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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2019		2018		2017
Numerator:
Net income	$	18,703	$	30,641	$	29,478
Dividends paid on unvested shares and LTIP units	(297)		(310)		(235)

Net income attributable to common shareholders	$	18,406	$	30,331	$	29,243
Denominator:
Weighted average number of common shares - basic	46,788,784		46,073,515		39,859,143
Effect of dilutive securities:
Unvested shares	234,496		170,145		253,123
Weighted average number of common shares - diluted	47,023,280		46,243,660		40,112,266
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Investment in hotel properties, net	$ 1,347,116	$ 1,373,773
Investment in hotel properties under development	20,496	0
Cash and cash equivalents	6,620	7,192
Restricted cash	13,562	25,145
Investment in unconsolidated real estate entities	17,969	21,545
Right of use asset, net	21,270	0
Hotel receivables (net of allowance for doubtful accounts of $451 and $264, respectively)	4,626	4,495
Deferred costs, net	4,271	5,070
Prepaid expenses and other assets	2,615	2,431
Deferred tax asset, net	29	58
Total assets	1,438,574	1,439,709
Liabilities and Equity:
Mortgage debt, net	495,465	501,782
Revolving credit facility	90,000	81,500
Accounts payable and accrued expenses	33,012	33,692
Distributions and losses in excess of investments of unconsolidated real estate entities	15,214	9,650
Lease liability, net	23,717	0
Distributions payable	6,142	5,667
Total liabilities	663,550	632,291
Commitments and contingencies (see note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2019 and 2018	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,928,445 and 46,537,031 shares issued and outstanding at December 31, 2019 and 2018, respectively	469	465
Additional paid-in capital	904,273	896,286
Retained earnings (distributions in excess of retained earnings)	(142,365)	(99,285)
Total shareholders’ equity	762,377	797,466
Noncontrolling Interests:
Noncontrolling interest in operating partnership	12,647	9,952
Total equity	775,024	807,418
Total liabilities and equity	$ 1,438,574	$ 1,439,709

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders’ Equity	Common Shares	Additional Paid - In Capital	Accumulated Deficit	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2016			38,367,014
Beginning Balance at Dec. 31, 2016	$ 681,590	$ 676,742	$ 380	$ 722,019	$ (45,657)	$ 4,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			23,980
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			6,979,272
Issuance of shares, net of offering costs	148,542	148,542	$ 70	148,472
Issuance of restricted time-based shares (in shares)			5,000
Issuance of restricted time-based shares	0
Amortization of share based compensation	3,284	815		815		2,469
Dividends declared on common shares	(52,839)	(52,839)			(52,839)
Distributions declared on LTIP units	(977)					(977)
Reallocation of noncontrolling interest	0	(76)		(76)		76
Net income	29,680	29,478			29,478	202
Ending Balance (in shares) at Dec. 31, 2017			45,375,266
Ending Balance at Dec. 31, 2017	809,780	803,162	$ 450	871,730	(69,018)	6,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			21,670
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			1,135,095
Issuance of shares, net of offering costs	23,968	23,968	$ 15	23,953
Issuance of restricted time-based shares (in shares)			5,000
Issuance of restricted time-based shares	0
Amortization of share based compensation	3,710	103		103		3,607
Dividends declared on common shares	(60,908)	(60,908)			(60,908)
Distributions declared on LTIP units	(1,154)					(1,154)
Forfeited distributions on LTIP units	652					652
Net income	30,870	30,641			30,641	229
Ending Balance (in shares) at Dec. 31, 2018			46,537,031
Ending Balance at Dec. 31, 2018	807,418	797,466	$ 465	896,286	(99,285)	9,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			27,870
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			363,544
Issuance of shares, net of offering costs	7,091	7,091	$ 4	7,087
Amortization of share based compensation	4,269	63		63		4,206
Dividends declared on common shares	(61,783)	(61,783)			(61,783)
Distributions declared on LTIP units	(1,351)					(1,351)
Reallocation of noncontrolling interest	0	337		337		(337)
Net income	18,880	18,703			18,703	177
Ending Balance (in shares) at Dec. 31, 2019			46,928,445
Ending Balance at Dec. 31, 2019	$ 775,024	$ 762,377	$ 469	$ 904,273	$ (142,365)	$ 12,647

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment [Line Items]
Land and improvements	$ 296,884	$ 296,253
Building and improvements	1,216,849	1,214,780
Furniture, fixtures and equipment	81,707	73,411
Renovations in progress	31,589	25,370
Investment in hotel properties, at cost	1,627,029	1,609,814
Less: accumulated depreciation	(279,913)	(236,041)
Investment in hotel properties, net	1,347,116	1,373,773
Asset impairment charges	0	$ 0	$ 6,663
Estimated total development costs	65,000
California
Investment [Line Items]
Costs of development incurred to date	20,500
California \| Land
Investment [Line Items]
Costs of development incurred to date	6,600
California \| Other Development Costs
Investment [Line Items]
Costs of development incurred to date	$ 13,900

Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares						12 Months Ended
	Mar. 01, 2019	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)					183,300	221,853	244,917	223,922
Estimated value per unit (in dollars per share)					$ 14.13	$ 18.73	$ 16.94	$ 19.20
Volatility					26.00%
Dividend Yield					4.50%
Risk Free Interest Rate					0.95%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	88,746	97,968	89,574	72,966
Estimated value per unit (in dollars per share)	$ 18.45	$ 16.83	$ 18.53	$ 16.69
Volatility	21.00%	26.00%	24.00%	28.00%
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Risk Free Interest Rate	2.57%	2.07%	0.92%	0.79%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted (in shares)	133,107	146,949	134,348	39,285
Estimated value per unit (in dollars per share)	$ 18.91	$ 17.02	$ 19.65	$ 11.09
Volatility	21.00%	26.00%	25.00%	30.00%
Dividend Yield	6.20%	6.20%	5.80%	5.80%
Risk Free Interest Rate	2.55%	2.37%	1.47%	1.13%

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jan. 15, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accrued distributions payable		$ 6,142	$ 5,667	$ 5,800
Accrued but unpaid distribution		900	500	800
Accrued share based compensation		500	500	500
Accounts payable and accrued expenses		$ 3,800	$ 2,400	$ 2,400
Subsequent Event
Shares issued pursuant to equity incentive plan (in shares)	24,516

Shareholders' Equity (Details)		1 Months Ended	12 Months Ended
Shareholders' Equity (Details)	Dec. 28, 2017 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2019 USD ($) vote $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares authorized (up to) (in shares)			500,000,000	500,000,000
Common shares, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Number of votes per common share \| vote			1
Common shares, shares outstanding (in shares)			46,928,445	46,537,031
Proceeds from issuance of common shares \| $			$ 7,298,000	$ 24,486,000	$ 150,691,000
Preferred shares, shares authorized (up to) (in shares)			100,000,000	100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)			0	0
Operating partnership common units held by unaffiliated third parties (in shares)			0	0
DRSP Plan
Stockholders Equity Note Disclosure [Line Items]
Stock purchase plan, authorized amount \| $	$ 50,000,000	$ 25,000,000
Additional common shares issued (in shares)			1,768,000	1,508,046
Weighted average price per share (in dollars per share) \| $ / shares			$ 21.33	$ 21.55
Remaining authorized repurchase amount \| $			$ 27,900,000
New DRSPP
Stockholders Equity Note Disclosure [Line Items]
Additional common shares issued (in shares)			259,954
Weighted average price per share (in dollars per share) \| $ / shares			$ 20.09
Proceeds from issuance of common shares \| $			$ 5,200,000
ATM Plan
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares outstanding (in shares)			103,590
Stock purchase plan, authorized amount \| $	$ 100,000,000	$ 50,000,000
Additional common shares issued (in shares)			2,602,260	2,498,670
Weighted average price per share (in dollars per share) \| $ / shares			$ 21.76	$ 21.83
Proceeds from issuance of common shares \| $			$ 2,100,000
Remaining authorized repurchase amount \| $			$ 90,400,000
Weighted average price per issued share (in dollars per share) \| $ / shares			$ 20.05

Leases - Lease Cost (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term (years)	40 years 9 months 21 days
Weighted-average discount rate	6.55%

Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands						12 Months Ended
	Dec. 05, 2018 USD ($) Room	Aug. 27, 2018 USD ($) Room	Dec. 06, 2017 USD ($) Room	Nov. 15, 2017 USD ($) Room	Sep. 20, 2017 USD ($) Room	Dec. 31, 2019 USD ($) Room
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room						709
Land						$ 19,000
Building and improvements						173,180
Furniture, fixtures and equipment						8,914
Cash						17
Accounts receivable						41
Prepaid expenses and other assets						237
Accounts payable and accrued expenses						(121)
Net assets acquired, net of cash						$ 201,251
Residence Inn Summerville
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room		96
Land		$ 2,300
Building and improvements		17,060
Furniture, fixtures and equipment		1,234
Cash		0
Accounts receivable		0
Prepaid expenses and other assets		0
Accounts payable and accrued expenses		(9)
Net assets acquired, net of cash		$ 20,585
Dallas Downtown Courtyard
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room	167
Land	$ 2,900
Building and improvements	42,760
Furniture, fixtures and equipment	3,340
Cash	5
Accounts receivable	8
Prepaid expenses and other assets	68
Accounts payable and accrued expenses	(33)
Net assets acquired, net of cash	$ 49,043
Hilton Garden Inn Portsmouth
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room					131
Land					$ 3,600
Building and improvements					37,630
Furniture, fixtures and equipment					2,120
Cash					8
Accounts receivable					32
Prepaid expenses and other assets					12
Accounts payable and accrued expenses					(27)
Net assets acquired, net of cash					$ 43,367
Courtyard Summerville, SC
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room				96
Land				$ 2,500
Building and improvements				16,923
Furniture, fixtures and equipment				730
Cash				1
Accounts receivable				1
Prepaid expenses and other assets				28
Accounts payable and accrued expenses				(1)
Net assets acquired, net of cash				$ 20,181
Embassy Suites Springfield
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room			219
Land			$ 7,700
Building and improvements			58,807
Furniture, fixtures and equipment			1,490
Cash			3
Accounts receivable			0
Prepaid expenses and other assets			129
Accounts payable and accrued expenses			(51)
Net assets acquired, net of cash			$ 68,075

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

The Company's mortgage loans and its senior unsecured revolving credit facility are collateralized by first-mortgage liens on certain of the Company's properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	12/31/19 Property Carrying Value		Balance Outstanding as of
										December 31, 2019	December 31, 2018
Senior Unsecured Revolving Credit Facility (1)	4.31	%	March 8, 2022	$	—	$	90,000	$	81,500


Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	18,756		12,936		13,361
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	44,939		27,272		27,885
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	29,914		15,563		15,916
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	32,006		21,291		21,782
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	31,158		17,559		17,976
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	34,941		21,520		21,989
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	64,015		43,857		44,680
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,793		32,053		32,620
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	79,377		64,406		64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	85,006		70,270		70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	64,718		48,305		48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	52,677		37,670		37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	34,567		29,817		30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	39,200		20,931		21,355
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	13,956		15,693		15,965
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	16,410		17,717		18,026
Total debt before unamortized debt issue costs				$	680,433	$	586,860	$	585,055
Unamortized mortgage debt issue costs						(1,395)		(1,773)
Total debt outstanding						585,465		583,282

1. The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.

On March 8, 2018, we refinanced our senior unsecured credit facility that was scheduled to mature in 2020 with a new facility having a maturity date in March 2023, which includes the option to extend the maturity by an additional year. Borrowing costs have been reduced by 0 to 15 basis points from comparable leverage-based pricing levels in our previous credit facility. At December 31, 2019 current leverage level, the borrowing cost under the new facility is LIBOR plus 1.65 percent. We were in compliance with all financial covenants at December 31, 2019.

At December 31, 2019 and 2018, the Company had $90.0 million and $81.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At December 31, 2019, the maximum borrowing availability under the senior unsecured revolving credit facility was $250.0 million.

The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2019 and 2018 was $501.5 million and $489.0 million, respectively.

The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2019, the Company’s only variable rate debt is under its senior unsecured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of December 31, 2019 and 2018 was $90 million and $81.5 million, respectively.

