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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 30, 2014
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-Q
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		132,024,296
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Assets
Investment in hotels and other properties, net	$ 3,704,801	$ 3,241,163
Cash and cash equivalents	274,440	332,248
Restricted cash reserves	59,484	62,430
Hotel and other receivables, net of allowance of $233 and $234, respectively	37,574	22,762
Deferred financing costs, net	9,866	11,599
Deferred income tax asset	2,941	2,529
Purchase deposits	1,000	7,246
Prepaid expense and other assets	43,882	37,997
Total assets	4,133,988	3,717,974
Liabilities and Equity
Mortgage loans	533,335	559,665
Term loans	1,025,000	850,000
Accounts payable and accrued expense	125,752	115,011
Deferred income tax liability	3,325	3,548
Advance deposits and deferred revenue	13,074	9,851
Accrued interest	2,711	2,695
Distributions payable	41,834	30,870
Total liabilities	1,745,031	1,571,640
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 September 30, 2014 and December 31, 2013, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 132,024,296 and 122,640,042 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,319	1,226
Additional paid-in-capital	2,417,759	2,178,004
Accumulated other comprehensive loss	(7,287)	(5,941)
Distributions in excess of net earnings	(40,369)	(45,522)
Total shareholders’ equity	2,371,422	2,127,767
Noncontrolling interest
Noncontrolling interest in joint venture	6,226	7,306
Noncontrolling interest in Operating Partnership	11,309	11,261
Total noncontrolling interest	17,535	18,567
Total equity	2,388,957	2,146,334
Total liabilities and equity	$ 4,133,988	$ 3,717,974

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Hotel and other receivables, allowance (in dollars)	$ 178	$ 234
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	132,084,354	122,640,042
Common shares of beneficial interest, shares outstanding	132,084,354	122,640,042

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating revenue
Room revenue	$ 261,895	$ 221,318	$ 727,367	$ 635,157
Food and beverage revenue	27,076	22,907	77,924	71,206
Other operating department revenue	8,695	7,891	23,795	21,446
Total revenue	297,666	252,116	829,086	727,809
Operating expense
Room expense	57,012	49,388	158,669	139,550
Food and beverage expense	19,397	16,629	55,016	50,406
Management fee expense	11,569	8,773	32,639	25,524
Other operating expense	83,273	74,482	234,281	213,919
Total property operating expense	171,251	149,272	480,605	429,399
Depreciation and amortization	37,243	31,551	105,541	94,748
Impairment of Real Estate	9,200	0	9,200	0
Property tax, insurance and other	17,874	16,628	53,064	47,873
General and administrative	11,029	8,961	31,293	26,839
Transaction and pursuit costs	480	478	4,375	2,822
Total operating expense	247,077	206,890	684,078	601,681
Operating income	50,589	45,226	145,008	126,128
Other income	48	164	563	334
Interest income	337	241	1,622	777
Interest expense	(13,858)	(16,511)	(42,646)	(50,170)
Gain on Acquisition of Investment in Real Estate		4,831		4,831
Income from continuing operations before income tax expense	37,116	33,951	104,547	81,900
Income tax expense	(374)	(181)	(1,162)	(752)
Income from continuing operations	36,742	33,770	103,385	81,148
Income from discontinued operations	0	3,158	0	5,349
Gain (loss) on disposal of hotel properties	322	0	(975)	0
Net income	37,064	36,928	102,410	86,497
Net income attributable to non-controlling interests
Noncontrolling interest in consolidated joint venture	(57)	(166)	(102)	(321)
Noncontrolling interest in common units of Operating Partnership	(247)	(293)	(712)	(700)
Net income attributable to common shareholders	$ 36,760	$ 36,469	$ 101,596	$ 85,476
Basic per common share data
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties	$ 0.28	$ 0.27	$ 0.80	$ 0.68
Discontinued operations (in dollars per share)	0.00	0.03	0.00	0.05
Net income per share attributable to common shareholders (in dollars per share)	$ 0.28	$ 0.30	$ 0.80	$ 0.73
Weighted-average number of common shares (in shares)	131,106,440	121,594,219	126,070,309	116,697,417
Diluted per common share data
Net income per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.28	$ 0.27	$ 0.79	$ 0.67
Discontinued operations (in dollars per share)	0.00	0.03	0.00	0.05
Net income per share attributable to common shareholders (in dollars per share)	$ 0.28	$ 0.30	$ 0.79	$ 0.72
Weighted-average number of common shares (in shares)	132,386,843	122,750,121	127,297,901	117,797,670
Amounts attributable to the Company’s common shareholders
Income from continuing operations	$ 36,440	$ 33,334	$ 102,564	$ 80,166
Income from discontinued operations	0	3,135	0	5,310
Gain (loss) on disposal of hotel properties	320	0	(968)	0
Net income attributable to common shareholders	36,760	36,469	101,596	85,476
Comprehensive income
Unrealized gain (loss) on interest rate derivatives	5,567	(3,155)	(1,346)	(11,429)
Comprehensive income	42,631	33,773	101,064	75,068
Comprehensive income attributable to consolidated joint venture	(57)	(166)	(102)	(321)
Comprehensive income attributable to common units of Operating Partnership	$ (247)	$ (293)	(712)	(700)
Comprehensive income attributable to the Company			$ 100,250	$ 74,047

Consolidated Statements of Changes in Equity - 9 months ended Sep. 30, 2014 - 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
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
Increase (Decrease) in Owners' Equity
Net income	102,410			101,596		814	712	102
Sale of common stock (shares)		9,200,000
Proceeds from sale of common stock	232,756	$ 92	232,664
Unrealized loss on interest rate derivative	(1,346)				(1,346)
Distributions to joint venture partner	(1,182)					(1,182)		(1,182)
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		343,887
Amortization of share based compensation	11,244		11,244
Share grants to trustees	94		94
Share grants to trustees (in shares)		3,360
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,246)	$ (2)	(4,244)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(154,277)
Forfeiture of restricted stock (in shares)		(8,716)
Distributions on common shares and units	(97,107)			(96,443)		(664)	(664)
Balance at Sep. 30, 2014	$ 2,388,957	$ 1,319	$ 2,417,759	$ (40,369)	$ (7,287)	$ 17,535	$ 11,309	$ 6,226
Balance (in shares) at Sep. 30, 2014		132,024,296

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net income	$ 102,410	$ 86,497
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss on defeasance	804	0
Loss on disposal of hotel properties	975	0
Impairment of Real Estate	9,200	0
Gain on extinguishment of indebtedness	0	(5,702)
Gain on Foreclosure		(4,831)
Depreciation and amortization	105,541	94,940
Amortization of deferred financing costs	3,312	3,487
Amortization of deferred management fees	719	882
Accretion of interest income on investment in loan	(175)	0
Share grants to trustees	94	96
Amortization of share based compensation	11,244	9,691
Deferred income taxes	(635)	(316)
Changes in assets and liabilities:
Hotel and other receivables, net	(14,005)	(9,183)
Prepaid expense and other assets	(6,912)	(273)
Accounts payable and accrued expense	8,953	5,978
Advance deposits and deferred revenue	2,564	3,721
Accrued interest	16	230
Net cash flow provided by operating activities	224,105	185,217
Cash flows from investing activities
Acquisition of hotel and other properties, net	(631,640)	(184,165)
Proceeds from the disposal of hotel properties, net	124,076	0
Payments for (Proceeds from) Deposits on Real Estate Acquisitions	(6,246)	(1,914)
Proceeds from principal payments on investment in loan	0	103
Improvements and additions to hotel and other properties	(70,987)	(41,717)
Additions to property and equipment	(26)	(137)
Releases from restricted cash reserves, net	2,946	10,985
Net cash flow used in investing activities	(569,385)	(213,017)
Cash flows from financing activities
Borrowings under revolving credit facility	292,500	205,500
Repayments under revolving credit facility	(292,500)	(221,500)
Borrowings on term loans	175,000	450,000
Proceeds from Issuance of Secured Debt		150,000
Payment of mortgage loans	(27,134)	(575,850)
Repurchase of common shares	(4,246)	(2,871)
Distributions on common shares	(85,532)	(72,170)
Distributions on Operating Partnership units	(611)	(550)
Payment of deferred financing costs	(1,579)	(4,639)
Distribution to noncontrolling interest	(1,182)
Proceeds from issuance of common shares	232,756	327,545
Net cash flow provided by financing activities	287,472	255,465
Net change in cash and cash equivalents	(57,808)	227,665
Cash and cash equivalents, beginning of period	332,248	$ 115,861
Cash and cash equivalents, end of period	$ 274,440

Organization	9 Months Ended
Organization	Sep. 30, 2014
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 qualified and elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the portion of its taxable year ended December 31, 2011. Substantially all of the Company’s assets are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of September 30, 2014, there were 132,918,296 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 September 30, 2014, the Company owned 150 properties, comprised of 148 hotels with approximately 23,300 rooms and two planned hotel conversions, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel. The Company owned, through wholly-owned subsidiaries, 100% of the interests in all properties, with the exception of the DoubleTree Metropolitan Hotel-New York City, in which the Company, through wholly-owned subsidiaries, owned a 98.1% 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.

