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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Feb. 20, 2013	Jun. 29, 2012
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	0001511337
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,857,995,324
Entity Common Stock, Shares Outstanding		106,540,971
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Assets
Investment in hotel properties, net	$ 3,073,483	$ 2,820,457
Investment in loans	12,426	12,633
Cash and cash equivalents	115,861	310,231
Restricted cash reserves	64,787	87,288
Hotel receivables, net of allowance of $194 and $150, respectively	22,738	20,081
Deferred financing costs, net	11,131	9,639
Deferred income tax asset	2,206	1,369
Purchase deposits	9,910
Prepaid expense and other assets	33,843	28,320
Total assets	3,346,385	3,290,018
Liabilities and Equity
Borrowings under revolving credit facilities	16,000
Mortgage loans	997,651	1,341,735
Term loans	400,000
Interest rate swap liability	470	1,796
Accounts payable and accrued expense	87,105	86,213
Deferred income tax liability	4,064	3,314
Advance deposits and deferred revenue	8,508	4,781
Accrued interest	2,284	2,115
Distributions payable	22,392	16,076
Total liabilities	1,538,474	1,456,030
Commitments and Contingencies (Note 10)
Shareholders' equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at December 31, 2012 and 2011, respectively.
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 106,565,516 and 106,279,049 shares issued and outstanding at December 31, 2012 and 2011, respectively.	1,066	1,063
Additional paid-in-capital	1,841,449	1,835,011
Accumulated other comprehensive loss		(1,782)
Distributions in excess of net earnings	(52,681)	(18,960)
Total shareholders' equity	1,789,834	1,815,332
Noncontrolling interest
Noncontrolling interest in joint venture	6,766	7,170
Noncontrolling interest in Operating Partnership	11,311	11,486
Total noncontrolling interest	18,077	18,656
Total equity	1,807,911	1,833,988
Total liabilities and equity	$ 3,346,385	$ 3,290,018

Combined Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Hotel receivables, allowance (in dollars)	$ 194	$ 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	106,565,516	106,279,049
Common shares of beneficial interest, shares outstanding	106,565,516	106,279,049

Combined Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Hotel operating revenue
Room revenue	$ 742,618	$ 656,997	$ 445,630
Food and beverage revenue	87,610	81,781	57,710
Other operating department revenue	23,977	20,174	13,326
Total revenue	854,205	758,952	516,666
Hotel operating expense
Room	163,374	147,039	96,389
Food and beverage	60,508	56,606	37,798
Management fees	30,075	26,056	18,373
Other hotel expenses	258,644	231,602	159,267
Total hotel operating expense	512,601	461,303	311,827
Depreciation and amortization	126,798	128,112	96,940
Impairment loss	896
Property tax, insurance and other	53,091	46,605	32,500
General and administrative	31,099	24,253	19,542
Transaction and pursuit costs	3,520	3,996	14,345
IPO costs		10,733
Total operating expense	728,005	675,002	475,154
Operating income	126,200	83,950	41,512
Other income	433	1,001	629
Interest income	1,686	1,682	3,352
Interest expense	(84,997)	(96,020)	(86,735)
Loss on disposal	(634)
Income (loss) from continuing operations before income taxes	42,688	(9,387)	(41,242)
Income tax expense	(1,369)	(740)	(945)
Income (loss) from continuing operations	41,319	(10,127)	(42,187)
Income from discontinued operations		21,836	19,571
Net income (loss)	41,319	11,709	(22,616)
Net (income) loss attributable to non-controlling interests
Noncontrolling interest in joint venture	404	(47)	213
Noncontrolling interest in common units of Operating Partnership	(425)	(255)
Net income (loss) attributable to the Company	41,298	11,407	(22,403)
Distributions to preferred unitholders		(61)	(62)
Net income (loss) attributable to common shareholders	$ 41,298	$ 11,346	(22,465)
Basic per common share data:
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.38	$ (0.11)
Discontinued operations (in dollars per share)		0.23
Net income per share attributable to common shareholders (in dollars per share)	$ 0.38	$ 0.12
Weighted-average number of common shares (in shares)	105,423,604	95,340,666
Diluted per common share data:
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.38	$ (0.11)
Discontinued operations (in dollars per share)		0.23
Net income per share attributable to common shareholders (in dollars per share)	$ 0.38	$ 0.12
Weighted-average number of common shares (in shares)	105,748,686	95,340,666
Comprehensive income
Net income (loss) attributable to the Company	$ 41,298	$ 11,407	(22,403)
Unrealized gain on interest rate derivatives	1,782	2,024	$ 11,108
Comprehensive income attributable to the Company	$ 43,080	$ 13,431

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	Comprehensive Income (Loss)	General Partner Fund II	General Partner Fund III	Limited Partners Fund II	Limited Partners Fund III	Members' Capital Class A	Members' Capital Class B	Preferred Units Fund II	Preferred Units Fund III
Balance at Dec. 31, 2009										$ (11,440)	$ (17,852)	$ 459,903	$ 50,163	$ 13,643	$ 5,807	$ 189	$ 190
Balance at Dec. 31, 2009	$ 485,747				$ (14,856)
Components of comprehensive income (Loss):
Net income (loss)	(22,616)					$ (213)			$ (22,616)	(20)	(8)	(26,859)	(16,379)	15,658	5,205
Reclassification adjustment for gains included in net loss	(58)				(58)				(58)
Unrealized gain on interest rate derivatives	11,108				11,108				11,108
Total comprehensive income (loss)	(11,566)								(11,566)
Partners' contributions	801,751									6,697	8,243	8,646	778,165
Partners' distributions	(31,003)									(8,646)	(13,711)	(8,646)
Members' distributions	(28,970)													(22,709)	(6,261)
Noncontrolling interest recorded upon the Doubletree Metropolitan hotel acquisition	7,836					7,836
Distributions to preferred unitholders	(62)											(31)	(31)
Balance at Dec. 31, 2010										(13,409)	(23,328)	433,013	811,918	6,592	4,751	189	190
Balance at Dec. 31, 2010	1,223,733				(3,806)	7,623		$ 7,623
Components of comprehensive income (Loss):
Net income (loss)	11,709			$ 21,433		302	$ 255	47	11,709	(7)		(9,444)	(234)	(256)	(85)
Unrealized gain on interest rate derivatives	2,024				2,024				2,024
Total comprehensive income (loss)	13,733								13,733
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	(3,104)													(2,547)	(557)
Proceeds from sale of common stock, net	528,293	$ 316	$ 527,977
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	3,284		3,284
Share grants to trustees	120		120
Share grants to trustees (in shares)		7,810
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(702)		(702)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(47,542)
Forfeiture of restricted stock (in shares)		(3,000)
Exchange of owners' equity for common stock and units		$ 736	1,304,343			11,571	11,571			$ 12,388	$ 22,095	(421,960)	(921,396)	$ (3,789)	$ (4,109)	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	(40,733)			(40,393)		(340)	(340)
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
Components of comprehensive income (Loss):
Net income (loss)	41,319			41,298		21	425	(404)	41,319
Unrealized gain on interest rate derivatives	1,782				$ 1,782				$ 1,782
Total comprehensive income (loss)	43,100
Issuance of restricted stock		$ 4	(4)
Issuance of restricted stock (in shares)		436,646
Amortization of share based compensation	8,626		8,626
Share grants to trustees	160		160
Share grants to trustees (in shares)		8,530
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,345)	$ (1)	(2,344)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(131,831)
Forfeiture of restricted stock (in shares)		(26,878)
Distributions on common shares and units	(75,619)			(75,019)		(600)	(600)
Balance at Dec. 31, 2012	$ 1,807,911	$ 1,066	$ 1,841,449	$ (52,681)		$ 18,077	$ 11,311	$ 6,766
Balance (in shares) at Dec. 31, 2012		106,565,516

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income (loss)	$ 41,319	$ 11,709	$ (22,616)
Adjustments to reconcile net income (loss) to cash flow provided by operating activities:
Gain on sale of properties			(23,710)
Gain on extinguishment of indebtedness		(23,515)
Depreciation and amortization	126,798	130,714	100,793
Amortization of deferred financing costs	5,452	5,842	3,083
Amortization of deferred management fees	1,000	1,000	1,000
Impairment loss	896
Loss on disposal	634
Share grants to trustees	160	120
Amortization of share based compensation	8,626	3,284
Unrealized gain (loss) on interest rate swaps	456		(58)
Deferred income taxes	(87)	1,945
Changes in assets and liabilities:
Hotel receivables, net	(2,493)	31	(7,431)
Prepaid expense and other assets	(5,851)	(6,723)	2,048
Accounts payable and accrued expense	(4,448)	12,618	8,247
Advance deposits and deferred revenue	3,503	(1,525)	342
Accrued interest	169	(1,380)	2,380
Net cash flow provided by operating activities	176,134	134,120	64,078
Cash flows from investing activities:
Acquisition of hotel properties, net of cash acquired	(247,049)	(236,858)	(828,872)
Purchase deposit	(9,910)		(8,500)
Proceeds from principal payments on investment in loans	207	207	68
Improvements and additions to hotel properties	(129,235)	(93,477)	(15,984)
Additions to property and equipment	(342)	(116)	(80)
Advances from related parties			10,103
Proceeds from sale of hotel properties			72,747
Releases from (funding of) restricted cash reserves, net	22,501	(16,768)	(16,089)
Net cash flow used in investing activities	(363,828)	(347,012)	(786,607)
Cash flows from financing activities:
Borrowings under credit facility	101,000		589,146
Repayments under credit facility	(85,000)		(735,129)
Proceeds from term loans	400,000	140,000
Repayments of term loan		(140,000)
Proceeds from mortgage loans	85,000	142,000	331,000
Payment of mortgage principal	(429,084)	(489,342)	(79,706)
Distributions to noncontrolling interest		(500)
Repurchase of common shares	(2,344)	(702)
Distributions on common shares	(68,752)	(24,451)
Distributions on OP units	(551)	(206)
Payment of preferred unitholder distributions		(61)	(62)
Payment of deferred financing costs	(6,944)	(6,183)	(8,424)
Payment of members' distributions		(3,104)	(28,971)
Proceeds from partners' contributions		126,721	801,750
Payment of partners' distributions		(16,296)	(31,003)
Redemption of preferred units		(500)
Proceeds from issuance of common shares		567,672
Shares acquired to satisfy withholding on vested restricted stock	(1)
Payment of offering costs		(39,379)
Net cash flow (used in) provided by financing activities	(6,676)	255,669	838,601
Net change in cash and cash equivalents	(194,370)	42,777	116,072
Cash and cash equivalents, beginning of period	310,231	267,454	151,382
Cash and cash equivalents, end of period	$ 115,861	$ 310,231	$ 267,454

Organization	12 Months Ended
Organization	Dec. 31, 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 acquires primarily 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 qualified and elected 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 as of and for the year ended December 31, 2010 reflect the financial condition and results of operations of the RLJ Predecessor. The Company's results of operations for the year ended December 31, 2011 reflect the results of operations of the RLJ Predecessor together with the Company. The financial condition as of December 31, 2012 and December 31, 2011, as well as the results of operations for the year ended December 31, 2012 reflects 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. The Company owned, through a combination of direct and indirect interests, 99.2% of the OP units at December 31, 2012. See Note 11 for additional disclosures on OP units. As of December 31, 2012, the Company owned interests in 145 hotels with 21,617 rooms located in 21 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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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 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 combined consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The combined consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, including joint ventures. All significant intercompany balances have been eliminated in consolidation. The combined consolidated financial statements for the periods prior to the May 16, 2011 IPO of RLJ Lodging Trust include the accounts of Fund II, Fund III, and RLJ Development and their respective wholly-owned subsidiaries. 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 May 16, 2011 IPO, are presented as the RLJ Predecessor and referred to as the Company. All significant intercompany balances have been eliminated in consolidation. *Use of Estimates* The preparation of the financial statements and accompanying notes 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. *Reporting Periods* As of December 31, 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 years ended December 31, 2012, 2011 and 2010 include the results of operations for the Company's Marriott-managed hotels for the 52-week periods ending December 28, 2012, December 30, 2011 and December 31, 2010, respectively. *Risks and Uncertainties* During the last economic recession, the Company experienced reduced demand for its hotel rooms and services. While uncertainty over the continued economic recovery may impact the lodging industry and the Company's financial results and growth, the Company remains cautiously optimistic that its future financial results and growth will benefit from current economic conditions and favorable lodging fundamentals. At December 31, 2012, the Company owned five, 21 and 17 hotels located in the New York, New York; Chicago, Illinois; and Austin, Texas metropolitan areas, respectively, that accounted for 15.8%, 12.1% and 10.5% of our total revenue, respectively. As a result, the Company is susceptible to adverse market conditions in these areas, including industry downturns, relocation of businesses and any oversupply of hotel rooms or a reduction in lodging demand. At December 31, 2012, the Company owned 102 and 31 hotels that operate under Marriott and Hilton brands, respectively. As a result, the Company is subject to the potential risks associated with the concentration of its hotels under a limited number of brands. A negative public image or other adverse event that becomes associated with either of these brands could adversely affect hotels operated under the respective brand. If either of these brands suffers a significant decline in appeal to the traveling public, the revenues and profitability of the Company's branded hotels could be adversely affected. The Company owns 104 hotels that are managed by White Lodging Services Corporation ("WLS"). As a result, the Company is subject to the potential risks associated with the concentration of the majority of our hotels under a single management company. A negative public image or other adverse event that becomes associated with or impacts WLS could adversely affect the revenues and profitability of hotels that are managed by them. *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 December 31, 2012, there is approximately $3.9 million remaining to be recognized. *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 sheets 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 December 31, 2012 and 2011 was $23.0 million and $22.6 million, respectively. • Interest rate swaps and caps—The fair value of interest rate swaps and caps is determined as discussed in Note 9 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. As a result, the Company determined that its variable rate mortgage notes payable in their entirety are classified in Level 2 of the fair value hierarchy. • Fixed rate mortgage notes payable—The fair value estimated at December 31, 2012 and 2011 of $745.3 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 December 31, 2012 and 2011 was $770.7 million and $783.7 million, respectively. *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 December 31, 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 impairment or disposal of long-lived assets guidance, 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 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. *Investment in Loans* The Company holds investments in two collateralized mortgage loans. The loans are collateralized by the related hotels and were recorded at acquisition at their initial investment, which includes the amount paid to the seller plus any fees paid or less any fees received. The acquired loans were of a deteriorated credit quality as the loans were already in default, as of the date they were acquired by the Company and therefore the amounts paid for the loans reflected the Company's determination that it was probable the Company would be unable to collect all amounts due pursuant to the loan's contractual terms. The Company considers expected prepayments, and estimates the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determines any excess of the loan's scheduled contractual principal and contractual interest payments over all cash flows expected at acquisition as an amount that should not be accreted. The remaining amount, representing the excess of the loan's cash flows expected to be collected over the amount paid to acquire the loan is accreted into interest income over the remaining life of the loan. The Company will regularly re-estimate cash flows expected to be collected over the life of the loan. Any increases in future cash flows expected to be collected will result in a prospective adjustment to the interest yield which will be recognized over the loan's remaining life. Any decreases in cash flows expected to be collected after loan acquisition will result in an impairment charge. A reserve will be established if the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) of an impaired loan is lower than the carrying value of that loan. As of December 31, 2012 and 2011, no reserves for loan losses were deemed necessary. *Cash and Cash Equivalents* All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. The Company maintains cash balances in domestic banks, which, at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation. *Restricted Cash Reserves* All cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement and/or a mortgage agreement for replacement of furniture, fixtures and equipment and funding of real estate taxes and insurance is considered to be restricted cash reserves. *Hotel Receivables* Hotel receivables consist mainly of hotel guest and meeting and banquet room rental receivables. The Company does not generally require collateral, as ongoing credit evaluations are performed and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. *Deferred Financing Fees* Deferred financing fees relate to costs incurred to obtain long-term financing. Deferred financing fees are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective terms of the financing agreement, as applicable (see Note 7) and are included as a component of interest expense. The Company expenses unamortized deferred financing fees when the associated financing agreement is refinanced or repaid before maturity, unless criteria are met that would allow for the carryover of such costs to the refinanced agreement. For the years ended December 31, 2012, 2011 and 2010, approximately $5.5 million, $5.8 million and $2.5 million (excluding discontinued operations), respectively, of amortization expense was recorded as a component of interest expense. Accumulated amortization at December 31, 2012 and 2011 was approximately $17.7 million and $16.8 million (excluding discontinued operations), respectively. *Deferred Management Fees* In June 2006, in consideration for the agreement of WLS to enter into new management agreements on terms favorable to Fund II, a subsidiary of Fund II made a one-time payment of $20.0 million to WLS. This payment was recorded at cost, and is being amortized as a component of management fee expense over the 20-year initial term of the management agreement. For the years ended December 31, 2012, 2011 and 2010, $1.0 million of amortization expense was recorded in each year with respect to deferred management fees. As of December 31, 2012 and 2011, accumulated amortization was approximately $6.6 million and $5.6 million, respectively. *Comprehensive Income (Loss)* Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) is comprised of unrealized gains and losses resulting from hedging activities. *Advertising Costs* The Company expenses advertising costs as incurred. Advertising expense was approximately $4.4 million, $4.0 million and $2.2 million for the years ended December 31, 2012, 2011 and 2010, respectively, (excluding discontinued operations) and is included in other hotel operating expenses. *Transaction and Pursuit Costs* The Company incurs costs during the review of potential property acquisitions, including legal fees, architectural costs, environmental reviews and market studies. These costs are expensed as incurred. *Derivative Financial Instruments* In the normal course of business, the Company is exposed to the effects of interest rate changes. As of December 31, 2012 and 2011, 45.5% and 41.6%, respectively, of the Company's borrowings were subject to variable rates. As of December 31, 2012 and 2011, after taking into consideration the effect of interest rate swaps and caps, 40.6% and 25.1%, respectively, of the Company's borrowings were subject to variable rates. The Company limits the risks associated with interest rate changes by following the Company's established risk management policies and procedures, including the use of derivatives. The Company utilizes derivative financial instruments to manage, or hedge, interest rate risk. The Company attempts to require that hedging derivative instruments be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility and medium and long-term financings. To reduce the Company's susceptibility to interest rate variability, the Company uses interest rate instruments, typically interest rate swaps and caps, to convert a portion of variable rate debt to fixed rate debt. Interest rate differentials that arise under interest rate swap and cap contracts are recognized in interest expense over the life of the contracts. Interest rate swap and cap agreements contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by the counterparties. Gains and losses on swap and cap agreements determined to be effective hedges are reported in other comprehensive income (loss) and are reclassified to earnings in the period in which earnings are affected by the underlying hedged item. The ineffective portion of all hedged items is recognized in earnings in the current period. At December 31, 2012 and 2011, the aggregate fair value of approximately $0.5 million and $1.8 million, respectively, of the swap and cap agreements was recorded as a liability in the accompanying combined consolidated financial statements. *Distributions by the RLJ Predecessor* Fund II was required to make quarterly distributions to the Fund II General Partner and Fund II's limited partners in accordance with the Fund II LP Agreements. Distributable proceeds were apportioned among the Fund II General Partner and the Fund II limited partners in proportion to their respective percentage interests and then distributed to each partner (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, and (iii) thereafter 80% to limited partners and 20% to the Fund II General Partner. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $158.8 million (excluding advisory fees, see Note 12) had been distributed to partners. Fund III was required to make quarterly distributions to the Fund III General Partner and Fund III's limited partners in accordance with the Fund III LP Agreements. Distributable proceeds were apportioned among the Fund III General Partner and the Fund III LP limited partners in proportion to their respective percentage interests and then distributed to each partner (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, (iii) third, 80% to partners and 20% to the Fund III General Partner, until each partner has received an internal rate of return of 11%, (iv) fourth, 60% to partners and 40% to the Fund III General Partner until the aggregate amount under (i) and (iii) distributed to the Fund III General Partner equals 20% of the aggregate amount distributed to the partners, and (v) thereafter 80% to limited partners and 20% to the Fund III General Partner. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, no distributions had been made to partners (excluding advisory fees, see Note 12). Fund II, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $0.1 million had been distributed to preferred unitholders. Fund III, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $0.1 million had been distributed to preferred unitholders. Pursuant to the terms of the RLJ Development's Limited Liability Company Agreement (the "LLC Agreement"), distributions were made at the discretion of the managing member. Distributions were made to Members in the following priority; (i), first to Class A Members who are entitled to receive any unpaid preferred return until the unpaid preferred return is reduced to zero; (ii), next to each Member, an amount equal to the excess of the tax rate percentage (as defined by the LLC Agreement) multiplied by the aggregate amount of net profits allocated to such members; (iii), next to Class A Members in proportion to the respective amounts of their unreturned capital (as defined by the LLC Agreement), until the unreturned capital of all Class A Members is reduced to zero; (iv), thereafter, among the Members in proportion to their respective membership percentage interests. *Distributions by the Company* The Company's Board of Trustees determines the amount of future distributions based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. The Company's ability to make distributions is dependent on our receipt of quarterly distributions from the Operating Partnership and the Operating Partnership's ability to make distributions is dependent upon the results of operations of our hotels. *Allocation of Profits and Losses* Profits and losses of Fund II were allocated to the Fund II General Partner and Fund II's limited partners in accordance with the Fund II LP Agreements. Profits and losses were apportioned among the Fund II General Partner and the Fund II limited partners in proportion to their respective percentage interests (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, and (iii) thereafter 80% to limited partners and 20% to the Fund II General Partner. Profits and losses of Fund III were allocated to the Fund III General Partner and Fund III's limited partners in accordance with the Fund III LP Agreements. Profits and losses were apportioned among the Fund III General Partner and the Fund III limited partners in proportion to their respective percentage interests (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, (iii) third, 80% to partners and 20% to the Fund III General Partner, until each partner has received an internal rate of return of 11%, (iv) fourth, 60% to partners and 40% to the Fund III General Partner until the aggregate amount under (i) and (iii) distributed to the Fund III General Partner equals 20% of the aggregate amount distributed to the partners, and (v) thereafter 80% to limited partners and 20% to the Fund III General Partner. Profits of RLJ Development were allocated in accordance with the LLC Agreement: (i) first, to Members who received allocations of losses for earlier periods in proportion to the cumulative amount of those losses; (ii) next, to Class A Members in proportion to their respective percentage interests, until those Members have received cumulative allocation of profits for the current year and all prior years not offset by losses allocated to them equal to the cumulative amount of their annual preferred return; and (iii) thereafter, to the Members in proportion to their respective membership percentage interests. Losses of RLJ Development were allocated to Members in the following order or priority: (i) first, to Members who received allocations of profits in earlier fiscal years in proportion to the cumulative amount of profits previously allocated to them; (ii) next, to Members who have a positive capital account in proportion to the respective amounts of their positive capital accounts until the accounts are reduced to zero; and (iii) thereafter, to the Members in proportion to their respective percentage interests. *Noncontrolling Interests* The combined consolidated financial statements include all subsidiaries controlled by the Company. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the combined consolidated financial statements. As of December 31, 2012, the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 5.0% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the balance sheet. Profits and losses are allocated in proportion to each party's respective ownership interest. As of December 31, 2012, the Company consolidates RLJ Lodging Trust, LP, the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.8% ownership interest. The third-party partnership interest is included in noncontrolling interest in operating partnership on the balance sheet. Profits and losses are allocated in proportion to each party's respective ownership interest. *Income Taxes* The Company has elected to be taxed as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code, as amended, commencing with the 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 REIT taxable income, subject to certain adjustments and excluding any net capital gain. The Company's current intention is to adhere to these requirements and maintain the qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of net income that is currently distributed. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income and property, and to federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. The taxable REIT subsidiary is required to pay income taxes at the applicable rates. The consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of the taxable REIT subsidiary as well as state income taxes incurred. Where required, deferred income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective income tax bases and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that is more likely than not they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The Company performs an annual review for any uncertain tax positions and, if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements. At December 31, 2012 and 2011, the Company did not identify any uncertain tax positions. *Earnings Per Share* Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. *Share-based Compensation* From time to time, the Company may issue share-based awards under the 2011 Equity Incentive Plan (the "2011 Plan"), as compensation to officers, employees and non-employee trustees (see Note 12). The vesting of awards issued to officers and employees is based on either continued employment (time-based) or based on the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the Board of Trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for 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. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. *Environmental* The Company is subject to various Federal, state and local environmental regulations related to its property ownership and operation. The Company has performed environmental assessments of its properties, the results of which have not revealed any environmental liability that the Company believes would have a materially adverse effect on its financial position, operations or liquidity. *Recent Accounting Pronouncements* Recently Adopted In May 2011, the FASB issued Accounting Standards Update ("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. 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 (ASC 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. In February 2013, the FASB issued ASU 2013-02 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" This amendment to ASC 220 "Comprehensive Income" requires the presentation, in one place, of information about significant amounts reclassified out of accumulated other comprehensive income. The guidance is effective for fiscal years and interim periods beginning after December 15, 2012. These ASUs did not and will not have a material effect on the Company's financial position, results of operations, or cash flows. 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") which represents the consensus reached in EITF Issue No. 10-E, "Derecognition of in Substance Real Estate." The objective of ASU 2011-10 is to resolve the diversity in practice about whether the guidance in ASC 360-20, "Property, Plant, and Equipment—Real Estate Sales," of ASC 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 ASC 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 ASC 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. This ASU did not have a material effect on the Company's financial position, results of operations, or cash flows.

Acquisition of Hotel Properties

12 Months Ended

Dec. 31, 2012

Acquisition of Hotel Properties

Acquisition of Hotel Properties

3. Acquisition of Hotel Properties

During the year ended December 31, 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		Purchase Price

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 and Resorts	278		36.2 million	100	%
Embassy Suites Boston/Waltham	Waltham, MA	November 13, 2012	HEI Hotels and Resorts	275		64.5 million	100	%

				966	$	247.2 million

During the year ended December 31, 2011, the Company, through wholly-owned subsidiaries, acquired the following hotels, which were funded by capital contributions or with cash on hand:

Hotel	Location	Acquisition Date	Management Company		Purchase Price

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 Management Group, LLC	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, LLC	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	%
Courtyard Charleston Historic District	Charleston, SC	October 27, 2011	Noble Management Group, LLC	176		42.0 million	100	%

				2,017	$	246.6 million

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

	For the year ended December 31,

	2012		2011
Land and land improvements	$	46,980	$	31,845
Buildings and improvements		191,751		191,823
Furniture, fixtures and equipment		8,427		24,791
Intangibles		—		559
Deferred tax liabilities assumed		—		(2,438	)

Total Purchase Price	$	247,158	$	246,580

There were no contingent consideration arrangements associated with these acquisitions nor was any goodwill recognized. See Note 19 for detail of non-cash prorations assumed at acquisition dates.

For the years ended December 31, 2012 and 2011, the Company included $116.8 million and $69.4 million of total revenue, respectively, and $12.0 million and ($3.2 million) of net income (loss), respectively, in the accompanying combined consolidated statements of operations related to the hotels acquired in 2012 and 2011.

The following unaudited condensed pro forma financial information presents the results of operations as if the 2012 acquisitions had taken place on January 1, 2011and the 2011 acquisitions had taken place on January 1, 2010.

The 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 January 1, 2011 and 2010, respectively, nor does it purport to represent the results of operations for future periods. The unaudited condensed pro forma financial information, excluding discontinued operations, is as follows, (in thousands, except share and per share data):

	For the year ended December 31,

	2012		2011
Revenue	$	884,874	$	817,724
Net income (loss)	$	49,311	$	(577	)
Net income (loss) per share attributable to common shareholders—basic	$	0.47	$	(0.01	)

Net income (loss) per share attributable to common shareholders—diluted	$	0.47	$	(0.01	)

Weighted average number of shares outstanding—basic		105,423,604		93,340,666

Weighted average number of shares outstanding—diluted		105,748,686		93,340,666

- 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
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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-Name Emerging Issues Task Force (EITF)
-Number 88-16
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-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
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-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.

