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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	Apr. 30, 2015
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	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		132,182,013
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Assets
Investment in hotels and other properties, net	$ 3,511,032	$ 3,518,803
Cash and cash equivalents	339,774	262,458
Restricted cash reserves	56,795	63,054
Hotel and other receivables, net of allowance of $189 and $166, respectively	30,820	25,691
Deferred financing costs, net	10,411	11,421
Deferred income tax asset	7,502	7,502
Prepaid expense and other assets	36,698	42,115
Real Estate Held-for-sale		197,335
Total assets	3,993,032	4,128,379
Liabilities and Equity
Mortgage loans	403,319	532,747
Term loans	1,025,000	1,025,000
Accounts payable and other liabilities	119,995	129,388
Deferred income tax liability	7,861	7,879
Advance deposits and deferred revenue	12,385	9,984
Accrued interest	2,755	2,783
Distributions payable	46,490	42,114
Total liabilities	1,617,805	1,749,895
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 March 31, 2015 and December 31, 2014, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 132,165,308 and 131,964,706 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	1,321	1,319
Additional paid-in-capital	2,422,013	2,419,731
Accumulated other comprehensive loss	(23,047)	(13,644)
Distributions in excess of net earnings	(42,510)	(46,415)
Total shareholders’ equity	2,357,777	2,360,991
Noncontrolling interest
Noncontrolling interest in joint venture	6,226	6,295
Noncontrolling interest in Operating Partnership	11,224	11,198
Total noncontrolling interest	17,450	17,493
Total equity	2,375,227	2,378,484
Total liabilities and equity	$ 3,993,032	$ 4,128,379

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
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
	Mar. 31, 2015	Mar. 31, 2014
Operating revenue
Room revenue	$ 232,559	$ 206,025
Food and beverage revenue	28,993	23,367
Other operating department revenue	8,853	6,981
Total revenue	270,405	236,373
Operating expense
Room expense	54,086	47,521
Food and beverage expense	20,764	16,873
Management and franchise fee expense	28,042	24,813
Other operating expense	60,581	56,376
Total property operating expense	163,473	145,583
Depreciation and amortization	37,203	32,876
Impairment of Real Estate	0
Property tax, insurance and other	20,043	17,252
General and administrative	10,399	10,129
Transaction and pursuit costs	135	1,484
Total operating expense	231,253	207,324
Operating income	39,152	29,049
Other income	90	110
Interest income	445	323
Interest expense	(13,508)	(14,646)
Income from continuing operations before income tax expense	26,179	14,836
Income tax expense	(375)	(294)
Income from continuing operations	25,804	14,542
Gain (Loss) on Disposition of Property Plant Equipment	22,298	(2,557)
Net income	48,102	11,985
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	69	34
Noncontrolling interest in common units of Operating Partnership	(321)	(87)
Net income attributable to common shareholders	$ 47,850	$ 11,932
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.36	$ 0.10
Weighted-average number of common shares (in shares)	131,272,611	121,740,962
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.36	$ 0.10
Weighted-average number of common shares (in shares)	132,286,542	122,867,755
Amounts attributable to the Company’s common shareholders
Income from continuing operations	$ 25,702	$ 14,471
Gain (loss) on disposal of hotel properties	22,148	(2,539)
Net income attributable to common shareholders	47,850	11,932
Comprehensive income
Unrealized loss on interest rate derivatives	(9,403)	(1,361)
Comprehensive income	38,699	10,624
Comprehensive loss attributable to the noncontrolling interest in consolidated joint venture	69	34
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership	(321)	(87)
Comprehensive income attributable to the Company	$ 38,447	$ 10,571

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Distributions in excess of net earnings	Accumulated Other Comprehensive Income	Total Noncontrolling Interests	Operating Partnership	Consolidated Joint Venture
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 (loss)	11,985			11,932		53	87	(34)
Sale of common stock (shares)		0
Proceeds from sale of common stock		$ 0	0
Unrealized loss on interest rate derivative	(1,361)
Distributions to joint venture partner	(1,182)
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		305,053
Amortization of share based compensation	3,573		3,573
Share grants to trustees	28		28
Share grants to trustees (in shares)		1,051
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,097)	$ 0	(1,097)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(42,900)
Forfeiture of restricted stock (in shares)		(1,905)
Distributions on common shares and units	(27,453)			(27,258)		(195)	(195)
Balance at Mar. 31, 2014	2,130,827	$ 1,229	2,180,505	(60,848)	(7,302)	17,243	11,153	6,090
Balance (in shares) at Mar. 31, 2014		122,901,341
Balance at Dec. 31, 2014	2,378,484	$ 1,319	2,419,731	(46,415)	(13,644)	17,493	11,198	6,295
Balance (in shares) at Dec. 31, 2014		131,964,706
Increase (Decrease) in Owners' Equity
Net income (loss)	48,102			47,850		252	321	(69)
Unrealized loss on interest rate derivative	(9,403)				(9,403)
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		253,242
Amortization of share based compensation	4,023		4,023
Share grants to trustees	33		33
Share grants to trustees (in shares)		1,057
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1,772)	$ (1)	(1,771)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(53,468)
Forfeiture of restricted stock (in shares)		(229)
Distributions on common shares and units	(44,240)			(43,945)		(295)	(295)
Balance at Mar. 31, 2015	$ 2,375,227	$ 1,321	$ 2,422,013	$ (42,510)	$ (23,047)	$ 17,450	$ 11,224	$ 6,226
Balance (in shares) at Mar. 31, 2015		132,165,308