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows for the periods presented. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2013, included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2014. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of actual operating results for the entire year. The unaudited consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, including a consolidated joint venture. All intercompany balances have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 September 30, 2014, there was approximately $3.7 million remaining to be recognized. Investment in Hotels 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. Interest used to finance real estate under development is capitalized as an additional cost of development. Upon the sale or disposal of a property, the asset and related accumulated depreciation are removed from the accounts and the related gain or loss is recognized. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less cost to sell, in accordance with the guidance. Any such adjustment in the carrying value is reflected as an impairment charge. The Company assesses carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Recoverability is measured by comparison of the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of properties. If the Company’s analysis indicates that the carrying value 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. 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 with respect to the properties. Noncontrolling Interest The 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 consolidated financial statements. As of September 30, 2014 the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.9% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the consolidated balance sheet. Profits and losses are allocated in proportion to each party's respective ownership interest. Franchise Agreements As of September 30, 2014, 132 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. The franchise agreements for these hotels allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.0% and 4.3% of room revenue. Certain full service hotels are also charged a royalty fee between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in other hotel operating expenses in the consolidated financial statements. 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 (performance-based) and continued employment, 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. Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which significantly changed the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on operations and final results should be presented as discontinued operations. The guidance also provides additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance applies to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted the new guidance for the quarterly period ended March 31, 2014. Prior to January 1, 2014, properties disposed of were presented in discontinued operations for all periods presented. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows.

Acquisition of Hotel and Other Properties

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisition of Hotel and Other Properties

During the nine months ended September 30, 2014, the Company acquired a 100% interest in the following properties:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt House Charlotte Center City

Charlotte, NC

March 12, 2014

Hyatt Affiliate

163

32,496

Hyatt House Cypress Anaheim

Cypress, CA

March 12, 2014

Hyatt Affiliate

142

14,753

Hyatt House Emeryville San Francisco Bay Area

Emeryville, CA

March 12, 2014

Hyatt Affiliate

234

39,274

Hyatt House San Diego Sorrento Mesa

San Diego, CA

March 12, 2014

Hyatt Affiliate

193

35,985

Hyatt House San Jose Silicon Valley

San Jose, CA

March 12, 2014

Hyatt Affiliate

164

44,159

Hyatt House San Ramon

San Ramon, CA

March 12, 2014

Hyatt Affiliate

142

20,833

Hyatt House Santa Clara

Santa Clara, CA

March 12, 2014

Hyatt Affiliate

150

40,570

Hyatt Market Street The Woodlands

The Woodlands, TX

March 12, 2014

Hyatt Corporation

25,817

Hyatt Place Fremont Silicon Valley

Fremont, CA

March 12, 2014

Hyatt Affiliate

151

23,525

Hyatt Place Madison Downtown

Madison, WI

March 12, 2014

Hyatt Affiliate

151

35,088

Courtyard Portland City Center

Portland, OR

May 22, 2014

Sage Hospitality

256

67,000

Embassy Suites Irvine Orange County

Irvine, CA

May 22, 2014

Sage Hospitality

293

53,000

Hilton Cabana Miami Beach

Miami, FL

June 19, 2014

Highgate Hotels

231

71,700

Hyatt Atlanta Midtown

Atlanta, GA

July 14, 2014

Interstate Hotels and Resorts

194

49,500

DoubleTree Grand Key Resort (1)

Key West, FL

September 11, 2014

Interstate Hotels and Resorts

215

78,250

2,749

631,950


(1)	Purchase price includes $1.3 million paid for five condominium units.

During the nine months ended September 30, 2013, the Company acquired a 100% interest in the following properties:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Courtyard Houston Downtown Convention Center

Houston, TX

March 19, 2013

White Lodging Services

191

34,308

Residence Inn Houston Downtown Convention Center

Houston, TX

March 19, 2013

White Lodging Services

171

29,421

Humble Tower Apartments (1)

Houston, TX

March 19, 2013

n/a

15,547

Courtyard Waikiki Beach

Honolulu, HI

June 17, 2013

Highgate Hotels

399

75,250

Vantaggio Suites Cosmo (2)

San Francisco, CA

June 21, 2013

n/a

150

29,474

Residence Inn Atlanta Midtown/Georgia Tech (3)

Atlanta, GA

August 6, 2013

Interstate Hotels and Resorts

4,731

1,071

188,731


(1)	Conversion to a SpringHill Suites is in progress.


(2)	Conversion to a Courtyard by Marriott is in progress.


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

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



	For the nine months ended September 30,
	2014		2013
Land and land improvements	$	164,335	$	24,132
Buildings and improvements	409,506		169,070
Furniture, fixtures and equipment	57,571		3,151
Intangible and other assets	538		342
Intangible and other liabilities	—		(3,695		)
	631,950		193,000
Bargain purchase gain	—		(4,269		)
Total purchase price	$	631,950	$	188,731

The allocation of the purchase price for the DoubleTree Grand Key Resort is preliminary due to certain market information not yet being available.

For the properties acquired during the nine months ended September 30, 2014, total revenues and net income from the date of acquisition through September 30, 2014 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014, respectively, as follows (in thousands):



	2014 acquisitions
	For the three months ended September 30, 2014		For the nine months ended September 30, 2014
Revenue	$	38,181	$	67,988
Net income	$	8,628	$	11,639

For properties acquired during the nine months ended September 30, 2013 total revenues and net income from the date of acquisition through September 30, 2013 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2013, respectively, as follows (in thousands):



	2013 acquisitions
	For the three months ended September 30, 2013		For the nine months ended September 30, 2013
Revenue	$	11,179	$	17,741
Net income	$	2,056	$	1,488

The following unaudited condensed pro forma financial information presents the results of operations as if the 2014 acquisitions had taken place on January 1, 2013 and the 2013 acquisitions had taken place on January 1, 2012. 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 2014 and 2013 acquisitions had taken place on January 1, 2013 and 2012, respectively, nor does it purport to represent the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data):



	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Revenue	$	300,652	$	286,526	$	870,977	$	839,560
Net income attributable to common shareholders	$	37,688	$	43,172	$	111,408	$	109,462
Net income per share attributable to common shareholders - basic	$	0.29	$	0.36	$	0.88	$	0.94
Net income per share attributable to common shareholders - diluted	$	0.28	$	0.35	$	0.88	$	0.93
Weighted-average number of shares outstanding - basic	131,106,440		121,594,219		126,070,309		116,697,417
Weighted-average number of shares outstanding - diluted	132,386,843		122,750,121		127,297,901		117,797,670

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Disposal of Hotel Properties

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal of Hotel Properties

During the nine months ended September 30, 2014, the Company disposed of 14 hotel properties in four separate transactions for a total sale price of approximately $128.0 million. In conjunction with these transactions, the Company recorded a $1.0 million loss on disposal, which is included in the consolidated statement of operations. Additionally, the Company completed a legal defeasance of the mortgage indebtedness secured by three of the properties that were sold. The cost of the defeasance was approximately $0.8 million, which is included in interest expense in the accompanying consolidated statement of operations.

The following table provides a list of properties that were disposed of during the nine months ended September 30, 2014:



Property Name	Location	Disposal Date	Rooms
Courtyard Denver Southwest Lakewood	Lakewood, CO	February 20, 2014	90
Residence Inn Denver Southwest Lakewood	Lakewood, CO	February 20, 2014	102
Hyatt House Colorado Springs	Colorado Springs, CO	February 20, 2014	125
SpringHill Suites Gainesville	Gainesville, FL	February 20, 2014	126
Residence Inn Indianapolis Airport	Indianapolis, IN	February 20, 2014	95
Fairfield Inn & Suites Indianapolis Airport	Indianapolis, IN	February 20, 2014	86
Courtyard Grand Rapids Airport	Kentwood, MI	February 20, 2014	84
Hampton Inn Suites Las Vegas Red Rock Summerlin	Las Vegas, NV	February 20, 2014	106
Courtyard Austin University Area	Austin, TX	February 20, 2014	198
Fairfield Inn & Suites Austin University Area	Austin, TX	February 20, 2014	63
Hyatt House Dallas Richardson	Richardson, TX	February 20, 2014	130
Hilton Garden Inn St. George	St. George, UT	February 25, 2014	150
Hilton Mystic	Mystic, CT	March 26, 2014	182
Holiday Inn Austin NW Arboretum Area	Austin, TX	June 18, 2014	194
		Total	1,731

During 2013, the Company disposed of three properties in three separate transactions. The operating results for the nine months ended September 30, 2013 for these properties is included in discontinued operations in the accompanying consolidated statement of operations.