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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

12 Months Ended

Dec. 31, 2012

Discontinued Operations

Discontinued Operations

4. Discontinued Operations

On November 16, 2009, RLJ Development, through wholly-owned subsidiaries, entered into a purchase and sale agreement to sell six hotels. The assets were reclassified as held for sale and the operating results for the hotels were reclassified to discontinued operations. On April 23, 2010, RLJ Development completed the sale of the six hotels for a total sale price of $73.5 million. The sale resulted in a gain of approximately $23.7 million.

On April 23, 2010, the Company defeased five individual mortgages associated with the aforementioned six hotels sold on April 23, 2010 by replacing the original collateral with government securities. These loans carried an outstanding balance of $34.0 million at April 23, 2010. On April 28, 2010, the Company fully repaid the remaining outstanding $8.5 million mortgage loan associated with the six hotels sold on April 23, 2010, including a mortgage prepayment penalty totaling $0.2 million.

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 year ended December 31,

	2011			2010
Net revenues	$	16,917		$	35,673
Operating expenses		18,108			34,165
Impairment loss		—			—

Operating (loss) income		(1,191	)		1,508
Interest expense		(488	)		(5,647	)

Net loss from discontinued operations, before gain on sale		(1,679	)		(4,139	)
Gain on extinguishment of indebtedness		23,515			—
Gain on sale of properties		—			23,710

Net income from discontinued operations	$	21,836		$	19,571

- 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

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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2012

Investment in Hotel Properties

Investment in Hotel Properties

5. Investment in Hotel Properties

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

	December 31,

	2012			2011
Land and land improvements	$	563,524		$	515,957
Buildings and improvements		2,655,086			2,392,669
Furniture, fixtures and equipment		438,807			375,561
Intangibles		1,857			1,857

		3,659,274			3,286,044
Accumulated depreciation and amortization		(585,791	)		(465,587	)

Investment in hotel properties, net	$	3,073,483		$	2,820,457

For the years ended December 31, 2012, 2011 and 2010, depreciation and amortization expense related to investment in hotel properties was approximately $126.4 million, $127.2 million and $96.0 million (excluding discontinued operations), respectively. During the years ended December 31, 2012 and 2011, the Company accelerated approximately $4.7 million and $7.6 million, respectively, of depreciation on furniture, fixtures and equipment in conjunction with brand conversions under the 2011 capital improvement program.

Impairment

During the year ended December 31, 2012, the Company recorded an impairment loss of $0.9 million related to the Fairfield Inn Memphis. The Company evaluated the recoverability of the hotel's carrying value given deteriorating operating results. Based on an analysis of estimated undiscounted net cash flow, the Company concluded that the carrying value of the hotel was not recoverable. The Company estimated the fair value of the hotel using a discounted cash flow analysis. In the analysis, the Company estimated the future net cash flows from the hotel, the expected useful life and holding period, and applicable capitalization and discount rates.

During each of the years ended December 31, 2011 and 2010, 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

Investment in Loans

12 Months Ended

Dec. 31, 2012

Investment in Loans

Investment in Loans

6. Investment in Loans

On November 3, 2009, Fund III purchased two mortgage loans collateralized by the SpringHill Suites Houston Medical Park and the Residence Inn Atlanta Midtown for a total purchase price of $12.7 million. The loans mature on September 6, 2017 and amortize based on a 30 year term. The acquired loans were of deteriorated credit quality as the loans were already in default at the date of the Company's acquisition of the loans, and therefore the amounts paid for the loans reflected the Company's determination that it was probable the Company would be unable to collect all amounts due pursuant to the loan's contractual terms.

Investment in loans as of December 31, 2012 and 2011 consisted of the following (in thousands):

	December 31,

	2012		2011
Note secured by SpringHill Suites Houston Medical Park	$	13,876	$	14,057
Note secured by Residence Inn Atlanta Midtown		10,490		10,634

Face Value	$	24,366	$	24,691

Carrying amount of loans	$	12,426	$	12,633

	December 31,

	2012			2011
Accretable yield balance at beginning of year	$	7,120		$	7,169
Reclassification from nonaccretable difference		64			62
Accretion		(117	)		(111	)

Accretable yield balance at end of year	$	7,067		$	7,120

The SpringHill Suites Houston Medical Park and Residence Inn Atlanta Midtown loans each require monthly payments of principal and interest of $0.1 million. For the years ended December 31, 2012, 2011 and 2010, interest income from the loans was $1.6 million, $1.6 million and $2.2 million, respectively. For the year ended December 31, 2010, interest income included $0.8 million of default interest.

Debt

12 Months Ended

Dec. 31, 2012

Debt

Debt

7. Debt

Revolving Credit Facility and Term Loans

The Company entered into a credit agreement on November 20, 2012 that provides for (i) an unsecured revolving credit facility of up to $300.0 million with a scheduled maturity date of November 20, 2016 with a one-year extension option (the "Revolver"), and (ii) an unsecured term loan of $275.0 million with a scheduled maturity date of November 20, 2017 (the "Five-Year Term Loan"). The credit agreement amends and restates in its entirety the Company's prior unsecured revolving credit facility, which was originally entered into as of June 20, 2011. In addition, on November 20, 2012 the Company also entered into an unsecured term loan of $125.0 million with a scheduled maturity date of November 20, 2019 (the "Seven-Year Term Loan").

The credit agreement requires that a group of no less than 20 of the Company's hotel properties remain unencumbered by outstanding indebtedness. The credit agreement 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 the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2012, the Company was in compliance with all financial covenants

The Company incurred $5.2 million in fees related to the credit agreement and the Seven-Year Term Loan which are being deferred and amortized over the term of the Revolver, the Five-Year Term Loan and the Seven-Year Term Loan, respectively.

Borrowings under the Revolver, the Five-Year Term Loan and the Seven-Year Term Loan bear interest at variable rates equal to the London InterBank Offered Rate ("LIBOR") plus an applicable margin. The margin ranges from 1.70% to 3.00%, depending on the Company's leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.25% and 0.35%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of outstanding borrowings.

Under the terms of the credit agreement, 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 unsecured revolving 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 unsecured revolving credit facility by a corresponding amount. No standby letters of credit were outstanding at December 31, 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 December 31, 2012.

For the year ended December 31, 2012, the Company incurred an unused commitment fee on the Revolver of approximately $0.1 million. At December 31, 2012, outstanding borrowings on the Revolver, the Five-Year Term Loan and the Seven-Year Term Loan were $16.0 million, $275.0 million and $125.0 million, respectively. For the year ended December 31, 2012, interest expense incurred on the Revolver, the Five-Year Term Loan and the Seven-Year Term Loan was $40,000, $0.7 million and $0.4 million, respectively.

Prior Credit Facility

The Company entered into an unsecured revolving credit facility on June 20, 2011, that provided for maximum borrowings of up to $300.0 million. The credit facility required that a group of no less than 15 of the Company's hotel properties remain unencumbered by outstanding indebtedness. The credit facility contained 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 existed the Company was not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2011, the Company was in compliance with all financial covenants. On November 20, 2012, the unsecured revolving credit facility agreement was amended and restated in its entirety with the Revolver and Five-Year Term Loan as discussed above.

The Company incurred $3.0 million in fees related to the credit facility which were being deferred and amortized over the term of the credit facility. On November 20, 2012, when the unsecured revolving credit facility agreement was amended and restated in its entirety, approximately $1.7 million of the fees unamortized at the time of the amendment and restatement were transferred to the Revolver and will be amortized over the term of that credit facility.

Borrowings under the credit facility bore interest at variable rates equal to LIBOR plus an applicable margin. The margin ranged from 2.25% to 3.25%, depending on the Company's leverage ratio, as calculated under the terms of the credit facility. The Company incurred an unused facility fee of between 0.30% and 0.40%, based on the amount by which the maximum borrowing amount exceeded the total principal balance of outstanding borrowings.

The Company did not incur any interest expense on the credit facility for the year ended December 31, 2011. For the years ended December 31, 2012 and 2011, the Company incurred an unused commitment fee of approximately $0.8 and $0.7 million, respectively. For the year ended December 31, 2012, the Company incurred interest expense of $1.6 million. There were no borrowings outstanding at December 31, 2011.

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%. For the year ended December 31, 2010 the weighted average interest rate for borrowings under the credit facility was approximately 1.04%. The credit facility matured on January 31, 2011.

Fund III incurred interest expense related to the credit facility of approximately $1.0 million for the year ended December 31, 2010. No interest expense related to the credit facility was incurred for the year ended December 31, 2011. Additionally, there was an unused commitment fee of 0.15% of the unused portion of the credit facility. For the years ended December 31, 2011 and 2010, Fund III incurred an unused commitment fee of approximately $12,000 and $0.2 million, respectively.

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 year ended December 31, 2011, the Company incurred $5.1 million of interest expense, related to the term loan. On September 30, 2011, the Company amended the term loan to extend the maturity date to November 15, 2011, with one extension to December 31, 2011, at the Company's option. On October 21, 2011, the term loan was fully repaid.

Mortgage Loans

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

									Principal balance at,

Lender	Number of Assets Encumbered		Interest rate at December 31, 2012			Maturity Date			December 31, 2012		December 31, 2011
Keybank							April 2012	(1)	$	—	$	48,000
State Street Bank							April 2012	(1)		—		37,000
Wells Fargo							June 2013	(2)		—		60,000
Wells Fargo							Oct 2013	(2)		—		40,000
Wells Fargo							Oct 2013	(2)		—		31,000
Wells Fargo							Dec 2013	(2)		—		150,000
Blackstone							Dec 2013	(2)		—		50,000
Wells Fargo		1		4.60%	(3)(4)		Oct 2014	(5)		68,500		68,500
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		17,500		17,500
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		21,000		21,000
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		11,000		11,000
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		24,000		24,000
Capmark Financial Group		1		6.12%			April 2015			4,202		4,327
Capmark Financial Group		1		5.55%			May 2015			11,298		11,656
VFC Partners 20 LLC		1		5.50%			June 2015			5,014		5,014
Capmark Financial Group		1		5.55%			June 2015			4,901		5,057
Barclay's Bank		1		5.55%			June 2015			2,561		2,642
Barclay's Bank		1		5.55%			June 2015			4,203		4,336
Barclay's Bank		1		5.55%			June 2015			9,798		10,107
Barclay's Bank		1		5.55%			June 2015			8,745		9,020
Barclay's Bank		1		5.55%			June 2015			7,839		8,084
Barclay's Bank		1		5.60%			June 2015			5,434		5,603
Barclay's Bank		1		5.60%			June 2015			8,422		8,707
Barclay's Bank		1		5.55%			June 2015			5,134		5,296
Barclay's Bank		1		5.55%			June 2015			34,042		35,115
Barclay's Bank		1		5.60%			June 2015			6,466		6,669
Barclay's Bank		1		5.55%			June 2015			5,762		5,943
Barclay's Bank		1		5.55%			June 2015			6,621		6,830
Barclay's Bank		1		5.60%			June 2015			8,437		8,701
Barclay's Bank		1		5.55%			June 2015			6,614		6,821
Barclay's Bank		1		5.55%			June 2015			7,280		7,508
Barclay's Bank		1		5.55%			June 2015			6,621		6,830
Barclay's Bank		1		5.55%			June 2015			7,558		7,796
Barclay's Bank		1		5.55%			June 2015			9,484		9,783
Capmark Financial Group		1		5.50%			July 2015			6,673		6,883
Barclay's Bank		1		5.44%			Sept 2015			10,883		11,223
PNC Bank(6)		7		2.56%	(4)		May 2016	(7)		85,000		—
Merrill Lynch		1		6.29%			July 2016			9,180		9,294
Merrill Lynch		1		6.29%			July 2016			5,531		5,552
Merrill Lynch		1		6.29%			July 2016			7,684		7,780
Merrill Lynch		1		6.29%			July 2016			9,194		9,307
Wachovia Securities(8)		43		6.29%			July 2016			487,296		493,358
Wachovia Securities		1		6.29%			July 2016			6,582		6,664
Wells Fargo/Morgan Stanley		2		6.29%			July 2016			34,823		35,256
Wells Fargo/Morgan Stanley		1		6.29%			July 2016			6,753		6,837
Wells Fargo/Morgan Stanley		1		6.29%			July 2016			9,616		9,736

		88							$	997,651	$	1,341,735

(1): The Keybank and State Street Bank loans were paid off with borrowings on the prior credit facility at maturity on April 9, 2012.

(2): The Wells Fargo/Blackstone loans were paid off on November 20, 2012 with borrowings on the Five-Year Term Loan and Seven-Year Term Loan.
(3): Interest rate at December 31, 2012 gives effect to interest rate swaps and LIBOR floors.
(4): Requires payments of interest only until the commencement of the extension period(s).
(5): 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).
(6): The seven hotels encumbered by the PNC Bank Loans are cross-collateralized.
(7): 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).
(8): The 43 Wachovia loans are cross-collateralized.

Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these covenants at both December 31, 2012 and 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. Under the terms of the mortgage loan, the lender receives the monthly net cash from operations from the hotel.

In December 2012, the Company entered into a deed in lieu of foreclosure agreement with the lender, providing for a consensual transfer of the property to the lender or its designee. This transaction is expected to close in March 2013. As of December 31, 2012, the principal balance outstanding was $5.0 million for the SpringHill Suites Southfield loan.

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. Under the terms of the mortgage loan, the lender receives the monthly net cash from operations from the hotel. 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 December 31, 2012, the principal balance outstanding was $5.5 million for the Courtyard Goshen loan. In February 2013, the lender filed suit against the Company claiming amounts due from the Company in its capacity as a guarantor of certain borrower obligations. The Company disputes the lender's claim and intends to defend itself against the claim.

Future Minimum Principal Payments

As of December 31, 2012, future minimum principal payments on debt are as follows (in thousands):


2013	$	14,211
2014		157,095
2015		189,485
2016		652,860
2017		275,000
Thereafter		125,000

	$	1,413,651

- 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

Financial Instruments: Derivatives and Hedging

12 Months Ended

Dec. 31, 2012

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

8. 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 December 31, 2012 and 2011, 45.5% and 41.6%, respectively, of the Company's borrowings were subject to variable rates. As of December 31, 2012 and 2011, after taking into consideration the effect of interest rate swaps and caps, 40.6% and 25.1%, respectively, of the Company's borrowings were subject to variable rates.

As of December 31, 2012 and 2011, the Company held the following interest rate swaps and caps (in thousands):

	Notional value at									Fair value at

Hedge type	December 31, 2012		December 31, 2011		Hedge interest rate			Maturity		December 31, 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		3.50	%		12/23/2012		—			3
Swap-cash flow		—		150,000		1.15	%		12/23/2012		—			(1,145	)
Swap-cash flow		40,000		40,000		1.00	%		10/6/2013		(265	)		(369	)
Swap-cash flow		31,000		31,000		1.00	%		10/6/2013		(205	)		(285	)
Interest rate cap		60,000		—		1.00	%		6/29/2013		—			—

	$	131,000	$	416,000						$	(470	)	$	(1,796	)

As of December 31, 2012 and 2011, there was approximately zero 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. For the year ended December 31, 2012, approximately $1.8 million was reclassified from accumulated other comprehensive loss to interest expense due to the discontinuance of hedge accounting on the outstanding interest rate swaps. There were no ineffective hedges during the year ended December 31, 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.

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+ Details

Fair Value

12 Months Ended

Dec. 31, 2012

Fair Value

Fair Value

9. Fair Value

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 December 31, 2012 (in thousands).

	Fair Value at December 31, 2012

	Level 1		Level 2			Level 3		Total
Interest rate swap and cap liability	$	—	$	(470	)	$	—	$	(470	)

Total	$	—	$	(470	)	$	—	$	(470	)

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 December 31, 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's derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Non-recurring Fair Value Measurement

For purposes of determining impairment charges, investments in hotel properties were valued using inputs including projected cash flows, and discount and capitalization rates. These valuations are generally classified within Level 3 of the valuation 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.

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies

Commitments and Contingencies

10. Commitments and Contingencies

Ground Leases

The Residence Inn Chicago Oak Brook is subject to a ground lease with an initial term that expires on March 6, 2100. During the initial term of the ground lease, the total rent is $1.56 million, which was paid in a lump sum upon commencement of the ground lease in 2001. After the initial term, we may extend the ground lease for an additional renewal term of 99 years for $1. Under certain circumstances set forth in the ground lease, we have the option to acquire the land underlying the Residence Inn Chicago Oak Brook.

The Louisville Marriott Downtown is subject to a ground lease with an initial term extending out to 2053. The ground lease may be extended for up to four additional twenty-five year terms at the Company's option. The annual ground rent is one dollar; however, the property is subject to an annual profit participation payment based on net income as calculated based on the terms of the ground lease. For the years ended December 31, 2012, 2011 and 2010, no liability was incurred for profit participation.

The Courtyard Austin Downtown/Convention Center and Residence Inn Austin Downtown/Convention Center are subject to a ground lease with a term extending to 2100. The annual ground rent is $0.4 million; however, the properties are subject to an annual profit participation payment based on gross revenue as calculated based on the terms of the ground lease. For the years ended December, 31, 2012, 2011 and 2010, approximately $0.3 million, $0.2 million and $0.2 million, respectively was incurred for contingent rent.

The Hilton Garden Inn Bloomington is subject to a ground lease with an initial term extending to 2053. The ground lease automatically extends for up to five additional ten-year terms unless certain conditions are met. A de minimis minimum rent payment is to be paid in ten equal annual installments commencing with the twentieth anniversary of the leases' inception. No other payments are required under the terms of the ground lease.

The Hilton Garden Inn Bloomington is subject to an agreement to lease parking spaces with an initial term extending to 2033. The agreement to lease parking spaces may be extended if certain events occur. The agreement provides for a monthly rental payment based on city ordinance rates (at December 31, 2012, 2011 and 2010 the rate was de minimis) and the number of parking spaces reserved for the exclusive use of the hotel, plus amounts based on actual usage in excess of the reserved spaces. For each of the years ended December 31, 2012, 2011 and 2010, approximately $0.1 million of rent was paid.

The Hampton Inn Garden City is subject to a ground lease with an initial term extending to 2016. The lease is associated with an agreement for payment in lieu of taxes and will revert to fee simple ownership at the end of the ground lease. A de minimus rent payment is to be paid annually. In addition, an annual compliance fee of $1 is required under the terms of the ground lease.

The Courtyard Charleston Historic District is subject to a ground lease with a term extending to 2096. The annual ground rent is $0.8 million until 2021, after which the annual base rent increases periodically during the term of the ground lease to a maximum of $1.0 million. The annual ground rent expense is recognized on a straight-line basis. In addition to base rent, the property is subject to a contingent rent payment based on gross quarterly collected room revenue (for no more than 126 rooms per night), as calculated based on the terms of the ground lease. For the years ended December 31, 2012 and 2011, approximately $0.3 million and $16,000, respectively, was incurred for contingent rent.

As of December 31, 2012, future minimum ground lease payments are as follows:

	Amount of commitment expiration per period

	2013		2014		2015		2016		2017		Thereafter		Total
Minimum ground rent	$	1,150	$	1,150	$	1,150	$	1,150	$	1,150	$	103,460	$	109,210

Restricted Cash Reserves

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 December 31, 2012 and 2011, approximately $64.8 million and $87.3 million, respectively, was available in restricted cash reserves for future capital expenditures, real estate taxes and insurance.

As of December 31, 2010, the New York LaGuardia Airport Marriott was in default on its mortgage loan. Under the terms of the mortgage loan, the lender received the monthly net cash from operations from the hotel. As of December 31, 2010, approximately $4.6 million in cash was held by the lender. The Company transferred title to the New York LaGuardia Airport Marriott to the lenders pursuant to a deed in lieu of foreclosure arrangement on August 5, 2011, and the cash was retained by the lender.

Management Agreements

As of December 31, 2012, all of the Company's hotel properties are operated pursuant to long-term agreements with terms ranging from 5 to 25 years, with 16 management companies as follows:

Management Company		Number of Properties

Aimbridge Hospitality			2
Concord Hospitality Enterprises Company			1
Crescent Hotels and Resorts			3
Crestline Hotels and Resorts			1
Davidson Hotels and Resorts			1
Embassy Suites Management			3
HEI Hotels and Resorts			1
Highgate Hotels			4
Interstate Hotels and Resorts(1)			11
K Partners Hospitality Group			1
Marriott Hotel Services			5
Sage Hospitality			2
Stonebridge Realty Advisors			1
Urgo Hotels			4
Windsor Capital Group			1
WLS			104

			145

(1): Includes agreements entered into with Noble Management Group, LLC, a wholly-owned subsidiary of Interstate Hotels and Resorts.

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

For the years ended December 31, 2012, 2011 and 2010, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $30.1 million, $26.1 million and $18.4 million, respectively, (excluding discontinued operations).

Franchise Agreements

As of December 31, 2012, 140 of the Company's hotel properties are operated under franchise agreements with terms ranging from 9 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. For the years ended December 31, 2012, 2011 and 2010, the Company incurred franchise fee expense of approximately $55.7 million, $48.6 million and $33.0 million, respectively, (excluding discontinued operations).

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.

Purchase Commitments

As of December 31, 2012 the Company, through wholly-owned subsidiaries, is subject to three purchase and sale agreements to purchase five properties. The Company intends to consummate the transactions pursuant to the terms of the agreements. However, if the Company fails to consummate, it could be required to forfeit its deposits of $9.9 million.

- Definition

The entire disclosure for commitments and contingencies.

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-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 5
-Paragraph 9, 10, 11, 12
-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	12 Months Ended
Equity	Dec. 31, 2012
Equity
Equity	11. Equity Common Shares of Beneficial Interest Under the original declaration of trust of the Company, the total number of shares initially authorized for issuance was 100,000 common shares. At formation, the Company issued to each of its two initial shareholders 500 common shares at $1 per share, which shares were subsequently redeemed. On May 5, 2011, the declaration of trust was amended to authorize the issuance of up to 450,000,000 common shares. On May 16, 2011, RLJ Lodging Trust completed its IPO and formation transactions. The IPO resulted in the sale of 27,500,000 common shares of beneficial interest, $0.01 par value per share, at $18.00 per share, for total gross proceeds of $495.0 million. The aggregate proceeds to the Company, net of underwriters' discounts, were approximately $464.1 million. The Company used the net proceeds from the IPO and cash on hand to repay approximately $472.6 million of secured indebtedness. The Company recorded costs incurred in connection with the IPO as a reduction of additional paid-in capital in shareholders' equity. Costs incurred in connection with the formation transactions for the transfer and assumption of indebtedness and other contractual obligations of the RLJ Predecessor were expensed as incurred and are included in IPO costs. In connection with the formation transactions, the Company issued 73,605,951 common shares of beneficial interest as consideration to certain entities for their interest in certain entities that merged with and into the Company or the Company's subsidiaries in the formation transactions. On June 3, 2011, the Company issued and sold an additional 4,095,000 common shares of beneficial interest, $0.01 par value per share, at a price per share of $18.00 upon exercise of the Overallotment, for total gross proceeds of $73.7 million. The Company received aggregate net proceeds of approximately $69.1 million in connection with the Overallotment. The Company used the net proceeds from the Overallotment for general corporate purposes. Preferred Shares of Beneficial Interest Under the declaration of trust of the Company, the total number of shares initially authorized for issuance was 10,000 preferred shares. On May 5, 2011, the declaration of trust was amended to authorize the issuance of up to 50,000,000 preferred shares. As of both December 31, 2012 and 2011, respectively, there were no preferred shares of beneficial interest outstanding. Noncontrolling Interest in Joint Venture As of December 31, 2012, the Company consolidated DBT Met Hotel Venture, LP, a majority-owned limited partnership that has a third-party partner that owns a noncontrolling 5.0% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the balance sheet. Noncontrolling Interest in Operating Partnership The Company consolidates its Operating Partnership, a majority owned limited partnership that has a noncontrolling ownership interest and is included in noncontrolling interest in Operating Partnership on the balance sheet. As of December 31, 2012, the Operating Partnership had 107,459,516 OP units outstanding, of which 99.2% were owned by the Company and its subsidiaries and 0.8% were owned by other limited partners. The outstanding OP units held by limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares of beneficial interest of the Company. Partners' Capital As of May 16, 2011, the Fund II partners had made aggregate capital contributions of approximately $726.2 million. In addition, $16.9 million of advisory fees, which reduced limited partner capital commitments, had been paid by the limited partners to the Fund II General Partner. Accordingly, 100.0% of total capital commitments had been committed as of May 16, 2011. As of May 16, 2011, Fund II had made distributions of approximately $162.0 million, in aggregate, including approximately $26.5 million of advisory fees distributed to the Fund II General Partner on behalf of the limited partners. On May 16, 2011, Fund II was merged into the Company. As of May 16, 2011, the Fund III partners had made aggregate capital contributions of approximately $917.3 million. In addition, $50.1 million of advisory fees, which reduced limited partner capital commitments, had been paid by the limited partners to the Fund III General Partner. Accordingly, 81.2% of total capital commitments had been deployed as of May 16, 2011. As of May 16, 2011, Fund III had made no distributions, except for advisory fees (see Note 14). On May 16, 2011, Fund III was merged into the Company. On May 16, 2011, in conjunction with the IPO, the partners of Fund II and Fund III received 73,605,951 common shares of beneficial interest, $0.01 par value per share, at $18.00 per share, for a total gross amount of $1,324.9 million, in exchange for their partnership interests in Fund II and Fund III. Members' Capital The rights and obligations of the equity holders of RLJ Development (the "Members") were governed by the limited liability company agreement of RLJ Development, dated December 19, 2000 and amended January 1, 2002 (the "Operating Agreement"). Each Member's interest in the Company is equal to the percentage of capital initially contributed by that Member. The Class A Member held a 75% ownership interest and the two Class B Members held a total interest of 25%. The Class A Member made capital contributions totaling $115.3 million, none of which were contributed during the period from January 1, 2011 through May 16, 2011 or the year ended December 31, 2010. The Class B Members were not required to make, nor did they make any, capital contributions during the period from January 1, 2011 through May 16, 2011 or the year ended December 31, 2010. On May 16, 2011, in conjunction with the IPO, the Members of RLJ Development received 894,000 OP Units, at $18.00 per unit, for a total gross amount of $16.1 million, in exchange for their contribution to the Operating Partnership of substantially all of the assets and liabilities of RLJ Development. Preferred Distributions Fund II, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of May 16, 2011, an aggregate of approximately $0.1 million had been distributed or was payable to preferred unitholders. On May 16, 2011, in conjunction with the IPO, the Fund II unitholders interests in Fund II were redeemed. The Company paid the unitholders the liquidation value of $0.3 million plus accumulated and unpaid dividends of approximately $12,000 and a redemption premium of approximately $12,000. Fund III, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of May 16, 2011, an aggregate of approximately $0.1 million had been distributed or was payable to preferred unitholders. On May 16, 2011, in conjunction with the IPO, the Fund III unitholders interests in Fund III were redeemed. The Company paid the unitholders the liquidation value of $0.3 million plus accumulated and unpaid dividends of approximately $12,000 and a redemption premium of approximately $24,000.

Equity Incentive Plan

12 Months Ended

Dec. 31, 2012

Equity Incentive Plan

Equity Incentive Plan

12. 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.

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 December 31, 2012 and 2011 is as follows:

	2012					2011

	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested at January 1		970,288		$	17.93		—		$	—
Granted		436,646			17.57		1,120,830			17.93
Vested		(366,383	)		17.86		(147,542	)		17.93
Forfeited		(26,878	)		17.80		(3,000	)		17.53

Unvested at December 31		1,013,673		$	17.80		970,288		$	17.93

For the years ended December 31, 2012 and 2011, the Company recognized approximately $6.7 million and $3.3 million, respectively, of share-based compensation expense related to these restricted share awards. As of December 31, 2012, there was $17.3 million of total unrecognized compensation costs related to non-vested share awards. As of December 31, 2012, these costs were expected to be primarily recognized over a weighted-average period of 2.6 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the years ended December 31, 2012 and 2011 was approximately $6.5 million and $2.6 million, respectively.