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 48,102	$ 11,985
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss on defeasance	0	804
(Gain) loss on disposal of hotel properties	(22,298)	2,557
Depreciation and amortization	37,203	32,876
Amortization of deferred financing costs	1,031	1,187
Amortization of deferred management fees	217	244
Accretion of interest income on investment in loan	(82)	(52)
Share grants to trustees	33	28
Amortization of share based compensation	4,023	3,573
Deferred income taxes	(18)	(188)
Changes in assets and liabilities:
Hotel and other receivables, net	(5,129)	(8,623)
Prepaid expense and other assets	(544)	(1,039)
Accounts payable and other liabilities	(20,859)	(15,547)
Advance deposits and deferred revenue	2,401	3,837
Accrued interest	(28)	(82)
Net cash flow provided by operating activities	44,052	31,560
Cash flows from investing activities:
Acquisition of hotel and other properties, net	0	(311,973)
Proceeds from the disposal of hotel properties, net	225,593	111,081
Improvements and additions to hotel and other properties	(27,453)	(14,898)
Additions to property and equipment	(50)	(1)
Releases from restricted cash reserves, net	6,259	5,237
Net cash flow provided by (used in) investing activities	204,349	(210,554)
Cash flows from financing activities:
Borrowings under revolving credit facility	0	170,000
Repayments under revolving credit facility	0	(170,000)
Borrowings on term loans	0	175,000
Payment of mortgage principal	(129,428)	(23,999)
Repurchase of common shares	(1,772)	(1,097)
Distributions on common shares	(39,590)	(29,433)
Distributions on Operating Partnership units	(274)	(213)
Payment of deferred financing costs	(21)	(1,565)
Distribution to noncontrolling interest	0	(1,182)
Net cash flow (used in) provided by financing activities	(171,085)	117,511
Net change in cash and cash equivalents	77,316	(61,483)
Cash and cash equivalents, beginning of period	262,458	332,248
Cash and cash equivalents, end of period	$ 339,774	$ 270,765

Organization	3 Months Ended
Organization	Mar. 31, 2015
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 March 31, 2015, there were 133,059,308 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 March 31, 2015, the Company owned 126 properties, comprised of 124 hotels with approximately 20,400 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 98.3% 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.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
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, 2014, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2015. Operating results for the three months ended March 31, 2015 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. 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 disposition of a property, the asset and related accumulated depreciation are removed from the accounts and the related gain or loss is included in gain or loss on disposal of hotel properties. Gain or loss from dispositions representing a strategic shift that had or will have a major effect on operations and final results will be presented as discontinued operations. 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, when 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 properties 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 March 31, 2015 the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. As of March 31, 2015 the Company consolidated the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in Operating Partnership on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. Management Agreements As of March 31, 2015, 124 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 3 to 25 years. This number includes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to management agreements. Each management company receives a base management fee generally between 2.5% and 4.0% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally between 5.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on their investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the three months ended March 31, 2015 and 2014, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $10.9 million and $9.1 million, respectively. Franchise Agreements As of March 31, 2015, 109 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to their respective management agreements. Franchise agreements allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the three months ended March 31, 2015 and 2014, the Company incurred franchise fee expense of approximately $17.1 million and $15.7 million, respectively. 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 11). 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 expands disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. 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 does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows.

Acquisition of Hotel and Other Properties

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisition of Hotel and Other Properties

There were no acquisitions during the three months ended March 31, 2015. During the three months ended March 31, 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

1,560

312,500

The allocation of purchase price for the properties acquired during the three months ended March 31, 2014 was as follows (in thousands):



	For the three months ended March 31,
	2014
Land and land improvements	$	64,303
Buildings and improvements	213,110
Furniture, fixtures and equipment	35,087
Total purchase price	$	312,500

For properties acquired during the three months ended March 31, 2014 total revenues and net loss from the date of acquisition through March 31, 2014 are included in the accompanying consolidated statements of operations for the three months ended March 31, 2014 as follows (in thousands):



	2014 acquisitions
	For the three months ended March 31, 2014
Revenue	$	4,531
Net loss	$	(453	)

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. 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 acquisitions had taken place on January 1, 2013 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 March 31, 2014
Revenue	$	264,396
Net income attributable to common shareholders	$	18,281
Net income per share attributable to common shareholders - basic	$	0.15
Net income per share attributable to common shareholders - diluted	$	0.15
Weighted-average number of common shares - basic	121,740,962
Weighted-average number of common shares - diluted	122,867,755

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
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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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+ Details

Disposal of Hotel Properties

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal of Hotel Properties

During the three months ended March 31, 2015, the Company disposed of 20 hotel properties in a single transaction for a total sale price of approximately $230.3 million. In conjunction with this transaction, the Company recorded a $22.3 million gain on disposal which is included in the accompanying consolidated statement of operations.

The following table provides a list of properties that were disposed of during the three months ended March 31, 2015:



Property Name	Location	Disposal Date	Rooms
Courtyard Chicago Schaumburg	Schaumburg, IL	February 23, 2015	162
Courtyard Detroit Pontiac Bloomfield	Pontiac, MI	February 23, 2015	110
Courtyard Grand Junction	Grand Junction, CO	February 23, 2015	136
Courtyard Mesquite	Mesquite, TX	February 23, 2015	101
Courtyard San Antonio Airport Northstar	San Antonio, TX	February 23, 2015	78
Courtyard Tampa Brandon	Tampa, FL	February 23, 2015	90
Fairfield Inn & Suites Merrillville	Merrillville, IN	February 23, 2015	112
Fairfield Inn & Suites San Antonio Airport	San Antonio, TX	February 23, 2015	120
Fairfield Inn & Suites Tampa Brandon	Tampa, FL	February 23, 2015	107
Hampton Inn Merrillville	Merrillville, IN	February 23, 2015	64
Holiday Inn Grand Rapids Airport	Kentwood, MI	February 23, 2015	148
Homewood Suites Tampa Brandon	Tampa, FL	February 23, 2015	126
Marriott Auburn Hills Pontiac at Centerpoint	Pontiac, MI	February 23, 2015	290
Residence Inn Austin Round Rock	Round Rock, TX	February 23, 2015	96
Residence Inn Chicago Schaumburg	Schaumburg, IL	February 23, 2015	125
Residence Inn Detroit Pontiac Auburn Hills	Pontiac, MI	February 23, 2015	114
Residence Inn Grand Junction	Grand Junction, CO	February 23, 2015	104
Residence Inn Indianapolis Carmel	Carmel, IN	February 23, 2015	120
Springhill Suites Chicago Schaumburg	Schaumburg, IL	February 23, 2015	132
Springhill Suites Indianapolis Carmel	Carmel, IN	February 23, 2015	126
		Total	2,461

During the three months ended March 31, 2014, the Company disposed of 13 hotel properties in three separate transactions for a total sale price of approximately $114.5 million. In conjunction with these transactions, the Company recorded a $2.6 million loss on disposal, which is included in the accompanying consolidated statement of operations. Additionally, the Company defeased 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 three months ended March 31, 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
		Total	1,537

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

+ Details

Investment in Hotel and Other Properties

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Investment in Hotel and Other Properties

Investment in hotel and other properties as of March 31, 2015 and December 31, 2014 consisted of the following (in thousands):



	March 31, 2015			December 31, 2014
Land and land improvements	$	706,794		$	706,497
Buildings and improvements	3,024,947			3,005,390
Furniture, fixtures and equipment	507,603			498,126
Intangible assets	2,507			2,507
	4,241,851			4,212,520
Accumulated depreciation and amortization	(730,819		)	(693,717		)
Investment in hotels and other properties, net	$	3,511,032		$	3,518,803

For the three months ended March 31, 2015 and 2014, depreciation and amortization expense related to investment in hotel and other properties was approximately $37.1 million and $32.8 million, respectively.

