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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 29, 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	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		130,769,039
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Investment in hotels and other properties, net	$ 3,508,958	$ 3,518,803
Cash and cash equivalents	263,881	262,458
Restricted cash reserves	59,941	63,054
Hotel and other receivables, net of allowance of $170 and $166, respectively	31,802	25,691
Deferred financing costs, net	9,483	11,421
Deferred income tax asset	7,517	7,502
Earnest Money Deposits	7,000	0
Prepaid expense and other assets	33,757	42,115
Assets Held-for-sale, Long Lived		197,335
Total assets	3,922,339	4,128,379
Liabilities and Equity
Mortgage loans	376,939	532,747
Term loans	1,025,000	1,025,000
Accounts payable and other liabilities	117,383	129,388
Deferred income tax liability	7,542	7,879
Advance deposits and deferred revenue	10,854	9,984
Accrued interest	2,743	2,783
Distributions payable	46,154	42,114
Total liabilities	1,586,615	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 June 30, 2015 and December 31, 2014, respectively	0	0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 130,133,618 and 131,964,706 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	1,301	1,319
Additional paid-in-capital	2,363,965	2,419,731
Accumulated other comprehensive loss	(17,128)	(13,644)
Distributions in excess of net earnings	(29,793)	(46,415)
Total shareholders’ equity	2,318,345	2,360,991
Noncontrolling interest
Noncontrolling interest in joint venture	6,077	6,295
Noncontrolling interest in Operating Partnership	11,302	11,198
Total noncontrolling interest	17,379	17,493
Total equity	2,335,724	2,378,484
Total liabilities and equity	$ 3,922,339	$ 4,128,379

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating revenue
Room revenue	$ 262,240	$ 259,447	$ 494,799	$ 465,472
Food and beverage revenue	29,587	27,481	58,580	50,848
Other operating department revenue	9,425	8,119	18,278	15,100
Total revenue	301,252	295,047	571,657	531,420
Operating expense
Room expense	55,207	54,136	109,293	101,657
Food and beverage expense	20,492	18,746	41,256	35,619
Management and Franchise Fee expense	31,677	31,052	59,719	55,865
Other operating expense	59,228	59,837	119,809	116,213
Total property operating expense	166,604	163,771	330,077	309,354
Depreciation and amortization	37,778	35,422	74,981	68,298
Impairment of Real Estate		0	0	0
Property tax, insurance and other	18,281	17,938	38,324	35,190
General and administrative	10,393	10,135	20,792	20,264
Transaction and pursuit costs	853	2,411	988	3,895
Total operating expense	233,909	229,677	465,162	437,001
Operating income	67,343	65,370	106,495	94,419
Other income	456	405	546	515
Interest income	363	962	808	1,285
Interest expense	(12,335)	(14,142)	(25,843)	(28,788)
Income from continuing operations before income tax expense	55,827	52,595	82,006	67,431
Income tax expense	(89)	(494)	(464)	(788)
Income from continuing operations	55,738	52,101	81,542	66,643
Gain (loss) on disposal of hotel properties	672	1,260	22,970	(1,297)
Net income	56,410	53,361	104,512	65,346
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture	(46)	(79)	23	(45)
Noncontrolling interest in common units of Operating Partnership	(373)	(378)	(694)	(465)
Net income attributable to common shareholders	$ 55,991	$ 52,904	$ 103,841	$ 64,836
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.42	$ 0.79	$ 0.52
Weighted-average number of common shares (in shares)	130,670,629	125,260,607	130,969,957	123,510,507
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.42	$ 0.78	$ 0.52
Weighted-average number of common shares (in shares)	131,618,693	126,475,051	131,947,932	124,696,925
Amounts attributable to the Company’s common shareholders
Income from continuing operations	$ 55,324	$ 51,652	$ 81,028	$ 66,124
Gain (loss) on disposal of hotel properties	667	1,252	22,813	(1,288)
Net income attributable to common shareholders	55,991	52,904	103,841	64,836
Comprehensive income
Unrealized gain (loss) on interest rate derivatives	5,919	(6,913)	(3,484)	(8,274)
Comprehensive income	62,329	46,448	101,028	57,072
Comprehensive (income) loss attributable to the noncontrolling interest in consolidated joint venture	(46)	(79)	23	(45)
Comprehensive income attributable to the noncontrolling interest in the Operating Partnership	(373)	(378)	(694)	(465)
Comprehensive income attributable to the Company	$ 61,910	$ 45,991	$ 100,357	$ 56,562

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in-Capital	Common Stock Including Additional Paid in Capital [Member]	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)	$ 65,346				64,836		510	465	45
Sale of common stock (shares)	9,200,000
Stock Issued During Period, Value, New Issues	$ 232,814	$ 92	232,722
Unrealized loss on interest rate derivative	(8,274)
Distributions to joint venture partner									(1,182)
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		343,887
Amortization of share-based compensation	7,393		7,393
Share grants to trustees	61		61
Share grants to trustees (in shares)		2,197
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,599)	$ 0	(2,599)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(98,204)
Forfeiture of restricted stock (in shares)		(3,568)
Distributions on common shares and units	(56,929)				(56,537)		(392)	(392)
Balance at Jun. 30, 2014	2,382,964	$ 1,321	2,415,578		(37,223)	(14,215)	17,503	11,334	6,169
Balance (in shares) at Jun. 30, 2014		132,084,354
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)	104,512				103,841		671	694	(23)
Unrealized loss on interest rate derivative	(3,484)					(3,484)
Distributions to joint venture partner	(195)						(195)		(195)
Issuance of restricted stock		$ 3	(3)
Issuance of restricted stock (in shares)		287,497
Amortization of share-based compensation	7,791		7,791
Share grants to trustees	66		66
Share grants to trustees (in shares)		2,168
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (3,800)	$ (1)	(3,799)
Stock Repurchased During Period, Shares	(1,995,177)
Stock Repurchased During Period, Value	$ (59,841)		(59,821)	$ (20)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)		(120,249)
Forfeiture of restricted stock (in shares)		(5,327)
Distributions on common shares and units	(87,809)				(87,219)		(590)	(590)
Balance at Jun. 30, 2015	$ 2,335,724	$ 1,301	$ 2,363,965		$ (29,793)	$ (17,128)	$ 17,379	$ 11,302	$ 6,077
Balance (in shares) at Jun. 30, 2015		130,133,618