Performance Units

The Company awarded performance units to certain employees under the 2011 Plan. The performance units vest over a four-year period, including three years of performance-based vesting ("measurement period") plus an additional one year of time-based vesting. The performance units may convert into restricted shares at a range of 50% to 150% of the number of performance units granted contingent upon the Company achieving a total shareholder return over the measurement period at specified percentiles of the peer group, as defined by the award. If at the end of the measurement period the performance criterion is met, 50% of the restricted shares will vest immediately. The remaining 50% will vest one year later. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the measurement period. The fair value of the performance units is determined using a Monte Carlo simulation with the following assumptions: risk-free interest rate of 0.31%, volatility of 38.92%, and an expected term equal to the requisite service period for the awards. The Company determined compensation expense for the performance units on a straight line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years.

A summary of the performance units is as follows:

		Weighted Average Grant Date Fair Value

Unvested at January 1, 2012	—	$	—
Granted	1,000,000		15.36

Unvested at December 31, 2012	1,000,000	$	15.36

For the year ended December 31, 2012, the Company recognized $1.9 million of share-based compensation expense related to performance unit awards. There was no share-based compensation expense in 2011 related to the performance units as they were granted in 2012. As of December 31, 2012, there was $13.4 million of total unrecognized compensation cost related to the performance units and these costs are expected to be recognized over a weighted-average period of 3.1 years.

As of December 31, 2012, there were 3,456,062 common shares available for future grant under the 2011 Plan. Any performance units that convert into restricted shares will reduce the number of common shares available for future grant under the 2011 Plan.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

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

12 Months Ended

Dec. 31, 2012

Earnings per Common Share

Earnings per Common Share

13. Earnings per Common Share

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

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

For the year ended December 31, 2012, no earnings representing undistributed earnings were allocated to participating shares because the Company paid dividends in excess of net income. For the year ended December 31, 2011, diluted weighted average common shares did not include the impact of unvested compensation-related shares because the effect of these items on diluted earnings per share would have been anti-dilutive. For the year ended December 31, 2011 there were 970,288 anti-dilutive compensation-related shares outstanding.

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 years ended December 31, 2012 and 2011, since the limited partners' share of income would also be added back to net income attributable to common shareholders.

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

	For the year ended,

	December 31, 2012			December 31, 2011
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations	$	41,298		$	(10,490	)
Add: Income from discontinued operations		—			21,836

Net income attributable to common shareholders		41,298			11,346
Less: Dividends paid on unvested restricted shares		(802	)		(392	)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	40,496		$	10,954

Denominator:
Weighted-average number of common shares—basic		105,423,604			95,340,666
Unvested restricted shares		59,587			—
Performance units		265,495			—

Weighted-average number of common shares—diluted		105,748,686			95,340,666

Net income (loss) per share attributable to common shareholders—basic	$	0.38		$	(0.11	)

Discontinued operations		—			0.23

Net income per share attributable to common shareholders—basic	$	0.38		$	0.12

Net income (loss) per share attributable to common shareholders—diluted	$	0.38		$	(0.11	)

Discontinued operations		—			0.23

Net income per share attributable to common shareholders—diluted	$	0.38		$	0.12

Advisory Fees	12 Months Ended
Advisory Fees	Dec. 31, 2012
Advisory Fees
Advisory Fees	14. Advisory Fees Pursuant to the terms of the Fund II LP Agreements, the Fund II General Partner was entitled to receive annual advisory fees directly from the limited partners in consideration for the Fund II General Partner providing and managing the day-to-day operations and expenditures of Fund II. Total advisory fees due to the Fund II General Partner from limited partners, including advisory fees due from the limited partners admitted during subsequent closes, for the years ended December 31, 2011 and 2010, were approximately $3.2 million and $8.6 million, respectively. As of December 31, 2011 all advisory fees due had been paid by the limited partners. Pursuant to the terms of the Fund III LP Agreements, the Fund III General Partner was entitled to receive annual advisory fees directly from the limited partners in consideration for the Fund III General Partner providing and managing the day-to-day operations and expenditures of Fund III. Total advisory fees due to the Fund III General Partner from limited partners, including advisory fees due from the limited partners admitted during subsequent closes, for the years ended December 31, 2011and 2010, were approximately $3.8 million and $13.7 million, respectively. As of December 31, 2011 all advisory fees due had been paid by the limited partners. The combined consolidated financial statements of the Company reflect these advisory fees as contributions and distributions within the respective partner accounts. As a result of the combination of RLJ Development with Fund II and Fund III and after elimination entries, the actual expenses associated with operating Fund II and Fund III have been reflected in these financial statements. Upon completion of the IPO and related formation transactions, the advisory fee obligations of the limited partners ceased to exist.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2012
Related Party Transactions
Related Party Transactions	15. Related Party Transactions The RLJ Predecessor paid monthly fees for management advisory services to the managing member of RLJ Development, which are included in general and administrative expense. Such fees amounted to $0.9 million and $2.3 million for years ended December 31, 2011 and 2010, respectively. Upon completion of the IPO and related formation transactions, the management fee obligation of the RLJ Predecessor ceased to exist. RLJ Companies LLC and its affiliates, a related party, periodically provide or receive services or pay or collect certain amounts to or from the Company. At December 31, 2012 and 2011, there was approximately $45,000 and $28,000, respectively, due from RLJ Companies, LLC which was included in other assets. For the years ended December 31, 2012, 2011 and 2010, the Company made charitable contributions to various foundations and charitable organizations totaling $0.3 million, $0.2 million and $0.3 million, respectively, which are included in general and administrative expense. For the years ended December 31, 2012, 2011 and 2010, zero, $25,000 and $0.1 million, respectively, of these charitable contributions were paid to organizations directed by related parties.

- 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
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: 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))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

Income Taxes

16. Income Taxes

For federal income tax purposes, the cash distributions paid for the years ended December 31, 2012 and 2011 are characterized as follows:

	For the Years Ended December 31,

	2012			2011
Common distributions
Ordinary income		100.0	%		100.0	%
Return of capital		—			—
Capital gains		—			—

		100.0	%		100.0	%

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

		—			100.0	%

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

	For the Years Ended December 31,

	2012			2011			2010
Current:
Federal	$	(50	)	$	(1	)	$	—
State		(1,381	)		(1,232	)		(945	)
Deferred:
Federal		64			443			—
State		(2	)		50			—

Total net tax expense	$	(1,369	)	$	(740	)	$	(945	)

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations for the years ended December 31, 2012, 2011 and 2010 as a result of the following differences (in thousands):

	For the Years Ended December 31,

	2012			2011			2010
"Expected" federal tax benefit at statutory rate	$	(14,952	)	$	(4,398	)	$	13,932
Tax impact of passthrough entities		—			—			(5,850	)
Tax impact of REIT election		22,618			19,619			1,992

Expected tax benefit at TRS		7,666			15,221			10,074
Change in valuation allowance		(8,741	)		(17,045	)		(11,291	)
State income (expense) benefit, net of federal tax benefit		595			1,411			143
Impact of rate change		146			—			—
Other permanent items		(394	)		(436	)		(116	)
Impact of acquired tax attributes		(361	)		—			—
Impact of provision to return		(280	)		109			245

Income tax expense	$	(1,369	)	$	(740	)	$	(945	)

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

	December 31,

	2012			2011
Property and equipment	$	(2,633	)	$	(2,319	)
Prepaid expenses		(1,431	)		(995	)

Gross deferred tax liabilities	$	(4,064	)	$	(3,314	)

Property and equipment	$	4,997		$	5,853
Deferred revenue—key money		1,933			—
Incentive and vacation accrual		1,562			1,554
Allowance for doubtful accounts		77			58
Other		204			168
Other carryforwards		108			28
Net operating loss carryforwards		50,463			42,105
Valuation allowance		(57,138	)		(48,397	)

Gross deferred tax assets	$	2,206		$	1,369

The Company recorded a valuation allowance of approximately $57.1 million and $48.4 million related to its net operating loss, or NOL, carryforwards and other deferred tax assets at December 31, 2012 and 2011, respectively, as the Company believed it was more likely than not that it would not realize the benefits associated with these NOLs and other deferred tax assets. The ability to carry forward the NOLs of approximately $50.5 million will begin to expire in 2026 for federal tax purposes and during the period from 2016 to 2026 for state tax purposes if not utilized. If the Company's TRS entities were to experience a change in control as defined in Section 382 of the Code, the TRS's ability to utilize NOLs in the years after the change in control would be limited.

The Company owns subsidiary TRSs which are not part of a consolidated tax return, these deferred tax assets and liabilities are presented on a combined basis and are not subject to a valuation allowance.

The net current and non-current components of deferred income taxes included in the combined consolidated balance sheets are as follows (in thousands):

	December 31,

	2012			2011
Current net deferred tax assets	$	193		$	71
Current net deferred tax liabilities		(1,431	)		(995	)
Non-current net deferred tax assets		2,013			1,298
Non-current net deferred tax liabilities		(2,633	)		(2,319	)

Net deferred tax liability	$	(1,858	)	$	(1,945	)

The Company had no accruals for tax uncertainties as of December 31, 2012 and December 31, 2011. One of our predecessor entities was under examination by the Internal Revenue Service for the period ended December 31, 2009. The examination concluded in September 2012, and no adjustments were proposed or made as a result of the examination.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

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-Number 109
-Paragraph 136, 172
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-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
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+ Details

Comprehensive Income (Loss)	12 Months Ended
Comprehensive Income (Loss)	Dec. 31, 2012
Comprehensive Income (Loss)
Comprehensive Income (Loss)	17. Comprehensive Income (Loss) For the years ended December 31, 2012 and 2011, comprehensive income was approximately $43.1 million and $13.7 million, respectively. For the year ended December 31, 2010 comprehensive loss was approximately $11.6 million. As of December 31, 2012 and 2011, the Company's accumulated other comprehensive loss was approximately zero and $1.8 million, respectively. The accumulated other comprehensive loss resulted entirely from the Company's unrealized losses on its interest rate derivative instruments.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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+ Details

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2012
Segment Information
Segment Information	18. Segment Information The Company separately evaluates the performance of each of its hotels. However, because each of the hotels has similar economic characteristics, facilities, and services, the properties have been aggregated into a single operating segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Supplemental Information to Statements of Cash Flows

12 Months Ended

Dec. 31, 2012

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)

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

	For the year ended December 31,

	2012			2011			2011
Interest paid	$	79,376		$	91,558		$	83,670

Income taxes paid	$	1,598		$	1,392		$	1,934

Supplemental investing and financing transactions:
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	$	247,158		$	249,018		$	833,080
Accounts receivable		164			556			878
Other assets		728			1,040			6,942
Advance deposits		(224	)		(379	)		(624	)
Non-controlling interest		—			—			(7,836	)
Accounts payable and accrued expenses		(777	)		(2,439	)		(3,568	)
Application of purchase deposit		—			(8,500	)		—
Deferred tax liabilities assumed		—			(2,438	)		—

Acquisition of hotel properties	$	247,049		$	236,858		$	828,872

In conjunction with the hotel disposals, the Company disposed of the following assets and liabilities:
Sale of real estate	$	—		$	(31,534	)	$	(49,452	)
Other assets		—			(8,007	)		(286	)
Other liabilities		—			5,056			701
Gain on sale of property		—			—			(23,710	)
Gain on extinguishment of indebtedness		—			(23,515	)		—
Forgiveness of indebtedness		—			58,000			—

Disposition of hotel properties	$	—		$	—		$	(72,747	)

Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	$	1,326		$	2,024		$	11,109

Accrued capital expenditures	$	4,563		$	12,801		$	—

Distributions payable	$	22,392		$	16,076		$	—

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2012
Subsequent Events
Subsequent Events	20. Subsequent Events On January 15, 2013, the Company paid a dividend of $0.205 per common share of beneficial interest to shareholders of record at December 31, 2012.

Quarterly Operating Results (unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Operating Results (unaudited)

Quarterly Operating Results (unaudited)

21. Quarterly Operating Results (unaudited)

The Company's unaudited condensed consolidated quarterly operating data for the years ended December 31, 2012 and 2011 follows (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotels enterprises are not indicative of results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareholders' equity and cash flows for a period of several years.

Depreciation expense for the fourth quarter of 2011 includes an out-of-period adjustment to record an increase to depreciation expense of $3.1 million, of which approximately $2.8 million related to under reporting of depreciation expense in the first three quarters of 2011 and $0.3 million related to an underreporting of depreciation in the fourth quarter of 2010. The Company believes that both the actual depreciation expense errors and the correction of those errors out of period in the fourth quarter of 2011 are not material.

	Year ended December 31, 2012

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	183,193		$	223,257	$	225,217	$	222,538
Income (loss) from continuing operations	$	(6,921	)	$	19,019	$	15,301	$	13,920
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(6,513	)	$	18,885	$	15,196	$	13,730
Comprehensive income (loss)	$	(6,519	)	$	19,266	$	15,585	$	14,748
Basic per share data:
Income (loss) from continuing operations	$	(0.07	)	$	0.18	$	0.15	$	0.13
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.18	$	0.14	$	0.13
Diluted per share data:
Income (loss) from continuing operations	$	(0.07	)	$	0.18	$	0.15	$	0.13
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.18	$	0.14	$	0.13
Basic weighted average common shares outstanding		105,332,812			105,388,743		105,453,978		105,517,515
Diluted weighted average common shares outstanding		105,332,812			105,454,679		105,509,104		105,865,104

	Year ended December 31, 2011

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Total revenue	$	168,169		$	204,271		$	197,251	$	189,261
Income (loss) from continuing operations	$	(15,304	)	$	(2,301	)	$	8,677	$	(1,199	)
Discontinued operations	$	(972	)	$	(160	)	$	22,970	$	(2	)
Net income (loss) attributable to common shareholders	$	(16,132	)	$	(2,568	)	$	31,319	$	(1,273	)
Comprehensive income (loss)	$	(14,936	)	$	(2,952	)	$	32,001	$	(743	)
Basic and diluted per share data:
Income (loss) from continuing operations		n/a		$	(0.03	)	$	0.08	$	(0.01	)
Discontinued operations		n/a		$	(0.00	)	$	0.22	$	(0.00	)
Net income (loss) attributable to common shareholders		n/a		$	(0.03	)	$	0.30	$	(0.01	)
Basic weighted average common shares outstanding		n/a			88,767,570			105,228,305		105,280,964
Diluted weighted average common shares outstanding		n/a			88,767,570			105,228,305		105,280,964

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

RLJ Lodging Trust
Real Estate and Accumulated Depreciation
December 31, 2012
(Dollars in thousands)

			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2012

Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciation Life
Marriott Airport Austin South	$	21,521	$	2,253	$	16,522	$	—	$	1,430	$	2,253	$	17,952	$	20,205	$	2,862		2006		15 - 40 years
Marriott Denver South @ Park Meadow		38,226		5,385		39,488		—		1,827		5,385		41,315		46,700		6,594		2006		15 - 40 years
Marriott Louisville Downtown		68,500		—		89,541		—		1,587		—		91,128		91,128		14,749		2006		15 - 40 years
Marriott Pontiac		13,479		3,438		25,224		—		125		3,438		25,349		28,787		4,157		2006		15 - 40 years
Marriott Midway		27,362		4,464		32,736		—		1,766		4,464		34,502		38,966		5,512		2006		15 - 40 years
Renaissance Boulder Suites @ Flatiron		18,386		4,440		32,557		—		1,542		4,440		34,099		38,539		5,406		2006		15 - 40 years
Renaissance Plantation		24,759		4,842		35,517		—		1,757		4,842		37,274		42,116		5,917		2006		15 - 40 years
Holiday Inn Austin NW Plaza		—		1,546		11,337		—		489		1,546		11,826		13,372		1,925		2006		15 - 40 years
Courtyard Austin Central		—		1,894		13,891		—		911		1,894		14,802		16,696		2,355		2006		15 - 40 years
Courtyard Austin NW Parmer Lane		12,249		1,443		10,585		3		1,277		1,446		11,862		13,308		1,842		2006		15 - 40 years
Courtyard Austin South		5,134		1,530		11,222		3		1,210		1,533		12,432		13,965		1,899		2006		15 - 40 years
Courtyard Benton Harbor		2,534		345		2,534		—		181		345		2,715		3,060		430		2006		15 - 40 years
Courtyard Brandon		10,366		1,036		7,599		—		1,353		1,036		8,952		9,988		1,606		2006		15 - 40 years
Courtyard Chicago Downtown Mag Mile		34,042		8,140		59,696		—		2,271		8,140		61,967		70,107		9,849		2006		15 - 40 years
Courtyard Fort Wayne		9,482		1,143		8,389		—		316		1,143		8,705		9,848		1,406		2006		15 - 40 years
Courtyard Golden		6,466		1,325		9,716		—		609		1,325		10,325		11,650		1,587		2006		15 - 40 years
Courtyard Goshen		5,531		356		2,614		—		116		356		2,730		3,086		555		2006		15 - 40 years
Courtyard Grand Rapids Airport		4,202		706		5,185		—		142		706		5,327		6,033		847		2006		15 - 40 years
Courtyard Hammond		7,684		1,038		7,616		2		711		1,040		8,327		9,367		1,296		2006		15 - 40 years
Courtyard Indy Capital		17,289		2,482		18,207		—		1,140		2,482		19,347		21,829		3,049		2006		15 - 40 years
Courtyard Lakewood		2,561		536		3,931		—		569		536		4,500		5,036		649		2006		15 - 40 years
Courtyard Longmont/Boulder		5,762		1,192		8,745		—		834		1,192		9,579		10,771		1,469		2006		15 - 40 years
Courtyard Louisville		8,745		1,640		12,025		2		805		1,642		12,830		14,472		1,995		2006		15 - 40 years
Courtyard Louisville NE		9,224		1,374		10,079		2		752		1,376		10,831		12,207		1,699		2006		15 - 40 years
Courtyard Merrillville		8,927		537		3,943		—		357		537		4,300		4,837		973		2006		15 - 40 years
Courtyard Mesquite		7,064		942		6,915		—		97		942		7,012		7,954		1,147		2006		15 - 40 years
Courtyard Midway		9,034		2,172		15,927		3		1,791		2,175		17,718		19,893		3,314		2006		15 - 40 years
Courtyard Mishawaka/South Bend		6,857		640		4,699		2		603		642		5,302		5,944		1,010		2006		15 - 40 years
Courtyard Pontiac		6,746		482		3,543		—		126		482		3,669		4,151		843		2006		15 - 40 years
Courtyard Salt Lake City Airport		17,741		2,333		17,110		—		923		2,333		18,033		20,366		2,825		2006		15 - 40 years

			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2012

Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciation Life
Courtyard San Antonio Airport Northstar		9,616		1,196		8,768		4		1,032		1,200		9,800		11,000		1,521		2006		15 - 40 years
Courtyard Sugarland		8,056		1,217		8,931		—		1,084		1,217		10,015		11,232		1,511		2006		15 - 40 years
Courtyard Valparaiso		4,579		248		1,825		—		186		248		2,011		2,259		482		2006		15 - 40 years
Courtyard Schaumburg		—		2,078		15,239		—		967		2,078		16,206		18,284		2,391		2007		15 - 40 years
Courtyard Miramar		—		1,619		11,872		—		425		1,619		12,297		13,916		1,634		2007		15 - 40 years
Courtyard Austin Downtown		—		6,049		44,361		—		1,476		6,049		45,837		51,886		5,853		2007		15 - 40 years
Courtyard Grand Junction		—		1,576		11,754		—		—		1,576		11,754		13,330		1,299		2008		15 - 40 years
Courtyard Austin Airport		—		1,691		12,404		58		1,246		1,749		13,650		15,399		1,652		2007		15 - 40 years
Residence Inn Austin NW		11,205		1,403		10,290		—		67		1,403		10,357		11,760		1,699		2006		15 - 40 years
Residence Inn Austin South Airport		6,691		802		5,883		—		788		802		6,671		7,473		988		2006		15 - 40 years
Residence Inn Austin Parmer Lane		7,558		1,483		10,872		—		263		1,483		11,135		12,618		1,775		2006		15 - 40 years
Residence Inn Carmel		8,437		1,646		12,076		—		1,082		1,646		13,158		14,804		2,017		2006		15 - 40 years
Residence Inn Fishers		8,138		998		7,322		—		845		998		8,167		9,165		1,230		2006		15 - 40 years
Residence Inn Golden		6,614		1,222		8,963		—		69		1,222		9,032		10,254		1,462		2006		15 - 40 years
Residence Inn Hammond		6,753		980		7,190		—		726		980		7,916		8,896		1,216		2006		15 - 40 years
Residence Inn Galleria		17,189		2,665		19,549		—		21		2,665		19,570		22,235		3,220		2006		15 - 40 years
Residence Inn Indianapolis Airport		—		786		5,772		—		304		786		6,076		6,862		1,118		2006		15 - 40 years
Residence Inn Indianapolis Canal		17,534		2,670		19,588		—		1,752		2,670		21,340		24,010		3,308		2006		15 - 40 years
Residence Inn Lakewood		4,203		986		7,230		—		24		986		7,254		8,240		1,177		2006		15 - 40 years
Residence Inn Longmont		6,621		1,407		10,321		—		780		1,407		11,101		12,508		1,694		2006		15 - 40 years
Residence Inn Louisville		8,231		1,298		9,519		—		122		1,298		9,641		10,939		1,573		2006		15 - 40 years
Residence Inn Louisville NE		7,280		1,319		9,675		—		71		1,319		9,746		11,065		1,580		2006		15 - 40 years
Residence Inn Merrillville		6,943		595		4,372		—		1,181		595		5,553		6,148		1,057		2006		15 - 40 years
Residence Inn Novi		6,673		1,427		10,445		—		24		1,427		10,469		11,896		1,701		2006		15 - 40 years
Residence Inn Oakbrook		10,883		—		20,436		—		831		—		21,267		21,267		3,341		2006		15 - 40 years
Residence Inn Plantation		19,470		2,183		16,021		79		774		2,262		16,795		19,057		3,029		2006		15 - 40 years
Residence Inn Pontiac		10,253		320		2,354		—		163		320		2,517		2,837		951		2006		15 - 40 years
Residence Inn Round Rock		11,292		1,684		12,349		—		151		1,684		12,500		14,184		2,042		2006		15 - 40 years
Residence Inn Salt Lake City		9,180		875		6,416		—		45		875		6,461		7,336		1,062		2006		15 - 40 years
Residence Inn San Antonio Downtown		—		1,822		13,360		—		88		1,822		13,448		15,270		2,205		2006		15 - 40 years

			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2012

Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciation Life
Residence Inn Schaumburg		10,112		1,790		13,124		—		271		1,790		13,395		15,185		2,185		2006		15 - 40 years
Residence Inn South Bend		3,310		603		4,425		—		459		603		4,884		5,487		752		2006		15 - 40 years
Residence Inn Sugarland		7,322		1,100		8,073		—		1,295		1,100		9,368		10,468		1,393		2006		15 - 40 years
Residence Inn Chicago Naperville		9,484		1,923		14,101		—		823		1,923		14,924		16,847		2,337		2006		15 - 40 years
Residence Inn Downtown Louisville		—		1,815		13,308		—		563		1,815		13,871		15,686		2,011		2007		15 - 40 years
Residence Inn Miramar		—		1,692		12,409		—		112		1,692		12,521		14,213		1,708		2007		15 - 40 years
Residence Inn Grand Junction		—		870		9,197		—		8		870		9,205		10,075		1,065		2008		15 - 40 years
Residence Inn Austin Downtown		—		3,767		27,626		—		604		3,767		28,230		31,997		3,640		2007		15 - 40 years
SpringHill Suites North Parmer Lane		6,621		1,957		14,351		—		577		1,957		14,928		16,885		2,349		2006		15 - 40 years
SpringHill Suites Austin South Airport		11,775		1,605		11,768		—		114		1,605		11,882		13,487		1,948		2006		15 - 40 years
SpringHill Suites Carmel		8,422		1,816		13,320		—		849		1,816		14,169		15,985		2,236		2006		15 - 40 years
SpringHill Suites Louisville Hurstbourne		7,839		1,890		13,869		—		740		1,890		14,609		16,499		2,319		2006		15 - 40 years
SpringHill Suites Mishawaka South Bend		5,434		983		7,217		—		213		983		7,430		8,413		1,330		2006		15 - 40 years
SpringHill Suites Schaumburg		9,884		1,554		11,396		—		829		1,554		12,225		13,779		1,937		2006		15 - 40 years
SpringHill Suites Southfield		5,014		379		2,782		—		17		379		2,799		3,178		778		2006		15 - 40 years
SpringHill Suites Westminster		9,798		2,409		17,670		—		1,120		2,409		18,790		21,199		2,935		2006		15 - 40 years
SpringHill Suites Longmont		—		1,144		8,388		—		112		1,144		8,500		9,644		1,260		2007		15 - 40 years
Fairfield Inn Austin Central		—		556		4,078		—		142		556		4,220		4,776		676		2006		15 - 40 years
Fairfield Inn Austin South		4,195		505		3,702		—		186		505		3,888		4,393		612		2006		15 - 40 years
Fairfield Inn Brandon		9,832		926		6,795		—		117		926		6,912		7,838		1,380		2006		15 - 40 years
Fairfield Inn & Suites Cherry Creek		—		1,203		8,823		—		629		1,203		9,452		10,655		1,467		2006		15 - 40 years
Fairfield Inn Hammond		6,582		722		5,301		—		279		722		5,580		6,302		906		2006		15 - 40 years
Fairfield Inn Indianapolis Airport		—		657		4,820		—		299		657		5,119		5,776		929		2006		15 - 40 years
Fairfield Inn & Suites Key West		—		1,803		19,325		—		251		1,803		19,576		21,379		3,018		2006		15 - 40 years
Fairfield Inn Memphis		—		55		411		—		108		55		519		574		249		2006		15 - 40 years
Fairfield Inn Merrillville		7,302		768		5,636		—		287		768		5,923		6,691		944		2006		15 - 40 years
Fairfield Inn Midway		4,901		1,425		10,449		—		58		1,425		10,507		11,932		1,725		2006		15 - 40 years
Fairfield Inn San Antonio Airport		9,194		1,140		8,363		—		142		1,140		8,505		9,645		1,389		2006		15 - 40 years
Fairfield Inn San Antonio Downtown		—		1,378		10,105		—		618		1,378		10,723		12,101		1,672		2006		15 - 40 years
Fairfield Inn Valparaiso		2,213		157		1,157		—		135		157		1,292		1,449		272		2006		15 - 40 years