Impairment

The Company determined that there was no impairment of any assets for either the three months ended March 31, 2015 or 2014.

Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

Credit Facilities

The Company has in place the following unsecured credit agreements:


•	$300.0 million revolving credit facility with a scheduled maturity date of November 20, 2016 with a one-year extension option if certain conditions are satisfied (the "Revolver");


•	$400.0 million term loan with a scheduled maturity date of March 20, 2019 (which was originally scheduled to mature in 2017) (the "2012 Five-Year Term Loan");


•	$225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "2012 Seven-Year Term Loan");


•	$400.0 million term loan with a scheduled maturity date of August 27, 2018 (the "2013 Five-Year Term Loan"); and


•	$150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "2014 Seven-Year Term Loan").

The 2012 Five-Year Term Loan, the 2012 Seven-Year Term Loan, the 2013 Five-Year Term Loan and the 2014 Seven-Year Term loan are collectively the "Term Loans". The Revolver and Term Loans are subject to customary financial covenants. As of March 31, 2015, the Company was in compliance with all financial covenants.

As of and for the three months ended March 31, 2015 and 2014, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended March 31,
	Outstanding Borrowings at March 31, 2015		Maturity Date	Interest Rate at March 31, 2015 (1)	2015		2014
Revolver (2)(3)	$	—	November 2016	n/a	$	260	$	323
2013 Five-Year Term Loan (4)	400,000		August 2018	3.07%	3,037		2,851
2012 Five-Year Term Loan (5)	400,000		March 2019	2.37%	2,347		1,423
2012 Seven-Year Term Loan (6)	225,000		November 2019	4.04%	2,245		2,255
2014 Seven-Year Term Loan (7)	—		January 2022	n/a	—		—
Total	$	1,025,000			$	7,889	$	6,852


(1)	Interest rate at March 31, 2015 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	At March 31, 2015 there was $300.0 million of borrowing capacity on the Revolver.


(3)	Includes the unused facility fee of $0.3 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.2 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively.


(5)	Includes interest expense related to an interest rate hedge of $0.6 million for the three months ended March 31, 2015.


(6)	Includes interest expense related to an interest rate hedge of $1.0 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively.


(7)	At March 31, 2015 there was $150.0 million of borrowing capacity on the 2014 Seven-Year Term Loan.

Mortgage Loans

As of March 31, 2015 and December 31, 2014, the Company was subject to the following mortgage loans (in thousands):



						Principal balance at,
Lender	Number of Assets Encumbered	Interest Rate at March 31, 2015 (1)		Maturity Date		March 31, 2015		December 31, 2014
Barclays Bank	3	5.55%		June 2015	(2)	$	20,109	$	107,544
Capmark Financial Group	1	5.50%		July 2015	(2)	6,172		6,214
Barclays Bank	1	5.44%		September 2015	(3)	10,038		10,140
PNC Bank (4)	5	2.53%	(5)	May 2016	(6)	74,000		74,000
Wells Fargo (7)	4	4.19%	(5)	September 2016	(8)	150,000		150,000
Wells Fargo	4	4.06%	(5)	October 2017	(8)	143,000		143,000
Capmark Financial Group				May 2015		—		10,513
Capmark Financial Group				June 2015		—		4,561
Barclays Bank				June 2015		—		26,775
	18					$	403,319	$	532,747


(1)	Interest rate at March 31, 2015 gives effect to interest rate hedges, as applicable.


(2)	These loans were repaid in April 2015.


(3)	The Company is currently evaluating its options for repayment.


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


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


(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.

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

covenants at March 31, 2015 and December 31, 2014.

Derivatives and Hedging

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014, all derivative instruments were designated as cash flow hedges.

At March 31, 2015 and December 31, 2014, the aggregate fair value of interest rate swap liabilities of $23.0 million and $13.6 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of March 31, 2015 and December 31, 2014, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	March 31, 2015		December 31, 2014		Hedge interest rate	Maturity	March 31, 2015			December 31, 2014
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	(1,942	)	$	(232	)
Swap-cash flow	175,000		175,000		1.56%	March 2018	(3,307		)	(2,182		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(3,691		)	(2,596		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(441		)	(315		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(399		)	(270		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(1,083		)	(772		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(1,003		)	(678		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(481		)	(343		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(411		)	(278		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(4,251		)	(3,073		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(3,105		)	(2,145		)
Swap-cash flow	143,000		143,000		1.81%	October 2020	(2,933		)	(760		)
	$	1,143,000	$	1,143,000			$	(23,047	)	$	(13,644	)

As of March 31, 2015 and December 31, 2014, there was approximately $23.0 million and $13.6 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 month periods ended March 31, 2015 and 2014. For the three months ended March 31, 2015 and 2014, approximately $4.1 million and $2.9 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value

3 Months Ended

Mar. 31, 2015

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 sheets 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, as they bear interest at market rates. The Company determined that its variable rate mortgage notes payable and borrowings under the Revolver and Term Loans are classified in Level 3 of the fair value hierarchy.