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 104,512	$ 65,346
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss on defeasance	0	804
Gain (loss) on disposal of hotel properties	22,970	(1,297)
(Gain) loss on disposal of hotel properties		1,297
Impairment of Real Estate	0	0
Depreciation and amortization	74,981	68,298
Amortization of deferred financing costs	2,056	2,261
Amortization of deferred management fees	407	482
Accretion of interest income on investment in loan	(173)	(109)
Share grants to trustees	66	61
Amortization of share-based compensation	7,791	7,393
Deferred income taxes	(352)	(781)
Changes in assets and liabilities:
Hotel and other receivables, net	(6,111)	(11,497)
Prepaid expense and other assets	3,611	2,625
Accounts payable and other liabilities	(18,727)	(4,714)
Advance deposits and deferred revenue	870	590
Accrued interest	(40)	(15)
Net cash flow provided by operating activities	145,921	132,041
Cash flows from investing activities:
Acquisition of hotel and other properties, net	0	(504,103)
Proceeds from the disposal of hotel properties, net	227,837	124,076
Payments for (Proceeds from) Deposits on Real Estate Acquisitions	7,000	(6,246)
Improvements and additions to hotel and other properties	(64,695)	(38,581)
Additions to property and equipment	(222)	(20)
Releases from restricted cash reserves, net	3,113	1,820
Net cash flow provided by (used in) investing activities	159,033	(410,562)
Cash flows from financing activities:
Repurchase of common shares to satisfy employee withholding requirements	(3,800)	(2,599)
Payments for Repurchase of Equity	59,841
Borrowings under revolving credit facility	0	258,500
Repayments under revolving credit facility	0	(258,500)
Borrowings on term loans	0	175,000
Payment of mortgage principal	(155,808)	(25,569)
Distributions on common shares	(83,204)	(56,469)
Distributions on Operating Partnership units	(565)	(411)
Payment of deferred financing costs	(118)	(1,579)
Distribution to noncontrolling interest	(195)	(1,182)
Proceeds from issuance of common shares	0	232,814
Net cash flow (used in) provided by financing activities	(303,531)	320,005
Net change in cash and cash equivalents	1,423	41,484
Cash and cash equivalents, beginning of period	262,458	332,248
Cash and cash equivalents, end of period	$ 263,881	$ 373,732

Organization	6 Months Ended
Organization	Jun. 30, 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 June 30, 2015, there were 131,027,618 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 June 30, 2015, the Company owned 125 properties, comprised of 123 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	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of significant accounting policies. There have been no significant changes to the Company's significant accounting policies since December 31, 2014. 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 and six months ended June 30, 2015 are not necessarily indicative of actual operating results for the entire year. 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 June 30, 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 June 30, 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. 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. 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, 2017, and interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 requires reporting entities to reevaluate whether they should consolidate certain legal entities under the revised consolidation model. This standard modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs, especially those that have fee arrangements and related party relationships. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. 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

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisition of Hotel and Other Properties

There were no acquisitions during the six months ended June 30, 2015. During the six months ended June 30, 2014, the Company acquired a 100% interest in the following properties:

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt House Charlotte Center City

Charlotte, NC

March 12, 2014

Hyatt Affiliate

163

32,496

Hyatt House Cypress Anaheim

Cypress, CA

March 12, 2014

Hyatt Affiliate

142

14,753

Hyatt House Emeryville San Francisco Bay Area

Emeryville, CA

March 12, 2014

Hyatt Affiliate

234

39,274

Hyatt House San Diego Sorrento Mesa

San Diego, CA

March 12, 2014

Hyatt Affiliate

193

35,985

Hyatt House San Jose Silicon Valley

San Jose, CA

March 12, 2014

Hyatt Affiliate

164

44,159

Hyatt House San Ramon

San Ramon, CA

March 12, 2014

Hyatt Affiliate

142

20,833

Hyatt House Santa Clara

Santa Clara, CA

March 12, 2014

Hyatt Affiliate

150

40,570

Hyatt Market Street The Woodlands

The Woodlands, TX

March 12, 2014

Hyatt Corporation

25,817

Hyatt Place Fremont Silicon Valley

Fremont, CA

March 12, 2014

Hyatt Affiliate

151

23,525

Hyatt Place Madison Downtown

Madison, WI

March 12, 2014

Hyatt Affiliate

151

35,088

Courtyard Portland City Center

Portland, OR

May 22, 2014

Sage Hospitality

256

67,000

Embassy Suites Irvine Orange County

Irvine, CA

May 22, 2014

Sage Hospitality

293

53,000

Hilton Cabana Miami Beach

Miami, FL

June 19, 2014

Highgate Hotels

231

71,700

2,340

504,200

The allocation of purchase price for the properties acquired during the six months ended June 30, 2014 was as follows (in thousands):



	For the six months ended June 30,
	2014
Land and land improvements	$	112,467
Buildings and improvements	339,889
Furniture, fixtures and equipment	51,844
Total purchase price	$	504,200

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



	2014 acquisitions
	For the three months ended June 30, 2014		For the six months ended June 30, 2014
Revenue	$	25,276	$	29,807
Net income	$	4,301	$	3,272

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 June 30, 2014		For the six months ended June 30, 2014
Revenue	$	305,929	$	570,325
Net income attributable to common shareholders	$	55,411	$	73,692
Net income per share attributable to common shareholders - basic	$	0.44	$	0.60
Net income per share attributable to common shareholders - diluted	$	0.44	$	0.59
Weighted-average number of common shares - basic	125,260,607		123,510,507
Weighted-average number of common shares - diluted	126,475,051		124,696,925

- Definition

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

+ References

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

Disposal of Hotel Properties

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal of Hotel Properties

During the six months ended June 30, 2015, the Company sold 21 hotel properties in two transactions for a total sales price of approximately $232.7 million. In conjunction with these transactions, the Company recorded a $23.0 million gain on disposal which is included in the accompanying consolidated statement of operations.

The following table provides a list of properties that were sold during the six months ended June 30, 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
Fairfield Inn and Suites Valparaiso	Valparaiso, IN	May 22, 2015	63
		Total	2,524

During the six months ended June 30, 2014, the Company sold 14 hotel properties in four separate transactions for a total sales price of approximately $128.0 million. In conjunction with these transactions, the Company recorded a $1.3 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 sold during the six months ended June 30, 2014:



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

- 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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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: 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=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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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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-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

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-Name Accounting Standards Codification
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Reference 9: 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=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

Reference 12: 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=d3e1474-107760

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

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Investment in Hotel and Other Properties

Investment in hotel and other properties as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands):



	June 30, 2015			December 31, 2014
Land and land improvements	$	706,932		$	706,497
Buildings and improvements	3,044,096			3,005,390
Furniture, fixtures and equipment	522,688			498,126
Intangible assets	2,507			2,507
	4,276,223			4,212,520
Accumulated depreciation and amortization	(767,265		)	(693,717		)
Investment in hotels and other properties, net	$	3,508,958		$	3,518,803

For the three and six months ended June 30, 2015, depreciation and amortization expense related to investment in hotel and other properties was approximately $37.7 million and $74.8 million, respectively. For the three and six months ended June 30, 2014, depreciation and amortization expense related to investment in hotel and other properties was approximately $35.3 million and $68.1 million, respectively.

Impairment

The Company determined that there was no impairment of any assets for either the three and six months ended June 30, 2015 or 2014.

Debt

6 Months Ended

Jun. 30, 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 August 27, 2018 (the "2013 Five-Year Term Loan");


•	$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"); 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 June 30, 2015, the Company was in compliance with all financial covenants.

As of and for the three and six months ended June 30, 2015 and 2014, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended June 30,				six months ended June 30,
	Outstanding Borrowings at June 30, 2015		Maturity Date	Interest Rate at June 30, 2015 (1)	2015		2014		2015		2014
Revolver (2)(3)	$	—	November 2016	n/a	$	265	$	296	$	525	$	619
2013 Five-Year Term Loan (4)	400,000		August 2018	3.07%	3,108		3,102		6,145		5,953
2012 Five-Year Term Loan (5)	400,000		March 2019	2.72%	2,530		1,728		4,877		3,150
2012 Seven-Year Term Loan (6)	225,000		November 2019	4.04%	2,296		2,294		4,541		4,550
2014 Seven-Year Term Loan (7)(8)	—		January 2022	n/a	95		—		95		—
Total	$	1,025,000			$	8,294	$	7,420	$	16,183	$	14,272


(1)	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.