			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2012

Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciation Life
Holiday Inn Select Kentwood		3,958		582		4,274		—		2		582		4,276		4,858		860		2006		15 - 40 years
Hampton Inn Merrillville		5,646		665		4,879		—		657		665		5,536		6,201		827		2006		15 - 40 years
Holiday Inn Express Merrillville		5,036		545		4,005		—		87		545		4,092		4,637		669		2006		15 - 40 years
Hampton Inn Chicago Midway Airport		16,163		2,747		20,143		—		719		2,747		20,862		23,609		3,359		2006		15 - 40 years
Hilton Garden Inn Midway		20,910		2,978		21,842		—		40		2,978		21,882		24,860		3,597		2006		15 - 40 years
Sleep Inn Midway Airport		10,081		1,189		8,718		—		162		1,189		8,880		10,069		1,698		2006		15 - 40 years
Holiday Inn Express Hotel & Suites Midway Airport		12,587		1,874		13,742		—		232		1,874		13,974		15,848		2,288		2006		15 - 40 years
Homewood Suites Brandon		—		1,377		10,099		—		136		1,377		10,235		11,612		1,289		2007		15 - 40 years
Hilton Garden Inn Bloomington		17,500		—		18,945		—		—		—		18,945		18,945		1,895		2009		15 - 40 years
TGIFriday's		2,264		829		6,139		—		170		829		6,309		7,138		1,009		2006		15 - 40 years
Marriott LaGuardia		—		—		—		—		—		—		—		—		—		2007		15 - 40 years
Hilton Garden Inn St. George		—		1,822		13,363		—		17		1,822		13,380		15,202		1,895		2007		15 - 40 years
SpringHill Suites Bakersfield		—		1,560		8,838		—		3		1,560		8,841		10,401		1,453		2007		15 - 40 years
SpringHill Suites Gainesville		—		4,018		12,118		—		—		4,018		12,118		16,136		1,658		2007		15 - 40 years
Hampton Inn & Suites Clearwater		—		1,106		12,721		—		162		1,106		12,883		13,989		1,737		2007		15 - 40 years
Hampton Inn Garden City		—		5,691		22,764		7		266		5,698		23,030		28,728		3,144		2007		15 - 40 years
Hampton Inn & Suites Las Vegas / Summerlin		—		2,341		4,609		—		3		2,341		4,612		6,953		742		2007		15 - 40 years
Courtyard Houston Galleria		21,000		3,069		22,508		—		10		3,069		22,518		25,587		3,049		2007		15 - 40 years
Hampton Inn Fort Walton Beach		—		8,774		6,109		35		685		8,809		6,794		15,603		817		2007		15 - 40 years
Hilton Mystic		—		6,092		9,111		104		336		6,196		9,447		15,643		1,200		2007		15 - 40 years
Embassy Suites Downey		22,000		4,857		29,943		—		2,240		4,857		32,183		37,040		3,803		2008		15 - 40 years
Hyatt House Colorado Springs		4,500		1,453		8,234		—		—		1,453		8,234		9,687		926		2008		15 - 40 years
Hyatt House Austin		10,300		2,813		15,940		—		54		2,813		15,994		18,807		1,798		2008		15 - 40 years
Hyatt House Dallas Lincoln Park		17,400		3,169		17,958		46		237		3,215		18,195		21,410		2,040		2008		15 - 40 years
Hyatt House Dallas Uptown		12,300		2,241		12,698		33		28		2,274		12,726		15,000		1,433		2008		15 - 40 years
Hyatt House Dallas Richardson		5,500		1,445		8,186		94		51		1,539		8,237		9,776		933		2008		15 - 40 years
Hyatt House Houston		13,000		2,976		16,866		—		110		2,976		16,976		19,952		1,905		2008		15 - 40 years
Hilton Garden Inn New York/West 35th Street		—		24,244		96,978		5		513		24,249		97,491		121,740		9,525		2009		15 - 40 years
Embassy Suite Tampa Downtown Convention Center		—		2,161		71,017		98		807		2,259		71,824		74,083		4,946		2010		15 - 40 years
Fairfield Inn and Suites Washington, DC		—		16,214		22,265		89		3,840		16,303		26,105		42,408		1,876		2010		15 - 40 years

			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2012

Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired		Depreciation Life
Embassy Suites Fort Myers Estero		—		2,816		7,862		17		154		2,833		8,016		10,849		620		2010		15 - 40 years
Homewood Suites Washington DC		—		23,139		34,188		—		189		23,139		34,377		57,516		2,159		2010		15 - 40 years
Hilton New York / Fashion District		—		35,592		82,392		2		325		35,594		82,717		118,311		4,825		2010		15 - 40 years
Hampton Inn & Suites Denver Tech Center		—		2,373		9,180		32		991		2,405		10,171		12,576		684		2010		15 - 40 years
Garden District Hotel		—		1,901		3,865		128		12,333		2,029		16,198		18,227		71		2010		15 - 40 years
Residence Inn Columbia		—		1,993		11,487		2		1,462		1,995		12,949		14,944		759		2010		15 - 40 years
Residence Inn National Harbor Washington DC		—		7,457		37,046		5		65		7,462		37,111		44,573		2,040		2010		15 - 40 years
Residence Inn Silver Spring		11,000		3,945		18,896		22		856		3,967		19,752		23,719		1,183		2010		15 - 40 years
Hilton Garden Inn New Orleans Convention Center		—		3,405		20,750		—		3,083		3,405		23,833		27,238		1,381		2010		15 - 40 years
Hampton Inn West Palm Beach Central Airport		—		2,280		9,769		—		436		2,280		10,205		12,485		599		2010		15 - 40 years
Hilton Garden Inn West Palm Beach Airport		—		1,206		10,811		9		212		1,215		11,023		12,238		623		2010		15 - 40 years
Hollywood Heights Hotel		—		5,303		19,136		75		4,972		5,378		24,108		29,486		1,333		2010		15 - 40 years
Doubletree Metropolitan Hotel New York City		—		140,332		188,014		85		14,320		140,417		202,334		342,751		10,448		2010		15 - 40 years
Embassy Suites Columbus		—		1,274		6,805		170		697		1,444		7,502		8,946		434		2011		15 - 40 years
Renaissance Pittsburgh Hotel		—		3,274		39,934		42		902		3,316		40,836		44,152		2,076		2011		15 - 40 years
Courtyard Atlanta Buckhead		—		2,860		21,668		—		1,115		2,860		22,783		25,643		1,154		2011		15 - 40 years
Doubletree Hotel Columbia		—		1,933		6,486		68		2,817		2,001		9,303		11,304		516		2011		15 - 40 years
Marriott Denver Airport at Gateway Park		24,000		3,083		38,356		14		1,068		3,097		39,424		42,521		2,047		2011		15 - 40 years
Embassy Suites West Palm Beach-Central		—		3,656		9,614		106		4,117		3,762		13,731		17,493		837		2011		15 - 40 years
Hilton Garden Inn Raleigh Durham		—		1,751		4,763		45		4,995		1,796		9,758		11,554		657		2011		15 - 40 years
Hilton Garden Inn University Place		—		1,975		18,490		58		5,827		2,033		24,317		26,350		1,380		2011		15 - 40 years
Hampton Inn Houston Near the Galleria		—		9,326		9,220		69		568		9,395		9,788		19,183		520		2011		15 - 40 years
Courtyard Charleston Historic District		—		2,714		35,828		9		275		2,723		36,103		38,826		1,119		2011		15 - 40 years
Residence Inn Bethesda		—		8,154		52,750		—		—		8,154		52,750		60,904		952		2012		15 - 40 years
Courtyard Upper East Side		—		20,654		60,223		6		7		20,660		60,230		80,890		1,034		2012		15 - 40 years
Hilton Garden Inn Emeryville		—		11,902		22,758		1		5		11,903		22,764		34,666		351		2012		15 - 40 years
Embassy Suites Waltham		—		6,267		56,025		2		—		6,269		56,025		62,294		247		2012		15 - 40 years

	$	997,651	$	561,888	$	2,525,567	$	1,636	$	129,519	$	563,524	$	2,655,086	$	3,218,610	$	295,397

A): The change in total cost of properties for the years ended December 31, 2012, 2011, and 2010 is as follows:

	2012			2011			2010

Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$	2,908,626		$	2,676,184		$	1,875,767
Add: Acquisitions		238,731			223,668			797,065
Add: Improvements		72,149			41,188			57,188
Less: Disposition of properties		—			(32,414	)		(53,836	)

Balance at end of period before impairment charges		3,219,506			2,908,626			2,676,184
Impairment charges on real estate assets owned at end of period		(896	)		—			—

Balance at end of period	$	3,218,610		$	2,908,626		$	2,676,184

B): The change in accumulated depreciation of real estate assets for the years ended December 31, 2011, 2010 and 2009 is as follows:

	2012			2011			2010

Reconciliation of Accumulated Depreciation
Balance at beginning of period	$	(228,809	)	$	(175,432	)	$	(141,560	)
Add: Depreciation for the period		(66,588	)		(58,743	)		(44,272	)
Less: Disposition of properties		—			5,366			10,400

Balance at end of period	$	(295,397	)	$	(228,809	)	$	(175,432	)

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2012
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	*Basis of Presentation and Principles of Consolidation* The combined consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The combined consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, including joint ventures. All significant intercompany balances have been eliminated in consolidation. The combined consolidated financial statements for the periods prior to the May 16, 2011 IPO of RLJ Lodging Trust include the accounts of Fund II, Fund III, and RLJ Development and their respective wholly-owned subsidiaries. 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 May 16, 2011 IPO, are presented as the RLJ Predecessor and referred to as the Company. All significant intercompany balances have been eliminated in consolidation.
Use of Estimates	*Use of Estimates* The preparation of the financial statements and accompanying notes 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.
Reporting Periods	*Reporting Periods* As of December 31, 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 years ended December 31, 2012, 2011 and 2010 include the results of operations for the Company's Marriott-managed hotels for the 52-week periods ending December 28, 2012, December 30, 2011 and December 31, 2010, respectively.
Risks and Uncertainties	*Risks and Uncertainties* During the last economic recession, the Company experienced reduced demand for its hotel rooms and services. While uncertainty over the continued economic recovery may impact the lodging industry and the Company's financial results and growth, the Company remains cautiously optimistic that its future financial results and growth will benefit from current economic conditions and favorable lodging fundamentals. At December 31, 2012, the Company owned five, 21 and 17 hotels located in the New York, New York; Chicago, Illinois; and Austin, Texas metropolitan areas, respectively, that accounted for 15.8%, 12.1% and 10.5% of our total revenue, respectively. As a result, the Company is susceptible to adverse market conditions in these areas, including industry downturns, relocation of businesses and any oversupply of hotel rooms or a reduction in lodging demand. At December 31, 2012, the Company owned 102 and 31 hotels that operate under Marriott and Hilton brands, respectively. As a result, the Company is subject to the potential risks associated with the concentration of its hotels under a limited number of brands. A negative public image or other adverse event that becomes associated with either of these brands could adversely affect hotels operated under the respective brand. If either of these brands suffers a significant decline in appeal to the traveling public, the revenues and profitability of the Company's branded hotels could be adversely affected. The Company owns 104 hotels that are managed by White Lodging Services Corporation ("WLS"). As a result, the Company is subject to the potential risks associated with the concentration of the majority of our hotels under a single management company. A negative public image or other adverse event that becomes associated with or impacts WLS could adversely affect the revenues and profitability of hotels that are managed by them.
Revenue Recognition	*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 December 31, 2012, there is approximately $3.9 million remaining to be recognized.
Fair Value of Financial Instruments	*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 sheets 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 December 31, 2012 and 2011 was $23.0 million and $22.6 million, respectively. • Interest rate swaps and caps—The fair value of interest rate swaps and caps is determined as discussed in Note 9 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. As a result, the Company determined that its variable rate mortgage notes payable in their entirety are classified in Level 2 of the fair value hierarchy. • Fixed rate mortgage notes payable—The fair value estimated at December 31, 2012 and 2011 of $745.3 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 December 31, 2012 and 2011 was $770.7 million and $783.7 million, respectively.
Investment in Hotel Properties	*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 December 31, 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 impairment or disposal of long-lived assets guidance, 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 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.
Investment in Loans	*Investment in Loans* The Company holds investments in two collateralized mortgage loans. The loans are collateralized by the related hotels and were recorded at acquisition at their initial investment, which includes the amount paid to the seller plus any fees paid or less any fees received. The acquired loans were of a deteriorated credit quality as the loans were already in default, as of the date they were acquired by the Company and therefore the amounts paid for the loans reflected the Company's determination that it was probable the Company would be unable to collect all amounts due pursuant to the loan's contractual terms. The Company considers expected prepayments, and estimates the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determines any excess of the loan's scheduled contractual principal and contractual interest payments over all cash flows expected at acquisition as an amount that should not be accreted. The remaining amount, representing the excess of the loan's cash flows expected to be collected over the amount paid to acquire the loan is accreted into interest income over the remaining life of the loan. The Company will regularly re-estimate cash flows expected to be collected over the life of the loan. Any increases in future cash flows expected to be collected will result in a prospective adjustment to the interest yield which will be recognized over the loan's remaining life. Any decreases in cash flows expected to be collected after loan acquisition will result in an impairment charge. A reserve will be established if the present value of payments expected to be received, observable market prices, or the estimated fair value of the collateral (for loans that are dependent on the collateral for repayment) of an impaired loan is lower than the carrying value of that loan. As of December 31, 2012 and 2011, no reserves for loan losses were deemed necessary.
Cash and Cash Equivalents	*Cash and Cash Equivalents* All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. The Company maintains cash balances in domestic banks, which, at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	*Restricted Cash Reserves* All cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement and/or a mortgage agreement for replacement of furniture, fixtures and equipment and funding of real estate taxes and insurance is considered to be restricted cash reserves.
Hotel Receivables	*Hotel Receivables* Hotel receivables consist mainly of hotel guest and meeting and banquet room rental receivables. The Company does not generally require collateral, as ongoing credit evaluations are performed and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Fees	*Deferred Financing Fees* Deferred financing fees relate to costs incurred to obtain long-term financing. Deferred financing fees are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective terms of the financing agreement, as applicable (see Note 7) and are included as a component of interest expense. The Company expenses unamortized deferred financing fees when the associated financing agreement is refinanced or repaid before maturity, unless criteria are met that would allow for the carryover of such costs to the refinanced agreement. For the years ended December 31, 2012, 2011 and 2010, approximately $5.5 million, $5.8 million and $2.5 million (excluding discontinued operations), respectively, of amortization expense was recorded as a component of interest expense. Accumulated amortization at December 31, 2012 and 2011 was approximately $17.7 million and $16.8 million (excluding discontinued operations), respectively.
Deferred Management Fees	*Deferred Management Fees* In June 2006, in consideration for the agreement of WLS to enter into new management agreements on terms favorable to Fund II, a subsidiary of Fund II made a one-time payment of $20.0 million to WLS. This payment was recorded at cost, and is being amortized as a component of management fee expense over the 20-year initial term of the management agreement. For the years ended December 31, 2012, 2011 and 2010, $1.0 million of amortization expense was recorded in each year with respect to deferred management fees. As of December 31, 2012 and 2011, accumulated amortization was approximately $6.6 million and $5.6 million, respectively.
Comprehensive Income (Loss)	*Comprehensive Income (Loss)* Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) is comprised of unrealized gains and losses resulting from hedging activities.
Advertising Costs	*Advertising Costs* The Company expenses advertising costs as incurred. Advertising expense was approximately $4.4 million, $4.0 million and $2.2 million for the years ended December 31, 2012, 2011 and 2010, respectively, (excluding discontinued operations) and is included in other hotel operating expenses.
Transaction and Pursuit Costs	*Transaction and Pursuit Costs* The Company incurs costs during the review of potential property acquisitions, including legal fees, architectural costs, environmental reviews and market studies. These costs are expensed as incurred.
Derivative Financial Instruments	*Derivative Financial Instruments* In the normal course of business, the Company is exposed to the effects of interest rate changes. As of December 31, 2012 and 2011, 45.5% and 41.6%, respectively, of the Company's borrowings were subject to variable rates. As of December 31, 2012 and 2011, after taking into consideration the effect of interest rate swaps and caps, 40.6% and 25.1%, respectively, of the Company's borrowings were subject to variable rates. The Company limits the risks associated with interest rate changes by following the Company's established risk management policies and procedures, including the use of derivatives. The Company utilizes derivative financial instruments to manage, or hedge, interest rate risk. The Company attempts to require that hedging derivative instruments be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. The Company utilizes a variety of borrowing vehicles including an unsecured revolving credit facility and medium and long-term financings. To reduce the Company's susceptibility to interest rate variability, the Company uses interest rate instruments, typically interest rate swaps and caps, to convert a portion of variable rate debt to fixed rate debt. Interest rate differentials that arise under interest rate swap and cap contracts are recognized in interest expense over the life of the contracts. Interest rate swap and cap agreements contain a credit risk that counterparties may be unable to fulfill the terms of the agreement. The Company has minimized that risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by the counterparties. Gains and losses on swap and cap agreements determined to be effective hedges are reported in other comprehensive income (loss) and are reclassified to earnings in the period in which earnings are affected by the underlying hedged item. The ineffective portion of all hedged items is recognized in earnings in the current period. At December 31, 2012 and 2011, the aggregate fair value of approximately $0.5 million and $1.8 million, respectively, of the swap and cap agreements was recorded as a liability in the accompanying combined consolidated financial statements.
Distributions by the RLJ Predecessor	*Distributions by the RLJ Predecessor* Fund II was required to make quarterly distributions to the Fund II General Partner and Fund II's limited partners in accordance with the Fund II LP Agreements. Distributable proceeds were apportioned among the Fund II General Partner and the Fund II limited partners in proportion to their respective percentage interests and then distributed to each partner (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, and (iii) thereafter 80% to limited partners and 20% to the Fund II General Partner. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $158.8 million (excluding advisory fees, see Note 12) had been distributed to partners. Fund III was required to make quarterly distributions to the Fund III General Partner and Fund III's limited partners in accordance with the Fund III LP Agreements. Distributable proceeds were apportioned among the Fund III General Partner and the Fund III LP limited partners in proportion to their respective percentage interests and then distributed to each partner (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, (iii) third, 80% to partners and 20% to the Fund III General Partner, until each partner has received an internal rate of return of 11%, (iv) fourth, 60% to partners and 40% to the Fund III General Partner until the aggregate amount under (i) and (iii) distributed to the Fund III General Partner equals 20% of the aggregate amount distributed to the partners, and (v) thereafter 80% to limited partners and 20% to the Fund III General Partner. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, no distributions had been made to partners (excluding advisory fees, see Note 12). Fund II, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $0.1 million had been distributed to preferred unitholders. Fund III, through wholly-owned subsidiaries, made distributions to preferred unitholders semi-annually on June 30 and December 31 each year. As of December 31, 2010 and through the date of the closing of the IPO on May 16, 2011, an aggregate of approximately $0.1 million had been distributed to preferred unitholders. Pursuant to the terms of the RLJ Development's Limited Liability Company Agreement (the "LLC Agreement"), distributions were made at the discretion of the managing member. Distributions were made to Members in the following priority; (i), first to Class A Members who are entitled to receive any unpaid preferred return until the unpaid preferred return is reduced to zero; (ii), next to each Member, an amount equal to the excess of the tax rate percentage (as defined by the LLC Agreement) multiplied by the aggregate amount of net profits allocated to such members; (iii), next to Class A Members in proportion to the respective amounts of their unreturned capital (as defined by the LLC Agreement), until the unreturned capital of all Class A Members is reduced to zero; (iv), thereafter, among the Members in proportion to their respective membership percentage interests.
Distributions by the Company	*Distributions by the Company* The Company's Board of Trustees determines the amount of future distributions based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. The Company's ability to make distributions is dependent on our receipt of quarterly distributions from the Operating Partnership and the Operating Partnership's ability to make distributions is dependent upon the results of operations of our hotels.
Allocation of Profits and Losses	*Allocation of Profits and Losses* Profits and losses of Fund II were allocated to the Fund II General Partner and Fund II's limited partners in accordance with the Fund II LP Agreements. Profits and losses were apportioned among the Fund II General Partner and the Fund II limited partners in proportion to their respective percentage interests (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, and (iii) thereafter 80% to limited partners and 20% to the Fund II General Partner. Profits and losses of Fund III were allocated to the Fund III General Partner and Fund III's limited partners in accordance with the Fund III LP Agreements. Profits and losses were apportioned among the Fund III General Partner and the Fund III limited partners in proportion to their respective percentage interests (i) first, to partners until each has received a hurdle return of 9%, (ii) second, to partners until each partners' respective unreturned invested equity is reduced to zero, (iii) third, 80% to partners and 20% to the Fund III General Partner, until each partner has received an internal rate of return of 11%, (iv) fourth, 60% to partners and 40% to the Fund III General Partner until the aggregate amount under (i) and (iii) distributed to the Fund III General Partner equals 20% of the aggregate amount distributed to the partners, and (v) thereafter 80% to limited partners and 20% to the Fund III General Partner. Profits of RLJ Development were allocated in accordance with the LLC Agreement: (i) first, to Members who received allocations of losses for earlier periods in proportion to the cumulative amount of those losses; (ii) next, to Class A Members in proportion to their respective percentage interests, until those Members have received cumulative allocation of profits for the current year and all prior years not offset by losses allocated to them equal to the cumulative amount of their annual preferred return; and (iii) thereafter, to the Members in proportion to their respective membership percentage interests. Losses of RLJ Development were allocated to Members in the following order or priority: (i) first, to Members who received allocations of profits in earlier fiscal years in proportion to the cumulative amount of profits previously allocated to them; (ii) next, to Members who have a positive capital account in proportion to the respective amounts of their positive capital accounts until the accounts are reduced to zero; and (iii) thereafter, to the Members in proportion to their respective percentage interests.
Noncontrolling Interests	*Noncontrolling Interests* The combined consolidated financial statements include all subsidiaries controlled by the Company. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests in these subsidiaries are presented separately in the combined consolidated financial statements. As of December 31, 2012, the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 5.0% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the balance sheet. Profits and losses are allocated in proportion to each party's respective ownership interest. As of December 31, 2012, the Company consolidates RLJ Lodging Trust, LP, the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.8% ownership interest. The third-party partnership interest is included in noncontrolling interest in operating partnership on the balance sheet. Profits and losses are allocated in proportion to each party's respective ownership interest.
Income Taxes	*Income Taxes* The Company has elected to be taxed as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code, as amended, commencing with the 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 REIT taxable income, subject to certain adjustments and excluding any net capital gain. The Company's current intention is to adhere to these requirements and maintain the qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of net income that is currently distributed. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on income and property, and to federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. The taxable REIT subsidiary is required to pay income taxes at the applicable rates. The consolidated income tax provision or benefit includes the income tax provision or benefit related to the operations of the taxable REIT subsidiary as well as state income taxes incurred. Where required, deferred income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective income tax bases and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that is more likely than not they will be realized based on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The Company performs an annual review for any uncertain tax positions and, if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements. At December 31, 2012 and 2011, the Company did not identify any uncertain tax positions.
Earnings Per Share	*Earnings Per Share* Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation.
Share-Based Compensation	*Share-based Compensation* From time to time, the Company may issue share-based awards under the 2011 Equity Incentive Plan (the "2011 Plan"), as compensation to officers, employees and non-employee trustees (see Note 12). The vesting of awards issued to officers and employees is based on either continued employment (time-based) or based on the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the Board of Trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for 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. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures.
Environmental	*Environmental* The Company is subject to various Federal, state and local environmental regulations related to its property ownership and operation. The Company has performed environmental assessments of its properties, the results of which have not revealed any environmental liability that the Company believes would have a materially adverse effect on its financial position, operations or liquidity.
Recent Accounting Pronouncements	*Recent Accounting Pronouncements* Recently Adopted In May 2011, the FASB issued Accounting Standards Update ("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. 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 (ASC 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. In February 2013, the FASB issued ASU 2013-02 "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" This amendment to ASC 220 "Comprehensive Income" requires the presentation, in one place, of information about significant amounts reclassified out of accumulated other comprehensive income. The guidance is effective for fiscal years and interim periods beginning after December 15, 2012. These ASUs did not and will not have a material effect on the Company's financial position, results of operations, or cash flows. 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") which represents the consensus reached in EITF Issue No. 10-E, "Derecognition of in Substance Real Estate." The objective of ASU 2011-10 is to resolve the diversity in practice about whether the guidance in ASC 360-20, "Property, Plant, and Equipment—Real Estate Sales," of ASC 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 ASC 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 ASC 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. This ASU did not have a material effect on the Company's financial position, results of operations, or cash flows.

Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 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		Purchase Price

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 and Resorts	278		36.2 million	100	%
Embassy Suites Boston/Waltham	Waltham, MA	November 13, 2012	HEI Hotels and Resorts	275		64.5 million	100	%

				966	$	247.2 million

During the year ended December 31, 2011, the Company, through wholly-owned subsidiaries, acquired the following hotels, which were funded by capital contributions or with cash on hand:

Hotel	Location	Acquisition Date	Management Company		Purchase Price

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 Management Group, LLC	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, LLC	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	%
Courtyard Charleston Historic District	Charleston, SC	October 27, 2011	Noble Management Group, LLC	176		42.0 million	100	%

				2,017	$	246.6 million

Schedule of allocation of purchase price for the hotel properties acquired and liabilities assumed

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

	For the year ended December 31,

	2012		2011
Land and land improvements	$	46,980	$	31,845
Buildings and improvements		191,751		191,823
Furniture, fixtures and equipment		8,427		24,791
Intangibles		—		559
Deferred tax liabilities assumed		—		(2,438	)

Total Purchase Price	$	247,158	$	246,580

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

The unaudited condensed pro forma financial information, excluding discontinued operations, is as follows, (in thousands, except share and per share data):

	For the year ended December 31,

	2012		2011
Revenue	$	884,874	$	817,724
Net income (loss)	$	49,311	$	(577	)
Net income (loss) per share attributable to common shareholders—basic	$	0.47	$	(0.01	)

Net income (loss) per share attributable to common shareholders—diluted	$	0.47	$	(0.01	)

Weighted average number of shares outstanding—basic		105,423,604		93,340,666

Weighted average number of shares outstanding—diluted		105,748,686		93,340,666

- 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
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph a
-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 4: 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 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
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-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)

12 Months Ended

Dec. 31, 2012

Discontinued Operations

Schedule of operating results of discontinued operations

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

	For the year ended December 31,

	2011			2010
Net revenues	$	16,917		$	35,673
Operating expenses		18,108			34,165
Impairment loss		—			—

Operating (loss) income		(1,191	)		1,508
Interest expense		(488	)		(5,647	)

Net loss from discontinued operations, before gain on sale		(1,679	)		(4,139	)
Gain on extinguishment of indebtedness		23,515			—
Gain on sale of properties		—			23,710

Net income from discontinued operations	$	21,836		$	19,571

- 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)

12 Months Ended

Dec. 31, 2012

Investment in Hotel Properties

Schedule of investment in hotel properties

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

	December 31,

	2012			2011
Land and land improvements	$	563,524		$	515,957
Buildings and improvements		2,655,086			2,392,669
Furniture, fixtures and equipment		438,807			375,561
Intangibles		1,857			1,857

		3,659,274			3,286,044
Accumulated depreciation and amortization		(585,791	)		(465,587	)

Investment in hotel properties, net	$	3,073,483		$	2,820,457

Investment in Loans (Tables)

12 Months Ended

Dec. 31, 2012

Investment in Loans

Schedule of investment in loans

Investment in loans as of December 31, 2012 and 2011 consisted of the following (in thousands):

	December 31,

	2012		2011
Note secured by SpringHill Suites Houston Medical Park	$	13,876	$	14,057
Note secured by Residence Inn Atlanta Midtown		10,490		10,634

Face Value	$	24,366	$	24,691

Carrying amount of loans	$	12,426	$	12,633

	December 31,

	2012			2011
Accretable yield balance at beginning of year	$	7,120		$	7,169
Reclassification from nonaccretable difference		64			62
Accretion		(117	)		(111	)

Accretable yield balance at end of year	$	7,067		$	7,120

Debt (Tables)

12 Months Ended

Dec. 31, 2012

Debt

Schedule of mortgage loans

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

									Principal balance at,

Lender	Number of Assets Encumbered		Interest rate at December 31, 2012			Maturity Date			December 31, 2012		December 31, 2011
Keybank							April 2012	(1)	$	—	$	48,000
State Street Bank							April 2012	(1)		—		37,000
Wells Fargo							June 2013	(2)		—		60,000
Wells Fargo							Oct 2013	(2)		—		40,000
Wells Fargo							Oct 2013	(2)		—		31,000
Wells Fargo							Dec 2013	(2)		—		150,000
Blackstone							Dec 2013	(2)		—		50,000
Wells Fargo		1		4.60%	(3)(4)		Oct 2014	(5)		68,500		68,500
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		17,500		17,500
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		21,000		21,000
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		11,000		11,000
Wells Fargo		1		3.81%	(4)		Oct 2014	(5)		24,000		24,000
Capmark Financial Group		1		6.12%			April 2015			4,202		4,327
Capmark Financial Group		1		5.55%			May 2015			11,298		11,656
VFC Partners 20 LLC		1		5.50%			June 2015			5,014		5,014
Capmark Financial Group		1		5.55%			June 2015			4,901		5,057
Barclay's Bank		1		5.55%			June 2015			2,561		2,642
Barclay's Bank		1		5.55%			June 2015			4,203		4,336
Barclay's Bank		1		5.55%			June 2015			9,798		10,107
Barclay's Bank		1		5.55%			June 2015			8,745		9,020
Barclay's Bank		1		5.55%			June 2015			7,839		8,084
Barclay's Bank		1		5.60%			June 2015			5,434		5,603
Barclay's Bank		1		5.60%			June 2015			8,422		8,707
Barclay's Bank		1		5.55%			June 2015			5,134		5,296
Barclay's Bank		1		5.55%			June 2015			34,042		35,115
Barclay's Bank		1		5.60%			June 2015			6,466		6,669
Barclay's Bank		1		5.55%			June 2015			5,762		5,943
Barclay's Bank		1		5.55%			June 2015			6,621		6,830
Barclay's Bank		1		5.60%			June 2015			8,437		8,701
Barclay's Bank		1		5.55%			June 2015			6,614		6,821
Barclay's Bank		1		5.55%			June 2015			7,280		7,508
Barclay's Bank		1		5.55%			June 2015			6,621		6,830
Barclay's Bank		1		5.55%			June 2015			7,558		7,796
Barclay's Bank		1		5.55%			June 2015			9,484		9,783
Capmark Financial Group		1		5.50%			July 2015			6,673		6,883
Barclay's Bank		1		5.44%			Sept 2015			10,883		11,223
PNC Bank(6)		7		2.56%	(4)		May 2016	(7)		85,000		—
Merrill Lynch		1		6.29%			July 2016			9,180		9,294
Merrill Lynch		1		6.29%			July 2016			5,531		5,552
Merrill Lynch		1		6.29%			July 2016			7,684		7,780
Merrill Lynch		1		6.29%			July 2016			9,194		9,307
Wachovia Securities(8)		43		6.29%			July 2016			487,296		493,358
Wachovia Securities		1		6.29%			July 2016			6,582		6,664
Wells Fargo/Morgan Stanley		2		6.29%			July 2016			34,823		35,256
Wells Fargo/Morgan Stanley		1		6.29%			July 2016			6,753		6,837
Wells Fargo/Morgan Stanley		1		6.29%			July 2016			9,616		9,736

		88							$	997,651	$	1,341,735

(1): The Keybank and State Street Bank loans were paid off with borrowings on the prior credit facility at maturity on April 9, 2012.