•

Fixed rate mortgage notes payable - The fair value estimated at March 31, 2015 and December 31, 2014 of $36.7 million and $171.1 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. 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 March 31, 2015 and December 31, 2014 was $36.3 million and $165.7 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 March 31, 2015 (in thousands):



	Fair Value at March 31, 2015
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	—		$	—	$	—
Interest rate swap liability	$	—	$	(23,047	)	$	—	$	(23,047	)
Total	$	—	$	(23,047	)	$	—	$	(23,047	)

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 (in thousands):



	Fair Value at December 31, 2014
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	—		$	—	$	—
Interest rate swap liability	$	—	$	(13,644	)	$	—	$	(13,644	)
Total	$	—	$	(13,644	)	$	—	$	(13,644	)

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 March 31, 2015, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
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 typically from 3.0% 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 March 31, 2015 and December 31, 2014, approximately $56.8 million and $63.1 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. During the first quarter of 2015, this third-party hotel manager notified the Company of a second potential data breach that occurred over a seven-month period ending in February 2015 affecting a number of hotels it manages, including six hotels owned by the Company. 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 continuing to take 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 each of these matters 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 Incentive Plan

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 is as follows:



	2015
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	731,459		$	21.21
Granted (1)	254,299		32.49
Vested (1)	(139,213	)	19.69
Forfeited	(229	)	26.64
Unvested at March 31,	846,316		$	24.84


(1)	Includes 1,057 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $31.31.

For the three months ended March 31, 2015 and 2014, the Company recognized approximately $2.9 million and $2.5 million, respectively, of share-based compensation expense related to restricted share awards. As of March 31, 2015, there was $19.5 million of total unrecognized compensation costs related to non-vested share awards and these costs are expected to be primarily recognized over a weighted-average period of 2.9 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the three months ended March 31, 2015 was approximately $4.6 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 March 31, 2015, there were 1.0 million unvested performance units with a weighted-average grant date fair value of $15.36 per performance unit.

For both the three months ended March 31, 2015 and 2014, the Company recognized $1.1 million of share-based compensation expense related to the performance units. As of March 31, 2015, there was $3.4 million of total unrecognized compensation cost related to the performance units and these costs are expected to be recognized over a weighted-average period of 0.8 years.

As of March 31, 2015, there were 2,487,410 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

3 Months Ended

Mar. 31, 2015

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 gain or 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 months ended March 31, 2015, $27,000 represented undistributed earnings that were allocated to participating shares. For the three months ended March 31, 2014, there were no undistributed earnings that were allocated to participating shares because the Company paid dividends in excess of net income.

The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three months ended March 31, 2015 and 2014, 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 March 31,
	2015			2014
Numerator:
Net income attributable to common shareholders	$	47,850		$	11,932
Less: Dividends paid on unvested restricted shares	(279		)	(246		)
Less: Undistributed earnings attributable to unvested restricted shares	(27		)	—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	47,544		$	11,686
Denominator:
Weighted-average number of common shares - basic	131,272,611			121,740,962
Unvested restricted shares	281,980			281,721
Unvested performance units	731,951			845,072
Weighted-average number of common shares - diluted	132,286,542			122,867,755

Net income attributable to common shareholders - basic	$	0.36		$	0.10

Net income attributable to common shareholders - diluted	$	0.36		$	0.10

Supplemental Information to Statements of Cash Flows

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)



	For the three months ended March 31,
	2015			2014
Interest paid, net of capitalized interest	$	12,505		$	13,541

Income taxes paid	$	72		$	37

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	312,500
Accounts receivable	—			373
Other assets	—			1,198
Advance deposits	—			(405		)
Accounts payable and other liabilities	—			(1,693		)
Acquisition of hotel and other properties, net	$	—		$	311,973

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	230,300		$	114,500
Disposition costs	(8,473		)	(2,461		)
Operating prorations	3,766			(958		)
Proceeds from the disposal of hotel properties, net	$	225,593		$	111,081

Supplemental non-cash transactions:
Accrued capital expenditures	$	2,063		$	—

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 1, 2015, the Company's Board of Trustees authorized a share repurchase program to acquire up to $200.0 million of the Company's common shares. Also on May 1, 2015, the Company’s shareholders approved the RLJ Lodging Trust 2015 Equity Incentive Plan (the "2015 Plan"), which constitutes an amendment and restatement of the RLJ Lodging Trust 2011 Equity Incentive Plan, including an increase in the total number of available shares under the 2015 Plan by 2,500,000 shares.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Management Fees [Policy Text Block]	Management Agreements As of March 31, 2015, 124 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 3 to 25 years. This number includes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to management agreements. Each management company receives a base management fee generally between 2.5% and 4.0% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally between 5.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on their investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations.
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, 2014, included in the Company's Annual Report on Form 10-K filed with the SEC on February 26, 2015. Operating results for the three months ended March 31, 2015 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.
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 disposition of a property, the asset and related accumulated depreciation are removed from the accounts and the related gain or loss is included in gain or loss on disposal of hotel properties. Gain or loss from dispositions representing a strategic shift that had or will have a major effect on operations and final results will be presented as discontinued operations. 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, when 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 properties 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 March 31, 2015 the Company consolidated DBT Met Hotel Venture, LP, a majority-owned partnership that has a third-party, noncontrolling 1.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in joint venture on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest. As of March 31, 2015 the Company consolidated the Operating Partnership, which is a majority-owned partnership that has a third-party, noncontrolling 0.7% ownership interest. The third-party partnership interest is included in noncontrolling interest in Operating Partnership on the consolidated balance sheets. Profits and losses are allocated in proportion to each party's respective ownership interest.
Franchise Agreements	Franchise Agreements As of March 31, 2015, 109 of the Company’s hotel properties were operated under franchise agreements with initial terms ranging from 10 to 30 years. This number excludes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to their respective management agreements. Franchise agreements allow the properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally between 3.0% and 6.0% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs that amount to between 1.0% and 4.3% of room revenue. Certain hotels are also charged a royalty fee between 1.0% and 3.0% of food and beverage revenues. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations.
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 11). 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 expands disclosures about revenue. The guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. 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 does not believe this ASU will have a material impact on its financial position, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company does not believe this ASU will have a material impact on its financial position, results of operations or cash flows.

