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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Feb. 20, 2014	Jun. 28, 2013
Document and Entity Information
Entity Registrant Name	RLJ Lodging Trust
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		122,918,035
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,676,692,712

Combined Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Assets
Investment in hotel and other properties, net	$ 3,241,163	$ 3,073,483
Investment in loans	8,208	12,426
Cash and cash equivalents	332,248	115,861
Restricted cash reserves	62,430	64,787
Hotel and other receivables, net of allowance of $234 and $194, respectively	22,762	22,738
Deferred financing costs, net	11,599	11,131
Deferred income tax asset	2,529	2,206
Purchase deposits	7,246	9,910
Prepaid expense and other assets	29,789	33,843
Total assets	3,717,974	3,346,385
Liabilities and Equity
Borrowings under revolving credit facility	0	16,000
Mortgage loans	559,665	997,651
Term loans	850,000	400,000
Accounts payable and other liabilities	115,011	87,575
Deferred income tax liability	3,548	4,064
Advance deposits and deferred revenue	9,851	8,508
Accrued interest	2,695	2,284
Distributions payable	30,870	22,392
Total liabilities	1,571,640	1,538,474
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, 2013 and 2012, respectively.	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 122,640,042 and 106,565,516 shares issued and outstanding at December 31, 2013 and 2012, respectively.	1,226	1,066
Additional paid-in-capital	2,178,004	1,841,449
Accumulated other comprehensive loss	(5,941)	0
Distributions in excess of net earnings	(45,522)	(52,681)
Total shareholders’ equity	2,127,767	1,789,834
Noncontrolling interest
Noncontrolling interest in joint venture	7,306	6,766
Noncontrolling interest in Operating Partnership	11,261	11,311
Total noncontrolling interest	18,567	18,077
Total equity	2,146,334	1,807,911
Total liabilities and equity	$ 3,717,974	$ 3,346,385

Combined Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Hotel and other receivables, allowance (in dollars)	$ 234	$ 194
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	122,640,042	106,565,516
Common shares of beneficial interest, shares outstanding	122,640,042	106,565,516

Combined Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating revenue
Room revenue	$ 844,741	$ 738,207	$ 653,044
Food and beverage revenue	97,083	87,549	81,741
Other operating department revenue	28,556	23,929	20,120
Total revenue	970,380	849,685	754,905
Operating expense
Room expense	186,667	162,039	145,859
Food and beverage expense	67,945	60,427	56,540
Management fee expense	34,956	29,906	25,904
Other operating expense	285,539	256,565	229,810
Total property operating expense	575,107	508,937	458,113
Depreciation and amortization	127,231	126,340	127,420
Property tax, insurance and other	63,627	52,745	46,289
General and administrative	35,466	31,086	24,175
Transaction and pursuit costs	4,410	3,520	3,996
IPO Costs	0	0	10,733
Total operating expense	805,841	722,628	670,726
Operating income	164,539	127,057	84,179
Other income	903	433	1,001
Interest income	1,665	1,664	1,682
Interest expense	(64,348)	(83,689)	(95,362)
Loss on disposal	0	(634)	0
Gain on foreclosure	4,863	0	0
Income from continuing operations before income tax expense	107,622	44,831	(8,500)
Income tax expense	(879)	(1,369)	(740)
Income from continuing operations	106,743	43,462	(9,240)
Income (loss) from discontinued operations	7,436	(2,143)	20,949
Net income	114,179	41,319	11,709
Net (income) loss attributable to non-controlling interests
Noncontrolling interest in consolidated joint venture	(540)	404	(47)
Noncontrolling interest in common units of Operating Partnership	(718)	(425)	(255)
Net income attributable to the Company	112,921	41,298	11,407
Distributions to preferred unitholders	0	0	(61)
Net income	$ 112,921	$ 41,298	$ 11,346
Basic per common share data:
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.89	$ 0.40	$ (0.10)
Discontinued operations (in dollars per share)	0.06	(0.02)	0.22
Net income per share attributable to common shareholders (in dollars per share)	$ 0.95	$ 0.38	$ 0.12
Weighted-average number of common shares (in shares)	117,950,066	105,423,604	95,340,666
Diluted per common share data:
Income from continuing operations (in dollars per share)	$ 0.88	$ 0.40	$ (0.10)
Discontinued operations (in dollars per share)	0.06	(0.02)	0.22
Net income per share attributable to common shareholders (in dollars per share)	$ 0.94	$ 0.38	$ 0.12
Diluted weighted average common shares outstanding	118,738,626	105,748,686	95,340,666
Amounts attributable to the Company’s common shareholders:
Income (loss) from continuing operations	$ 105,539	$ 43,423	$ (9,428)
Income (loss) from discontinued operations	7,382	(2,125)	20,774
Net income	112,921	41,298	11,346
Comprehensive income
Comprehensive income attributable to consolidated joint venture	(5,941)	1,782	2,024
Comprehensive income	108,238	43,101	13,733
Comprehensive income attributable to consolidated joint venture	(540)	404	(47)
Comprehensive income attributable to common units of Operating Partnership	(718)	(425)	(255)
Comprehensive income attributable to the Company	$ 106,980	$ 43,080	$ 13,431

Combined Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Distributions in excess of net earnings	Accumulated Other Comprehensive Income	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture	Fund II General Partner	Fund II Limited Partner	Fund II Preferred Units [Member]	Fund III General Partner	Fund III Limited Partner	Fund III Preferred Units [Member]	Class A Members' Capital	Class B Members' Capital
Balance at Dec. 31, 2010									$ (13,409)	$ 433,013	$ 189	$ (23,328)	$ 811,918	$ 190	$ 6,592	$ 4,751
Balance at Dec. 31, 2010	$ 1,223,733	$ 0	$ 0	$ 0	$ (3,806)	$ 7,623	$ 0	$ 7,623
Balance (in shares) at Dec. 31, 2010		0
Increase (Decrease) in Owners' Equity
Net income (loss)	11,709			21,433		302	255	47	(7)	(9,444)			(234)		(256)	(85)
Unrealized gain on interest rate derivatives	2,024				2,024
Comprehensive income	13,733
Partners' contributions	126,721								4,258	3,291		5,031	114,141
Partners' distributions	(16,296)								(3,230)	(4,876)		(3,798)	(4,392)
Members' distributions	(3,104)														(2,547)	(557)
Proceeds from sale of common stock, net (in shares)		31,595,000
Proceeds from sale of common stock, net-	528,293	$ 316	527,977
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 statutory minimum federal and state tax obligations 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 (in shares)		73,605,951
Exchange of owners' equity for common stock and units		$ 736	1,304,343			11,571	11,571		12,388	(421,960)	61	22,095	(921,396)	60	(3,789)	(4,109)
Distributions to JV partner	(500)					(500)		(500)
Distributions to preferred unitholders	(61)									(24)	(61)		(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 at Dec. 31, 2011									$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Dec. 31, 2011		106,279,049
Increase (Decrease) in Owners' Equity
Net income (loss)	41,319			41,298		21	425	(404)
Unrealized gain on interest rate derivatives	1,782
Comprehensive income	43,101
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 statutory minimum federal and state tax obligations 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 to preferred unitholders	0
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)	0	18,077	11,311	6,766
Balance (in shares) at Dec. 31, 2012		106,565,516
Increase (Decrease) in Owners' Equity
Net income (loss)	114,179			112,921		1,258	718	540
Unrealized gain on interest rate derivatives	(5,941)
Comprehensive income	108,238
Proceeds from sale of common stock, net (in shares)		15,870,000
Proceeds from sale of common stock, net-	327,547	$ 159	327,388
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		377,830
Amortization of share based compensation-	13,078		13,078
Share grants to trustees	124		124
Share grants to trustees (in shares)		5,357
Shares acquired to satisfy statutory minimum federal and state tax obligations on vesting restricted stock	(4,034)	$ (2)	(4,032)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(173,409)
Forfeiture of restricted stock (in shares)		(5,252)
Distributions to preferred unitholders	0
Distributions on common shares and units	(106,530)			(105,762)		(768)	(768)
Balance at Dec. 31, 2013	$ 2,146,334	$ 1,226	$ 2,178,004	$ (45,522)	$ (5,941)	$ 18,567	$ 11,261	$ 7,306
Balance (in shares) at Dec. 31, 2013		122,640,042

Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income	$ 114,179	$ 41,319	$ 11,709
Adjustments to reconcile net income to cash flow provided by operating activities:
Gain on extinguishment of indebtedness	(5,708)	0	(23,515)
Gain on sale of property	(2,081)	0	0
Gain on foreclosure	(4,863)	0	0
Depreciation and amortization	127,430	126,798	130,714
Amortization of deferred financing costs	4,484	5,452	5,842
Amortization of deferred management fees	1,128	1,000	1,000
Accretion of interest income on investment in loans	(513)	0	0
Impairment loss	0	896	0
Loss on disposal	0	634	0
Share grants to trustees	124	160	120
Amortization of share based compensation	13,078	8,626	3,284
Deferred income taxes	(839)	(87)	1,945
Changes in assets and liabilities:
Hotel and other receivables, net	716	(2,493)	31
Prepaid expense and other assets	2,924	(5,851)	(6,723)
Accounts payable and other liabilities	(114)	(3,992)	12,618
Advance deposits and deferred revenue	1,030	3,503	(1,525)
Accrued interest	411	169	(1,380)
Net cash flow provided by operating activities	251,386	176,134	134,120
Net cash flow provided by operating activities
Cash flows from investing activities:	(208,195)	(247,049)	(236,858)
Purchase deposits, net	2,664	(9,910)	0
Proceeds from principal payments on investment in loans	0	207	207
Improvements and additions to hotel and other properties	(61,077)	(129,235)	(93,477)
Additions to property and equipment	(185)	(342)	(116)
Proceeds from sale of property	2,369	0	0
Releases from restricted cash reserves, net	2,357	22,501	(16,768)
Net cash flow used in investing activities	(262,067)	(363,828)	(347,012)
Net cash flow used in investing activities
Borrowings under revolving credit facility	205,500	101,000	0
Repayments under revolving credit facility	(221,500)	(85,000)	0
Borrowings on term loans	450,000	400,000	140,000
Repayments of term loans	0	0	(140,000)
Proceeds from mortgage loans	150,000	85,000	142,000
Payment of mortgage principal	(577,441)	(429,084)	(489,342)
Distributions to noncontrolling interest	0	0	(500)
Repurchase of common shares	(4,034)	(2,345)	(702)
Distributions on common shares	(97,316)	(68,752)	(24,451)
Distributions on Operating Partnership units	(736)	(551)	(206)
Payment of preferred unitholder distributions	0	0	(61)
Payment of deferred financing costs	(4,952)	(6,944)	(6,183)
Payment of members' distributions	0	0	(3,104)
Proceeds from partners' contributions	0	0	126,721
Payment of partners' distributions	0	0	(16,296)
Redemption of preferred units	0	0	(500)
Proceeds from issuance of common shares	327,547	0	528,293
Net cash flow provided by (used in) financing activities	227,068	(6,676)	255,669
Net change in cash and cash equivalents	216,387	(194,370)	42,777
Cash and cash equivalents, beginning of period	115,861	310,231	267,454
Cash and cash equivalents, end of period	$ 332,248	$ 115,861	$ 310,231

Organization	12 Months Ended
Organization	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, focused-service and compact full-service hotels. The Company 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 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, 2013 and December 31, 2012, as well as the results of operations for the years ended December 31, 2013 and 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. As of December 31, 2013, there were 123,534,042 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.3% of the outstanding OP units. As of December 31, 2013, the Company owned 149 properties, comprised of 147 hotels with approximately 22,300 rooms and two planned hotel conversions, located in 22 states and the District of Columbia, interests in land parcels located adjacent to certain hotels and an interest in one mortgage loan secured by a hotel. The Company, through wholly-owned subsidiaries, owned a 100% interest in all of its properties, with the exception of the DoubleTree Metropolitan Hotel New York City, in which the Company, through wholly-owned subsidiaries, owned a 95% controlling 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 operator manages each property.

- Definition

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

+ References

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-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, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reporting Periods As of December 31, 2013, the Company owned five hotels that were managed by affiliates of Marriott International (“Marriott”). Beginning January 1, 2013, the Company’s hotels managed by Marriott were accounted for on a calendar year basis. Prior to January 1, 2013, the Company’s hotels managed by Marriott were 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 and 2011 include the results of operations for the Company’s Marriott-managed hotels for the 52-week periods ended December 28, 2012 and December 30, 2011, 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, 2013, 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%, 10.9% and 10.2% 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, 2013, the Company owned 104 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 106 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. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows. Revenue Recognition The Company’s revenue comprises hotel operating revenue, such as room revenue, food and beverage revenue and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales and occupancy taxes collected from guests. All rebates or discounts are recorded as a reduction in revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues are recorded on an accrual basis as earned. Appropriate allowances are made for doubtful accounts and are recorded as bad debt expenses. The allowances are calculated as a percentage of aged accounts receivable. 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 is being recognized over the remaining term of the franchise agreement. As of December 31, 2013, there was approximately $3.8 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. Investment in Hotel and Other Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment (“FF&E”), and inventory. The Company may also acquire intangibles related to in-place leases, management agreements and franchise agreements when properties are acquired. The Company allocates the purchase price among the assets acquired and liabilities assumed based on their respective fair values. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotels and other properties 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 FF&E. Intangibles arising from acquisitions 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 property, 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 property to be an identifiable component of its business. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider a property 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 property is designated as held for sale, the operations for that property are included in discontinued operations. The Company does not depreciate properties so long as they are classified as held for sale. Upon designation of a property 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 property classified as held for sale is reflected in discontinued operations, as an impairment charge. The Company assesses the carrying values of each property whenever events or changes in circumstances indicate that the carrying amounts of these properties may not be fully recoverable. Recoverability of the property is measured by comparison of the carrying amount of the property 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 property. If the Company’s analysis indicates that the carrying value of the property 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 property. 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 expected use of the underlying properties. The assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the property could impact these assumptions and result in future impairment charges of the properties. Investment in Loan The Company holds an investment in one collateralized mortgage loan. The loan is collateralized by the related hotel and was recorded at acquisition at the initial investment, which includes the amount paid to the seller plus any fees paid or less any fees received. The acquired loan was of a deteriorated credit quality as the loan was already in default, as of the date it was acquired by the Company and therefore the amount paid for the loan 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 a loan that is dependent on the collateral for repayment) of an impaired loan is lower than the carrying value of that loan. As of December 31, 2013 and 2012, 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, 2013, 2012 and 2011, approximately $4.5 million, $5.4 million and $5.8 million (excluding discontinued operations), respectively, of amortization expense was recorded as a component of interest expense. Accumulated amortization at December 31, 2013 and 2012 was approximately $4.9 million and $17.7 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 each of the years ended December 31, 2013, 2012 and 2011, approximately $1.0 million (excluding discontinued operations) of amortization expense was recorded for deferred management fees. As of December 31, 2013 and 2012, accumulated amortization was approximately $7.7 million and $6.6 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 $3.7 million, $4.4 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, 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 and dispositions, 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, 2013 and 2012, 87.0% and 45.5%, respectively, of the Company's borrowings were subject to variable rates. As of December 31, 2013 and 2012, after taking into consideration the effect of interest rate swaps and caps, 30.8% and 40.6%, 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, to convert a portion of variable rate debt to fixed rate debt. Interest rate differentials that arise under interest rate swap contracts are recognized in interest expense over the life of the contracts. Interest rate swap 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 derivatives 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. 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 14) 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% o 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 14). 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, 2013 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, 2013, the Company consolidates RLJ Lodging Trust, LP, the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in consolidated joint venture 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, 2013 and 2012, 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. The Company recognizes, for time-based awards, 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. The Company recognizes, for performance-based awards, 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.

Acquisition of Hotel and Other Properties

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Acquisition of Hotel and Other Properties

During the year ended December 31, 2013, the Company acquired the following properties:



Property	Location	Acquisition Date	Management Company	Rooms	Purchase Price (in thousands)		% Interest
Courtyard Houston Downtown Convention Center	Houston, TX	March 19, 2013	White Lodging Services	191	$	34,308	100	%
Residence Inn Houston Downtown Convention Center	Houston, TX	March 19, 2013	White Lodging Services	171	29,421		100	%
Humble Tower Apartments (1)	Houston, TX	March 19, 2013	The Sterling Group	82	15,547		100	%
Courtyard Waikiki Beach	Honolulu, HI	June 17, 2013	Highgate Hotels	399	75,250		100	%
Courtyard San Francisco (2)	San Francisco, CA	June 21, 2013	n/a	150	29,475		100	%
Residence Inn Atlanta Midtown Historic (3)	Atlanta, GA	August 6, 2013	n/a	78	4,731		100	%
SpringHill Suites Portland Hillsboro	Hillsboro, OR	October 8, 2013	InnVentures	106	24,000		100	%
				1,177	$	212,732


(1)	Conversion to a SpringHill Suites expected to be complete by mid-2015.


(2)	Conversion to a Courtyard expected to be complete by late 2014.


(3)	The Company was the successful bidder at a foreclosure sale of the property collateralizing a non-performing loan.

The property was operating at the time of the acquisition and was subsequently closed for a major renovation, which is expected to be complete in late 2014.

During the year ended December 31, 2012, the Company acquired the following properties:



Hotel	Location	Acquisition Date	Management Company	Rooms	Purchase Price (in thousands)		% Interest
Residence Inn Bethesda Downtown	Bethesda, MD	May 29, 2012	Marriott International	187	$	64,500	100	%
Courtyard New York Manhattan Upper East Side	New York, NY	May 30, 2012	Highgate Hotels	226	82,000		100	%
Hilton Garden Inn San Francisco Oakland Bay Bridge	Emeryville, CA	June 11, 2012	Davidson Hotels & Resorts	278	36,158		100	%
Embassy Suites Boston Waltham	Waltham, MA	November 13, 2012	HEI Hotels and Resorts	275	64,500		100	%
				966	$	247,158

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



	For the year ended December 31,
	2013			2012
Land and land improvements	$	30,989		$	46,980
Buildings and improvements	188,180			191,751
Furniture, fixtures and equipment	8,754			8,427
Lease intangibles	650			—
Management agreement intangibles	(3,695		)	—
Above market ground lease	(7,878		)	—
	217,000			247,158
Bargain purchase gain	(4,269		)	—
Total Purchase Price	$	212,731		$	247,158

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

For the properties acquired during the years ended December 31, 2013 and 2012, respectively, total revenues and net income from the date of acquisition through December 31, 2013 and 2012, respectively, are included in the accompanying combined consolidated statements of operations as follows (in thousands):



	For the year ended December 31,
	2013		2012
Revenue	$	90,666	$	28,433
Net income	$	18,772	$	2,377

The following unaudited condensed pro forma financial information presents the results of operations as if the 2013 acquisitions had taken place on January 1, 2012 and the 2012 acquisitions had taken place on January 1, 2011. The unaudited condensed pro forma financial information is not necessarily indicative of what actual results of operations of the Company would have been assuming the 2013 and 2012 acquisitions had taken place on January 1, 2012 and 2011, respectively, nor does it purport to represent the results of operations for future periods. Operating results for the Vantaggio Suites Cosmo have not been included in the following unaudited condensed pro forma financial information as the acquisition was an asset purchase, not a business combination. The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data):



	For the year ended December 31,
	2013		2012
Revenue	$	991,206	$	926,242
Net income	$	112,293	$	60,098
Net income per share attributable to common shareholders - basic	$	0.95	$	0.57
Net income per share attributable to common shareholders - diluted	$	0.95	$	0.57
Weighted average number of shares outstanding - basic	117,950,066		105,423,604
Weighted average number of shares outstanding - diluted	118,738,626		105,748,686

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

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

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

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

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

+ Details

Investment in Hotel and Other Properties

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Investment in Hotel and Other Properties

Investment in hotel and other properties as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands):



	December 31, 2013			December 31, 2012
Land and land improvements	$	594,402		$	563,524
Buildings and improvements	2,866,849			2,655,086
Furniture, fixtures and equipment	485,531			438,807
Intangibles	2,507			1,857
	3,949,289			3,659,274
Accumulated depreciation and amortization	(708,126		)	(585,791		)
Investment in hotel and other properties, net	$	3,241,163		$	3,073,483

For the years ended December 31, 2013, 2012 and 2011 depreciation and amortization expense related to investment in hotel and other properties was approximately $126.8 million, $125.9 million and $126.7 million (excluding discontinued operations), respectively.

Impairment

During the year ended December 31, 2012, the Company recorded an impairment loss of $0.9 million related to the Fairfield Inn Memphis (recognized in discontinued operations). The Company evaluated the recoverability of the hotel’s carrying value given deteriorating operating results for the year ended December 31, 2012. 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.

The Company determined that there was no impairment of any assets for each of the years ended December 31, 2013 and 2011.

- 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

Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

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

In November 2011, the Company elected to cease the subsidization of debt service on the mortgage loan secured by the SpringHill Suites Southfield, Michigan. In January 2012, the Company received notice of an event of default for failure to

make the required monthly payments. Under the terms of the mortgage loan, the lender received 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. On May 30, 2013, 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 $2.4 million to discontinued operations at that time.

In November 2011, the Company elected to cease the subsidization of debt service on the mortgage loan secured by the Courtyard Goshen, Indiana. In December 2011, the Company received notice of an event of default for failure to make the required monthly payments. In May 2012, a receiver took control of the property for the benefit of the lender of the mortgage loan. On August 28, 2013, the property was sold at a foreclosure auction and was purchased by an affiliate of the lender. The Company recorded a gain on extinguishment of indebtedness of approximately $3.3 million to discontinued operations at that time.

In February 2013, the Goshen lender filed suit against the Company claiming amounts due from the Company in its capacity as a guarantor of certain borrower obligations and has continued to pursue this claim following the sale of the property. The Company disputes that any amounts are owed to the lender under the guaranty and is defending itself against this claim.

On November 18, 2013, the Company sold the Fairfield Inn & Suites Memphis, located in Memphis, Tennessee for a sale price of $2.5 million. The Company recorded a gain on sale of approximately $2.1 million to discontinued operations at that time.

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



	For the year ended December 31,
	2013			2012			2011
Operating revenue	$	2,950		$	4,520		$	20,963
Operating expense	(2,930		)	(4,459		)	(22,381		)
Operating income (loss)	20			61			(1,418		)
Impairment loss	—			(896		)	—
Interest expense	(373		)	(1,308		)	(1,148		)
Loss from discontinued operations before gain on sale	(353		)	(2,143		)	(2,566		)
Gain on sale of property	2,081			—			—
Gain on extinguishment of indebtedness	5,708			—			23,515
Net income (loss) from discontinued operations	$	7,436		$	(2,143	)	$	20,949

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-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

Investment in Loans

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Investment in Loans

Investment in Loan

On November 3, 2009, Fund III purchased two mortgage loans collateralized by the SpringHill Suites Houston Medical Park and the Residence Inn Atlanta Midtown Historic for a total purchase price of $12.7 million. The loans would 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.