(2)	At June 30, 2015 there was $300.0 million of borrowing capacity on the Revolver.


(3)	Includes an unused facility fee of $0.3 million and $0.5 million for the three and six months ended June 30, 2015, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.2 million and $2.5 million for the three and six months ended June 30, 2015, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2014, respectively.


(5)	Includes interest expense related to an interest rate hedge of $0.8 million and $1.4 million for the three and six months ended June 30, 2015, respectively.


(6)	Includes interest expense related to an interest rate hedge of $1.0 million and $2.0 million for the three and six months ended June 30, 2015, respectively, and $1.0 million and $2.0 million for the three and six months ended June 30, 2014, respectively.


(7)	At June 30, 2015 there was $150.0 million of borrowing capacity on the 2014 Seven-Year Term Loan.


(8)	Includes an unused facility fee of $0.1 million and $0.1 million for the three and six months ended June 30, 2015, respectively.

Mortgage Loans

As of June 30, 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 June 30, 2015 (1)		Maturity Date		June 30, 2015		December 31, 2014
Barclays Bank	1	5.44%		September 2015	(2)	9,939		10,140
PNC Bank (3)	5	2.54%	(4)	May 2016	(5)	74,000		74,000
Wells Fargo (6)	4	4.19%	(4)	September 2016	(7)	150,000		150,000
Wells Fargo	4	4.06%	(4)	October 2017	(7)	143,000		143,000
Capmark Financial Group				May 2015		—		10,513
Capmark Financial Group				June 2015		—		4,561
Barclays Bank				June 2015		—		26,775
Barclays Bank				June 2015		—		107,544
Capmark Financial Group				July 2015		—		6,214
	14					$	376,939	$	532,747


(1)	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.


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


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


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


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


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


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

Mortgage interest expense for the three and six months ended June 30, 2015 was $3.7 million and $8.8 million, respectively, including interest expense related to interest rate hedges of $1.2 million and $2.4 million, respectively. Mortgage interest expense for the three and six months ended June 30, 2014 was $5.8 million and $11.6 million, respectively, including interest expense related to interest rate hedges of $0.6 million and $1.2 million, respectively. Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these covenants at June 30, 2015 and December 31, 2014.

Derivatives and Hedging

6 Months Ended

Jun. 30, 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 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 June 30, 2015 and December 31, 2014, all derivative instruments were designated as cash flow hedges.

At June 30, 2015, the aggregate fair value of interest rate swap assets of $1.4 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. There were no interest rate swap assets at December 31, 2014. At June 30, 2015 and December 31, 2014, the aggregate fair value of interest rate swap liabilities of $18.6 million and $13.6 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets.

As of June 30, 2015 and December 31, 2014, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	June 30, 2015		December 31, 2014		Hedge interest rate	Maturity	June 30, 2015			December 31, 2014
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	(1,683	)	$	(232	)
Swap-cash flow	175,000		175,000		1.56%	March 2018	(2,900		)	(2,182		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(3,253		)	(2,596		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(379		)	(315		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(339		)	(270		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(929		)	(772		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(853		)	(678		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(413		)	(343		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(350		)	(278		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(3,561		)	(3,073		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(2,571		)	(2,145		)
Swap-cash flow	125,000		—		1.27%	March 2019	(17		)	—
Swap-cash flow	143,000		143,000		1.81%	October 2020	(1,305		)	(760		)
Swap-cash flow	50,000		—		1.61%	June 2021	514			—
Swap-cash flow	50,000		—		1.56%	June 2021	681			—
Swap-cash flow	50,000		—		1.71%	June 2021	230			—
	$	1,418,000	$	1,143,000			$	(17,128	)	$	(13,644	)

As of June 30, 2015 and December 31, 2014, there was approximately $17.1 million and $13.6 million, respectively, in net unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on designated hedges during the three and six month periods ended June 30, 2015 and 2014. For the three and six months ended June 30, 2015, approximately $4.2 million and $8.3 million, respectively, of amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the three and six months ended June 30, 2014, approximately $2.9 million and $5.8 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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

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-Publisher FASB
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+ Details

Fair Value

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014 of $10.0 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 June 30, 2015 and December 31, 2014 was $9.9 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 June 30, 2015 (in thousands):



	Fair Value at June 30, 2015
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	1,425		$	—	$	1,425
Interest rate swap liability	$	—	$	(18,553	)	$	—	$	(18,553	)
Total	$	—	$	(17,128	)	$	—	$	(17,128	)

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 June 30, 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	6 Months Ended
Income Taxes	Jun. 30, 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 June 30, 2015 and December 31, 2014.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 June 30, 2015 and December 31, 2014, approximately $59.9 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 affecting a number of hotels it manages, including seven hotels that are owned by the Company. During the first quarter of 2015, the same third-party hotel manager notified the Company of a second 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 these criminal cyber-attacks. 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 its financial position, results of operations or cash flows. Management Agreements As of June 30, 2015, 123 of the Company's hotel properties were operated pursuant to long-term agreements with initial terms ranging from 3 to 30 years. This number includes five Marriott and ten Hyatt hotels that receive the benefits of a franchise agreement pursuant to a management agreement. Each management company receives a base management fee generally between 2.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee generally between 3.0% 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 and six months ended June 30, 2015, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $12.5 million and $23.4 million, respectively. For the three and six months ended June 30, 2014, the Company incurred management fee expense, including amortization of deferred management fees, of approximately $12.0 million and $21.1 million, respectively. Franchise Agreements As of June 30, 2015, 108 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 and six months ended June 30, 2015, the Company incurred franchise fee expense of approximately $19.2 million and $36.3 million, respectively. For the three and six months ended June 30, 2014, the Company incurred franchise fee expense of approximately $19.1 million and $34.8 million, respectively.

Equity	6 Months Ended
Equity	Jun. 30, 2015
Equity [Abstract]
Equity	Equity 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. The share repurchase program will expire on April 30, 2016. During the three months ended June 30, 2015, the Company repurchased 1,995,177 of its common shares for approximately $59.8 million. As of June 30, 2015 there is approximately $140.2 million remaining for future repurchases of common shares. On May 22, 2014, the Company issued and sold 9,200,000 common shares of beneficial interest, $0.01 par value per share, at a price per share of $26.45, for total gross proceeds of $243.3 million. The Company received aggregate net proceeds of approximately $232.8 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Equity Incentive Plan

6 Months Ended

Jun. 30, 2015

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

Equity Incentive Plan

On May 1, 2015, the Company’s shareholders approved the 2015 Equity Incentive Plan (the "2015 Plan"), which constitutes an amendment and restatement of the 2011 Equity Incentive Plan (the "2011 Plan"), including an increase in the total number of available shares under the 2015 Plan by 2,500,000 shares and changes to certain other terms of the 2011 Plan. The Company may issue equity-based awards to officers, employees, non-employee trustees and other eligible persons under the 2015 Plan. The 2015 Plan provides for a maximum of 7,500,000 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 2015 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 2015 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 June 30, 2015 is as follows:



	2015
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	731,459		$	21.21
Granted (1)	289,665		32.19
Vested (1)	(293,693	)	20.38
Forfeited	(5,327	)	24.71
Unvested at June 30,	722,104		$	25.92


(1)	Includes 2,168 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $30.53.