As of December 31, 2019, the Company was in compliance with all of its financial covenants. At December 31, 2019, the Company’s consolidated fixed charge coverage ratio was 3.0 and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of December 31, 2019, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2020	$	9,536
2021	21,979
2022	99,954
2023	143,084
2024	296,387
Thereafter	15,920
Total debt before unamortized debt issue costs	$	586,860
Unamortized mortgage debt issue costs	(1,395)
Total debt outstanding	$	585,465

Dividends Declared and Paid - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Total regular dividends declared (in dollars per shares)	$ 1.32
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share)	$ 1.32
Percentage of distribution considered taxable income	77.00%	86.70%
Percentage of 1250 unrecaptured gain	23.00%
Percentage of distribution considered capital gain		13.30%

Commitment and Contingencies - Terms of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2019
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	4.00%
Courtyard Altoona
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Springhill Suites Washington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn White Plains
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Mission Valley
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Marketing/Program Fee	4.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Courtyard Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	3.50%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	4.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.50%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Marketing/Program Fee	3.50%
Hyatt Place Cherry Creek \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Hyatt Place Cherry Creek \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.00%
Courtyard Addison
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	2.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.30%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Marketing/Program Fee	4.30%
Hilton Garden Inn Marina del Rey \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Hilton Garden Inn Marina del Rey \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Residence Inn Dedham
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Residence Inn II Lugano
Real Estate Properties [Line Items]
Marketing/Program Fee	2.50%
Residence Inn II Lugano \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Residence Inn II Lugano \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Franchise/Royalty Fee	5.50%
Marketing/Program Fee	4.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%
Marketing/Program Fee	2.50%
Courtyard Dallas
Real Estate Properties [Line Items]
Marketing/Program Fee	2.00%
Courtyard Dallas \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	4.00%
Courtyard Dallas \| Maximum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	6.00%

Investment in Unconsolidated Entities - Additional Information (Details)				12 Months Ended
	Nov. 07, 2019 USD ($) Hotel option	Jun. 09, 2017 USD ($) option	May 09, 2017 USD ($) Hotel option	Dec. 31, 2019 USD ($) Hotel	Dec. 31, 2018 USD ($)	Nov. 17, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities				$ 17,969,000	$ 21,545,000
Number of hotels in ownership by Company \| Hotel				40
Outstanding borrowing under the revolving credit facility				$ 90,000,000.0	81,500,000
Percentage of maximum amount of debt outstanding				15.00%
Percentage of outstanding debt balances				20.00%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels							10.30%
Percentage ownership by third party (in percentage)							89.70%
Investment in unconsolidated real estate entities				$ 40,600,000	47,500,000
Difference between carrying amount and share of partners' capital				$ 55,800,000	57,100,000
Number of hotels in ownership by Company \| Hotel	47			46
Investment in joint venture				$ (15,200,000)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels						10.00%
Percentage ownership by third party (in percentage)						90.00%
Investment in unconsolidated real estate entities				28,400,000	32,300,000
Difference between carrying amount and share of partners' capital				$ 10,400,000	$ 10,700,000
Number of hotels in ownership by Company \| Hotel				48
Investment in joint venture				$ 18,000,000.0
Senior Notes \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Loan amount refinanced			$ 840,000,000.0
Number of hotels in ownership by Company \| Hotel			47
Outstanding borrowing under the revolving credit facility	$ 855,000,000.0		$ 850,000,000.0
Senior Notes \| Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Loan amount refinanced		$ 817,000,000.0
Outstanding borrowing under the revolving credit facility		780,000,000.0
Additional borrowing capacity		$ 5,000,000.0
LIBOR \| Senior Notes \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt instrument, basis spread on variable rate	2.82%		2.79%
Number of extension options \| option	5		3
Period of extension options	1 year		1 year
LIBOR \| Senior Notes \| Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt instrument, basis spread on variable rate		3.30%
Number of extension options \| option		3
Period of extension options		1 year

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Millions					1 Months Ended			12 Months Ended
	Jan. 15, 2020 shares	Mar. 01, 2018 $ / shares shares	Jun. 01, 2015 shares	May 17, 2013 shares	Jan. 31, 2018 shares	Jan. 31, 2017 shares	Jan. 31, 2016 shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees \| $								$ 0.1	$ 0.1	$ 0.1
Common shares issued as compensation for services performed (in shares)					27,870	21,670	23,980
Independent Trustees \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued as compensation for services performed (in shares)	24,516
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)								50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage)								100.00%
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				3,000,000
Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity				3 years
Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity				5 years
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance (in shares)								1,150,806
Number of trading days preceding the reporting date for which average of closing price of common shares is taken								10 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $								$ 0.1	0.1
Weighted - average period for recognition of unrecognized compensation costs								2 years
Compensation expense recognized \| $								$ 0.1	$ 0.1	$ 0.8
Shares granted (in shares)								0	5,000	5,000
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted - average period for recognition of unrecognized compensation costs								1 year 8 months 12 days
Compensation expense recognized \| $								$ 4.2	$ 3.6	$ 2.5
Exchange ratio								1
Shares granted (in shares)			183,300					221,853	244,917	223,922
Total unrecognized compensation cost related to LTIP Units \| $								$ 4.9	$ 5.0
Long Term Incentive Plan Units \| Awarded June 1, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			183,300
2018 Time-Based LTIP Unit Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		88,746
2018 Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		133,107
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares		$ 18.91
2018 Performance-Based LTIP Unit Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out								50.00%
2018 Performance-Based LTIP Unit Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out								150.00%

Quarterly Operating Results (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results (unaudited)


	Quarter Ended - 2019
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	75,679	$	87,874	$	90,080	$	74,695
Total operating expenses	65,786		71,741		70,182		67,234
Operating income	9,893		16,133		19,898		7,461
Net income attributable to common shareholders	1,613		9,437		10,002		(2,349)
Income (loss) per common share, basic (1)	0.03		0.20		0.21		(0.05)
Income (loss) per common share, diluted (1)	0.03		0.20		0.21		(0.05)

Weighted average number of common shares outstanding:
Basic	46,556,710		46,760,016		46,913,922		46,919,035
Diluted	46,734,958		46,976,999		47,152,166		47,220,671


	Quarter Ended - 2018
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	72,915	$	85,374	$	88,897	$	77,044
Total operating expenses	62,630		66,237		68,522		68,707
Operating income	10,285		19,137		20,375		8,337
Net income attributable to common shareholders	2,848		13,387		14,580		(174)
Income per common share, basic (1)	0.06		0.29		0.31		—
Income per common share, diluted (1)	0.06		0.29		0.31		—

Weighted average number of common shares outstanding:
Basic	45,753,792		45,867,625		46,149,765		46,513,688
Diluted	46,022,690		46,084,688		46,384,969		46,765,797

(1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested LTIP units could potentially dilute basic earnings per share in the future were not included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented.

Summary of Significant Accounting Policies - Deferred Costs and Mortgage Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Deferred Costs [Line Items]
Loan costs	$ 2,104	$ 2,057
Franchise fees	4,409	4,471
Other	129	133
Deferred costs, gross	6,642	6,661
Less accumulated amortization	(2,371)	(1,591)
Deferred costs, net	4,271	5,070
Amortization of deferred franchise fees	247	237	$ 217
Amortization of deferred financing fees included in interest expense	912	902	648
Franchise
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	200	200	200
Loans
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	900	900	600
Mortgages
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	$ 400	$ 400	$ 100

Dividends Declared and Paid - Dividend Information (Details) - $ / shares		1 Months Ended																							3 Months Ended								12 Months Ended
	Mar. 01, 2018	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Common Share Distribution Amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 1.32	$ 1.32
LTIP Unit Distribution Amount (in dollars per share)	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.33	0.33	0.33	0.33	0.33	0.33	0.33	0.33	1.32	1.32
Ordinary Income (in dollars per share)	0.0954	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0847	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.0954	0.2541	0.2541	0.2541	0.2541	0.2862	0.2862	0.2862	0.2862	1.0164	1.1448
Return Of Capital (in dollars per share)	$ 0.0146	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	0.0253	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	$ 0.0146	0.0759	0.0759	0.0759	0.0759	$ 0.0438	$ 0.0438	$ 0.0438	$ 0.0438	0.3036	$ 0.1752
Section 199A Dividends (in dollars per share)		$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847	$ 0.0847												$ 0.2541	$ 0.2541	$ 0.2541	$ 0.2541					$ 1.0164

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to March 1, 2019, Mr. Fisher owned 51% of IHM. On March 1, 2019, Mr. Fisher acquired the 1.5% ownership interest of an employee who was leaving IHM. As of December 31, 2019, Mr. Fisher owns 52.5% of IHM. As of December 31, 2019, the Company had hotel management agreements with IHM to manage 40 of its wholly owned hotels. As of December 31, 2019, all 46 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV were managed by IHM. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2019, 2018 and 2017 were $10.8 million, $10.8 million and $9.2 million, respectively. At December 31, 2019 and 2018, the amounts due to IHM were $0.7 million and $1.1 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2019, 2018 and 2017 were $0.1 million, $0.1 million and $0.2 million, respectively. The Company provides services to Castleblack, which is 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. For the years ended December 31, 2019 and 2018 the company provided services of $0.1 million and $0.4 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the NewINK and Inland JVs and Castleblack. These costs relate primarily to corporate payroll costs at the NewINK and Inland JVs and Castleblack where the Company is the employer and shared office expenses. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the JVs are recorded based upon the occurrence of a reimbursed activity. Various shared office expenses and rent are paid by the Company and allocated to the NewINK JV, the Inland JV, Castleblack and IHM based on the amount of square footage occupied by each entity. Insurance expenses for medical, workers compensation and general liability are paid by the NewINK JV and allocated back to the hotel properties or applicable entity for the years ended December 31, 2019, 2018 and 2017 were $7.4 million, $7.5 million and $6.8 million, respectively.

Acquisition of Hotel Properties - Revenue and Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Hilton Garden Inn Portsmouth
Business Acquisition [Line Items]
Revenue	$ 9,660	$ 9,160
Operating Income	3,773	3,629
Courtyard Summerville, SC
Business Acquisition [Line Items]
Revenue	3,846	3,969
Operating Income	1,302	1,261
Embassy Suites Springfield, VA
Business Acquisition [Line Items]
Revenue	14,284	13,886
Operating Income	5,035	4,887
Residence Inn Summerville
Business Acquisition [Line Items]
Revenue	3,645	875
Operating Income	1,250	30
Dallas Downtown Courtyard
Business Acquisition [Line Items]
Revenue	7,833	258
Operating Income	2,479	(21)
Total
Business Acquisition [Line Items]
Revenue	39,268	28,148
Operating Income	$ 13,839	$ 9,786

Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) (Details) - Total Minority Interest Joint Ventures - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Investment in hotel properties, net	$ 2,221,718	$ 2,309,396	$ 2,363,726
Other assets	104,560	118,600	130,910
Total Assets	2,326,278	2,427,996	2,494,636
Liabilities
Mortgages and notes payable, net	1,612,217	1,606,334	1,597,351
Other Liabilities	34,948	37,051	38,773
Total Liabilities	1,647,165	1,643,385	1,636,124
Equity
Chatham Lodging Trust	69,008	79,744	87,326
Joint Venture Partner	610,105	704,867	771,186
Total Equity	679,113	784,611	858,512
Total Liabilities and Equity	$ 2,326,278	$ 2,427,996	$ 2,494,636

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Revenue	$ 74,695	$ 90,080	$ 87,874	$ 75,679	$ 77,044	$ 88,897	$ 85,374	$ 72,915	$ 328,328	$ 324,230	$ 301,844
Total hotel operating expenses	67,234	70,182	71,741	65,786	68,707	68,522	66,237	62,630	271,661	266,078	248,806
Operating Income	7,461	19,898	16,133	9,893	8,337	20,375	19,137	10,285	53,385	58,134	56,365
Impairment loss									0	0	6,663
Net income attributable to common shareholders	$ (2,349)	$ 10,002	$ 9,437	$ 1,613	$ (174)	$ 14,580	$ 13,387	$ 2,848	18,703	30,641	29,478
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue									496,485	498,507	487,174
Total hotel operating expenses									329,879	329,756	294,280
Operating Income									166,606	168,751	192,894
Impairment loss									41,132	0	0
Net loss from continuing operations									(76,869)	(24,400)	(107)
Loss on sale of hotels									(2,129)	0	0
Net income attributable to common shareholders									(78,998)	(24,400)	(107)
(Loss) income allocable to the Company									(8,044)	(2,472)	7
Basis difference adjustment									1,596	1,596	1,575
Total (loss) income from unconsolidated real estate entities attributable to Chatham									$ (6,448)	$ (876)	$ 1,582

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		12 Months Ended
	Dec. 22, 2017 USD ($)	Dec. 31, 2019 USD ($) Hotel	Nov. 07, 2019 Hotel	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Income Tax Holiday [Line Items]
Percentage of REIT taxable income distributed to its shareholders (at least)		90.00%
Tax holiday period for REIT taxable income		4 years
Number of hotels in ownership by Company \| Hotel		40
Deferred tax asset related to TCJA	$ 600
Lease liability, net		$ 23,717		$ 25,715	$ 0
Right of use asset, net		$ 21,270		23,091	$ 0
Accounting Standards Update 2016-02
Income Tax Holiday [Line Items]
Lease liability, net				25,700
Right of use asset, net				$ 23,100
NewINK Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company \| Hotel		46	47
Inland Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company \| Hotel		48
Class A Performance LTIP Units
Income Tax Holiday [Line Items]
Distribution entitlement (in percentage)		10.00%

Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Book loss before income taxes of the TRS	$ (8,167)	$ (6,040)	$ (4,261)
Statutory rate applied to pre-tax income	(1,715)	(1,268)	(1,449)
Effect of state and local income taxes, net of federal tax benefit	(347)	(200)	(108)
Tax reform impact	0	0	644
Provision to return adjustment	0	0	5
Permanent adjustments	8	12	13
Change in valuation allowance	2,100	1,456	1,289
Valuation allowance release	0	(28)	0
Other	(46)	0	2
Total tax expense (benefit)	$ 0	$ (28)	$ 396
Effective tax rate	0.00%	0.46%	(9.29%)

Equity Incentive Plan - Schedule of Payout Awards (Details)	Mar. 01, 2018
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	25.00%
Target	50.00%
Maximum	75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold	50.00%
Target	100.00%
Maximum	150.00%

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2019, 46,928,445 common shares were outstanding. In January 2014, we established a $25 million dividend and reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "New DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 28, 2017 to replace the prior expiring program. Under the DRSPPs, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectuses for the DRSPPs. During the year ended December 31, 2019, we issued 259,954 shares under the New DRSPP at a weighted average price of $20.09, which generated $5.2 million of proceeds. As of December 31, 2019 and December 31, 2018, respectively, we had issued 1,768,000 and 1,508,046 shares under the DRSPPs at a weighted average price of $21.33 and $21.55 per share, respectively. As of December 31, 2019, there were common shares having a maximum aggregate sales price of approximately $27.9 million available for issuance under the New DRSPP. In January 2014, the Company established the Prior ATM Plan whereby, from time to time, the Company may publicly offer and sell up to $50 million of its common shares by means of ordinary brokers' transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933. We filed a $100 million registration statement for a new ATM program (the "ATM Plan" and together with the Prior ATM Plan, the "ATM Plans") on December 28, 2017 to replace the prior program. At the same time, the Company entered into sales agreements with Cantor Fitzgerald & Co. ("Cantor"), Barclays Capital Inc. ("Barclays"), Robert W. Baird & Co. Incorporated ("Baird"), BTIG, LLC ("BTIG"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the year ended December 31, 2019, we issued 103,590 shares under the ATM Plan at a weighted average price of $20.05, which generated $2.1 million of proceeds. As of December 31, 2019 and December 31, 2018, respectively, we had issued 2,602,260 and 2,498,670 shares under the ATM Plans at a weighted average price of $21.76 and $21.83 per share, respectively, in addition to the offerings above. As of December 31, 2019, there were common shares having a maximum aggregate sales price of approximately $90.4 million available for issuance under the ATM Plan. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. No preferred shares were outstanding at December 31, 2019 and 2018. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of December 31, 2019 and 2018, there were no Operating Partnership common units held by unaffiliated third parties.