The SpringHill Suites Houston Medical Park and Residence Inn Atlanta Midtown Historic loans each required monthly payments of principal and interest of $0.1 million. For each of the years ended December 31, 2013, 2012 and 2011, interest income from the loans was $1.6 million.

The borrower defaulted on the loan collateralized by the Residence Inn Atlanta Midtown Historic in February 2013. On August 6, 2013, the Company was a successful bidder at a foreclosure sale of the property collateralizing the non-performing loan for a purchase price of $4.7 million, which was equal to the Company's basis in the mortgage loan. The Company recorded a gain of $4.3 million related to the property acquired and a gain of $0.6 million related to other assets acquired and liabilities assumed for a total gain on foreclosure of $4.9 million.

Investment in loans as of December 31, 2013 and 2012 consisted of the following (in thousands):



	December 31,
	2013		2012
Note secured by SpringHill Suites Houston Medical Park	$	13,681	$	13,876
Note secured by Residence Inn Atlanta Midtown Historic	—		10,490
Face value	$	13,681	$	24,366
Carrying amount of loans	$	8,208	$	12,426



	December 31,
	2013			2012
Accretable yield balance at beginning of year	$	12,559		$	13,820
Reclassification from nonaccretable difference	224			367
Interest income	(1,633		)	(1,628		)
Disposal of loan	(5,923		)	—
Accretable yield balance at end of year	$	5,227		$	12,559

Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

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 “2012 Five-Year Term Loan”). The credit agreement amends and restates in its entirety the Company’s prior unsecured revolving credit facility (the "Prior 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”). On August 27, 2013, the Company amended the Seven-Year Term Loan to increase the borrowings on the Seven-Year Term Loan to $225.0 million.

The Company also entered into an unsecured $350.0 million term loan on August 27, 2013 with a scheduled maturity date of August 27, 2018 (the "2013 Five-Year Term Loan", and collectively with the 2012 Five-Year Term Loan and the Seven-Year Term Loan, the "Term Loans").

The credit agreements for these loans require that a group of no less than 20 of the Company’s hotel properties remain unencumbered by outstanding indebtedness. The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, minimum tangible net worth and maximum secured indebtedness. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. As of December 31, 2013, the Company was in compliance with all financial covenants.

In 2012, the Company incurred $5.2 million in fees related to the Revolver, 2012 Five-Year Term Loan and Seven-Year Term Loan. In 2013, the Company incurred $3.0 million in fees related to the 2013 Five-Year Term Loan and the Seven-Year Term Loan amendment. All of these amounts were deferred and are being amortized over their respective terms.

Borrowings under the Revolver and Term Loans bear interest at variable rates equal to the London InterBank Offered Rate (“LIBOR”) plus an applicable margin. The margin ranges from 1.65% 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 for the Revolver, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million, may be issued on behalf of the Company by the lenders under the Revolver. The Company will incur a fee of 0.125% of the value of each standby letter of credit that is issued on its behalf. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. No standby letters of credit were outstanding at December 31, 2013. The Company also may borrow up to a maximum aggregate outstanding balance of $40.0 million of swingline loans. Any outstanding swingline loans reduce the available borrowings under the Revolver by a corresponding amount. No swingline loans were outstanding at December 31, 2013.

Prior Credit Facility

The Company entered into the Prior Credit Facility, on June 20, 2011, that provided for maximum borrowings of up to $300.0 million. The Prior Credit Facility required that a group of no less than 15 of the Company’s hotel properties remain unencumbered by outstanding indebtedness. The Prior 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, 2012, the Company was in compliance with all financial covenants. On November 20, 2012, the Prior Credit Facility agreement was amended and restated in its entirety with the Revolver and 2012 Five-Year Term Loan as discussed above.

The Company incurred $3.0 million in fees related to the Prior Credit Facility that were deferred and were being amortized over its term. On November 20, 2012, when the Prior 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 Prior 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.

Prior Term Loan

On January 14, 2011, Fund III entered into a $140.0 million unsecured term loan, the "Prior Term Loan". Fund III agreed to maintain an unencumbered asset pool of ten hotel properties during the term of the Prior Term Loan. The Prior 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 Prior Term Loan. On September 30, 2011, the Company amended the Prior 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 Prior Term Loan was fully repaid.

As of December 31, 2013 and for the years ended December 31, 2013, 2012 and 2011, details of the credit facilities are as follows (in thousands):



	Outstanding borrowings at		Interest rate at	Interest expense for the year ended December 31,
	December 31, 2013		December 31, 2013 (1)	2013		2012		2011
Revolver (2)	$	—	n/a	$	1,222	$	158	$	—
2012 Five-Year Term Loan	275,000		1.87%	5,453		662		—
Seven-Year Term Loan (3)	225,000		4.04%	5,049		359		—
2013 Five-Year Term Loan (4)	350,000		3.25%	3,850		—		—
Prior Credit Facility (5)	—		n/a	—		2,345		662
Prior Term Loan	—		n/a	—		—		5,494
Total	$	850,000		$	15,574	$	3,525	$	6,156


(1)	Interest rate at December 31, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Includes the unused facility fee of $1.0 million and $0.1 million for the years ended December 31, 2013 and 2012, respectively.


(3)	Includes interest expense related to an interest rate hedge of $1.3 million for year ended December 31, 2013.


(4)	Includes interest expense related to an interest rate hedge of $1.6 million for year ended December 31, 2013.


(5)	Includes the unused facility fee of $0.7 million and $0.7 million for the years ended December 31, 2012 and 2011, respectively.

Mortgage Loans

As of December 31, 2013 and December 31, 2012, the Company was subject to the following mortgage loans (in thousands):



	Number	Interest rate at
	of Assets	December 31,		Maturity		Principal balance at,
Lender	Encumbered	2013 (1)		Date		December 31, 2013		December 31, 2012
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	$	68,500	$	68,500
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	17,500		17,500
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	21,000		21,000
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	11,000		11,000
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	24,000		24,000
Capmark Financial Group	1	6.12%		April 2015		4,068		4,202
Capmark Financial Group	1	5.55%		May 2015		10,916		11,298
Capmark Financial Group	1	5.55%		June 2015		4,736		4,901
Barclay's Bank	1	5.55%		June 2015		2,475		2,561
Barclay's Bank	1	5.55%		June 2015		4,063		4,203
Barclay's Bank	1	5.55%		June 2015		9,470		9,798
Barclay's Bank	1	5.55%		June 2015		8,452		8,745
Barclay's Bank	1	5.55%		June 2015		7,578		7,839
Barclay's Bank	1	5.60%		June 2015		5,255		5,434
Barclay's Bank	1	5.60%		June 2015		8,142		8,422
Barclay's Bank	1	5.55%		June 2015		4,962		5,134
Barclay's Bank	1	5.55%		June 2015		32,901		34,042
Barclay's Bank	1	5.60%		June 2015		6,251		6,466
Barclay's Bank	1	5.55%		June 2015		5,568		5,762
Barclay's Bank	1	5.55%		June 2015		6,399		6,621
Barclay's Bank	1	5.60%		June 2015		8,156		8,437
Barclay's Bank	1	5.55%		June 2015		6,394		6,614
Barclay's Bank	1	5.55%		June 2015		7,038		7,280
Barclay's Bank	1	5.55%		June 2015		6,399		6,621
Barclay's Bank	1	5.55%		June 2015		7,305		7,558
Barclay's Bank	1	5.55%		June 2015		9,166		9,484
Capmark Financial Group	1	5.50%		July 2015		6,450		6,673
Barclay's Bank	1	5.44%		Sept 2015		10,521		10,883
PNC Bank (4)	7	2.52%	(2)	May 2016	(5)	85,000		85,000
Wells Fargo (6)	2	4.19%	(2)	Sept 2016	(7)	82,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	33,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	35,000		—
Merrill Lynch				July 2016		—		9,180
Merrill Lynch				July 2016		—		7,684
Merrill Lynch				July 2016		—		9,194
Wachovia Securities				July 2016		—		487,296
Wachovia Securities				July 2016		—		6,582
Wells Fargo / Morgan Stanley				July 2016		—		34,823
Wells Fargo / Morgan Stanley				July 2016		—		6,753
Wells Fargo / Morgan Stanley				July 2016		—		9,616
Merrill Lynch				July 2016		—		5,531
VFC Partners 20 LLC				Sept 2016		—		5,014
	39					$	559,665	$	997,651


(1)	Interest rate at December 31, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Requires payments of interest only until the commencement of the extension period(s).


(3)	Maturity date may be extended for up to two additional one-year terms at the Company’s option, subject to certain lender requirements.


(4)	The seven hotels encumbered by the PNC Bank loan are cross-collateralized.


(5)	Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.


(6)	The two hotels encumbered by the Wells Fargo loan are cross-collateralized.


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

Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these

covenants at December 31, 2013 and December 31, 2012.

Future Minimum Principal Payments

As of December 31, 2013, future minimum principal payments on debt are as follows (in thousands):



2014	$	148,679
2015	175,986
2016	235,000
2017	275,000
2018	350,000
Thereafter	225,000
	$	1,409,665

- 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

Derivatives and Hedging

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

The Company employs derivative financial instruments to hedge against interest rate fluctuations. For derivative instruments designated as cash flow hedges, unrealized gains and losses on the effective portion are reported in accumulated other comprehensive income (loss), a component of shareholders’ equity. Unrealized gains and losses on the ineffective portion of all designated hedges are recognized in earnings in the current period. For derivative instruments not designated as hedging instruments, unrealized gains or losses are recognized in earnings in the current period.

At December 31, 2013, the fair value of interest rate swap assets of $3.2 million was included in prepaid expenses and other assets in the accompanying combined consolidated balance sheets. At December 31, 2013 and December 31, 2012, the aggregate fair value of interest rate swap liabilities of $9.1 million and $0.5 million, respectively, was included in accounts payable and other liabilities in the accompanying combined consolidated balance sheets.

As of December 31, 2013 and December 31, 2012, the Company had entered into the following interest rate swaps and caps (in thousands):



	Notional value at						Fair value at
Hedge type	December 31, 2013		December 31, 2012		Hedge interest rate	Maturity	December 31, 2013			December 31, 2012
Swap-cash flow (1)	$	—	$	40,000	1.00%	10/6/2013	$	—		$	(265	)
Swap-cash flow (1)	—		31,000		1.00%	10/6/2013	—			(205		)
Interest rate cap (1)	—		60,000		1.00%	6/29/2013	—			—
Swap-cash flow (2)	275,000		—		1.12%	11/20/2017	3,161			—
Swap-cash flow (2)	175,000		—		1.56%	3/6/2018	(1,866		)	—
Swap-cash flow (2)	175,000		—		1.64%	3/6/2018	(2,406		)	—
Swap-cash flow (2)	16,500		—		1.83%	9/15/2018	(238		)	—
Swap-cash flow (2)	16,500		—		1.75%	9/15/2018	(181		)	—
Swap-cash flow (2)	40,500		—		1.83%	9/15/2018	(585		)	—
Swap-cash flow (2)	41,500		—		1.75%	9/15/2018	(456		)	—
Swap-cash flow (2)	18,000		—		1.83%	9/15/2018	(260		)	—
Swap-cash flow (2)	17,000		—		1.75%	9/15/2018	(187		)	—
Swap-cash flow (2)	125,000		—		2.02%	3/6/2019	(1,838		)	—
Swap-cash flow (2)	100,000		—		1.94%	3/6/2019	(1,085		)	—
	$	1,000,000	$	131,000			$	(5,941	)	$	(470	)


(1)	Not designated as a cash flow hedge


(2)	Designated as a cash flow hedge

As of December 31, 2013 and December 31, 2012, there was approximately $5.9 million and zero, respectively, in unrealized losses included in accumulated other comprehensive income (loss) related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on designated hedges during the year ended December 31, 2013 and 2012. For the years ended December 31, 2013 and 2012, approximately $3.7 million and $2.4 million, respectively, of amounts included in accumulated other comprehensive income (loss) were reclassified into interest expense.

- Definition

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

+ References

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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
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+ Details

Fair Value

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value

Fair Value Measurement

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


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


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


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

Fair Value of Financial Instruments

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


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

•

Investment in collateralized loans - Fair value is determined by obtaining a third-party appraisal or 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 at December 31, 2013 and 2012 was $13.1 million and $23.0 million, respectively.

•

Variable rate mortgage notes payable and borrowings under the Revolver and Term Loans - 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 estimated market rates for similar loans with similar terms and loan to value ratios, which is a Level 3 input. As a result, the Company determined that its variable rate mortgage notes payable in their entirety are classified in Level 3 of the fair value hierarchy.

•

Fixed rate mortgage notes payable - The fair value estimated at December 31, 2013 and 2012 of $188.0 million and $745.3 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, 2013 and 2012 was $182.7 million and $770.7 million, respectively.

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, 2013 (in thousands):



	Fair Value at December 31, 2013
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	3,161		$	—	$	3,161
Interest rate swap liability	$	—	$	(9,102	)	$	—	$	(9,102	)
Total	$	—	$	(5,941	)	$	—	$	(5,941	)

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, 2013, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

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 Marriott Louisville 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, 2013, 2012 and 2011, 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, 2013, 2012 and 2011, approximately $0.5 million, $0.3 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, 2013, 2012 and 2011 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, 2013, 2012 and 2011, 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 minimis 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, 2013, 2012 and 2011, approximately $0.3 million, $0.3 million and $16,000, respectively, was incurred for contingent rent.

The Courtyard Waikiki Beach is subject to a ground lease with a term extending to 2112. The annual ground rent is $3.5 million through 2016, after which the annual rent shall increase by the increase, if any, in the Consumer Price Index (“CPI”) from the immediately preceding calendar year. The increase is limited to 5.0% per annum for the first 10 years in which the annual rent is subject to increase, and 6.0% per annum during the seven subsequent years in which the annual rent is subject to increase. Thereafter, there is no cap on the increase in the CPI. The acquisition of the Courtyard Waikiki Beach resulted in an above market ground lease intangible of $7.9 million, which is being amortized over the term of the ground lease as a reduction to ground rent expense. For the year ended December 31, 2013, $1.8 million of ground rent expense was incurred. There was no ground rent expense in 2011 or 2012 as this property was acquired in 2013.

As of December 31, 2013, future minimum ground lease payments are as follows (in thousands):



	Amount of commitment expiration per period
	2014		2015		2016		2017		2018		Thereafter		Total
Future minimum ground lease payments	$	4,650	$	4,650	$	4,650	$	4,650	$	4,650	$	428,790	$	452,040

Restricted Cash Reserves

The Company is obligated to maintain reserve funds for capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve restricted cash ranging from 1.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. Additionally, some loan agreements require the Company to reserve restricted cash for the periodic payment of real estate taxes and insurance. As of December 31, 2013 and December 31, 2012, approximately $62.4 million and $64.8 million, respectively, was available in restricted cash reserves for future capital expenditures, real estate taxes and insurance.

Litigation

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

Management Agreements

As of December 31, 2013, 146 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 5 to 25 years, with 17 management companies as follows:



Management Company	Number of Hotels
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	5
Interstate Hotels and Resorts (1)	8
InnVentures	1
K Partners Hospitality Group	1
Marriott Hotel Services	5
Sage Hospitality	2
Stonebridge Realty Advisors	1
Urgo Hotels	4
Windsor Capital Group	1
WLS	106
	146

_______________________________________________________________________________


(1)	Includes agreements entered into with Noble Management Group, 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, 2013, 2012 and 2011, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $35.0 million, $29.9 million and $25.9 million, respectively, (excluding discontinued operations).

Franchise Agreements

As of December 31, 2013, 140 of the Company's hotel properties are operated under franchise agreements with initial 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 2.0% and 3.0% of food and beverage revenues. For the years ended December 31, 2013, 2012 and 2011, the Company incurred franchise fee expense of approximately $64.2 million, $55.4 million and $48.5 million, respectively (excluding discontinued operations).

Purchase Commitments

As of December 31, 2013, the Company, through wholly-owned subsidiaries, is subject to one purchase and sale agreement to purchase one property. The Company intends to consummate the transactions pursuant to the terms of the agreement. However, if the Company fails to consummate, it could be required to forfeit its deposit of $7.2 million.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

Equity	12 Months Ended
Equity	Dec. 31, 2013
Equity [Abstract]
Equity	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. On March 25, 2013, the Company issued and sold 15,870,000 common shares of beneficial interest, $0.01 par value per share, at a price per share of $21.60 for total gross proceeds of $342.8 million. The Company received aggregate net proceeds of approximately $327.5 million. The Company used the net proceeds from the offering to repay amounts outstanding on its unsecured revolving credit facility, to repay mortgage indebtedness and 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, 2013 and 2012, respectively, there were no preferred shares of beneficial interest outstanding. Noncontrolling Interest in Joint Venture As of December 31, 2013, 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, 2013, the Operating Partnership had 123,534,042 OP units outstanding, of which 99.3% were owned by the Company and its subsidiaries and 0.7% 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, 2013

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

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.

Share Awards

From time to time, the Company may award non-vested restricted 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.

The Company may also award unrestricted shares under the 2011 Plan as compensation to non-employee trustees that would otherwise be paid in cash for their services. The shares issued to trustees are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.

A summary of the non-vested shares as of December 31, 2013, 2012 and 2011 is as follows:



	2013				2012				2011
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Unvested at January 1,	1,013,673		$	17.80	970,288		$	17.93	—		$	—
Granted (1)	383,187		21.25		445,176		17.23		1,128,640		17.81
Vested (1)	(458,808	)	18.24		(374,913	)	17.46		(155,352	)	17.03
Forfeited	(5,252	)	20.07		(26,878	)	17.80		(3,000	)	17.53
Unvested at December 31,	932,800		$	18.99	1,013,673		$	17.80	970,288		$	17.93


(1)	For the years ended December 31, 2013, 2012 and 2011, respectively, includes 5,357, 8,530 and 7,810 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted average grant date fair value of $23.20, $18.75 and $15.36, respectively.

For the years ended December 31, 2013, 2012 and 2011, the Company recognized approximately $8.6 million, $6.7 million and $3.3 million respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2013, there was $16.7 million of total unrecognized compensation costs related to non-vested share awards and these costs were expected to be primarily recognized over a weighted-average period of 2.2 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, 2013, 2012 and 2011 was approximately $10.5 million, $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.

As of December 31, 2013, there were 1.0 million unvested performance units outstanding with a weighted average grant date fair value of $15.36 per performance unit.

For the year ended December 31, 2013 and 2012, the Company recognized $4.5 million and $1.9 million, respectively, 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, 2013, there was $9.0 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 2.1 years.

As of December 31, 2013, there were 3,078,127 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, 2013

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. 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, 2013, approximately $0.1 million represented undistributed earnings that were allocable to participating shares. For the years ended December 31, 2012 and 2011, no earnings representing undistributed earnings were allocated to participating shares because the Company paid dividends in excess of net income.

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, 2013, 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,
	2013			2012			2011
Numerator:
Net income attributable to common shareholders before discontinued operations	$	105,539		$	43,423		$	(9,428	)
Add: Income (loss) from discontinued operations	7,382			(2,125		)	20,774
Net income attributable to common shareholders	112,921			41,298			11,346
Less: Dividends paid on unvested restricted shares	(936		)	(802		)	(392		)
Less: Undistributed earnings attributable to unvested restricted shares	(61		)	—			—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	111,924		$	40,496		$	10,954
Denominator:
Weighted-average number of common shares - basic	117,950,066			105,423,604			95,340,666
Unvested restricted shares	251,217			59,587			—
Unvested performance units	537,343			265,495			—
Weighted-average number of common shares - diluted	118,738,626			105,748,686			95,340,666

Basic per common share data:
Net income per share attributable to common shareholders before discontinued operations - basic	$	0.89		$	0.40		$	(0.10	)
Discontinued operations	0.06			(0.02		)	0.22
Net income per share attributable to common shareholders - basic	$	0.95		$	0.38		$	0.12

Diluted per common share data:
Net income per share attributable to common shareholders before discontinued operations - diluted	$	0.88		$	0.40		$	(0.10	)
Discontinued operations	0.06			(0.02		)	0.22
Net income per share attributable to common shareholders - diluted	$	0.94		$	0.38		$	0.12

Advisory Fees	12 Months Ended
Advisory Fees	Dec. 31, 2013
Advisory Fees
Advisory Fees	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, 2011 and 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, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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, 2013 and December 31, 2012, there was approximately $1,000 and $45,000, respectively, due from RLJ Companies, LLC which was included in other assets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-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
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-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, 2013

Income Tax Disclosure [Abstract]

Income Taxes

For federal income tax purposes, the cash distributions paid for the years ended December 31, 2013 and 2012 are characterized as follows:



	For the Years Ended December 31,
	2013		2012
Common distributions
Ordinary income	100.0	%	100.0	%
Return of capital	—		—
Capital gains	—		—
	100.0	%	100.0	%

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



	For the Years Ended December 31,
	2013			2012			2011
Current:
Federal	$	(323	)	$	(50	)	$	(1	)
State	(1,439		)	(1,381		)	(1,232		)
Deferred:
Federal	830			64			443
State	53			(2		)	50
Total net tax expense	$	(879	)	$	(1,369	)	$	(740	)

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, 2013, 2012 and 2011 as a result of the following differences (in thousands):



	For the Years Ended December 31,
	2013			2012			2011
Expected federal tax expense at statutory rate	$	(40,271	)	$	(14,952	)	$	(4,398	)
Tax impact of REIT election	37,230			22,618			19,619
Expected tax (expense)/benefit at TRS	(3,041		)	7,666			15,221
Change in valuation allowance	3,612			(8,741		)	(17,045		)
State income (expense) benefit, net of federal tax benefit	(1,345		)	595			1,411
Impact of rate change	(94		)	146			—
Other permanent items	(443		)	(394		)	(436		)
Impact of acquired tax attributes	361			(361		)	—
Impact of provision to return	71			(280		)	109
Income tax expense	$	(879	)	$	(1,369	)	$	(740	)

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,
	2013			2012
Property and equipment	$	(1,787	)	$	(2,633	)
Prepaid expenses	(1,662		)	(1,431		)
Other - DTL	(99		)	—
Gross deferred tax liabilities	$	(3,548	)	$	(4,064	)
Property and equipment	$	515		$	4,997
Deferred revenue - key money	1,478			1,562
Incentive and vacation accrual	2,325			1,933
Allowance for doubtful accounts	92			77
Other - DTA	285			204
Other carryforwards	106			108
Net operating loss carryforwards	51,254			50,463
Valuation allowance	(53,526		)	(57,138		)
Gross deferred tax assets	$	2,529		$	2,206

The Company recorded a valuation allowance of approximately $53.5 million and $57.1 million related to its net operating loss, or NOL, carryforwards and other deferred tax assets at December 31, 2013 and 2012, 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 tax benefit of NOLs of approximately $51.3 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. The Company’s TRS entities experienced a change of control as defined in Section 382 of the Code, the TRS’s ability to utilize NOLs in the years after the change in control will 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,
	2013			2012
Current net deferred tax assets	$	263		$	193
Current net deferred tax liabilities	(1,761		)	(1,431		)
Non-current net deferred tax assets	2,266			2,013
Non-current net deferred tax liabilities	(1,787		)	(2,633		)
Net deferred tax liability	$	(1,019	)	$	(1,858	)

The Company had no accruals for tax uncertainties as of December 31, 2013 and December 31, 2012.