For the three and six months ended June 30, 2015, the Company recognized approximately $2.6 million and $5.6 million, respectively, of share-based compensation expense related to restricted share awards. For the three and six months ended June 30, 2014, the Company recognized approximately $2.7 million and $5.2 million, respectively, of share-based compensation expense related to restricted share awards. As of June 30, 2015, there was $17.8 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 2.8 years. The total fair value of shares vested (calculated as number of shares multiplied by vesting date share price) during the six months ended June 30, 2015 was approximately $9.3 million.

Performance Units

The Company awarded performance units to certain employees under the 2015 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 June 30, 2015, there were 1.0 million unvested performance units with a weighted-average grant date fair value of $15.36 per performance unit.

For the three and six months ended June 30, 2015, the Company recognized $1.1 million and $2.2 million of share-based compensation expense related to the performance units, respectively. For the three and six months ended June 30, 2014, the Company recognized $1.1 million and $2.2 million of share-based compensation expense related to the performance units, respectively. As of June 30, 2015, there was $2.2 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 0.6 years.

As of June 30, 2015, there were 4,957,142 common shares available for future grant under the 2015 Plan. Any performance units that convert into restricted shares will reduce the number of common shares available for future grant under the 2015 Plan.

Earnings per Common Share

6 Months Ended

Jun. 30, 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 gain or 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 and six months ended June 30, 2015, $0.1 million and $0.1 million represented undistributed earnings that were allocated to participating shares. For the three and six months ended June 30, 2014, $0.2 million and $0.1 million, respectively, represented undistributed earnings that were allocated to participating shares.

The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six months ended June 30, 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 June 30,						For the six months ended June 30,
	2015			2014			2015			2014
Numerator:
Net income attributable to common shareholders	$	55,991		$	52,904		$	103,841		$	64,836
Less: Dividends paid on unvested restricted shares	(238		)	(224		)	(518		)	(470		)
Less: Undistributed earnings attributable to unvested restricted shares	(72		)	(184		)	(95		)	(67		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	55,681		$	52,496		$	103,228		$	64,299
Denominator:
Weighted-average number of common shares - basic	130,670,629			125,260,607			130,969,957			123,510,507
Unvested restricted shares	188,138			308,580			232,682			295,684
Unvested performance units	759,926			905,864			745,293			890,734
Weighted-average number of common shares - diluted	131,618,693			126,475,051			131,947,932			124,696,925

Net income attributable to common shareholders - basic	$	0.43		$	0.42		$	0.79		$	0.52

Net income attributable to common shareholders - diluted	$	0.42		$	0.42		$	0.78		$	0.52

Supplemental Information to Statements of Cash Flows

6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows (in thousands)



	For the six months ended June 30,
	2015			2014
Interest paid, net of capitalized interest	$	23,827		$	26,373

Income taxes paid	$	1,384		$	1,319

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	504,200
Accounts receivable	—			750
Other assets	—			1,636
Advance deposits	—			(509		)
Accounts payable and other liabilities	—			(1,974		)
Acquisition of hotel and other properties, net	$	—		$	504,103

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	232,700		$	128,000
Disposition costs	(8,577		)	(2,846		)
Operating prorations	3,714			(1,078		)
Proceeds from the disposal of hotel properties, net	$	227,837		$	124,076

Supplemental non-cash transactions:
Accrued capital expenditures	$	1,813		$	—

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2015, the Company drew down the entire $150.0 million available on the 2014 Seven-Year Term Loan. Additionally, the Company borrowed $7.0 million under a mortgage loan encumbered by a hotel property. In July 2015, the Company sold the 80-room Residence Inn South Bend, located in South Bend, IN, for a sales price of $5.8 million. In July 2015, the Company acquired a 100% interest in the 164-room Hyatt Place DC/Downtown/K Street in Washington, DC for a purchase price of $68.0 million. In July 2015, the Company acquired a 100% interest in the 170-room Homewood Suites Seattle/Lynnwood in Lynnwood, WA for a purchase price of $37.9 million. In July 2015, in connection with the end of the performance measurement period, the Company issued 838,934 restricted common shares upon conversion of an equal number of performance units, less 202,734 shares which were withheld to satisfy employee income tax withholding requirements. Half of the restricted common shares vested immediately with the remaining half vesting in July 2016.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited financial statements include adjustments based on management’s estimates (consisting of normal recurring adjustments), which the Company considers necessary for the fair statement of the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows for the periods presented. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 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 and six months ended June 30, 2015 are not necessarily indicative of actual operating results for the entire year. 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 June 30, 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 June 30, 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
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.
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, 2017, and interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 requires reporting entities to reevaluate whether they should consolidate certain legal entities under the revised consolidation model. This standard modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs"), eliminates the presumption that a general partner should consolidate a limited partnership, and affects the consolidation analysis of reporting entities that are involved with VIEs, especially those that have fee arrangements and related party relationships. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. 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)

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Business Combinations [Abstract]

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

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

Property

Location

Acquisition Date

Management Company

Rooms

Purchase Price (in thousands)

Hyatt House Charlotte Center City

Charlotte, NC

March 12, 2014

Hyatt Affiliate

163

32,496

Hyatt House Cypress Anaheim

Cypress, CA

March 12, 2014

Hyatt Affiliate

142

14,753

Hyatt House Emeryville San Francisco Bay Area

Emeryville, CA

March 12, 2014

Hyatt Affiliate

234

39,274

Hyatt House San Diego Sorrento Mesa

San Diego, CA

March 12, 2014

Hyatt Affiliate

193

35,985

Hyatt House San Jose Silicon Valley

San Jose, CA

March 12, 2014

Hyatt Affiliate

164

44,159

Hyatt House San Ramon

San Ramon, CA

March 12, 2014

Hyatt Affiliate

142

20,833

Hyatt House Santa Clara

Santa Clara, CA

March 12, 2014

Hyatt Affiliate

150

40,570

Hyatt Market Street The Woodlands

The Woodlands, TX

March 12, 2014

Hyatt Corporation

25,817

Hyatt Place Fremont Silicon Valley

Fremont, CA

March 12, 2014

Hyatt Affiliate

151

23,525

Hyatt Place Madison Downtown

Madison, WI

March 12, 2014

Hyatt Affiliate

151

35,088

Courtyard Portland City Center

Portland, OR

May 22, 2014

Sage Hospitality

256

67,000

Embassy Suites Irvine Orange County

Irvine, CA

May 22, 2014

Sage Hospitality

293

53,000

Hilton Cabana Miami Beach

Miami, FL

June 19, 2014

Highgate Hotels

231

71,700

2,340

504,200

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of purchase price for the properties acquired during the six months ended June 30, 2014 was as follows (in thousands):



	For the six months ended June 30,
	2014
Land and land improvements	$	112,467
Buildings and improvements	339,889
Furniture, fixtures and equipment	51,844
Total purchase price	$	504,200

Schedule of total revenues and net loss from the properties acquired



	2014 acquisitions
	For the three months ended June 30, 2014		For the six months ended June 30, 2014
Revenue	$	25,276	$	29,807
Net income	$	4,301	$	3,272

Schedule of unaudited condensed pro forma financial information

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



	For the three months ended June 30, 2014		For the six months ended June 30, 2014
Revenue	$	305,929	$	570,325
Net income attributable to common shareholders	$	55,411	$	73,692
Net income per share attributable to common shareholders - basic	$	0.44	$	0.60
Net income per share attributable to common shareholders - diluted	$	0.44	$	0.59
Weighted-average number of common shares - basic	125,260,607		123,510,507
Weighted-average number of common shares - diluted	126,475,051		124,696,925