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) Hotel	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 07, 2019 Hotel	Mar. 01, 2019	Feb. 28, 2019
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	40
Management and accounting fees paid by the company	$ 10.8	$ 10.8	$ 9.2
Amounts due to related party	0.7	1.1
Management fees recorded within hotel other operating expenses	10.8	10.8	9.9
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman					1.50%	51.00%
Management fees recorded within hotel other operating expenses	$ 0.1	0.1	0.2
NewINK Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	46			47
Insurance expense	$ 7.4	7.5	6.8
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	48
Number of hotels acquired \| Hotel	48
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	52.50%
Management fees recorded within hotel other operating expenses	$ 0.1	0.1	$ 0.2
Island Hospitality Management Inc. \| Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels managed by related party \| Hotel	34
CLNY
Related Party Transaction [Line Items]
Ownership percentage in related party owned by third party	97.50%
Mr. Fisher
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%
Castleblack
Related Party Transaction [Line Items]
Management and accounting fees paid by the company	$ 0.1	$ 0.4

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Millions								12 Months Ended
	Jul. 02, 2019	Dec. 05, 2018	Aug. 27, 2018	Dec. 06, 2017	Nov. 15, 2017	Sep. 20, 2017	Aug. 29, 2017	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Property acquisition costs capitalized								$ 0.1	$ 0.1
Courtyard Summerville, SC
Business Acquisition [Line Items]
Consideration transferred			$ 20.8		$ 20.2
Dallas Downtown Courtyard
Business Acquisition [Line Items]
Consideration transferred		$ 49.0
Hilton Garden Inn Portsmouth
Business Acquisition [Line Items]
Consideration transferred						$ 43.4
Embassy Suites Springfield, VA
Business Acquisition [Line Items]
Consideration transferred				$ 68.1
Los Angeles County
Business Acquisition [Line Items]
Consideration transferred							$ 6.5
Silicon Valley, California
Business Acquisition [Line Items]
Consideration transferred	$ 8.1

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the beginning of the year	$ 1,510,864	$ 1,431,374	$ 1,320,273	$ 1,306,192	$ 1,105,504	$ 654,560
Acquisitions	8,171	65,020	133,660	0	187,032	444,233
Dispositions during the year	(17,889)	0	(33,053)	0	0	0
Capital expenditures and transfers from construction-in-progress	19,043	14,470	10,494	14,081	13,656	6,711
Investment in Real Estate	$ 1,520,189	$ 1,510,864	$ 1,431,374	$ 1,320,273	$ 1,306,192	$ 1,105,504

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2019

Investments Schedule [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net

Investment in hotel properties, net as of December 31, 2019 and 2018 consisted of the following (in thousands):


	December 31, 2019		December 31, 2018
Land and improvements	$	296,884	$	296,253
Building and improvements	1,216,849		1,214,780
Furniture, fixtures and equipment	81,707		73,411
Renovations in progress	31,589		25,370
	1,627,029		1,609,814
Less: accumulated depreciation	(279,913)		(236,041)
Investment in hotel properties, net	$	1,347,116	$	1,373,773

During the year ended December 31, 2017, the Company identified indicators of impairment at its Washington SHS, PA hotel, primarily due to decreased operating performance and continued economic weakness. As such, the Company was required to perform a test of recoverability. This test compared the sum of the estimated future undiscounted cash flows attributable to the hotel over our remaining anticipated holding period and its expected value upon disposition to our carrying value for the hotel. The Company determined that the estimated undiscounted future cash flow attributable to the hotel did not exceed its carrying value and an impairment existed. As a result, the Company recorded a $6.7 million impairment charge in the consolidated statements of operations during the year ended December 31, 2017. Fair value was determined based on a discounted cash flow model using our estimates of future cash flows and third-party market data, considered Level 3 inputs.

Investment in hotel properties under development

We are developing a hotel in Los Angeles, CA on a parcel of land owned by us. We have incurred $20.5 million of costs to date, which included $6.6 million of the land acquisition costs and $13.9 million of other development costs. We expect the total development costs for construction of the hotel to be approximately $65.0 million, which includes the cost of the land. We reclassified the $6.6 million of land acquisition costs from Land to Hotel Properties Under Development during the year ended December 31, 2019 in conjunction with the commencement of our development activities.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	$ 187,780	$ 148,071	$ 116,866	$ 83,245	$ 50,910	$ 28,980
Depreciation and amortization	41,908	39,709	36,401	33,621	32,335	21,930
Dispositions during the year	(5,349)	0	(5,196)	0	0	0
Balance at the end of the year	$ 224,339	$ 187,780	$ 148,071	$ 116,866	$ 83,245	$ 50,910

Commitment and Contingencies - Terms of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Minneapolis-Mall of America
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Nashville-Brentwood
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Dallas-Market Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Hartford-Farmington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton Orlando-Maitland
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn & Suites Houston-Medical Center
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Long Island Holtsville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn White Plains
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 750
Incentive Management Fee Cap	1.00%
Residence Inn New Rochelle
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 750
Incentive Management Fee Cap	1.00%
Residence Inn Garden Grove
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Mission Valley
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Homewood Suites by Hilton San Antonio River Walk
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Washington DC
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Tysons Corner
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Portland Downtown
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Courtyard Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,000
Monthly Revenue Management Fee	$ 550
Incentive Management Fee Cap	1.00%
Hyatt Place Pittsburgh North Shore
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hampton Inn Exeter
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Denver Tech
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Bellevue
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Springhill Suites Savannah
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley I
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Silicon Valley II
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Mateo
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Mountain View
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hyatt Place Cherry Creek
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Addison
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn West University Houston
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Burlington
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn San Diego Gaslamp
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Marina del Rey
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Dedham
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,200
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn II Lugano
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Hilton Garden Inn Portsmouth
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Embassy Suites Springfield
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Residence Inn Summerville
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%
Courtyard Dallas
Real Estate Properties [Line Items]
Base Management Fee	3.00%
Monthly Accounting Fee	$ 1,500
Monthly Revenue Management Fee	$ 1,000
Incentive Management Fee Cap	1.00%

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

The Courtyard Altoona hotel was sold on May 7, 2019. The Courtyard Altoona hotel was subject to a ground lease with an expiration date of April 30, 2029 and we had an extension option by the Company of up to 12 additional terms of five years each. Monthly payments were determined by the quarterly average room occupancy of the hotel. Rent was equal to approximately $8,400 per month when monthly occupancy was less than 85% and could increase up to approximately $20,000 per month if occupancy was 100%, with minimum rent increased by two and one-half percent (2.5%) on an annual basis.

The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $40,300 per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year.

The Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Aggregate rent for 2019 under these leases amounted to approximately $29,000 per quarter.

The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently approximately $47,500 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income.

The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties.

The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of December 31, 2019. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised.

In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

The following table includes information regarding the Company's leases for which it is the lessee, as of December 31, 2019, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments
	Amount
2020	$	2,027
2021	2,051
2022	2,071
2023	2,093
2024	2,115
Thereafter	68,906
Total lease payments	$	79,263
Less: Imputed interest	(55,546)
Present value of lease liabilities	$	23,717

The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2018, for each of the next five calendar years and thereafter:


	Amount
2019	$	2,065
2020	2,132
2021	2,157
2022	2,182
2023	2,206
Thereafter	71,661
Total lease payments	$	82,403

For the year ended December 31, 2019, the Company incurred $1.2 million of fixed lease payments and $0.6 million of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations.

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2019:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2019	$	23,091	$	25,715
Amortization	(613)		(391)
Disposal	(1,208)		(1,607)
Balance as of December 31, 2019	$	21,270	$	23,717


Lease Term and Discount Rate			December 31, 2019

Weighted-average remaining lease term (years)			40.81
Weighted-average discount rate			6.55%

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The values of NewINK JV assets and liabilities were adjusted to reflect estimated fair market values at the time Colony merged with NorthStar. As of December 31, 2019 and December 31, 2018, the Company's share of partners' capital in the NewINK JV is approximately $40.6 million and $47.5 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $55.8 million and $57.1 million (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The Company serves as managing member of the NewINK JV. During the years ended December 31, 2019 and 2018, the Company received cash distributions from the NewINK JV as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Cash generated from other activities and excess cash	$	1,542	$	3,186


Total	$	1,542	$	3,186

On November 17, 2014, the Company acquired a 10.0% interest in Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns a 90.0% interest in the Inland JV. The values of Inland JV assets and liabilities were adjusted to reflect estimated fair market values at the time Colony merged with NorthStar. As of December 31, 2019 and 2018, the Company's share of partners capital in the Inland JV was approximately $28.4 million and $32.3 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $10.4 million and $10.7 million, respectively (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). The Company serves as managing member of the Inland JV. During the years ended December 31, 2019 and 2018, the Company received cash distributions from the Inland JV as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Cash generated from other activities and excess cash	$	1,150	$	1,850


Total	$	1,150	$	1,850

On May 9, 2017, the NewINK JV refinanced the $840.0 million loan collateralized by the 47 hotels with a new $850.0 million loan with an interest rate of LIBOR plus a spread of 2.79% and had an initial maturity of June 7, 2019 and three one-year extension options. The NewINK JV exercised the first extension and the maturity was extended to June 7, 2020. On November 7, 2019, the NewINK JV refinanced the $850.0 million loan with a new $855.0 million, non-recourse loan from Morgan Stanley Bank, N.A. JPMorgan Chase Bank, National Association, and Bank of America, N.A. (collectively the "Lender"), collateralized by the 46 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 2.82%, has an initial maturity of November 7, 2021 and five one-year extension options.

On June 9, 2017, the Inland JV refinanced the $817.0 million loan collateralized by the 48 hotels with a new $780.0 million non-recourse loan with Column Financial, Inc. On June 9, 2017, the Company contributed an additional $5.0 million of capital related to its share in the Inland JV to reduce the debt collateralized by the 48 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 3.3%, has an initial maturity of July 9, 2019 and three one-year extension options. The Inland JV exercised the first extension and the maturity was extended to July 7, 2020.

The Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNY calls for additional capital contributions to the respective JVs necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. In connection with (i) the non-recourse mortgage loan secured by the NewINK JV properties and the related non-recourse mezzanine loans secured by the membership interests in the owners of the NewINK JV properties and (ii) the non-recourse mortgage loan secured by the Inland JV properties, the Operating Partnership provided the applicable lenders with customary environmental indemnities, as well as guarantees of certain customary non-recourse carveout provisions such as fraud, material and intentional misrepresentations and misapplication of funds. In some circumstances, such as the bankruptcy of the applicable borrowers, the guarantees are for the full amount of the outstanding debt, but in most circumstances, the guarantees are capped at 15% of the debt outstanding at the time in question (in the case of the NewINK JV loans) or 20% of the debt outstanding at the time in question (in the case of the Inland JV loans). In connection with each of the NewINK JV and Inland JV loans, the Operating Partnership has entered into a contribution agreement with its JV partner whereby the JV partner is, in most cases, responsible to cover such JV partner’s pro rata share of any amounts due by the Operating Partnership under the applicable guarantees and environmental indemnities. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. CLNY may also approve certain actions by the JVs without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of the applicable JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the applicable joint venture agreement.

The Company's investments in the NewInk JV and the Inland JV are $(15.2) million and $18.0 million, respectively, at December 31, 2019. The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company's share, related to all JVs for the years ended December 31, 2019, 2018 and 2017 (in thousands):


Balance Sheet
	December 31, 2019		December 31, 2018		December 31, 2017
Assets
Investment in hotel properties, net	$	2,221,718	$	2,309,396	$	2,363,726
Other assets	104,560		118,600		130,910
Total Assets	$	2,326,278	$	2,427,996	$	2,494,636

Liabilities
Mortgages and notes payable, net	$	1,612,217	$	1,606,334	$	1,597,351
Other Liabilities	34,948		37,051		38,773
Total Liabilities	1,647,165		1,643,385		1,636,124

Equity
Chatham Lodging Trust	69,008		79,744		87,326
Joint Venture Partner	610,105		704,867		771,186
Total Equity	679,113		784,611		858,512
Total Liabilities and Equity	$	2,326,278	$	2,427,996	$	2,494,636


	For the year ended
	December 31,
	2019		2018		2017
Revenue	$	496,485	$	498,507	$	487,174
Total hotel operating expenses	329,879		329,756		294,280
Hotel operating income	$	166,606	$	168,751	$	192,894
Impairment loss	$	41,132	$	—	$	—
Net loss from continuing operations	$	(76,869)	$	(24,400)	$	(107)
Loss on sale of hotels	$	(2,129)	$	—	$	—
Net loss	$	(78,998)	$	(24,400)	$	(107)

(Loss) income allocable to the Company	$	(8,044)	$	(2,472)	$	7
Basis difference adjustment	$	1,596	$	1,596	$	1,575
Total (loss) income from unconsolidated real estate entities attributable to Chatham	$	(6,448)	$	(876)	$	1,582

Leases - Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 2,065
2020	2,132
2021	2,157
2022	2,182
2023	2,206
Thereafter	71,661
Total lease payments	$ 82,403

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	$ 1,542	$ 3,186
Net change in cash and cash equivalents	1,542	3,186
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	1,150	1,850
Net change in cash and cash equivalents	$ 1,150	$ 1,850

Quarterly Operating Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	Quarter Ended - 2019
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	75,679	$	87,874	$	90,080	$	74,695
Total operating expenses	65,786		71,741		70,182		67,234
Operating income	9,893		16,133		19,898		7,461
Net income attributable to common shareholders	1,613		9,437		10,002		(2,349)
Income (loss) per common share, basic (1)	0.03		0.20		0.21		(0.05)
Income (loss) per common share, diluted (1)	0.03		0.20		0.21		(0.05)

Weighted average number of common shares outstanding:
Basic	46,556,710		46,760,016		46,913,922		46,919,035
Diluted	46,734,958		46,976,999		47,152,166		47,220,671