- 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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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

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

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

+ Details

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2013
Segment Reporting [Abstract]
Segment Information	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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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

Supplemental Information to Statements of Cash Flows

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)



	For the year ended December 31,
	2013			2012			2011
Interest paid	$	59,826		$	79,376		$	91,558

Income taxes paid	$	1,420		$	1,598		$	1,392

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	228,573		$	247,158		$	249,018
Accounts receivable	740			164			556
Other assets	957			728			1,040
Advance deposits	(313		)	(224		)	(379		)
Accounts payable and other liabilities	(12,168		)	(777		)	(2,439		)
Application of purchase deposit	—			—			(8,500		)
Deferred tax liabilities assumed	—			—			(2,438		)
Receipt of assets in full satisfaction	(4,731		)	—			—
Gain on foreclosure	(4,863		)	—			—
Acquisition of hotel and other properties	$	208,195		$	247,049		$	236,858

In conjunction with the dispositions, the Company recorded the following:
Sale of real estate	$	(5,585	)	$	—		$	(31,534	)
Gain on sale of property	(2,081		)	—			—
Other assets	(709		)	—			(8,007		)
Other liabilities	1,169			—			5,056
Gain on extinguishment of indebtedness	(5,708		)	—			(23,515		)
Forgiveness of indebtedness	10,545			—			58,000
Disposition of hotel properties	$	(2,369	)	$	—		$	—

Supplemental non-cash transactions:
Change in fair market value of designated interest rate swaps	$	(5,941	)	$	1,326		$	2,024

Accrued capital expenditures	$	10,610		$	4,563		$	12,801

Distributions payable	$	30,870		$	22,392		$	16,076

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2014, the Company paid a dividend of $0.24 per common share to shareholders of record at December 31, 2013. In February 2014, the Company entered into a purchase and sale agreement to acquire a portfolio of ten hotels comprised of 1,560 rooms for a total purchase price of approximately $313.0 million. The transaction is expected to be completed in March 2014 and is subject to customary closing conditions. In February 2014, the Company granted 305,053 restricted common shares of beneficial interest to officers and certain employees. In February 2014, the Company sold eleven properties for a total sales price of approximately $84.8 million.

Quarterly Operating Results (Notes)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results

Quarterly Operating Results (unaudited)

The Company's unaudited condensed consolidated quarterly operating data for the years ended December 31, 2013 and 2012 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.



	Year ended December 31, 2013
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	214,870		$	260,822	$	252,116	$	242,572
Income from continuing operations	$	8,803		$	38,571	$	33,770	$	25,599
Discontinued operations	$	(219	)	$	2,410	$	3,158	$	2,087
Net income attributable to common shareholders	$	8,491		$	40,510	$	36,469	$	27,451
Comprehensive income	$	8,016		$	45,514	$	20,513	$	32,937
Basic per share data:
Income from continuing operations	$	0.08		$	0.32	$	0.28	$	0.21
Discontinued operations	$	—		$	0.01	$	0.02	$	0.02
Net income attributable to common shareholders	$	0.08		$	0.33	$	0.30	$	0.23
Diluted per share data:
Income from continuing operations	$	0.08		$	0.32	$	0.28	$	0.21
Discontinued operations	$	—		$	0.01	$	0.02	$	0.01
Net income attributable to common shareholders	$	0.08		$	0.33	$	0.30	$	0.22
Basic weighted average common shares outstanding	106,815,375			121,520,253		121,594,219		121,667,166
Diluted weighted average common shares outstanding	107,423,195			122,280,431		122,750,121		122,540,253



	Year ended December 31, 2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total revenue	$	182,233		$	222,079		$	223,941		$	221,432
Income (loss) from continuing operations	$	(6,696	)	$	19,103		$	17,022		$	14,033
Discontinued operations	$	(225	)	$	(84	)	$	(1,721	)	$	(113	)
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	$	(0.06	)	$	0.17		$	0.16		$	0.11
Discontinued operations	$	—		$	—		$	(0.02	)	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.17		$	0.14		$	0.11
Diluted per share data:
Income (loss) from continuing operations	$	(0.06	)	$	0.17		$	0.16		$	0.11
Discontinued operations	$	—		$	—		$	(0.02	)	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.17		$	0.14		$	0.11
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

- 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, 2013

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation



			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2013
Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciation Life
Marriott Austin South	$	—	$	2,253	$	16,522	$	—	$	1,430	$	2,253	$	17,952	$	20,205	$	3,311	2006	15 - 40 years
Marriott Denver South @ Park Meadows	—		5,385		39,488		—		1,928		5,385		41,416		46,801		7,674		2006	15 - 40 years
Marriott Louisville Downtown	68,500		—		89,541		—		3,326		—		92,867		92,867		17,077		2006	15 - 40 years
Marriott Auburn Hills Pontiac @ Centerpoint	—		3,438		25,224		—		125		3,438		25,349		28,787		4,791		2006	15 - 40 years
Marriott Chicago Midway	—		4,464		32,736		10		1,891		4,474		34,627		39,101		6,415		2006	15 - 40 years
Renaissance Boulder Flatiron Hotel	—		4,440		32,557		—		1,542		4,440		34,099		38,539		6,269		2006	15 - 40 years
Renaissance Fort Lauderdale Plantation Hotel	—		4,842		35,517		—		1,863		4,842		37,380		42,222		6,850		2006	15 - 40 years
Holiday Inn Austin NW Arboretum Area	—		1,546		11,337		—		489		1,546		11,826		13,372		2,220		2006	15 - 40 years
Courtyard Austin University Area	—		1,894		13,891		—		927		1,894		14,818		16,712		2,727		2006	15 - 40 years
Courtyard Austin Northwest Arboretum	—		1,443		10,585		3		1,277		1,446		11,862		13,308		2,161		2006	15 - 40 years
Courtyard Austin South	4,962		1,530		11,222		3		1,223		1,533		12,445		13,978		2,250		2006	15 - 40 years
Courtyard Benton Harbor St Joseph	—		345		2,534		—		206		345		2,740		3,085		498		2006	15 - 40 years
Courtyard Tampa Brandon	—		1,036		7,599		—		1,372		1,036		8,971		10,007		1,869		2006	15 - 40 years
Courtyard Chicago Downtown Magnificent Mile	32,901		8,140		59,696		—		2,339		8,140		62,035		70,175		11,413		2006	15 - 40 years
Courtyard Fort Wayne	—		1,143		8,389		—		316		1,143		8,705		9,848		1,624		2006	15 - 40 years
Courtyard Denver West Golden	6,251		1,325		9,716		—		1,169		1,325		10,885		12,210		1,898		2006	15 - 40 years
Courtyard Grand Rapids Airport	4,068		706		5,185		—		142		706		5,327		6,033		980		2006	15 - 40 years
Courtyard Chicago Southeast Hammond	—		1,038		7,616		4		1,229		1,042		8,845		9,887		1,554		2006	15 - 40 years
Courtyard Indianapolis @ The Capitol	—		2,482		18,207		—		1,240		2,482		19,447		21,929		3,534		2006	15 - 40 years
Courtyard Denver Southwest Lakewood	2,475		536		3,931		—		965		536		4,896		5,432		798		2006	15 - 40 years
Courtyard Boulder Longmont	5,568		1,192		8,745		—		851		1,192		9,596		10,788		1,733		2006	15 - 40 years



		Initial Costs		Subsequent Costs Capitalized		Gross Amount at December 31, 2013
Description	Debt	Land & Improvements	Building & Improvements	Land & Improvements	Building & Improvements	Land & Improvements	Buildings & Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciation Life
Courtyard Boulder Louisville	8,452	1,640	12,025	2	1,441	1,642	13,466	15,108	2,372	2006	15 - 40 years
Courtyard Louisville Northeast	—	1,374	10,079	2	765	1,376	10,844	12,220	1,993	2006	15 - 40 years
Courtyard Merrillville	—	537	3,943	—	378	537	4,321	4,858	1,072	2006	15 - 40 years
Courtyard Mesquite	—	942	6,915	—	97	942	7,012	7,954	1,322	2006	15 - 40 years
Courtyard Midway Airport	8,729	2,172	15,927	3	1,791	2,175	17,718	19,893	3,805	2006	15 - 40 years
Courtyard South Bend Mishawaka	—	640	4,699	2	996	642	5,695	6,337	1,161	2006	15 - 40 years
Courtyard Detroit Pontiac Bloomfield	—	482	3,543	—	227	482	3,770	4,252	928	2006	15 - 40 years
Courtyard Salt Lake City Airport	—	2,333	17,110	—	1,293	2,333	18,403	20,736	3,287	2006	15 - 40 years
Courtyard San Antonio Airport Northstar	—	1,196	8,768	4	1,032	1,200	9,800	11,000	1,784	2006	15 - 40 years
Courtyard Houston Sugarland	—	1,217	8,931	—	1,084	1,217	10,015	11,232	1,761	2006	15 - 40 years
Courtyard Valparaiso	—	248	1,825	—	264	248	2,089	2,337	528	2006	15 - 40 years
Courtyard Chicago Schaumburg	—	2,078	15,239	—	1,236	2,078	16,475	18,553	2,845	2007	15 - 40 years
Courtyard Fort Lauderdale SW Miramar	—	1,619	11,872	—	568	1,619	12,440	14,059	1,943	2007	15 - 40 years
Courtyard Austin Downtown Convention Center	49,200	6,049	44,361	—	1,476	6,049	45,837	51,886	6,999	2007	15 - 40 years
Courtyard Grand Junction	—	1,576	11,754	—	36	1,576	11,790	13,366	1,593	2008	15 - 40 years
Courtyard Austin Airport	—	1,691	12,404	58	1,279	1,749	13,683	15,432	2,000	2007	15 - 40 years
Residence Inn Austin Northwest Arboretum	—	1,403	10,290	—	232	1,403	10,522	11,925	1,959	2006	15 - 40 years
Residence Inn Austin South	—	802	5,883	—	807	802	6,690	7,492	1,156	2006	15 - 40 years
Residence Inn Austin North Parmer Lane	7,305	1,483	10,872	—	453	1,483	11,325	12,808	2,055	2006	15 - 40 years
Residence Inn Indianapolis Carmel	8,156	1,646	12,076	—	1,082	1,646	13,158	14,804	2,359	2006	15 - 40 years
Residence Inn Indianapolis Fishers	—	998	7,322	—	845	998	8,167	9,165	1,435	2006	15 - 40 years
Residence Inn Denver West Golden	6,394	1,222	8,963	—	69	1,222	9,032	10,254	1,687	2006	15 - 40 years
Residence Inn Chicago Southeast Hammond	—	980	7,190	—	726	980	7,916	8,896	1,414	2006	15 - 40 years



		Initial Costs		Subsequent Costs Capitalized		Gross Amount at December 31, 2013
Description	Debt	Land & Improvements	Building & Improvements	Land & Improvements	Building & Improvements	Land & Improvements	Buildings & Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciation Life
Residence Inn Houston By The Galleria	—	2,665	19,549	—	1,163	2,665	20,712	23,377	3,722	2006	15 - 40 years
Residence Inn Indianapolis Airport	—	786	5,772	—	304	786	6,076	6,862	1,266	2006	15 - 40 years
Residence Inn Indianapolis Downtown On The Canal	—	2,670	19,588	—	1,764	2,670	21,352	24,022	3,853	2006	15 - 40 years
Residence Inn Denver Southwest Lakewood	4,063	986	7,230	—	24	986	7,254	8,240	1,358	2006	15 - 40 years
Residence Inn Longmont Boulder	6,399	1,407	10,321	—	780	1,407	11,101	12,508	1,973	2006	15 - 40 years
Residence Inn Boulder Louisville	—	1,298	9,519	—	462	1,298	9,981	11,279	1,816	2006	15 - 40 years
Residence Inn Louisville Northeast	7,038	1,319	9,675	—	71	1,319	9,746	11,065	1,823	2006	15 - 40 years
Residence Inn Merrillville	—	595	4,372	—	1,181	595	5,553	6,148	1,188	2006	15 - 40 years
Residence Inn Detroit Novi	6,450	1,427	10,445	—	24	1,427	10,469	11,896	1,963	2006	15 - 40 years
Residence Inn Chicago Oak Brook	10,521	—	20,436	—	829	—	21,265	21,265	3,874	2006	15 - 40 years
Residence Inn Fort Lauderdale Plantation	—	2,183	16,021	112	908	2,295	16,929	19,224	3,475	2006	15 - 40 years
Residence Inn Detroit Pontiac Auburn Hills	—	320	2,354	—	174	320	2,528	2,848	997	2006	15 - 40 years
Residence Inn Austin Round Rock	—	1,684	12,349	—	170	1,684	12,519	14,203	2,355	2006	15 - 40 years
Residence Inn Salt Lake City Airport	—	875	6,416	—	952	875	7,368	8,243	1,229	2006	15 - 40 years
Residence Inn San Antonio Downtown Market Sq	—	1,822	13,360	—	782	1,822	14,142	15,964	2,545	2006	15 - 40 years
Residence Inn Chicago Schaumburg	—	1,790	13,124	—	271	1,790	13,395	15,185	2,520	2006	15 - 40 years
Residence Inn South Bend	—	603	4,425	—	459	603	4,884	5,487	875	2006	15 - 40 years
Residence Inn Houston Sugarland	—	1,100	8,073	—	1,295	1,100	9,368	10,468	1,666	2006	15 - 40 years
Residence Inn Chicago Naperville	9,167	1,923	14,101	—	823	1,923	14,924	16,847	2,737	2006	15 - 40 years
Residence Inn Louisville Downtown	—	1,815	13,308	—	563	1,815	13,871	15,686	2,360	2007	15 - 40 years
Residence Inn Fort Lauderdale SW Miramar	—	1,692	12,409	—	380	1,692	12,789	14,481	2,022	2007	15 - 40 years
Residence Inn Grand Junction	—	870	9,197	—	36	870	9,233	10,103	1,296	2008	15 - 40 years



		Initial Costs		Subsequent Costs Capitalized		Gross Amount at December 31, 2013
Description	Debt	Land & Improvements	Building & Improvements	Land & Improvements	Building & Improvements	Land & Improvements	Buildings & Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciation Life
Residence Inn Austin Downtown Convention Center	32,800	3,767	27,626	—	620	3,767	28,246	32,013	4,347	2007	15 - 40 years
SpringHill Suites Austin North Parmer Lane	6,399	1,957	14,351	—	577	1,957	14,928	16,885	2,723	2006	15 - 40 years
SpringHill Suites Austin South	—	1,605	11,768	—	114	1,605	11,882	13,487	2,245	2006	15 - 40 years
SpringHill Suites Indianapolis Carmel	8,142	1,816	13,320	—	849	1,816	14,169	15,985	2,602	2006	15 - 40 years
SpringHill Suites Louisville Hurstbourne North	7,578	1,890	13,869	—	740	1,890	14,609	16,499	2,693	2006	15 - 40 years
SpringHill Suites South Bend Mishawaka	5,255	983	7,217	—	213	983	7,430	8,413	1,511	2006	15 - 40 years
SpringHill Suites Chicago Schaumburg	—	1,554	11,396	—	829	1,554	12,225	13,779	2,252	2006	15 - 40 years
SpringHill Suites Denver North Westminster	9,470	2,409	17,670	—	1,120	2,409	18,790	21,199	3,439	2006	15 - 40 years
SpringHill Suites Boulder Longmont	—	1,144	8,388	—	628	1,144	9,016	10,160	1,497	2007	15 - 40 years
Fairfield Inn & Suites Austin University Area	—	556	4,078	—	142	556	4,220	4,776	782	2006	15 - 40 years
Fairfield Inn & Suites Austin South Airport	—	505	3,702	—	439	505	4,141	4,646	715	2006	15 - 40 years
Fairfield Inn & Suites Tampa Brandon	—	926	6,795	—	274	926	7,069	7,995	1,546	2006	15 - 40 years
Fairfield Inn & Suites Denver Cherry Creek	—	1,203	8,823	—	1,214	1,203	10,037	11,240	1,750	2006	15 - 40 years
Fairfield Inn & Suites Chicago SE Hammond	—	722	5,301	—	472	722	5,773	6,495	1,047	2006	15 - 40 years
Fairfield Inn & Suites Indianapolis Airport	—	657	4,820	—	299	657	5,119	5,776	1,054	2006	15 - 40 years
Fairfield Inn & Suites Key West	—	1,803	19,325	—	459	1,803	19,784	21,587	3,494	2006	15 - 40 years
Fairfield Inn & Suites Merrillville	—	768	5,636	—	298	768	5,934	6,702	1,092	2006	15 - 40 years
Fairfield Inn & Suites Chicago Midway Airport	4,736	1,425	10,449	—	203	1,425	10,652	12,077	1,990	2006	15 - 40 years
Fairfield Inn & Suites San Antonio Airport	—	1,140	8,363	—	142	1,140	8,505	9,645	1,602	2006	15 - 40 years
Fairfield Inn & Suites San Antonio Dwntn Mkt	—	1,378	10,105	—	794	1,378	10,899	12,277	1,945	2006	15 - 40 years
Fairfield Inn & Suites Valparaiso	—	157	1,157	—	135	157	1,292	1,449	302	2006	15 - 40 years



		Initial Costs		Subsequent Costs Capitalized		Gross Amount at December 31, 2013
Description	Debt	Land & Improvements	Building & Improvements	Land & Improvements	Building & Improvements	Land & Improvements	Buildings & Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciation Life
Holiday Inn Grand Rapids Airport	—	582	4,274	—	2	582	4,276	4,858	962	2006	15 - 40 years
Hampton Inn Merrillville	—	665	4,879	—	657	665	5,536	6,201	965	2006	15 - 40 years
Holiday Inn Express Merrillville	—	545	4,005	—	87	545	4,092	4,637	771	2006	15 - 40 years
Hampton Inn Chicago Midway Airport	—	2,747	20,143	—	1,854	2,747	21,997	24,744	3,909	2006	15 - 40 years
Hilton Garden Inn Chicago Midway Airport	—	2,978	21,842	—	235	2,978	22,077	25,055	4,146	2006	15 - 40 years
Sleep Inn Midway Airport	—	1,189	8,718	—	1,131	1,189	9,849	11,038	1,924	2006	15 - 40 years
Holiday Inn Express & Suites Midway Airport	—	1,874	13,742	—	232	1,874	13,974	15,848	2,638	2006	15 - 40 years
Homewood Suites Tampa Brandon	—	1,377	10,099	—	819	1,377	10,918	12,295	1,571	2007	15 - 40 years
Hilton Garden Inn Bloomington	17,500	—	18,945	—	611	—	19,556	19,556	2,374	2009	15 - 40 years
TGI Friday's Chicago Midway	2,186	829	6,139	—	170	829	6,309	7,138	1,167	2006	15 - 40 years
Hilton Garden Inn St George	—	1,822	13,363	—	17	1,822	13,380	15,202	2,230	2007	15 - 40 years
SpringHill Suites Bakersfield	—	1,560	8,838	—	4	1,560	8,842	10,402	1,668	2007	15 - 40 years
SpringHill Suites Gainesville	—	4,018	12,118	7	12	4,025	12,130	16,155	1,959	2007	15 - 40 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road	—	1,106	12,721	—	444	1,106	13,165	14,271	2,079	2007	15 - 40 years
Hampton Inn Garden City	—	5,691	22,764	24	537	5,715	23,301	29,016	3,735	2007	15 - 40 years
Hampton Inn Suites Las Vegas Red Rock Summerlin	—	2,341	4,609	—	3	2,341	4,612	6,953	850	2007	15 - 40 years
Courtyard Houston By The Galleria	21,000	3,069	22,508	—	10	3,069	22,518	25,587	3,612	2007	15 - 40 years
Hampton Inn Fort Walton Beach	—	8,774	6,109	60	923	8,834	7,032	15,866	1,023	2007	15 - 40 years
Hilton Mystic	—	6,092	9,111	104	360	6,196	9,471	15,667	1,447	2007	15 - 40 years
Embassy Suites Los Angeles Downey	22,000	4,857	29,943	78	2,550	4,935	32,493	37,428	4,643	2008	15 - 40 years
Hyatt House Colorado Springs	4,500	1,453	8,234	—	19	1,453	8,253	9,706	1,132	2008	15 - 40 years
Hyatt House Austin Arboretum	10,300	2,813	15,940	—	96	2,813	16,036	18,849	2,199	2008	15 - 40 years



		Initial Costs		Subsequent Costs Capitalized		Gross Amount at December 31, 2013
Description	Debt	Land & Improvements	Building & Improvements	Land & Improvements	Building & Improvements	Land & Improvements	Buildings & Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciation Life
Hyatt House Dallas Lincoln Park	17,400	3,169	17,958	55	283	3,224	18,241	21,465	2,507	2008	15 - 40 years
Hyatt House Dallas Uptown	12,300	2,241	12,698	45	50	2,286	12,748	15,034	1,755	2008	15 - 40 years
Hyatt House Dallas Richardson	5,500	1,445	8,186	94	74	1,539	8,260	9,799	1,147	2008	15 - 40 years
Hyatt House Houston Galleria	13,000	2,976	16,866	—	318	2,976	17,184	20,160	2,329	2008	15 - 40 years
Hilton Garden Inn New York West 35th Street	—	24,244	96,978	7	843	24,251	97,821	122,072	11,984	2009	15 - 40 years
Embassy Suites Tampa Downtown Convention Ctr	—	2,161	71,017	98	1,123	2,259	72,140	74,399	6,800	2010	15 - 40 years
Fairfield Inn & Suites Washington DC Downtown	—	16,214	22,265	93	4,077	16,307	26,342	42,649	2,693	2010	15 - 40 years
Embassy Suites Fort Myers Estero	—	2,816	7,862	27	176	2,843	8,038	10,881	869	2010	15 - 40 years
Homewood Suites Washington DC Downtown	33,000	23,139	34,188	—	230	23,139	34,418	57,557	3,030	2010	15 - 40 years
Hilton New York Fashion District	—	35,592	82,392	3	556	35,595	82,948	118,543	6,902	2010	15 - 40 years
Hampton Inn Suites Denver Tech Center	—	2,373	9,180	51	1,396	2,424	10,576	13,000	1,050	2010	15 - 40 years
Hotel Indigo New Orleans Garden District	—	1,901	3,865	179	11,564	2,080	15,429	17,509	950	2010	15 - 40 years
Residence Inn Columbia	—	1,993	11,487	26	1,488	2,019	12,975	14,994	1,174	2010	15 - 40 years
Residence Inn National Harbor Washington DC	—	7,457	37,046	5	81	7,462	37,127	44,589	2,983	2010	15 - 40 years
Residence Inn Silver Spring	11,000	3,945	18,896	23	959	3,968	19,855	23,823	1,774	2010	15 - 40 years
Hilton Garden Inn New Orleans Convention Center	—	3,405	20,750	15	3,557	3,420	24,307	27,727	2,117	2010	15 - 40 years
Hampton Inn West Palm Beach Arprt Central	—	2,280	9,769	—	440	2,280	10,209	12,489	898	2010	15 - 40 years
Hilton Garden Inn West Palm Beach Airport	—	1,206	10,811	9	299	1,215	11,110	12,325	923	2010	15 - 40 years
Hilton Garden Inn Los Angeles Hollywood	—	5,303	19,136	149	5,093	5,452	24,229	29,681	2,168	2010	15 - 40 years
DoubleTree Metropolitan Hotel New York City	—	140,332	188,014	103	15,219	140,435	203,233	343,668	16,076	2010	15 - 40 years
Embassy Suites Columbus	—	1,274	6,805	175	1,290	1,449	8,095	9,544	703	2011	15 - 40 years



