of additional maturity terms \| term					2
Additional maturity term					1 year
Mortgage Loans \| Capmark Financial Group, lender 1
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.12%		6.12%
Mortgage loans			$ 4,265,000		$ 4,265,000		4,327,000
Mortgage Loans \| Capmark Financial Group, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 11,478,000		$ 11,478,000		11,656,000
Mortgage Loans \| Capmark Financial Group, lender 3
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.50%		5.50%
Mortgage loans			$ 5,014,000		$ 5,014,000		5,014,000
Mortgage Loans \| Capmark Financial Group, lender 4
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 4,979,000		$ 4,979,000		5,057,000
Mortgage Loans \| Barclay's Bank, lender 1
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 2,601,000		$ 2,601,000		2,642,000
Mortgage Loans \| Barclay's Bank, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 4,270,000		$ 4,270,000		4,336,000
Mortgage Loans \| Barclay's Bank, lender 3
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 9,953,000		$ 9,953,000		10,107,000
Mortgage Loans \| Barclay's Bank, lender 4
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 8,883,000		$ 8,883,000		9,020,000
Mortgage Loans \| Barclay's Bank, lender 5
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 7,962,000		$ 7,962,000		8,084,000
Mortgage Loans \| Barclay's Bank, lender 6
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.60%		5.60%
Mortgage loans			$ 5,520,000		$ 5,520,000		5,603,000
Mortgage Loans \| Barclay's Bank, lender 7
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.60%		5.60%
Mortgage loans			$ 8,577,000		$ 8,577,000		8,707,000
Mortgage Loans \| Barclay's Bank, lender 8
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 5,216,000		$ 5,216,000		5,296,000
Mortgage Loans \| Barclay's Bank, lender 9
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 34,581,000		$ 34,581,000		35,115,000
Mortgage Loans \| Barclay's Bank, lender 10
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.60%		5.60%
Mortgage loans			$ 6,568,000		$ 6,568,000		6,669,000
Mortgage Loans \| Barclay's Bank, lender 11
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 5,853,000		$ 5,853,000		5,943,000
Mortgage Loans \| Barclay's Bank, lender 12
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 6,726,000		$ 6,726,000		6,830,000
Mortgage Loans \| Barclay's Bank, lender 13
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.60%		5.60%
Mortgage loans			$ 8,569,000		$ 8,569,000		8,701,000
Mortgage Loans \| Barclay's Bank, lender 14
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 6,718,000		$ 6,718,000		6,821,000
Mortgage Loans \| Barclay's Bank, lender 15
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 7,394,000		$ 7,394,000		7,508,000
Mortgage Loans \| Barclay's Bank, lender 16
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 6,726,000		$ 6,726,000		6,830,000
Mortgage Loans \| Barclay's Bank, lender 17
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 7,678,000		$ 7,678,000		7,796,000
Mortgage Loans \| Barclay's Bank, lender 18
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.55%		5.55%
Mortgage loans			$ 9,635,000		$ 9,635,000		9,783,000
Mortgage Loans \| Capmark Financial Group, lender 5
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.50%		5.50%
Mortgage loans			$ 6,779,000		$ 6,779,000		6,883,000
Mortgage Loans \| Barklay's Bank, Lender 19
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			5.44%		5.44%
Mortgage loans			$ 11,054,000		$ 11,054,000		11,223,000
Mortgage Loans \| PNC Bank
Debt
Number of Assets Encumbered \| asset			7		7
Interest rate (as a percent)			2.60%		2.60%
Mortgage loans			$ 85,000,000		$ 85,000,000
Number of additional maturity terms \| term					1
Additional maturity term					1 year
Mortgage Loans \| Merrill Lynch, lender 1
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 9,236,000		$ 9,236,000		9,294,000
Mortgage Loans \| Merrill Lynch, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 5,552,000		$ 5,552,000		5,552,000
Mortgage Loans \| Merrill Lynch, lender 3
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 7,731,000		$ 7,731,000		7,780,000
Mortgage Loans \| Merrill Lynch, lender 4
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 9,252,000		$ 9,252,000		9,307,000
Mortgage Loans \| Wachovia Securities, lender 1
Debt
Number of Assets Encumbered \| asset			43		43
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 490,288,000		$ 490,288,000		493,358,000
Mortgage Loans \| Wachovia Securities, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 6,622,000		$ 6,622,000		6,664,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 1
Debt
Number of Assets Encumbered \| asset			2		2
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 35,037,000		$ 35,037,000		35,256,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 2
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 6,794,000		$ 6,794,000		6,837,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 3
Debt
Number of Assets Encumbered \| asset			1		1
Interest rate (as a percent)			6.29%		6.29%
Mortgage loans			$ 9,675,000		$ 9,675,000		$ 9,736,000
Senior loan \| Wells Fargo, lender 4
Debt
Mortgage loans			150,000,000		150,000,000
Mezzanine loan \| Blackstone
Debt
Mortgage loans			50,000,000		50,000,000
Mortgage loan secured by Courtyard Goshen
Debt
Mortgage loans			5,600,000		5,600,000
Mortgage loan secured by SpringHill Suites Southfield
Debt
Mortgage loans			$ 5,000,000		$ 5,000,000
Term Loan
Debt
Variable interest rate basis					LIBOR
Spread over variable interest rate basis (as a percent)			4.25%		4.25%
Number of additional maturity terms \| term					2
Additional maturity term					6 months
Unsecured term loan		$ 140,000,000
Number of hotel properties to be maintained as an unencumbered asset pool as per agreement during the term of the term loan \| hotel					10
Floor rate (as a percent)					1.00%
Interest expense			$ 1,700,000		$ 3,200,000