The following table provides a list of properties that were disposed of during 2013:



Property Name	Location	Disposal Date	Rooms
SpringHill Suites Southfield	Southfield, MI	May 30, 2013	84
Courtyard Goshen	Goshen, IN	August 28, 2013	91
Fairfield Inn & Suites Memphis	Memphis, TN	November 18, 2013	63
		Total	238

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



	For the three months ended September 30, 2013			For the nine months ended September 30, 2013
Operating revenue	$	678		$	2,800
Operating expense	(766		)	(2,780		)
Operating income (loss)	(88		)	20
Interest expense	(31		)	(373		)
Loss from discontinued operations before gain on extinguishment of indebtedness	(119		)	(353		)
Gain on extinguishment of indebtedness	3,277			5,702
Net income from discontinued operations	$	3,158		$	5,349

- 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
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-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Investment in Hotel and Other Properties

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Investment in Hotel and Other Properties

Investment in Hotels and Other Properties

Investment in hotels and other properties as of September 30, 2014 and December 31, 2013 consisted of the following (in thousands):



	September 30, 2014			December 31, 2013
Land and land improvements	$	732,935		$	594,402
Buildings and improvements	3,186,738			2,866,849
Furniture, fixtures and equipment	538,094			485,531
Intangible assets, net	3,045			2,507
	4,460,812			3,949,289
Accumulated depreciation and amortization	(756,011		)	(708,126		)
Investment in hotels and other properties, net	$	3,704,801		$	3,241,163

For the three and nine months ended September 30, 2014, depreciation and amortization expense related to investment in hotels and other properties was approximately $37.1 million and $105.2 million, respectively. For the three and nine months ended September 30, 2013, depreciation and amortization expense related to investment in hotels and other properties, excluding discontinued operations, was approximately $31.4 million and $94.4 million, respectively.

Impairment

In connection with the preparation of the unaudited consolidated financial statements for the three and nine months ended September 30, 2014, the Company evaluated the recoverability of the carrying values of hotels given the current expectation to sell certain hotels before the end of their previously estimated useful lives. Based on an analysis of estimated undiscounted net cash flows, the Company concluded that the carrying values of three hotels were not recoverable. The Company estimated the fair value of the hotels using a widely accepted revenue multiple approach with significant unobservable inputs, including revenue growth projections and prevailing market multiples, from third party sources. During the three and nine months ended September 30, 2014, the Company recorded an impairment loss of $9.2 million related to these hotels.

The Company determined that there was no impairment of any assets for either the three and nine months ended September 30, 2013.

Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt

Credit Facilities

The Company has in place credit agreements that provide for (i) an unsecured revolving credit facility of up to $300 million with a scheduled maturity date of November 20, 2016 with a one-year extension option if certain conditions are satisfied (the “Revolver”), (ii) an unsecured term loan of $400 million with a scheduled maturity date of March 20, 2019 (which originally was scheduled to mature in 2017) (the “2012 Five-Year Term Loan”), (iii) an unsecured term loan of $225 million with a scheduled maturity date of November 20, 2019 (the “Seven-Year Term Loan”), and (iv) an unsecured term loan of $400 million with a scheduled maturity date of August 27, 2018 (the “2013 Five-Year Term Loan” and, together with the 2012 Five-Year Term Loan and the Seven-Year Term Loan, the "Term Loans").

The Revolver and Term Loans are subject to customary financial covenants. As of September 30, 2014, the Company was in compliance with all financial covenants.

As of and for the three and nine months ended September 30, 2014 and 2013, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended September 30,				nine months ended September 30,
	Outstanding Borrowings at September 30, 2014		Maturity Date	Interest Rate at September 30, 2014 (1)	2014		2013		2014		2013
Revolver (2)	$	—	November 2016	n/a	$	287	$	268	$	906	$	885
2013 Five-Year Term Loan (3)	400,000		August 2018	3.07%	3,137		914		9,090		914
2012 Five-Year Term Loan	400,000		March 2019	1.71%	1,748		1,329		4,898		4,137
Seven-Year Term Loan (4)	225,000		November 2019	4.04%	2,320		1,073		6,870		2,596
Total	$	1,025,000			$	7,492	$	3,584	$	21,764	$	8,532


(1)	Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively.


(3)	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.

Mortgage Loans

As of September 30, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):



						Principal balance at,
Lender	Number of Assets Encumbered	Interest Rate at September 30, 2014 (1)		Maturity Date		September 30, 2014		December 31, 2013
Wells Fargo	5	3.76%	(2)	Oct 2014	(3)	$	142,000	$	142,000
Capmark Financial Group	1	5.55%		May 2015	(4)	10,615		10,916
Capmark Financial Group	1	5.55%		June 2015	(4)	4,605		4,736
Barclays Bank	12	5.55%		June 2015	(4)	108,576		111,632
Barclays Bank	4	5.60%		June 2015	(4)	27,030		27,804
Capmark Financial Group	1	5.50%		July 2015	(4)	6,273		6,450
Barclays Bank	1	5.44%		Sept 2015	(4)	10,236		10,521
PNC Bank (5)	5	2.51%	(2)	May 2016	(6)	74,000		85,000
Wells Fargo (7)	4	4.19%	(2)	Sept 2016	(8)	150,000		150,000
Barclays Bank (9)						—		2,475
Barclays Bank (9)						—		4,063
Capmark Financial Group (9)						—		4,068
	34					$	533,335	$	559,665


(1)	Interest rate at September 30, 2014 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)	On October 17, 2014, the Company refinanced these mortgage loans. See Footnote 16 for more information.


(4)	The Company is currently evaluating its options for repayment of these mortgage loans.


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


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


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


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


(9)	Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.

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

covenants at September 30, 2014 and December 31, 2013.

Derivatives and Hedging

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

The Company employs derivative 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 September 30, 2014 and December 31, 2013, all derivative instruments were designated as cash flow hedges.

At September 30, 2014 and December 31, 2013, the fair value of interest rate swap assets of $1.5 million and $3.2 million, respectively, was included in prepaid expense and other assets in the consolidated balance sheets. At September 30, 2014 and December 31, 2013, the aggregate fair value of interest rate swap liabilities of $8.8 million and $9.1 million, respectively, was included in accounts payable and accrued expenses in the consolidated balance sheets.

As of September 30, 2014 and December 31, 2013, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	September 30, 2014		December 31, 2013		Hedge interest rate	Maturity	September 30, 2014			December 31, 2013
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	1,474		$	3,161
Swap-cash flow	175,000		175,000		1.56%	March 2018	(1,478		)	(1,866		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(1,923		)	(2,406		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(225		)	(238		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(177		)	(181		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(553		)	(585		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(446		)	(456		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(246		)	(260		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(183		)	(187		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(2,145		)	(1,838		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(1,385		)	(1,085		)
	$	1,000,000	$	1,000,000			$	(7,287	)	$	(5,941	)

As of September 30, 2014 and December 31, 2013, there was approximately $7.3 million and $5.9 million, respectively, in unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on designated hedges during the three and nine month periods ended September 30, 2014 and 2013. For the nine months ended September 30, 2014 and 2013, approximately $8.7 million and $0.6 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
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-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value

9 Months Ended

Sep. 30, 2014

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


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

•

Variable rate mortgage notes payable and borrowings under the Revolver and Term Loans - The carrying amounts reported in the 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 September 30, 2014 and December 31, 2013 of $172.5 million and $188.0 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 September 30, 2014 and December 31, 2013 was $167.3 million and $182.7 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 September 30, 2014 (in thousands):



	Fair Value at September 30, 2014
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	1,474		$	—	$	1,474
Interest rate swap liability	$	—	$	(8,761	)	$	—	$	(8,761	)
Total	$	—	$	(7,287	)	$	—	$	(7,287	)

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 September 30, 2014, 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 Measurements

The following table presents the Company's fair value hierarchy for financial assets measured at fair value on a non-recurring basis as of September 30, 2014 (in thousands):



	Fair Value at September 30, 2014
	Level 1		Level 2		Level 3		Total
Impaired hotel properties	$	—	$	—	$	5,685	$	5,685

During the three and nine months ended September 30, 2014, the Company recorded an impairment loss of $9.2 million related to three hotels. The Company estimated the fair value of the hotels using a widely accepted revenue multiple approach with significant unobservable inputs, including revenue growth projections and prevailing market multiples, from third party sources.

- Definition

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

+ References + Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code when it filed its U.S. federal tax return for its short taxable year ended December 31, 2011. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to its shareholders, subject to certain adjustments and excluding any net capital gain. The Company’s intention is to adhere to these requirements and maintain the qualification for taxation as a REIT. As a REIT, the Company is not subject to federal corporate income tax on that portion of net income that is currently distributed to its shareholders. However, the Company’s taxable REIT subsidiaries ("TRS") will generally be subject to federal, state, and local income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. The Company had no accruals for tax uncertainties as of September 30, 2014 and December 31, 2013.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 September 30, 2014 and December 31, 2013, approximately $59.5 million and $62.4 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. Data Breach During the first quarter of 2014, one of the Company's third-party hotel managers notified the Company of a data breach that occurred over a nine-month period ending in December 2013 at 14 of the hotels that it manages, including seven hotels that are owned by the Company. An analysis of the data breach revealed that hackers installed memory scraping malware on food and beverage point of sale systems that was designed to capture credit card data. During the period of the breach, it appears that information from approximately 95,000 credit cards could have been collected by the malware. The third-party hotel manager is cooperating with the relevant authorities in their investigations of this criminal cyber-attack. The Company and its third-party hotel manager are also taking steps to assess and further strengthen information security systems. The Company believes that each of the credit card companies impacted may seek to impose fines, fees or assessments in connection with the breach against various parties, including the Company. The Company may also incur other costs, including legal fees and other professional services fees, related to investigating the breach. Because the investigation into the matter is ongoing and certain factual and legal questions remain unanswered, the Company is unable to estimate with certainty the total costs, fines, fees or assessments that may be associated with any potential claims; however, the Company currently believes that any amounts that the Company may ultimately be required to pay as a result of this incident will not be material to the results of operations.