			Initial Costs				Subsequent Costs Capitalized				Gross Amount at December 31, 2013
Description	Debt		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciation Life
Renaissance Pittsburgh Hotel	—		3,274		39,934		42		1,535		3,316		41,469		44,785		3,165		2011	15 - 40 years
Courtyard Atlanta Buckhead	—		2,860		21,668		15		1,272		2,875		22,940		25,815		1,780		2011	15 - 40 years
DoubleTree Hotel Columbia	—		1,933		6,486		76		3,049		2,009		9,535		11,544		887		2011	15 - 40 years
Marriott Denver Airport @ Gateway Park	24,000		3,083		38,356		39		1,315		3,122		39,671		42,793		3,137		2011	15 - 40 years
Embassy Suites West Palm Beach Central	—		3,656		9,614		114		4,649		3,770		14,263		18,033		1,412		2011	15 - 40 years
Hilton Garden Inn Durham Raleigh Research Triangle Park	—		1,751		4,763		54		5,134		1,805		9,897		11,702		1,124		2011	15 - 40 years
Hilton Garden Inn Pittsburgh University Place	—		1,975		18,490		58		6,352		2,033		24,842		26,875		2,239		2011	15 - 40 years
Hampton Inn Houston Near The Galleria	—		9,326		9,220		69		715		9,395		9,935		19,330		833		2011	15 - 40 years
Courtyard Charleston Historic District	—		2,714		35,828		16		317		2,730		36,145		38,875		2,048		2011	15 - 40 years
Residence Inn Bethesda Downtown	35,000		8,154		52,750		119		139		8,273		52,889		61,162		2,234		2012	15 - 40 years
Courtyard New York Manhattan Upper East Side	—		20,654		60,223		19		921		20,673		61,144		81,817		2,552		2012	15 - 40 years
Hilton Garden Inn San Francisco Oakland Bay Brg	—		11,902		22,758		3		1,049		11,905		23,807		35,712		978		2012	15 - 40 years
Embassy Suites Boston Waltham	—		6,268		56,025		17		1,137		6,285		57,162		63,447		1,739		2012	15 - 40 years
Courtyard Houston Downtown Convention Center	—		5,799		28,954		—		562		5,799		29,516		35,315		623		2013	15 - 40 years
Residence Inn Houston Downtown Convention Center	—		4,674		24,913		—		452		4,674		25,365		30,039		527		2013	15 - 40 years
Humble Tower Apartments	—		2,382		12,756		—		185		2,382		12,941		15,323		269		2013	15 - 40 years
Courtyard Waikiki Beach	—		557		79,033		38		43		595		79,076		79,671		1,153		2013	15 - 40 years
Courtyard San Francisco	—		11,277		18,198		—		2,017		11,277		20,215		31,492		—		2013	15 - 40 years
Residence Inn Atlanta Midtown Historic	—		2,812		6,044		2		172		2,814		6,216		9,030		—		2013	15 - 40 years
SpringHill Suites Portland Hillsboro	—		3,488		18,283		—		1		3,488		18,284		21,772		125		2013	15 - 40 years
	$	559,665	$	592,088	$	2,707,941	$	2,314	$	158,908	$	594,402	$	2,866,849	$	3,461,251	$	367,306

The change in total cost of properties for the years ended December 31, 2013, 2012, and 2011 is as follows:



	2013			2012			2011
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$	3,218,610		$	2,908,626		$	2,676,184
Add: Acquisitions	219,169			238,731			223,668
Add: Improvements	30,309			72,149			41,188
Less: Disposition of properties	(6,837		)	—			(32,414		)
Balance at end of period before impairment charges	3,461,251			3,219,506			2,908,626
Impairment charges on real estate assets owned at end of period	—			(896		)	—
Balance at end of period	$	3,461,251		$	3,218,610		$	2,908,626

The change in accumulated depreciation of real estate assets for the years ended December 31, 2013, 2012 and 2011 is as follows:



	2013			2012			2011
Reconciliation of Accumulated Depreciation
Balance at beginning of period	$	(295,397	)	$	(228,809	)	$	(175,432	)
Add: Depreciation for the period	(73,556		)	(66,588		)	(58,743		)
Less: Disposition of properties	1,647			—			5,366
Balance at end of period	$	(367,306	)	$	(295,397	)	$	(228,809	)

- 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, 2013
Accounting Policies [Abstract]
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 Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reporting Periods	Reporting Periods As of December 31, 2013, the Company owned five hotels that were managed by affiliates of Marriott International (“Marriott”). Beginning January 1, 2013, the Company’s hotels managed by Marriott were accounted for on a calendar year basis. Prior to January 1, 2013, the Company’s hotels managed by Marriott were 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 and 2011 include the results of operations for the Company’s Marriott-managed hotels for the 52-week periods ended December 28, 2012 and December 30, 2011, 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, 2013, 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%, 10.9% and 10.2% 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, 2013, the Company owned 104 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 106 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.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows.
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 expenses. The allowances are calculated as a percentage of aged accounts receivable. 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 is being recognized over the remaining term of the franchise agreement. As of December 31, 2013, there was approximately $3.8 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.
Investment in Hotel and Other Properties	Investment in Hotel and Other Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment (“FF&E”), and inventory. The Company may also acquire intangibles related to in-place leases, management agreements and franchise agreements when properties are acquired. The Company allocates the purchase price among the assets acquired and liabilities assumed based on their respective fair values. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotels and other properties 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 FF&E. Intangibles arising from acquisitions 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 property, 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 property to be an identifiable component of its business. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider a property 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 property is designated as held for sale, the operations for that property are included in discontinued operations. The Company does not depreciate properties so long as they are classified as held for sale. Upon designation of a property 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 property classified as held for sale is reflected in discontinued operations, as an impairment charge. The Company assesses the carrying values of each property whenever events or changes in circumstances indicate that the carrying amounts of these properties may not be fully recoverable. Recoverability of the property is measured by comparison of the carrying amount of the property 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 property. If the Company’s analysis indicates that the carrying value of the property 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 property. 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 expected use of the underlying properties. The assumptions and estimates about future cash flows and capitalization rates are complex and subjective. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the property could impact these assumptions and result in future impairment charges of the properties.
Investment in Loan	Investment in Loan The Company holds an investment in one collateralized mortgage loan. The loan is collateralized by the related hotel and was recorded at acquisition at the initial investment, which includes the amount paid to the seller plus any fees paid or less any fees received. The acquired loan was of a deteriorated credit quality as the loan was already in default, as of the date it was acquired by the Company and therefore the amount paid for the loan 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 a loan that is dependent on the collateral for repayment) of an impaired loan is lower than the carrying value of that loan. As of December 31, 2013 and 2012, 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, 2013, 2012 and 2011, approximately $4.5 million, $5.4 million and $5.8 million (excluding discontinued operations), respectively, of amortization expense was recorded as a component of interest expense. Accumulated amortization at December 31, 2013 and 2012 was approximately $4.9 million and $17.7 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 each of the years ended December 31, 2013, 2012 and 2011, approximately $1.0 million (excluding discontinued operations) of amortization expense was recorded for deferred management fees. As of December 31, 2013 and 2012, accumulated amortization was approximately $7.7 million and $6.6 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 $3.7 million, $4.4 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, 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 and dispositions, 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, 2013 and 2012, 87.0% and 45.5%, respectively, of the Company's borrowings were subject to variable rates. As of December 31, 2013 and 2012, after taking into consideration the effect of interest rate swaps and caps, 30.8% and 40.6%, 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, to convert a portion of variable rate debt to fixed rate debt. Interest rate differentials that arise under interest rate swap contracts are recognized in interest expense over the life of the contracts. Interest rate swap 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 derivatives 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.
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 14) 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% o 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 14). 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, 2013 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, 2013, the Company consolidates RLJ Lodging Trust, LP, the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in consolidated joint venture 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, 2013 and 2012, 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. The Company recognizes, for time-based awards, 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. The Company recognizes, for performance-based awards, 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.

Acquisition of Hotel and Other Properties (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

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

During the year ended December 31, 2013, the Company acquired the following properties:



Property	Location	Acquisition Date	Management Company	Rooms	Purchase Price (in thousands)		% Interest
Courtyard Houston Downtown Convention Center	Houston, TX	March 19, 2013	White Lodging Services	191	$	34,308	100	%
Residence Inn Houston Downtown Convention Center	Houston, TX	March 19, 2013	White Lodging Services	171	29,421		100	%
Humble Tower Apartments (1)	Houston, TX	March 19, 2013	The Sterling Group	82	15,547		100	%
Courtyard Waikiki Beach	Honolulu, HI	June 17, 2013	Highgate Hotels	399	75,250		100	%
Courtyard San Francisco (2)	San Francisco, CA	June 21, 2013	n/a	150	29,475		100	%
Residence Inn Atlanta Midtown Historic (3)	Atlanta, GA	August 6, 2013	n/a	78	4,731		100	%
SpringHill Suites Portland Hillsboro	Hillsboro, OR	October 8, 2013	InnVentures	106	24,000		100	%
				1,177	$	212,732


(1)	Conversion to a SpringHill Suites expected to be complete by mid-2015.


(2)	Conversion to a Courtyard expected to be complete by late 2014.


(3)	The Company was the successful bidder at a foreclosure sale of the property collateralizing a non-performing loan.

The property was operating at the time of the acquisition and was subsequently closed for a major renovation, which is expected to be complete in late 2014.

During the year ended December 31, 2012, the Company acquired the following properties:



Hotel	Location	Acquisition Date	Management Company	Rooms	Purchase Price (in thousands)		% Interest
Residence Inn Bethesda Downtown	Bethesda, MD	May 29, 2012	Marriott International	187	$	64,500	100	%
Courtyard New York Manhattan Upper East Side	New York, NY	May 30, 2012	Highgate Hotels	226	82,000		100	%
Hilton Garden Inn San Francisco Oakland Bay Bridge	Emeryville, CA	June 11, 2012	Davidson Hotels & Resorts	278	36,158		100	%
Embassy Suites Boston Waltham	Waltham, MA	November 13, 2012	HEI Hotels and Resorts	275	64,500		100	%
				966	$	247,158

Schedule of allocation of purchase price for the properties acquired

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



	For the year ended December 31,
	2013			2012
Land and land improvements	$	30,989		$	46,980
Buildings and improvements	188,180			191,751
Furniture, fixtures and equipment	8,754			8,427
Lease intangibles	650			—
Management agreement intangibles	(3,695		)	—
Above market ground lease	(7,878		)	—
	217,000			247,158
Bargain purchase gain	(4,269		)	—
Total Purchase Price	$	212,731		$	247,158

Schedule of total revenues and net loss from the properties acquired



	For the year ended December 31,
	2013		2012
Revenue	$	90,666	$	28,433
Net income	$	18,772	$	2,377

Schedule of unaudited condensed pro forma financial information

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



	For the year ended December 31,
	2013		2012
Revenue	$	991,206	$	926,242
Net income	$	112,293	$	60,098
Net income per share attributable to common shareholders - basic	$	0.95	$	0.57
Net income per share attributable to common shareholders - diluted	$	0.95	$	0.57
Weighted average number of shares outstanding - basic	117,950,066		105,423,604
Weighted average number of shares outstanding - diluted	118,738,626		105,748,686

- 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

Investment in Hotel and Other Properties (Tables)

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel and other properties

Investment in hotel and other properties as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands):



	December 31, 2013			December 31, 2012
Land and land improvements	$	594,402		$	563,524
Buildings and improvements	2,866,849			2,655,086
Furniture, fixtures and equipment	485,531			438,807
Intangibles	2,507			1,857
	3,949,289			3,659,274
Accumulated depreciation and amortization	(708,126		)	(585,791		)
Investment in hotel and other properties, net	$	3,241,163		$	3,073,483

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of operating results of discontinued operations

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



	For the year ended December 31,
	2013			2012			2011
Operating revenue	$	2,950		$	4,520		$	20,963
Operating expense	(2,930		)	(4,459		)	(22,381		)
Operating income (loss)	20			61			(1,418		)
Impairment loss	—			(896		)	—
Interest expense	(373		)	(1,308		)	(1,148		)
Loss from discontinued operations before gain on sale	(353		)	(2,143		)	(2,566		)
Gain on sale of property	2,081			—			—
Gain on extinguishment of indebtedness	5,708			—			23,515
Net income (loss) from discontinued operations	$	7,436		$	(2,143	)	$	20,949

- 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 Loans (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of investment in loans

Investment in loans as of December 31, 2013 and 2012 consisted of the following (in thousands):



	December 31,
	2013		2012
Note secured by SpringHill Suites Houston Medical Park	$	13,681	$	13,876
Note secured by Residence Inn Atlanta Midtown Historic	—		10,490
Face value	$	13,681	$	24,366
Carrying amount of loans	$	8,208	$	12,426



	December 31,
	2013			2012
Accretable yield balance at beginning of year	$	12,559		$	13,820
Reclassification from nonaccretable difference	224			367
Interest income	(1,633		)	(1,628		)
Disposal of loan	(5,923		)	—
Accretable yield balance at end of year	$	5,227		$	12,559

Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Revolver and Term Loans

As of December 31, 2013 and for the years ended December 31, 2013, 2012 and 2011, details of the credit facilities are as follows (in thousands):



	Outstanding borrowings at		Interest rate at	Interest expense for the year ended December 31,
	December 31, 2013		December 31, 2013 (1)	2013		2012		2011
Revolver (2)	$	—	n/a	$	1,222	$	158	$	—
2012 Five-Year Term Loan	275,000		1.87%	5,453		662		—
Seven-Year Term Loan (3)	225,000		4.04%	5,049		359		—
2013 Five-Year Term Loan (4)	350,000		3.25%	3,850		—		—
Prior Credit Facility (5)	—		n/a	—		2,345		662
Prior Term Loan	—		n/a	—		—		5,494
Total	$	850,000		$	15,574	$	3,525	$	6,156


(1)	Interest rate at December 31, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Includes the unused facility fee of $1.0 million and $0.1 million for the years ended December 31, 2013 and 2012, respectively.


(3)	Includes interest expense related to an interest rate hedge of $1.3 million for year ended December 31, 2013.


(4)	Includes interest expense related to an interest rate hedge of $1.6 million for year ended December 31, 2013.


(5)	Includes the unused facility fee of $0.7 million and $0.7 million for the years ended December 31, 2012 and 2011, respectively.

Schedule of mortgage loans

As of December 31, 2013 and December 31, 2012, the Company was subject to the following mortgage loans (in thousands):



	Number	Interest rate at
	of Assets	December 31,		Maturity		Principal balance at,
Lender	Encumbered	2013 (1)		Date		December 31, 2013		December 31, 2012
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	$	68,500	$	68,500
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	17,500		17,500
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	21,000		21,000
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	11,000		11,000
Wells Fargo	1	3.77%	(2)	Oct 2014	(3)	24,000		24,000
Capmark Financial Group	1	6.12%		April 2015		4,068		4,202
Capmark Financial Group	1	5.55%		May 2015		10,916		11,298
Capmark Financial Group	1	5.55%		June 2015		4,736		4,901
Barclay's Bank	1	5.55%		June 2015		2,475		2,561
Barclay's Bank	1	5.55%		June 2015		4,063		4,203
Barclay's Bank	1	5.55%		June 2015		9,470		9,798
Barclay's Bank	1	5.55%		June 2015		8,452		8,745
Barclay's Bank	1	5.55%		June 2015		7,578		7,839
Barclay's Bank	1	5.60%		June 2015		5,255		5,434
Barclay's Bank	1	5.60%		June 2015		8,142		8,422
Barclay's Bank	1	5.55%		June 2015		4,962		5,134
Barclay's Bank	1	5.55%		June 2015		32,901		34,042
Barclay's Bank	1	5.60%		June 2015		6,251		6,466
Barclay's Bank	1	5.55%		June 2015		5,568		5,762
Barclay's Bank	1	5.55%		June 2015		6,399		6,621
Barclay's Bank	1	5.60%		June 2015		8,156		8,437
Barclay's Bank	1	5.55%		June 2015		6,394		6,614
Barclay's Bank	1	5.55%		June 2015		7,038		7,280
Barclay's Bank	1	5.55%		June 2015		6,399		6,621
Barclay's Bank	1	5.55%		June 2015		7,305		7,558
Barclay's Bank	1	5.55%		June 2015		9,166		9,484
Capmark Financial Group	1	5.50%		July 2015		6,450		6,673
Barclay's Bank	1	5.44%		Sept 2015		10,521		10,883
PNC Bank (4)	7	2.52%	(2)	May 2016	(5)	85,000		85,000
Wells Fargo (6)	2	4.19%	(2)	Sept 2016	(7)	82,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	33,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	35,000		—
Merrill Lynch				July 2016		—		9,180
Merrill Lynch				July 2016		—		7,684
Merrill Lynch				July 2016		—		9,194
Wachovia Securities				July 2016		—		487,296
Wachovia Securities				July 2016		—		6,582
Wells Fargo / Morgan Stanley				July 2016		—		34,823
Wells Fargo / Morgan Stanley				July 2016		—		6,753
Wells Fargo / Morgan Stanley				July 2016		—		9,616
Merrill Lynch				July 2016		—		5,531
VFC Partners 20 LLC				Sept 2016		—		5,014
	39					$	559,665	$	997,651


(1)	Interest rate at December 31, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Requires payments of interest only until the commencement of the extension period(s).


(3)	Maturity date may be extended for up to two additional one-year terms at the Company’s option, subject to certain lender requirements.


(4)	The seven hotels encumbered by the PNC Bank loan are cross-collateralized.


(5)	Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.


(6)	The two hotels encumbered by the Wells Fargo loan are cross-collateralized.


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

Schedule of maturities

As of December 31, 2013, future minimum principal payments on debt are as follows (in thousands):



2014	$	148,679
2015	175,986
2016	235,000
2017	275,000
2018	350,000
Thereafter	225,000
	$	1,409,665

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps and caps

As of December 31, 2013 and December 31, 2012, the Company had entered into the following interest rate swaps and caps (in thousands):



	Notional value at						Fair value at
Hedge type	December 31, 2013		December 31, 2012		Hedge interest rate	Maturity	December 31, 2013			December 31, 2012
Swap-cash flow (1)	$	—	$	40,000	1.00%	10/6/2013	$	—		$	(265	)
Swap-cash flow (1)	—		31,000		1.00%	10/6/2013	—			(205		)
Interest rate cap (1)	—		60,000		1.00%	6/29/2013	—			—
Swap-cash flow (2)	275,000		—		1.12%	11/20/2017	3,161			—
Swap-cash flow (2)	175,000		—		1.56%	3/6/2018	(1,866		)	—
Swap-cash flow (2)	175,000		—		1.64%	3/6/2018	(2,406		)	—
Swap-cash flow (2)	16,500		—		1.83%	9/15/2018	(238		)	—
Swap-cash flow (2)	16,500		—		1.75%	9/15/2018	(181		)	—
Swap-cash flow (2)	40,500		—		1.83%	9/15/2018	(585		)	—
Swap-cash flow (2)	41,500		—		1.75%	9/15/2018	(456		)	—
Swap-cash flow (2)	18,000		—		1.83%	9/15/2018	(260		)	—
Swap-cash flow (2)	17,000		—		1.75%	9/15/2018	(187		)	—
Swap-cash flow (2)	125,000		—		2.02%	3/6/2019	(1,838		)	—
Swap-cash flow (2)	100,000		—		1.94%	3/6/2019	(1,085		)	—
	$	1,000,000	$	131,000			$	(5,941	)	$	(470	)


(1)	Not designated as a cash flow hedge


(2)	Designated as a cash flow hedge

Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

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

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in thousands):



	Fair Value at December 31, 2013
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	3,161		$	—	$	3,161
Interest rate swap liability	$	—	$	(9,102	)	$	—	$	(9,102	)
Total	$	—	$	(5,941	)	$	—	$	(5,941	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum ground lease payments

As of December 31, 2013, future minimum ground lease payments are as follows (in thousands):



	Amount of commitment expiration per period
	2014		2015		2016		2017		2018		Thereafter		Total
Future minimum ground lease payments	$	4,650	$	4,650	$	4,650	$	4,650	$	4,650	$	428,790	$	452,040

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

As of December 31, 2013, 146 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 5 to 25 years, with 17 management companies as follows:



Management Company	Number of Hotels
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	5
Interstate Hotels and Resorts (1)	8
InnVentures	1
K Partners Hospitality Group	1
Marriott Hotel Services	5
Sage Hospitality	2
Stonebridge Realty Advisors	1
Urgo Hotels	4
Windsor Capital Group	1
WLS	106
	146

_______________________________________________________________________________


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

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2013

Restricted share awards

Equity Incentive Plan

Summary of the non-vested shares

A summary of the non-vested shares as of December 31, 2013, 2012 and 2011 is as follows:



	2013				2012				2011
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Unvested at January 1,	1,013,673		$	17.80	970,288		$	17.93	—		$	—
Granted (1)	383,187		21.25		445,176		17.23		1,128,640		17.81
Vested (1)	(458,808	)	18.24		(374,913	)	17.46		(155,352	)	17.03
Forfeited	(5,252	)	20.07		(26,878	)	17.80		(3,000	)	17.53
Unvested at December 31,	932,800		$	18.99	1,013,673		$	17.80	970,288		$	17.93


(1)	For the years ended December 31, 2013, 2012 and 2011, respectively, includes 5,357, 8,530 and 7,810 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted average grant date fair value of $23.20, $18.75 and $15.36, respectively.