Acquisition of Hotel and Other Properties (Tables)

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

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

During the three months ended March 31, 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

1,560

312,500

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of purchase price for the properties acquired during the three months ended March 31, 2014 was as follows (in thousands):



	For the three months ended March 31,
	2014
Land and land improvements	$	64,303
Buildings and improvements	213,110
Furniture, fixtures and equipment	35,087
Total purchase price	$	312,500

Schedule of total revenues and net loss from the properties acquired



	2014 acquisitions
	For the three months ended March 31, 2014
Revenue	$	4,531
Net loss	$	(453	)

Schedule of unaudited condensed pro forma financial information



	For the three months ended March 31, 2014
Revenue	$	264,396
Net income attributable to common shareholders	$	18,281
Net income per share attributable to common shareholders - basic	$	0.15
Net income per share attributable to common shareholders - diluted	$	0.15
Weighted-average number of common shares - basic	121,740,962
Weighted-average number of common shares - diluted	122,867,755

Disposal of Hotel Properties (Tables)

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of property disposed during period



Property Name	Location	Disposal Date	Rooms
Courtyard Chicago Schaumburg	Schaumburg, IL	February 23, 2015	162
Courtyard Detroit Pontiac Bloomfield	Pontiac, MI	February 23, 2015	110
Courtyard Grand Junction	Grand Junction, CO	February 23, 2015	136
Courtyard Mesquite	Mesquite, TX	February 23, 2015	101
Courtyard San Antonio Airport Northstar	San Antonio, TX	February 23, 2015	78
Courtyard Tampa Brandon	Tampa, FL	February 23, 2015	90
Fairfield Inn & Suites Merrillville	Merrillville, IN	February 23, 2015	112
Fairfield Inn & Suites San Antonio Airport	San Antonio, TX	February 23, 2015	120
Fairfield Inn & Suites Tampa Brandon	Tampa, FL	February 23, 2015	107
Hampton Inn Merrillville	Merrillville, IN	February 23, 2015	64
Holiday Inn Grand Rapids Airport	Kentwood, MI	February 23, 2015	148
Homewood Suites Tampa Brandon	Tampa, FL	February 23, 2015	126
Marriott Auburn Hills Pontiac at Centerpoint	Pontiac, MI	February 23, 2015	290
Residence Inn Austin Round Rock	Round Rock, TX	February 23, 2015	96
Residence Inn Chicago Schaumburg	Schaumburg, IL	February 23, 2015	125
Residence Inn Detroit Pontiac Auburn Hills	Pontiac, MI	February 23, 2015	114
Residence Inn Grand Junction	Grand Junction, CO	February 23, 2015	104
Residence Inn Indianapolis Carmel	Carmel, IN	February 23, 2015	120
Springhill Suites Chicago Schaumburg	Schaumburg, IL	February 23, 2015	132
Springhill Suites Indianapolis Carmel	Carmel, IN	February 23, 2015	126
		Total	2,461



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
		Total	1,537

Investment in Hotel and Other Properties (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel and other properties

Investment in hotel and other properties as of March 31, 2015 and December 31, 2014 consisted of the following (in thousands):



	March 31, 2015			December 31, 2014
Land and land improvements	$	706,794		$	706,497
Buildings and improvements	3,024,947			3,005,390
Furniture, fixtures and equipment	507,603			498,126
Intangible assets	2,507			2,507
	4,241,851			4,212,520
Accumulated depreciation and amortization	(730,819		)	(693,717		)
Investment in hotels and other properties, net	$	3,511,032		$	3,518,803

Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Revolver and Term Loans

As of and for the three months ended March 31, 2015 and 2014, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended March 31,
	Outstanding Borrowings at March 31, 2015		Maturity Date	Interest Rate at March 31, 2015 (1)	2015		2014
Revolver (2)(3)	$	—	November 2016	n/a	$	260	$	323
2013 Five-Year Term Loan (4)	400,000		August 2018	3.07%	3,037		2,851
2012 Five-Year Term Loan (5)	400,000		March 2019	2.37%	2,347		1,423
2012 Seven-Year Term Loan (6)	225,000		November 2019	4.04%	2,245		2,255
2014 Seven-Year Term Loan (7)	—		January 2022	n/a	—		—
Total	$	1,025,000			$	7,889	$	6,852


(1)	Interest rate at March 31, 2015 gives effect to interest rate hedges and LIBOR floors, as applicable.


(2)	At March 31, 2015 there was $300.0 million of borrowing capacity on the Revolver.


(3)	Includes the unused facility fee of $0.3 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.2 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively.


(5)	Includes interest expense related to an interest rate hedge of $0.6 million for the three months ended March 31, 2015.


(6)	Includes interest expense related to an interest rate hedge of $1.0 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively.


(7)	At March 31, 2015 there was $150.0 million of borrowing capacity on the 2014 Seven-Year Term Loan.

Schedule of mortgage loans

As of March 31, 2015 and December 31, 2014, the Company was subject to the following mortgage loans (in thousands):



						Principal balance at,
Lender	Number of Assets Encumbered	Interest Rate at March 31, 2015 (1)		Maturity Date		March 31, 2015		December 31, 2014
Barclays Bank	3	5.55%		June 2015	(2)	$	20,109	$	107,544
Capmark Financial Group	1	5.50%		July 2015	(2)	6,172		6,214
Barclays Bank	1	5.44%		September 2015	(3)	10,038		10,140
PNC Bank (4)	5	2.53%	(5)	May 2016	(6)	74,000		74,000
Wells Fargo (7)	4	4.19%	(5)	September 2016	(8)	150,000		150,000
Wells Fargo	4	4.06%	(5)	October 2017	(8)	143,000		143,000
Capmark Financial Group				May 2015		—		10,513
Capmark Financial Group				June 2015		—		4,561
Barclays Bank				June 2015		—		26,775
	18					$	403,319	$	532,747


(1)	Interest rate at March 31, 2015 gives effect to interest rate hedges, as applicable.


(2)	These loans were repaid in April 2015.


(3)	The Company is currently evaluating its options for repayment.


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


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


(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.

Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps and caps

As of March 31, 2015 and December 31, 2014, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	March 31, 2015		December 31, 2014		Hedge interest rate	Maturity	March 31, 2015			December 31, 2014
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	(1,942	)	$	(232	)
Swap-cash flow	175,000		175,000		1.56%	March 2018	(3,307		)	(2,182		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(3,691		)	(2,596		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(441		)	(315		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(399		)	(270		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(1,083		)	(772		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(1,003		)	(678		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(481		)	(343		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(411		)	(278		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(4,251		)	(3,073		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(3,105		)	(2,145		)
Swap-cash flow	143,000		143,000		1.81%	October 2020	(2,933		)	(760		)
	$	1,143,000	$	1,143,000			$	(23,047	)	$	(13,644	)

Fair Value (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 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 March 31, 2015 (in thousands):



	Fair Value at March 31, 2015
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	—		$	—	$	—
Interest rate swap liability	$	—	$	(23,047	)	$	—	$	(23,047	)
Total	$	—	$	(23,047	)	$	—	$	(23,047	)

The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 (in thousands):



	Fair Value at December 31, 2014
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	—		$	—	$	—
Interest rate swap liability	$	—	$	(13,644	)	$	—	$	(13,644	)
Total	$	—	$	(13,644	)	$	—	$	(13,644	)

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2015

Restricted share awards

Equity Incentive Plan

Summary of the non-vested shares

A summary of the non-vested shares as of March 31, 2015 is as follows:



	2015
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	731,459		$	21.21
Granted (1)	254,299		32.49
Vested (1)	(139,213	)	19.69
Forfeited	(229	)	26.64
Unvested at March 31,	846,316		$	24.84


(1)	Includes 1,057 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $31.31.

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31,
	2015			2014
Numerator:
Net income attributable to common shareholders	$	47,850		$	11,932
Less: Dividends paid on unvested restricted shares	(279		)	(246		)
Less: Undistributed earnings attributable to unvested restricted shares	(27		)	—
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	47,544		$	11,686
Denominator:
Weighted-average number of common shares - basic	131,272,611			121,740,962
Unvested restricted shares	281,980			281,721
Unvested performance units	731,951			845,072
Weighted-average number of common shares - diluted	132,286,542			122,867,755

Net income attributable to common shareholders - basic	$	0.36		$	0.10

Net income attributable to common shareholders - diluted	$	0.36		$	0.10

Supplemental Information to Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows



	For the three months ended March 31,
	2015			2014
Interest paid, net of capitalized interest	$	12,505		$	13,541

Income taxes paid	$	72		$	37

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	312,500
Accounts receivable	—			373
Other assets	—			1,198
Advance deposits	—			(405		)
Accounts payable and other liabilities	—			(1,693		)
Acquisition of hotel and other properties, net	$	—		$	311,973

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	230,300		$	114,500
Disposition costs	(8,473		)	(2,461		)
Operating prorations	3,766			(958		)
Proceeds from the disposal of hotel properties, net	$	225,593		$	111,081

Supplemental non-cash transactions:
Accrued capital expenditures	$	2,063		$	—

Organization (Details)	3 Months Ended
Organization (Details)	Mar. 31, 2015 property hotel loan room state shares	Mar. 31, 2014
Sale of Stock
OP units outstanding (in units) \| shares	133,059,308
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.30%
Number of properties owned \| property	126
Number of Properties Operated under Management Agreements	124
Number of hotel rooms owned \| room	20,435
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%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)	98.30%

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2015 hotel
Noncontrolling Interest
Ownership interest of non controlling third party	1.70%
Franchise Agreements
Number of hotel properties operated under franchise agreements	109
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%
Management Fee Term	3 years
Base Management Fee, percentage	0.00%
Base combined management franchise fee percentage	10.00%
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%
Management Fee Term	25 years
Base Management Fee, percentage	0.00%
Base combined management franchise fee percentage	10.00%
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
	Mar. 12, 2014 USD ($) room	Mar. 31, 2015 USD ($) room	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2014 USD ($)
Acquisition of Hotel Properties
% Interest		100.00%	100.00%
Rooms \| room		20,435
Intangible assets		$ 2,507		$ 2,507
Total revenues and net income (loss) from hotels acquired
Revenue		270,405	$ 236,373
Net income (loss)		$ 48,102	11,985
Unaudited condensed pro forma financial information
Revenue			264,396
Net income attributable to common shareholders			$ 18,281
Net income per share attributable to common shareholders - basic (in dollars per share) \| $ / shares			$ 0.15
Net income per share attributable to common shareholders - diluted (in dollars per share) \| $ / shares			$ 0.15
Weighted-average number of shares outstanding - basic (in shares) \| shares			121,740,962
Weighted-average number of shares outstanding - diluted (in shares) \| shares			122,867,755
2014 Acquisitions
Acquisition of Hotel Properties
Land and land improvements				64,303
Buildings and improvements				213,110
Furniture, fixtures and equipment				35,087
Total purchase price				$ 312,500
Total revenues and net income (loss) from hotels acquired
Revenue			$ 4,531
Net income (loss)			$ (453)
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	70
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

Disposal of Hotel Properties (Details) $ in Thousands	3 Months Ended
Disposal of Hotel Properties (Details) $ in Thousands	Mar. 31, 2015 USD ($) hotel room	Mar. 31, 2014 USD ($) hotel	Feb. 23, 2015 room
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms	1,537
Disposal Group, Number of Properties Disposed During Period \| hotel	20	13
Noncash Divestiture of Real Estate \| $	$ 230,300	$ 114,500
Gain (loss) on disposal of hotel properties \| $	(22,298)
Gain (Loss) on Disposition of Property Plant Equipment \| $	$ 22,298	$ (2,557)
Courtyard Chicago Schaumburg [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			162
Courtyard Detroit Pontiac Bloomfield [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			110
Courtyard Grand Junction [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			136
Courtyard Mesquite [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			101
Courtyard San Antonio Northstar [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			78
Courtyard Tampa Brandon [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			90
Fairfield Inn Merrillville [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			112
Fairfield Inn San Antonio Airport [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			120
Fairfield Inn Tampa Brandon [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			107
Hampton Inn Merrillville [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			64
Holiday Inn Grand Rapids [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			148
Homewood Suites Tampa Brandon [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			126
Marriott Pontiac Auburn Hills [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			290
Residence Inn Austin Round Rock [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			96
Residence Inn Chicago Schaumburg [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			125
Residence Inn Detroit Pontiac [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			114
Residence Inn Grand Junction [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			104
Residence Inn Indianapolis Carmel [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			120
SpringHill Suites Chicago Schaumburg [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			132
SpringHill Suites Indianapolis Carmel [Member]
Discontinued operations
Disposal Group, Property Disposed During Period, Number of Rooms			126