Equity	9 Months Ended
Equity	Sep. 30, 2014
Equity [Abstract]
Equity	Equity On May 22, 2014, the Company issued and sold 9,200,000 common shares of beneficial interest, $0.01 par value per share, at a price per share of $26.45, for total gross proceeds of $243.3 million. The Company received aggregate net proceeds of approximately $232.8 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Equity Incentive Plan

9 Months Ended

Sep. 30, 2014

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 time-based 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 September 30, 2014 is as follows:



	2014
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	932,800		$	18.99
Granted (1)	347,247		24.44
Vested (1)	(398,599	)	19.34
Forfeited	(8,716	)	23.06
Unvested at September 30,	872,732		$	20.96


(1)	Includes 3,360 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $28.07.

For the three and nine months ended September 30, 2014, the Company recognized approximately $2.7 million and $7.9 million, respectively, of share-based compensation expense related to restricted share awards. For the three and nine months ended September 30, 2013, the Company recognized $2.2 million and $6.3 million, respectively, of share-based compensation expense related to restricted share awards. As of September 30, 2014, there was $17.0 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 2.3 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the nine months ended September 30, 2014 was approximately $11.0 million.

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 September 30, 2014, there were 1.0 million unvested performance units with a weighted-average grant date fair value of $15.36 per performance unit.

For the three and nine months ended September 30, 2014, the Company recognized $1.1 million and $3.4 million, respectively, of share-based compensation expense related to the performance units. For the three and nine months ended September 30, 2013, the Company recognized $1.1 million and $3.4 million, respectively, of share-based compensation expense related to the performance units. As of September 30, 2014, there was $5.6 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 1.3 years.

As of September 30, 2014, there were 2,739,596 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.

Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties, 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 income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties, 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 three and nine months ended September 30, 2014, zero and $39,000, respectively, represented undistributed earnings that were allocated to participating shares. For the three and nine months ended September 30, 2013, $0.1 million and $0.1 million, respectively, represented undistributed earnings that were allocated to participating shares.

The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and nine months ended September 30, 2014 and 2013, 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 three months ended September 30,						For the nine months ended September 30,
	2014			2013			2014			2013
Numerator:
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties	$	36,760		$	33,334		$	101,596		$	80,166
Add: Income from discontinued operations	—			3,135			—			5,310
Net income attributable to common shareholders	36,760			36,469			101,596			85,476
Less: Dividends paid on unvested restricted shares	(262		)	(216		)	(731		)	(712		)
Less: Undistributed earnings attributable to unvested restricted shares	—			(97		)	(39		)	(86		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	36,498		$	36,156		$	100,826		$	84,678
Denominator:
Weighted-average number of common shares - basic	131,106,440			121,594,219			126,070,309			116,697,417
Unvested restricted shares	318,145			249,029			306,630			212,672
Unvested performance units	962,258			906,873			920,962			887,581
Weighted-average number of common shares - diluted	132,386,843			122,750,121			127,297,901			117,797,670

Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - basic	$	0.28		$	0.27		$	0.80		$	0.68
Discontinued operations	—			0.03			—			0.05
Net income attributable to common shareholders - basic	$	0.28		$	0.30		$	0.80		$	0.73

Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - diluted	$	0.28		$	0.27		$	0.79		$	0.67
Discontinued operations	—			0.03			—			0.05
Net income attributable to common shareholders - diluted	$	0.28		$	0.30		$	0.79		$	0.72

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
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. As of September 30, 2014, there was approximately $8,000 payable to RLJ Companies, LLC which was included in accrued expense and at December 31, 2013, there was approximately $1,000 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 + Details

Supplemental Information to Statements of Cash Flows

9 Months Ended

Sep. 30, 2014

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)



	For the nine months ended September 30,
	2014			2013
Interest paid	$	39,318		$	46,826

Income taxes paid	$	1,989		$	1,350

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	631,950		$	196,695
Accounts receivable	807			708
Other assets	1,671			902
Advance deposits	(659		)	(313		)
Accounts payable and accrued expenses	(2,129		)	(4,265		)
Receipt of assets in full satisfaction	—			(4,731		)
Gain on foreclosure	—			(4,831		)
Acquisition of hotel and other properties, net	$	631,640		$	184,165

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	128,000		$	(5,056	)
Closing costs	(2,846		)	—
Operating prorations	(1,078		)	213
Gain on extinguishment of indebtedness	—			(5,702		)
Forgiveness of indebtedness	—			10,545
Proceeds from the disposal of hotel properties, net	$	124,076		$	—

Supplemental non-cash transactions:
Accrued capital expenditures	$	—		$	76

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 15, 2014, the Company paid a dividend of $0.30 per common share to shareholders of record at September 30, 2014. On October 17, 2014, the Company originated four mortgage loans totaling $143.0 million and used the proceeds to retire five mortgage loans that had an aggregate principal balance of $142.0 million and were scheduled to mature in October 2014. The four new individual mortgage loans have an aggregate principal balance of $143.0 million, which bear interest at LIBOR plus 2.25% and have three-year initial terms. The maturity dates may be extended for four one-year terms at the Company's option, subject to the satisfaction of certain lender requirements. For the initial terms and first two extension periods, only payments of interest are required. On October 24, 2014, the Company hedged $50.0 million of the aggregate principal balance of the above mentioned mortgage loans with an interest rate swap that effectively fixes LIBOR at 1.80%. The interest rate swap has a maturity date of October 24, 2020 and is designated as a cash flow hedge.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows for the periods presented. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2013, included in the Company's Annual Report on Form 10-K filed with the SEC on February 27, 2014. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of actual operating results for the entire year. The unaudited consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, including a consolidated joint venture. All intercompany balances have been eliminated in consolidation.
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.
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.
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 September 30, 2014, there was approximately $3.7 million remaining to be recognized.
Investment in Hotels and Other Properties	Investment in Hotels 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. Interest used to finance real estate under development is capitalized as an additional cost of development. Upon the sale or disposal of a property, the asset and related accumulated depreciation are removed from the accounts and the related gain or loss is recognized. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less cost to sell, in accordance with the guidance. Any such adjustment in the carrying value is reflected as an impairment charge. The Company assesses carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Recoverability is measured by comparison of the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of properties. If the Company’s analysis indicates that the carrying value 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. 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 with respect to the properties.
Noncontrolling Interest	Noncontrolling Interest The 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 consolidated financial statements. As of September 30, 2014 the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.9% ownership interest. The third-party partnership interest is included in noncontrolling
Franchise Agreements	Franchise Agreements As of September 30, 2014, 132 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. The franchise agreements for these hotels allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.0% and 4.3% of room revenue. Certain full service hotels are also charged a royalty fee between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in other hotel operating expenses in the consolidated financial statements.
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 (performance-based) and continued employment, 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which significantly changed the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift that has (or will have) a major effect on operations and final results should be presented as discontinued operations. The guidance also provides additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance applies to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted the new guidance for the quarterly period ended March 31, 2014. Prior to January 1, 2014, properties disposed of were presented in discontinued operations for all periods presented. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time and will expand disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company is currently evaluating whether this ASU will have a material impact on its financial position, results of operations or cash flows.

Acquisition of Hotel and Other Properties (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

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

During the nine months ended September 30, 2014, the Company acquired a 100% interest in the following properties:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt House Charlotte Center City

Charlotte, NC

March 12, 2014

Hyatt Affiliate

163

32,496

Hyatt House Cypress Anaheim

Cypress, CA

March 12, 2014

Hyatt Affiliate

142

14,753

Hyatt House Emeryville San Francisco Bay Area

Emeryville, CA

March 12, 2014

Hyatt Affiliate

234

39,274

Hyatt House San Diego Sorrento Mesa

San Diego, CA

March 12, 2014

Hyatt Affiliate

193

35,985

Hyatt House San Jose Silicon Valley

San Jose, CA

March 12, 2014

Hyatt Affiliate

164

44,159

Hyatt House San Ramon

San Ramon, CA

March 12, 2014

Hyatt Affiliate

142

20,833

Hyatt House Santa Clara

Santa Clara, CA

March 12, 2014

Hyatt Affiliate

150

40,570

Hyatt Market Street The Woodlands

The Woodlands, TX

March 12, 2014

Hyatt Corporation

25,817

Hyatt Place Fremont Silicon Valley

Fremont, CA

March 12, 2014

Hyatt Affiliate

151

23,525

Hyatt Place Madison Downtown

Madison, WI

March 12, 2014

Hyatt Affiliate

151

35,088

Courtyard Portland City Center

Portland, OR

May 22, 2014

Sage Hospitality

256

67,000

Embassy Suites Irvine Orange County

Irvine, CA

May 22, 2014

Sage Hospitality

293

53,000

Hilton Cabana Miami Beach

Miami, FL

June 19, 2014

Highgate Hotels

231

71,700

Hyatt Atlanta Midtown

Atlanta, GA

July 14, 2014

Interstate Hotels and Resorts

194

49,500

DoubleTree Grand Key Resort (1)

Key West, FL

September 11, 2014

Interstate Hotels and Resorts

215

78,250

2,749

631,950


(1)	Purchase price includes $1.3 million paid for five condominium units.