(2): The Wells Fargo/Blackstone loans were paid off on November 20, 2012 with borrowings on the Five-Year Term Loan and Seven-Year Term Loan.
(3): Interest rate at December 31, 2012 gives effect to interest rate swaps and LIBOR floors.
(4): Requires payments of interest only until the commencement of the extension period(s).
(5): 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).
(6): The seven hotels encumbered by the PNC Bank Loans are cross-collateralized.
(7): 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).
(8): The 43 Wachovia loans are cross-collateralized.

Schedule of future minimum principal payments on debt

As of December 31, 2012, future minimum principal payments on debt are as follows (in thousands):


2013	$	14,211
2014		157,095
2015		189,485
2016		652,860
2017		275,000
Thereafter		125,000

	$	1,413,651

Financial Instruments: Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2012

Financial Instruments: Derivatives and Hedging

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

As of December 31, 2012 and 2011, the Company held the following interest rate swaps and caps (in thousands):

	Notional value at									Fair value at

Hedge type	December 31, 2012		December 31, 2011		Hedge interest rate			Maturity		December 31, 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		3.50	%		12/23/2012		—			3
Swap-cash flow		—		150,000		1.15	%		12/23/2012		—			(1,145	)
Swap-cash flow		40,000		40,000		1.00	%		10/6/2013		(265	)		(369	)
Swap-cash flow		31,000		31,000		1.00	%		10/6/2013		(205	)		(285	)
Interest rate cap		60,000		—		1.00	%		6/29/2013		—			—

	$	131,000	$	416,000						$	(470	)	$	(1,796	)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value

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

	Fair Value at December 31, 2012

	Level 1		Level 2			Level 3		Total
Interest rate swap and cap liability	$	—	$	(470	)	$	—	$	(470	)

Total	$	—	$	(470	)	$	—	$	(470	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies

Schedule of future minimum ground lease payments

	Amount of commitment expiration per period

	2013		2014		2015		2016		2017		Thereafter		Total
Minimum ground rent	$	1,150	$	1,150	$	1,150	$	1,150	$	1,150	$	103,460	$	109,210

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

As of December 31, 2012, all of the Company's hotel properties are operated pursuant to long-term agreements with terms ranging from 5 to 25 years, with 16 management companies as follows:

Management Company		Number of Properties

Aimbridge Hospitality			2
Concord Hospitality Enterprises Company			1
Crescent Hotels and Resorts			3
Crestline Hotels and Resorts			1
Davidson Hotels and Resorts			1
Embassy Suites Management			3
HEI Hotels and Resorts			1
Highgate Hotels			4
Interstate Hotels and Resorts(1)			11
K Partners Hospitality Group			1
Marriott Hotel Services			5
Sage Hospitality			2
Stonebridge Realty Advisors			1
Urgo Hotels			4
Windsor Capital Group			1
WLS			104

			145

(1): Includes agreements entered into with Noble Management Group, LLC, a wholly-owned subsidiary of Interstate Hotels and Resorts.

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2012

Restricted share awards

Equity Incentive Plan

Summary of the non-vested shares

	2012					2011

	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Unvested at January 1		970,288		$	17.93		—		$	—
Granted		436,646			17.57		1,120,830			17.93
Vested		(366,383	)		17.86		(147,542	)		17.93
Forfeited		(26,878	)		17.80		(3,000	)		17.53

Unvested at December 31		1,013,673		$	17.80		970,288		$	17.93

Performance Units

Equity Incentive Plan

Summary of the non-vested shares

		Weighted Average Grant Date Fair Value

Unvested at January 1, 2012	—	$	—
Granted	1,000,000		15.36

Unvested at December 31, 2012	1,000,000	$	15.36

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2012

Earnings per Common Share

Schedule of computation of basic and diluted earnings per common share

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

	For the year ended,

	December 31, 2012			December 31, 2011
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations	$	41,298		$	(10,490	)
Add: Income from discontinued operations		—			21,836

Net income attributable to common shareholders		41,298			11,346
Less: Dividends paid on unvested restricted shares		(802	)		(392	)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	40,496		$	10,954

Denominator:
Weighted-average number of common shares—basic		105,423,604			95,340,666
Unvested restricted shares		59,587			—
Performance units		265,495			—

Weighted-average number of common shares—diluted		105,748,686			95,340,666

Net income (loss) per share attributable to common shareholders—basic	$	0.38		$	(0.11	)

Discontinued operations		—			0.23

Net income per share attributable to common shareholders—basic	$	0.38		$	0.12

Net income (loss) per share attributable to common shareholders—diluted	$	0.38		$	(0.11	)

Discontinued operations		—			0.23

Net income per share attributable to common shareholders—diluted	$	0.38		$	0.12

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Schedule of cash distributions for federal income tax purposes

	For the Years Ended December 31,

	2012			2011
Common distributions
Ordinary income		100.0	%		100.0	%
Return of capital		—			—
Capital gains		—			—

		100.0	%		100.0	%

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

		—			100.0	%

Schedule of components of the income tax provision from continuing operations

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

	For the Years Ended December 31,

	2012			2011			2010
Current:
Federal	$	(50	)	$	(1	)	$	—
State		(1,381	)		(1,232	)		(945	)
Deferred:
Federal		64			443			—
State		(2	)		50			—

Total net tax expense	$	(1,369	)	$	(740	)	$	(945	)

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

	For the Years Ended December 31,

	2012			2011			2010
"Expected" federal tax benefit at statutory rate	$	(14,952	)	$	(4,398	)	$	13,932
Tax impact of passthrough entities		—			—			(5,850	)
Tax impact of REIT election		22,618			19,619			1,992

Expected tax benefit at TRS		7,666			15,221			10,074
Change in valuation allowance		(8,741	)		(17,045	)		(11,291	)
State income (expense) benefit, net of federal tax benefit		595			1,411			143
Impact of rate change		146			—			—
Other permanent items		(394	)		(436	)		(116	)
Impact of acquired tax attributes		(361	)		—			—
Impact of provision to return		(280	)		109			245

Income tax expense	$	(1,369	)	$	(740	)	$	(945	)

Schedule of deferred tax assets (liabilities)

	December 31,

	2012			2011
Property and equipment	$	(2,633	)	$	(2,319	)
Prepaid expenses		(1,431	)		(995	)

Gross deferred tax liabilities	$	(4,064	)	$	(3,314	)

Property and equipment	$	4,997		$	5,853
Deferred revenue—key money		1,933			—
Incentive and vacation accrual		1,562			1,554
Allowance for doubtful accounts		77			58
Other		204			168
Other carryforwards		108			28
Net operating loss carryforwards		50,463			42,105
Valuation allowance		(57,138	)		(48,397	)

Gross deferred tax assets	$	2,206		$	1,369

Schedule of net current and non-current components of deferred income taxes

The net current and non-current components of deferred income taxes included in the combined consolidated balance sheets are as follows (in thousands):

	December 31,

	2012			2011
Current net deferred tax assets	$	193		$	71
Current net deferred tax liabilities		(1,431	)		(995	)
Non-current net deferred tax assets		2,013			1,298
Non-current net deferred tax liabilities		(2,633	)		(2,319	)

Net deferred tax liability	$	(1,858	)	$	(1,945	)

Supplemental Information to Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2012

Supplemental Information to Statements of Cash Flows

Schedule of supplemental information to statements of cash flows (in thousands)

	For the year ended December 31,

	2012			2011			2011
Interest paid	$	79,376		$	91,558		$	83,670

Income taxes paid	$	1,598		$	1,392		$	1,934

Supplemental investing and financing transactions:
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	$	247,158		$	249,018		$	833,080
Accounts receivable		164			556			878
Other assets		728			1,040			6,942
Advance deposits		(224	)		(379	)		(624	)
Non-controlling interest		—			—			(7,836	)
Accounts payable and accrued expenses		(777	)		(2,439	)		(3,568	)
Application of purchase deposit		—			(8,500	)		—
Deferred tax liabilities assumed		—			(2,438	)		—

Acquisition of hotel properties	$	247,049		$	236,858		$	828,872

In conjunction with the hotel disposals, the Company disposed of the following assets and liabilities:
Sale of real estate	$	—		$	(31,534	)	$	(49,452	)
Other assets		—			(8,007	)		(286	)
Other liabilities		—			5,056			701
Gain on sale of property		—			—			(23,710	)
Gain on extinguishment of indebtedness		—			(23,515	)		—
Forgiveness of indebtedness		—			58,000			—

Disposition of hotel properties	$	—		$	—		$	(72,747	)

Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	$	1,326		$	2,024		$	11,109

Accrued capital expenditures	$	4,563		$	12,801		$	—

Distributions payable	$	22,392		$	16,076		$	—

Quarterly Operating Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Operating Results (unaudited)

Schedule of unaudited condensed consolidated quarterly operating results

	Year ended December 31, 2012

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	183,193		$	223,257	$	225,217	$	222,538
Income (loss) from continuing operations	$	(6,921	)	$	19,019	$	15,301	$	13,920
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(6,513	)	$	18,885	$	15,196	$	13,730
Comprehensive income (loss)	$	(6,519	)	$	19,266	$	15,585	$	14,748
Basic per share data:
Income (loss) from continuing operations	$	(0.07	)	$	0.18	$	0.15	$	0.13
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.18	$	0.14	$	0.13
Diluted per share data:
Income (loss) from continuing operations	$	(0.07	)	$	0.18	$	0.15	$	0.13
Discontinued operations	$	—		$	—	$	—	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.18	$	0.14	$	0.13
Basic weighted average common shares outstanding		105,332,812			105,388,743		105,453,978		105,517,515
Diluted weighted average common shares outstanding		105,332,812			105,454,679		105,509,104		105,865,104

	Year ended December 31, 2011

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Total revenue	$	168,169		$	204,271		$	197,251	$	189,261
Income (loss) from continuing operations	$	(15,304	)	$	(2,301	)	$	8,677	$	(1,199	)
Discontinued operations	$	(972	)	$	(160	)	$	22,970	$	(2	)
Net income (loss) attributable to common shareholders	$	(16,132	)	$	(2,568	)	$	31,319	$	(1,273	)
Comprehensive income (loss)	$	(14,936	)	$	(2,952	)	$	32,001	$	(743	)
Basic and diluted per share data:
Income (loss) from continuing operations		n/a		$	(0.03	)	$	0.08	$	(0.01	)
Discontinued operations		n/a		$	(0.00	)	$	0.22	$	(0.00	)
Net income (loss) attributable to common shareholders		n/a		$	(0.03	)	$	0.30	$	(0.01	)
Basic weighted average common shares outstanding		n/a			88,767,570			105,228,305		105,280,964
Diluted weighted average common shares outstanding		n/a			88,767,570			105,228,305		105,280,964

Organization (Details) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Jun. 03, 2011 $ / shares shares	May 16, 2011 USD ($) $ / shares shares	Jun. 30, 2011 USD ($)	May 31, 2011	Dec. 31, 2012 hotel room state item	Dec. 31, 2011 USD ($)	Jan. 31, 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						$ 1.00
Gross proceeds from sale of common shares			$ 73,700			$ 528,293
Aggregate proceeds, net of underwriters discounts			$ 69,100
Ownership interest in OP units (as a percent)				99.10%
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)					99.20%
Number of hotels owned \| hotel					145
Number of hotel rooms owned \| room					21,617
Number of states in which hotels owned by the entity are located \| state					21
Number of mortgage loans owned \| item					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	12 Months Ended
	May 31, 2012 USD ($)	Dec. 31, 2012 USD ($) hotel item	Dec. 28, 2012	Dec. 30, 2011	Dec. 31, 2010
Summary of Significant Accounting Policies
Number of entities under common control of predecessor \| item		3
Reporting Periods
Number of hotels owned		145
Revenue Recognition
Incentive payment received \| $	$ 4.0
Revenue to be recognized \| $		$ 3.9
Total hotels owned \| Supplier concentration risk \| Marriott brand
Reporting Periods
Number of hotels owned		102
Total hotels owned \| Supplier concentration risk \| Hilton brand
Reporting Periods
Number of hotels owned		31
New York, New York \| Total revenue \| Geographic concentration risk
Risks and Uncertainties
Percentage of concentration risk		15.80%
New York, New York \| Total hotels owned \| Geographic concentration risk
Reporting Periods
Number of hotels owned		5
Chicago, Illinois \| Total revenue \| Geographic concentration risk
Risks and Uncertainties
Percentage of concentration risk		12.10%
Chicago, Illinois \| Total hotels owned \| Geographic concentration risk
Reporting Periods
Number of hotels owned		21
Austin, Texas \| Total revenue \| Geographic concentration risk
Risks and Uncertainties
Percentage of concentration risk		10.50%
Austin, Texas \| Total hotels owned \| Geographic concentration risk
Reporting Periods
Number of hotels owned		17
Marriott
Reporting Periods
Number of hotels owned		5
Number of days of results of operations for Marriott-managed hotels included in the period			364 days	364 days	364 days
WLS \| Total hotels owned \| Supplier concentration risk
Reporting Periods
Number of hotels owned		104
Minimum \| Marriott
Reporting Periods
Number of days of results of operations for Marriott-managed hotels included in the period		364 days
Maximum \| Marriott
Reporting Periods
Number of days of results of operations for Marriott-managed hotels included in the period		371 days

Summary of Significant Accounting Policies (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	May 16, 2011 USD ($)	Jun. 30, 2006 USD ($)
Fair Value of Financial Instruments
Fair value of investment in collateralized loans	$ 23,000	$ 22,600
Fair value of fixed rate mortgage notes payable	745,300	771,500
Carrying value of fixed rate mortgage notes payable	$ 770,700	783,700
Investment in Loans
Number of loans held as investment \| item	2
Deferred Financing Fees
Amortization expense, excluding discontinued operations	$ 5,500	5,800	$ 2,500
Accumulated amortization, excluding discontinued operations	17,700	16,800
Deferred Management Fees
Amortization of deferred management fees	1,000	1,000	1,000
Advertising Costs
Advertising expense, excluding discontinued operations	$ 4,400	$ 4,000	2,200
Derivative Financial Instruments
Percentage of Company's borrowings which are subject to variable rates	45.50%	41.60%
Percentage of entity's borrowings subject to variable rates after taking into consideration the effect of interest rate swaps and caps	40.60%	25.10%
Aggregate fair value of interest rate swap and cap liability	$ 470	$ 1,796
WLS
Deferred Management Fees
One-time payment of management fees					$ 20,000
Initial term of the management agreement	20 years
Amortization of deferred management fees	$ 1,000	1,000	$ 1,000
Accumulated amortization	$ 6,600	$ 5,600
Fund II
Distributions by the RLJ Predecessor
Distributions to partners				$ 162,000
Fund II \| Partners
Distributions by the RLJ Predecessor
Distributions to partners				158,800
Fund II \| Preferred unitholders
Distributions by the RLJ Predecessor
Distributions to partners				100
Fund II \| First allocation of profits and losses \| Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	9.00%
Fund II \| Third allocation of profits and losses \| Limited Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	80.00%
Fund II \| Third allocation of profits and losses \| General Partner
Allocation of Profit and Losses
Percentage of profits and losses apportioned	20.00%
Fund II \| First distribution \| Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	9.00%
Fund II \| Third distribution \| Limited Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	80.00%
Fund II \| Third distribution \| General Partner
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	20.00%
Fund III \| General Partner
Distributions by the RLJ Predecessor
Distributions to be received by General Partners as a percentage of aggregate amount distributed to the partners	20.00%
Allocation of Profit and Losses
Allocation of profits and losses to be received by General Partners as a percentage of aggregate amount distributed to the partners	20.00%
Fund III \| Preferred unitholders
Distributions by the RLJ Predecessor
Distributions to partners				$ 100
Fund III \| First allocation of profits and losses \| Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	9.00%
Fund III \| Third allocation of profits and losses \| Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	80.00%
Percentage of internal rate of return to be received through allocation of profits and losses	11.00%
Fund III \| Third allocation of profits and losses \| General Partner
Allocation of Profit and Losses
Percentage of profits and losses apportioned	20.00%
Fund III \| Fourth allocation of profits and losses \| Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	60.00%
Fund III \| Fourth allocation of profits and losses \| General Partner
Allocation of Profit and Losses
Percentage of profits and losses apportioned	40.00%
Fund III \| Allocation after fourth allocation of profits and losses \| Limited Partners
Allocation of Profit and Losses
Percentage of profits and losses apportioned	80.00%
Fund III \| Allocation after fourth allocation of profits and losses \| General Partner
Allocation of Profit and Losses
Percentage of profits and losses apportioned	20.00%
Fund III \| First distribution \| Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	9.00%
Fund III \| Third distribution \| Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	80.00%
Percentage of internal rate of return to be received through distributions	11.00%
Fund III \| Third distribution \| General Partner
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	20.00%
Fund III \| Fourth distribution \| Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	60.00%
Fund III \| Fourth distribution \| General Partner
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	40.00%
Fund III \| Distribution after fourth distribution \| Limited Partners
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	80.00%
Fund III \| Distribution after fourth distribution \| General Partner
Distributions by the RLJ Predecessor
Percentage of distributable proceeds apportioned	20.00%
Minimum
Deferred Management Fees
Initial term of the management agreement	5 years
Maximum
Deferred Management Fees
Initial term of the management agreement	25 years
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
Furniture, fixtures and equipment \| Minimum
Investment in Hotel Properties
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Investment in Hotel Properties
Estimated useful lives	5 years

Summary of Significant Accounting Policies (Details 3)	12 Months Ended
Summary of Significant Accounting Policies (Details 3)	Dec. 31, 2012 item
Income Taxes
Number of subsequent taxable years for which the company may not be able to qualify as a REIT if it fails to qualify for taxation as a REIT in any taxable year	4
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party (as a percent)	5.00%
RLJ Lodging Trust, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party (as a percent)	0.80%

Acquisition of Hotel Properties (Details) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended								12 Months Ended
	Nov. 30, 2012	Jun. 30, 2012	May 31, 2012	Oct. 31, 2011	Mar. 31, 2011	Jan. 31, 2011	Dec. 31, 2012 USD ($) room	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($) room $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($)	Nov. 13, 2012 USD ($) hotel	Jun. 11, 2012 USD ($) room	May 30, 2012 USD ($) room	May 29, 2012 USD ($) room	Oct. 27, 2011 USD ($) 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							21,617								21,617
% Interest															100.00%
Total revenues and net income (loss) from hotels acquired
Revenue							$ 222,538	$ 225,217	$ 223,257	$ 183,193	$ 189,261	$ 197,251	$ 204,271	$ 168,169	$ 854,205	$ 758,952	$ 516,666
Net income (loss)															41,319	11,709	$ (22,616)
Unaudited condensed pro forma financial information
Revenue															884,874	817,724
Net income (loss)															$ 49,311	$ (577)
Net income (loss) per share attributable to common shareholders - basic (in dollars per share) \| $ / shares															$ 0.47	$ (0.01)
Net income (loss) per share attributable to common shareholders - diluted (in dollars per share) \| $ / shares															$ 0.47	$ (0.01)
Weighted average number of shares outstanding - basic \| shares															105,423,604	93,340,666
Weighted average number of shares outstanding - diluted \| shares															105,748,686	93,340,666
2012 acquisitions
Acquisition of Hotel Properties
Rooms \| room							966								966
Allocation of purchase price for the hotel properties acquired and liabilities assumed
Land and land improvements							$ 46,980								$ 46,980
Buildings and improvements							191,751								191,751
Furniture, fixtures and equipment							8,427								8,427
Total Purchase Price							$ 247,158								247,158
Total revenues and net income (loss) from hotels acquired
Revenue															116,800
Net income (loss)															$ 12,000
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%
Embassy Suites Boston/Waltham
Acquisition of Hotel Properties
Rooms \| hotel																		275
Purchase Price																		$ 64,500
% Interest	100.00%
2011 acquisitions
Acquisition of Hotel Properties
Rooms \| room							2,017								2,017
Allocation of purchase price for the hotel properties acquired and liabilities assumed
Land and land improvements											31,845					$ 31,845
Buildings and improvements											191,823					191,823
Furniture, fixtures and equipment											24,791					24,791
Intangibles											559					559
Deferred tax liabilities assumed											(2,438)					(2,438)
Total Purchase Price											$ 246,580					246,580
Total revenues and net income (loss) from hotels acquired
Revenue																69,400
Net income (loss)																$ (3,200)
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%
Courtyard Charleston Historic District
Acquisition of Hotel Properties
Rooms \| room																						176
Purchase Price																						$ 42,000
% Interest				100.00%

Discontinued Operations (Details) $ in Thousands					1 Months Ended	3 Months Ended				12 Months Ended
Discontinued Operations (Details) $ in Thousands	May 16, 2011 USD ($)	Apr. 28, 2010 USD ($)	Apr. 23, 2010 USD ($) item	Nov. 16, 2009 item	Aug. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Discontinued operations
Outstanding balance of defeased mortgage loans associated with hotels sold						$ 1,341,735				$ 997,651	$ 1,341,735
Repayment of mortgage loan associated with hotels sold	$ 472,600									$ 429,084	489,342	$ 79,706
Operating results of discontinued operations
Net revenues											16,917	35,673
Operating expenses											18,108	34,165
Operating (loss) income											(1,191)	1,508
Interest expense											(488)	(5,647)
Net loss from discontinued operations, before gain on sale											(1,679)	(4,139)
Gain on extinguishment of indebtedness											23,515
Gain on sale of properties												23,710
Net income from discontinued operations						$ (2)	$ 22,970	$ (160)	$ (972)		$ 21,836	$ 19,571
Six hotels \| RLJ Development members
Discontinued operations
Number of hotels agreed to be sold \| item				6
Number of hotels sold \| item			6
Sale price for sale of hotels			$ 73,500
Number of individual mortgages defeased associated with hotels sold \| item			5
Outstanding balance of defeased mortgage loans associated with hotels sold			$ 34,000
Repayment of mortgage loan associated with hotels sold		$ 8,500
Mortgage prepayment penalty associated with hotels sold		$ 200
Operating results of discontinued operations
Gain on extinguishment of indebtedness					$ 23,500
Gain on sale of properties			$ 23,700

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Investment in Hotel Properties
Land and land improvements	$ 563,524	$ 515,957
Buildings and improvements	2,655,086	2,392,669
Furniture, fixtures and equipment	438,807	375,561
Intangibles	1,857	1,857
Investment in hotel properties, gross	3,659,274	3,286,044
Accumulated depreciation and amortization	(585,791)	(465,587)
Investment in hotel properties, net	3,073,483	2,820,457
Depreciation and amortization expense related to investment in hotel properties excluding discontinued operations	126,400	127,200	$ 96,000
Accelerated depreciation and amortization expense related to furniture, fixtures and equipment	4,700	$ 7,600
Impairment loss related to the Fairfield Inn Memphis	$ 896

Investment in Loans (Details) $ in Thousands		12 Months Ended
Investment in Loans (Details) $ in Thousands	Nov. 03, 2009 USD ($) item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Investment in loans
Carrying amount of loans		$ 12,426	$ 12,633
Changes in accretable yield of loans purchased
Interest income from the loans		$ 1,600	1,600	$ 2,200
Fund III
Investment in loans
Number of mortgage loans purchased \| item	2
Total purchase price of the mortgage loans purchased	$ 12,700
Amortization term of loans		30 years
Face Value		$ 24,366	24,691
Carrying amount of loans		12,426	12,633
Changes in accretable yield of loans purchased
Accretable yield balance at beginning of year		7,120	7,169
Reclassification from nonaccretable difference		64	62
Accretion		(117)	(111)
Accretable yield balance at end of year		7,067	7,120	7,169
Default interest				$ 800
Fund III \| SpringHill Suites Houston Medical Park
Investment in loans
Face Value		13,876	14,057
Changes in accretable yield of loans purchased
Monthly payments of principal and interest required on purchased loans		100
Fund III \| Residence Inn Atlanta Midtown
Investment in loans
Face Value		10,490	$ 10,634
Changes in accretable yield of loans purchased
Monthly payments of principal and interest required on purchased loans		$ 100

