Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 27, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	CHATHAM LODGING TRUST
Entity Central Index Key	0001476045
Trading Symbol	CLDT
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		45,867,610
Entity Public Float			$ 767,520,108

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Investment in hotel properties, net	$ 1,320,082	$ 1,233,094
Cash and cash equivalents	9,333	12,118
Restricted cash	27,166	25,083
Investment in unconsolidated real estate entities	24,389	20,424
Hotel receivables (net of allowance for doubtful accounts of $200 and $155, respectively)	4,047	4,389
Deferred costs, net	4,646	4,642
Prepaid expenses and other assets	2,523	2,778
Deferred tax asset, net	30	426
Total assets	1,392,216	1,302,954
Liabilities and Equity:
Mortgage debt, net	506,316	530,323
Revolving credit facility	32,000	52,500
Accounts payable and accrued expenses	31,692	27,782
Distributions and losses in excess of investments of unconsolidated real estate entities	6,582	6,017
Distributions payable	5,846	4,742
Total liabilities	582,436	621,364
Commitments and contingencies (see note 12)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2017 and 2016	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,375,266 and 38,367,014 shares issued and outstanding at December 31, 2017 and 2016, respectively	450	380
Additional paid-in capital	871,730	722,019
Retained earnings (distributions in excess of retained earnings)	(69,018)	(45,657)
Total shareholders’ equity	803,162	676,742
Noncontrolling Interests:
Noncontrolling interest in operating partnership	6,618	4,848
Total equity	809,780	681,590
Total liabilities and equity	$ 1,392,216	$ 1,302,954

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Hotel receivables, allowance for doubtful accounts	$ 200	$ 155
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)
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)	45,375,266	38,367,014
Common shares, shares outstanding (in shares)	45,375,266	38,367,014

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Room	$ 278,466	$ 273,345	$ 258,137
Food and beverage	6,255	6,221	5,536
Other	11,215	10,115	9,534
Cost reimbursements from unconsolidated real estate entities	2,920	4,139	3,743
Total revenue	298,856	293,820	276,950
Hotel operating expenses:
Room	59,151	57,209	50,165
Food and beverage	5,342	4,928	4,127
Telephone	1,647	1,712	1,708
Other hotel operating	2,886	2,358	2,467
General and administrative	23,639	22,274	21,101
Franchise and marketing fees	23,247	22,412	21,240
Advertising and promotions	5,380	5,147	5,040
Utilities	9,944	9,545	9,464
Repairs and maintenance	13,317	12,444	11,722
Management fees	9,898	9,389	8,742
Insurance	1,228	1,359	1,218
Total hotel operating expenses	155,679	148,777	136,994
Depreciation and amortization	46,292	48,775	48,981
Impairment loss	6,663	0	0
Property taxes, ground rent and insurance	20,916	21,564	18,581
General and administrative	12,825	11,119	11,677
Other charges	523	510	1,451
Reimbursable costs from unconsolidated real estate entities	2,920	4,139	3,743
Total operating expenses	245,818	234,884	221,427
Operating income	53,038	58,936	55,523
Interest and other income	30	51	264
Interest expense, including amortization of deferred fees	(27,901)	(28,297)	(27,924)
Loss on early extinguishment of debt	0	(4)	(412)
Gain on sale of hotel property	3,327	0	0
Income from unconsolidated real estate entities	1,582	718	2,411
Income (loss) on sale from unconsolidated real estate entities	0	(10)	3,576
Income before income tax benefit (expense)	30,076	31,394	33,438
Income tax benefit (expense)	(396)	301	(260)
Net income	29,680	31,695	33,178
Net income attributable to non-controlling interest	(202)	(212)	(212)
Net income attributable to common shareholders	$ 29,478	$ 31,483	$ 32,966
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.73	$ 0.82	$ 0.87
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.73	$ 0.81	$ 0.86
Weighted average number of common shares outstanding:
Basic (in shares)	39,859,143	38,299,067	37,917,871
Diluted (in shares)	40,112,266	38,482,875	38,322,285
Distributions per common share (in dollars per share)	$ 1.32	$ 1.38	$ 1.28