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

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



	For the year ended December 31,
	2013			2012			2011
Numerator:
Net income attributable to common shareholders before discontinued operations	$	105,539		$	43,423		$	(9,428	)
Add: Income (loss) from discontinued operations	7,382			(2,125		)	20,774
Net income attributable to common shareholders	112,921			41,298			11,346
Less: Dividends paid on unvested restricted shares	(936		)	(802		)	(392		)
Less: Undistributed earnings attributable to unvested restricted shares	(61		)	—			—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	111,924		$	40,496		$	10,954
Denominator:
Weighted-average number of common shares - basic	117,950,066			105,423,604			95,340,666
Unvested restricted shares	251,217			59,587			—
Unvested performance units	537,343			265,495			—
Weighted-average number of common shares - diluted	118,738,626			105,748,686			95,340,666

Basic per common share data:
Net income per share attributable to common shareholders before discontinued operations - basic	$	0.89		$	0.40		$	(0.10	)
Discontinued operations	0.06			(0.02		)	0.22
Net income per share attributable to common shareholders - basic	$	0.95		$	0.38		$	0.12

Diluted per common share data:
Net income per share attributable to common shareholders before discontinued operations - diluted	$	0.88		$	0.40		$	(0.10	)
Discontinued operations	0.06			(0.02		)	0.22
Net income per share attributable to common shareholders - diluted	$	0.94		$	0.38		$	0.12

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of cash distributions for federal income tax purposes

For federal income tax purposes, the cash distributions paid for the years ended December 31, 2013 and 2012 are characterized as follows:



	For the Years Ended December 31,
	2013		2012
Common distributions
Ordinary income	100.0	%	100.0	%
Return of capital	—		—
Capital gains	—		—
	100.0	%	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,
	2013			2012			2011
Current:
Federal	$	(323	)	$	(50	)	$	(1	)
State	(1,439		)	(1,381		)	(1,232		)
Deferred:
Federal	830			64			443
State	53			(2		)	50
Total net tax expense	$	(879	)	$	(1,369	)	$	(740	)

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,
	2013			2012			2011
Current:
Federal	$	(323	)	$	(50	)	$	(1	)
State	(1,439		)	(1,381		)	(1,232		)
Deferred:
Federal	830			64			443
State	53			(2		)	50
Total net tax expense	$	(879	)	$	(1,369	)	$	(740	)



	For the Years Ended December 31,
	2013			2012			2011
Expected federal tax expense at statutory rate	$	(40,271	)	$	(14,952	)	$	(4,398	)
Tax impact of REIT election	37,230			22,618			19,619
Expected tax (expense)/benefit at TRS	(3,041		)	7,666			15,221
Change in valuation allowance	3,612			(8,741		)	(17,045		)
State income (expense) benefit, net of federal tax benefit	(1,345		)	595			1,411
Impact of rate change	(94		)	146			—
Other permanent items	(443		)	(394		)	(436		)
Impact of acquired tax attributes	361			(361		)	—
Impact of provision to return	71			(280		)	109
Income tax expense	$	(879	)	$	(1,369	)	$	(740	)

Schedule of deferred tax assets (liabilities)



	December 31,
	2013			2012
Property and equipment	$	(1,787	)	$	(2,633	)
Prepaid expenses	(1,662		)	(1,431		)
Other - DTL	(99		)	—
Gross deferred tax liabilities	$	(3,548	)	$	(4,064	)
Property and equipment	$	515		$	4,997
Deferred revenue - key money	1,478			1,562
Incentive and vacation accrual	2,325			1,933
Allowance for doubtful accounts	92			77
Other - DTA	285			204
Other carryforwards	106			108
Net operating loss carryforwards	51,254			50,463
Valuation allowance	(53,526		)	(57,138		)
Gross deferred tax assets	$	2,529		$	2,206

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,
	2013			2012
Current net deferred tax assets	$	263		$	193
Current net deferred tax liabilities	(1,761		)	(1,431		)
Non-current net deferred tax assets	2,266			2,013
Non-current net deferred tax liabilities	(1,787		)	(2,633		)
Net deferred tax liability	$	(1,019	)	$	(1,858	)

Supplemental Information to Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows



	For the year ended December 31,
	2013			2012			2011
Interest paid	$	59,826		$	79,376		$	91,558

Income taxes paid	$	1,420		$	1,598		$	1,392

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	228,573		$	247,158		$	249,018
Accounts receivable	740			164			556
Other assets	957			728			1,040
Advance deposits	(313		)	(224		)	(379		)
Accounts payable and other liabilities	(12,168		)	(777		)	(2,439		)
Application of purchase deposit	—			—			(8,500		)
Deferred tax liabilities assumed	—			—			(2,438		)
Receipt of assets in full satisfaction	(4,731		)	—			—
Gain on foreclosure	(4,863		)	—			—
Acquisition of hotel and other properties	$	208,195		$	247,049		$	236,858

In conjunction with the dispositions, the Company recorded the following:
Sale of real estate	$	(5,585	)	$	—		$	(31,534	)
Gain on sale of property	(2,081		)	—			—
Other assets	(709		)	—			(8,007		)
Other liabilities	1,169			—			5,056
Gain on extinguishment of indebtedness	(5,708		)	—			(23,515		)
Forgiveness of indebtedness	10,545			—			58,000
Disposition of hotel properties	$	(2,369	)	$	—		$	—

Supplemental non-cash transactions:
Change in fair market value of designated interest rate swaps	$	(5,941	)	$	1,326		$	2,024

Accrued capital expenditures	$	10,610		$	4,563		$	12,801

Distributions payable	$	30,870		$	22,392		$	16,076

Quarterly Operating Results (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

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.



	Year ended December 31, 2013
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	214,870		$	260,822	$	252,116	$	242,572
Income from continuing operations	$	8,803		$	38,571	$	33,770	$	25,599
Discontinued operations	$	(219	)	$	2,410	$	3,158	$	2,087
Net income attributable to common shareholders	$	8,491		$	40,510	$	36,469	$	27,451
Comprehensive income	$	8,016		$	45,514	$	20,513	$	32,937
Basic per share data:
Income from continuing operations	$	0.08		$	0.32	$	0.28	$	0.21
Discontinued operations	$	—		$	0.01	$	0.02	$	0.02
Net income attributable to common shareholders	$	0.08		$	0.33	$	0.30	$	0.23
Diluted per share data:
Income from continuing operations	$	0.08		$	0.32	$	0.28	$	0.21
Discontinued operations	$	—		$	0.01	$	0.02	$	0.01
Net income attributable to common shareholders	$	0.08		$	0.33	$	0.30	$	0.22
Basic weighted average common shares outstanding	106,815,375			121,520,253		121,594,219		121,667,166
Diluted weighted average common shares outstanding	107,423,195			122,280,431		122,750,121		122,540,253



	Year ended December 31, 2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total revenue	$	182,233		$	222,079		$	223,941		$	221,432
Income (loss) from continuing operations	$	(6,696	)	$	19,103		$	17,022		$	14,033
Discontinued operations	$	(225	)	$	(84	)	$	(1,721	)	$	(113	)
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	$	(0.06	)	$	0.17		$	0.16		$	0.11
Discontinued operations	$	—		$	—		$	(0.02	)	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.17		$	0.14		$	0.11
Diluted per share data:
Income (loss) from continuing operations	$	(0.06	)	$	0.17		$	0.16		$	0.11
Discontinued operations	$	—		$	—		$	(0.02	)	$	—
Net income (loss) attributable to common shareholders	$	(0.06	)	$	0.17		$	0.14		$	0.11
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

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 ($)	May 31, 2011	Dec. 31, 2013 USD ($) state hotel loan property room shares	Dec. 31, 2011 USD ($)	Jan. 31, 2011 $ / shares
Sale of Stock
Proceeds from sale of common stock, net (in shares) \| shares	4,095,000
Price per share of common shares issued (in dollars per share) \| $ / shares		$ 18.00					$ 1
Proceeds from sale of common stock, net-			$ 73,700		$ 327,547	$ 528,293
Proceeds from IPO, net			$ 69,100
Ownership interest in operating partnerships				99.10%
Number of properties owned \| property					149
Number of hotel rooms owned \| room					22,300
Number of hotels planned for conversion \| hotel					2
Number of states in which hotels owned by the entity are located \| state					22
Number of mortgage loans owned \| loan					1
Ownership interest in assets (as a percent)					100.00%
Hotels
Sale of Stock
Number of hotels owned \| hotel					147
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)					95.00%
IPO
Sale of Stock
Proceeds from sale of common stock, net (in shares) \| shares		27,500,000
Price per share of common shares issued (in dollars per share) \| $ / shares	$ 18.00	$ 18.00
Proceeds from sale of common stock, net-		$ 495,000
Proceeds from IPO, net		$ 464,100
RLJ Lodging Trust LP
Sale of Stock
Number of units outstanding \| shares					123,534,042
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)					99.30%

Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2012 USD ($)	Dec. 31, 2013 USD ($) entity hotel loan property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	May 16, 2011 USD ($)	Jun. 30, 2006 USD ($)
Summary of Significant Accounting Policies
Number of entities under common control of predecessor \| entity		3
Reporting Periods
Number of properties owned \| property		149
Number of real estate properties operated under management agreements \| hotel		146
Revenue Recognition
Incentive payment received	$ 4,000
Revenue to be recognized		$ 3,800
Investment in Hotel and Other Properties
Number of mortgage loans owned \| loan		1
Amortization of financing costs excluding discontinued operations		$ 4,500	$ 5,400	$ 5,800
Deferred finance costs		4,900	17,700
Amortization of deferred management fees		1,128	1,000	1,000
Advertising expense		$ 3,700	$ 4,400	4,000
Percentage of borrowings subject to variable rate		87.00%	45.50%
Percentage of borrowings subject to variable rate including effect of interest rate swaps and caps		30.80%	40.60%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year		4 years
Marriott
Reporting Periods
Number of properties owned \| hotel		5
WLS
Investment in Hotel and Other Properties
Other deferred costs						$ 20,000
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel		20 years
Amortization of deferred management fees		$ 1,000	$ 1,000	$ 1,000
Accumulated amortization of other deferred costs		$ 7,700	$ 6,600
Fund II
Investment in Hotel and Other Properties
Partners distributions					$ 162,000
DBT Met Hotel Venture, LP
Investment in Hotel and Other Properties
Noncontrolling ownership interest of third party (as a percent)		5.00%
RLJ Lodging Trust LP
Investment in Hotel and Other Properties
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)		99.30%
Land improvements
Investment in Hotel and Other Properties
Estimated useful lives		15 years
Buildings improvements
Investment in Hotel and Other Properties
Estimated useful lives		15 years
Buildings
Investment in Hotel and Other Properties
Estimated useful lives		40 years
Minimum
Investment in Hotel and Other Properties
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel		5 years
Minimum \| Furniture, fixtures and equipment
Investment in Hotel and Other Properties
Estimated useful lives		3 years
Maximum
Investment in Hotel and Other Properties
Term of long-term agreements to operate all of Company's hotel properties except Garden District Hotel		25 years
Maximum \| Furniture, fixtures and equipment
Investment in Hotel and Other Properties
Estimated useful lives		5 years
Number of Real Estate Properties \| Supplier Concentration Risk \| WLS
Reporting Periods
Number of real estate properties operated under management agreements \| hotel		106
Number of Real Estate Properties \| NEW YORK \| Geographic Concentration Risk
Reporting Periods
Number of properties owned \| hotel		5
Number of Real Estate Properties \| ILLINOIS \| Geographic Concentration Risk
Reporting Periods
Number of properties owned \| hotel		21
Number of Real Estate Properties \| TEXAS \| Geographic Concentration Risk
Reporting Periods
Number of properties owned \| hotel		17
Sales \| NEW YORK \| Geographic Concentration Risk
Reporting Periods
Concentration risk percentage		15.80%
Sales \| ILLINOIS \| Geographic Concentration Risk
Reporting Periods
Concentration risk percentage		10.90%
Sales \| TEXAS \| Geographic Concentration Risk
Reporting Periods
Concentration risk percentage		10.20%
Marriott Brand \| Number of Real Estate Properties \| Supplier Concentration Risk
Reporting Periods
Number of properties owned \| hotel		104
Hilton Brand \| Number of Real Estate Properties \| Supplier Concentration Risk
Reporting Periods
Number of properties owned \| hotel		31
Partners \| Fund II
Investment in Hotel and Other Properties
Partners distributions					158,800
Partners \| Cash Distribution One \| Fund II
Investment in Hotel and Other Properties
Partners capital account distributions percentage		9.00%
Partners \| Cash Distribution One \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		9.00%
Partners \| Cash Distribution Three \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		80.00%
Percentage of internal rate of return		11.00%
Partners \| Cash Distribution Four \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		60.00%
Limited Partner \| RLJ Lodging Trust LP
Investment in Hotel and Other Properties
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)		0.70%
Limited Partner \| Cash Distribution Three \| Fund II
Investment in Hotel and Other Properties
Partners capital account distributions percentage		80.00%
Limited Partner \| Cash Distribution Five \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		80.00%
General Partner \| Fund III
Investment in Hotel and Other Properties
Percentage of distributions to partners		20.00%
Allocation of profits and losses to general partners as percentage of allocation of profits and losses to partners		20.00%
General Partner \| Cash Distribution Three \| Fund II
Investment in Hotel and Other Properties
Partners capital account distributions percentage		20.00%
General Partner \| Cash Distribution Three \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		20.00%
General Partner \| Cash Distribution Four \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		40.00%
General Partner \| Cash Distribution Five \| Fund III
Investment in Hotel and Other Properties
Partners capital account distributions percentage		20.00%
Profits and losses percentage		20.00%
Preferred unitholders \| Fund II
Investment in Hotel and Other Properties
Partners distributions					100
Preferred unitholders \| Fund III
Investment in Hotel and Other Properties
Partners distributions					$ 100
First Allocation of Profits and Losses \| Partners \| Fund II
Investment in Hotel and Other Properties
Profits and losses percentage		9.00%
First Allocation of Profits and Losses \| Partners \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		9.00%
Third Allocation of Profits and Losses \| Partners \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		80.00%
Partners capital account allocation of profits and losses percentage of internal rate of return		11.00%
Third Allocation of Profits and Losses \| Limited Partner \| Fund II
Investment in Hotel and Other Properties
Profits and losses percentage		80.00%
Third Allocation of Profits and Losses \| General Partner \| Fund II
Investment in Hotel and Other Properties
Profits and losses percentage		20.00%
Third Allocation of Profits and Losses \| General Partner \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		20.00%
Fourth Allocation of Profits and Losses \| Partners \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		60.00%
Fourth Allocation of Profits and Losses \| General Partner \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		40.00%
Fifth Allocation of Profits and Losses \| Limited Partner \| Fund III
Investment in Hotel and Other Properties
Profits and losses percentage		80.00%

Acquisition of Hotel and Other Properties (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 13, 2013

USD ($)

room

Oct. 08, 2013

USD ($)

room

Aug. 06, 2013

USD ($)

room

Jun. 21, 2013

USD ($)

room

Jun. 17, 2013

USD ($)

room

Mar. 19, 2013

USD ($)

room

Jun. 11, 2012

USD ($)

room

May 29, 2012

USD ($)

room

Dec. 31, 2013

USD ($)

room

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

room

Sep. 30, 2012

USD ($)

Jun. 30, 2012

USD ($)

Mar. 31, 2012

USD ($)

Dec. 31, 2013

USD ($)

room

$ / shares

Dec. 31, 2012

USD ($)

room

$ / shares

Dec. 31, 2011

USD ($)

May 30, 2012

USD ($)

room

Acquisition of Hotel Properties

Rooms | room

22,300

% Interest

100.00%

Total revenues and net income (loss) from hotels acquired

Total revenue

$ 242,572

$ 223,941

$ 222,079

$ 214,870

$ 221,432

$ 252,116

$ 260,822

$ 182,233

$ 970,380

$ 849,685

$ 754,905

Net income (loss)

114,179

41,319

$ 11,709

Unaudited condensed pro forma financial information

Revenue

991,206

926,242

Net income

$ 112,293

$ 60,098

Net income per share attributable to common shareholders - basic (in dollars per share) | $ / shares

$ 0.95

$ 0.57

Net income per share attributable to common shareholders - diluted (in dollars per share) | $ / shares

$ 0.95

$ 0.57

Weighted average number of shares outstanding - basic (in shares) | shares

117,950,066

105,423,604

Weighted average number of shares outstanding - diluted (in shares) | shares

118,738,626

105,748,686

2013 acquisitions

Acquisition of Hotel Properties

Rooms | room

1,177

Purchase Price

$ 212,732

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Land and land improvements

30,989

Buildings and improvements

188,180

Furniture, fixtures and equipment

8,754

Total Purchase Price

212,731

Total revenues and net income (loss) from hotels acquired

Total revenue

90,666

$ 28,433

Net income (loss)

18,772

$ 2,377

2013 acquisitions | Lease intangibles

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

650

2013 acquisitions | Management agreement intangibles

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

3,695

Total

217,000

Bargain purchase gain

(4,269)

2013 acquisitions | Above Market Leases

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

$ 7,878

Courtyard Houston Downtown Convention Center

Acquisition of Hotel Properties

Rooms | room

191

Purchase Price

$ 34,308

% Interest

100.00%

Residence Inn Houston Downtown Convention Center

Acquisition of Hotel Properties

Rooms | room

171

Purchase Price

$ 29,421

% Interest

100.00%

Humble Tower Apartments

Acquisition of Hotel Properties

Rooms | room

^[1]

Purchase Price

^[1]

$ 15,547

% Interest

^[1]

100.00%

Courtyard Waikiki Beach

Acquisition of Hotel Properties

Rooms | room

399

Purchase Price

$ 75,250

% Interest

100.00%

Vantaggio Suites Cosmo

Acquisition of Hotel Properties

Rooms | room

^[2]

150

Purchase Price

^[2]

$ 29,475

% Interest

^[2]

100.00%

Residence Inn Atlanta Midtown Historic

Acquisition of Hotel Properties

Rooms | room

^[3]

Purchase Price

^[3]

$ 4,731

% Interest

^[3]

100.00%

SpringHill Suites Portland Hillsboro

Acquisition of Hotel Properties

106

$ 24,000

100.00%

Acquisition of Hotel Properties

Rooms | room

966

Purchase Price

$ 247,158

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Land and land improvements

46,980

Buildings and improvements

191,751

Furniture, fixtures and equipment

8,427

Total Purchase Price

247,158

2012 acquisitions | Lease intangibles

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

2012 acquisitions | Management agreement intangibles

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

Total

247,158

Bargain purchase gain

2012 acquisitions | Above Market Leases

Allocation of purchase price for the hotel properties acquired and liabilities assumed

Intangibles

$ 0

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

$ 36,158

% Interest

100.00%

Embassy Suites Boston Waltham

Acquisition of Hotel Properties

Rooms | room

275

Purchase Price

$ 64,500

% Interest

100.00%

[1]	Conversion to a SpringHill Suites expected to be complete by mid-2015.
[2]	Conversion to a Courtyard expected to be complete by late 2014.
[3]	The Company was the successful bidder at a foreclosure sale of the property collateralizing a non-performing loan.The property was operating at the time of the acquisition and was subsequently closed for a major renovation, which is expected to be complete in late 2014.

Investment in Hotel and Other Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 594,402	$ 563,524
Buildings and improvements	2,866,849	2,655,086
Furniture, fixtures and equipment	485,531	438,807
Intangibles	2,507	1,857
Total	3,949,289	3,659,274
Accumulated depreciation and amortization	(708,126)	(585,791)
Investment in hotel and other properties, net	3,241,163	3,073,483
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	126,800	125,900	$ 126,700
Impairment loss	$ 0	$ 896	$ 0

Discontinued Operations (Details) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended								12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Nov. 18, 2013	Aug. 30, 2013	May 31, 2013	Aug. 31, 2011	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating results of discontinued operations
Operating revenue													$ 2,950	$ 4,520	$ 20,963
Operating expense													(2,930)	(4,459)	(22,381)
Operating income (loss)													20	61	(1,418)
Impairment loss													0	(896)	0
Interest expense													(373)	(1,308)	(1,148)
Loss from discontinued operations before gain on sale													(353)	(2,143)	(2,566)
Gain on discontinued operations disposal													2,081	0	0
Gain on extinguishment of indebtedness													5,708	0	23,515
Net income (loss) from discontinued operations					$ 2,087	$ (1,721)	$ (84)	$ (219)	$ (113)	$ 3,158	$ 2,410	$ (225)	$ 7,436	$ (2,143)	$ 20,949
SpringHill Suites Southfield
Operating results of discontinued operations
Gain on extinguishment of indebtedness		$ 3,300	$ 2,400
Fairfield Inn Memphis
Operating results of discontinued operations
Gain on discontinued operations disposal	$ 2,100
Proceeds from divestiture of businesses	$ 2,500
RLJ Development LLC \| Six Hotels
Operating results of discontinued operations
Gain on extinguishment of indebtedness				$ 23,500

Investment in Loans (Details) $ in Thousands			12 Months Ended
Investment in Loans (Details) $ in Thousands	Aug. 06, 2013 USD ($)	Nov. 03, 2009 USD ($) loan	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Mortgage Loans on Real Estate [Line Items]
Gain on foreclosure for property acquired	$ 4,300
Gain on foreclosure for other assets acquired and liabilities assumed	600
Gain on foreclosure	4,900		$ 4,863	$ 0	$ 0
Interest and fee income, loans, commercial and residential, real estate			1,600	1,600	1,600
Receipt of assets in full satisfaction	$ 4,700		(4,731)	0	0
Investment in loans			$ 8,208	12,426
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Disposal of loan				0
Fund III
Mortgage Loans on Real Estate [Line Items]
Number of loans purchased \| loan		2
Real estate amortization term			30 years
Purchase price of mortgage loan collateralized		$ 12,700
Amount of mortgages			$ 13,681	24,366
Investment in loans			8,208	12,426
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield balance at beginning of year			12,559	13,820
Reclassification from nonaccretable difference			224	367
Interest income			(1,633)	(1,628)
Disposal of loan			(5,923)
Accretable yield balance at end of year			5,227	12,559	$ 13,820
Spring Hill Suites Houston Medical Park \| Fund III
Mortgage Loans on Real Estate [Line Items]
Monthly principal and interest payment			100
Amount of mortgages			13,681	13,876
Residence Inn Atlanta Midtown Historic \| Fund III
Mortgage Loans on Real Estate [Line Items]
Amount of mortgages			$ 0	$ 10,490

Debt (Details)

1 Months Ended

12 Months Ended

Jun. 30, 2011

Jan. 31, 2011

extension

Jan. 31, 2011

hotel

Jan. 31, 2011

term

Jan. 31, 2011

USD ($)

Dec. 31, 2013

USD ($)

instrument

asset

hotel

term

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Aug. 27, 2013

USD ($)

Nov. 20, 2012

USD ($)