Debt (Details)	1 Months Ended			12 Months Ended
Debt (Details)	Sep. 30, 2011 term	Jun. 30, 2011	Jan. 31, 2011 USD ($) hotel term	Dec. 31, 2012 USD ($) hotel instrument asset term	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Nov. 20, 2012 USD ($)	Jun. 20, 2011 USD ($) hotel
Debt
Outstanding borrowings on the Revolver				$ 16,000,000
Outstanding borrowings on the unsecured debt				400,000,000
Mortgage loans				997,651,000	$ 1,341,735,000
Future minimum principal payments on debt
2013				14,211,000
2014				157,095,000
2015				189,485,000
2016				652,860,000
2017				275,000,000
Thereafter				125,000,000
Total				1,413,651,000
Revolver
Debt
Maximum borrowings				$ 300,000,000
Variable interest rate basis				LIBOR
Unused commitment fee				$ 100,000
Outstanding borrowings on the Revolver				16,000,000
Interest expense				$ 40,000
Additional maturity term				1 year
Revolver \| Minimum
Debt
Spread over variable interest rate basis (as a percent)				1.70%
Unused facility fee (as a percent)				0.25%
Revolver \| Maximum
Debt
Spread over variable interest rate basis (as a percent)				3.00%
Unused facility fee (as a percent)				0.35%
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
Swingline loans
Debt
Maximum borrowings				40,000,000
Revolving Credit Facility and Term Loans
Debt
Fees incurred				$ 5,200,000
Variable interest rate basis				LIBOR
Revolving Credit Facility and Term Loans \| Minimum
Debt
Number of hotel properties required to remain unencumbered by outstanding indebtedness \| hotel				20
Spread over variable interest rate basis (as a percent)				1.70%
Revolving Credit Facility and Term Loans \| Maximum
Debt
Spread over variable interest rate basis (as a percent)				3.00%
Five-Year Term Loan
Debt
Unsecured term loan				$ 275,000,000
Variable interest rate basis				LIBOR
Outstanding borrowings on the unsecured debt				$ 275,000,000
Interest expense				$ 700,000
Five-Year Term Loan \| Minimum
Debt
Spread over variable interest rate basis (as a percent)				1.70%
Five-Year Term Loan \| Maximum
Debt
Spread over variable interest rate basis (as a percent)				3.00%
Seven-Year Term Loan
Debt
Unsecured term loan				$ 125,000,000
Variable interest rate basis				LIBOR
Outstanding borrowings on the unsecured debt				$ 125,000,000
Interest expense				$ 400,000
Seven-Year Term Loan \| Minimum
Debt
Spread over variable interest rate basis (as a percent)				1.70%
Seven-Year Term Loan \| Maximum
Debt
Spread over variable interest rate basis (as a percent)				3.00%
Prior Credit Facility
Debt
Maximum borrowings								$ 300,000,000
Fees incurred								$ 3,000,000
Unamortized fee amount							$ 1,700,000
Variable interest rate basis				LIBOR
Unused commitment fee				$ 800,000	700,000
Interest expense				$ 1,600,000
Prior Credit Facility \| Minimum
Debt
Number of hotel properties required to remain unencumbered by outstanding indebtedness \| hotel								15
Spread over variable interest rate basis (as a percent)								2.25%
Unused facility fee (as a percent)		0.30%
Prior Credit Facility \| Maximum
Debt
Spread over variable interest rate basis (as a percent)								3.25%
Unused facility fee (as a percent)		0.40%
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	$ 200,000
Weighted average interest rate (as a percent)						1.04%
Interest expense						$ 1,000,000
Term Loan
Debt
Unsecured term loan			$ 140,000,000
Variable interest rate basis			LIBOR
Spread over variable interest rate basis (as a percent)			4.25%
Interest expense					$ 5,100,000
Number of additional maturity terms \| term	1		2
Additional maturity term			6 months
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%
Mortgage Loans
Debt
Variable interest rate basis					LIBOR
Number of Assets Encumbered \| asset				88
Mortgage loans				$ 997,651,000	$ 1,341,735,000
Number of additional maturity terms \| term				2
Additional maturity term				1 year
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
Mortgage loans					60,000,000
Mortgage Loans \| Wells Fargo, lender 2
Debt
Mortgage loans					40,000,000
Mortgage Loans \| Wells Fargo, lender 3
Debt
Mortgage loans					31,000,000
Mortgage Loans \| Wells Fargo, lender 4
Debt
Mortgage loans					150,000,000
Mortgage Loans \| Blackstone
Debt
Mortgage loans					50,000,000
Mortgage Loans \| Wells Fargo, lender 5
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				4.60%
Mortgage loans				$ 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
Interest rate (as a percent)				3.81%
Mortgage loans				$ 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
Interest rate (as a percent)				3.81%
Mortgage loans				$ 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
Interest rate (as a percent)				3.81%
Mortgage loans				$ 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
Interest rate (as a percent)				3.81%
Mortgage loans				$ 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
Interest rate (as a percent)				6.12%
Mortgage loans				$ 4,202,000	4,327,000
Mortgage Loans \| Capmark Financial Group, lender 2
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 11,298,000	11,656,000
Mortgage Loans \| VFC Partners 20 LLC
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.50%
Mortgage loans				$ 5,014,000	5,014,000
Mortgage Loans \| Capmark Financial Group, lender 3
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 4,901,000	5,057,000
Mortgage Loans \| Barclay's Bank, lender 1
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 2,561,000	2,642,000
Mortgage Loans \| Barclay's Bank, lender 2
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 4,203,000	4,336,000
Mortgage Loans \| Barclay's Bank, lender 3
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 9,798,000	10,107,000
Mortgage Loans \| Barclay's Bank, lender 4
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 8,745,000	9,020,000
Mortgage Loans \| Barclay's Bank, lender 5
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 7,839,000	8,084,000
Mortgage Loans \| Barclay's Bank, lender 6
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.60%
Mortgage loans				$ 5,434,000	5,603,000
Mortgage Loans \| Barclay's Bank, lender 7
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.60%
Mortgage loans				$ 8,422,000	8,707,000
Mortgage Loans \| Barclay's Bank, lender 8
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 5,134,000	5,296,000
Mortgage Loans \| Barclay's Bank, lender 9
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 34,042,000	35,115,000
Mortgage Loans \| Barclay's Bank, lender 10
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.60%
Mortgage loans				$ 6,466,000	6,669,000
Mortgage Loans \| Barclay's Bank, lender 11
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 5,762,000	5,943,000
Mortgage Loans \| Barclay's Bank, lender 12
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 6,621,000	6,830,000
Mortgage Loans \| Barclay's Bank, lender 13
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.60%
Mortgage loans				$ 8,437,000	8,701,000
Mortgage Loans \| Barclay's Bank, lender 14
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 6,614,000	6,821,000
Mortgage Loans \| Barclay's Bank, lender 15
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 7,280,000	7,508,000
Mortgage Loans \| Barclay's Bank, lender 16
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 6,621,000	6,830,000
Mortgage Loans \| Barclay's Bank, lender 17
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 7,558,000	7,796,000
Mortgage Loans \| Barclay's Bank, lender 18
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.55%
Mortgage loans				$ 9,484,000	9,783,000
Mortgage Loans \| Capmark Financial Group, lender 4
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.50%
Mortgage loans				$ 6,673,000	6,883,000
Mortgage Loans \| Barclay's Bank, Lender 19
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				5.44%
Mortgage loans				$ 10,883,000	11,223,000
Mortgage Loans \| PNC Bank
Debt
Number of Assets Encumbered \| asset				7
Interest rate (as a percent)				2.56%
Mortgage loans				$ 85,000,000
Additional maturity term				1 year
Mortgage Loans \| Merrill Lynch, lender 1
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 9,180,000	9,294,000
Mortgage Loans \| Merrill Lynch, lender 2
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 5,531,000	5,552,000
Mortgage Loans \| Merrill Lynch, lender 3
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 7,684,000	7,780,000
Mortgage Loans \| Merrill Lynch, lender 4
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 9,194,000	9,307,000
Mortgage Loans \| Wachovia Securities, lender 1
Debt
Number of Assets Encumbered \| asset				43
Interest rate (as a percent)				6.29%
Mortgage loans				$ 487,296,000	493,358,000
Mortgage Loans \| Wachovia Securities, lender 2
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 6,582,000	6,664,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 1
Debt
Number of Assets Encumbered \| asset				2
Interest rate (as a percent)				6.29%
Mortgage loans				$ 34,823,000	35,256,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 2
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 6,753,000	6,837,000
Mortgage Loans \| Wells Fargo/Morgan Stanley, lender 3
Debt
Number of Assets Encumbered \| asset				1
Interest rate (as a percent)				6.29%
Mortgage loans				$ 9,616,000	$ 9,736,000
Mortgage loan secured by SpringHill Suites Southfield
Debt
Mortgage loans				5,000,000
Mortgage loan secured by Courtyard Goshen
Debt
Mortgage loans				$ 5,500,000

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Financial Instruments: Derivatives and Hedging
Percentage of Company's borrowings which are subject to variable rates	45.50%	41.60%
Financial Instruments: Derivatives and Hedging
Notional value	$ 131,000	$ 416,000
Percentage of entity's borrowings subject to variable rates after taking into consideration the effect of interest rate swaps and caps	40.60%	25.10%
Percentage of Company's borrowings which are subject to variable rates	45.50%	41.60%
Fair value	$ (470)	$ (1,796)
Unrealized losses included in accumulated other comprehensive loss	0	1,800
Amount reclassified from accumulated other comprehensive loss to interest expense related to hedges	$ 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
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
Hedge interest rate (as a percent)	1.15%	1.15%
Fair value		$ (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	$ (265)	$ (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	$ (205)	$ (285)
Interest rate cap, hedge type five
Financial Instruments: Derivatives and Hedging
Notional value	$ 60,000
Hedge interest rate (as a percent)	1.00%

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Fair Value
Interest rate swap and cap liability	$ (470)	$ (1,796)
Recurring \| Level 2
Fair Value
Interest rate swap and cap liability	(470)
Total	(470)
Recurring \| Total
Fair Value
Interest rate swap and cap liability	(470)
Total	$ (470)

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2001 USD ($)
Minimum ground rent
2013	$ 1,150,000
2014	1,150,000
2015	1,150,000
2016	1,150,000
2017	1,150,000
Thereafter	103,460,000
Total	109,210,000
Residence Inn Chicago Oak Brook
Ground Leases
Total rent paid				$ 1,560,000
Amount payable for additional renewal term	$ 1
Period of additional terms for which lease may be extended	99 years
Louisville Marriott Downtown
Ground Leases
Maximum number of additional terms for which lease may be extended \| item	4
Period of additional terms for which lease may be extended	25 years
Annual ground rent	$ 1
Courtyard Austin Downtown/Convention Center and Residence Inn Austin Downtown/Convention Center
Ground Leases
Annual ground rent	400,000
Contingent rent	$ 300,000	$ 200,000	$ 200,000
Hilton Garden Inn Bloomington
Ground Leases
Maximum number of additional terms for which lease may be extended \| item	5
Period of additional terms for which lease may be extended	10 years
Number of annual installments commencing with twentieth anniversary \| item	10
Period after leases' inception for commencement of minimum rent payment	20 years
Hilton Garden Inn Bloomington \| Parking spaces
Ground Leases
Total rent paid	$ 100,000	100,000	$ 100,000
Hampton Inn Garden City
Ground Leases
Annual compliance fee	1
Courtyard Charleston Historic District
Ground Leases
Annual ground rent	800,000
Contingent rent	300,000	$ 16,000
Maximum annual rent payable after periodic increase in annual base rent after 2021	$ 1,000,000
Maximum number of rooms for which per night revenue considered to calculate the contingent rent payment \| item	126

Commitments and Contingencies (Details 2) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details 2) $ in Thousands	Dec. 31, 2012 USD ($) item	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
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 \| $	$ 64,787	$ 87,288
Commitments and Contingencies
Number of management companies with whom long-term agreements have been entered	16
Number of Properties operated under management agreements	145
Management fee expense, including amortization of deferred management fees, excluding discontinued operations \| $	$ 30,075	26,056	$ 18,373
Franchise Agreements
Number of hotel properties operated under franchise agreements	140
Franchise fee expense, excluding discontinued operations \| $	$ 55,700	$ 48,600	33,000
Purchase Commitments
Number of purchase and sale agreements	3
Number of properties that can be purchased under purchase and sale agreements	5
Deposits forfeit on failure to consummate commitments \| $	$ 9,900
Aimbridge Hospitality
Commitments and Contingencies
Number of Properties operated under management agreements	2
Concord Hospitality Enterprises Company
Commitments and Contingencies
Number of Properties operated under management agreements	1
Crescent Hotels and Resorts
Commitments and Contingencies
Number of Properties operated under management agreements	3
Crestline Hotels and Resorts
Commitments and Contingencies
Number of Properties operated under management agreements	1
Highgate Hotels
Commitments and Contingencies
Number of Properties operated under management agreements	4
Davidson Hotels & Resorts
Commitments and Contingencies
Number of Properties operated under management agreements	1
Embassy Suites Management
Commitments and Contingencies
Number of Properties operated under management agreements	3
HEI Hotels & Resorts
Commitments and Contingencies
Number of Properties operated under management agreements	1
Interstate Hotels and Resorts
Commitments and Contingencies
Number of Properties operated under management agreements	11
K Partners Hospitality Group
Commitments and Contingencies
Number of Properties operated under management agreements	1
Marriott Hotel Services
Commitments and Contingencies
Number of Properties operated under management agreements	5
Sage Hospitality
Commitments and Contingencies
Number of Properties operated under management agreements	2
Stonebridge Realty Advisors
Commitments and Contingencies
Number of Properties operated under management agreements	1
Urgo Hotels
Commitments and Contingencies
Number of Properties operated under management agreements	4
Windsor Capital Group
Commitments and Contingencies
Number of Properties operated under management agreements	1
WLS
Commitments and Contingencies
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel	20 years
Number of Properties operated under management agreements	104
Minimum
Commitments and Contingencies
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel	5 years
Base management fee as a percentage of hotel revenues	2.00%
Franchise Agreements
Term of franchise agreements	9 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%
Maximum
Commitments and Contingencies
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel	25 years
Base management fee as a percentage of hotel revenues	7.00%
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%
Mortgage loan secured by New York LaGuardia Airport Marriott
Commitments and Contingencies
Cash held by lenders \| $			$ 4,600

Equity (Details) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	Jun. 03, 2011 USD ($) $ / shares shares	May 16, 2011 USD ($) $ / shares shares	Jun. 30, 2011 USD ($)	Jan. 31, 2011 item $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($)	May 05, 2011 shares
Equity
Common shares of beneficial interest, shares authorized				100,000	450,000,000	450,000,000		450,000,000
Number of initial shareholders \| item				2
Price per share of common shares issued (in dollars per share) \| $ / shares	$ 18.00			$ 1.00
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01
Gross proceeds from sale of common shares \| $			$ 73,700			$ 528,293
Aggregate net proceeds from issuance of common shares \| $			$ 69,100
Repayment of secured indebtedness \| $		$ 472,600			$ 429,084	$ 489,342	$ 79,706
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares	4,095,000
Preferred Shares of Beneficial Interest
Preferred shares of beneficial interest, shares authorized				10,000	50,000,000	50,000,000		50,000,000
Noncontrolling Interest in Joint Venture and Operating Partnership
Percentage of outstanding OP units owned					99.20%
Initial shareholder one
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares				500
Initial shareholder two
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares				500
Other limited partners
Noncontrolling Interest in Joint Venture and Operating Partnership
Percentage of outstanding OP units owned					0.80%
DBT Met Hotel Venture, LP
Noncontrolling Interest in Joint Venture and Operating Partnership
Noncontrolling ownership interest of third party (as a percent)					5.00%
Operating Partnership
Noncontrolling Interest in Joint Venture and Operating Partnership
Noncontrolling ownership interest of third party (as a percent)					0.80%
Number of units outstanding					107,459,516
Percentage of outstanding OP units owned					99.20%
Common Shares
Equity
Gross proceeds from sale of common shares \| $						$ 316
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares						31,595,000
Formation transactions \| Common Shares
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares		73,605,951
IPO
Equity
Price per share of common shares issued (in dollars per share) \| $ / shares		$ 18.00
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares		$ 0.01
Gross proceeds from sale of common shares \| $		$ 495,000
Aggregate net proceeds from issuance of common shares \| $		$ 464,100
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares		27,500,000
IPO \| Common Shares
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares		27,500,000
Overallotment
Equity
Price per share of common shares issued (in dollars per share) \| $ / shares	$ 18.00
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares	$ 0.01
Gross proceeds from sale of common shares \| $	$ 73,700
Aggregate net proceeds from issuance of common shares \| $	$ 69,100
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares	4,095,000
Overallotment \| Common Shares
Summary of the Company's activity related to its common shares of beneficial interest, including non-vested restricted shares
Issuance of shares	4,095,000

Equity (Details 2)			1 Months Ended	12 Months Ended
Equity (Details 2)	Jun. 03, 2011 $ / shares shares	May 16, 2011 USD ($) $ / shares shares	Jun. 30, 2011 USD ($)	Dec. 31, 2012 USD ($) item $ / shares	Dec. 31, 2011 USD ($) $ / shares	Dec. 31, 2010 USD ($)	Jan. 31, 2011 item $ / shares
Equity
Number of common shares of beneficial interest received by partners \| shares	4,095,000
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01
Price per share of common stock received by partners (in dollars per share) \| $ / shares	$ 18.00						$ 1.00
Gross proceeds from issuance of common shares of beneficial interest received by partners			$ 73,700,000		$ 528,293,000
Number of shareholders \| item							2
Liquidation value paid					500,000
Accumulated and unpaid dividends paid					$ 16,296,000	$ 31,003,000
Members' Capital \| Class A Member
Equity
Ownership interest (as a percent)				75.00%
Members' contributions				$ 115,300,000
Members' Capital \| Class B Member
Equity
Ownership interest (as a percent)				25.00%
Number of shareholders \| item				2
Fund II and Fund III partners
Equity
Number of common shares of beneficial interest received by partners \| shares		73,605,951
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares		$ 0.01
Price per share of common stock received by partners (in dollars per share) \| $ / shares		$ 18.00
Gross proceeds from issuance of common shares of beneficial interest received by partners		$ 1,324,900,000
Fund II partners
Equity
Partners aggregate capital contributions		726,200,000
Advisory fees paid by limited partners to General Partner		$ 16,900,000
Percentage of total capital commitments committed		100.00%
Partners distributions		$ 162,000,000
Advisory fees distributions		26,500,000
Fund II partners \| Preferred unitholders
Equity
Partners distributions		100,000
Liquidation value paid		300,000
Accumulated and unpaid dividends paid		12,000
Redemption premium paid		12,000
Fund III partners
Equity
Partners aggregate capital contributions		917,300,000
Advisory fees paid by limited partners to General Partner		$ 50,100,000
Percentage of total capital commitments committed		81.20%
Fund III partners \| Preferred unitholders
Equity
Partners distributions		$ 100,000
Liquidation value paid		300,000
Accumulated and unpaid dividends paid		12,000
Redemption premium paid		$ 24,000
RLJ Development members \| Members' Capital
Equity
OP units received for contribution to the Operating Partnership of assets and liabilities \| shares		894,000
Price per OP unit (in dollars per share) \| $ / shares		$ 18.00
Gross amount of OP units received for contribution to the Operating Partnership of assets and liabilities \| shares		16,100,000

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Equity Incentive Plan
Maximum number of common shares of beneficial interest to be issued	5,000,000
Maximum number of common shares per individual that can be granted in a calendar year	1,000,000
Other Disclosures
Share-based compensation expense	$ 160	$ 120
Assumptions used to determine the fair value of the performance units
Common shares available for future grant	3,456,062
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)	970,288
Granted (in shares)	436,646	1,120,830
Vested (in shares)	(366,383)	(147,542)
Forfeited (in shares)	(26,878)	(3,000)
Unvested at the end of the period (in shares)	1,013,673	970,288
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	$ 17.93
Vested (in dollars per share)	17.86	17.93
Forfeited (in dollars per share)	17.80	17.53
Unvested at the end of the period (in dollars per share)	$ 17.80	$ 17.93
Other Disclosures
Share-based compensation expense	$ 6,700	$ 3,300
Total unrecognized compensation costs	$ 17,300
Weighted-average period of recognition of unrecognized share-based compensation expense	2 years 7 months 6 days
Total fair value of shares vested	$ 6,500	$ 2,600
Performance Units
Summary of non-vested shares/units
Granted (in shares)	1,000,000
Unvested at the end of the period (in shares)	1,000,000
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 15.36
Unvested at the end of the period (in dollars per share)	$ 15.36
Other Disclosures
Share-based compensation expense	$ 1,900
Total unrecognized compensation costs	$ 13,400
Weighted-average period of recognition of unrecognized share-based compensation expense	3 years 1 month 6 days
Vesting period	4 years
Measurement period	3 years
Time-based vesting period	1 year
Percentage of awards vesting immediately	50.00%
Percentage of awards vesting after one year	50.00%
Vesting period for remaining portion of awards granted	1 year
Assumptions used to determine the fair value of the performance units
Risk-free interest rate (as a percent)	0.31%
Volatility (as a percent)	38.92%
Compensation expense, percentage of grant date fair value to be recognized over three years	50.00%
Period over which first 50% unrecognized compensation cost is expected to be recognized	3 years
Compensation expense, percentage of grant date fair value to be recognized over four years	50.00%
Period over which remaining 50% unrecognized compensation cost is expected to be recognized	4 years
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%
Minimum \| Performance Units
Other Disclosures
Conversion percentage of performance stock into restricted stock as percentage of units granted	50.00%
Maximum \| Performance Units
Other Disclosures
Conversion percentage of performance stock into restricted stock as percentage of units granted	150.00%
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%
Percentage of total combined voting power of all classes of outstanding voting securities at which 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	10.00%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings per Common Share
Anti-dilutive compensation-related shares outstanding										970,288
Numerator:
Net income (loss) attributable to common shareholders before discontinued operations									$ 41,298	$ (10,490)
Add: Income from discontinued operations					$ (2)	$ 22,970	$ (160)	$ (972)		21,836	$ 19,571
Net income (loss) attributable to common shareholders	$ 13,730	$ 15,196	$ 18,885	$ (6,513)	$ (1,273)	$ 31,319	$ (2,568)	$ (16,132)	41,298	11,346	$ (22,465)
Less: Dividends paid on unvested restricted shares									(802)	(392)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares									$ 40,496	$ 10,954
Denominator:
Weighted-average number of common shares - basic (in shares)	105,517,515	105,453,978	105,388,743	105,332,812	105,280,964	105,228,305	88,767,570		105,423,604	95,340,666
Unvested restricted shares									59,587
Performance units (in shares)									265,495
Weighted-average number of common shares - diluted	105,865,104	105,509,104	105,454,679	105,332,812	105,280,964	105,228,305	88,767,570		105,748,686	95,340,666
Net income (loss) per share attributable to common shareholders - basic (in dollars per share)	$ 0.13	$ 0.15	$ 0.18	$ (0.07)	$ (0.01)	$ 0.08	$ (0.03)		$ 0.38	$ (0.11)
Discontinued operations (in dollars per share)					0.00	0.22	0.00			0.23
Net income per share attributable to common shareholders (in dollars per share)	0.13	0.14	0.18	(0.06)	(0.01)	0.30	(0.03)		0.38	0.12
Net income (loss) per share attributable to common shareholders - diluted (in dollars per share)	0.13	0.15	0.18	(0.07)	(0.01)	0.08	(0.03)		0.38	(0.11)
Discontinued operations (in dollars per share)					0.00	0.22	0.00			0.23
Net income per share attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.14	$ 0.18	$ (0.06)	$ (0.01)	$ 0.30	$ (0.03)		$ 0.38	$ 0.12

Advisory Fees (Details) - General Partner - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Fund II Member
Advisory fees
Advisory fees due	$ 3.2	$ 8.6
Fund III Member
Advisory fees
Advisory fees due	$ 3.8	$ 13.7

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Related Party Transactions
Charitable contributions	$ 300,000	$ 200,000	$ 300,000
Charitable contributions paid to organizations directed by related parties		25,000	100,000
RLJ Development, LLC
Related Party Transactions
Fees for management advisory services		900,000	$ 2,300,000
RLJ Companies LLC
Related Party Transactions
Due from related party	$ 45,000	$ 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

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current:
Federal	$ (50)	$ (1)
State	(1,381)	(1,232)	$ (945)
Deferred:
Federal	64	443
State	(2)	50
Total net tax expense	(1,369)	(740)	(945)
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected federal tax benefit at statutory rate	(14,952)	(4,398)	13,932
Tax impact of passthrough entities			(5,850)
Tax impact of REIT election	22,618	19,619	1,992
Expected tax benefit at TRS	7,666	15,221	10,074
Change in valuation allowance	(8,741)	(17,045)	(11,291)
State income (expense) benefit, net of federal tax benefit	595	1,411	143
Impact of rate change	146
Other permanent items	(394)	(436)	(116)
Impact of acquired tax attributes	(361)
Impact of provision to return	(280)	109	245
Total net tax expense	$ (1,369)	$ (740)	$ (945)
Common distributions
Income Taxes
Ordinary income (as a percent)	100.00%	100.00%
Total (as a percent)	100.00%	100.00%
Preferred distributions
Income Taxes
Ordinary income (as a percent)		100.00%
Total (as a percent)		100.00%

Income Taxes (Details 2) $ in Thousands	12 Months Ended
Income Taxes (Details 2) $ in Thousands	Dec. 31, 2009 item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Deferred tax assets (liabilities)
Property and equipment		$ (2,633)	$ (2,319)
Prepaid expenses		(1,431)	(995)
Gross deferred tax liabilities		(4,064)	(3,314)
Property and equipment		4,997	5,853
Deferred revenue - key money		1,933
Incentive and vacation accrual		1,562	1,554
Allowance for doubtful accounts		77	58
Other		204	168
Other carryforwards		108	28
Net operating loss carryforwards		50,463	42,105
Valuation allowance		(57,138)	(48,397)
Gross deferred tax assets		2,206	1,369
Net current and non-current components of deferred income taxes
Current net deferred tax assets		193	71
Current net deferred tax liabilities		(1,431)	(995)
Non-current net deferred tax assets		2,013	1,298
Non-current net deferred tax liabilities		(2,633)	(2,319)
Net deferred tax liability		$ (1,858)	$ (1,945)
Number of predecessor entities, which are under examination by the Internal Revenue Service \| item	1

Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Comprehensive Income (Loss)
Comprehensive income (loss)	$ 43,100	$ 13,733	$ (11,566)
Accumulated other comprehensive loss		$ (1,782)	$ 11,600

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-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 AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-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 130
-Paragraph 14, 17, 26
-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 04
-Article 3

+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplemental Information to Statements of Cash Flows
Interest paid	$ 79,376	$ 91,558	$ 83,670
Income taxes paid	1,598	1,392	1,934
In conjunction with the hotel acquisitions, the Company assumed the following assets and liabilities:
Purchase of real estate	247,158	249,018	833,080
Accounts receivable	164	556	878
Other assets	728	1,040	6,942
Advance deposits	(224)	(379)	(624)
Non-controlling interest			(7,836)
Accounts payable and accrued expenses	(777)	(2,439)	(3,568)
Application of purchase deposit		(8,500)
Deferred tax liabilities assumed		(2,438)
Acquisition of hotel properties	247,049	236,858	828,872
In conjunction with the hotel disposals, the Company disposed of the following assets and liabilities:
Sale of real estate		(31,534)	(49,452)
Other assets		(8,007)	(286)
Other liabilities		5,056	701
Gain on sale of property			(23,710)
Gain on extinguishment of indebtedness		(23,515)
Forgiveness of indebtedness		58,000
Disposition of hotel properties			(72,747)
Supplemental non-cash transactions:
Change in fair market value of interest rate swaps	1,326	2,024	$ 11,109
Accrued capital expenditures	4,563	12,801
Distributions payable	$ 22,392	$ 16,076

Subsequent Events (Details)	Jan. 15, 2013 $ / shares
Subsequent event \| Dividend paid
Subsequent Events
Dividend paid (in dollars per share)	$ 0.205

Quarterly Operating Results (unaudited) (Details) - USD ($)	3 Months Ended									9 Months Ended	12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Operating Results (unaudited)
Increase to depreciation expense due to out-of-period adjustment					$ 3,100,000
Under reported depreciation expense									$ 300,000	$ 2,800,000
Unaudited condensed consolidated quarterly operating data
Total revenue	$ 222,538,000	$ 225,217,000	$ 223,257,000	$ 183,193,000	189,261,000	$ 197,251,000	$ 204,271,000	$ 168,169,000			$ 854,205,000	$ 758,952,000	$ 516,666,000
Income (loss) from continuing operations	13,920,000	15,301,000	19,019,000	(6,921,000)	(1,199,000)	8,677,000	(2,301,000)	(15,304,000)			41,319,000	(10,127,000)	(42,187,000)
Income from discontinued operations					(2,000)	22,970,000	(160,000)	(972,000)				21,836,000	19,571,000
Net income (loss) attributable to common shareholders	13,730,000	15,196,000	18,885,000	(6,513,000)	(1,273,000)	31,319,000	(2,568,000)	(16,132,000)			41,298,000	11,346,000	$ (22,465,000)
Comprehensive income (loss)	$ 14,748,000	$ 15,585,000	$ 19,266,000	$ (6,519,000)	$ (743,000)	$ 32,001,000	$ (2,952,000)	$ (14,936,000)			$ 43,080,000	$ 13,431,000
Basic per share data:
Net income (loss) per share attributable to common shareholders - basic (in dollars per share)	$ 0.13	$ 0.15	$ 0.18	$ (0.07)	$ (0.01)	$ 0.08	$ (0.03)				$ 0.38	$ (0.11)
Discontinued operations (in dollars per share)					0.00	0.22	0.00					0.23
Net income (loss) attributable to common shareholders (in dollars per share)	0.13	0.14	0.18	(0.06)	(0.01)	0.30	(0.03)				0.38	0.12
Diluted per share data:
Net income (loss) per share attributable to common shareholders - diluted (in dollars per share)	0.13	0.15	0.18	(0.07)	(0.01)	0.08	(0.03)				0.38	(0.11)
Discontinued operations (in dollars per share)					0.00	0.22	0.00					0.23
Net income (loss) attributable to common shareholders (in dollars per share)	$ 0.13	$ 0.14	$ 0.18	$ (0.06)	$ (0.01)	$ 0.30	$ (0.03)				$ 0.38	$ 0.12
Basic weighted average common shares outstanding	105,517,515	105,453,978	105,388,743	105,332,812	105,280,964	105,228,305	88,767,570				105,423,604	95,340,666
Diluted weighted average common shares outstanding	105,865,104	105,509,104	105,454,679	105,332,812	105,280,964	105,228,305	88,767,570				105,748,686	95,340,666