	Quarter Ended - 2018
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	72,915	$	85,374	$	88,897	$	77,044
Total operating expenses	62,630		66,237		68,522		68,707
Operating income	10,285		19,137		20,375		8,337
Net income attributable to common shareholders	2,848		13,387		14,580		(174)
Income per common share, basic (1)	0.06		0.29		0.31		—
Income per common share, diluted (1)	0.06		0.29		0.31		—

Weighted average number of common shares outstanding:
Basic	45,753,792		45,867,625		46,149,765		46,513,688
Diluted	46,022,690		46,084,688		46,384,969		46,765,797

Dividends Declared and Paid (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Dividends Declared and Paid

The dividends and distributions and their tax characterization were as follows:


	Record Date		Payment Date		Common share distribution amount			LTIP unit distribution amount			Taxable Ordinary Income			Return of Capital			Section 199A Dividends
January		1/31/2019		2/22/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
February		2/28/2019		3/29/2019		0.11			0.11			0.0847			0.0253			0.0847
March		3/29/2019		4/26/2019		0.11			0.11			0.0847			0.0253			0.0847
1st Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

April		4/30/2019		5/31/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
May		5/31/2019		6/28/2019		0.11			0.11			0.0847			0.0253			0.0847
June		6/28/2019		7/26/2019		0.11			0.11			0.0847			0.0253			0.0847
2nd Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

July		7/31/2019		8/30/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
August		8/30/2019		9/27/2019		0.11			0.11			0.0847			0.0253			0.0847
September		9/30/2019		10/25/2019		0.11			0.11			0.0847			0.0253			0.0847
3rd Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

October		10/31/2019		11/29/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
November		11/29/2019		12/27/2019		0.11			0.11			0.0847			0.0253			0.0847
December		12/31/2019		1/31/2020		0.11			0.11			0.0847			0.0253			0.0847

4th Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

Total 2019						$	1.32		$	1.32		$	1.0164		$	0.3036		$	1.0164

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 74,695	$ 90,080	$ 87,874	$ 75,679	$ 77,044	$ 88,897	$ 85,374	$ 72,915	$ 328,328	$ 324,230	$ 301,844
Total hotel operating expenses	67,234	70,182	71,741	65,786	68,707	68,522	66,237	62,630	271,661	266,078	248,806
Operating income	7,461	19,898	16,133	9,893	8,337	20,375	19,137	10,285	53,385	58,134	56,365
Net income attributable to common shareholders	$ (2,349)	$ 10,002	$ 9,437	$ 1,613	$ (174)	$ 14,580	$ 13,387	$ 2,848	$ 18,703	$ 30,641	$ 29,478
Income per common share, basic (in dollars per share)	$ (0.05)	$ 0.21	$ 0.20	$ 0.03	$ 0	$ 0.31	$ 0.29	$ 0.06	$ 0.39	$ 0.66	$ 0.73
Income per common share, diluted (in dollars per share)	$ (0.05)	$ 0.21	$ 0.20	$ 0.03	$ 0	$ 0.31	$ 0.29	$ 0.06	$ 0.39	$ 0.66	$ 0.73
Weighted average number of common shares outstanding:
Basic (in shares)	46,919,035	46,913,922	46,760,016	46,556,710	46,513,688	46,149,765	45,867,625	45,753,792	46,788,784	46,073,515	39,859,143
Diluted (in shares)	47,220,671	47,152,166	46,976,999	46,734,958	46,765,797	46,384,969	46,084,688	46,022,690	47,023,280	46,243,660	40,112,266

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) Hotel	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Goodwill impairment loss \| $	$ 0	$ 0
Number of hotel properties held for sale \| Hotel	0
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years
Land Improvements
Property, Plant and Equipment [Line Items]
Useful life	20 years
Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 26, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-34693
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1200777
Entity Address, Address Line One	222 Lakeview Avenue, Suite 200
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	802-4477
Title of 12(b) Security	Common Shares of Beneficial Interest, par value $0.01 per share
Trading Symbol	CLDT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 856,939,318
Entity Common Stock, Shares Outstanding (in shares)		46,956,110
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001476045

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Additional Cash Flow Information

During the years ended December 31, 2019 and 2018, the Company received cash distributions from the NewINK JV as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Cash generated from other activities and excess cash	$	1,542	$	3,186


Total	$	1,542	$	3,186

During the years ended December 31, 2019 and 2018, the Company received cash distributions from the Inland JV as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Cash generated from other activities and excess cash	$	1,150	$	1,850


Total	$	1,150	$	1,850

Schedule of Assets Liabilities and Equity of Joint Venture

The following tables sets forth the total assets, liabilities, equity and components of net income (loss), including the Company's share, related to all JVs for the years ended December 31, 2019, 2018 and 2017 (in thousands):


Balance Sheet
	December 31, 2019		December 31, 2018		December 31, 2017
Assets
Investment in hotel properties, net	$	2,221,718	$	2,309,396	$	2,363,726
Other assets	104,560		118,600		130,910
Total Assets	$	2,326,278	$	2,427,996	$	2,494,636

Liabilities
Mortgages and notes payable, net	$	1,612,217	$	1,606,334	$	1,597,351
Other Liabilities	34,948		37,051		38,773
Total Liabilities	1,647,165		1,643,385		1,636,124

Equity
Chatham Lodging Trust	69,008		79,744		87,326
Joint Venture Partner	610,105		704,867		771,186
Total Equity	679,113		784,611		858,512
Total Liabilities and Equity	$	2,326,278	$	2,427,996	$	2,494,636

Schedule of Income From Joint Venture


	For the year ended
	December 31,
	2019		2018		2017
Revenue	$	496,485	$	498,507	$	487,174
Total hotel operating expenses	329,879		329,756		294,280
Hotel operating income	$	166,606	$	168,751	$	192,894
Impairment loss	$	41,132	$	—	$	—
Net loss from continuing operations	$	(76,869)	$	(24,400)	$	(107)
Loss on sale of hotels	$	(2,129)	$	—	$	—
Net loss	$	(78,998)	$	(24,400)	$	(107)

(Loss) income allocable to the Company	$	(8,044)	$	(2,472)	$	7
Basis difference adjustment	$	1,596	$	1,596	$	1,575
Total (loss) income from unconsolidated real estate entities attributable to Chatham	$	(6,448)	$	(876)	$	1,582

Equity Incentive Plan

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity Incentive Plan

The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units, and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares and outperformance based units, for which dividends on unvested performance-based shares and units are accrued and not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2019, there were 1,150,806 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance.

A summary of the Company’s restricted share awards for the years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31, 2019				December 31, 2018					December 31, 2017
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	8,334	$	18.52	57,514	$	23.78	110,825	$	22.05
Granted	—	—		5,000	17.40		5,000	20.20
Vested	(3,333)	18.80		(30,084)	26.24		(32,441)	25.77
Forfeited	—	—		(24,096)	21.21		(25,870)	13.17
Unvested at end of the period	5,001	$	18.33	8,334	$	18.52	57,514	$	23.78

As of December 31, 2019 and 2018, there were $0.1 million and $0.1 million, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2019, these costs were expected to be recognized over a weighted–average period of approximately 2.0 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized approximately $0.1 million, $0.1 million and $0.8 million, respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations.

Long-Term Incentive Plan Awards

LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis.

A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31, 2019				December 31, 2018					December 31, 2017
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	476,398	$	17.73	482,056	$	16.58	295,551	$	14.36
Granted	221,853	18.73		244,917	$	16.94	223,922	$	19.20
Vested	(99,931)	16.55		(67,275)	$	16.42	(37,417)	$	14.73
Forfeited	—	—		(183,300)	$	14.13	—	$	—
Non-vested at end of period	598,320	$	18.30	476,398	$	17.73	482,056	$	16.58

Outperformance Plan LTIP Awards

On June 1, 2015, the Company's Operating Partnership granted 183,300 Class A Performance LTIP units, as recommended by the Compensation Committee of the Board (the "Compensation Committee"), pursuant to long-term, multi-year performance plan (the "Outperformance Plan"). As of June 1, 2018, the Class A Performance LTIP units did not meet the required market based Total Shareholder Return ("TSR") measurements and therefore, the accrued dividends and units have been forfeited. The Company will continue to amortize the remaining expense related to these awards through June 2020 due to the awards being market based.

Time-Based LTIP Awards

On March 1, 2019, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 88,746 time-based awards (the “2019 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement").

Time-Based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company). Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2019 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above.

Performance-Based LTIP Awards

On March 1, 2019, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 133,107 performance-based awards (the "2019 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP units that will vest only if and to the extent that (i) the Company achieves certain long-term market based TSR criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $18.91 per 2019 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term market based TSR criteria are not met during the vesting period.

The 2019 Performance-Based LTIP Unit Awards may be earned based on the Company's relative TSR performance for the three-year period beginning on March 1, 2019 and ending on February 28, 2022. The 2019 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation.

The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo Approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions.

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk Free Interest Rate
Outperformance Plan	6/1/2015	183,300	$14.13	26%	4.5%	0.95%
2016 Time-Based LTIP Unit Awards	1/28/2016	72,966	$16.69	28%	—%	0.79%
2016 Performance-Based LTIP Unit Awards	1/28/2016	39,285	$11.09	30%	5.8%	1.13%
2017 Time-Based LTIP Unit Awards	3/1/2017	89,574	$18.53	24%	—%	0.92%
2017 Performance-Based LTIP Unit Awards	3/1/2017	134,348	$19.65	25%	5.8%	1.47%
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%

The Company recorded $4.2 million, $3.6 million and $2.5 million in compensation expense related to the LTIP units for years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, there was $4.9 million and $5.0 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.7 years, which represents the weighted average remaining vesting period of the LTIP units.

Board of Trustee Share Compensation

For 2019, 2018 and 2017, each independent trustee was compensated $0.1 million for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 50% in the form of shares. In January 2019, 2018 and 2017, the Company issued 27,870, 21,670 and 23,980 common shares, respectively, to its independent trustees as compensation for services performed in 2018, 2017 and 2016, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days preceding the reporting date. On January 15, 2020, the Company distributed 24,516 common shares to its independent trustees for services performed in 2019.

Leases - Schedule of Right of Use Asset and Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Right of Use Asset
Beginning balance	$ 0
Amortization	(613)
Disposal	(1,208)
Ending balance	21,270
Lease Liability
Beginning balance	0
Amortization	(391)
Disposal	(1,607)
Ending balance	$ 23,717

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Hotel receivables, allowance for doubtful accounts	$ 451	$ 264
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	46,928,445	46,537,031
Common shares, shares outstanding (in shares)	46,928,445	46,537,031

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 18,880	$ 30,870	$ 29,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	51,258	47,932	46,060
Amortization of deferred franchise fees	247	237	217
Amortization of deferred financing fees included in interest expense	912	902	648
Loss (gain) on sale of hotel property	3,282	18	(3,327)
Impairment loss	0	0	6,663
Loss on write-off of deferred franchise fee	0	0	16
Deferred tax expense (benefit)	29	(28)	396
Share based compensation	4,719	4,210	3,784
Loss (income) from unconsolidated real estate entities	6,448	876	(1,582)
Distributions from unconsolidated entities	0	0	667
Changes in assets and liabilities:
Right of use asset	613
Hotel receivables	(102)	(437)	353
Deferred costs	(17)	(243)	(935)
Prepaid expenses and other assets	(308)	64	356
Accounts payable and accrued expenses	664	1,814	3,693
Lease liability	(391)
Net cash provided by operating activities	86,234	86,215	86,689
Cash flows from investing activities:
Improvements and additions to hotel properties	(35,859)	(31,417)	(30,233)
Investment in hotel properties under development	(12,224)	0	0
Acquisition of hotel properties, net of cash acquired	(8,171)	(70,020)	(138,248)
Proceeds from sale of hotel properties, net	8,987	0	12,555
Distributions from unconsolidated entities	2,692	5,036	2,551
Investment in unconsolidated real estate entities	0	0	(5,036)
Net cash used in investing activities	(44,575)	(96,401)	(158,411)
Cash flows from financing activities:
Borrowings on revolving credit facility	74,500	149,000	129,000
Repayments on revolving credit facility	(66,000)	(99,500)	(149,500)
Payments on mortgage debt	(6,695)	(4,899)	(4,160)
Payments of financing costs	(48)	(955)	0
Payment of offering costs	(209)	(518)	(2,149)
Proceeds from issuance of common shares	7,298	24,486	150,691
Forfeited distributions - non vested shares	0	0	(94)
Distributions - common shares/units	(62,660)	(61,590)	(52,617)
Net cash provided by (used in) financing activities	(53,814)	6,024	71,171
Net change in cash, cash equivalents and restricted cash	(12,155)	(4,162)	(551)
Cash, cash equivalents and restricted cash, beginning of period	32,337	36,499	37,050
Cash, cash equivalents and restricted cash, end of period	20,182	32,337	36,499
Supplemental disclosure of cash flow information:
Cash paid for interest	27,274	25,328	26,541
Capitalized interest	445	0	0
Cash paid for income taxes	$ 748	$ 887	$ 710

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Management Agreement Terms

As of December 31, 2019, terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Dallas-Market Center	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	1,200	1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	1,000	1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	1,000	1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	1,000	750	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	1,000	750	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Mission Valley	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	1,200	1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	1,000	550	1.0	%
Courtyard Houston	IHM	3.0	%	1,000	550	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	1,500	1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	1,200	1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	1,200	1,000	1.0	%
Springhill Suites Savannah	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	1,200	1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Addison	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard West University Houston	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn West University Houston	IHM	3.0	%	1,200	1,000	1.0	%
Hilton Garden Inn Burlington	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	1,500	1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	1,500	1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	1,500	1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	1,500	1,000	1.0	%

Schedule of Franchise Agreement Terms

Terms of the Company's franchise agreements are as of December 31, 2019:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Dallas-Market Center	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025