Disposal of Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Discontinued operations

Schedule of property disposed during period

The following table provides a list of properties that were sold during the six months ended June 30, 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
Fairfield Inn and Suites Valparaiso	Valparaiso, IN	May 22, 2015	63
		Total	2,524

The following table provides a list of properties that were sold during the six months ended June 30, 2014:



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

Investment in Hotel and Other Properties (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel and other properties

Investment in hotel and other properties as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands):



	June 30, 2015			December 31, 2014
Land and land improvements	$	706,932		$	706,497
Buildings and improvements	3,044,096			3,005,390
Furniture, fixtures and equipment	522,688			498,126
Intangible assets	2,507			2,507
	4,276,223			4,212,520
Accumulated depreciation and amortization	(767,265		)	(693,717		)
Investment in hotels and other properties, net	$	3,508,958		$	3,518,803

Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Revolver and Term Loans

As of and for the three and six months ended June 30, 2015 and 2014, details of the Revolver and Term Loans are as follows (in thousands):



					Interest expense for the
					three months ended June 30,				six months ended June 30,
	Outstanding Borrowings at June 30, 2015		Maturity Date	Interest Rate at June 30, 2015 (1)	2015		2014		2015		2014
Revolver (2)(3)	$	—	November 2016	n/a	$	265	$	296	$	525	$	619
2013 Five-Year Term Loan (4)	400,000		August 2018	3.07%	3,108		3,102		6,145		5,953
2012 Five-Year Term Loan (5)	400,000		March 2019	2.72%	2,530		1,728		4,877		3,150
2012 Seven-Year Term Loan (6)	225,000		November 2019	4.04%	2,296		2,294		4,541		4,550
2014 Seven-Year Term Loan (7)(8)	—		January 2022	n/a	95		—		95		—
Total	$	1,025,000			$	8,294	$	7,420	$	16,183	$	14,272


(1)	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.


(2)	At June 30, 2015 there was $300.0 million of borrowing capacity on the Revolver.


(3)	Includes an unused facility fee of $0.3 million and $0.5 million for the three and six months ended June 30, 2015, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively.


(4)	Includes interest expense related to an interest rate hedge of $1.2 million and $2.5 million for the three and six months ended June 30, 2015, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2014, respectively.


(5)	Includes interest expense related to an interest rate hedge of $0.8 million and $1.4 million for the three and six months ended June 30, 2015, respectively.


(6)	Includes interest expense related to an interest rate hedge of $1.0 million and $2.0 million for the three and six months ended June 30, 2015, respectively, and $1.0 million and $2.0 million for the three and six months ended June 30, 2014, respectively.


(7)	At June 30, 2015 there was $150.0 million of borrowing capacity on the 2014 Seven-Year Term Loan.


(8)	Includes an unused facility fee of $0.1 million and $0.1 million for the three and six months ended June 30, 2015, respectively.

Schedule of mortgage loans

As of June 30, 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 June 30, 2015 (1)		Maturity Date		June 30, 2015		December 31, 2014
Barclays Bank	1	5.44%		September 2015	(2)	9,939		10,140
PNC Bank (3)	5	2.54%	(4)	May 2016	(5)	74,000		74,000
Wells Fargo (6)	4	4.19%	(4)	September 2016	(7)	150,000		150,000
Wells Fargo	4	4.06%	(4)	October 2017	(7)	143,000		143,000
Capmark Financial Group				May 2015		—		10,513
Capmark Financial Group				June 2015		—		4,561
Barclays Bank				June 2015		—		26,775
Barclays Bank				June 2015		—		107,544
Capmark Financial Group				July 2015		—		6,214
	14					$	376,939	$	532,747


(1)	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.


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


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


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


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


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


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

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swaps and caps

As of June 30, 2015 and December 31, 2014, the Company had entered into the following derivative instruments (in thousands):



	Notional value at						Fair value at
Hedge type	June 30, 2015		December 31, 2014		Hedge interest rate	Maturity	June 30, 2015			December 31, 2014
Swap-cash flow	$	275,000	$	275,000	1.12%	November 2017	$	(1,683	)	$	(232	)
Swap-cash flow	175,000		175,000		1.56%	March 2018	(2,900		)	(2,182		)
Swap-cash flow	175,000		175,000		1.64%	March 2018	(3,253		)	(2,596		)
Swap-cash flow	16,500		16,500		1.83%	September 2018	(379		)	(315		)
Swap-cash flow	16,500		16,500		1.75%	September 2018	(339		)	(270		)
Swap-cash flow	40,500		40,500		1.83%	September 2018	(929		)	(772		)
Swap-cash flow	41,500		41,500		1.75%	September 2018	(853		)	(678		)
Swap-cash flow	18,000		18,000		1.83%	September 2018	(413		)	(343		)
Swap-cash flow	17,000		17,000		1.75%	September 2018	(350		)	(278		)
Swap-cash flow	125,000		125,000		2.02%	March 2019	(3,561		)	(3,073		)
Swap-cash flow	100,000		100,000		1.94%	March 2019	(2,571		)	(2,145		)
Swap-cash flow	125,000		—		1.27%	March 2019	(17		)	—
Swap-cash flow	143,000		143,000		1.81%	October 2020	(1,305		)	(760		)
Swap-cash flow	50,000		—		1.61%	June 2021	514			—
Swap-cash flow	50,000		—		1.56%	June 2021	681			—
Swap-cash flow	50,000		—		1.71%	June 2021	230			—
	$	1,418,000	$	1,143,000			$	(17,128	)	$	(13,644	)

Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 (in thousands):



	Fair Value at June 30, 2015
	Level 1		Level 2			Level 3		Total
Interest rate swap asset	$	—	$	1,425		$	—	$	1,425
Interest rate swap liability	$	—	$	(18,553	)	$	—	$	(18,553	)
Total	$	—	$	(17,128	)	$	—	$	(17,128	)

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2015

Restricted share awards

Equity Incentive Plan

Summary of the non-vested shares

A summary of the non-vested shares as of June 30, 2015 is as follows:



	2015
	Number of Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1,	731,459		$	21.21
Granted (1)	289,665		32.19
Vested (1)	(293,693	)	20.38
Forfeited	(5,327	)	24.71
Unvested at June 30,	722,104		$	25.92


(1)	Includes 2,168 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $30.53.