Jun. 20, 2011

USD ($)

hotel

Debt

Number of additional maturity terms | term

Interest expense

$ 15,574,000

$ 3,525,000

$ 6,156,000

Outstanding borrowings on the Revolver

850,000,000

Mortgage loans

559,665,000

997,651,000

148,679,000

175,986,000

235,000,000

275,000,000

350,000,000

225,000,000

Outstanding borrowings

$ 1,409,665,000

Revolver

Debt

Maximum borrowings

$ 300,000,000.0

Variable interest rate basis

LIBOR

Additional maturity term

1 year

Interest expense

$ 1,222,000

158,000

Outstanding borrowings on the Revolver

$ 0

Revolver | Minimum

Debt

Spread over variable interest rate basis (as a percent)

1.65%

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

Standby letters of credit | Maximum

Debt

Maximum borrowings

$ 30,000,000.0

Swingline loans

Debt

Maximum borrowings

40,000,000.0

Revolving Credit Facility and Term Loans

Debt

Fees incurred

5,200,000

3,000,000

Interest expense

$ 2,345,000

662,000

Outstanding borrowings on the Revolver

$ 0

Revolving Credit Facility and Term Loans | Minimum

Debt

Number of hotel properties required to remain unencumbered by outstanding indebtedness | hotel

Debt

275,000,000.0

5 years

$ 5,453,000

$ 662,000

Outstanding borrowings on the Revolver

$ 275,000,000

Interest rate (as a percent)

1.87%

Seven-Year Term Loan

Debt

Unsecured term loan

125,000,000.0

Interest expense

$ 0

5,494,000

Outstanding borrowings on the Revolver

$ 0

Prior Credit Facility

Debt

Maximum borrowings

$ 300,000,000.0

Fees incurred

$ 3,000,000

Unamortized fee amount

$ 1,700,000

Prior Credit Facility | Minimum

Debt

Number of hotel properties required to remain unencumbered by outstanding indebtedness | hotel

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%

Unsecured Debt

Debt

Spread over variable interest rate basis (as a percent)

4.25%

Variable interest rate basis

LIBOR

Variable rate basis floor

1.00%

Additional borrowings

$ 140,000,000

Number of unencumbered real estate properties agreed to be maintained for term loan | hotel

Number of additional maturity terms

Additional maturity term

6 months

Interest expense

5,100,000

Mortgage Loans

Debt

Number of assets encumbered | asset

Mortgage loans

$ 559,665,000

997,651,000

Mortgage Loans | Wells Fargo, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.7677%

Mortgage loans

$ 68,500,000

68,500,000

Mortgage Loans | Wells Fargo, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.7677%

Mortgage loans

$ 17,500,000

17,500,000

Mortgage Loans | Wells Fargo, lender 3

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.7677%

Mortgage loans

$ 21,000,000

21,000,000

Mortgage Loans | Wells Fargo, lender 4

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.7677%

Mortgage loans

$ 11,000,000

11,000,000

Mortgage Loans | Wells Fargo, lender 5

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.7677%

Mortgage loans

$ 24,000,000

24,000,000

Mortgage Loans | Capmark Financial Group, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

6.12%

Mortgage loans

$ 4,068,000

4,202,000

Mortgage Loans | Capmark Financial Group, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 10,916,000

11,298,000

Mortgage Loans | Capmark Financial Group, lender 3

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 4,736,000

4,901,000

Mortgage Loans | Barclay's Bank, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 2,475,000

2,561,000

Mortgage Loans | Barclay's Bank, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 4,063,000

4,203,000

Mortgage Loans | Barclay's Bank, lender 3

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 9,470,000

9,798,000

Mortgage Loans | Barclay's Bank, lender 4

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 8,452,000

8,745,000

Mortgage Loans | Barclay's Bank, lender 5

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 7,578,000

7,839,000

Mortgage Loans | Barclay's Bank, lender 6

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.60%

Mortgage loans

$ 5,255,000

5,434,000

Mortgage Loans | Barclay's Bank, lender 7

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.60%

Mortgage loans

$ 8,142,000

8,422,000

Mortgage Loans | Barclay's Bank, lender 8

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 4,962,000

5,134,000

Mortgage Loans | Barclay's Bank, lender 9

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 32,901,000

34,042,000

Mortgage Loans | Barclay's Bank, lender 10

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.60%

Mortgage loans

$ 6,251,000

6,466,000

Mortgage Loans | Barclay's Bank, lender 11

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 5,568,000

5,762,000

Mortgage Loans | Barclay's Bank, lender 12

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 6,399,000

6,621,000

Mortgage Loans | Barclay's Bank, lender 13

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.60%

Mortgage loans

$ 8,156,000

8,437,000

Mortgage Loans | Barclay's Bank, lender 14

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 6,394,000

6,614,000

Mortgage Loans | Barclay's Bank, lender 15

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 7,038,000

7,280,000

Mortgage Loans | Barclay's Bank, lender 16

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 6,399,000

6,621,000

Mortgage Loans | Barclay's Bank, lender 17

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 7,305,000

7,558,000

Mortgage Loans | Barclay's Bank, lender 18

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 9,166,000

9,484,000

Mortgage Loans | Capmark Financial Group, lender 4

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.50%

Mortgage loans

$ 6,450,000

6,673,000

Mortgage Loans | Barclay's Bank, lender 19

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

5.44%

Mortgage loans

$ 10,521,000

10,883,000

Mortgage Loans | PNC Bank

Debt

Number of additional maturity terms | term

Number of assets encumbered | asset

^[3]

Interest rate (as a percent)

^[1],[3]

2.5177%

Mortgage loans

^[3]

$ 85,000,000

85,000,000

Number of hotels encumbered by loans that are cross-collateralized | hotel

Mortgage Loans | Wells Fargo lender 6

Debt

Number of assets encumbered | asset

^[4]

Interest rate (as a percent)

^[1],[4]

4.18755%

Mortgage loans

^[4]

$ 82,000,000

Number of hotels encumbered by loans that are cross-collateralized | hotel

Mortgage Loans | Wells Fargo, lender 7

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

4.188%

Mortgage loans

$ 33,000,000

Mortgage Loans | Wells Fargo, lender 8

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

4.18906%

Mortgage loans

$ 35,000,000

Mortgage Loans | Merrill Lynch, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

9,180,000

Mortgage Loans | Merrill Lynch, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

7,684,000

Mortgage Loans | Merrill Lynch, lender 3

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

9,194,000

Mortgage Loans | Wachovia Securities, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

487,296,000

Mortgage Loans | Wachovia Securities, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

6,582,000

Mortgage Loans | Wells Fargo/Morgan Stanley, lender 1

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

34,823,000

Mortgage Loans | Wells Fargo/Morgan Stanley, lender 2

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

6,753,000

Mortgage Loans | Wells Fargo/Morgan Stanley, lender 3

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

9,616,000

Mortgage Loans | Merrill Lynch, lender 4

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

5,531,000

Mortgage Loans | VFC Partners 20 LLC

Debt

Number of assets encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

$ 5,014,000

Mortgage Loans | Well Fargo Lender

Debt

Number of additional maturity terms | term

Additional maturity term

1 year

Debt

$ 225,000,000.0

7 years

$ 5,049,000

$ 359,000

Outstanding borrowings on the Revolver

$ 225,000,000

Interest rate (as a percent)

4.04%

Unsecured Term Loan Due August 27, 2018

Debt

Unsecured term loan

$ 350,000,000.0

Interest expense

$ 3,850,000

$ 0

Outstanding borrowings on the Revolver

$ 350,000,000

Interest rate (as a percent)

3.25%

[1]	Interest rate at December 31, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.
[2]	Requires payments of interest only until the commencement of the extension period(s).
[3]	The seven hotels encumbered by the PNC Bank loan are cross-collateralized.
[4]	The two hotels encumbered by the Wells Fargo loan are cross-collateralized.

Debt - Revolver and Term Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt
Outstanding borrowings	$ 850,000
Interest expense	15,574	$ 3,525	$ 6,156
Revolver
Debt
Outstanding borrowings	0
Interest expense	1,222	158	0
Five-Year Term Loan
Debt
Outstanding borrowings	$ 275,000
Interest rate (as a percent)	1.87%
Interest expense	$ 5,453	662	0
Seven Year Term Loan
Debt
Outstanding borrowings	$ 225,000
Interest rate (as a percent)	4.04%
Interest expense	$ 5,049	359	0
Unsecured Term Loan Due August 27, 2018
Debt
Outstanding borrowings	$ 350,000
Interest rate (as a percent)	3.25%
Interest expense	$ 3,850	0	0
Revolving Credit Facility and Term Loans
Debt
Outstanding borrowings	0
Interest expense	0	2,345	662
Unused commitment fee		1,000	100
Seven-Year Term Loan
Debt
Outstanding borrowings	0
Interest expense	0	0	5,494
Unused commitment fee		$ 700	$ 700
Interest Rate Contract \| Unsecured Term Loan Due August 27, 2018
Debt
Interest expense	1,600
Interest Rate Contract \| Seven-Year Term Loan
Debt
Interest expense	$ 1,300

Derivatives and Hedging (Details) - USD ($)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Financial Instruments: Derivatives and Hedging

Notional value

$ 1,000,000,000

$ 131,000,000

Total

(5,941,000)

(470,000)

Unrealized gains included in accumulated other comprehensive loss

5,900,000

Amount of ineffective hedges

Interest expense reclassified

64,348,000

83,689,000

$ 95,362,000

Interest rate swap

Financial Instruments: Derivatives and Hedging

Fair value assets

3,200,000

Fair value liabilities

(9,100,000)

(500,000)

Not Designated as Hedging Instrument

Financial Instruments: Derivatives and Hedging

Interest expense

470,000

Not Designated as Hedging Instrument | Swap-cash flow, hedge type one

Financial Instruments: Derivatives and Hedging

Notional value

^[1]

$ 0

40,000,000

Hedge interest rate (as a percent)

^[1]

1.00%

Fair value liabilities

^[1]

$ 0

(265,000)

Not Designated as Hedging Instrument | Swap-cash flow, hedge type two

Financial Instruments: Derivatives and Hedging

Notional value

^[1]

$ 0

31,000,000

Hedge interest rate (as a percent)

^[1]

1.00%

Fair value liabilities

^[1]

$ 0

(205,000)

Not Designated as Hedging Instrument | Interest rate cap, hedge type one

Financial Instruments: Derivatives and Hedging

Notional value

^[1]

$ 0

60,000,000

Hedge interest rate (as a percent)

^[1]

1.00%

Fair value liabilities

^[1]

$ 0

Designated as Hedging Instrument | Swap-cash flow, hedge type one

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 275,000,000

Hedge interest rate (as a percent)

^[2]

1.1175%

Fair value assets

^[2]

$ 3,161,000

Fair value liabilities

^[2]

Designated as Hedging Instrument | Swap-cash flow, hedge type two

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 175,000,000

Hedge interest rate (as a percent)

^[2]

1.5625%

Fair value liabilities

^[2]

$ (1,866,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type three

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 175,000,000

Hedge interest rate (as a percent)

^[2]

1.635%

Fair value liabilities

^[2]

$ (2,406,000)

Designated as Hedging Instrument | ISwap-cash flow, hedge type four

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 16,500,000

Hedge interest rate (as a percent)

^[2]

1.825%

Fair value liabilities

^[2]

$ (238,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type five

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 16,500,000

Hedge interest rate (as a percent)

^[2]

1.751%

Fair value liabilities

^[2]

$ (181,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type six

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 40,500,000

Hedge interest rate (as a percent)

^[2]

1.825%

Fair value liabilities

^[2]

$ (585,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type seven

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 41,500,000

Hedge interest rate (as a percent)

^[2]

1.751%

Fair value liabilities

^[2]

$ (456,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type eight

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 18,000,000

Hedge interest rate (as a percent)

^[2]

1.825%

Fair value liabilities

^[2]

$ (260,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type nine

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 17,000,000

Hedge interest rate (as a percent)

^[2]

1.751%

Fair value liabilities

^[2]

$ (187,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type ten

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 125,000,000

Hedge interest rate (as a percent)

^[2]

2.018%

Fair value liabilities

^[2]

$ (1,838,000)

Designated as Hedging Instrument | Swap-cash flow, hedge type eleven

Financial Instruments: Derivatives and Hedging

Notional value

^[2]

$ 100,000,000

Hedge interest rate (as a percent)

^[2]

1.944%

Fair value liabilities

^[2]

$ (1,085,000)

Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges

Financial Instruments: Derivatives and Hedging

Interest expense reclassified

$ 3,700,000

$ 2,400,000

[1]	Not designated as a cash flow hedge
[2]	Designated as a cash flow hedge

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value
Total	$ (5,941)	$ (470)
Interest rate swap
Fair Value
Interest rate swap asset	3,200
Interest rate swap liability	(9,100)	(500)
Level 3
Fair Value
Investment in collateralized loans	13,100	23,000
Fixed rate mortgage notes payable	188,000	745,300
Carrying value of fixed rate mortgage notes payable	182,700	$ 770,700
Recurring \| Level 2 \| Interest rate swap
Fair Value
Interest rate swap asset	3,161
Interest rate swap liability	(9,102)
Total	(5,941)
Recurring \| Total \| Interest rate swap
Fair Value
Interest rate swap asset	3,161
Interest rate swap liability	(9,102)
Total	$ (5,941)

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2013 USD ($) room term	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2001 USD ($)
Minimum ground rent
2013	$ 4,650,000
2014	4,650,000
2015	4,650,000
2016	4,650,000
2017	4,650,000
Thereafter	428,790,000
Total	$ 452,040,000
Residence Inn Chicago Oak Brook
Ground Leases
Total rent paid				$ 1,560,000
Period of additional terms for which lease may be extended	99 years
Amount payable for additional renewal term	$ 1
Louisville Marriott Downtown
Ground Leases
Period of additional terms for which lease may be extended	25 years
Maximum number of additional terms for which lease may be extended \| term	4
Courtyard Austin Downtown/Convention Center and Residence Inn Austin Downtown/Convention Center
Ground Leases
Annual ground rent	$ 400,000
Contingent rent	$ 500,000	$ 300,000	$ 200,000
Hilton Garden Inn Bloomington
Ground Leases
Period of additional terms for which lease may be extended	10 years
Maximum number of additional terms for which lease may be extended \| term	5
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	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 \| room	126
Courtyard Waikiki Beach
Ground Leases
Annual ground rent	$ 3,500,000
Annual rent increase percentage for the first 10 years	5.00%
Annual rent increase percentage during the seven subsequent years	6.00%
Rent incurred	$ 1,800,000	$ 0
Above Market Leases \| Courtyard Waikiki Beach
Ground Leases
Intangible assets amount	$ 7,900,000

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
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	$ 62,430	$ 64,787

Commitments and Contingencies (Details 2)

12 Months Ended

Dec. 31, 2013

company

hotel

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

146

Management Agreements Number of Management Companies | company

Aimbridge Hospitality

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Concord Hospitality Enterprises Company

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Crescent Hotels and Resorts

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Crestline Hotels and Resorts

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Davidson Hotels & Resorts

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Embassy Suites Management

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

HEI Hotels & Resorts

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Highgate Hotels

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Interstate Hotels and Resorts

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

^[1]

Inn Ventures

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

K Partners Hospitality Group

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Marriott Hotel Services

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Sage Hospitality

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Stonebridge Realty Advisors

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Urgo Hotels

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

Windsor Capital Group

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

WLS

Operating Leased Assets [Line Items]

Management Agreement Term

20 years

Number of Real Estate Properties | Supplier Concentration Risk | WLS

Operating Leased Assets [Line Items]

Number of real estate properties operated under management agreements

106

Minimum

Operating Leased Assets [Line Items]

Management Agreement Term

5 years

Maximum

Operating Leased Assets [Line Items]

Management Agreement Term

25 years

[1]	Includes agreements entered into with Noble Management Group, a wholly-owned subsidiary of Interstate Hotels and Resorts.

Commitments and Contingencies (Details 3) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details 3) $ in Thousands	Dec. 31, 2013 USD ($) agreement hotel property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Commitments and Contingencies
Management fee expense, including amortization of deferred management fees, excluding discontinued operations	$ 34,956	$ 29,906	$ 25,904
Franchise Agreements
Number of hotel properties operated under franchise agreements \| hotel	140
Franchise fee expense, excluding discontinued operations	$ 64,200	$ 55,400	$ 48,500
Purchase Commitments
Number of purchase and sale agreements \| agreement	1
Number of properties that can be purchased under purchase and sale agreements \| property	1
Deposits forfeit on failure to consummate commitments	$ 7,200
Minimum
Commitments and Contingencies
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	2.00%
Maximum
Commitments and Contingencies
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%

Equity (Details) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	May 25, 2013 USD ($) $ / shares shares	Jun. 03, 2011 USD ($) $ / shares shares	May 16, 2011 USD ($) $ / shares shares	Jun. 30, 2011 USD ($)	Jan. 31, 2011 shareholder $ / shares shares	Dec. 31, 2013 USD ($) shareholder $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) shares	May 05, 2011 shares
Equity
Common shares of beneficial interest, shares authorized \| shares					100,000	450,000,000	450,000,000		450,000,000
Number of shareholders \| shareholder					2
Number of common shares of beneficial interest received by partners \| shares		4,095,000
Price per share of common stock received by partners (in dollars per share) \| $ / shares			$ 18.00		$ 1
Gross proceeds from issuance of common shares of beneficial interest received by partners				$ 73,700		$ 327,547		$ 528,293
Proceeds from issuance of common shares						327,547	$ 0	528,293
Proceeds from IPO, net				$ 69,100
Repayment of secured indebtedness			$ 472,600			$ 577,441	$ 429,084	489,342
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized \| shares					10,000	50,000,000	50,000,000		50,000,000
Liquidation value paid								500
Accumulated and unpaid dividends paid								$ 16,296
Members' Capital \| Class A Member
Equity
Ownership interest (as a percent)						75.00%
Members' contributions						$ 115,300
Members' Capital \| Class B Member
Equity
Number of shareholders \| shareholder						2
Ownership interest (as a percent)						25.00%
DBT Met Hotel Venture, LP
Equity
Noncontrolling ownership interest of third party (as a percent)						5.00%
RLJ Lodging Trust LP
Equity
Number of units outstanding \| shares						123,534,042
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)						99.30%
RLJ Lodging Trust LP \| Limited Partner
Equity
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)						0.70%
Fund II and Fund III partners
Equity
Number of common shares of beneficial interest received by partners \| shares			73,605,951
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
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares			$ 0.01
Fund II partners
Equity
Partners aggregate capital contributions			$ 726,200
Advisory fees paid by limited partners to General Partner			$ 16,900
Percentage of total capital commitments committed			100.00%
Partners distributions			$ 162,000
Advisory fees distributions			26,500
Fund II partners \| Preferred unitholders
Equity
Partners distributions			100
Liquidation value paid			300
Accumulated and unpaid dividends paid			12
Redemption premium paid			12
Fund III partners
Equity
Partners aggregate capital contributions			917,300
Advisory fees paid by limited partners to General Partner			$ 50,100
Percentage of total capital commitments committed			81.20%
Fund III partners \| Preferred unitholders
Equity
Partners distributions			$ 100
Liquidation value paid			300
Accumulated and unpaid dividends paid			12
Redemption premium paid			$ 24
RLJ Development members \| Members' Capital
Equity
OP units received for contribution to the Operating Partnership of assets and liabilities (in units) \| 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 (in units) \| shares			16,100,000
Common Stock
Equity
Number of common shares of beneficial interest received by partners \| shares						15,870,000		31,595,000
Gross proceeds from issuance of common shares of beneficial interest received by partners						$ 159		$ 316
IPO
Equity
Number of common shares of beneficial interest received by partners \| shares			27,500,000
Price per share of common stock received by partners (in dollars per share) \| $ / shares		$ 18.00	$ 18.00
Gross proceeds from issuance of common shares of beneficial interest received by partners			$ 495,000
Proceeds from IPO, net			$ 464,100
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares			$ 0.01
IPO \| Common Stock
Equity
Number of common shares of beneficial interest received by partners \| shares			27,500,000
Formation transactions \| Common Stock
Equity
Number of common shares of beneficial interest received by partners \| shares			73,605,951
Overallotment
Equity
Price per share of common stock received by partners (in dollars per share) \| $ / shares	$ 21.60	$ 18.00
Gross proceeds from issuance of common shares of beneficial interest received by partners	$ 342,800	$ 73,700
Proceeds from IPO, net		$ 69,100
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Overallotment \| Common Stock
Equity
Number of common shares of beneficial interest received by partners \| shares	15,870,000	4,095,000
Initial Shareholder One
Equity
Number of common shares of beneficial interest received by partners \| shares					500

Equity Incentive Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Equity Incentive Plan

Maximum number of common shares of beneficial interest to be issued (in shares)

5,000,000

Summary of non-vested shares/units

Granted (in shares)

^[1]

5,357

8,530

7,810

Weighted Average Grant Date Fair Value

Granted (in dollars per share)

^[1]

$ 23.20

$ 18.75

$ 15.36

Other Disclosures

Share-based compensation expense

$ 124

$ 160

$ 120

Restricted share awards

Summary of non-vested shares/units

Unvested at the beginning of the period (in shares)

1,013,673

970,288

Granted (in shares)

^[1]

383,187

445,176

1,128,640

Vested (in shares)

^[1]

(458,808)

(374,913)

(155,352)

Forfeited (in shares)

(5,252)

(26,878)

(3,000)

Unvested at the end of the period (in shares)

932,800

1,013,673

970,288

Weighted Average Grant Date Fair Value

Unvested at the beginning of the period (in dollars per share)

$ 17.80

$ 17.93

$ 0.00

Granted (in dollars per share)

^[1]

21.25

17.23

17.81

Vested (in dollars per share)

^[1]

18.24

17.46

17.03

Forfeited (in dollars per share)

20.07

17.80

17.53

Unvested at the end of the period (in dollars per share)

$ 18.99

$ 17.80

$ 17.93

Other Disclosures

Share-based compensation expense

$ 8,600

$ 6,700

$ 3,300

Total unrecognized compensation costs

$ 16,700

Weighted-average period of recognition of unrecognized share-based compensation expense

2 years 2 months 12 days

Total fair value of shares vested

$ 10,500

6,500

$ 2,600

Performance Units

Summary of non-vested shares/units

Unvested at the end of the period (in shares)

1,000,000

Weighted Average Grant Date Fair Value

Unvested at the end of the period (in dollars per share)

$ 15.36

Other Disclosures

Share-based compensation expense

$ 4,500

$ 1,900

Total unrecognized compensation costs

$ 9,000

Weighted-average period of recognition of unrecognized share-based compensation expense

2 years 1 month 6 days

Vesting period

4 years

Measurement period

3 years

Time-based vesting period

1 year

Common shares available for future grant (in share)

3,078,127

[1]	For the years ended December 31, 2013, 2012 and 2011, respectively, includes 5,357, 8,530 and 7,810 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted average grant date fair value of $23.20, $18.75 and $15.36, respectively.