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, 2014			34,173,691
Beginning Balance at Dec. 31, 2014	$ 591,952	$ 588,537	$ 339	$ 599,318	$ (11,120)	$ 3,415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			14,113
Issuance of shares pursuant to Equity Incentive Plan	412	412		412
Issuance of shares, net of offering costs (in shares)			4,028,512
Issuance of shares, net of offering costs	118,797	118,797	$ 40	118,757
Issuance of restricted time-based shares (in shares)			49,110
Issuance of restricted time-based shares	0
Issuance of performance based shares (in shares)			44,274
Issuance of performance based shares	0
Repurchase of common shares (in shares)			(763)
Repurchase of common shares	(22)	(22)		(22)
Amortization of share based compensation	2,285	1,594		1,594		691
Dividends declared on common shares	(49,127)	(49,127)			(49,127)
Distributions declared on LTIP units	(473)					(473)
Reallocation of noncontrolling interest	0	(286)		(286)		286
Net income	33,178	32,966			32,966	212
Ending Balance (in shares) at Dec. 31, 2015			38,308,937
Ending Balance at Dec. 31, 2015	697,002	692,871	$ 379	719,773	(27,281)	4,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			26,488
Issuance of shares pursuant to Equity Incentive Plan	550	550		550
Issuance of shares, net of offering costs (in shares)			23,738
Issuance of shares, net of offering costs	408	408	$ 1	407
Issuance of restricted time-based shares (in shares)			7,851
Issuance of restricted time-based shares	0
Amortization of share based compensation	2,513	1,278		1,278		1,235
Dividends declared on common shares	(49,859)	(49,859)			(49,859)
Distributions declared on LTIP units	(719)					(719)
Reallocation of noncontrolling interest	0	11		11		(11)
Net income	31,695	31,483			31,483	212
Ending Balance (in shares) at Dec. 31, 2016			38,367,014
Ending 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

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Issuance of shares, offering costs	$ 2,149	$ 75	$ 2,042
Common shares, dividend declared per share (in dollars per share)	$ 1.32	$ 1.30	$ 1.28
LTIP units, distributions per unit (in dollars per share)	$ 1.32	$ 1.30	$ 1.28

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 29,680	$ 31,695	$ 33,178
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	46,060	48,562	48,784
Amortization of deferred franchise fees	217	214	197
Amortization of deferred financing fees included in interest expense	648	1,076	1,606
Gain on sale of hotel property	(3,327)	0	0
Income (loss) on sale from unconsolidated real estate entities	0	10	(3,576)
Impairment loss	6,663	0	0
Loss on early extinguishment of debt	0	4	412
Loss on write-off of deferred franchise fee	16	0	0
Deferred tax expense (benefit)	396	(426)	0
Share based compensation	3,784	3,013	2,835
Income from unconsolidated real estate entities	(1,582)	(718)	(2,411)
Distributions from unconsolidated entities	667	0	0
Changes in assets and liabilities:
Hotel receivables	353	47	(318)
Deferred costs	(935)	(94)	(580)
Prepaid expenses and other assets	356	2,288	(2,277)
Accounts payable and accrued expenses	3,693	1,998	3,992
Net cash provided by operating activities	86,689	87,669	81,842
Cash flows from investing activities:
Improvements and additions to hotel properties	(30,233)	(22,496)	(20,331)
Acquisition of hotel properties, net of cash acquired	(138,248)	0	(169,447)
Proceeds from sale of hotel properties	12,555	0	0
Distributions from unconsolidated entities	2,551	7,228	12,903
Investment in unconsolidated real estate entities	(5,036)	0	0
Restricted cash	(2,234)	(5,810)	(5,488)
Net cash used in investing activities	(160,645)	(21,078)	(182,363)
Cash flows from financing activities:
Borrowings on revolving credit facility	129,000	43,450	131,580
Repayments on revolving credit facility	(149,500)	(56,530)	(88,500)
Payments on debt	(4,160)	(3,775)	(3,239)
Principal prepayment of mortgage debt	0	(5,954)	(4,760)
Payments of financing costs	0	(50)	(2,112)
Payment of offering costs	(2,149)	(75)	(2,042)
Proceeds from issuance of common shares	150,691	482	120,839
In-substance repurchase of vested common shares	0	0	(22)
Forfeited distributions - non vested shares	(94)	(91)	0
Distributions-common shares/units	(52,617)	(52,966)	(45,264)
Net cash provided by (used in) financing activities	71,171	(75,509)	106,480
Net change in cash and cash equivalents	(2,785)	(8,918)	5,959
Cash and cash equivalents, beginning of period	12,118	21,036	15,077
Cash and cash equivalents, end of period	9,333	12,118	21,036
Supplemental disclosure of cash flow information:
Cash paid for interest	26,541	26,836	25,508
Cash paid for income taxes	$ 710	$ 742	$ 160