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Real Estate and Accumulated Depreciation
Debt	$ 997,651
Initial Costs
Land & Improvements	561,888
Building & Improvements	2,525,567
Subsequent Costs Capitalized
Land & Improvements	1,636
Building & Improvements	129,519
Gross Amount
Land & Improvements	563,524
Building & Improvements	2,655,086
Total	3,218,610
Accumulated Depreciation	295,397
Marriott Airport Austin South
Real Estate and Accumulated Depreciation
Debt	21,521
Initial Costs
Land & Improvements	2,253
Building & Improvements	16,522
Subsequent Costs Capitalized
Building & Improvements	1,430
Gross Amount
Land & Improvements	2,253
Building & Improvements	17,952
Total	20,205
Accumulated Depreciation	$ 2,862
Marriott Airport Austin South \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Airport Austin South \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver South @ Park Meadow
Real Estate and Accumulated Depreciation
Debt	$ 38,226
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Subsequent Costs Capitalized
Building & Improvements	1,827
Gross Amount
Land & Improvements	5,385
Building & Improvements	41,315
Total	46,700
Accumulated Depreciation	$ 6,594
Marriott Denver South @ Park Meadow \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver South @ Park Meadow \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 68,500
Initial Costs
Building & Improvements	89,541
Subsequent Costs Capitalized
Building & Improvements	1,587
Gross Amount
Building & Improvements	91,128
Total	91,128
Accumulated Depreciation	$ 14,749
Marriott Louisville Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Louisville Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Pontiac
Real Estate and Accumulated Depreciation
Debt	$ 13,479
Initial Costs
Land & Improvements	3,438
Building & Improvements	25,224
Subsequent Costs Capitalized
Building & Improvements	125
Gross Amount
Land & Improvements	3,438
Building & Improvements	25,349
Total	28,787
Accumulated Depreciation	$ 4,157
Marriott Pontiac \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Pontiac \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Midway
Real Estate and Accumulated Depreciation
Debt	$ 27,362
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Subsequent Costs Capitalized
Building & Improvements	1,766
Gross Amount
Land & Improvements	4,464
Building & Improvements	34,502
Total	38,966
Accumulated Depreciation	$ 5,512
Marriott Midway \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Midway \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Boulder Suites @ Flatiron
Real Estate and Accumulated Depreciation
Debt	$ 18,386
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Subsequent Costs Capitalized
Building & Improvements	1,542
Gross Amount
Land & Improvements	4,440
Building & Improvements	34,099
Total	38,539
Accumulated Depreciation	$ 5,406
Renaissance Boulder Suites @ Flatiron \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Boulder Suites @ Flatiron \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Plantation
Real Estate and Accumulated Depreciation
Debt	$ 24,759
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Subsequent Costs Capitalized
Building & Improvements	1,757
Gross Amount
Land & Improvements	4,842
Building & Improvements	37,274
Total	42,116
Accumulated Depreciation	$ 5,917
Renaissance Plantation \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Plantation \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Austin NW Plaza
Initial Costs
Land & Improvements	$ 1,546
Building & Improvements	11,337
Subsequent Costs Capitalized
Building & Improvements	489
Gross Amount
Land & Improvements	1,546
Building & Improvements	11,826
Total	13,372
Accumulated Depreciation	$ 1,925
Holiday Inn Austin NW Plaza \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Austin NW Plaza \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Central
Initial Costs
Land & Improvements	$ 1,894
Building & Improvements	13,891
Subsequent Costs Capitalized
Building & Improvements	911
Gross Amount
Land & Improvements	1,894
Building & Improvements	14,802
Total	16,696
Accumulated Depreciation	$ 2,355
Courtyard Austin Central \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Central \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin NW Parmer Lane
Real Estate and Accumulated Depreciation
Debt	$ 12,249
Initial Costs
Land & Improvements	1,443
Building & Improvements	10,585
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	1,277
Gross Amount
Land & Improvements	1,446
Building & Improvements	11,862
Total	13,308
Accumulated Depreciation	$ 1,842
Courtyard Austin NW Parmer Lane \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin NW Parmer Lane \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin South
Real Estate and Accumulated Depreciation
Debt	$ 5,134
Initial Costs
Land & Improvements	1,530
Building & Improvements	11,222
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	1,210
Gross Amount
Land & Improvements	1,533
Building & Improvements	12,432
Total	13,965
Accumulated Depreciation	$ 1,899
Courtyard Austin South \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin South \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Benton Harbor
Real Estate and Accumulated Depreciation
Debt	$ 2,534
Initial Costs
Land & Improvements	345
Building & Improvements	2,534
Subsequent Costs Capitalized
Building & Improvements	181
Gross Amount
Land & Improvements	345
Building & Improvements	2,715
Total	3,060
Accumulated Depreciation	$ 430
Courtyard Benton Harbor \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Benton Harbor \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Brandon
Real Estate and Accumulated Depreciation
Debt	$ 10,366
Initial Costs
Land & Improvements	1,036
Building & Improvements	7,599
Subsequent Costs Capitalized
Building & Improvements	1,353
Gross Amount
Land & Improvements	1,036
Building & Improvements	8,952
Total	9,988
Accumulated Depreciation	$ 1,606
Courtyard Brandon \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Brandon \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Downtown Mag Mile
Real Estate and Accumulated Depreciation
Debt	$ 34,042
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Subsequent Costs Capitalized
Building & Improvements	2,271
Gross Amount
Land & Improvements	8,140
Building & Improvements	61,967
Total	70,107
Accumulated Depreciation	$ 9,849
Courtyard Chicago Downtown Mag Mile \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Downtown Mag Mile \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Fort Wayne
Real Estate and Accumulated Depreciation
Debt	$ 9,482
Initial Costs
Land & Improvements	1,143
Building & Improvements	8,389
Subsequent Costs Capitalized
Building & Improvements	316
Gross Amount
Land & Improvements	1,143
Building & Improvements	8,705
Total	9,848
Accumulated Depreciation	$ 1,406
Courtyard Fort Wayne \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Fort Wayne \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Golden
Real Estate and Accumulated Depreciation
Debt	$ 6,466
Initial Costs
Land & Improvements	1,325
Building & Improvements	9,716
Subsequent Costs Capitalized
Building & Improvements	609
Gross Amount
Land & Improvements	1,325
Building & Improvements	10,325
Total	11,650
Accumulated Depreciation	$ 1,587
Courtyard Golden \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Golden \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Goshen
Real Estate and Accumulated Depreciation
Debt	$ 5,531
Initial Costs
Land & Improvements	356
Building & Improvements	2,614
Subsequent Costs Capitalized
Building & Improvements	116
Gross Amount
Land & Improvements	356
Building & Improvements	2,730
Total	3,086
Accumulated Depreciation	$ 555
Courtyard Goshen \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Goshen \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Grand Rapids Airport
Real Estate and Accumulated Depreciation
Debt	$ 4,202
Initial Costs
Land & Improvements	706
Building & Improvements	5,185
Subsequent Costs Capitalized
Building & Improvements	142
Gross Amount
Land & Improvements	706
Building & Improvements	5,327
Total	6,033
Accumulated Depreciation	$ 847
Courtyard Grand Rapids Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Grand Rapids Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Hammond
Real Estate and Accumulated Depreciation
Debt	$ 7,684
Initial Costs
Land & Improvements	1,038
Building & Improvements	7,616
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	711
Gross Amount
Land & Improvements	1,040
Building & Improvements	8,327
Total	9,367
Accumulated Depreciation	$ 1,296
Courtyard Hammond \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Hammond \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Indy Capital
Real Estate and Accumulated Depreciation
Debt	$ 17,289
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Subsequent Costs Capitalized
Building & Improvements	1,140
Gross Amount
Land & Improvements	2,482
Building & Improvements	19,347
Total	21,829
Accumulated Depreciation	$ 3,049
Courtyard Indy Capital \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Indy Capital \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Lakewood
Real Estate and Accumulated Depreciation
Debt	$ 2,561
Initial Costs
Land & Improvements	536
Building & Improvements	3,931
Subsequent Costs Capitalized
Building & Improvements	569
Gross Amount
Land & Improvements	536
Building & Improvements	4,500
Total	5,036
Accumulated Depreciation	$ 649
Courtyard Lakewood \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Lakewood \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Longmont/Boulder
Real Estate and Accumulated Depreciation
Debt	$ 5,762
Initial Costs
Land & Improvements	1,192
Building & Improvements	8,745
Subsequent Costs Capitalized
Building & Improvements	834
Gross Amount
Land & Improvements	1,192
Building & Improvements	9,579
Total	10,771
Accumulated Depreciation	$ 1,469
Courtyard Longmont/Boulder \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Longmont/Boulder \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Louisville
Real Estate and Accumulated Depreciation
Debt	$ 8,745
Initial Costs
Land & Improvements	1,640
Building & Improvements	12,025
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	805
Gross Amount
Land & Improvements	1,642
Building & Improvements	12,830
Total	14,472
Accumulated Depreciation	$ 1,995
Courtyard Louisville \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Louisville \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Louisville NE
Real Estate and Accumulated Depreciation
Debt	$ 9,224
Initial Costs
Land & Improvements	1,374
Building & Improvements	10,079
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	752
Gross Amount
Land & Improvements	1,376
Building & Improvements	10,831
Total	12,207
Accumulated Depreciation	$ 1,699
Courtyard Louisville NE \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Louisville NE \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 8,927
Initial Costs
Land & Improvements	537
Building & Improvements	3,943
Subsequent Costs Capitalized
Building & Improvements	357
Gross Amount
Land & Improvements	537
Building & Improvements	4,300
Total	4,837
Accumulated Depreciation	$ 973
Courtyard Merrillville \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Merrillville \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Mesquite
Real Estate and Accumulated Depreciation
Debt	$ 7,064
Initial Costs
Land & Improvements	942
Building & Improvements	6,915
Subsequent Costs Capitalized
Building & Improvements	97
Gross Amount
Land & Improvements	942
Building & Improvements	7,012
Total	7,954
Accumulated Depreciation	$ 1,147
Courtyard Mesquite \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Mesquite \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Midway
Real Estate and Accumulated Depreciation
Debt	$ 9,034
Initial Costs
Land & Improvements	2,172
Building & Improvements	15,927
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	1,791
Gross Amount
Land & Improvements	2,175
Building & Improvements	17,718
Total	19,893
Accumulated Depreciation	$ 3,314
Courtyard Midway \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Midway \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Mishawaka/South Bend
Real Estate and Accumulated Depreciation
Debt	$ 6,857
Initial Costs
Land & Improvements	640
Building & Improvements	4,699
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	603
Gross Amount
Land & Improvements	642
Building & Improvements	5,302
Total	5,944
Accumulated Depreciation	$ 1,010
Courtyard Mishawaka/South Bend \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Mishawaka/South Bend \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Pontiac
Real Estate and Accumulated Depreciation
Debt	$ 6,746
Initial Costs
Land & Improvements	482
Building & Improvements	3,543
Subsequent Costs Capitalized
Building & Improvements	126
Gross Amount
Land & Improvements	482
Building & Improvements	3,669
Total	4,151
Accumulated Depreciation	$ 843
Courtyard Pontiac \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Pontiac \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Salt Lake City Airport
Real Estate and Accumulated Depreciation
Debt	$ 17,741
Initial Costs
Land & Improvements	2,333
Building & Improvements	17,110
Subsequent Costs Capitalized
Building & Improvements	923
Gross Amount
Land & Improvements	2,333
Building & Improvements	18,033
Total	20,366
Accumulated Depreciation	$ 2,825
Courtyard Salt Lake City Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Salt Lake City Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Antonio Airport Northstar
Real Estate and Accumulated Depreciation
Debt	$ 9,616
Initial Costs
Land & Improvements	1,196
Building & Improvements	8,768
Subsequent Costs Capitalized
Land & Improvements	4
Building & Improvements	1,032
Gross Amount
Land & Improvements	1,200
Building & Improvements	9,800
Total	11,000
Accumulated Depreciation	$ 1,521
Courtyard San Antonio Airport Northstar \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Antonio Airport Northstar \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Sugarland
Real Estate and Accumulated Depreciation
Debt	$ 8,056
Initial Costs
Land & Improvements	1,217
Building & Improvements	8,931
Subsequent Costs Capitalized
Building & Improvements	1,084
Gross Amount
Land & Improvements	1,217
Building & Improvements	10,015
Total	11,232
Accumulated Depreciation	$ 1,511
Courtyard Sugarland \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Sugarland \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Valparaiso
Real Estate and Accumulated Depreciation
Debt	$ 4,579
Initial Costs
Land & Improvements	248
Building & Improvements	1,825
Subsequent Costs Capitalized
Building & Improvements	186
Gross Amount
Land & Improvements	248
Building & Improvements	2,011
Total	2,259
Accumulated Depreciation	$ 482
Courtyard Valparaiso \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Valparaiso \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Schaumburg
Initial Costs
Land & Improvements	$ 2,078
Building & Improvements	15,239
Subsequent Costs Capitalized
Building & Improvements	967
Gross Amount
Land & Improvements	2,078
Building & Improvements	16,206
Total	18,284
Accumulated Depreciation	$ 2,391
Courtyard Schaumburg \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Schaumburg \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Miramar
Initial Costs
Land & Improvements	$ 1,619
Building & Improvements	11,872
Subsequent Costs Capitalized
Building & Improvements	425
Gross Amount
Land & Improvements	1,619
Building & Improvements	12,297
Total	13,916
Accumulated Depreciation	$ 1,634
Courtyard Miramar \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Miramar \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown
Initial Costs
Land & Improvements	$ 6,049
Building & Improvements	44,361
Subsequent Costs Capitalized
Building & Improvements	1,476
Gross Amount
Land & Improvements	6,049
Building & Improvements	45,837
Total	51,886
Accumulated Depreciation	$ 5,853
Courtyard Austin Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Grand Junction
Initial Costs
Land & Improvements	$ 1,576
Building & Improvements	11,754
Gross Amount
Land & Improvements	1,576
Building & Improvements	11,754
Total	13,330
Accumulated Depreciation	$ 1,299
Courtyard Grand Junction \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Grand Junction \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Airport
Initial Costs
Land & Improvements	$ 1,691
Building & Improvements	12,404
Subsequent Costs Capitalized
Land & Improvements	58
Building & Improvements	1,246
Gross Amount
Land & Improvements	1,749
Building & Improvements	13,650
Total	15,399
Accumulated Depreciation	$ 1,652
Courtyard Austin Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin NW
Real Estate and Accumulated Depreciation
Debt	$ 11,205
Initial Costs
Land & Improvements	1,403
Building & Improvements	10,290
Subsequent Costs Capitalized
Building & Improvements	67
Gross Amount
Land & Improvements	1,403
Building & Improvements	10,357
Total	11,760
Accumulated Depreciation	$ 1,699
Residence Inn Austin NW \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin NW \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin South Airport
Real Estate and Accumulated Depreciation
Debt	$ 6,691
Initial Costs
Land & Improvements	802
Building & Improvements	5,883
Subsequent Costs Capitalized
Building & Improvements	788
Gross Amount
Land & Improvements	802
Building & Improvements	6,671
Total	7,473
Accumulated Depreciation	$ 988
Residence Inn Austin South Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin South Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Parmer Lane
Real Estate and Accumulated Depreciation
Debt	$ 7,558
Initial Costs
Land & Improvements	1,483
Building & Improvements	10,872
Subsequent Costs Capitalized
Building & Improvements	263
Gross Amount
Land & Improvements	1,483
Building & Improvements	11,135
Total	12,618
Accumulated Depreciation	$ 1,775
Residence Inn Austin Parmer Lane \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Parmer Lane \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Carmel
Real Estate and Accumulated Depreciation
Debt	$ 8,437
Initial Costs
Land & Improvements	1,646
Building & Improvements	12,076
Subsequent Costs Capitalized
Building & Improvements	1,082
Gross Amount
Land & Improvements	1,646
Building & Improvements	13,158
Total	14,804
Accumulated Depreciation	$ 2,017
Residence Inn Carmel \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Carmel \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Fishers
Real Estate and Accumulated Depreciation
Debt	$ 8,138
Initial Costs
Land & Improvements	998
Building & Improvements	7,322
Subsequent Costs Capitalized
Building & Improvements	845
Gross Amount
Land & Improvements	998
Building & Improvements	8,167
Total	9,165
Accumulated Depreciation	$ 1,230
Residence Inn Fishers \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Fishers \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Golden
Real Estate and Accumulated Depreciation
Debt	$ 6,614
Initial Costs
Land & Improvements	1,222
Building & Improvements	8,963
Subsequent Costs Capitalized
Building & Improvements	69
Gross Amount
Land & Improvements	1,222
Building & Improvements	9,032
Total	10,254
Accumulated Depreciation	$ 1,462
Residence Inn Golden \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Golden \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Hammond
Real Estate and Accumulated Depreciation
Debt	$ 6,753
Initial Costs
Land & Improvements	980
Building & Improvements	7,190
Subsequent Costs Capitalized
Building & Improvements	726
Gross Amount
Land & Improvements	980
Building & Improvements	7,916
Total	8,896
Accumulated Depreciation	$ 1,216
Residence Inn Hammond \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Hammond \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Galleria
Real Estate and Accumulated Depreciation
Debt	$ 17,189
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Subsequent Costs Capitalized
Building & Improvements	21
Gross Amount
Land & Improvements	2,665
Building & Improvements	19,570
Total	22,235
Accumulated Depreciation	$ 3,220
Residence Inn Galleria \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Galleria \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Airport
Initial Costs
Land & Improvements	$ 786
Building & Improvements	5,772
Subsequent Costs Capitalized
Building & Improvements	304
Gross Amount
Land & Improvements	786
Building & Improvements	6,076
Total	6,862
Accumulated Depreciation	$ 1,118
Residence Inn Indianapolis Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Canal
Real Estate and Accumulated Depreciation
Debt	$ 17,534
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Subsequent Costs Capitalized
Building & Improvements	1,752
Gross Amount
Land & Improvements	2,670
Building & Improvements	21,340
Total	24,010
Accumulated Depreciation	$ 3,308
Residence Inn Indianapolis Canal \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Canal \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Lakewood
Real Estate and Accumulated Depreciation
Debt	$ 4,203
Initial Costs
Land & Improvements	986
Building & Improvements	7,230
Subsequent Costs Capitalized
Building & Improvements	24
Gross Amount
Land & Improvements	986
Building & Improvements	7,254
Total	8,240
Accumulated Depreciation	$ 1,177
Residence Inn Lakewood \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Lakewood \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Longmont
Real Estate and Accumulated Depreciation
Debt	$ 6,621
Initial Costs
Land & Improvements	1,407
Building & Improvements	10,321
Subsequent Costs Capitalized
Building & Improvements	780
Gross Amount
Land & Improvements	1,407
Building & Improvements	11,101
Total	12,508
Accumulated Depreciation	$ 1,694
Residence Inn Longmont \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Longmont \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville
Real Estate and Accumulated Depreciation
Debt	$ 8,231
Initial Costs
Land & Improvements	1,298
Building & Improvements	9,519
Subsequent Costs Capitalized
Building & Improvements	122
Gross Amount
Land & Improvements	1,298
Building & Improvements	9,641
Total	10,939
Accumulated Depreciation	$ 1,573
Residence Inn Louisville \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville NE
Real Estate and Accumulated Depreciation
Debt	$ 7,280
Initial Costs
Land & Improvements	1,319
Building & Improvements	9,675
Subsequent Costs Capitalized
Building & Improvements	71
Gross Amount
Land & Improvements	1,319
Building & Improvements	9,746
Total	11,065
Accumulated Depreciation	$ 1,580
Residence Inn Louisville NE \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville NE \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 6,943
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Subsequent Costs Capitalized
Building & Improvements	1,181
Gross Amount
Land & Improvements	595
Building & Improvements	5,553
Total	6,148
Accumulated Depreciation	$ 1,057
Residence Inn Merrillville \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Merrillville \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Novi
Real Estate and Accumulated Depreciation
Debt	$ 6,673
Initial Costs
Land & Improvements	1,427
Building & Improvements	10,445
Subsequent Costs Capitalized
Building & Improvements	24
Gross Amount
Land & Improvements	1,427
Building & Improvements	10,469
Total	11,896
Accumulated Depreciation	$ 1,701
Residence Inn Novi \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Novi \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Oakbrook
Real Estate and Accumulated Depreciation
Debt	$ 10,883
Initial Costs
Building & Improvements	20,436
Subsequent Costs Capitalized
Building & Improvements	831
Gross Amount
Building & Improvements	21,267
Total	21,267
Accumulated Depreciation	$ 3,341
Residence Inn Oakbrook \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Oakbrook \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Plantation
Real Estate and Accumulated Depreciation
Debt	$ 19,470
Initial Costs
Land & Improvements	2,183
Building & Improvements	16,021
Subsequent Costs Capitalized
Land & Improvements	79
Building & Improvements	774
Gross Amount
Land & Improvements	2,262
Building & Improvements	16,795
Total	19,057
Accumulated Depreciation	$ 3,029
Residence Inn Plantation \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Plantation \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Pontiac
Real Estate and Accumulated Depreciation
Debt	$ 10,253
Initial Costs
Land & Improvements	320
Building & Improvements	2,354
Subsequent Costs Capitalized
Building & Improvements	163
Gross Amount
Land & Improvements	320
Building & Improvements	2,517
Total	2,837
Accumulated Depreciation	$ 951
Residence Inn Pontiac \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Pontiac \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Round Rock
Real Estate and Accumulated Depreciation
Debt	$ 11,292
Initial Costs
Land & Improvements	1,684
Building & Improvements	12,349
Subsequent Costs Capitalized
Building & Improvements	151
Gross Amount
Land & Improvements	1,684
Building & Improvements	12,500
Total	14,184
Accumulated Depreciation	$ 2,042
Residence Inn Round Rock \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Round Rock \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Salt Lake City
Real Estate and Accumulated Depreciation
Debt	$ 9,180
Initial Costs
Land & Improvements	875
Building & Improvements	6,416
Subsequent Costs Capitalized
Building & Improvements	45
Gross Amount
Land & Improvements	875
Building & Improvements	6,461
Total	7,336
Accumulated Depreciation	$ 1,062
Residence Inn Salt Lake City \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Salt Lake City \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn San Antonio Downtown
Initial Costs
Land & Improvements	$ 1,822
Building & Improvements	13,360
Subsequent Costs Capitalized
Building & Improvements	88
Gross Amount
Land & Improvements	1,822
Building & Improvements	13,448
Total	15,270
Accumulated Depreciation	$ 2,205
Residence Inn San Antonio Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn San Antonio Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Schaumburg
Real Estate and Accumulated Depreciation
Debt	$ 10,112
Initial Costs
Land & Improvements	1,790
Building & Improvements	13,124
Subsequent Costs Capitalized
Building & Improvements	271
Gross Amount
Land & Improvements	1,790
Building & Improvements	13,395
Total	15,185
Accumulated Depreciation	$ 2,185
Residence Inn Schaumburg \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Schaumburg \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn South Bend
Real Estate and Accumulated Depreciation
Debt	$ 3,310
Initial Costs
Land & Improvements	603
Building & Improvements	4,425
Subsequent Costs Capitalized
Building & Improvements	459
Gross Amount
Land & Improvements	603
Building & Improvements	4,884
Total	5,487
Accumulated Depreciation	$ 752
Residence Inn South Bend \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn South Bend \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Sugarland
Real Estate and Accumulated Depreciation
Debt	$ 7,322
Initial Costs
Land & Improvements	1,100
Building & Improvements	8,073
Subsequent Costs Capitalized
Building & Improvements	1,295
Gross Amount
Land & Improvements	1,100
Building & Improvements	9,368
Total	10,468
Accumulated Depreciation	$ 1,393
Residence Inn Sugarland \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Sugarland \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Chicago Naperville
Real Estate and Accumulated Depreciation
Debt	$ 9,484
Initial Costs
Land & Improvements	1,923
Building & Improvements	14,101
Subsequent Costs Capitalized
Building & Improvements	823
Gross Amount
Land & Improvements	1,923
Building & Improvements	14,924
Total	16,847
Accumulated Depreciation	$ 2,337
Residence Inn Chicago Naperville \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Chicago Naperville \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Downtown Louisville
Initial Costs
Land & Improvements	$ 1,815
Building & Improvements	13,308
Subsequent Costs Capitalized
Building & Improvements	563
Gross Amount
Land & Improvements	1,815
Building & Improvements	13,871
Total	15,686
Accumulated Depreciation	$ 2,011
Residence Inn Downtown Louisville \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Downtown Louisville \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Miramar
Initial Costs
Land & Improvements	$ 1,692
Building & Improvements	12,409
Subsequent Costs Capitalized
Building & Improvements	112
Gross Amount
Land & Improvements	1,692
Building & Improvements	12,521
Total	14,213
Accumulated Depreciation	$ 1,708
Residence Inn Miramar \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Miramar \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Grand Junction
Initial Costs
Land & Improvements	$ 870
Building & Improvements	9,197
Subsequent Costs Capitalized
Building & Improvements	8
Gross Amount
Land & Improvements	870
Building & Improvements	9,205
Total	10,075
Accumulated Depreciation	$ 1,065
Residence Inn Grand Junction \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Grand Junction \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Downtown
Initial Costs
Land & Improvements	$ 3,767
Building & Improvements	27,626
Subsequent Costs Capitalized
Building & Improvements	604
Gross Amount
Land & Improvements	3,767
Building & Improvements	28,230
Total	31,997
Accumulated Depreciation	$ 3,640
Residence Inn Austin Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites North Parmer Lane
Real Estate and Accumulated Depreciation
Debt	$ 6,621
Initial Costs
Land & Improvements	1,957
Building & Improvements	14,351
Subsequent Costs Capitalized
Building & Improvements	577
Gross Amount
Land & Improvements	1,957
Building & Improvements	14,928
Total	16,885
Accumulated Depreciation	$ 2,349
SpringHill Suites North Parmer Lane \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites North Parmer Lane \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Austin South Airport
Real Estate and Accumulated Depreciation
Debt	$ 11,775
Initial Costs
Land & Improvements	1,605
Building & Improvements	11,768
Subsequent Costs Capitalized
Building & Improvements	114
Gross Amount
Land & Improvements	1,605
Building & Improvements	11,882
Total	13,487
Accumulated Depreciation	$ 1,948
SpringHill Suites Austin South Airport \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Austin South Airport \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Carmel
Real Estate and Accumulated Depreciation
Debt	$ 8,422
Initial Costs
Land & Improvements	1,816
Building & Improvements	13,320
Subsequent Costs Capitalized
Building & Improvements	849
Gross Amount
Land & Improvements	1,816
Building & Improvements	14,169
Total	15,985
Accumulated Depreciation	$ 2,236
SpringHill Suites Carmel \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Carmel \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Louisville Hurstbourne
Real Estate and Accumulated Depreciation
Debt	$ 7,839
Initial Costs
Land & Improvements	1,890
Building & Improvements	13,869
Subsequent Costs Capitalized
Building & Improvements	740
Gross Amount
Land & Improvements	1,890
Building & Improvements	14,609
Total	16,499
Accumulated Depreciation	$ 2,319
SpringHill Suites Louisville Hurstbourne \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Louisville Hurstbourne \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Mishawaka South Bend
Real Estate and Accumulated Depreciation
Debt	$ 5,434
Initial Costs
Land & Improvements	983
Building & Improvements	7,217
Subsequent Costs Capitalized
Building & Improvements	213
Gross Amount
Land & Improvements	983
Building & Improvements	7,430
Total	8,413
Accumulated Depreciation	$ 1,330
SpringHill Suites Mishawaka South Bend \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Mishawaka South Bend \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Schaumburg
Real Estate and Accumulated Depreciation