Disposal of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) hotel	Mar. 31, 2014 USD ($) hotel
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Number of Properties Disposed During Period \| hotel	20	13
Disposal of hotel properties	$ 230,300	$ 114,500
Loss on disposal	$ 22,298
Cost of defeasance		$ 800

Disposal of Hotel Properties (Schedule of Properties Disposed) (Details) - room	Mar. 31, 2015	Feb. 23, 2015	Mar. 26, 2014	Feb. 25, 2014	Feb. 20, 2014
Discontinued operations
Property disposed, number of rooms	1,537
Courtyard Detroit Pontiac Bloomfield [Member]
Discontinued operations
Property disposed, number of rooms		110
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

Investment in Hotel and Other Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 706,794		$ 706,497
Buildings and improvements	3,024,947		3,005,390
Furniture, fixtures and equipment	507,603		498,126
Intangible assets	2,507		2,507
Total	4,241,851		4,212,520
Accumulated depreciation and amortization	(730,819)		(693,717)
Investment in hotel and other properties, net	3,511,032		$ 3,518,803
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	(37,100)	$ (32,800)
Impairment loss	$ 0

Debt (Details)

3 Months Ended

Mar. 31, 2015

USD ($)

term

hotel

asset

Dec. 31, 2014

USD ($)

Debt

Mortgage loans

$ 403,319,000

$ 532,747,000

Secured Debt

Debt

Number of Assets Encumbered | asset

Mortgage loans

$ 403,319,000

532,747,000

Secured Debt | Capmark Financial Group, lender 1

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

10,513,000

Secured Debt | Capmark Financial Group, lender 2

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

4,561,000

Secured Debt | Barclay's Bank, lender 1

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.55%

Mortgage loans

$ 20,109,000

107,544,000

Secured Debt | Barclay's Bank, lender 13

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

Mortgage loans

$ 0

26,775,000

Secured Debt | Capmark Financial Group, lender 3

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.50%

Mortgage loans

$ 6,172,000

6,214,000

Secured Debt | Barclay's Bank, lender 17

Debt

Number of Assets Encumbered | asset

Interest rate (as a percent)

^[1]

5.44%

Mortgage loans

$ 10,038,000

10,140,000

Secured Debt | PNC Bank

Debt

Number of Assets Encumbered | asset

^[2]

Interest rate (as a percent)

^[1],[3]

2.53%

Mortgage loans

$ 74,000,000

^[4]

74,000,000

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],[3],[5]

4.18755%

Mortgage loans

$ 150,000,000

^[6]

150,000,000

Secured Debt | Barclay's Bank, lender 18

Debt

Mortgage loans

143,000,000

$ 143,000,000

Revolver

Debt

Maximum borrowings

300,000,000

Unsecured Term Loan Due August 27, 2018

Debt

Maximum borrowings

$ 400,000,000.0

Interest rate (as a percent)

^[7],[8]

3.07%

Unsecured Term Loan Due January 22, 2022 [Member]

Debt

Maximum borrowings

$ 150,000,000.0

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Maximum borrowings

$ 400,000,000

Interest rate (as a percent)

^[8]

2.37%

Seven-Year Term Loan

Debt

Maximum borrowings

$ 225,000,000

Interest rate (as a percent)

^[8],[9]

4.04%

[1]	Interest rate at March 31, 2015 gives effect to interest rate hedges, as applicable.
[2]	The five hotels encumbered by the PNC Bank loan are cross-collateralized.
[3]	The Company is currently evaluating its options for repayment.
[4]	Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.
[5]	Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.
[6]	Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
[7]	Includes interest expense related to an interest rate hedge of $1.2 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively.
[8]	Interest rate at March 31, 2015 gives effect to interest rate hedges and LIBOR floors, as applicable.
[9]	Includes interest expense related to an interest rate hedge of $0.6 million for the three months ended March 31, 2015.

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Debt

Outstanding borrowings

$ 1,025,000

Interest expense

7,889

$ 6,852

Revolver

Debt

Outstanding borrowings

^[1]

Interest expense

260

323

Unused commitment fee

300

200

Unsecured Term Loan Due August 27, 2018

Debt

Outstanding borrowings

^[2]

$ 400,000

Interest rate (as a percent)

^[2],[3]

3.07%

Interest expense

$ 3,037

2,851

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Outstanding borrowings

$ 400,000

Interest rate (as a percent)

^[3]

2.37%

Interest expense

$ 2,347

1,423

Seven-Year Term Loan

Debt

Outstanding borrowings

^[4]

$ 225,000

Interest rate (as a percent)

^[3],[4]

4.04%

Interest expense

$ 2,245

2,255

Unsecured Term Loan Due January 22, 2022 [Member]

Debt

Outstanding borrowings

^[4]

Interest expense

$ 0

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

Debt

Interest expense

1,200

Interest Rate Contract | Seven-Year Term Loan

Debt

Interest expense

$ 1,000

[1]	At March 31, 2015 there was $300.0 million of borrowing capacity on the Revolver.
[2]	Includes interest expense related to an interest rate hedge of $1.2 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively.
[3]	Interest rate at March 31, 2015 gives effect to interest rate hedges and LIBOR floors, as applicable.
[4]	Includes interest expense related to an interest rate hedge of $0.6 million for the three months ended March 31, 2015.