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 7,200	$ 5,846	$ 4,742
Accrued but unpaid distribution	300	800	500
Accrued share based compensation	600	500	600
Accounts payable and accrued expenses	1,200	$ 2,400	$ 2,000
Hilton Garden Inn Marina del Rey, CA
Mortgage debt	$ 22,600

Organization	12 Months Ended
Organization	Dec. 31, 2017
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, 2017, the Company owned 40 hotels with an aggregate of 6,018 (unaudited) rooms located in 15 states and the District of Columbia (unaudited). As of December 31, 2017, the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony NorthStar, Inc. ("CLNS"), 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 6,097 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNS, 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 6,401 (unaudited) rooms. The Company sold its 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus that owns the 248-room (unaudited) Residence Inn by Marriott in Torrance, CA on December 30, 2015. We sometimes use the term, "JVs", which refers collectively to, for the period prior to December 31, 2017, the NewINK JV, Inland JV and Torrance JV and, for the period subsequent to December 30, 2015, the NewINK JV and the 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 47 of the NewINK JV hotels, (ii) 10% interest in 48 of the Inland JV hotels and (iii) owned its 5.0% interest in the Torrance JV, which was sold on December 30, 2015, through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was leased to TRS Lessees, in which the Company indirectly owns, or owned, as applicable, 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, 2017, Island Hospitality Management Inc. (“IHM”), which is 51% owned by Mr. Fisher, managed 40 of the Company’s wholly owned hotels. As of December 31, 2017, all of the NewINK JV hotels were managed by IHM. As of December 31, 2017, 34 of the Inland JV hotels were managed by IHM and 14 hotels were managed by Marriott International, Inc. ("Marriott"). The Torrance JV hotel was managed by Marriott.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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.

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 and mortgage debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, 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. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees were expensed in 2016 and 2015. On January 1, 2017, the Company early adopted ASU 2017-01 "Definition of a Business" and now capitalizes these costs for asset acquisitions.

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, 2016 and 2015, 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 the impairment or disposal of long-lived assets are met. As of December 31, 2017, the Company had no hotel properties held for sale.

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 investment 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.

Investment 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.

On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance.

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, 2017 and 2016, no JV investments were impaired.

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 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, 2017 and 2016 is $27.2 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, 2017 and 2016, the allowance for doubtful accounts was $0.2 million and $0.2 million, respectively.

Deferred Costs

Deferred costs consist of franchise agreement fees for the Company’s hotels, costs associated with potential future acquistions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2017 and 2016 (in thousands):



	December 31, 2017			December 31, 2016

Loan costs	$	4,561		$	4,561
Franchise fees	4,407			3,568
Other	21			—
	8,989			8,129
Less accumulated amortization	(4,343		)	(3,487		)
Deferred costs, net	$	4,646		$	4,642

Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. 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, 2017, 2016 and 2015, 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 $0.6 million, $0.7 million and $1.2 million for the years ended December 31, 2017, 2016 and 2015, 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, 2017 and 2016 (in thousands):



	December 31, 2017			December 31, 2016
Mortgage debt	$	508,454		$	532,563
Deferred financing costs	(2,138		)	(2,240		)
Mortgage debt, net	$	506,316		$	530,323

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, 2017, 2016 and 2015, amortization expense related to loan costs of $0.1 million, $0.4 million, $0.4 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 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

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 (i) owns its interest in the hotels owned by the NewINK JV (47 hotels) and the Inland JV (48 hotels) and (ii) owned its interest in the Torrance JV, which was sold on December 30, 2015, through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was, leased to TRS Lessees in which the Company indirectly owns, or owned, as applicable, 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 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. Our federal income tax expense for periods beginning in 2018 will be based on the new rate.