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2012
Income Taxes
Minimum percentage of adjusted taxable income to be currently distributed to owners to qualify as a REIT	90.00%

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Commitments and Contingencies
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	1.00%
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	$ 82,085	$ 87,288

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Equity Incentive Plan
Maximum number of common shares of beneficial interest to be issued	5,000,000		5,000,000
Maximum number of common shares per individual that can be granted in a calendar year			1,000,000
Common shares available for future grant	3,459,868		3,459,868
Other Disclosures
Share-based compensation expense			$ 80	$ 40
Restricted share awards
Number of Shares
Unvested at the beginning of the period (in shares)			970,288
Granted (in shares)			436,646
Vested (in shares)			(171,399)
Forfeited (in shares)			(26,506)
Unvested at the end of the period (in shares)	1,209,029		1,209,029
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 17.93
Granted (in dollars per share)			17.57
Vested (in dollars per share)			17.86
Forfeited (in dollars per share)			17.78
Unvested at the end of the period (in dollars per share)	$ 17.81		$ 17.81
Other Disclosures
Share-based compensation expense	$ 1,700	$ 600	$ 3,200	$ 600
Total unrecognized compensation costs	$ 20,700		$ 20,700
Weighted-average period of recognition of unrecognized share-based compensation expense			3 years 1 month 6 days
Total fair value of shares vested			$ 3,100
Minimum
Equity Incentive Plan
Exercise price of share options as a percentage of the fair market value of the common shares on the date of grant			100.00%
Grantees owning greater than ten percent of combined voting power \| Minimum
Equity Incentive Plan
Exercise price of share options as a percentage of the fair market value of the common shares on the date of grant			110.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Earnings per Common Share
Weighted average number of OP units held by the noncontrolling interest (in shares)	894,000		894,000
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations	$ 18,885	$ (2,409)	$ 12,372	$ (17,569)
Add: Income (Loss) from discontinued operations		(159)		(1,131)
Net income (loss) attributable to common shareholders	18,885	(2,568)	12,372	(18,700)
Less: Dividends paid on unvested restricted shares	(199)	(90)	(411)	(90)
Less: Undistributed earnings attributable to unvested restricted shares	(13)
Net income (loss) attributable to common shareholders	$ 18,673	$ (2,658)	$ 11,961	$ (18,790)
Denominator:
Weighted-average number of common shares - basic (in shares)	105,388,743	88,767,570	105,360,778	81,228,975
Unvested restricted shares	65,936		54,098
Weighted-average number of common shares - diluted	105,454,679	88,767,570	105,414,876	81,228,975
Net income (loss) per share attributable to common shareholders - basic (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.22)
Discontinued operations (in dollars per share)				(0.01)
Net income (loss) per share attributable to common shareholders - basic (in dollars per share)	0.18	(0.03)	0.11	(0.23)
Net income (loss) per share attributable to common shareholders - diluted (in dollars per share)	0.18	(0.03)	0.11	(0.22)
Discontinued operations (in dollars per share)				(0.01)
Net income (loss) per share attributable to common shareholders - diluted (in dollars per share)	$ 0.18	$ (0.03)	$ 0.11	$ (0.23)