Hampton Inn & Suites Houston-Medical Center	5.0	%	4.0	%	2035
Courtyard Altoona	5.5	%	2.0	%	2030
Springhill Suites Washington	5.0	%	2.5	%	2030
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Residence Inn Mission Valley	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
Springhill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	3% to 5%		3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Courtyard West University Houston	5.5	%	2.0	%	2029
Residence Inn West University Houston	6.0	%	2.5	%	2024
Hilton Garden Inn Burlington	5.5	%	4.3	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	3% to 5.5%		4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	3% to 6%		2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	4% to 6%		2.0	%	2038

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)


			Initial Cost										Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Homewood Suites Orlando - Maitland, FL	2010	—	$	1,800	$	7,200	$	34	$	5,174	$	1,834	$	12,374	$	14,208	$	12,374	$	3,530	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	15,693	1,470		10,555		48		3,839		1,518		14,394		15,912		14,394		3,436		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		4,081		3,519		18,041		21,560		18,041		4,707		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		3,641		1,537		12,941		14,478		12,941		3,392		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		30		3,751		2,530		11,334		13,864		11,334		2,849		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		3,549		1,417		12,924		14,341		12,924		3,050		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	17,717	3,200		12,709		56		2,945		3,256		15,654		18,910		15,654		3,636		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,201		2,200		19,966		22,166		19,966		5,000		2004	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		8,576		2,200		26,253		28,453		26,253		6,638		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	12,936	—		20,281		9		3,208		9		23,489		23,498		23,489		6,015		2000	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	32,053	7,109		35,484		50		1,980		7,159		37,464		44,623		37,464		8,439		2003	(1)
Residence Inn Mission Valley - San Diego, CA	2011	27,272	9,856		39,535		—		2,730		9,856		42,265		52,121		42,265		8,868		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	15,563	5,999		24,764		7		5,440		6,006		30,204		36,210		30,204		6,915		1996	(1)
Residence Inn Washington DC - Washington, DC	2011	—	6,083		22,063		28		6,082		6,111		28,145		34,256		28,145		6,907		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	21,291	5,752		28,917		—		2,538		5,752		31,455		37,207		31,455		6,353		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		290		4,315		22,954		27,269		22,954		4,047		2011	(1)
Courtyard Houston - Houston, TX	2013	17,559	5,600		27,350		—		2,781		5,600		30,131		35,731		30,131		5,156		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	21,520	3,000		35,576		—		1,291		3,000		36,867		39,867		36,867		6,035		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		132		1,904		12,482		14,386		12,482		2,017		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		655		4,105		23,755		27,860		23,755		3,917		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	43,857	13,800		56,957		—		2,277		13,800		59,234		73,034		59,234		9,435		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	29,817	2,400		36,050		1		1,534		2,401		37,584		39,985		37,584		5,980		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	64,406	42,652		45,846		—		5,559		42,652		51,405		94,057		51,405		17,441		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	70,270	46,474		50,380		—		1,360		46,474		51,740		98,214		51,740		19,050		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	48,305	38,420		31,352		—		752		38,420		32,104		70,524		32,104		11,800		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	37,670	22,019		31,813		—		10,166		22,019		41,979		63,998		41,979		13,722		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		1,822		3,700		28,122		31,822		28,122		3,855		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		2,502		2,413		24,056		26,469		24,056		3,311		2000	(1)

- continued -


			Initial Cost										Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		504		2,012		18,420		20,432		18,420		2,432		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		1,512		3,640		27,143		30,783		27,143		3,728		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		1,512		4,918		28,705		33,623		28,705		4,024		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		—		1,848		—		90,888		90,888		90,888		11,180		2009	(1)
Hilton Garden Inn Marina del Rey, CA	2015	20,931	—		43,210		—		645		—		43,855		43,855		43,855		4,790		2013	(1)
Residence Inn Dedham, MA	2015	—	4,230		17,304		—		1,795		4,230		19,099		23,329		19,099		2,031		1998	(1)
Residence Inn Ft. Lauderdale, FL	2015	—	9,200		24,048		—		1,062		9,200		25,110		34,310		25,110		2,781		2008	(1)
Warner Center	2017	—	6,500		—		99		—		6,599		—		6,599		—		—
Hilton Garden Inn Portsmouth, NH	2017	—	3,600		37,630		—		289		3,600		37,919		41,519		37,919		2,166		2006	(1)
Courtyard Summerville, SC	2017	—	2,500		16,923		6		134		2,506		17,057		19,563		17,057		908		2014	(1)
Embassy Suites Springfield, VA	2017	—	7,700		58,807		—		305		7,700		59,112		66,812		59,112		3,059		2013	(1)
Residence Inn Summerville, SC	2018	—	2,300		17,060		—		198		2,300		17,258		19,558		17,258		590		2018	(1)
Courtyard Dallas Downtown, TX	2018	—	2,900		42,760		—		64		2,900		42,824		45,724		42,824		1,149		2018	(1)
Sili III	2018	—	8,171		—		—		—		8,171		—		8,171		—		—

Grand Total(s)			$	302,983	$	1,116,982	$	500	$	99,724	$	303,483	$	1,216,706	$	1,520,189	$	1,216,706	$	224,339

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20

- continued


Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2019		2018		2017		2016		2015		2014
Balance at the beginning of the year	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192	$	1,105,504	654,560
Acquisitions	8,171		65,020		133,660		—		187,032		444,233
Dispositions during the year	(17,889)		—		(33,053)		—		—		—
Capital expenditures and transfers from construction-in-progress			19,043		14,470		10,494		14,081		13,656		6,711
Investment in Real Estate	$	1,520,189	$	1,510,864	$	1,431,374	$	1,320,273	$	1,306,192	$	1,105,504


(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:

Balance at the beginning of the year	$	187,780	$	148,071	$	116,866	$	83,245	$	50,910	28,980
Depreciation and amortization	41,908		39,709		36,401		33,621		32,335		21,930
Dispositions during the year	$	(5,349)	$	—	$	(5,196)	$	—	$	—	$	—
Balance at the end of the year	$	224,339	$	187,780	$	148,071	$	116,866	$	83,245	$	50,910

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,520.332 as of December 31, 2019.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense for the following periods are as follows (in thousands):


	For the year ended
	December 31,
	2019		2018		2017
Current:
Federal	$	(29)	$	—	$	—
State	—		—		—
Current tax expense (benefit)	$	(29)	$	—	$	—

Deferred:
Federal	29		(28)		350
State	—		—		46
Deferred tax expense (benefit)	29		(28)		396
Total tax expense (benefit)	$	—	$	(28)	$	396

Schedule of Effective Income Tax Rate Reconciliation

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (in thousands):


	For the year ended
	December 31,
	2019			2018			2017
Book loss before income taxes of the TRS	$	(8,167)		$	(6,040)		$	(4,261)

Statutory rate of 21% for 2018 and after and 34% for prior years applied to pre-tax income	$	(1,715)		$	(1,268)		$	(1,449)
Effect of state and local income taxes, net of federal tax benefit	(347)			(200)			(108)
Tax reform impact	—			—			644
Provision to return adjustment	—			—			5
Permanent adjustments	8			12			13
Change in valuation allowance	2,100			1,456			1,289
Valuation allowance release	—			(28)			—
Other	(46)			—			2
Total income tax (benefit) expense	$	—		$	(28)		$	396

Effective tax rate	—		%	0.46		%	(9.29)		%

Schedule of Deferred Tax Assets and Liabilities

The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2019 and 2018 are as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Total deferreds:
Allowance for doubtful accounts	$	117	$	68

Accrued compensation	870		731
AMT credit	29		58



Total book to tax difference in partnership	(103)		(193)
Net operating loss	4,741		2,654
Valuation allowance	(5,625)		(3,260)

Net deferred tax asset	$	29	$	58

Dividends Declared and Paid

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Dividends Declared and Paid

The Company declared regular common share dividends of $1.32 per share and distributions on LTIP units of $1.32 per unit for the year ended December 31, 2019. The dividends and distributions and their tax characterization were as follows:


	Record Date		Payment Date		Common share distribution amount			LTIP unit distribution amount			Taxable Ordinary Income			Return of Capital			Section 199A Dividends
January		1/31/2019		2/22/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
February		2/28/2019		3/29/2019		0.11			0.11			0.0847			0.0253			0.0847
March		3/29/2019		4/26/2019		0.11			0.11			0.0847			0.0253			0.0847
1st Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

April		4/30/2019		5/31/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
May		5/31/2019		6/28/2019		0.11			0.11			0.0847			0.0253			0.0847
June		6/28/2019		7/26/2019		0.11			0.11			0.0847			0.0253			0.0847
2nd Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

July		7/31/2019		8/30/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
August		8/30/2019		9/27/2019		0.11			0.11			0.0847			0.0253			0.0847
September		9/30/2019		10/25/2019		0.11			0.11			0.0847			0.0253			0.0847
3rd Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

October		10/31/2019		11/29/2019		$	0.11		$	0.11		$	0.0847		$	0.0253		$	0.0847
November		11/29/2019		12/27/2019		0.11			0.11			0.0847			0.0253			0.0847
December		12/31/2019		1/31/2020		0.11			0.11			0.0847			0.0253			0.0847

4th Quarter 2019						$	0.33		$	0.33		$	0.2541		$	0.0759		$	0.2541

Total 2019						$	1.32		$	1.32		$	1.0164		$	0.3036		$	1.0164


	Record Date		Payment Date		Common share distribution amount			LTIP unit distribution amount			Taxable Ordinary Income			Return of Capital			Section 199A Dividends
January		1/31/2018		2/23/2018		$	0.11		$	0.11		$	0.0954		$	0.0146		$	0.0954
February		2/28/2018		3/30/2018		0.11			0.11			0.0954			0.0146			0.0954
March		3/29/2018		4/27/2018		0.11			0.11			0.0954			0.0146			0.0954
1st Quarter 2018						$	0.33		$	0.33		$	0.2862		$	0.0438		$	0.2862

April		4/30/2018		5/25/2018		$	0.11		$	0.11		$	0.0954		$	0.0146		$	0.0954
May		5/31/2018		6/29/2018		0.11			0.11			0.0954			0.0146			0.0954
June		6/29/2018		7/27/2018		0.11			0.11			0.0954			0.0146			0.0954
2nd Quarter 2018						$	0.33		$	0.33		$	0.2862		$	0.0438		$	0.2862

July		7/31/2018		8/31/2018		$	0.11		$	0.11		$	0.0954		$	0.0146		$	0.0954
August		8/31/2018		9/28/2018		0.11			0.11			0.0954			0.0146			0.0954
September		9/28/2018		10/26/2018		0.11			0.11			0.0954			0.0146			0.0954
3rd Quarter 2018						$	0.33		$	0.33		$	0.2862		$	0.0438		$	0.2862

October		10/31/2018		11/30/2018		$	0.11		$	0.11		$	0.0954		$	0.0146		$	0.0954
November		11/30/2018		12/28/2018		0.11			0.11			0.0954			0.0146			0.0954
December		12/31/2018		1/25/2019		0.11			0.11			0.0954			0.0146			0.0954
4th Quarter 2018						$	0.33		$	0.33		$	0.2862		$	0.0438		$	0.2862

Total 2018						$	1.32		$	1.32		$	1.1448		$	0.1752		$	1.1448

For the year ended December 31, 2019, approximately 77.0% of the distributions paid to stockholders were considered ordinary income and approximately 23.0% were considered return of capital. For the year ended December 31, 2018, approximately 86.7% of the distributions paid to stockholders were considered ordinary income and approximately 13.3% were considered return of capital.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented.

The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

Reclassifications

ReclassificationsCertain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on the net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company moved the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt and revolving credit facility. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt and the revolving credit facility the fair value of which is separately disclosed in Note 7.

Investment in Hotel Properties

The Company allocates the purchase prices of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. On January 1, 2017, the Company early adopted ASU 2017-01 "Definition of a Business" and all acquisitions since then qualified as an asset acquisition and all such acquisition costs have been capitalized.

The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations.

The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. For the year ended December 31, 2017, the Company incurred an impairment loss on its Washington SHS, PA hotel (See footnote 5). For the years ended December 31, 2019 and 2018, there were no impairment losses.

For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met.

Investment in Unconsolidated Real Estate Entities

If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee.

Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities.

The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. As of December 31, 2019 and 2018, no NewINK or Inland JV investments were impaired.

The Company will periodically review its NewINK and Inland JV hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. For the year ended December 31, 2019 the company impaired three hotels in the NewINK JV portfolio and one hotel in the Inland JV portfolio (See Note 6).

The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits.

Restricted Cash

Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements.

Hotel Receivables

Hotel ReceivablesHotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses.

Deferred Costs

Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2019 and 2018 (in thousands):


	December 31, 2019		December 31, 2018

Loan costs	$	2,104	$	2,057
Franchise fees	4,409		4,471
Other	129		133
	6,642		6,661
Less accumulated amortization	(2,371)		(1,591)
Deferred costs, net	$	4,271	$	5,070

Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements.

Mortgage Debt, net

Mortgage Debt, netMortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans.

Prepaid Expenses And Other Assets

Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate EntitiesAt times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets.

Revenue Recognition

Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations.

Share-Based Compensation

The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership.

Earnings Per Share

Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.

Income Taxes

The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions.

The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (46 hotels) and the Inland JV (48 hotels) through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees in which the Company indirectly owns a noncontrolling interests through its TRS holding company. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. On December 22, 2017, the Tax Cuts and Jobs Act, "TCJA" was enacted. The TCJA includes a number of changes to the existing U.S. tax code, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, as a result of the TCJA being signed into law, the net deferred tax assets before valuation allowance were reduced by $0.6 million with a corresponding net adjustment to current year tax expense for the remeasurement of the Company’s U.S. net deferred tax assets in 2017. Our federal income tax expense for periods beginning in 2018 will be based on the new rate.

The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements.

As of December 31, 2019, the Company is no longer subject to U.S federal income tax examinations for years before 2016 and with few exceptions to state examinations before 2016. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2019. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows.

Leases

LeasesOn January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less.

Segment Information

Segment InformationManagement evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.

Recently Issued Accounting Standards

On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard.