During the nine months ended September 30, 2013, the Company acquired a 100% interest in the following properties:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Courtyard Houston Downtown Convention Center

Houston, TX

March 19, 2013

White Lodging Services

191

34,308

Residence Inn Houston Downtown Convention Center

Houston, TX

March 19, 2013

White Lodging Services

171

29,421

Humble Tower Apartments (1)

Houston, TX

March 19, 2013

n/a

15,547

Courtyard Waikiki Beach

Honolulu, HI

June 17, 2013

Highgate Hotels

399

75,250

Vantaggio Suites Cosmo (2)

San Francisco, CA

June 21, 2013

n/a

150

29,474

Residence Inn Atlanta Midtown/Georgia Tech (3)

Atlanta, GA

August 6, 2013

Interstate Hotels and Resorts

4,731

1,071

188,731


(1)	Conversion to a SpringHill Suites is in progress.


(2)	Conversion to a Courtyard by Marriott is in progress.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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



	For the nine months ended September 30,
	2014		2013
Land and land improvements	$	164,335	$	24,132
Buildings and improvements	409,506		169,070
Furniture, fixtures and equipment	57,571		3,151
Intangible and other assets	538		342
Intangible and other liabilities	—		(3,695		)
	631,950		193,000
Bargain purchase gain	—		(4,269		)
Total purchase price	$	631,950	$	188,731

Schedule of total revenues and net loss from the properties acquired



	2014 acquisitions
	For the three months ended September 30, 2014		For the nine months ended September 30, 2014
Revenue	$	38,181	$	67,988
Net income	$	8,628	$	11,639



	2013 acquisitions
	For the three months ended September 30, 2013		For the nine months ended September 30, 2013
Revenue	$	11,179	$	17,741
Net income	$	2,056	$	1,488

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 three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Revenue	$	300,652	$	286,526	$	870,977	$	839,560
Net income attributable to common shareholders	$	37,688	$	43,172	$	111,408	$	109,462
Net income per share attributable to common shareholders - basic	$	0.29	$	0.36	$	0.88	$	0.94
Net income per share attributable to common shareholders - diluted	$	0.28	$	0.35	$	0.88	$	0.93
Weighted-average number of shares outstanding - basic	131,106,440		121,594,219		126,070,309		116,697,417
Weighted-average number of shares outstanding - diluted	132,386,843		122,750,121		127,297,901		117,797,670

Disposal of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of property disposed during period

The following table provides a list of properties that were disposed of during 2013:



Property Name	Location	Disposal Date	Rooms
SpringHill Suites Southfield	Southfield, MI	May 30, 2013	84
Courtyard Goshen	Goshen, IN	August 28, 2013	91
Fairfield Inn & Suites Memphis	Memphis, TN	November 18, 2013	63
		Total	238

The following table provides a list of properties that were disposed of during the nine months ended September 30, 2014:



Property Name	Location	Disposal Date	Rooms
Courtyard Denver Southwest Lakewood	Lakewood, CO	February 20, 2014	90
Residence Inn Denver Southwest Lakewood	Lakewood, CO	February 20, 2014	102
Hyatt House Colorado Springs	Colorado Springs, CO	February 20, 2014	125
SpringHill Suites Gainesville	Gainesville, FL	February 20, 2014	126
Residence Inn Indianapolis Airport	Indianapolis, IN	February 20, 2014	95
Fairfield Inn & Suites Indianapolis Airport	Indianapolis, IN	February 20, 2014	86
Courtyard Grand Rapids Airport	Kentwood, MI	February 20, 2014	84
Hampton Inn Suites Las Vegas Red Rock Summerlin	Las Vegas, NV	February 20, 2014	106
Courtyard Austin University Area	Austin, TX	February 20, 2014	198
Fairfield Inn & Suites Austin University Area	Austin, TX	February 20, 2014	63
Hyatt House Dallas Richardson	Richardson, TX	February 20, 2014	130
Hilton Garden Inn St. George	St. George, UT	February 25, 2014	150
Hilton Mystic	Mystic, CT	March 26, 2014	182
Holiday Inn Austin NW Arboretum Area	Austin, TX	June 18, 2014	194
		Total	1,731

Schedule of operating results of discontinued operations

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



	For the three months ended September 30, 2013			For the nine months ended September 30, 2013
Operating revenue	$	678		$	2,800
Operating expense	(766		)	(2,780		)
Operating income (loss)	(88		)	20
Interest expense	(31		)	(373		)
Loss from discontinued operations before gain on extinguishment of indebtedness	(119		)	(353		)
Gain on extinguishment of indebtedness	3,277			5,702
Net income from discontinued operations	$	3,158		$	5,349

- Definition

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

+ References + Details

Investment in Hotel and Other Properties (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel and other properties

Investment in hotels and other properties as of September 30, 2014 and December 31, 2013 consisted of the following (in thousands):



	September 30, 2014			December 31, 2013
Land and land improvements	$	732,935		$	594,402
Buildings and improvements	3,186,738			2,866,849
Furniture, fixtures and equipment	538,094			485,531
Intangible assets, net	3,045			2,507
	4,460,812			3,949,289
Accumulated depreciation and amortization	(756,011		)	(708,126		)
Investment in hotels and other properties, net	$	3,704,801		$	3,241,163

Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Revolver and Term Loans

As of and for the three and nine months ended September 30, 2014 and 2013, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended September 30,				nine months ended September 30,
	Outstanding Borrowings at September 30, 2014		Maturity Date	Interest Rate at September 30, 2014 (1)	2014		2013		2014		2013
Revolver (2)	$	—	November 2016	n/a	$	287	$	268	$	906	$	885
2013 Five-Year Term Loan (3)	400,000		August 2018	3.07%	3,137		914		9,090		914
2012 Five-Year Term Loan	400,000		March 2019	1.71%	1,748		1,329		4,898		4,137
Seven-Year Term Loan (4)	225,000		November 2019	4.04%	2,320		1,073		6,870		2,596
Total	$	1,025,000			$	7,492	$	3,584	$	21,764	$	8,532


(1)	Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively.


(3)	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.

Schedule of mortgage loans

As of September 30, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):



						Principal balance at,
Lender	Number of Assets Encumbered	Interest Rate at September 30, 2014 (1)		Maturity Date		September 30, 2014		December 31, 2013
Wells Fargo	5	3.76%	(2)	Oct 2014	(3)	$	142,000	$	142,000
Capmark Financial Group	1	5.55%		May 2015	(4)	10,615		10,916
Capmark Financial Group	1	5.55%		June 2015	(4)	4,605		4,736
Barclays Bank	12	5.55%		June 2015	(4)	108,576		111,632
Barclays Bank	4	5.60%		June 2015	(4)	27,030		27,804
Capmark Financial Group	1	5.50%		July 2015	(4)	6,273		6,450
Barclays Bank	1	5.44%		Sept 2015	(4)	10,236		10,521
PNC Bank (5)	5	2.51%	(2)	May 2016	(6)	74,000		85,000
Wells Fargo (7)	4	4.19%	(2)	Sept 2016	(8)	150,000		150,000
Barclays Bank (9)						—		2,475
Barclays Bank (9)						—		4,063
Capmark Financial Group (9)						—		4,068
	34					$	533,335	$	559,665


(1)	Interest rate at September 30, 2014 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)	On October 17, 2014, the Company refinanced these mortgage loans. See Footnote 16 for more information.


(4)	The Company is currently evaluating its options for repayment of these mortgage loans.


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


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


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


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


(9)	Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.

Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps and caps

As of September 30, 2014 and December 31, 2013, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	September 30, 2014		December 31, 2013		Hedge interest rate	Maturity	September 30, 2014			December 31, 2013
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	1,474		$	3,161
Swap-cash flow	175,000		175,000		1.56%	March 2018	(1,478		)	(1,866		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(1,923		)	(2,406		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(225		)	(238		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(177		)	(181		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(553		)	(585		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(446		)	(456		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(246		)	(260		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(183		)	(187		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(2,145		)	(1,838		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(1,385		)	(1,085		)
	$	1,000,000	$	1,000,000			$	(7,287	)	$	(5,941	)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014 (in thousands):



	Fair Value at September 30, 2014
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	1,474		$	—	$	1,474
Interest rate swap liability	$	—	$	(8,761	)	$	—	$	(8,761	)
Total	$	—	$	(7,287	)	$	—	$	(7,287	)

Fair Value Non-recurring Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents the Company's fair value hierarchy for financial assets measured at fair value on a non-recurring basis as of September 30, 2014 (in thousands):



	Fair Value at September 30, 2014
	Level 1		Level 2		Level 3		Total
Impaired hotel properties	$	—	$	—	$	5,685	$	5,685

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2014

Restricted share awards

Equity Incentive Plan

Summary of the non-vested shares

A summary of the non-vested shares as of September 30, 2014 is as follows:



	2014
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	932,800		$	18.99
Granted (1)	347,247		24.44
Vested (1)	(398,599	)	19.34
Forfeited	(8,716	)	23.06
Unvested at September 30,	872,732		$	20.96


(1)	Includes 3,360 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $28.07.