Earnings per Common Share - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Undistributed earnings (in shares)	$ 61	$ 0	$ 0

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Numerator:
Net income attributable to common shareholders before discontinued operations (in shares)									$ 105,539	$ 43,423	$ (9,428)
Income (loss) from discontinued operations									7,382	(2,125)	20,774
Net income	$ 27,451	$ 15,196	$ 18,885	$ 8,491	$ 13,730	$ 36,469	$ 40,510	$ (6,513)	112,921	41,298	11,346
Less: Dividends paid on unvested restricted shares (in shares)									(936)	(802)	(392)
Less: Undistributed earnings attributable to unvested restricted shares (in shares)									(61)	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in shares)									$ 111,924	$ 40,496	$ 10,954
Denominator:
Weighted-average number of common shares (in shares)	121,667,166	105,453,978	105,388,743	106,815,375	105,517,515	121,594,219	121,520,253	105,332,812	117,950,066	105,423,604	95,340,666
Unvested restricted shares (in shares)									251,217	59,587	0
Unvested performance units (in shares)									537,343	265,495	0
Weighted-average number of common shares - diluted (in shares)	122,540,253	105,509,104	105,454,679	107,423,195	105,865,104	122,750,121	122,280,431	105,332,812	118,738,626	105,748,686	95,340,666
Basic per common share data:
Net income per share attributable to common shareholders before discontinued operations - basic (in dollars per share)	$ 0.21	$ 0.16	$ 0.17	$ 0.08	$ 0.11	$ 0.28	$ 0.32	$ (0.06)	$ 0.89	$ 0.40	$ (0.10)
Discontinued operations (in dollars per share)	0.02	(0.02)	0.00	0.00	0	0.02	0.01	0.00	0.06	(0.02)	0.22
Net income per share attributable to common shareholders - basic (in dollars per share)	0.23	0.14	0.17	0.08	0.11	0.30	0.33	(0.06)	0.95	0.38	0.12
Diluted per common share data:
Net income per share attributable to common shareholders before discontinued operations - diluted (in dollars per share)	0.21	0.16	0.17	0.08	0.11	0.28	0.32	(0.06)	0.88	0.40	(0.10)
Discontinued operations (in dollars per share)	0.01	(0.02)	0.00	0.00	0.00	0.02	0.01	0.00	0.06	(0.02)	0.22
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.22	$ 0.14	$ 0.17	$ 0.08	$ 0.11	$ 0.30	$ 0.33	$ (0.06)	$ 0.94	$ 0.38	$ 0.12

Advisory Fees (Details) - General Partner - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Fund II Member
Advisory fees
Advisory fees due	$ 3.2	$ 8.6
Fund III
Advisory fees
Advisory fees due	$ 3.8	$ 13.7

Related Party Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
RLJ Companies LLC
Related Party Transactions
Due from related party	$ 1	$ 45

- 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, 2013	Dec. 31, 2012	Dec. 31, 2011
Current:
Federal	$ (323)	$ (50)	$ (1)
State	(1,439)	(1,381)	(1,232)
Deferred:
Federal	830	64	443
State	53	(2)	50
Income tax expense	(879)	(1,369)	(740)
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	(40,271)	(14,952)	(4,398)
Tax impact of passthrough entities	37,230	22,618	19,619
Expected tax benefit at TRS	(3,041)	7,666	15,221
Change in valuation allowance	3,612	(8,741)	(17,045)
State income (expense) benefit, net of federal tax benefit	(1,345)	595	1,411
Impact of rate change	(94)	146	0
Other permanent items	(443)	(394)	(436)
Impact of acquired tax attributes	361	(361)	0
Impact of provision to return	71	(280)	109
Income tax expense	$ (879)	$ (1,369)	$ (740)
Common distributions
Income Taxes
Ordinary income (as a percent)	100.00%	100.00%
Return of capital (as a percent)	0.00%	0.00%
Capital gains (as a percent)	0.00%	0.00%
Total (as a percent)	100.00%	100.00%

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets (liabilities)
Property and equipment	$ (1,787)	$ (2,633)
Prepaid expenses	(1,662)	(1,431)
Other - DTL	(99)	0
Gross deferred tax liabilities	(3,548)	(4,064)
Property and equipment	515	4,997
Deferred revenue - key money	1,478	1,562
Incentive and vacation accrual	2,325	1,933
Allowance for doubtful accounts	92	77
Other - DTA	285	204
Other carryforwards	106	108
Net operating loss carryforwards	51,254	50,463
Valuation allowance	(53,526)	(57,138)
Gross deferred tax assets	2,529	2,206
Net current and non-current components of deferred income taxes
Current net deferred tax assets	263	193
Current net deferred tax liabilities	(1,761)	(1,431)
Non-current net deferred tax assets	2,266	2,013
Non-current net deferred tax liabilities	(1,787)	(2,633)
Net deferred tax liability	$ (1,019)	$ (1,858)

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 06, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Cash Flow Elements [Abstract]
Interest paid		$ 59,826	$ 79,376	$ 91,558
Income taxes paid		1,420	1,598	1,392
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate		228,573	247,158	249,018
Accounts receivable		740	164	556
Other assets		957	728	1,040
Advance deposits		(313)	(224)	(379)
Accounts payable and other liabilities		(12,168)	(777)	(2,439)
Application of purchase deposit		0	0	(8,500)
Deferred tax liabilities assumed		0	0	(2,438)
Receipt of assets in full satisfaction	$ 4,700	(4,731)	0	0
Gain on foreclosure	$ (4,900)	(4,863)	0	0
Acquisition of hotel and other properties		208,195	247,049	236,858
In conjunction with the dispositions, the Company recorded the following:
Sale of real estate		(5,585)	0	(31,534)
Gain on sale of property		(2,081)	0	0
Other assets		(709)	0	(8,007)
Other liabilities		1,169	0	5,056
Gain on extinguishment of indebtedness		(5,708)	0	(23,515)
Forgiveness of indebtedness		10,545	0	58,000
Disposition of hotel properties		(2,369)	0	0
Supplemental non-cash transactions:
Change in fair market value of designated interest rate swaps		(5,941)	1,326	2,024
Accrued capital expenditures		10,610	4,563	12,801
Distributions payable		$ 30,870	$ 22,392	$ 16,076

Subsequent Events (Details)
$ / shares in Units, $ in Millions

1 Months Ended

12 Months Ended

Feb. 07, 2014

Jan. 15, 2014

$ / shares

Feb. 27, 2014

USD ($)

property

Dec. 31, 2013

room

Dec. 31, 2012

Dec. 31, 2011

Feb. 05, 2014

USD ($)

hotel

room

Subsequent Event [Line Items]

Number of hotel rooms owned | room

22,300

Granted (in shares)

^[1]

5,357

8,530

7,810

Subsequent Event

Subsequent Event [Line Items]

Number of hotels owned | hotel

Number of hotel rooms owned | room

1,560

Purchase price | $

$ 313.0

Number of properties sold | property

Proceeds from divestiture of businesses | $

$ 84.8

Subsequent Event | Dividend Paid

Subsequent Event [Line Items]

Dividends per share (in dollars per share) | $ / shares

$ 0.24

Restricted share awards

Subsequent Event [Line Items]

Granted (in shares)

^[1]

383,187

445,176

1,128,640

Officers and Employees | Restricted share awards | Subsequent Event

Subsequent Event [Line Items]

Granted (in shares)

305,053

[1]	For the years ended December 31, 2013, 2012 and 2011, respectively, includes 5,357, 8,530 and 7,810 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted average grant date fair value of $23.20, $18.75 and $15.36, respectively.

Quarterly Operating Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 242,572	$ 223,941	$ 222,079	$ 214,870	$ 221,432	$ 252,116	$ 260,822	$ 182,233	$ 970,380	$ 849,685	$ 754,905
Income from continuing operations	25,599	17,022	19,103	8,803	14,033	33,770	38,571	(6,696)	106,743	43,462	(9,240)
Income (loss) from discontinued operations	2,087	(1,721)	(84)	(219)	(113)	3,158	2,410	(225)	7,436	(2,143)	20,949
Net income	27,451	15,196	18,885	8,491	13,730	36,469	40,510	(6,513)	112,921	41,298	11,346
Comprehensive income	$ 32,937	$ 15,585	$ 19,266	$ 8,016	$ 14,748	$ 20,513	$ 45,514	$ (6,519)	$ 106,980	$ 43,080	$ 13,431
Net income (loss) per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.21	$ 0.16	$ 0.17	$ 0.08	$ 0.11	$ 0.28	$ 0.32	$ (0.06)	$ 0.89	$ 0.40	$ (0.10)
Discontinued operations (in dollars per share)	0.02	(0.02)	0.00	0.00	0	0.02	0.01	0.00	0.06	(0.02)	0.22
Net income per share attributable to common shareholders (in dollars per share)	0.23	0.14	0.17	0.08	0.11	0.30	0.33	(0.06)	0.95	0.38	0.12
Income from continuing operations (in dollars per share)	0.21	0.16	0.17	0.08	0.11	0.28	0.32	(0.06)	0.88	0.40	(0.10)
Discontinued operations (in dollars per share)	0.01	(0.02)	0.00	0.00	0.00	0.02	0.01	0.00	0.06	(0.02)	0.22
Net income per share attributable to common shareholders (in dollars per share)	$ 0.22	$ 0.14	$ 0.17	$ 0.08	$ 0.11	$ 0.30	$ 0.33	$ (0.06)	$ 0.94	$ 0.38	$ 0.12
Basic weighted average common shares outstanding	121,667,166	105,453,978	105,388,743	106,815,375	105,517,515	121,594,219	121,520,253	105,332,812	117,950,066	105,423,604	95,340,666
Diluted weighted average common shares outstanding	122,540,253	105,509,104	105,454,679	107,423,195	105,865,104	122,750,121	122,280,431	105,332,812	118,738,626	105,748,686	95,340,666