On January 1, 2018, the Company adopted accounting guidance under 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company has certain cash payments and receipts related to debt extinguishment that are affected by the new standard. The Company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, there was no impact due to application of the new guidance. The Company applied the new guidance on a retrospective basis.

On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company applied the new guidance on a retrospective basis.

In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification. The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company will adopt this new standard on January 1, 2020. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense for the following periods are as follows (in thousands):


	For the year ended
	December 31,
	2019		2018		2017
Current:
Federal	$	(29)	$	—	$	—
State	—		—		—
Current tax expense (benefit)	$	(29)	$	—	$	—

Deferred:
Federal	29		(28)		350
State	—		—		46
Deferred tax expense (benefit)	29		(28)		396
Total tax expense (benefit)	$	—	$	(28)	$	396


	For the year ended
	December 31,
	2019			2018			2017
Book loss before income taxes of the TRS	$	(8,167)		$	(6,040)		$	(4,261)

Statutory rate of 21% for 2018 and after and 34% for prior years applied to pre-tax income	$	(1,715)		$	(1,268)		$	(1,449)
Effect of state and local income taxes, net of federal tax benefit	(347)			(200)			(108)
Tax reform impact	—			—			644
Provision to return adjustment	—			—			5
Permanent adjustments	8			12			13
Change in valuation allowance	2,100			1,456			1,289
Valuation allowance release	—			(28)			—
Other	(46)			—			2
Total income tax (benefit) expense	$	—		$	(28)		$	396

Effective tax rate	—		%	0.46		%	(9.29)		%

On December 22, 2017, the TCJA was enacted. The TCJA includes a number of changes to the existing U.S. tax code, most notably a reduction of the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, as a result of the TCJA being signed into law, the net deferred tax assets before valuation allowance were reduced by $0.6 million with a corresponding net adjustment to current year tax expense for the remeasurement of the Company’s U.S. net deferred tax assets in 2017. Our federal income tax expense for periods beginning in 2018 will be based on the new rate.

At December 31, 2019, our TRS had a net deferred tax asset associated with future tax credits of $29 thousand. At December 31, 2019 and 2018, the Company had valuation allowances against certain deferred tax assets totaling $5.6 million and $3.3 million, respectively. The increase in valuation allowance was primarily from the increase in the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2019 and 2018 are as follows (in thousands):


	For the year ended
	December 31,
	2019		2018
Total deferreds:
Allowance for doubtful accounts	$	117	$	68

Accrued compensation	870		731
AMT credit	29		58



Total book to tax difference in partnership	(103)		(193)
Net operating loss	4,741		2,654
Valuation allowance	(5,625)		(3,260)

Net deferred tax asset	$	29	$	58

As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of net deferred tax assets. The Company's TRS is expecting continued taxable losses in 2020. As of December 31, 2019, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets, with the exception of the AMT tax credit, due to the uncertainty of the TRS's ability to utilize these net deferred tax assets. Management will continue to monitor the need for a valuation allowance.

Commitment and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

The nature of the operations of the Company's hotels exposes those hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. IHM is currently a defendant in several class action lawsuits pending in the state of California.

The first class action lawsuit was filed in the Santa Clara County Superior Court on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473 (“Ruffy”) and the second class action lawsuit was filed on March 21, 2018 under the title Doonan, et al, v. Island Hospitality Management, LLC, et al. Case No 18-CV-325187 (“Doonan”). The class actions relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaint alleges various wage and hour law violations based on alleged misclassification of certain hotel managerial staff and violation of certain California statutes regarding incorrect information contained on employee paystubs. The plaintiffs seek injunctive relief, money damages, penalties, and interest. A settlement agreement has been negotiated and approved by the applicable courts for Ruffy and Doonan. As of December 31, 2019, included in accounts payable and accrued expenses is $0.1 million which represents an estimate of the Company’s total exposure to the Ruffy and Doonan litigations based on standard indemnification obligations under hotel management agreements with IHM.

In addition, IHM is a defendant in the following series of interrelated class action lawsuits: Perez et al. v. Island Hospitality Management III LLC et al. (United States District Court for the Central District of California, Case No. 2:18-cv-04903-DMG-JPR) filed on March 15, 2018, Cruz v. Island Hospitality Management III LLC (Santa Clara County Superior Court Case No. 19CV353655) filed on August 19, 2019, Leon et al. v. Island Hospitality Management III LLC (Orange County Superior Court Case No. 30-2019-01050719-CU-OE-CXC) filed on April 2, 2019, and Vela v. Island Hospitality Management LLC et al. (San Diego County Superior Court, Case No. 37-2019-0003525) filed on July 9, 2019 (collectively the “Perez class actions”). The Perez class actions also relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaints allege various wage and hour law violations based on alleged violation of certain California statutes regarding rest and meal breaks and wage statements. The plaintiffs seek injunctive relief, money damages, penalties, and interest. Settlement agreements have been negotiated and currently await approval by the applicable courts. As of December 31, 2019, included in accounts payable and accrued expenses is $0.6 million which represents an estimate of the Company’s total exposure to the Perez class actions based on standard indemnification obligations under hotel management agreements with IHM.

Management Agreements

The management agreements with IHM have an initial term of five years and automatically renew for two five-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term's expiration date of their intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation.

As of December 31, 2019, terms of the Company's management agreements are (dollars are not in thousands):


Property	Management Company	Base Management Fee		Monthly Accounting Fee	Monthly Revenue Management Fee	Incentive Management Fee Cap
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Minneapolis-Mall of America	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Nashville-Brentwood	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Dallas-Market Center	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Hartford-Farmington	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton Orlando-Maitland	IHM	3.0	%	1,200	1,000	1.0	%
Hampton Inn & Suites Houston-Medical Center	IHM	3.0	%	1,000	1,000	1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	1,000	1,000	1.0	%
Residence Inn White Plains	IHM	3.0	%	1,000	750	1.0	%
Residence Inn New Rochelle	IHM	3.0	%	1,000	750	1.0	%
Residence Inn Garden Grove	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Mission Valley	IHM	3.0	%	1,200	1,000	1.0	%
Homewood Suites by Hilton San Antonio River Walk	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Washington DC	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Tysons Corner	IHM	3.0	%	1,200	1,000	1.0	%
Hampton Inn Portland Downtown	IHM	3.0	%	1,000	550	1.0	%
Courtyard Houston	IHM	3.0	%	1,000	550	1.0	%
Hyatt Place Pittsburgh North Shore	IHM	3.0	%	1,500	1,000	1.0	%
Hampton Inn Exeter	IHM	3.0	%	1,200	1,000	1.0	%
Hilton Garden Inn Denver Tech	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Bellevue	IHM	3.0	%	1,200	1,000	1.0	%
Springhill Suites Savannah	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Silicon Valley I	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Silicon Valley II	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn San Mateo	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Mountain View	IHM	3.0	%	1,200	1,000	1.0	%
Hyatt Place Cherry Creek	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Addison	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard West University Houston	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn West University Houston	IHM	3.0	%	1,200	1,000	1.0	%
Hilton Garden Inn Burlington	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn San Diego Gaslamp	IHM	3.0	%	1,500	1,000	1.0	%
Hilton Garden Inn Marina del Rey	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Dedham	IHM	3.0	%	1,200	1,000	1.0	%
Residence Inn Il Lugano	IHM	3.0	%	1,500	1,000	1.0	%
Hilton Garden Inn Portsmouth	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Summerville	IHM	3.0	%	1,500	1,000	1.0	%
Embassy Suites Springfield	IHM	3.0	%	1,500	1,000	1.0	%
Residence Inn Summerville	IHM	3.0	%	1,500	1,000	1.0	%
Courtyard Dallas	IHM	3.0	%	1,500	1,000	1.0	%

Management fees totaled approximately $10.8 million, $10.8 million and $9.9 million, respectively, for the years ended December 31, 2019, 2018 and 2017. Incentive management fees paid to IHM for the years ended years ended December 31, 2019, 2018 and 2017 were $0.1 million, $0.1 million and $0.2 million, respectively.

Franchise Agreements

The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Terms of the Company's franchise agreements are as of December 31, 2019:


Property	Franchise/Royalty Fee		Marketing/Program Fee		Expiration
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Minneapolis-Mall of America	4.0	%	4.0	%	2025
Homewood Suites by Hilton Nashville-Brentwood	4.0	%	4.0	%	2025
Homewood Suites by Hilton Dallas-Market Center	4.0	%	4.0	%	2025
Homewood Suites by Hilton Hartford-Farmington	4.0	%	4.0	%	2025
Homewood Suites by Hilton Orlando-Maitland	4.0	%	4.0	%	2025

Hampton Inn & Suites Houston-Medical Center	5.0	%	4.0	%	2035
Courtyard Altoona	5.5	%	2.0	%	2030
Springhill Suites Washington	5.0	%	2.5	%	2030
Residence Inn Long Island Holtsville	5.5	%	2.5	%	2025
Residence Inn White Plains	5.5	%	2.5	%	2030
Residence Inn New Rochelle	5.5	%	2.5	%	2030
Residence Inn Garden Grove	5.0	%	2.5	%	2031
Residence Inn Mission Valley	5.0	%	2.5	%	2031
Homewood Suites by Hilton San Antonio River Walk	4.0	%	4.0	%	2026
Residence Inn Washington DC	5.5	%	2.5	%	2033
Residence Inn Tysons Corner	5.0	%	2.5	%	2031
Hampton Inn Portland Downtown	6.0	%	4.0	%	2032
Courtyard Houston	5.5	%	2.0	%	2030
Hyatt Place Pittsburgh North Shore	5.0	%	3.5	%	2030
Hampton Inn Exeter	6.0	%	4.0	%	2031
Hilton Garden Inn Denver Tech	5.5	%	4.3	%	2028
Residence Inn Bellevue	5.5	%	2.5	%	2033
Springhill Suites Savannah	5.0	%	2.5	%	2033
Residence Inn Silicon Valley I	5.5	%	2.5	%	2029
Residence Inn Silicon Valley II	5.5	%	2.5	%	2029
Residence Inn San Mateo	5.5	%	2.5	%	2029
Residence Inn Mountain View	5.5	%	2.5	%	2029
Hyatt Place Cherry Creek	3% to 5%		3.5	%	2034
Courtyard Addison	5.5	%	2.0	%	2029
Courtyard West University Houston	5.5	%	2.0	%	2029
Residence Inn West University Houston	6.0	%	2.5	%	2024
Hilton Garden Inn Burlington	5.5	%	4.3	%	2029
Residence Inn San Diego Gaslamp	6.0	%	2.5	%	2035
Hilton Garden Inn Marina del Rey	3% to 5.5%		4.3	%	2030
Residence Inn Dedham	6.0	%	2.5	%	2030
Residence Inn Il Lugano	3% to 6%		2.5	%	2045
Hilton Garden Inn Portsmouth	5.5	%	4.0	%	2037
Courtyard Summerville	6.0	%	2.5	%	2037
Embassy Suites Springfield	5.5	%	4.0	%	2037
Residence Inn Summerville	6.0	%	2.5	%	2038
Courtyard Dallas	4% to 6%		2.0	%	2038

Franchise and marketing/program fees totaled approximately $25.9 million, $24.9 million and $23.2 million, respectively, for the years ended December 31, 2019, 2018 and 2017.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Total revenue	$ 328,328	$ 324,230	$ 301,844
Hotel operating expenses:
Total hotel operating expenses	174,251	170,562	155,679
Depreciation and amortization	51,505	48,169	46,292
Impairment loss	0	0	6,663
Property taxes, ground rent and insurance	24,717	23,678	20,916
General and administrative	14,077	14,120	12,825
Other charges	1,441	3,806	523
Reimbursable costs from unconsolidated real estate entities	5,670	5,743	5,908
Total operating expenses	271,661	266,078	248,806
Operating income before gain (loss) on sale of hotel property	56,667	58,152	53,038
Gain (loss) on sale of hotel property	(3,282)	(18)	3,327
Operating Income	53,385	58,134	56,365
Interest and other income	190	462	30
Interest expense, including amortization of deferred fees	(28,247)	(26,878)	(27,901)
Income (loss) from unconsolidated real estate entities	(6,448)	(876)	1,582
Income before income tax benefit (expense)	18,880	30,842	30,076
Income tax benefit (expense)	0	28	(396)
Net income	18,880	30,870	29,680
Net income attributable to non-controlling interest	(177)	(229)	(202)
Net income attributable to common shareholders	$ 18,703	$ 30,641	$ 29,478
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.39	$ 0.66	$ 0.73
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.39	$ 0.66	$ 0.73
Weighted average number of common shares outstanding:
Basic (in shares)	46,788,784	46,073,515	39,859,143
Diluted (in shares)	47,023,280	46,243,660	40,112,266
Distributions per common share (in dollars per share)	$ 1.32	$ 1.32	$ 1.32
Room
Revenue:
Total revenue	$ 296,267	$ 295,897	$ 278,466
Hotel operating expenses:
Total hotel operating expenses	65,270	63,877	59,151
Food and beverage
Revenue:
Total revenue	9,824	8,880	6,255
Hotel operating expenses:
Total hotel operating expenses	8,396	7,312	5,342
Other
Revenue:
Total revenue	16,567	13,710	11,215
Cost reimbursements from unconsolidated real estate entities
Revenue:
Total revenue	5,670	5,743	5,908
Telephone
Hotel operating expenses:
Total hotel operating expenses	1,638	1,766	1,647
Other hotel operating
Hotel operating expenses:
Total hotel operating expenses	4,039	3,296	2,886
General and administrative
Hotel operating expenses:
Total hotel operating expenses	25,641	25,567	23,639
Franchise and marketing fees
Hotel operating expenses:
Total hotel operating expenses	25,850	24,864	23,247
Advertising and promotions
Hotel operating expenses:
Total hotel operating expenses	6,043	6,227	5,380
Utilities
Hotel operating expenses:
Total hotel operating expenses	10,867	10,835	9,944
Repairs and maintenance
Hotel operating expenses:
Total hotel operating expenses	14,321	14,710	13,317
Management fees
Hotel operating expenses:
Total hotel operating expenses	10,822	10,754	9,898
Insurance
Hotel operating expenses:
Total hotel operating expenses	$ 1,364	$ 1,354	$ 1,228

Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Unsecured Revolving Credit Facility		12 Months Ended
	Mar. 08, 2018	Dec. 31, 2019
Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate	1500.00%
LIBOR \| Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		1.55%
LIBOR \| Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		2.30%
Prime Rate \| Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		0.55%
Prime Rate \| Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		1.30%

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
2020	$ 2,027
2021	2,051
2022	2,071
2023	2,093
2024	2,115
Thereafter	68,906
Total lease payments	79,263
Less: Imputed interest	(55,546)
Present value of lease liabilities	$ 23,717	$ 25,715	$ 0

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	8,334	57,514	110,825
Number of Shares, Granted (in shares)	0	5,000	5,000
Number of Shares, Vested (in shares)	(3,333)	(30,084)	(32,441)
Number of shares forfeited (in shares)	0	(24,096)	(25,870)
Number of Shares, Nonvested at end of the period (in shares)	5,001	8,334	57,514
Summary of company's restricted share awards, weighted average grant date fair value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)	$ 18.52	$ 23.78	$ 22.05
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0	17.40	20.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	18.80	26.24	25.77
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	0	21.21	13.17
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 18.33	$ 18.52	$ 23.78

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):


	For the year ended
	December 31,
	2019		2018		2017
Numerator:
Net income	$	18,703	$	30,641	$	29,478
Dividends paid on unvested shares and LTIP units	(297)		(310)		(235)

Net income attributable to common shareholders	$	18,406	$	30,331	$	29,243
Denominator:
Weighted average number of common shares - basic	46,788,784		46,073,515		39,859,143
Effect of dilutive securities:
Unvested shares	234,496		170,145		253,123
Weighted average number of common shares - diluted	47,023,280		46,243,660		40,112,266
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 9,536
2021	21,979
2022	99,954
2023	143,084
2024	296,387
Thereafter	15,920
Total debt before unamortized debt issue costs	586,860	$ 585,055
Unamortized mortgage debt issue costs	(1,395)	(1,773)
Total debt outstanding	$ 585,465	$ 583,282

Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Purchase Price Allocation

The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands):


	RI Summerville		Dallas DT		HGI Portsmouth		CY Summerville		ES Springfield		Total
Acquisition date	8/27/2018		12/5/2018		9/20/2017		11/15/2017		12/6/2017
Number of rooms (unaudited)	96		167		131		96		219		709
Land	$	2,300	$	2,900	$	3,600	$	2,500	$	7,700	$	19,000
Building and improvements	17,060		42,760		37,630		16,923		58,807		173,180
Furniture, fixtures and equipment	1,234		3,340		2,120		730		1,490		8,914
Cash	—		5		8		1		3		17

Accounts receivable	—		8		32		1		—		41

Prepaid expenses and other assets	—		68		12		28		129		237

Accounts payable and accrued expenses	(9)		(33)		(27)		(1)		(51)		(121)


Net assets acquired, net of cash	$	20,585	$	49,043	$	43,367	$	20,181	$	68,075	$	201,251

Revenue and Operating Income of New Hotels Acquired

The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2019 is as follows (in thousands):


		For the Year Ended December 31, 2019						For the Year Ended December 31, 2018
	Acquisition Date	Revenue		Operating Income		Revenue		Operating Income
Hilton Garden Inn Portsmouth, NH	9/20/17	$	9,660	$	3,773	$	9,160	$	3,629
Courtyard Summerville, SC	11/15/17	3,846		1,302		3,969		1,261
Embassy Suites Springfield, VA	12/6/17	14,284		5,035		13,886		4,887
Residence Inn Summerville, SC	8/27/18	3,645		1,250		875		30
Courtyard Dallas Downtown, TX	12/5/18	7,833		2,479		258		(21)
Total		$	39,268	$	13,839	$	28,148	$	9,786

Organization	12 Months Ended
Organization	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and was organized to invest primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2019, the Company owned 40 hotels with an aggregate of 6,092 (unaudited) rooms located in 15 states and the District of Columbia (unaudited). As of December 31, 2019, the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony Capital, Inc. ("CLNY"), which was formed in the second quarter of 2014 to acquire 47 hotels from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 5,948 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which was formed in the fourth quarter of 2014 to acquire 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. We sometimes use the term, "JVs", which refers collectively to the NewINK JV and Inland JV. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. The Company indirectly (i) owns its 10.3% interest in 46 of the NewINK JV hotels and (ii) 10.0% interest in 48 of the Inland JV hotels. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees, in which the Company indirectly owns a noncontrolling interests through its TRS holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third-party management companies that provide day-to-day management for the hotels. As of December 31, 2019, Island Hospitality Management Inc. (“IHM”), which is 52.5% owned by Mr. Fisher, managed all 40 of the Company’s wholly owned hotels. As of December 31, 2019, all of the NewINK JV hotels were managed by IHM. As of December 31, 2019, 34 of the Inland JV hotels were managed by IHM and 14 hotels were managed by Marriott International, Inc. ("Marriott").

Acquisition of Hotel Properties

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisition of Hotel Properties

Hotel Purchase Price Allocation

We acquired the Residence Inn Summerville ("RI Summerville") hotel in Summerville, SC for $20.8 million on August 27, 2018, the Dallas Downtown Courtyard ("Dallas DT") hotel in Dallas, TX for $49.0 million on December 5, 2018, the Hilton Garden Inn Portsmouth ("Portsmouth") hotel in Portsmouth, NH for $43.4 million on September 20, 2017, the Courtyard Summerville ("Summerville") hotel in Summerville, SC for $20.2 million on November 15, 2017 and the Embassy Suites Springfield Embassy ("Springfield") hotel in Springfield, VA for $68.1 million on December 6, 2017. The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands):


	RI Summerville		Dallas DT		HGI Portsmouth		CY Summerville		ES Springfield		Total
Acquisition date	8/27/2018		12/5/2018		9/20/2017		11/15/2017		12/6/2017
Number of rooms (unaudited)	96		167		131		96		219		709
Land	$	2,300	$	2,900	$	3,600	$	2,500	$	7,700	$	19,000
Building and improvements	17,060		42,760		37,630		16,923		58,807		173,180
Furniture, fixtures and equipment	1,234		3,340		2,120		730		1,490		8,914
Cash	—		5		8		1		3		17

Accounts receivable	—		8		32		1		—		41

Prepaid expenses and other assets	—		68		12		28		129		237

Accounts payable and accrued expenses	(9)		(33)		(27)		(1)		(51)		(121)


Net assets acquired, net of cash	$	20,585	$	49,043	$	43,367	$	20,181	$	68,075	$	201,251

The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $0.1 million and $0.1 million, respectively, were capitalized in 2019 and 2018.

The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2019 is as follows (in thousands):


		For the Year Ended December 31, 2019						For the Year Ended December 31, 2018
	Acquisition Date	Revenue		Operating Income		Revenue		Operating Income
Hilton Garden Inn Portsmouth, NH	9/20/17	$	9,660	$	3,773	$	9,160	$	3,629
Courtyard Summerville, SC	11/15/17	3,846		1,302		3,969		1,261
Embassy Suites Springfield, VA	12/6/17	14,284		5,035		13,886		4,887
Residence Inn Summerville, SC	8/27/18	3,645		1,250		875		30
Courtyard Dallas Downtown, TX	12/5/18	7,833		2,479		258		(21)
Total		$	39,268	$	13,839	$	28,148	$	9,786

On August 29, 2017, the Company purchased a parcel of land in Los Angeles County, California for $6.5 million and a parcel of land in Silicon Valley, California on July 2, 2019 for $8.1 million.

Debt - Additional Information (Details)		12 Months Ended
Debt - Additional Information (Details)	Mar. 08, 2018	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding borrowing under the revolving credit facility		$ 90,000,000.0	$ 81,500,000
Consolidated fixed charge coverage ratio (in percentage)		3.0
Fixed charge coverage ratio (in percentage)		1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt		$ 501,500,000	489,000,000.0
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowing under the revolving credit facility		90,000,000.0	81,500,000
Maximum borrowing availability under revolving credit facility		250,000,000.0
Estimated fair value of debt		$ 90,000,000	$ 81,500,000
Senior Secured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Senior Secured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1500.00%
LIBOR \| Variable rate debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.65%
LIBOR \| Senior Secured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.55%
LIBOR \| Senior Secured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.30%

Summary of Significant Accounting Policies - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Mortgage debt	$ 496,860	$ 503,555
Deferred financing costs	(1,395)	(1,773)
Mortgage debt, net	$ 495,465	$ 501,782

Disposition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

During the years ended December 31, 2019, 2018 and 2017, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows: (in thousands):


	Operating Income
	For the years ended December 31,
	2019		2018		2017
Homewood Suites Carlsbad	$	—	$	—	$	2,791
Courtyard Altoona, PA	$	24	$	517	$	743
SpringHill Suites Washington, PA	$	198	$	718	$	433
Total	$	222	$	1,235	$	3,967

- Definition

Tabular disclosure of information 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

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+ Details

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Participating Mortgage Loans [Line Items]
Carrying Value	$ 680,433
Balance Outstanding	586,860	$ 585,055
Unamortized mortgage debt issue costs	(1,395)	(1,773)
Total debt outstanding	$ 585,465	583,282
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	4.31%
Carrying Value	$ 0
Balance Outstanding	$ 90,000	81,500
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 18,756
Balance Outstanding	$ 12,936	13,361
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 44,939
Balance Outstanding	$ 27,272	27,885
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 29,914
Balance Outstanding	$ 15,563	15,916
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 32,006
Balance Outstanding	$ 21,291	21,782
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 31,158
Balance Outstanding	$ 17,559	17,976
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 34,941
Balance Outstanding	$ 21,520	21,989
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 64,015
Balance Outstanding	$ 43,857	44,680
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 38,793
Balance Outstanding	$ 32,053	32,620
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 79,377
Balance Outstanding	$ 64,406	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 85,006
Balance Outstanding	$ 70,270	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 64,718
Balance Outstanding	$ 48,305	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 52,677
Balance Outstanding	$ 37,670	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 34,567
Balance Outstanding	$ 29,817	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 39,200
Balance Outstanding	$ 20,931	21,355
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 13,956
Balance Outstanding	$ 15,693	15,965
Hampton Inn & Suites Houston Medical Cntr., TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 16,410
Balance Outstanding	$ 17,717	$ 18,026

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Components of Deferred Costs

Deferred costs consisted of the following at December 31, 2019 and 2018 (in thousands):


	December 31, 2019		December 31, 2018

Loan costs	$	2,104	$	2,057
Franchise fees	4,409		4,471
Other	129		133
	6,642		6,661
Less accumulated amortization	(2,371)		(1,591)
Deferred costs, net	$	4,271	$	5,070

Schedule of Mortgage Loans

Mortgage debt consisted of the following at December 31, 2019 and 2018 (in thousands):


	December 31, 2019		December 31, 2018
Mortgage debt	$	496,860	$	503,555
Deferred financing costs	(1,395)		(1,773)
Mortgage debt, net	$	495,465	$	501,782

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 209	$ 518	$ 2,149
Common shares, dividend declared per share (in dollars per share)	$ 1.32	$ 1.32	$ 1.32
LTIP units, distributions per unit (in dollars per share)	$ 1.32	$ 1.32	$ 1.32

Organization - Additional Information (Details)	12 Months Ended
Organization - Additional Information (Details)	Dec. 31, 2019 Hotel Room state	Nov. 07, 2019 Hotel	Mar. 01, 2019	Feb. 28, 2019	Nov. 17, 2014	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	40
Aggregate number of rooms in hotels \| Room	6,092
Number of states in which hotels are owned \| state	15
Initial term of each TRS lease	5 years
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned (as a percentage)	100.00%
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage in related party owned by the company's chairman	52.50%
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	46	47
Indirect ownership in the leased, hotels						10.30%
Innkeepers Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| Room	5,948
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	48
Aggregate number of rooms in hotels \| Room	6,402
Indirect ownership in the leased, hotels					10.00%
Inland Joint Venture \| Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party	34
Inland Joint Venture \| Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party	14
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage in related party owned by the company's chairman			1.50%	51.00%

Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Components of Mortgage Debt

Debt consisted of the following (in thousands):


Loan/Collateral	Interest Rate		Maturity Date	12/31/19 Property Carrying Value		Balance Outstanding as of
										December 31, 2019	December 31, 2018
Senior Unsecured Revolving Credit Facility (1)	4.31	%	March 8, 2022	$	—	$	90,000	$	81,500


Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	18,756		12,936		13,361
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	44,939		27,272		27,885
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	29,914		15,563		15,916
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	32,006		21,291		21,782
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	31,158		17,559		17,976
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	34,941		21,520		21,989
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	64,015		43,857		44,680
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,793		32,053		32,620
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	79,377		64,406		64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	85,006		70,270		70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	64,718		48,305		48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	52,677		37,670		37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	34,567		29,817		30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	39,200		20,931		21,355
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	13,956		15,693		15,965
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	16,410		17,717		18,026
Total debt before unamortized debt issue costs				$	680,433	$	586,860	$	585,055
Unamortized mortgage debt issue costs						(1,395)		(1,773)
Total debt outstanding						585,465		583,282

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of December 31, 2019, for each of the next five calendar years and thereafter are as follows (in thousands):


	Amount
2020	$	9,536
2021	21,979
2022	99,954
2023	143,084
2024	296,387
Thereafter	15,920
Total debt before unamortized debt issue costs	$	586,860
Unamortized mortgage debt issue costs	(1,395)
Total debt outstanding	$	585,465

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details)	12 Months Ended
	Dec. 31, 2019
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years
Minimum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	5 years
Maximum \| Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years

Summary of Significant Accounting Policies - Investment in Unconsolidated Real Estate Entities (Details) - Hotel	Dec. 31, 2019	Dec. 31, 2018
Joint Venture
Related Party Transaction [Line Items]
Number of hotel properties impaired	0	0
NewINK Joint Venture
Related Party Transaction [Line Items]
Number of hotel properties impaired	3
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotel properties impaired	1