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

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 three months ended September 30,						For the nine months ended September 30,
	2014			2013			2014			2013
Numerator:
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties	$	36,760		$	33,334		$	101,596		$	80,166
Add: Income from discontinued operations	—			3,135			—			5,310
Net income attributable to common shareholders	36,760			36,469			101,596			85,476
Less: Dividends paid on unvested restricted shares	(262		)	(216		)	(731		)	(712		)
Less: Undistributed earnings attributable to unvested restricted shares	—			(97		)	(39		)	(86		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	36,498		$	36,156		$	100,826		$	84,678
Denominator:
Weighted-average number of common shares - basic	131,106,440			121,594,219			126,070,309			116,697,417
Unvested restricted shares	318,145			249,029			306,630			212,672
Unvested performance units	962,258			906,873			920,962			887,581
Weighted-average number of common shares - diluted	132,386,843			122,750,121			127,297,901			117,797,670

Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - basic	$	0.28		$	0.27		$	0.80		$	0.68
Discontinued operations	—			0.03			—			0.05
Net income attributable to common shareholders - basic	$	0.28		$	0.30		$	0.80		$	0.73

Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - diluted	$	0.28		$	0.27		$	0.79		$	0.67
Discontinued operations	—			0.03			—			0.05
Net income attributable to common shareholders - diluted	$	0.28		$	0.30		$	0.79		$	0.72

Supplemental Information to Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows



	For the nine months ended September 30,
	2014			2013
Interest paid	$	39,318		$	46,826

Income taxes paid	$	1,989		$	1,350

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	631,950		$	196,695
Accounts receivable	807			708
Other assets	1,671			902
Advance deposits	(659		)	(313		)
Accounts payable and accrued expenses	(2,129		)	(4,265		)
Receipt of assets in full satisfaction	—			(4,731		)
Gain on foreclosure	—			(4,831		)
Acquisition of hotel and other properties, net	$	631,640		$	184,165

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	128,000		$	(5,056	)
Closing costs	(2,846		)	—
Operating prorations	(1,078		)	213
Gain on extinguishment of indebtedness	—			(5,702		)
Forgiveness of indebtedness	—			10,545
Proceeds from the disposal of hotel properties, net	$	124,076		$	—

Supplemental non-cash transactions:
Accrued capital expenditures	$	—		$	76

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2014 state hotel loan property room shares	Sep. 30, 2013
Sale of Stock
OP units outstanding (in units) \| shares	132,918,296
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.30%
Number of properties owned \| property	150
Number of hotel rooms owned \| room	23,346
Number of hotels planned for conversion	2
Number of states in which hotels owned by the entity are located \| state	21
Number of mortgage loans owned \| loan	1
Ownership interest in assets (as a percent)	100.00%	100.00%
Hotels
Sale of Stock
Number of hotels owned	148
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)	98.10%

Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2012 USD ($)	Sep. 30, 2014 USD ($) hotel
Revenue Recognition
Incentive payment received	$ 4.0
Revenue to be recognized		$ 3.7
Noncontrolling Interest
Ownership interest of non controlling third party		1.90%
Franchise Agreements
Number of hotel properties operated under franchise agreements \| hotel		132
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
Franchise Agreements
Term of franchise agreements		10 years
Royalty fee as a percentage of room revenue		3.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue		1.00%
Royalty fee as a percentage of food and beverage revenues		1.00%
Minimum \| Furniture, fixtures and equipment
Investment in Hotel and Other Properties
Estimated useful lives		3 years
Maximum
Franchise Agreements
Term of franchise agreements		30 years
Royalty fee as a percentage of room revenue		6.00%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue		4.30%
Royalty fee as a percentage of food and beverage revenues		3.00%
Maximum \| Furniture, fixtures and equipment
Investment in Hotel and Other Properties
Estimated useful lives		5 years

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

3 Months Ended

9 Months Ended

Sep. 11, 2014

USD ($)

room

Jul. 15, 2014

USD ($)

Jun. 19, 2014

USD ($)

room

May 22, 2014

USD ($)

room

Mar. 12, 2014

USD ($)

room

Aug. 06, 2013

USD ($)

room

Jun. 21, 2013

USD ($)

room

Jun. 17, 2013

USD ($)

room

Mar. 19, 2013

USD ($)

room

Sep. 30, 2014

USD ($)

room

$ / shares

Sep. 30, 2013

USD ($)

Sep. 30, 2012

USD ($)

$ / shares

Sep. 30, 2014

USD ($)

room

$ / shares

Sep. 30, 2013

USD ($)

$ / shares

Jul. 14, 2014

room

Dec. 31, 2013

USD ($)

Acquisition of Hotel Properties

% Interest

100.00%

Rooms | room

23,346

Purchase Price

$ 78,250

$ 49,500

Intangible assets, net

$ 3,045

$ 2,507

Total revenues and net income (loss) from hotels acquired

Revenue

297,666

$ 252,116

829,086

$ 727,809

Net income

37,064

36,928

102,410

86,497

Unaudited condensed pro forma financial information

Revenue

300,652

$ 286,526

870,977

839,560

Net income attributable to common shareholders

$ 37,688

$ 43,172

$ 111,408

$ 109,462

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

$ 0.29

$ 0.36

$ 0.88

$ 0.94

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

$ 0.28

$ 0.35

$ 0.88

$ 0.93

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

131,106,440

121,594,219

126,070,309

116,697,417

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

132,386,843

122,750,121

127,297,901

117,797,670

2014 Acquisitions

Acquisition of Hotel Properties

Rooms | room

2,749

Land and land improvements

$ 164,335

Buildings and improvements

409,506

Furniture, fixtures and equipment

57,571

Total purchase price

631,950

Total revenues and net income (loss) from hotels acquired

Revenue

38,181

67,988

Net income

$ 8,628

$ 11,639

Hyatt House Charlotte Center City

Acquisition of Hotel Properties

Rooms | room

163

Purchase Price

$ 32,496

Hyatt House Cypress Anaheim

Acquisition of Hotel Properties

Rooms | room

142

Purchase Price

$ 14,753

Hyatt House Emeryville San Francisco Bay Area

Acquisition of Hotel Properties

Rooms | room

234

Purchase Price

$ 39,274

Hyatt House San Diego Sorrento Mesa

Acquisition of Hotel Properties

Rooms | room

193

Purchase Price

$ 35,985

Hyatt House San Jose Silicon Valley

Acquisition of Hotel Properties

Rooms | room

164

Purchase Price

$ 44,159

Hyatt House San Ramon

Acquisition of Hotel Properties

Rooms | room

142

Purchase Price

$ 20,833

Hyatt House Santa Clara

Acquisition of Hotel Properties

Rooms | room

150

Purchase Price

$ 40,570

Hyatt Market Street The Woodlands

Acquisition of Hotel Properties

Rooms | room

Purchase Price

$ 25,817

Hyatt Place Fremont Silicon Valley

Acquisition of Hotel Properties

Rooms | room

151

Purchase Price

$ 23,525

Hyatt Place Madison Downtown

Acquisition of Hotel Properties

Rooms | room

151

Purchase Price

$ 35,088

Courtyard Portland City Center

Acquisition of Hotel Properties

Rooms | room

256

Purchase Price

$ 67,000

Embassy Suites Irvine Orange County

Acquisition of Hotel Properties

Rooms | room

293

Purchase Price

$ 53,000

Hilton Cabana Miami Beach

Acquisition of Hotel Properties

Rooms | room

231

Purchase Price

$ 71,700

Hyatt Atlanta Midtown [Member]

Acquisition of Hotel Properties

Rooms | room

^[1]

194

DoubleTree Grand Key Resort [Member]

Acquisition of Hotel Properties

Rooms | room

^[1]

215

2013 Acquisitions

Acquisition of Hotel Properties

Rooms | room

1,071

Purchase Price

$ 188,731

Land and land improvements

24,132

$ 24,132

Buildings and improvements

169,070

Furniture, fixtures and equipment

3,151

Intangible and other assets

342

Intangible and other liabilities

(3,695)

Intangible assets, net

(4,269)

Total purchase price

$ 631,950

$ 188,731

631,950

188,731

Total revenues and net income (loss) from hotels acquired

Revenue

$ 11,179

17,741

Net income

$ 2,056

$ 1,488

Courtyard Houston Downtown Convention Center

Acquisition of Hotel Properties

Rooms | room

191

Purchase Price

$ 34,308

Residence Inn Houston Downtown Convention Center

Acquisition of Hotel Properties

Rooms | room

171

Purchase Price

$ 29,421

Humble Tower Apartments

Acquisition of Hotel Properties

Rooms | room

^[2]

Purchase Price

^[2]

$ 15,547

Courtyard Waikiki Beach

Acquisition of Hotel Properties

Rooms | room

399

Purchase Price

$ 75,250

Vantaggio Suites Cosmo

Acquisition of Hotel Properties

Rooms | room

^[1]

150

Purchase Price

^[1]

$ 29,474

Residence Inn Atlanta Midtown [Member]

Acquisition of Hotel Properties

Rooms | room

^[1]

Purchase Price

^[1]

$ 4,731

Management Agreement Intangibles | 2014 Acquisitions

Acquisition of Hotel Properties

Intangible and other liabilities

Lease Intangibles | 2014 Acquisitions

Acquisition of Hotel Properties

Intangible and other assets

$ 538

[1]	Conversion to a Courtyard by Marriott is in progress.(3)The Company was the successful bidder at a foreclosure sale of the property collateralizing a non-performing loan.
[2]	Conversion to a SpringHill Suites is in progress.