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,						For the six months ended June 30,
	2015			2014			2015			2014
Numerator:
Net income attributable to common shareholders	$	55,991		$	52,904		$	103,841		$	64,836
Less: Dividends paid on unvested restricted shares	(238		)	(224		)	(518		)	(470		)
Less: Undistributed earnings attributable to unvested restricted shares	(72		)	(184		)	(95		)	(67		)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	55,681		$	52,496		$	103,228		$	64,299
Denominator:
Weighted-average number of common shares - basic	130,670,629			125,260,607			130,969,957			123,510,507
Unvested restricted shares	188,138			308,580			232,682			295,684
Unvested performance units	759,926			905,864			745,293			890,734
Weighted-average number of common shares - diluted	131,618,693			126,475,051			131,947,932			124,696,925

Net income attributable to common shareholders - basic	$	0.43		$	0.42		$	0.79		$	0.52

Net income attributable to common shareholders - diluted	$	0.42		$	0.42		$	0.78		$	0.52

Supplemental Information to Statements of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental information to statements of cash flows



	For the six months ended June 30,
	2015			2014
Interest paid, net of capitalized interest	$	23,827		$	26,373

Income taxes paid	$	1,384		$	1,319

Supplemental investing and financing transactions:
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	$	—		$	504,200
Accounts receivable	—			750
Other assets	—			1,636
Advance deposits	—			(509		)
Accounts payable and other liabilities	—			(1,974		)
Acquisition of hotel and other properties, net	$	—		$	504,103

In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	$	232,700		$	128,000
Disposition costs	(8,577		)	(2,846		)
Operating prorations	3,714			(1,078		)
Proceeds from the disposal of hotel properties, net	$	227,837		$	124,076

Supplemental non-cash transactions:
Accrued capital expenditures	$	1,813		$	—

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2015 property loan state hotel room shares
Sale of Stock
OP units outstanding (in units) \| shares	131,027,618
Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.30%
Number of properties owned \| property	125
Number of Real Estate Properties Operated under Management Agreements	123
Number of hotel rooms owned \| room	20,374
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%
Doubletree Metropolitan Hotel New York City
Sale of Stock
Ownership interest in assets (as a percent)	98.30%

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) hotel	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) hotel	Jun. 30, 2014 USD ($)
Management Agreements [Abstract]
Number of Real Estate Properties Operated under Management Agreements \| hotel	123		123
Owned Property Management Costs \| $	$ 12.5	$ 12.0	$ 23.4	$ 21.1
Franchise Agreements
Number of Real Estate Properties Operated under Franchise Agreements \| hotel	108		108
Franchise Costs \| $	$ 19.2	$ 19.1	$ 36.3	$ 34.8
Minimum [Member]
Management Agreements [Abstract]
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			2.50%
Base Manchise Fee as Percentage of Hotel Revenues			3.00%
Franchise Agreements
Franchise Agreements Term			10 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			3.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.00%
Maximum [Member]
Management Agreements [Abstract]
Management Agreement Term			30 years
Base Management Fee as Percentage of Hotel Revenues			3.50%
Base Manchise Fee as Percentage of Hotel Revenues			7.00%
Franchise Agreements
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3.00%
Consolidated Joint Venture [Member]
Noncontrolling Interest
Ownership interest of non controlling third party	1.70%		1.70%
Partnership Interest [Member]
Noncontrolling Interest
Ownership interest of non controlling third party	0.70%		0.70%

Acquisition of Hotel and Other Properties (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Jun. 19, 2014 USD ($) room	May 22, 2014 USD ($) room	Mar. 12, 2014 USD ($) room	Jun. 30, 2015 USD ($) room $ / shares	Jun. 30, 2014 USD ($) room	Jun. 30, 2015 USD ($) room	Jun. 30, 2014 USD ($) room $ / shares shares	Dec. 31, 2014 USD ($)
Acquisition of Hotel Properties
% Interest						100.00%
Rooms \| room				20,374		20,374
Intangible assets				$ 2,507		$ 2,507		$ 2,507
Total revenues and net income (loss) from hotels acquired
Revenue				301,252	$ 295,047	571,657	$ 531,420
Net income (loss)				56,410	$ 53,361	104,512	65,346
Unaudited condensed pro forma financial information
Revenue				305,929			570,325
Net income attributable to common shareholders				$ 55,411			$ 73,692
Net income per share attributable to common shareholders - basic (in dollars per share) \| $ / shares				$ 0.44			$ 0.60
Net income per share attributable to common shareholders - diluted (in dollars per share) \| $ / shares				$ 0.44			$ 0.59
Weighted-average number of shares outstanding - basic (in shares) \| shares							123,510,507
Weighted-average number of shares outstanding - diluted (in shares) \| shares							124,696,925
2014 Acquisitions
Acquisition of Hotel Properties
Rooms \| room					2,340		2,340
Land and land improvements					$ 112,467		$ 112,467
Buildings and improvements					339,889		339,889
Furniture, fixtures and equipment					51,844		51,844
Total purchase price				$ 504,200		$ 504,200
Total revenues and net income (loss) from hotels acquired
Net income (loss)					4,301		3,272
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
Courtyard Portland City Center
Acquisition of Hotel Properties
Rooms \| room		256
Purchase Price		$ 67,000
Embassy Suites Irvine Orange County
Acquisition of Hotel Properties
Rooms \| room		293
Purchase Price		$ 53,000
Hilton Cabana Miami Beach
Acquisition of Hotel Properties
Rooms \| room	231
Purchase Price	$ 71,700
2013 Acquisitions
Acquisition of Hotel Properties
Total purchase price					504,200		504,200
Total revenues and net income (loss) from hotels acquired
Revenue					$ 25,276		$ 29,807

Disposal of Hotel Properties (Details) $ in Thousands	3 Months Ended		6 Months Ended
Disposal of Hotel Properties (Details) $ in Thousands	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Discontinued operations
Disposal Group, Number of Properties Disposed During Period			21	14
Gain (loss) on disposal of hotel properties	$ 672	$ 1,260	$ 22,970	$ (1,297)
Noncash Divestiture of Real Estate			$ 232,700	$ 128,000

Disposal of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Hotel properties disposed, Number			21	14
Disposal of hotel properties			$ 232,700	$ 128,000
Loss on disposal	$ (672)	$ (1,260)	(22,970)	$ 1,297
Cost of defeasance			$ 800

Disposal of Hotel Properties (Schedule of Properties Disposed) (Details) - room	May 22, 2015	Feb. 23, 2015	Jun. 19, 2014	Mar. 26, 2014	Feb. 25, 2014	Feb. 20, 2014
Courtyard Chicago Schaumburg [Member]
Discontinued operations
Property disposed, number of rooms		162
Courtyard Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms						90
Residence Inn Denver Southwest Lakewood
Discontinued operations
Property disposed, number of rooms						102
Hyatt House Colorado Springs
Discontinued operations
Property disposed, number of rooms						125
SpringHill Suites Gainesville
Discontinued operations
Property disposed, number of rooms						126
Residence Inn Indianapolis Airport
Discontinued operations
Property disposed, number of rooms						95
Fairfield Inn & Suites Indianapolis Airport
Discontinued operations
Property disposed, number of rooms						86
Courtyard Grand Rapids Airport
Discontinued operations
Property disposed, number of rooms						84
Hampton Inn Suites Las Vegas Red Rock Summerlin
Discontinued operations
Property disposed, number of rooms						106
Courtyard Austin University Area
Discontinued operations
Property disposed, number of rooms						198
Fairfield Inn & Suites Austin University Area
Discontinued operations
Property disposed, number of rooms						63
Hyatt House Dallas Richardson
Discontinued operations
Property disposed, number of rooms						130
Hilton Garden Inn St. George
Discontinued operations
Property disposed, number of rooms					150
Hilton Mystic
Discontinued operations
Property disposed, number of rooms				182
Holiday Inn Austin NW Arboretum Area
Discontinued operations
Property disposed, number of rooms			194
Courtyard Detroit Pontiac Bloomfield [Member]
Discontinued operations
Property disposed, number of rooms		110
Courtyard Grand Junction [Member]
Discontinued operations
Property disposed, number of rooms		136
Courtyard Mesquite [Member]
Discontinued operations
Property disposed, number of rooms		101
Courtyard San Antonio Northstar [Member]
Discontinued operations
Property disposed, number of rooms		78
Courtyard Tampa Brandon [Member]
Discontinued operations
Property disposed, number of rooms		90
Fairfield Inn Merrillville [Member]
Discontinued operations
Property disposed, number of rooms		112
Fairfield Inn San Antonio Airport [Member]
Discontinued operations
Property disposed, number of rooms		120
Fairfield Inn Tampa Brandon [Member]
Discontinued operations
Property disposed, number of rooms		107
Hampton Inn Merrillville [Member]
Discontinued operations
Property disposed, number of rooms		64
Holiday Inn Grand Rapids [Member]
Discontinued operations
Property disposed, number of rooms		148
Homewood Suites Tampa Brandon [Member]
Discontinued operations
Property disposed, number of rooms		126
Marriott Pontiac Auburn Hills [Member]
Discontinued operations
Property disposed, number of rooms		290
Residence Inn Austin Round Rock [Member]
Discontinued operations
Property disposed, number of rooms		96
Residence Inn Chicago Schaumburg [Member]
Discontinued operations
Property disposed, number of rooms		125
Residence Inn Detroit Pontiac [Member]
Discontinued operations
Property disposed, number of rooms		114
Residence Inn Grand Junction [Member]
Discontinued operations
Property disposed, number of rooms		104
Residence Inn Indianapolis Carmel [Member]
Discontinued operations
Property disposed, number of rooms		120
SpringHill Suites Chicago Schaumburg [Member]
Discontinued operations
Property disposed, number of rooms		132
SpringHill Suites Indianapolis Carmel [Member]
Discontinued operations
Property disposed, number of rooms		126
Fairfield Inn Valparaiso [Member]
Discontinued operations
Property disposed, number of rooms	63