Commitment and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) renewal_period	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses	$ 10.8	$ 10.8	$ 9.9
Franchise and marketing fees	25.9	24.9	23.2
Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses	$ 0.1	$ 0.1	$ 0.2
Hotel Management Agreement \| Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements	5 years
Number of renewal periods \| renewal_period	2
Renewal periods of management agreements	5 years
Agreement renewal successive period termination notice (no later than)	90 days
Minimum notice period for termination of management agreement	6 months
Property management fee (in percentage)	10.00%
Incentive Management Fee Cap	1.00%
Accounts Payable and Accrued Liabilities \| Ruffy, et al, v. Island Hospitality Management, LLC, et al.
Capital Leased Assets [Line Items]
Estimate of possible loss	$ 0.1
Accounts Payable and Accrued Liabilities \| Perez et al. v. Island Hospitality Management III LLC et al.
Capital Leased Assets [Line Items]
Estimate of possible loss	$ 0.6

Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total deferreds:
Allowance for doubtful accounts	$ 117	$ 68
Accrued compensation	870	731
AMT credit	29	58
Total book to tax difference in partnership	(103)	(193)
Net operating loss	4,741	2,654
Valuation allowance	(5,625)	(3,260)
Net deferred tax asset	$ 29	$ 58

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Restricted Share Awards

A summary of the Company’s restricted share awards for the years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31, 2019				December 31, 2018					December 31, 2017
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	8,334	$	18.52	57,514	$	23.78	110,825	$	22.05
Granted	—	—		5,000	17.40		5,000	20.20
Vested	(3,333)	18.80		(30,084)	26.24		(32,441)	25.77
Forfeited	—	—		(24,096)	21.21		(25,870)	13.17
Unvested at end of the period	5,001	$	18.33	8,334	$	18.52	57,514	$	23.78

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2019, 2018 and 2017 is as follows:


	December 31, 2019				December 31, 2018					December 31, 2017
	Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value		Number of Shares	Weighted - Average Grant Date Fair Value
Non-vested at beginning of the period	476,398	$	17.73	482,056	$	16.58	295,551	$	14.36
Granted	221,853	18.73		244,917	$	16.94	223,922	$	19.20
Vested	(99,931)	16.55		(67,275)	$	16.42	(37,417)	$	14.73
Forfeited	—	—		(183,300)	$	14.13	—	$	—
Non-vested at end of period	598,320	$	18.30	476,398	$	17.73	482,056	$	16.58

Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2019 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows:


	Relative TSR Hurdles (Percentile)	Payout Percentage
Threshold	25th	50%
Target	50th	100%
Maximum	75th	150%

Schedule of Share-based Payment Award, Valuation Assumptions

The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows:


	Grant Date	Number of Units Granted	Estimated Value per Unit	Volatility	Dividend Yield	Risk Free Interest Rate
Outperformance Plan	6/1/2015	183,300	$14.13	26%	4.5%	0.95%
2016 Time-Based LTIP Unit Awards	1/28/2016	72,966	$16.69	28%	—%	0.79%
2016 Performance-Based LTIP Unit Awards	1/28/2016	39,285	$11.09	30%	5.8%	1.13%
2017 Time-Based LTIP Unit Awards	3/1/2017	89,574	$18.53	24%	—%	0.92%
2017 Performance-Based LTIP Unit Awards	3/1/2017	134,348	$19.65	25%	5.8%	1.47%
2018 Time-Based LTIP Unit Awards	3/1/2018	97,968	$16.83	26%	—%	2.07%
2018 Performance-Based LTIP Unit Awards	3/1/2018	146,949	$17.02	26%	6.2%	2.37%
2019 Time-Based LTIP Unit Awards	3/1/2019	88,746	$18.45	21%	—%	2.57%
2019 Performance-Based LTIP Unit Awards	3/1/2019	133,107	$18.91	21%	6.2%	2.55%

Disposition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands				12 Months Ended
	May 15, 2019	May 07, 2019	Dec. 20, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of hotel property				$ (3,282)	$ (18)	$ 3,327
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income in disposition of property				222	1,235	3,967
Homewood Suites by Hilton Carlsbad (North San Diego County) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property			$ 33,000
Gain (loss) on sale of hotel property			3,300
Mortgage loan secured by hotel			$ 20,000
Operating income in disposition of property				0	0	2,791
Courtyard Altoona \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property		$ 4,600
Gain (loss) on sale of hotel property		$ (4,400)
Operating income in disposition of property				24	517	743
Springhill Suites By Marriott \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition of property	$ 5,100
Gain (loss) on sale of hotel property	$ 1,100
Operating income in disposition of property				$ 198	$ 718	$ 433

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ (29)	$ 0	$ 0
State	0	0	0
Current tax expense (benefit)	(29)	0	0
Deferred:
Federal	29	(28)	350
State	0	0	46
Deferred tax expense (benefit)	29	(28)	396
Total tax expense (benefit)	$ 0	$ (28)	$ 396

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

Reclassifications

Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentations. The reclassification did not have any impact on the net income. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company moved the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented.

Use of Estimates

Fair Value of Financial Instruments

Investment in Hotel Properties

Investment in Unconsolidated Real Estate Entities

Cash and Cash Equivalents

Restricted Cash

Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. Restricted cash on the accompanying consolidated balance sheets at December 31, 2019 and 2018 is $13.6 million and $25.1 million, respectively.

Hotel Receivables

Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2019 and 2018, the allowance for doubtful accounts was $0.5 million and $0.3 million, respectively.

Deferred Costs


	December 31, 2019		December 31, 2018

Loan costs	$	2,104	$	2,057
Franchise fees	4,409		4,471
Other	129		133
	6,642		6,661
Less accumulated amortization	(2,371)		(1,591)
Deferred costs, net	$	4,271	$	5,070

Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2019, 2018 and 2017, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $0.9 million, $0.9 million and $0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively, is included in interest expense in the consolidated statements of operations.

Mortgage Debt, net

Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2019 and 2018 (in thousands):


	December 31, 2019		December 31, 2018
Mortgage debt	$	496,860	$	503,555
Deferred financing costs	(1,395)		(1,773)
Mortgage debt, net	$	495,465	$	501,782

Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2019, 2018 and 2017, amortization expense related to loan costs of $0.4 million, $0.4 million, $0.1 million, respectively, is included in interest expense in the consolidated statement of operations.

Prepaid Expenses and Other Assets

The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory.

Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities

At times, certain of the Company’s investments in unconsolidated entities' share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside from future financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s consolidated balance sheets.

Revenue Recognition

Share-Based Compensation

Earnings Per Share

A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities.

Income Taxes

Leases

On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. We adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, we applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For our ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, we recognized lease liabilities of $25.7 million with corresponding right-of use assets of $23.1 million on our consolidated balance sheet as of January 1, 2019.

Segment Information

Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers.

Recently Issued Accounting Standards

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Operating Lease Maturity

The following table includes information regarding the Company's leases for which it is the lessee, as of December 31, 2019, for each of the next five calendar years and thereafter (in thousands):


Total Future Lease Payments
	Amount
2020	$	2,027
2021	2,051
2022	2,071
2023	2,093
2024	2,115
Thereafter	68,906
Total lease payments	$	79,263
Less: Imputed interest	(55,546)
Present value of lease liabilities	$	23,717

Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases


	Amount
2019	$	2,065
2020	2,132
2021	2,157
2022	2,182
2023	2,206
Thereafter	71,661
Total lease payments	$	82,403

Schedule of Right of Use Asset and Liability

The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2019:


	Right of Use Asset		Lease Liability
Balance as of January 1, 2019	$	23,091	$	25,715
Amortization	(613)		(391)
Disposal	(1,208)		(1,607)
Balance as of December 31, 2019	$	21,270	$	23,717

Schedule of Lease Cost


Lease Term and Discount Rate			December 31, 2019

Weighted-average remaining lease term (years)			40.81
Weighted-average discount rate			6.55%

Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income	$ (2,349)	$ 10,002	$ 9,437	$ 1,613	$ (174)	$ 14,580	$ 13,387	$ 2,848	$ 18,703	$ 30,641	$ 29,478
Dividends paid on unvested shares and LTIP units									(297)	(310)	(235)
Net income attributable to common shareholders									$ 18,406	$ 30,331	$ 29,243
Denominator:
Weighted average number of common shares - basic (in shares)	46,919,035	46,913,922	46,760,016	46,556,710	46,513,688	46,149,765	45,867,625	45,753,792	46,788,784	46,073,515	39,859,143
Effect of dilutive securities:
Unvested shares (in shares)									234,496	170,145	253,123
Weighted average number of common shares - diluted (In shares)	47,220,671	47,152,166	46,976,999	46,734,958	46,765,797	46,384,969	46,084,688	46,022,690	47,023,280	46,243,660	40,112,266
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ (0.05)	$ 0.21	$ 0.20	$ 0.03	$ 0	$ 0.31	$ 0.29	$ 0.06	$ 0.39	$ 0.66	$ 0.73
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ (0.05)	$ 0.21	$ 0.20	$ 0.03	$ 0	$ 0.31	$ 0.29	$ 0.06	$ 0.39	$ 0.66	$ 0.73

Income Taxes - Additional Information (Details) - USD ($)	Dec. 22, 2017	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Deferred tax asset related to TCJA	$ 600,000
Valuation allowance		$ 5,625,000	$ 3,260,000
Trs Lessee One
Income Taxes [Line Items]
Deferred tax asset		$ 29,000

Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2019

Investments Schedule [Abstract]

Investment in Hotel Properties

Investment in hotel properties, net as of December 31, 2019 and 2018 consisted of the following (in thousands):


	December 31, 2019		December 31, 2018
Land and improvements	$	296,884	$	296,253
Building and improvements	1,216,849		1,214,780
Furniture, fixtures and equipment	81,707		73,411
Renovations in progress	31,589		25,370
	1,627,029		1,609,814
Less: accumulated depreciation	(279,913)		(236,041)
Investment in hotel properties, net	$	1,347,116	$	1,373,773

Disposition of Hotel Properties

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disposition of Hotel Properties

On May 7, 2019, the Company sold the Courtyard by Marriott hotel in Altoona, PA for $4.6 million and recognized a loss on the sale of the hotel property of $4.4 million. On May 15, 2019, the Company sold the SpringHill Suites by Marriott hotel in Washington, PA for $5.1 million and recognized a gain on the sale of the hotel property of $1.1 million. Proceeds from the sales were used to repay amounts outstanding on the Company's senior unsecured revolving credit facility. These sales did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results, and therefore, did not qualify to be reported as discontinued operations.

On December 20, 2017, the Company sold the Homewood Suites by Hilton Carlsbad (North San Diego County) for $33.0 million and recognized a gain on sale of a hotel property of $3.3 million. The buyer assumed the mortgage loan secured by the hotel of $20.0 million. Proceeds from the sale were used to repay amounts outstanding on the Company's senior unsecured revolving credit facility. This sale did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results, and therefore, did not qualify to be reported as discontinued operations.

During the years ended December 31, 2019, 2018 and 2017, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows: (in thousands):


	Operating Income
	For the years ended December 31,
	2019		2018		2017
Homewood Suites Carlsbad	$	—	$	—	$	2,791
Courtyard Altoona, PA	$	24	$	517	$	743
SpringHill Suites Washington, PA	$	198	$	718	$	433
Total	$	222	$	1,235	$	3,967

Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 13,562	$ 25,145
Hotel receivables, allowance for doubtful accounts	451	264
Renovation, Property Tax And Insurance Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 13,600	$ 25,100

Leases - Narrative (Details)	1 Months Ended	12 Months Ended
Leases - Narrative (Details)	Sep. 30, 2015 Term	Dec. 31, 2019 USD ($) Term ParkingSpace
Operating Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| Term		12
Periods in each additional renewal term		5 years
Approximate rent when monthly occupancy is less than 85%		$ 8,400
Percentage of occupancy under condition one (less than)		85.00%
Approximate rent when monthly occupancy is 100%		$ 20,000
Percentage of occupancy under condition two		100.00%
Minimum percentage of annual rent increase		2.50%
Fixed lease payments		$ 1,200,000
Variable lease payments		$ 600,000
Other Leases \| Residence Inn San Diego Gaslamp
Operating Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| Term		3
Periods in each additional renewal term		10 years
Operating leases, monthly payment		$ 40,300
Operating lease, periodic increase, (in percentage)		10.00%
Operating lease, periodic increase, term		5 years
Annual supplemental rent, percentage of gross revenues		5.00%
Annual supplemental rent subtraction, base rent multiplier		12
Other Leases \| Hilton Garden Inn Marina del Rey
Operating Leased Assets [Line Items]
Operating leases, monthly payment		$ 47,500
Air Rights Lease And Garage Lease
Operating Leased Assets [Line Items]
Number of parking spaces occupied by hotel \| ParkingSpace		128
Aggregate rent under operating leases		$ 29,000
Office Lease
Operating Leased Assets [Line Items]
Maximum additional terms up to which ground lease can be extended (up to) \| Term	2
Periods in each additional renewal term	5 years
Term of contract	11 years
Abatement term of contract	12 months
Minimum \| Other Leases \| Hilton Garden Inn Marina del Rey
Operating Leased Assets [Line Items]
Annual supplemental rent, percentage of gross revenues		5.00%
Maximum \| Other Leases \| Hilton Garden Inn Marina del Rey
Operating Leased Assets [Line Items]
Annual supplemental rent, percentage of gross revenues		25.00%

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of properties for federal income tax purposes	$ 1,520,332

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares		12 Months Ended
	Jun. 01, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Nonvested at beginning of the period (in shares)		476,398	482,056	295,551
Number of Shares, Granted (in shares)	183,300	221,853	244,917	223,922
Number of Shares, Vested (in shares)		(99,931)	(67,275)	(37,417)
Number of shares forfeited (in shares)		0	(183,300)	0
Number of Shares, Nonvested at end of the period (in shares)		598,320	476,398	482,056
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share)		$ 17.73	$ 16.58	$ 14.36
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	$ 14.13	18.73	16.94	19.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)		16.55	16.42	14.73
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)		0	14.13	0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)		$ 18.30	$ 17.73	$ 16.58