Disposal of Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Discontinued operations
Gain on extinguishment of indebtedness			$ 0	$ 5,702
Net income from discontinued operations	$ 0	$ 3,158	$ 0	5,349
SpringHill Suites Southfield
Discontinued operations
Operating revenue		678		2,800
Operating expense		(766)		(2,780)
Operating income (loss)		(88)		20
Interest expense		(31)		(373)
Loss from discontinued operations before gain on extinguishment of indebtedness		(119)		(353)
Gain on extinguishment of indebtedness		3,277		5,702
Net income from discontinued operations		$ 3,158		$ 5,349

Disposal of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) property	Sep. 30, 2013 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Hotel properties disposed, Number \| property			14
Disposal of hotel properties			$ 128,000	$ (5,056)
Loss on disposal	$ (322)	$ 0	975	$ 0
Cost of defeasance			$ 800

Disposal of Hotel Properties (Schedule of Properties Disposed) (Details) - room	Sep. 30, 2014	Jun. 18, 2014	Mar. 26, 2014	Feb. 25, 2014	Feb. 20, 2014	Dec. 31, 2013	Nov. 18, 2013	Aug. 28, 2013	May 30, 2013
Discontinued operations
Property disposed, number of rooms	1,731					238
SpringHill Suites Southfield
Discontinued operations
Property disposed, number of rooms									84
Courtyard Goshen
Discontinued operations
Property disposed, number of rooms								91
Fairfield Inn & Suites Memphis
Discontinued operations
Property disposed, number of rooms							63
Courtyard Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms					90
Residence Inn Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms					102
Hyatt House Colorado Springs
Discontinued operations
Property disposed, number of rooms					125
SpringHill Suites Gainesville
Discontinued operations
Property disposed, number of rooms					126
Residence Inn Indianapolis Airport
Discontinued operations
Property disposed, number of rooms					95
Fairfield Inn & Suites Indianapolis Airport
Discontinued operations
Property disposed, number of rooms					86
Courtyard Grand Rapids Airport
Discontinued operations
Property disposed, number of rooms					84
Hampton Inn Suites Las Vegas Red Rock Summerlin
Discontinued operations
Property disposed, number of rooms					106
Courtyard Austin University Area
Discontinued operations
Property disposed, number of rooms					198
Fairfield Inn & Suites Austin University Area
Discontinued operations
Property disposed, number of rooms					63
Hyatt House Dallas Richardson
Discontinued operations
Property disposed, number of rooms					130
Hilton Garden Inn St. George
Discontinued operations
Property disposed, number of rooms				150
Hilton Mystic
Discontinued operations
Property disposed, number of rooms			182
Holiday Inn Austin NW Arboretum Area
Discontinued operations
Property disposed, number of rooms		194

Investment in Hotel and Other Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 732,935		$ 732,935		$ 594,402
Buildings and improvements	3,186,738		3,186,738		2,866,849
Furniture, fixtures and equipment	538,094		538,094		485,531
Intangible assets, net	3,045		3,045		2,507
Total	4,460,812		4,460,812		3,949,289
Accumulated depreciation and amortization	(756,011)		(756,011)		(708,126)
Investment in hotel and other properties, net	3,704,801		3,704,801		$ 3,241,163
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	37,100	$ 31,400	105,200	$ 94,400
Impairment loss	$ 9,200	$ 0	$ 9,200	$ 0

Debt (Details)

9 Months Ended

Sep. 30, 2014

USD ($)

asset

hotel

term

Dec. 31, 2013

USD ($)

Debt

Mortgage loans

$ 533,335,000

$ 559,665,000

Secured Debt

Debt

Number of Assets Encumbered | asset

Mortgage loans

$ 533,335,000

559,665,000

Secured Debt | Wells Fargo, lender 1

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1],[2]

3.76%

Mortgage loans

$ 142,000,000

^[3]

142,000,000

Secured Debt | Capmark Financial Group, lender 1

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 10,615,000

10,916,000

Secured Debt | Capmark Financial Group, lender 2

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 4,605,000

4,736,000

Secured Debt | Barclay's Bank, lender 1

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 108,576,000

111,632,000

Secured Debt | Barclay's Bank, lender 13

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.60%

Mortgage loans

$ 27,030,000

27,804,000

Secured Debt | Capmark Financial Group, lender 3

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.50%

Mortgage loans

$ 6,273,000

6,450,000

Secured Debt | Barclay's Bank, lender 17

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.44%

Mortgage loans

$ 10,236,000

10,521,000

Secured Debt | PNC Bank

Debt

Number of Assets Encumbered | asset

^[4]

Interest rate (as a percent)

^[1],[2]

2.5052%

Mortgage loans

$ 74,000,000

^[5]

85,000,000

Number of additional maturity terms | term

Additional maturity term

1 year

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

Secured Debt | Wells Fargo lender 6

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1],[2],[6]

4.18755%

Mortgage loans

$ 150,000,000

^[7]

150,000,000

Secured Debt | Barclay's Bank, lender 18

Debt

Mortgage loans

^[8]

2,475,000

Secured Debt | Barclay's Bank, lender 19

Debt

Mortgage loans

^[8]

4,063,000

Secured Debt | Capmark Financial Group, lender 4

Debt

Mortgage loans

^[8]

$ 4,068,000

Revolver

Debt

Maximum borrowings

300,000,000

Unsecured Term Loan Due August 27, 2018

Debt

Maximum borrowings

$ 400,000,000

Interest rate (as a percent)

^[9],[10]

3.07%

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Maximum borrowings

$ 400,000,000

Interest rate (as a percent)

^[10]

1.71%

Seven-Year Term Loan

Debt

Maximum borrowings

$ 225,000,000

Interest rate (as a percent)

^[10],[11]

4.04%

[1]	Interest rate at September 30, 2014 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]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjExYTc2ZmMzN2ZiNDQyNThiM2I1MTE0ZTdhZTkyYmQxfFRleHRTZWxlY3Rpb246MkRCQkU5N0JGOEFFOUE3N0ZBRjM5RUNEODc3QkQ5QzAM}
[4]	The five 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]	Two of the four 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.
[8]	Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.
[9]	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.
[10]	Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
[11]	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.

Debt (Revolver and Term Loans) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Debt

Outstanding borrowings

$ 1,025,000

Interest expense

7,492

$ 3,584

21,764

$ 8,532

Revolver

Debt

Outstanding borrowings

^[1]

Interest expense

287

268

906

885

Unused commitment fee

300

800

Unsecured Term Loan Due August 27, 2018

Debt

Outstanding borrowings

^[2]

$ 400,000

Interest rate (as a percent)

^[2],[3]

3.07%

Interest expense

$ 3,137

914

$ 9,090

914

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Outstanding borrowings

$ 400,000

Interest rate (as a percent)

^[3]

1.71%

Interest expense

$ 1,748

1,329

$ 4,898

4,137

Seven-Year Term Loan

Debt

Outstanding borrowings

^[4]

$ 225,000

Interest rate (as a percent)

^[3],[4]

4.04%

Interest expense

$ 2,320

$ 1,073

$ 6,870

$ 2,596

Interest Rate Contract | Unsecured Term Loan Due August 27, 2018

Debt

Interest expense

1,300

3,800

Interest Rate Contract | Seven-Year Term Loan

Debt

Interest expense

$ 1,000

$ 3,100

[1]	.
[2]	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.
[3]	Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
[4]	Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.