As of December 31, 2017, the Company is no longer subject to U.S federal income tax examinations for years before 2014 and with few exceptions to state examinations before 2014. 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 provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2017. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense.

During the first quarter of 2015, management was notified that the Company's TRS was going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. The examination was closed in 2016 and no adjustments were required.

Organizational and Offering Costs

The Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering. As of December 31, 2017 and 2016, the Company had $0 and $0 recorded in deferred costs related to deferred offering costs, respectively.

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

On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or modified retrospective approach. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We adopted the new accounting guidance on January 1, 2018 on a modified retrospective basis, which requires a cumulative effect adjustment. The Company has finalized its evaluation of each of its revenue streams under the new model and because of the short-term, day-to-day nature of the Company's hotel revenues, the pattern of revenue recognition is not expected to change and we did not recognize any cumulative effect adjustment. Furthermore, we do not expect the updated accounting guidance to 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.

On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. The Company is the lessee on certain air/land rights arrangements and an office lease and expects to record right of use assets and lease liabilities for these leases under the new standard. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures.

On August 26, 2016, the FASB issued ASU 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. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with earlier adoption permitted and is to be applied on a retrospective basis. The Company has certain cash payments and receipts related to debt extinguishment and distributions from equity method investments that will be affected by the new standard. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact to our consolidated financial statements.

On November 17, 2016, the FASB issued 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 will be effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and all other entities for fiscal years beginning after December 15, 2018 and is to be applied on a retrospective basis. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only and will have no effect on our reported consolidated financial condition or results of operations.

On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which will likely result in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard will be effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. The Company has adopted this guidance as of 2017. The adoption did not have a material impact on our consolidated financial statements.

Acquisition of Hotel Properties

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisition of Hotel Properties

Hotel Purchase Price Allocation

We acquired 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. No acquisitions were completed in 2016. The allocation of the purchase price of each of the hotels acquired by the Company in 2017, based on the fair value on the date of its acquisition, was (in thousands):



	HGI Portsmouth			CY Summerville			ES Springfield			Total
Acquisition date	9/20/2017			11/15/2017			12/6/2017
Number of rooms (unaudited)	131			96			219			446
Land	$	3,600		$	2,500		$	7,700		$	13,800
Building and improvements	37,630			16,923			58,807			113,360
Furniture, fixtures and equipment	2,120			730			1,490			4,340
Cash	8			1			3			12
Accounts receivable	32			1			—			33
Prepaid expenses and other assets	12			28			129			169
Accounts payable and accrued expenses	(27		)	(1		)	(51		)	(79		)
Net assets acquired, net of cash	$	43,367		$	20,181		$	68,075		$	131,623

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. The Company incurred acquisition costs of $0.5 million and $1.5 million, respectively, during the years ended December 31, 2016 and 2015 which are included in Other charges in the Consolidated Statement of Operations. Property acquisition costs incurred during 2016 related to prior acquisitions for which final amounts were more than previously accrued. Property acquisition costs of $0.7 million were capitalized in 2017.

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



	For the Year Ended December 31, 2017
	Revenue		Operating Income

Hilton Garden Inn Portsmouth, NH	$	2,453	$	1,116
Courtyard Summerville, SC	$	384	$	152
Embassy Suites Springfield, VA	$	674	$	161
Total	$	3,511	$	1,429

Pro Forma Financial Information (unaudited)

The following condensed pro forma financial information presents the unaudited results of operations as if the acquisition of the hotels acquired during the year ended December 31, 2015 had taken place on January 1, 2014. There were no hotels acquired in 2016. Supplemental pro forma earnings were adjusted to exclude $0.7 million of acquisition-related costs incurred in the year ended December 31, 2015. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2014, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data).