Investment in Hotel and Other Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 706,932		$ 706,932		$ 706,497
Buildings and improvements	3,044,096		3,044,096		3,005,390
Furniture, fixtures and equipment	522,688		522,688		498,126
Intangible assets	2,507		2,507		2,507
Total	4,276,223		4,276,223
Accumulated depreciation and amortization	(767,265)		(767,265)		(693,717)
Investment in hotel and other properties, net	3,508,958		3,508,958		$ 3,518,803
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations	$ (37,700)	$ (35,300)	(74,800)	$ (68,100)
Impairment loss		$ 0	$ 0	$ 0

Debt (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2015

USD ($)

asset

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

hotel

asset

Jun. 30, 2014

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Debt

Mortgage loans

$ 376,939,000

$ 532,747,000

Interest Expense, Debt, Excluding Amortization

3,700,000

$ 5,800,000

8,800,000

$ 11,600,000

Interest expense, hedge

$ 1,200,000

$ 600,000

$ 2,400,000

$ 1,200,000

Secured Debt

Debt

Number of Assets Encumbered | asset

Mortgage loans

$ 376,939,000

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

Mortgage loans

$ 0

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

Mortgage loans

$ 0

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

$ 9,939,000

10,140,000

Secured Debt | PNC Bank

Debt

Number of Assets Encumbered | asset

^[2]

Interest rate (as a percent)

^[1],[3]

2.54%

Mortgage loans

$ 74,000,000

^[4]

$ 74,000,000

^[4]

74,000,000

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

^[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

Interest rate (as a percent)

^[7],[8]

3.07%

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Maximum borrowings

$ 400,000,000

Interest rate (as a percent)

^[8]

2.72%

Seven-Year Term Loan

Debt

Maximum borrowings

$ 225,000,000

Interest rate (as a percent)

^[8],[9]

4.04%

Unsecured Term Loan Due January 22, 2022 [Member]

Debt

Maximum borrowings

$ 150,000,000.0

[1]	Interest rate at June 30, 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 a 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 $2.5 million for the three and six months ended June 30, 2015, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2014, respectively.
[8]	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.
[9]	Includes an unused facility fee of $0.3 million and $0.5 million for the three and six months ended June 30, 2015, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively.

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

3 Months Ended

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Debt

Outstanding borrowings

$ 1,025,000

Interest expense

16,183

$ 14,272

Revolver

Debt

Outstanding borrowings

^[1]

Interest expense

265

$ 296

525

619

Unused commitment fee

300

500

Unsecured Term Loan Due August 27, 2018

Debt

Outstanding borrowings

^[2]

$ 400,000

Interest rate (as a percent)

^[2],[3]

3.07%

Interest expense

$ 3,108

3,102

$ 6,145

5,953

Unsecured Term Loan Maturity Date March 20, 2019

Debt

Outstanding borrowings

$ 400,000

Interest rate (as a percent)

^[3]

2.72%

Interest expense

$ 2,530

1,728

$ 4,877

3,150

Seven-Year Term Loan

Debt

Outstanding borrowings

^[4]

$ 225,000

Interest rate (as a percent)

^[3],[4]

4.04%

Interest expense

$ 2,296

2,294

$ 4,541

4,550

Unsecured Term Loan Due January 22, 2022 [Member]

Debt

Outstanding borrowings

^[4]

Interest expense

Unused commitment fee

100

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

Debt

Interest expense

1,200

1,300

2,500

Interest Rate Contract | Unsecured Term Loan Maturity Date March 20, 2019

Debt

Interest expense

800

1,400

Interest Rate Contract | Seven-Year Term Loan

Debt

Interest expense

$ 1,000

$ 2,000

[1]	At June 30, 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 $2.5 million for the three and six months ended June 30, 2015, respectively, and $1.3 million and $2.5 million for the three and six months ended June 30, 2014, respectively.
[3]	Interest rate at June 30, 2015 gives effect to interest rate hedges, as applicable.
[4]	Includes an unused facility fee of $0.3 million and $0.5 million for the three and six months ended June 30, 2015, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2014, respectively.

Derivatives and Hedging (Details) - USD ($)	3 Months Ended		6 Months Ended
Derivatives and Hedging (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Financial Instruments: Derivatives and Hedging
Unrealized gains (losses) included in accumulated other comprehensive loss	$ 17,128,000		$ 17,128,000		$ 13,644,000
Amount of ineffective hedges	0		0
Interest rate swap
Financial Instruments: Derivatives and Hedging
Fair value assets	1,400,000		1,400,000
Interest rate swap liability	(18,600,000)		(18,600,000)		(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		275,000,000
Hedge interest rate (as a percent)	1.1175%		1.1175%
Fair value assets	$ (1,683,000)		$ (1,683,000)		(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		175,000,000
Hedge interest rate (as a percent)	1.5625%		1.5625%
Interest rate swap liability	$ (2,900,000)		$ (2,900,000)		(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		175,000,000
Hedge interest rate (as a percent)	1.635%		1.635%
Interest rate swap liability	$ (3,253,000)		$ (3,253,000)		(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		16,500,000
Hedge interest rate (as a percent)	1.825%		1.825%
Interest rate swap liability	$ (379,000)		$ (379,000)		(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		16,500,000
Hedge interest rate (as a percent)	1.751%		1.751%
Interest rate swap liability	$ (339,000)		$ (339,000)		(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		40,500,000
Hedge interest rate (as a percent)	1.825%		1.825%
Interest rate swap liability	$ (929,000)		$ (929,000)		(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		41,500,000
Hedge interest rate (as a percent)	1.751%		1.751%
Interest rate swap liability	$ (853,000)		$ (853,000)		(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		18,000,000
Hedge interest rate (as a percent)	1.825%		1.825%
Interest rate swap liability	$ (413,000)		$ (413,000)		(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		17,000,000
Hedge interest rate (as a percent)	1.751%		1.751%
Interest rate swap liability	$ (350,000)		$ (350,000)		(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		125,000,000
Hedge interest rate (as a percent)	2.018%		2.018%
Interest rate swap liability	$ (3,561,000)		$ (3,561,000)		(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		100,000,000
Hedge interest rate (as a percent)	1.944%		1.944%
Interest rate swap liability	$ (2,571,000)		$ (2,571,000)		(2,145,000)
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Thirteen [Member]
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	(17,000)		(17,000)
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Twelve [Member] [Member]
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	(1,305,000)		(1,305,000)		$ (760,000)
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Fourteen [Member]
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	514,000		514,000
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Fifteen [Member]
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	681,000		681,000
Designated as Hedging Instrument \| Interest Rate, Swap Hedge, Type Sixteen [Member]
Financial Instruments: Derivatives and Hedging
Interest rate swap liability	230,000		230,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Amount reclassified from accumulated other comprehensive income into interest expense	$ 4,200,000	$ 2,931,000	$ 8,300,000	$ 5,785,000

Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Real Estate	$ 0	$ 0	$ 0
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset		1,400
Interest rate swap liability		(18,600)		$ (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		10,000		171,100
Carrying value of fixed rate mortgage notes payable		9,900		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		1,425		0
Interest rate swap liability		(18,553)		(13,644)
Total		(17,128)		(13,644)
Recurring \| Total \| Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset		1,425		0
Interest rate swap liability		(18,553)		(13,644)
Total		$ (17,128)		$ (13,644)

Income Taxes (Details) - USD ($)	6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 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	6 Months Ended
	Jun. 30, 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%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 59,941	$ 63,054

Commitments and Contingencies Management Agreements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Commitments [Line Items]
Owned Property Management Costs	$ 12.5	$ 12.0	$ 23.4	$ 21.1
Maximum [Member]
Other Commitments [Line Items]
Management Agreement Term			30 years
Base Management Fee as Percentage of Hotel Revenues			3.50%
Base Manchise Fee as Percentage of Hotel Revenues			7.00%
Minimum [Member]
Other Commitments [Line Items]
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			2.50%
Base Manchise Fee as Percentage of Hotel Revenues			3.00%

Commitments and Contingencies Franchise Agreements (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) hotel	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) hotel	Jun. 30, 2014 USD ($)
Other Commitments [Line Items]
Number of Real Estate Properties Operated under Franchise Agreements \| hotel	108		108
Franchise Costs \| $	$ 19.2	$ 19.1	$ 36.3	$ 34.8
Minimum [Member]
Other Commitments [Line Items]
Franchise Agreements Term			10 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			3.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1.00%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.00%
Maximum [Member]
Other Commitments [Line Items]
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6.00%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3.00%

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 16, 2016	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Equity [Abstract]
Stock Repurchase Program, Authorized Amount		$ 200,000
Stock Repurchase Program Expiration Date	Apr. 30, 2016
Stock Repurchased During Period, Shares		(1,995,177)
Sale of common stock (shares)			9,200,000
Common shares of beneficial interest, par value (in dollars per share)		$ 0.01		$ 0.01
Gross proceeds from issuance of shares			$ 243,300
Proceeds from issuance of common shares		$ 0	232,814
Stock Repurchased During Period, Value		(59,841)
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 140,200
Stock Issued During Period, Value, New Issues			$ 232,814

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

3 Months Ended

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Equity Incentive Plan

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

7,500,000

Summary of non-vested shares/units

Granted (in shares)

2,168

Weighted Average Grant Date Fair Value

Granted (in dollars per share)

$ 30.53

Other Disclosures

Share-based compensation expense

$ 66

$ 61

Restricted share awards

Summary of non-vested shares/units

Unvested at the beginning of the period (in shares)

731,459

Granted (in shares)

^[1]

289,665

Vested (in shares)

^[1]

(293,693)

Forfeited (in shares)

(5,327)

Unvested at the end of the period (in shares)

722,104

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]

32.19

Vested (in dollars per share)

^[1]

20.38

Forfeited (in dollars per share)

24.71

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

$ 25.92

Other Disclosures

Share-based compensation expense

$ 2,600

$ 2,700

$ 5,600

5,200

Total unrecognized compensation costs

$ 17,800

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

2 years 9 months 18 days

Total fair value of shares vested

$ 9,300

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

$ 2,200

Total unrecognized compensation costs

$ 2,200

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

7 months 12 days

Vesting period

4 years

Measurement period

3 years

Time-based vesting period

1 year

Common shares available for future grant (in share)

4,957,142

[1]	Includes 2,168 unrestricted shares issued in lieu of cash compensation to non-employee trustees at a weighted-average grant date fair value of $30.53.

Earnings per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
Earnings per Common Share (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	$ 72,000	$ 200,000	$ 95,000	$ 100,000
Numerator:
Net income attributable to common shareholders	55,991,000	52,904,000	103,841,000	64,836,000
Less: Dividends paid on unvested restricted shares	(238,000)	(224,000)	(518,000)	(470,000)
Undistributed Earnings, Basic	(72,000)	(184,000)	(95,000)	(67,000)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 55,681,000	$ 52,496,000	$ 103,228,000	$ 64,299,000
Denominator:
Weighted-average number of common shares - basic (in shares)	130,670,629	125,260,607	130,969,957	123,510,507
Unvested restricted shares (in shares)	188,138	308,580	232,682	295,684
Unvested performance units (in shares)	759,926	905,864	745,293	890,734
Weighted-average number of common shares - diluted (in shares)	131,618,693	126,475,051	131,947,932	124,696,925
Basic per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.43	$ 0.42	$ 0.79	$ 0.52
Diluted per common share data:
Net income per share attributable to common shareholders (in dollars per share)	$ 0.42	$ 0.42	$ 0.78	$ 0.52

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 23,827	$ 26,373
Income taxes paid	1,384	1,319
In conjunction with the acquisitions, the Company recorded the following:
Purchase of real estate	0	504,200
Accounts receivable	0	750
Other assets	0	1,636
Advance deposits	0	(509)
Accounts payable and other liabilities	0	(1,974)
Acquisition of hotel and other properties, net	0	504,103
In conjunction with the disposals, the Company recorded the following:
Disposal of hotel properties	(232,700)	(128,000)
Disposition costs	(8,577)	(2,846)
Operating prorations	3,714	(1,078)
Proceeds from the disposal of hotel properties, net	227,837	124,076
Supplemental non-cash transactions:
Accrued capital expenditures	$ 1,813	$ 0

Subsequent Events (Details) $ in Thousands	Jul. 28, 2015 shares	Jun. 30, 2015 USD ($) property state asset	Dec. 31, 2014 USD ($)
Subsequent Events
Stock Issued During Period, Shares, Restricted Stock Award, Gross \| shares	838,934
Number of states in which hotels owned by the entity are located \| state		21
Number of properties owned \| property		125
Mortgage loans \| $		$ 376,939	$ 532,747
Shares Paid for Tax Withholding for Share Based Compensation \| shares	202,734
Secured Debt
Subsequent Events
Number of Assets Encumbered \| asset		14
Mortgage loans \| $		$ 376,939	$ 532,747