Derivatives and Hedging (Details) - USD ($)	3 Months Ended
Derivatives and Hedging (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Financial Instruments: Derivatives and Hedging
Unrealized gains (losses) included in accumulated other comprehensive loss	$ 23,047,000		$ 13,644,000
Amount of ineffective hedges	0	$ 0
Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	(23,000,000)		(13,600,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type one
Financial Instruments: Derivatives and Hedging
Notional value	$ 275,000,000		275,000,000
Hedge interest rate (as a percent)	1.1175%
Interest rate swap liability	$ (1,942,000)		(232,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type two
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000		175,000,000
Hedge interest rate (as a percent)	1.5625%
Interest rate swap liability	$ (3,307,000)		(2,182,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type three
Financial Instruments: Derivatives and Hedging
Notional value	$ 175,000,000		175,000,000
Hedge interest rate (as a percent)	1.635%
Interest rate swap liability	$ (3,691,000)		(2,596,000)
Designated as Hedging Instrument \| ISwap-cash flow, hedge type four
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,500,000		16,500,000
Hedge interest rate (as a percent)	1.825%
Interest rate swap liability	$ (441,000)		(315,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type five
Financial Instruments: Derivatives and Hedging
Notional value	$ 16,500,000		16,500,000
Hedge interest rate (as a percent)	1.751%
Interest rate swap liability	$ (399,000)		(270,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type six
Financial Instruments: Derivatives and Hedging
Notional value	$ 40,500,000		40,500,000
Hedge interest rate (as a percent)	1.825%
Interest rate swap liability	$ (1,083,000)		(772,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type seven
Financial Instruments: Derivatives and Hedging
Notional value	$ 41,500,000		41,500,000
Hedge interest rate (as a percent)	1.751%
Interest rate swap liability	$ (1,003,000)		(678,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type eight
Financial Instruments: Derivatives and Hedging
Notional value	$ 18,000,000		18,000,000
Hedge interest rate (as a percent)	1.825%
Interest rate swap liability	$ (481,000)		(343,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type nine
Financial Instruments: Derivatives and Hedging
Notional value	$ 17,000,000		17,000,000
Hedge interest rate (as a percent)	1.751%
Interest rate swap liability	$ (411,000)		(278,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type ten
Financial Instruments: Derivatives and Hedging
Notional value	$ 125,000,000		125,000,000
Hedge interest rate (as a percent)	2.018%
Interest rate swap liability	$ (4,251,000)		(3,073,000)
Designated as Hedging Instrument \| Swap-cash flow, hedge type eleven
Financial Instruments: Derivatives and Hedging
Notional value	$ 100,000,000		100,000,000
Hedge interest rate (as a percent)	1.944%
Interest rate swap liability	$ (3,105,000)		(2,145,000)
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Twelve [Member] [Member]
Financial Instruments: Derivatives and Hedging
Notional value	$ 143,000,000		143,000,000
Hedge interest rate (as a percent)	1.81%
Interest rate swap liability	$ (2,933,000)		$ (760,000)
Interest Expense
Financial Instruments: Derivatives and Hedging
Amount reclassified from accumulated other comprehensive income into interest expense	$ 4,100,000	$ 2,900,000

Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 0
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap liability	(23,000)	$ (13,600)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate mortgage notes payable	36,700	171,100
Carrying value of fixed rate mortgage notes payable	36,300	165,700
Recurring \| Level 2 \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	(23,047)	(13,644)
Total	(23,047)	(13,644)
Recurring \| Total \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	(23,047)	(13,644)
Total	$ (23,047)	$ (13,644)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
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	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 56,795	$ 63,054
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%

Equity (Details) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Equity Incentive Plan

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

5,000,000

Summary of non-vested shares/units

Granted (in shares)

1,057

Weighted Average Grant Date Fair Value

Granted (in dollars per share)

$ 31.31

Other Disclosures

Share-based compensation expense

$ 33

$ 28

Restricted share awards

Summary of non-vested shares/units

Unvested at the beginning of the period (in shares)

731,459

Granted (in shares)

^[1]

254,299

Vested (in shares)

^[1]

(139,213)

Forfeited (in shares)

(229)

Unvested at the end of the period (in shares)

846,316

Weighted Average Grant Date Fair Value

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

$ 21.21

Granted (in dollars per share)

^[1]

32.49

Vested (in dollars per share)

^[1]

19.69

Forfeited (in dollars per share)

26.64

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

$ 24.84

Other Disclosures

Share-based compensation expense

$ 2,900

2,500

Total unrecognized compensation costs

$ 19,500

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

2 years 10 months 24 days

Total fair value of shares vested

$ 4,600

Performance Units

Summary of non-vested shares/units

Unvested at the end of the period (in shares)

1,000,000

Weighted Average Grant Date Fair Value

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

$ 15.36

Other Disclosures

Share-based compensation expense

$ 1,100

Total unrecognized compensation costs

$ 3,400

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

9 months 18 days

Vesting period

4 years

Measurement period

3 years

Time-based vesting period

1 year

Common shares available for future grant (in share)

2,487,410

[1]	Includes 1,057 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $31.31.

Earnings per Common Share (Details) - USD ($)	3 Months Ended
Earnings per Common Share (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Undistributed Earnings Allocated to Participating Securities	$ 27,000
Numerator:
Net income attributable to common shareholders	47,850,000	$ 11,932,000
Less: Dividends paid on unvested restricted shares	(279,000)	(246,000)
Undistributed Earnings, Basic	27,000	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 47,544,000	$ 11,686,000
Denominator:
Weighted-average number of common shares - basic (in shares)	131,272,611	121,740,962
Unvested restricted shares (in shares)	281,980	281,721
Unvested performance units (in shares)	731,951	845,072
Weighted-average number of common shares - diluted (in shares)	132,286,542	122,867,755
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.36	$ 0.10
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.36	$ 0.10

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 12,505	$ 13,541
Income taxes paid	72	37
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	0	312,500
Accounts receivable	0	373
Other assets	0	1,198
Advance deposits	0	(405)
Accounts payable and other liabilities	0	(1,693)
Acquisition of hotel and other properties, net	0	311,973
In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	(230,300)	(114,500)
Disposition costs	(8,473)	(2,461)
Operating prorations	3,766	(958)
Proceeds from the disposal of hotel properties, net	225,593	111,081
Supplemental non-cash transactions:
Accrued capital expenditures	$ 2,063	$ 0

Subsequent Events (Details) $ in Thousands	May 07, 2015 USD ($)	Mar. 31, 2015 USD ($) property state asset	Dec. 31, 2014 USD ($)
Subsequent Events
Number of states in which hotels owned by the entity are located \| state		21
Number of properties owned \| property		126
Mortgage loans		$ 403,319	$ 532,747
Subsequent Event
Subsequent Events
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 200,000
Secured Debt
Subsequent Events
Number of Assets Encumbered \| asset		18
Mortgage loans		$ 403,319	532,747
Interest Rate, Swap Hedge, Type Twelve [Member] [Member] \| Designated as Hedging Instrument
Subsequent Events
Notional value		$ 143,000	$ 143,000