Debt	$ 9,884
Initial Costs
Land & Improvements	1,554
Building & Improvements	11,396
Subsequent Costs Capitalized
Building & Improvements	829
Gross Amount
Land & Improvements	1,554
Building & Improvements	12,225
Total	13,779
Accumulated Depreciation	$ 1,937
SpringHill Suites Schaumburg \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Schaumburg \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Southfield
Real Estate and Accumulated Depreciation
Debt	$ 5,014
Initial Costs
Land & Improvements	379
Building & Improvements	2,782
Subsequent Costs Capitalized
Building & Improvements	17
Gross Amount
Land & Improvements	379
Building & Improvements	2,799
Total	3,178
Accumulated Depreciation	$ 778
SpringHill Suites Southfield \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Southfield \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Westminster
Real Estate and Accumulated Depreciation
Debt	$ 9,798
Initial Costs
Land & Improvements	2,409
Building & Improvements	17,670
Subsequent Costs Capitalized
Building & Improvements	1,120
Gross Amount
Land & Improvements	2,409
Building & Improvements	18,790
Total	21,199
Accumulated Depreciation	$ 2,935
SpringHill Suites Westminster \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Westminster \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Longmont
Initial Costs
Land & Improvements	$ 1,144
Building & Improvements	8,388
Subsequent Costs Capitalized
Building & Improvements	112
Gross Amount
Land & Improvements	1,144
Building & Improvements	8,500
Total	9,644
Accumulated Depreciation	$ 1,260
SpringHill Suites Longmont \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Longmont \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Austin Central
Initial Costs
Land & Improvements	$ 556
Building & Improvements	4,078
Subsequent Costs Capitalized
Building & Improvements	142
Gross Amount
Land & Improvements	556
Building & Improvements	4,220
Total	4,776
Accumulated Depreciation	$ 676
Fairfield Inn Austin Central \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Austin Central \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Austin South
Real Estate and Accumulated Depreciation
Debt	$ 4,195
Initial Costs
Land & Improvements	505
Building & Improvements	3,702
Subsequent Costs Capitalized
Building & Improvements	186
Gross Amount
Land & Improvements	505
Building & Improvements	3,888
Total	4,393
Accumulated Depreciation	$ 612
Fairfield Inn Austin South \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Austin South \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Brandon
Real Estate and Accumulated Depreciation
Debt	$ 9,832
Initial Costs
Land & Improvements	926
Building & Improvements	6,795
Subsequent Costs Capitalized
Building & Improvements	117
Gross Amount
Land & Improvements	926
Building & Improvements	6,912
Total	7,838
Accumulated Depreciation	$ 1,380
Fairfield Inn Brandon \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Brandon \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Cherry Creek
Initial Costs
Land & Improvements	$ 1,203
Building & Improvements	8,823
Subsequent Costs Capitalized
Building & Improvements	629
Gross Amount
Land & Improvements	1,203
Building & Improvements	9,452
Total	10,655
Accumulated Depreciation	$ 1,467
Fairfield Inn & Suites Cherry Creek \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Cherry Creek \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Hammond
Real Estate and Accumulated Depreciation
Debt	$ 6,582
Initial Costs
Land & Improvements	722
Building & Improvements	5,301
Subsequent Costs Capitalized
Building & Improvements	279
Gross Amount
Land & Improvements	722
Building & Improvements	5,580
Total	6,302
Accumulated Depreciation	$ 906
Fairfield Inn Hammond \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Hammond \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Indianapolis Airport
Initial Costs
Land & Improvements	$ 657
Building & Improvements	4,820
Subsequent Costs Capitalized
Building & Improvements	299
Gross Amount
Land & Improvements	657
Building & Improvements	5,119
Total	5,776
Accumulated Depreciation	$ 929
Fairfield Inn Indianapolis Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Indianapolis Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Key West
Initial Costs
Land & Improvements	$ 1,803
Building & Improvements	19,325
Subsequent Costs Capitalized
Building & Improvements	251
Gross Amount
Land & Improvements	1,803
Building & Improvements	19,576
Total	21,379
Accumulated Depreciation	$ 3,018
Fairfield Inn & Suites Key West \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Key West \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Memphis
Initial Costs
Land & Improvements	$ 55
Building & Improvements	411
Subsequent Costs Capitalized
Building & Improvements	108
Gross Amount
Land & Improvements	55
Building & Improvements	519
Total	574
Accumulated Depreciation	$ 249
Fairfield Inn Memphis \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Memphis \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 7,302
Initial Costs
Land & Improvements	768
Building & Improvements	5,636
Subsequent Costs Capitalized
Building & Improvements	287
Gross Amount
Land & Improvements	768
Building & Improvements	5,923
Total	6,691
Accumulated Depreciation	$ 944
Fairfield Inn Merrillville \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Merrillville \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Midway
Real Estate and Accumulated Depreciation
Debt	$ 4,901
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Subsequent Costs Capitalized
Building & Improvements	58
Gross Amount
Land & Improvements	1,425
Building & Improvements	10,507
Total	11,932
Accumulated Depreciation	$ 1,725
Fairfield Inn Midway \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Midway \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn San Antonio Airport
Real Estate and Accumulated Depreciation
Debt	$ 9,194
Initial Costs
Land & Improvements	1,140
Building & Improvements	8,363
Subsequent Costs Capitalized
Building & Improvements	142
Gross Amount
Land & Improvements	1,140
Building & Improvements	8,505
Total	9,645
Accumulated Depreciation	$ 1,389
Fairfield Inn San Antonio Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn San Antonio Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn San Antonio Downtown
Initial Costs
Land & Improvements	$ 1,378
Building & Improvements	10,105
Subsequent Costs Capitalized
Building & Improvements	618
Gross Amount
Land & Improvements	1,378
Building & Improvements	10,723
Total	12,101
Accumulated Depreciation	$ 1,672
Fairfield Inn San Antonio Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn San Antonio Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Valparaiso
Real Estate and Accumulated Depreciation
Debt	$ 2,213
Initial Costs
Land & Improvements	157
Building & Improvements	1,157
Subsequent Costs Capitalized
Building & Improvements	135
Gross Amount
Land & Improvements	157
Building & Improvements	1,292
Total	1,449
Accumulated Depreciation	$ 272
Fairfield Inn Valparaiso \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Valparaiso \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Select Kentwood
Real Estate and Accumulated Depreciation
Debt	$ 3,958
Initial Costs
Land & Improvements	582
Building & Improvements	4,274
Subsequent Costs Capitalized
Building & Improvements	2
Gross Amount
Land & Improvements	582
Building & Improvements	4,276
Total	4,858
Accumulated Depreciation	$ 860
Holiday Inn Select Kentwood \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Select Kentwood \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 5,646
Initial Costs
Land & Improvements	665
Building & Improvements	4,879
Subsequent Costs Capitalized
Building & Improvements	657
Gross Amount
Land & Improvements	665
Building & Improvements	5,536
Total	6,201
Accumulated Depreciation	$ 827
Hampton Inn Merrillville \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Merrillville \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 5,036
Initial Costs
Land & Improvements	545
Building & Improvements	4,005
Subsequent Costs Capitalized
Building & Improvements	87
Gross Amount
Land & Improvements	545
Building & Improvements	4,092
Total	4,637
Accumulated Depreciation	$ 669
Holiday Inn Express Merrillville \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Merrillville \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport
Real Estate and Accumulated Depreciation
Debt	$ 16,163
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Subsequent Costs Capitalized
Building & Improvements	719
Gross Amount
Land & Improvements	2,747
Building & Improvements	20,862
Total	23,609
Accumulated Depreciation	$ 3,359
Hampton Inn Chicago Midway Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Midway
Real Estate and Accumulated Depreciation
Debt	$ 20,910
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Subsequent Costs Capitalized
Building & Improvements	40
Gross Amount
Land & Improvements	2,978
Building & Improvements	21,882
Total	24,860
Accumulated Depreciation	$ 3,597
Hilton Garden Inn Midway \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Midway \| Maximum
Gross Amount
Depreciation Life	40 years
Sleep Inn Midway Airport
Real Estate and Accumulated Depreciation
Debt	$ 10,081
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Subsequent Costs Capitalized
Building & Improvements	162
Gross Amount
Land & Improvements	1,189
Building & Improvements	8,880
Total	10,069
Accumulated Depreciation	$ 1,698
Sleep Inn Midway Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Sleep Inn Midway Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport
Real Estate and Accumulated Depreciation
Debt	$ 12,587
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Subsequent Costs Capitalized
Building & Improvements	232
Gross Amount
Land & Improvements	1,874
Building & Improvements	13,974
Total	15,848
Accumulated Depreciation	$ 2,288
Holiday Inn Express Hotel & Suites Midway Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Brandon
Initial Costs
Land & Improvements	$ 1,377
Building & Improvements	10,099
Subsequent Costs Capitalized
Building & Improvements	136
Gross Amount
Land & Improvements	1,377
Building & Improvements	10,235
Total	11,612
Accumulated Depreciation	$ 1,289
Homewood Suites Brandon \| Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Brandon \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Bloomington
Real Estate and Accumulated Depreciation
Debt	$ 17,500
Initial Costs
Building & Improvements	18,945
Gross Amount
Building & Improvements	18,945
Total	18,945
Accumulated Depreciation	$ 1,895
Hilton Garden Inn Bloomington \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Bloomington \| Maximum
Gross Amount
Depreciation Life	40 years
TGIFriday's
Real Estate and Accumulated Depreciation
Debt	$ 2,264
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Subsequent Costs Capitalized
Building & Improvements	170
Gross Amount
Land & Improvements	829
Building & Improvements	6,309
Total	7,138
Accumulated Depreciation	$ 1,009
TGIFriday's \| Minimum
Gross Amount
Depreciation Life	15 years
TGIFriday's \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott LaGuardia \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott LaGuardia \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn St. George
Initial Costs
Land & Improvements	$ 1,822
Building & Improvements	13,363
Subsequent Costs Capitalized
Building & Improvements	17
Gross Amount
Land & Improvements	1,822
Building & Improvements	13,380
Total	15,202
Accumulated Depreciation	$ 1,895
Hilton Garden Inn St. George \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn St. George \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Bakersfield
Initial Costs
Land & Improvements	$ 1,560
Building & Improvements	8,838
Subsequent Costs Capitalized
Building & Improvements	3
Gross Amount
Land & Improvements	1,560
Building & Improvements	8,841
Total	10,401
Accumulated Depreciation	$ 1,453
SpringHill Suites Bakersfield \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Bakersfield \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Gainesville
Initial Costs
Land & Improvements	$ 4,018
Building & Improvements	12,118
Gross Amount
Land & Improvements	4,018
Building & Improvements	12,118
Total	16,136
Accumulated Depreciation	$ 1,658
SpringHill Suites Gainesville \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Gainesville \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn & Suites Clearwater
Initial Costs
Land & Improvements	$ 1,106
Building & Improvements	12,721
Subsequent Costs Capitalized
Building & Improvements	162
Gross Amount
Land & Improvements	1,106
Building & Improvements	12,883
Total	13,989
Accumulated Depreciation	$ 1,737
Hampton Inn & Suites Clearwater \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn & Suites Clearwater \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Garden City
Initial Costs
Land & Improvements	$ 5,691
Building & Improvements	22,764
Subsequent Costs Capitalized
Land & Improvements	7
Building & Improvements	266
Gross Amount
Land & Improvements	5,698
Building & Improvements	23,030
Total	28,728
Accumulated Depreciation	$ 3,144
Hampton Inn Garden City \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Garden City \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn & Suites Las Vegas / Summerlin
Initial Costs
Land & Improvements	$ 2,341
Building & Improvements	4,609
Subsequent Costs Capitalized
Building & Improvements	3
Gross Amount
Land & Improvements	2,341
Building & Improvements	4,612
Total	6,953
Accumulated Depreciation	$ 742
Hampton Inn & Suites Las Vegas / Summerlin \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn & Suites Las Vegas / Summerlin \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Galleria
Real Estate and Accumulated Depreciation
Debt	$ 21,000
Initial Costs
Land & Improvements	3,069
Building & Improvements	22,508
Subsequent Costs Capitalized
Building & Improvements	10
Gross Amount
Land & Improvements	3,069
Building & Improvements	22,518
Total	25,587
Accumulated Depreciation	$ 3,049
Courtyard Houston Galleria \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Galleria \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Fort Walton Beach
Initial Costs
Land & Improvements	$ 8,774
Building & Improvements	6,109
Subsequent Costs Capitalized
Land & Improvements	35
Building & Improvements	685
Gross Amount
Land & Improvements	8,809
Building & Improvements	6,794
Total	15,603
Accumulated Depreciation	$ 817
Hampton Inn Fort Walton Beach \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Fort Walton Beach \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Mystic
Initial Costs
Land & Improvements	$ 6,092
Building & Improvements	9,111
Subsequent Costs Capitalized
Land & Improvements	104
Building & Improvements	336
Gross Amount
Land & Improvements	6,196
Building & Improvements	9,447
Total	15,643
Accumulated Depreciation	$ 1,200
Hilton Mystic \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Mystic \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Downey
Real Estate and Accumulated Depreciation
Debt	$ 22,000
Initial Costs
Land & Improvements	4,857
Building & Improvements	29,943
Subsequent Costs Capitalized
Building & Improvements	2,240
Gross Amount
Land & Improvements	4,857
Building & Improvements	32,183
Total	37,040
Accumulated Depreciation	$ 3,803
Embassy Suites Downey \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Downey \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Colorado Springs
Real Estate and Accumulated Depreciation
Debt	$ 4,500
Initial Costs
Land & Improvements	1,453
Building & Improvements	8,234
Gross Amount
Land & Improvements	1,453
Building & Improvements	8,234
Total	9,687
Accumulated Depreciation	$ 926
Hyatt House Colorado Springs \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Colorado Springs \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Austin
Real Estate and Accumulated Depreciation
Debt	$ 10,300
Initial Costs
Land & Improvements	2,813
Building & Improvements	15,940
Subsequent Costs Capitalized
Building & Improvements	54
Gross Amount
Land & Improvements	2,813
Building & Improvements	15,994
Total	18,807
Accumulated Depreciation	$ 1,798
Hyatt House Austin \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Austin \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Lincoln Park
Real Estate and Accumulated Depreciation
Debt	$ 17,400
Initial Costs
Land & Improvements	3,169
Building & Improvements	17,958
Subsequent Costs Capitalized
Land & Improvements	46
Building & Improvements	237
Gross Amount
Land & Improvements	3,215
Building & Improvements	18,195
Total	21,410
Accumulated Depreciation	$ 2,040
Hyatt House Dallas Lincoln Park \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Lincoln Park \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Uptown
Real Estate and Accumulated Depreciation
Debt	$ 12,300
Initial Costs
Land & Improvements	2,241
Building & Improvements	12,698
Subsequent Costs Capitalized
Land & Improvements	33
Building & Improvements	28
Gross Amount
Land & Improvements	2,274
Building & Improvements	12,726
Total	15,000
Accumulated Depreciation	$ 1,433
Hyatt House Dallas Uptown \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Uptown \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Dallas Richardson
Real Estate and Accumulated Depreciation
Debt	$ 5,500
Initial Costs
Land & Improvements	1,445
Building & Improvements	8,186
Subsequent Costs Capitalized
Land & Improvements	94
Building & Improvements	51
Gross Amount
Land & Improvements	1,539
Building & Improvements	8,237
Total	9,776
Accumulated Depreciation	$ 933
Hyatt House Dallas Richardson \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Dallas Richardson \| Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Houston
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Initial Costs
Land & Improvements	2,976
Building & Improvements	16,866
Subsequent Costs Capitalized
Building & Improvements	110
Gross Amount
Land & Improvements	2,976
Building & Improvements	16,976
Total	19,952
Accumulated Depreciation	$ 1,905
Hyatt House Houston \| Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Houston \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New York/West 35th Street
Initial Costs
Land & Improvements	$ 24,244
Building & Improvements	96,978
Subsequent Costs Capitalized
Land & Improvements	5
Building & Improvements	513
Gross Amount
Land & Improvements	24,249
Building & Improvements	97,491
Total	121,740
Accumulated Depreciation	$ 9,525
Hilton Garden Inn New York/West 35th Street \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New York/West 35th Street \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suite Tampa Downtown Convention Center
Initial Costs
Land & Improvements	$ 2,161
Building & Improvements	71,017
Subsequent Costs Capitalized
Land & Improvements	98
Building & Improvements	807
Gross Amount
Land & Improvements	2,259
Building & Improvements	71,824
Total	74,083
Accumulated Depreciation	$ 4,946
Embassy Suite Tampa Downtown Convention Center \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suite Tampa Downtown Convention Center \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn and Suites Washington, DC
Initial Costs
Land & Improvements	$ 16,214
Building & Improvements	22,265
Subsequent Costs Capitalized
Land & Improvements	89
Building & Improvements	3,840
Gross Amount
Land & Improvements	16,303
Building & Improvements	26,105
Total	42,408
Accumulated Depreciation	$ 1,876
Fairfield Inn and Suites Washington, DC \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn and Suites Washington, DC \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Myers Estero
Initial Costs
Land & Improvements	$ 2,816
Building & Improvements	7,862
Subsequent Costs Capitalized
Land & Improvements	17
Building & Improvements	154
Gross Amount
Land & Improvements	2,833
Building & Improvements	8,016
Total	10,849
Accumulated Depreciation	$ 620
Embassy Suites Fort Myers Estero \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Myers Estero \| Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Washington DC
Initial Costs
Land & Improvements	$ 23,139
Building & Improvements	34,188
Subsequent Costs Capitalized
Building & Improvements	189
Gross Amount
Land & Improvements	23,139
Building & Improvements	34,377
Total	57,516
Accumulated Depreciation	$ 2,159
Homewood Suites Washington DC \| Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Washington DC \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton New York / Fashion District
Initial Costs
Land & Improvements	$ 35,592
Building & Improvements	82,392
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	325
Gross Amount
Land & Improvements	35,594
Building & Improvements	82,717
Total	118,311
Accumulated Depreciation	$ 4,825
Hilton New York / Fashion District \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton New York / Fashion District \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn & Suites Denver Tech Center
Initial Costs
Land & Improvements	$ 2,373
Building & Improvements	9,180
Subsequent Costs Capitalized
Land & Improvements	32
Building & Improvements	991
Gross Amount
Land & Improvements	2,405
Building & Improvements	10,171
Total	12,576
Accumulated Depreciation	$ 684
Hampton Inn & Suites Denver Tech Center \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn & Suites Denver Tech Center \| Maximum
Gross Amount
Depreciation Life	40 years
Garden District Hotel
Initial Costs
Land & Improvements	$ 1,901
Building & Improvements	3,865
Subsequent Costs Capitalized
Land & Improvements	128
Building & Improvements	12,333
Gross Amount
Land & Improvements	2,029
Building & Improvements	16,198
Total	18,227
Accumulated Depreciation	$ 71
Garden District Hotel \| Minimum
Gross Amount
Depreciation Life	15 years
Garden District Hotel \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Columbia
Initial Costs
Land & Improvements	$ 1,993
Building & Improvements	11,487
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	1,462
Gross Amount
Land & Improvements	1,995
Building & Improvements	12,949
Total	14,944
Accumulated Depreciation	$ 759
Residence Inn Columbia \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Columbia \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn National Harbor Washington DC
Initial Costs
Land & Improvements	$ 7,457
Building & Improvements	37,046
Subsequent Costs Capitalized
Land & Improvements	5
Building & Improvements	65
Gross Amount
Land & Improvements	7,462
Building & Improvements	37,111
Total	44,573
Accumulated Depreciation	$ 2,040
Residence Inn National Harbor Washington DC \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn National Harbor Washington DC \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Silver Spring
Real Estate and Accumulated Depreciation
Debt	$ 11,000
Initial Costs
Land & Improvements	3,945
Building & Improvements	18,896
Subsequent Costs Capitalized
Land & Improvements	22
Building & Improvements	856
Gross Amount
Land & Improvements	3,967
Building & Improvements	19,752
Total	23,719
Accumulated Depreciation	$ 1,183
Residence Inn Silver Spring \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Silver Spring \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center
Initial Costs
Land & Improvements	$ 3,405
Building & Improvements	20,750
Subsequent Costs Capitalized
Building & Improvements	3,083
Gross Amount
Land & Improvements	3,405
Building & Improvements	23,833
Total	27,238
Accumulated Depreciation	$ 1,381
Hilton Garden Inn New Orleans Convention Center \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn West Palm Beach Central Airport
Initial Costs
Land & Improvements	$ 2,280
Building & Improvements	9,769
Subsequent Costs Capitalized
Building & Improvements	436
Gross Amount
Land & Improvements	2,280
Building & Improvements	10,205
Total	12,485
Accumulated Depreciation	$ 599
Hampton Inn West Palm Beach Central Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn West Palm Beach Central Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn West Palm Beach Airport
Initial Costs
Land & Improvements	$ 1,206
Building & Improvements	10,811
Subsequent Costs Capitalized
Land & Improvements	9
Building & Improvements	212
Gross Amount
Land & Improvements	1,215
Building & Improvements	11,023
Total	12,238
Accumulated Depreciation	$ 623
Hilton Garden Inn West Palm Beach Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn West Palm Beach Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Hollywood Heights Hotel
Initial Costs
Land & Improvements	$ 5,303
Building & Improvements	19,136
Subsequent Costs Capitalized
Land & Improvements	75
Building & Improvements	4,972
Gross Amount
Land & Improvements	5,378
Building & Improvements	24,108
Total	29,486
Accumulated Depreciation	$ 1,333
Hollywood Heights Hotel \| Minimum
Gross Amount
Depreciation Life	15 years
Hollywood Heights Hotel \| Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Metropolitan Hotel New York City
Initial Costs
Land & Improvements	$ 140,332
Building & Improvements	188,014
Subsequent Costs Capitalized
Land & Improvements	85
Building & Improvements	14,320
Gross Amount
Land & Improvements	140,417
Building & Improvements	202,334
Total	342,751
Accumulated Depreciation	$ 10,448
Doubletree Metropolitan Hotel New York City \| Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Metropolitan Hotel New York City \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Columbus
Initial Costs
Land & Improvements	$ 1,274
Building & Improvements	6,805
Subsequent Costs Capitalized
Land & Improvements	170
Building & Improvements	697
Gross Amount
Land & Improvements	1,444
Building & Improvements	7,502
Total	8,946
Accumulated Depreciation	$ 434
Embassy Suites Columbus \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Columbus \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel
Initial Costs
Land & Improvements	$ 3,274
Building & Improvements	39,934
Subsequent Costs Capitalized
Land & Improvements	42
Building & Improvements	902
Gross Amount
Land & Improvements	3,316
Building & Improvements	40,836
Total	44,152
Accumulated Depreciation	$ 2,076
Renaissance Pittsburgh Hotel \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead
Initial Costs
Land & Improvements	$ 2,860
Building & Improvements	21,668
Subsequent Costs Capitalized
Building & Improvements	1,115
Gross Amount
Land & Improvements	2,860
Building & Improvements	22,783
Total	25,643
Accumulated Depreciation	$ 1,154
Courtyard Atlanta Buckhead \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead \| Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Hotel Columbia
Initial Costs
Land & Improvements	$ 1,933
Building & Improvements	6,486
Subsequent Costs Capitalized
Land & Improvements	68
Building & Improvements	2,817
Gross Amount
Land & Improvements	2,001
Building & Improvements	9,303
Total	11,304
Accumulated Depreciation	$ 516
Doubletree Hotel Columbia \| Minimum
Gross Amount
Depreciation Life	15 years
Doubletree Hotel Columbia \| Maximum
Gross Amount
Depreciation Life	40 years
Marriott Denver Airport at Gateway Park
Real Estate and Accumulated Depreciation
Debt	$ 24,000
Initial Costs
Land & Improvements	3,083
Building & Improvements	38,356
Subsequent Costs Capitalized
Land & Improvements	14
Building & Improvements	1,068
Gross Amount
Land & Improvements	3,097
Building & Improvements	39,424
Total	42,521
Accumulated Depreciation	$ 2,047
Marriott Denver Airport at Gateway Park \| Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver Airport at Gateway Park \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites West Palm Beach-Central
Initial Costs
Land & Improvements	$ 3,656
Building & Improvements	9,614
Subsequent Costs Capitalized
Land & Improvements	106
Building & Improvements	4,117
Gross Amount
Land & Improvements	3,762
Building & Improvements	13,731
Total	17,493
Accumulated Depreciation	$ 837
Embassy Suites West Palm Beach-Central \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites West Palm Beach-Central \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Raleigh Durham
Initial Costs
Land & Improvements	$ 1,751
Building & Improvements	4,763
Subsequent Costs Capitalized
Land & Improvements	45
Building & Improvements	4,995
Gross Amount
Land & Improvements	1,796
Building & Improvements	9,758
Total	11,554
Accumulated Depreciation	$ 657
Hilton Garden Inn Raleigh Durham \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Raleigh Durham \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn University Place
Initial Costs
Land & Improvements	$ 1,975
Building & Improvements	18,490
Subsequent Costs Capitalized
Land & Improvements	58
Building & Improvements	5,827
Gross Amount
Land & Improvements	2,033
Building & Improvements	24,317
Total	26,350
Accumulated Depreciation	$ 1,380
Hilton Garden Inn University Place \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn University Place \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Houston Near the Galleria
Initial Costs
Land & Improvements	$ 9,326
Building & Improvements	9,220
Subsequent Costs Capitalized
Land & Improvements	69
Building & Improvements	568
Gross Amount
Land & Improvements	9,395
Building & Improvements	9,788
Total	19,183
Accumulated Depreciation	$ 520
Hampton Inn Houston Near the Galleria \| Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Houston Near the Galleria \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Charleston Historic District
Initial Costs
Land & Improvements	$ 2,714
Building & Improvements	35,828
Subsequent Costs Capitalized
Land & Improvements	9
Building & Improvements	275
Gross Amount
Land & Improvements	2,723
Building & Improvements	36,103
Total	38,826
Accumulated Depreciation	$ 1,119
Courtyard Charleston Historic District \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Charleston Historic District \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Bethesda
Initial Costs
Land & Improvements	$ 8,154
Building & Improvements	52,750
Gross Amount
Land & Improvements	8,154
Building & Improvements	52,750
Total	60,904
Accumulated Depreciation	$ 952
Residence Inn Bethesda \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Upper East Side
Initial Costs
Land & Improvements	$ 20,654
Building & Improvements	60,223
Subsequent Costs Capitalized
Land & Improvements	6
Building & Improvements	7
Gross Amount
Land & Improvements	20,660
Building & Improvements	60,230
Total	80,890
Accumulated Depreciation	$ 1,034
Courtyard Upper East Side \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Upper East Side \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Emeryville
Initial Costs
Land & Improvements	$ 11,902
Building & Improvements	22,758
Subsequent Costs Capitalized
Land & Improvements	1
Building & Improvements	5
Gross Amount
Land & Improvements	11,903
Building & Improvements	22,764
Total	34,666
Accumulated Depreciation	$ 351
Hilton Garden Inn Emeryville \| Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Emeryville \| Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Waltham
Initial Costs
Land & Improvements	$ 6,267
Building & Improvements	56,025
Subsequent Costs Capitalized
Land & Improvements	2
Gross Amount
Land & Improvements	6,269
Building & Improvements	56,025
Total	62,294
Accumulated Depreciation	$ 247
Embassy Suites Waltham \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Waltham \| Maximum
Gross Amount
Depreciation Life	40 years

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 2,908,626	$ 2,676,184	$ 1,875,767
Add: Acquisitions	238,731	223,668	797,065
Add: Improvements	72,149	41,188	57,188
Less: Disposition of properties		(32,414)	(53,836)
Balance at end of period before impairment charges	3,219,506	2,908,626	2,676,184
Impairment charges on real estate assets owned at end of period	896
Balance at end of period	3,218,610	2,908,626	2,676,184
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(228,809)	(175,432)	(141,560)
Add: Depreciation for the period	(66,588)	(58,743)	(44,272)
Less: Disposition of properties		5,366	10,400
Balance at end of period	$ (295,397)	$ (228,809)	$ (175,432)