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Real Estate and Accumulated Depreciation
Debt	$ 559,665
Initial Costs
Land & Improvements	592,088
Building & Improvements	2,707,941
Subsequent Costs Capitalized
Land & Improvements	2,314
Building & Improvements	158,908
Gross Amount
Land & Improvements	594,402
Building & Improvements	2,866,849
Total	3,461,251
Accumulated Depreciation	367,306
Marriott Airport Austin South
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	2,253
Building & Improvements	16,522
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,430
Gross Amount
Land & Improvements	2,253
Building & Improvements	17,952
Total	20,205
Accumulated Depreciation	$ 3,311
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	$ 0
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,928
Gross Amount
Land & Improvements	5,385
Building & Improvements	41,416
Total	46,801
Accumulated Depreciation	$ 7,674
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
Land & Improvements	0
Building & Improvements	89,541
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	3,326
Gross Amount
Land & Improvements	0
Building & Improvements	92,867
Total	92,867
Accumulated Depreciation	$ 17,077
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	$ 0
Initial Costs
Land & Improvements	3,438
Building & Improvements	25,224
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	125
Gross Amount
Land & Improvements	3,438
Building & Improvements	25,349
Total	28,787
Accumulated Depreciation	$ 4,791
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	$ 0
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Subsequent Costs Capitalized
Land & Improvements	10
Building & Improvements	1,891
Gross Amount
Land & Improvements	4,474
Building & Improvements	34,627
Total	39,101
Accumulated Depreciation	$ 6,415
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	$ 0
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,542
Gross Amount
Land & Improvements	4,440
Building & Improvements	34,099
Total	38,539
Accumulated Depreciation	$ 6,269
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	$ 0
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,863
Gross Amount
Land & Improvements	4,842
Building & Improvements	37,380
Total	42,222
Accumulated Depreciation	$ 6,850
Renaissance Plantation \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Plantation \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Austin NW Plaza
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,546
Building & Improvements	11,337
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	489
Gross Amount
Land & Improvements	1,546
Building & Improvements	11,826
Total	13,372
Accumulated Depreciation	$ 2,220
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,894
Building & Improvements	13,891
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	927
Gross Amount
Land & Improvements	1,894
Building & Improvements	14,818
Total	16,712
Accumulated Depreciation	$ 2,727
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	$ 0
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	$ 2,161
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	$ 4,962
Initial Costs
Land & Improvements	1,530
Building & Improvements	11,222
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	1,223
Gross Amount
Land & Improvements	1,533
Building & Improvements	12,445
Total	13,978
Accumulated Depreciation	$ 2,250
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	$ 0
Initial Costs
Land & Improvements	345
Building & Improvements	2,534
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	206
Gross Amount
Land & Improvements	345
Building & Improvements	2,740
Total	3,085
Accumulated Depreciation	$ 498
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	$ 0
Initial Costs
Land & Improvements	1,036
Building & Improvements	7,599
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,372
Gross Amount
Land & Improvements	1,036
Building & Improvements	8,971
Total	10,007
Accumulated Depreciation	$ 1,869
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	$ 32,901
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	2,339
Gross Amount
Land & Improvements	8,140
Building & Improvements	62,035
Total	70,175
Accumulated Depreciation	$ 11,413
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	$ 0
Initial Costs
Land & Improvements	1,143
Building & Improvements	8,389
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	316
Gross Amount
Land & Improvements	1,143
Building & Improvements	8,705
Total	9,848
Accumulated Depreciation	$ 1,624
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	$ 6,251
Initial Costs
Land & Improvements	1,325
Building & Improvements	9,716
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,169
Gross Amount
Land & Improvements	1,325
Building & Improvements	10,885
Total	12,210
Accumulated Depreciation	$ 1,898
Courtyard Golden \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Golden \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Grand Rapids Airport
Real Estate and Accumulated Depreciation
Debt	$ 4,068
Initial Costs
Land & Improvements	706
Building & Improvements	5,185
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	142
Gross Amount
Land & Improvements	706
Building & Improvements	5,327
Total	6,033
Accumulated Depreciation	$ 980
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	$ 0
Initial Costs
Land & Improvements	1,038
Building & Improvements	7,616
Subsequent Costs Capitalized
Land & Improvements	4
Building & Improvements	1,229
Gross Amount
Land & Improvements	1,042
Building & Improvements	8,845
Total	9,887
Accumulated Depreciation	$ 1,554
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	$ 0
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,240
Gross Amount
Land & Improvements	2,482
Building & Improvements	19,447
Total	21,929
Accumulated Depreciation	$ 3,534
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	$ 2,475
Initial Costs
Land & Improvements	536
Building & Improvements	3,931
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	965
Gross Amount
Land & Improvements	536
Building & Improvements	4,896
Total	5,432
Accumulated Depreciation	$ 798
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	$ 5,568
Initial Costs
Land & Improvements	1,192
Building & Improvements	8,745
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	851
Gross Amount
Land & Improvements	1,192
Building & Improvements	9,596
Total	10,788
Accumulated Depreciation	$ 1,733
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	$ 8,452
Initial Costs
Land & Improvements	1,640
Building & Improvements	12,025
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	1,441
Gross Amount
Land & Improvements	1,642
Building & Improvements	13,466
Total	15,108
Accumulated Depreciation	$ 2,372
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	$ 0
Initial Costs
Land & Improvements	1,374
Building & Improvements	10,079
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	765
Gross Amount
Land & Improvements	1,376
Building & Improvements	10,844
Total	12,220
Accumulated Depreciation	$ 1,993
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	$ 0
Initial Costs
Land & Improvements	537
Building & Improvements	3,943
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	378
Gross Amount
Land & Improvements	537
Building & Improvements	4,321
Total	4,858
Accumulated Depreciation	$ 1,072
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	$ 0
Initial Costs
Land & Improvements	942
Building & Improvements	6,915
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	97
Gross Amount
Land & Improvements	942
Building & Improvements	7,012
Total	7,954
Accumulated Depreciation	$ 1,322
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	$ 8,729
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	$ 3,805
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	$ 0
Initial Costs
Land & Improvements	640
Building & Improvements	4,699
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	996
Gross Amount
Land & Improvements	642
Building & Improvements	5,695
Total	6,337
Accumulated Depreciation	$ 1,161
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	$ 0
Initial Costs
Land & Improvements	482
Building & Improvements	3,543
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	227
Gross Amount
Land & Improvements	482
Building & Improvements	3,770
Total	4,252
Accumulated Depreciation	$ 928
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	$ 0
Initial Costs
Land & Improvements	2,333
Building & Improvements	17,110
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,293
Gross Amount
Land & Improvements	2,333
Building & Improvements	18,403
Total	20,736
Accumulated Depreciation	$ 3,287
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	$ 0
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	$ 1,784
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	$ 0
Initial Costs
Land & Improvements	1,217
Building & Improvements	8,931
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,084
Gross Amount
Land & Improvements	1,217
Building & Improvements	10,015
Total	11,232
Accumulated Depreciation	$ 1,761
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	$ 0
Initial Costs
Land & Improvements	248
Building & Improvements	1,825
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	264
Gross Amount
Land & Improvements	248
Building & Improvements	2,089
Total	2,337
Accumulated Depreciation	$ 528
Courtyard Valparaiso \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Valparaiso \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Schaumburg
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,078
Building & Improvements	15,239
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,236
Gross Amount
Land & Improvements	2,078
Building & Improvements	16,475
Total	18,553
Accumulated Depreciation	$ 2,845
Courtyard Schaumburg \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Schaumburg \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Miramar
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,619
Building & Improvements	11,872
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	568
Gross Amount
Land & Improvements	1,619
Building & Improvements	12,440
Total	14,059
Accumulated Depreciation	$ 1,943
Courtyard Miramar \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Miramar \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown
Real Estate and Accumulated Depreciation
Debt	$ 49,200
Initial Costs
Land & Improvements	6,049
Building & Improvements	44,361
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,476
Gross Amount
Land & Improvements	6,049
Building & Improvements	45,837
Total	51,886
Accumulated Depreciation	$ 6,999
Courtyard Austin Downtown \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Grand Junction
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,576
Building & Improvements	11,754
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	36
Gross Amount
Land & Improvements	1,576
Building & Improvements	11,790
Total	13,366
Accumulated Depreciation	$ 1,593
Courtyard Grand Junction \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Grand Junction \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Airport
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,691
Building & Improvements	12,404
Subsequent Costs Capitalized
Land & Improvements	58
Building & Improvements	1,279
Gross Amount
Land & Improvements	1,749
Building & Improvements	13,683
Total	15,432
Accumulated Depreciation	$ 2,000
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	$ 0
Initial Costs
Land & Improvements	1,403
Building & Improvements	10,290
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	232
Gross Amount
Land & Improvements	1,403
Building & Improvements	10,522
Total	11,925
Accumulated Depreciation	$ 1,959
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	$ 0
Initial Costs
Land & Improvements	802
Building & Improvements	5,883
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	807
Gross Amount
Land & Improvements	802
Building & Improvements	6,690
Total	7,492
Accumulated Depreciation	$ 1,156
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	$ 7,305
Initial Costs
Land & Improvements	1,483
Building & Improvements	10,872
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	453
Gross Amount
Land & Improvements	1,483
Building & Improvements	11,325
Total	12,808
Accumulated Depreciation	$ 2,055
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	$ 8,156
Initial Costs
Land & Improvements	1,646
Building & Improvements	12,076
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,082
Gross Amount
Land & Improvements	1,646
Building & Improvements	13,158
Total	14,804
Accumulated Depreciation	$ 2,359
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	$ 0
Initial Costs
Land & Improvements	998
Building & Improvements	7,322
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	845
Gross Amount
Land & Improvements	998
Building & Improvements	8,167
Total	9,165
Accumulated Depreciation	$ 1,435
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	$ 6,394
Initial Costs
Land & Improvements	1,222
Building & Improvements	8,963
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	69
Gross Amount
Land & Improvements	1,222
Building & Improvements	9,032
Total	10,254
Accumulated Depreciation	$ 1,687
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	$ 0
Initial Costs
Land & Improvements	980
Building & Improvements	7,190
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	726
Gross Amount
Land & Improvements	980
Building & Improvements	7,916
Total	8,896
Accumulated Depreciation	$ 1,414
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	$ 0
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,163
Gross Amount
Land & Improvements	2,665
Building & Improvements	20,712
Total	23,377
Accumulated Depreciation	$ 3,722
Residence Inn Galleria \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Galleria \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Airport
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	786
Building & Improvements	5,772
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	304
Gross Amount
Land & Improvements	786
Building & Improvements	6,076
Total	6,862
Accumulated Depreciation	$ 1,266
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	$ 0
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,764
Gross Amount
Land & Improvements	2,670
Building & Improvements	21,352
Total	24,022
Accumulated Depreciation	$ 3,853
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	$ 4,063
Initial Costs
Land & Improvements	986
Building & Improvements	7,230
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	24
Gross Amount
Land & Improvements	986
Building & Improvements	7,254
Total	8,240
Accumulated Depreciation	$ 1,358
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	$ 6,399
Initial Costs
Land & Improvements	1,407
Building & Improvements	10,321
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	780
Gross Amount
Land & Improvements	1,407
Building & Improvements	11,101
Total	12,508
Accumulated Depreciation	$ 1,973
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	$ 0
Initial Costs
Land & Improvements	1,298
Building & Improvements	9,519
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	462
Gross Amount
Land & Improvements	1,298
Building & Improvements	9,981
Total	11,279
Accumulated Depreciation	$ 1,816
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	$ 7,038
Initial Costs
Land & Improvements	1,319
Building & Improvements	9,675
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	71
Gross Amount
Land & Improvements	1,319
Building & Improvements	9,746
Total	11,065
Accumulated Depreciation	$ 1,823
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	$ 0
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,181
Gross Amount
Land & Improvements	595
Building & Improvements	5,553
Total	6,148
Accumulated Depreciation	$ 1,188
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	$ 6,450
Initial Costs
Land & Improvements	1,427
Building & Improvements	10,445
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	24
Gross Amount
Land & Improvements	1,427
Building & Improvements	10,469
Total	11,896
Accumulated Depreciation	$ 1,963
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	$ 10,521
Initial Costs
Land & Improvements	0
Building & Improvements	20,436
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	829
Gross Amount
Land & Improvements	0
Building & Improvements	21,265
Total	21,265
Accumulated Depreciation	$ 3,874
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	$ 0
Initial Costs
Land & Improvements	2,183
Building & Improvements	16,021
Subsequent Costs Capitalized
Land & Improvements	112
Building & Improvements	908
Gross Amount
Land & Improvements	2,295
Building & Improvements	16,929
Total	19,224
Accumulated Depreciation	$ 3,475
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	$ 0
Initial Costs
Land & Improvements	320
Building & Improvements	2,354
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	174
Gross Amount
Land & Improvements	320
Building & Improvements	2,528
Total	2,848
Accumulated Depreciation	$ 997
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	$ 0
Initial Costs
Land & Improvements	1,684
Building & Improvements	12,349
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	170
Gross Amount
Land & Improvements	1,684
Building & Improvements	12,519
Total	14,203
Accumulated Depreciation	$ 2,355
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	$ 0
Initial Costs
Land & Improvements	875
Building & Improvements	6,416
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	952
Gross Amount
Land & Improvements	875
Building & Improvements	7,368
Total	8,243
Accumulated Depreciation	$ 1,229
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,822
Building & Improvements	13,360
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	782
Gross Amount
Land & Improvements	1,822
Building & Improvements	14,142
Total	15,964
Accumulated Depreciation	$ 2,545
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	$ 0
Initial Costs
Land & Improvements	1,790
Building & Improvements	13,124
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	271
Gross Amount
Land & Improvements	1,790
Building & Improvements	13,395
Total	15,185
Accumulated Depreciation	$ 2,520
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	$ 0
Initial Costs
Land & Improvements	603
Building & Improvements	4,425
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	459
Gross Amount
Land & Improvements	603
Building & Improvements	4,884
Total	5,487
Accumulated Depreciation	$ 875
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	$ 0
Initial Costs
Land & Improvements	1,100
Building & Improvements	8,073
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,295
Gross Amount
Land & Improvements	1,100
Building & Improvements	9,368
Total	10,468
Accumulated Depreciation	$ 1,666
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	$ 9,167
Initial Costs
Land & Improvements	1,923
Building & Improvements	14,101
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	823
Gross Amount
Land & Improvements	1,923
Building & Improvements	14,924
Total	16,847
Accumulated Depreciation	$ 2,737
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,815
Building & Improvements	13,308
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	563
Gross Amount
Land & Improvements	1,815
Building & Improvements	13,871
Total	15,686
Accumulated Depreciation	$ 2,360
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,692
Building & Improvements	12,409
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	380
Gross Amount
Land & Improvements	1,692
Building & Improvements	12,789
Total	14,481
Accumulated Depreciation	$ 2,022
Residence Inn Miramar \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Miramar \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Grand Junction
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	870
Building & Improvements	9,197
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	36
Gross Amount
Land & Improvements	870
Building & Improvements	9,233
Total	10,103
Accumulated Depreciation	$ 1,296
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
Real Estate and Accumulated Depreciation
Debt	$ 32,800
Initial Costs
Land & Improvements	3,767
Building & Improvements	27,626
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	620
Gross Amount
Land & Improvements	3,767
Building & Improvements	28,246
Total	32,013
Accumulated Depreciation	$ 4,347
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	$ 6,399
Initial Costs
Land & Improvements	1,957
Building & Improvements	14,351
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	577
Gross Amount
Land & Improvements	1,957
Building & Improvements	14,928
Total	16,885
Accumulated Depreciation	$ 2,723
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	$ 0
Initial Costs
Land & Improvements	1,605
Building & Improvements	11,768
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	114
Gross Amount
Land & Improvements	1,605
Building & Improvements	11,882
Total	13,487
Accumulated Depreciation	$ 2,245
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	$ 8,142
Initial Costs
Land & Improvements	1,816
Building & Improvements	13,320
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	849
Gross Amount
Land & Improvements	1,816
Building & Improvements	14,169
Total	15,985
Accumulated Depreciation	$ 2,602
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	$ 7,578
Initial Costs
Land & Improvements	1,890
Building & Improvements	13,869
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	740
Gross Amount
Land & Improvements	1,890
Building & Improvements	14,609
Total	16,499
Accumulated Depreciation	$ 2,693
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	$ 5,255
Initial Costs
Land & Improvements	983
Building & Improvements	7,217
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	213
Gross Amount
Land & Improvements	983
Building & Improvements	7,430
Total	8,413
Accumulated Depreciation	$ 1,511
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	$ 0
Initial Costs
Land & Improvements	1,554
Building & Improvements	11,396
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	829
Gross Amount
Land & Improvements	1,554
Building & Improvements	12,225
Total	13,779
Accumulated Depreciation	$ 2,252
SpringHill Suites Schaumburg \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Schaumburg \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Westminster
Real Estate and Accumulated Depreciation
Debt	$ 9,470
Initial Costs
Land & Improvements	2,409
Building & Improvements	17,670
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,120
Gross Amount
Land & Improvements	2,409
Building & Improvements	18,790
Total	21,199
Accumulated Depreciation	$ 3,439
SpringHill Suites Westminster \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Westminster \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Longmont
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,144
Building & Improvements	8,388
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	628
Gross Amount
Land & Improvements	1,144
Building & Improvements	9,016
Total	10,160
Accumulated Depreciation	$ 1,497
SpringHill Suites Longmont \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Longmont \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Austin Central
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	556
Building & Improvements	4,078
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	142
Gross Amount
Land & Improvements	556
Building & Improvements	4,220
Total	4,776
Accumulated Depreciation	$ 782
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	$ 0
Initial Costs
Land & Improvements	505
Building & Improvements	3,702
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	439
Gross Amount
Land & Improvements	505
Building & Improvements	4,141
Total	4,646
Accumulated Depreciation	$ 715
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	$ 0
Initial Costs
Land & Improvements	926
Building & Improvements	6,795
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	274
Gross Amount
Land & Improvements	926
Building & Improvements	7,069
Total	7,995
Accumulated Depreciation	$ 1,546
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,203
Building & Improvements	8,823
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,214
Gross Amount
Land & Improvements	1,203
Building & Improvements	10,037
Total	11,240
Accumulated Depreciation	$ 1,750
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	$ 0
Initial Costs
Land & Improvements	722
Building & Improvements	5,301
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	472
Gross Amount
Land & Improvements	722
Building & Improvements	5,773
Total	6,495
Accumulated Depreciation	$ 1,047
Fairfield Inn Hammond \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Hammond \| Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn Indianapolis Airport
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	657
Building & Improvements	4,820
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	299
Gross Amount
Land & Improvements	657
Building & Improvements	5,119
Total	5,776
Accumulated Depreciation	$ 1,054
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,803
Building & Improvements	19,325
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	459
Gross Amount
Land & Improvements	1,803
Building & Improvements	19,784
Total	21,587
Accumulated Depreciation	$ 3,494
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 Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	768
Building & Improvements	5,636
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	298
Gross Amount
Land & Improvements	768
Building & Improvements	5,934
Total	6,702
Accumulated Depreciation	$ 1,092
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	$ 4,736
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	203
Gross Amount
Land & Improvements	1,425
Building & Improvements	10,652
Total	12,077
Accumulated Depreciation	$ 1,990
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	$ 0
Initial Costs
Land & Improvements	1,140
Building & Improvements	8,363
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	142
Gross Amount
Land & Improvements	1,140
Building & Improvements	8,505
Total	9,645
Accumulated Depreciation	$ 1,602
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,378
Building & Improvements	10,105
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	794
Gross Amount
Land & Improvements	1,378
Building & Improvements	10,899
Total	12,277
Accumulated Depreciation	$ 1,945
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	$ 0
Initial Costs
Land & Improvements	157
Building & Improvements	1,157
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	135
Gross Amount
Land & Improvements	157
Building & Improvements	1,292
Total	1,449
Accumulated Depreciation	$ 302
Fairfield Inn Valparaiso \| Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn Valparaiso \| Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Grand Rapids Airport
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	582
Building & Improvements	4,274
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	2
Gross Amount
Land & Improvements	582
Building & Improvements	4,276
Total	4,858
Accumulated Depreciation	$ 962
Holiday Inn Grand Rapids Airport \| Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Grand Rapids Airport \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Merrillville
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	665
Building & Improvements	4,879
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	657
Gross Amount
Land & Improvements	665
Building & Improvements	5,536
Total	6,201
Accumulated Depreciation	$ 965
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	$ 0
Initial Costs
Land & Improvements	545
Building & Improvements	4,005
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	87
Gross Amount
Land & Improvements	545
Building & Improvements	4,092
Total	4,637
Accumulated Depreciation	$ 771
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	$ 0
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,854
Gross Amount
Land & Improvements	2,747
Building & Improvements	21,997
Total	24,744
Accumulated Depreciation	$ 3,909
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	$ 0
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	235
Gross Amount
Land & Improvements	2,978
Building & Improvements	22,077
Total	25,055
Accumulated Depreciation	$ 4,146
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	$ 0
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1,131
Gross Amount
Land & Improvements	1,189
Building & Improvements	9,849
Total	11,038
Accumulated Depreciation	$ 1,924
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	$ 0
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	232
Gross Amount
Land & Improvements	1,874
Building & Improvements	13,974
Total	15,848
Accumulated Depreciation	$ 2,638
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,377
Building & Improvements	10,099
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	819
Gross Amount
Land & Improvements	1,377
Building & Improvements	10,918
Total	12,295
Accumulated Depreciation	$ 1,571
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
Land & Improvements	0
Building & Improvements	18,945
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	611
Gross Amount
Land & Improvements	0
Building & Improvements	19,556
Total	19,556
Accumulated Depreciation	$ 2,374
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	$ 2,186
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	170
Gross Amount
Land & Improvements	829
Building & Improvements	6,309
Total	7,138
Accumulated Depreciation	$ 1,167
TGIFriday's \| Minimum
Gross Amount
Depreciation Life	15 years
TGIFriday's \| Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn St. George
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,822
Building & Improvements	13,363
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	17
Gross Amount
Land & Improvements	1,822
Building & Improvements	13,380
Total	15,202
Accumulated Depreciation	$ 2,230
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,560
Building & Improvements	8,838
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	4
Gross Amount
Land & Improvements	1,560
Building & Improvements	8,842
Total	10,402
Accumulated Depreciation	$ 1,668
SpringHill Suites Bakersfield \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Bakersfield \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Gainesville
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,018
Building & Improvements	12,118
Subsequent Costs Capitalized
Land & Improvements	7
Building & Improvements	12
Gross Amount
Land & Improvements	4,025
Building & Improvements	12,130
Total	16,155
Accumulated Depreciation	$ 1,959
SpringHill Suites Gainesville \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Gainesville \| Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn & Suites Clearwater
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,106
Building & Improvements	12,721
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	444
Gross Amount
Land & Improvements	1,106
Building & Improvements	13,165
Total	14,271
Accumulated Depreciation	$ 2,079
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,691
Building & Improvements	22,764
Subsequent Costs Capitalized
Land & Improvements	24
Building & Improvements	537
Gross Amount
Land & Improvements	5,715
Building & Improvements	23,301
Total	29,016
Accumulated Depreciation	$ 3,735
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,341
Building & Improvements	4,609
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	3
Gross Amount
Land & Improvements	2,341
Building & Improvements	4,612
Total	6,953
Accumulated Depreciation	$ 850
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
Land & Improvements	0
Building & Improvements	10
Gross Amount
Land & Improvements	3,069
Building & Improvements	22,518
Total	25,587
Accumulated Depreciation	$ 3,612
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,774
Building & Improvements	6,109
Subsequent Costs Capitalized
Land & Improvements	60
Building & Improvements	923
Gross Amount
Land & Improvements	8,834
Building & Improvements	7,032
Total	15,866
Accumulated Depreciation	$ 1,023
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,092
Building & Improvements	9,111
Subsequent Costs Capitalized
Land & Improvements	104
Building & Improvements	360
Gross Amount
Land & Improvements	6,196
Building & Improvements	9,471
Total	15,667
Accumulated Depreciation	$ 1,447
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
Land & Improvements	78
Building & Improvements	2,550
Gross Amount
Land & Improvements	4,935
Building & Improvements	32,493
Total	37,428
Accumulated Depreciation	$ 4,643
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
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	19
Gross Amount
Land & Improvements	1,453
Building & Improvements	8,253
Total	9,706
Accumulated Depreciation	$ 1,132
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
Land & Improvements	0
Building & Improvements	96
Gross Amount
Land & Improvements	2,813
Building & Improvements	16,036
Total	18,849
Accumulated Depreciation	$ 2,199
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	55
Building & Improvements	283
Gross Amount
Land & Improvements	3,224
Building & Improvements	18,241
Total	21,465
Accumulated Depreciation	$ 2,507
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	45
Building & Improvements	50
Gross Amount
Land & Improvements	2,286
Building & Improvements	12,748
Total	15,034
Accumulated Depreciation	$ 1,755
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	74
Gross Amount
Land & Improvements	1,539
Building & Improvements	8,260
Total	9,799
Accumulated Depreciation	$ 1,147
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
Land & Improvements	0
Building & Improvements	318
Gross Amount
Land & Improvements	2,976
Building & Improvements	17,184
Total	20,160
Accumulated Depreciation	$ 2,329
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	24,244
Building & Improvements	96,978
Subsequent Costs Capitalized
Land & Improvements	7
Building & Improvements	843
Gross Amount
Land & Improvements	24,251
Building & Improvements	97,821
Total	122,072
Accumulated Depreciation	$ 11,984
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,161
Building & Improvements	71,017
Subsequent Costs Capitalized
Land & Improvements	98
Building & Improvements	1,123
Gross Amount
Land & Improvements	2,259
Building & Improvements	72,140
Total	74,399
Accumulated Depreciation	$ 6,800
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	16,214
Building & Improvements	22,265
Subsequent Costs Capitalized
Land & Improvements	93
Building & Improvements	4,077
Gross Amount
Land & Improvements	16,307
Building & Improvements	26,342
Total	42,649
Accumulated Depreciation	$ 2,693
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,816
Building & Improvements	7,862
Subsequent Costs Capitalized
Land & Improvements	27
Building & Improvements	176
Gross Amount
Land & Improvements	2,843
Building & Improvements	8,038
Total	10,881
Accumulated Depreciation	$ 869
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
Real Estate and Accumulated Depreciation
Debt	$ 33,000
Initial Costs
Land & Improvements	23,139
Building & Improvements	34,188
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	230
Gross Amount
Land & Improvements	23,139
Building & Improvements	34,418
Total	57,557
Accumulated Depreciation	$ 3,030
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	35,592
Building & Improvements	82,392
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	556
Gross Amount
Land & Improvements	35,595
Building & Improvements	82,948
Total	118,543
Accumulated Depreciation	$ 6,902
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,373
Building & Improvements	9,180
Subsequent Costs Capitalized
Land & Improvements	51
Building & Improvements	1,396
Gross Amount
Land & Improvements	2,424
Building & Improvements	10,576
Total	13,000
Accumulated Depreciation	$ 1,050
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,901
Building & Improvements	3,865
Subsequent Costs Capitalized
Land & Improvements	179
Building & Improvements	11,564
Gross Amount
Land & Improvements	2,080
Building & Improvements	15,429
Total	17,509
Accumulated Depreciation	$ 950
Garden District Hotel \| Minimum
Gross Amount
Depreciation Life	15 years
Garden District Hotel \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Columbia
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,993
Building & Improvements	11,487
Subsequent Costs Capitalized
Land & Improvements	26
Building & Improvements	1,488
Gross Amount
Land & Improvements	2,019
Building & Improvements	12,975
Total	14,994
Accumulated Depreciation	$ 1,174
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,457
Building & Improvements	37,046
Subsequent Costs Capitalized
Land & Improvements	5
Building & Improvements	81
Gross Amount
Land & Improvements	7,462
Building & Improvements	37,127
Total	44,589
Accumulated Depreciation	$ 2,983
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	23
Building & Improvements	959
Gross Amount
Land & Improvements	3,968
Building & Improvements	19,855
Total	23,823
Accumulated Depreciation	$ 1,774
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,405
Building & Improvements	20,750
Subsequent Costs Capitalized
Land & Improvements	15
Building & Improvements	3,557
Gross Amount
Land & Improvements	3,420
Building & Improvements	24,307
Total	27,727
Accumulated Depreciation	$ 2,117
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,280
Building & Improvements	9,769
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	440
Gross Amount
Land & Improvements	2,280
Building & Improvements	10,209
Total	12,489
Accumulated Depreciation	$ 898
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,206
Building & Improvements	10,811
Subsequent Costs Capitalized
Land & Improvements	9
Building & Improvements	299
Gross Amount
Land & Improvements	1,215
Building & Improvements	11,110
Total	12,325
Accumulated Depreciation	$ 923
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,303
Building & Improvements	19,136
Subsequent Costs Capitalized
Land & Improvements	149
Building & Improvements	5,093
Gross Amount
Land & Improvements	5,452
Building & Improvements	24,229
Total	29,681
Accumulated Depreciation	$ 2,168
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	140,332
Building & Improvements	188,014
Subsequent Costs Capitalized
Land & Improvements	103
Building & Improvements	15,219
Gross Amount
Land & Improvements	140,435
Building & Improvements	203,233
Total	343,668
Accumulated Depreciation	$ 16,076
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,274
Building & Improvements	6,805
Subsequent Costs Capitalized
Land & Improvements	175
Building & Improvements	1,290
Gross Amount
Land & Improvements	1,449
Building & Improvements	8,095
Total	9,544
Accumulated Depreciation	$ 703
Embassy Suites Columbus \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Columbus \| Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,274
Building & Improvements	39,934
Subsequent Costs Capitalized
Land & Improvements	42
Building & Improvements	1,535
Gross Amount
Land & Improvements	3,316
Building & Improvements	41,469
Total	44,785
Accumulated Depreciation	$ 3,165
Renaissance Pittsburgh Hotel \| Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,860
Building & Improvements	21,668
Subsequent Costs Capitalized
Land & Improvements	15
Building & Improvements	1,272
Gross Amount
Land & Improvements	2,875
Building & Improvements	22,940
Total	25,815
Accumulated Depreciation	$ 1,780
Courtyard Atlanta Buckhead \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead \| Maximum
Gross Amount
Depreciation Life	40 years
Doubletree Hotel Columbia
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,933
Building & Improvements	6,486
Subsequent Costs Capitalized
Land & Improvements	76
Building & Improvements	3,049
Gross Amount
Land & Improvements	2,009
Building & Improvements	9,535
Total	11,544
Accumulated Depreciation	$ 887
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	39
Building & Improvements	1,315
Gross Amount
Land & Improvements	3,122
Building & Improvements	39,671
Total	42,793
Accumulated Depreciation	$ 3,137
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,656
Building & Improvements	9,614
Subsequent Costs Capitalized
Land & Improvements	114
Building & Improvements	4,649
Gross Amount
Land & Improvements	3,770
Building & Improvements	14,263
Total	18,033
Accumulated Depreciation	$ 1,412
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,751
Building & Improvements	4,763
Subsequent Costs Capitalized
Land & Improvements	54
Building & Improvements	5,134
Gross Amount
Land & Improvements	1,805
Building & Improvements	9,897
Total	11,702
Accumulated Depreciation	$ 1,124
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,975
Building & Improvements	18,490
Subsequent Costs Capitalized
Land & Improvements	58
Building & Improvements	6,352
Gross Amount
Land & Improvements	2,033
Building & Improvements	24,842
Total	26,875
Accumulated Depreciation	$ 2,239
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	9,326
Building & Improvements	9,220
Subsequent Costs Capitalized
Land & Improvements	69
Building & Improvements	715
Gross Amount
Land & Improvements	9,395
Building & Improvements	9,935
Total	19,330
Accumulated Depreciation	$ 833
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,714
Building & Improvements	35,828
Subsequent Costs Capitalized
Land & Improvements	16
Building & Improvements	317
Gross Amount
Land & Improvements	2,730
Building & Improvements	36,145
Total	38,875
Accumulated Depreciation	$ 2,048
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
Real Estate and Accumulated Depreciation
Debt	$ 35,000
Initial Costs
Land & Improvements	8,154
Building & Improvements	52,750
Subsequent Costs Capitalized
Land & Improvements	119
Building & Improvements	139
Gross Amount
Land & Improvements	8,273
Building & Improvements	52,889
Total	61,162
Accumulated Depreciation	$ 2,234
Residence Inn Bethesda \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Upper East Side
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	20,654
Building & Improvements	60,223
Subsequent Costs Capitalized
Land & Improvements	19
Building & Improvements	921
Gross Amount
Land & Improvements	20,673
Building & Improvements	61,144
Total	81,817
Accumulated Depreciation	$ 2,552
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,902
Building & Improvements	22,758
Subsequent Costs Capitalized
Land & Improvements	3
Building & Improvements	1,049
Gross Amount
Land & Improvements	11,905
Building & Improvements	23,807
Total	35,712
Accumulated Depreciation	$ 978
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
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,268
Building & Improvements	56,025
Subsequent Costs Capitalized
Land & Improvements	17
Building & Improvements	1,137
Gross Amount
Land & Improvements	6,285
Building & Improvements	57,162
Total	63,447
Accumulated Depreciation	$ 1,739
Embassy Suites Waltham \| Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Waltham \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,799
Building & Improvements	28,954
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	562
Gross Amount
Land & Improvements	5,799
Building & Improvements	29,516
Total	35,315
Accumulated Depreciation	$ 623
Courtyard Houston Downtown Convention Center \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,674
Building & Improvements	24,913
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	452
Gross Amount
Land & Improvements	4,674
Building & Improvements	25,365
Total	30,039
Accumulated Depreciation	$ 527
Residence Inn Houston Downtown Convention Center \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center \| Maximum
Gross Amount
Depreciation Life	40 years
Humble Tower Apartments
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,382
Building & Improvements	12,756
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	185
Gross Amount
Land & Improvements	2,382
Building & Improvements	12,941
Total	15,323
Accumulated Depreciation	$ 269
Humble Tower Apartments \| Minimum
Gross Amount
Depreciation Life	15 years
Humble Tower Apartments \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	557
Building & Improvements	79,033
Subsequent Costs Capitalized
Land & Improvements	38
Building & Improvements	43
Gross Amount
Land & Improvements	595
Building & Improvements	79,076
Total	79,671
Accumulated Depreciation	$ 1,153
Courtyard Waikiki Beach \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Waikiki Beach \| Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Francisco
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,277
Building & Improvements	18,198
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	2,017
Gross Amount
Land & Improvements	11,277
Building & Improvements	20,215
Total	31,492
Accumulated Depreciation	$ 0
Courtyard San Francisco \| Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Francisco \| Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,812
Building & Improvements	6,044
Subsequent Costs Capitalized
Land & Improvements	2
Building & Improvements	172
Gross Amount
Land & Improvements	2,814
Building & Improvements	6,216
Total	9,030
Accumulated Depreciation	$ 0
Residence Inn Atlanta Midtown Historic \| Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic \| Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,488
Building & Improvements	18,283
Subsequent Costs Capitalized
Land & Improvements	0
Building & Improvements	1
Gross Amount
Land & Improvements	3,488
Building & Improvements	18,284
Total	21,772
Accumulated Depreciation	$ 125
SpringHill Suites Portland Hillsboro \| Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro \| Maximum
Gross Amount
Depreciation Life	40 years

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 3,218,610	$ 2,908,626	$ 2,676,184
Add: Acquisitions	219,169	238,731	223,668
Add: Improvements	30,309	72,149	41,188
Less: Disposition of properties	(6,837)	0	(32,414)
Balance at end of period before impairment charges	3,461,251	3,219,506	2,908,626
Impairment charges on real estate assets owned at end of period	0	(896)	0
Balance at end of period	3,461,251	3,218,610	2,908,626
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(295,397)	(228,809)	(175,432)
Add: Depreciation for the period	(73,556)	(66,588)	(58,743)
Less: Disposition of properties	(1,647)	0	(5,366)
Balance at end of period	$ (367,306)	$ (295,397)	$ (228,809)