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Financial Instruments: Derivatives and Hedging
Percentage of Company's borrowings which are subject to variable rates	25.20%	25.10%
Financial Instruments: Derivatives and Hedging
Notional value	$ 331,000	$ 416,000
Fair value	(1,421)	(1,796)
Unrealized losses included in accumulated other comprehensive loss	1,400	1,800
Interest rate cap, hedge type one
Financial Instruments: Derivatives and Hedging
Notional value		$ 48,000
Hedge interest rate (as a percent)		6.00%
Interest rate cap, hedge type two
Financial Instruments: Derivatives and Hedging
Notional value		$ 37,000
Hedge interest rate (as a percent)		6.00%
Interest rate cap, hedge type three
Financial Instruments: Derivatives and Hedging
Notional value		$ 60,000
Hedge interest rate (as a percent)		5.00%
Interest rate cap, hedge type four
Financial Instruments: Derivatives and Hedging
Notional value	$ 50,000	$ 50,000
Hedge interest rate (as a percent)	3.50%	3.50%
Fair value		$ 3
Swap-cash flow, hedge type one
Financial Instruments: Derivatives and Hedging
Notional value	$ 150,000	$ 150,000
Hedge interest rate (as a percent)	1.15%	1.15%
Fair value	$ (747)	$ (1,145)
Swap-cash flow, hedge type two
Financial Instruments: Derivatives and Hedging
Notional value	$ 40,000	$ 40,000
Hedge interest rate (as a percent)	1.00%	1.00%
Fair value	$ (367)	$ (369)
Swap-cash flow, hedge type three
Financial Instruments: Derivatives and Hedging
Notional value	$ 31,000	$ 31,000
Hedge interest rate (as a percent)	1.00%	1.00%
Fair value	$ (285)	$ (285)
Interest rate cap, hedge type five
Financial Instruments: Derivatives and Hedging
Notional value	$ 60,000
Hedge interest rate (as a percent)	1.00%	1.00%
Fair value	$ (22)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Fair Value
Interest rate swap and cap liability	$ (1,421)	$ (1,796)
Level 3
Fair Value
Investment in collateralized loans	22,600	22,600
Fixed rate mortgage notes payable	752,500	771,500
Carrying value of fixed rate mortgage notes payable	777,200	$ 783,700
Recurring \| Level 2
Fair Value
Interest rate swap and cap liability	(1,421)
Total	(1,421)
Recurring \| Total
Fair Value
Interest rate swap and cap liability	(1,421)
Total	$ (1,421)

Related Party Transactions (Details) - USD ($)	3 Months Ended	6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2011	Jun. 30, 2011	Jun. 30, 2012	Dec. 31, 2011
RLJ Development, LLC
Related Party Transactions
Fees for management advisory services	$ 300,000	$ 900,000
RLJ Companies LLC
Related Party Transactions
Due to related party			$ 15,000
Due from related party				$ 28,000

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 3
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Subparagraph 1
-Article 4

+ Details

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References + Details

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Supplemental Information to Statements of Cash Flows
Interest paid	$ 38,265	$ 50,908
Income taxes paid	1,221	1,010
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	182,658	204,588
Accounts receivable	71	457
Other assets	556	862
Advance deposits	(163)	(368)
Accounts payable and accrued expenses	(432)	(2,209)
Application of purchase deposit		(8,500)
Acquisition of hotel properties	182,690	194,830
Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	375	812
Accrued capital expenditures	1,813
Distributions payable	$ 17,742	$ 8,577	$ 16,076

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Jul. 31, 2012 $ / shares
Subsequent event \| Dividend paid
Subsequent Events
Dividend paid (in dollars per share)	$ 0.165