Derivatives and Hedging (Details) - USD ($)	3 Months Ended	9 Months Ended
Derivatives and Hedging (Details) - USD ($)	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Financial Instruments: Derivatives and Hedging
Notional value	$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Total	(7,287,000)	(7,287,000)		(5,941,000)
Unrealized gains (losses) included in accumulated other comprehensive loss	7,287,000	7,287,000		(5,941,000)
Amount of ineffective hedges	0	0
Interest rate swap
Financial Instruments: Derivatives and Hedging
Fair value assets	1,474,000	1,474,000		3,161,000
Fair value liabilities	8,800,000	8,800,000		9,100,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type one
Financial Instruments: Derivatives and Hedging
Notional value	$ 275,000,000	$ 275,000,000		275,000,000
Hedge interest rate (as a percent)	1.1175%	1.1175%
Fair value assets	$ 1,474,000	$ 1,474,000		3,161,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type two
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	$ 175,000,000		175,000,000
Hedge interest rate (as a percent)	1.5625%	1.5625%
Fair value liabilities	$ 1,478,000	$ 1,478,000		1,866,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type three
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000	$ 175,000,000		175,000,000
Hedge interest rate (as a percent)	1.635%	1.635%
Fair value liabilities	$ 1,923,000	$ 1,923,000		2,406,000
Designated as Hedging Instrument \| ISwap-cash flow, hedge type four
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,500,000	$ 16,500,000		16,500,000
Hedge interest rate (as a percent)	1.825%	1.825%
Fair value liabilities	$ 225,000	$ 225,000		238,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type five
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,500,000	$ 16,500,000		16,500,000
Hedge interest rate (as a percent)	1.751%	1.751%
Fair value liabilities	$ 177,000	$ 177,000		181,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type six
Financial Instruments: Derivatives and Hedging
Notional value	$ 40,500,000	$ 40,500,000		40,500,000
Hedge interest rate (as a percent)	1.825%	1.825%
Fair value liabilities	$ 553,000	$ 553,000		585,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type seven
Financial Instruments: Derivatives and Hedging
Notional value	$ 41,500,000	$ 41,500,000		41,500,000
Hedge interest rate (as a percent)	1.751%	1.751%
Fair value liabilities	$ 446,000	$ 446,000		456,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type eight
Financial Instruments: Derivatives and Hedging
Notional value	$ 18,000,000	$ 18,000,000		18,000,000
Hedge interest rate (as a percent)	1.825%	1.825%
Fair value liabilities	$ 246,000	$ 246,000		260,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type nine
Financial Instruments: Derivatives and Hedging
Notional value	$ 17,000,000	$ 17,000,000		17,000,000
Hedge interest rate (as a percent)	1.751%	1.751%
Fair value liabilities	$ 183,000	$ 183,000		187,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type ten
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000	$ 125,000,000		125,000,000
Hedge interest rate (as a percent)	2.018%	2.018%
Fair value liabilities	$ 2,145,000	$ 2,145,000		1,838,000
Designated as Hedging Instrument \| Swap-cash flow, hedge type eleven
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000	$ 100,000,000		100,000,000
Hedge interest rate (as a percent)	1.944%	1.944%
Fair value liabilities	$ 1,385,000	$ 1,385,000		$ 1,085,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Amount reclassified from accumulated other comprehensive income into interest expense		$ 8,700,000	$ 611,000

Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 9,200	$ 0	$ 9,200	$ 0
Total	(7,287)		(7,287)		$ (5,941)
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	1,474		1,474		3,161
Interest rate swap liability	(8,800)		(8,800)		(9,100)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate mortgage notes payable	172,500		172,500		188,000
Carrying value of fixed rate mortgage notes payable	167,300		167,300		$ 182,700
Fair Value, Measurements, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Nonrecurring	5,685		5,685
Recurring \| Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	1,474		1,474
Interest rate swap liability	(8,761)		(8,761)
Total	(7,287)		(7,287)
Recurring \| Total \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	1,474		1,474
Interest rate swap liability	(8,761)		(8,761)
Total	$ (7,287)		$ (7,287)

Income Taxes (Details) - USD ($)	9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Minimum percentage of adjusted taxable income to be currently distributed to owners to qualify as a REIT	90.00%
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
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	$ 59,484	$ 62,430

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	May 22, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Equity [Abstract]
Sale of common stock (shares)	9,200,000
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Shares issued, price per share	$ 26.45
Gross proceeds from issuance of shares	$ 243,300
Proceeds from issuance of common shares	$ 232,800	$ 232,756	$ 327,545

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

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

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)

3,360

Weighted Average Grant Date Fair Value

Granted (in dollars per share)

$ 28.07

Other Disclosures

Share-based compensation expense

$ 94

$ 96

Restricted share awards

Summary of non-vested shares/units

Unvested at the beginning of the period (in shares)

932,800

Granted (in shares)

^[1]

347,247

Vested (in shares)

^[1]

(398,599)

Forfeited (in shares)

(8,716)

Unvested at the end of the period (in shares)

872,732

Weighted Average Grant Date Fair Value

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

$ 18.99

Granted (in dollars per share)

^[1]

24.44

Vested (in dollars per share)

^[1]

19.34

Forfeited (in dollars per share)

23.06

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

$ 20.96

Other Disclosures

Share-based compensation expense

$ 2,700

$ 2,200

$ 7,900

6,300

Total unrecognized compensation costs

$ 17,000

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

2 years 3 months

Total fair value of shares vested

$ 11,000

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

$ 1,100

$ 3,400

Total unrecognized compensation costs

$ 5,600

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

1 year 3 months

Vesting period

4 years

Measurement period

3 years

Time-based vesting period

1 year

Common shares available for future grant (in share)

2,739,596

[1]	Includes 3,360 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $28.07.

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Undistributed Earnings Allocated to Participating Securities	$ 0	$ 100	$ 0	$ 100
Numerator:
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties	36,760	33,334	101,596	80,166
Income from discontinued operations	0	3,135	0	5,310
Net income attributable to common shareholders	36,760	36,469	101,596	85,476
Less: Dividends paid on unvested restricted shares	(262)	(216)	(731)	(712)
Undistributed Earnings, Basic	0	97	39	86
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 36,498	$ 36,156	$ 100,826	$ 84,678
Denominator:
Weighted-average number of common shares - basic (in shares)	131,106,440	121,594,219	126,070,309	116,697,417
Unvested restricted shares (in shares)	318,145	249,029	306,630	212,672
Unvested performance units (in shares)	962,258	906,873	920,962	887,581
Weighted-average number of common shares - diluted (in shares)	132,386,843	122,750,121	127,297,901	117,797,670
Basic per common share data:
Net income per share attributable to common shareholders before discontinued operations (in dollars per share)	$ 0.28	$ 0.27	$ 0.80	$ 0.68
Discontinued operations (in dollars per share)	0.00	0.03	0.00	0.05
Net income per share attributable to common shareholders (in dollars per share)	0.28	0.30	0.80	0.73
Diluted per common share data
Income from continuing operations attributable to common shareholders, including loss on disposal of hotel properties - diluted	0.28	0.27	0.79	0.67
Discontinued operations (in dollars per share)	0.00	0.03	0.00	0.05
Net income per share attributable to common shareholders (in dollars per share)	$ 0.28	$ 0.30	$ 0.79	$ 0.72

Related Party Transactions (Details) - RLJ Companies LLC - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Related Party Transactions
Due to Related Parties	$ 8
Due from related party		$ 1

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 39,318	$ 46,826
Income taxes paid	1,989	1,350
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	631,950	196,695
Accounts receivable	807	708
Other assets	1,671	902
Advance deposits	(659)	(313)
Accounts payable and accrued expenses	(2,129)	(4,265)
Debt Instrument, Increase (Decrease), Other, Net		(4,731)
Gain on Foreclosure		(4,831)
Acquisition of hotel and other properties, net	631,640	184,165
In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	(128,000)	5,056
Closing costs	(2,846)	0
Operating prorations	(1,078)	213
Gain on extinguishment of indebtedness	0	5,702
Forgiveness of indebtedness	0	10,545
Proceeds from the disposal of hotel properties, net	124,076	0
Supplemental non-cash transactions:
Accrued capital expenditures	$ 0	$ 76

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Oct. 15, 2014 $ / shares	Oct. 20, 2014 USD ($)	Oct. 17, 2014 USD ($) asset	Sep. 30, 2014 USD ($) state asset property	Dec. 31, 2013 USD ($)
Subsequent Events
Number of states in which hotels owned by the entity are located \| state				21
Number of properties owned \| property				150
Mortgage loans				$ 533,335	$ 559,665
Notional value				$ 1,000,000	1,000,000
Subsequent Event \| Dividend Paid
Subsequent Events
Dividend paid (in dollars per share) \| $ / shares	$ 0.30
Secured Debt
Subsequent Events
Number of Assets Encumbered \| asset				34
Mortgage loans				$ 533,335	$ 559,665
Capmark Financial Group Lender 2 [Member] \| Secured Debt
Subsequent Events
Number of Assets Encumbered \| asset			4
Mortgage loans			$ 143,000
Interest Rate, Swap Hedge, Type Twelve [Member] [Member] \| Designated as Hedging Instrument
Subsequent Events
Notional value		$ (50,000)

Label	Element	Value
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	$ 9,691,000
Dividends, Common Stock	us-gaap_DividendsCommonStock	76,636,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	327,545,000
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation	96,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	(2,871,000)
Accumulated Distributions in Excess of Net Income [Member]
Dividends, Common Stock	us-gaap_DividendsCommonStock	76,086,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(52,681,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(43,291,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	85,476,000
Noncontrolling Interest [Member]
Dividends, Common Stock	us-gaap_DividendsCommonStock	550,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	18,077,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	18,548,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 1,021,000
Common Stock [Member]
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings	us-gaap_RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings	125,698
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 1,066,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	1,227,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 159,000
Shares, Issued	us-gaap_SharesIssued	106,565,516
Shares, Issued	us-gaap_SharesIssued	122,687,633
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited	4,217
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	377,830
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	15,870,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	4,202
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	$ (1,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	3,000
Additional Paid-in Capital [Member]
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	9,691,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	2,175,749,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	1,841,449,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	327,386,000
Stock Granted, Value, Share-based Compensation, Net of Forfeitures	us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation	96,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition	(2,870,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(3,000)
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(11,429,000)
Capital Units [Member]
Dividends, Common Stock	us-gaap_DividendsCommonStock	550,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	11,461,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	11,311,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	700,000
Consolidated Joint Venture [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	6,766,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	7,087,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 321,000