	For the year ended
	December 31,
	2015
Pro forma total revenue	$	292,908
Pro forma net income	$	32,137
Pro forma income per share:
Basic	$	0.85
Diluted	$	0.84
Weighted average common shares outstanding
Basic	37,917,871
Diluted	38,322,285

As a result of the properties being treated as acquired as of January 1, 2014, the Company assumed approximately 38,308,937 shares were issued as of January 1, 2014 to fund the acquisition of the properties. Consequently, the weighted average shares outstanding was adjusted to reflect the treatment of these assumed additional shares as issued outstanding as of the beginning of the periods presented.

On August 29, 2017, the Company purchased a parcel of land in Los Angeles county for $6.5 million.

On October 18, 2017, the Company entered into an agreement to acquire a additional hotel located in Summerville, SC for $20.8 million. This transaction is expected to close in the second quarter of 2018, subject to satisfactory completion of due diligence and customary closing conditions. The Company intends to fund the purchase price with available cash and borrowings under the Company's unsecured revolving credit facility.

Disposition of Hotel Properties	12 Months Ended
Disposition of Hotel Properties	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel Properties	Disposition of Hotel Properties 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. For the years ended December 31, 2017, 2016 and 2015, the Company's Consolidated statements of operations included operating income of $2.8 million, $2.5 million and $3.4 million, respectively related to the Homewood Suites by Hilton Carlsbad (North San Diego County).

Investment in Hotel Properties

12 Months Ended

Dec. 31, 2017

Investments Schedule [Abstract]

Investment in Hotel Properties

Investment in hotel properties as of December 31, 2017 and 2016 consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
Land and improvements	$	291,054		$	274,554
Building and improvements	1,140,477			1,045,880
Furniture, fixtures and equipment	63,443			50,495
Renovations in progress	13,262			10,067
	1,508,236			1,380,996
Less: accumulated depreciation	(188,154		)	(147,902		)
Investment in hotel properties, net	$	1,320,082		$	1,233,094

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. We may record additional impairment charges if operating results of this hotel are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period.

Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

On April 17, 2013, the Company acquired a 5.0% interest in the Torrance JV with Cerberus for $1.6 million. The Torrance JV acquired the 248-room (unaudited) Residence Inn by Marriott in Torrance, CA for $31.0 million. The Company accounted for this investment under the equity method. During the years ended December 31, 2017 and 2016, the Company received cash distributions from the Torrance JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	—	$	—
Total	$	—	$	—

On December 30, 2015, the Torrance JV completed the sale of the 248-room (unaudited) Residence Inn by Marriott in Torrance, CA for $51.8 million to BRE Torrance Holdco LLC ("BRE"). The gain from the Company's promote interest in the Torrance JV was approximately $3.6 million which was recorded in Income (loss) on sale from unconsolidated real estate entities in the Consolidated Statement of Operations.

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, CLNS, which owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The value of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of December 31, 2017 and December 31, 2016, the Company's share of partners' capital in the NewINK JV is approximately $51.8 million and $10.1 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $58.4 million and $16.1 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, 2017 and 2016, the Company received cash distributions from the NewINK JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	2,518	$	4,728
Total	$	2,518	$	4,728

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, CLNS, which owns a 90.0% interest in the Inland JV. The value of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of December 31, 2017 and 2016, the Company's share of partners capital in the Inland JV was approximately $35.5 million and $20.4 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $11.1 million and $0.0 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, 2017 and 2016, the Company received cash distributions from the Inland JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	700	$	2,500
Total	$	700	$	2,500

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. The new non-recourse loan is with Morgan Stanley Bank, N.A. The new loan bears interest at a rate of LIBOR plus a spread of 2.79%, has an initial maturity of June 7, 2019 and three 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 and fund capital reserves and deferred financing costs. 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 Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNS 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 loan 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. CLNS 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 $(6.6) million and $24.4 million, respectively, at December 31, 2017. 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, 2017, 2016 and 2015 (in thousands):



Balance Sheet
	December 31, 2017		December 31, 2016		December 31, 2015
Assets
Investment in hotel properties, net	$	2,363,726	$	1,849,295	$	1,857,497
Other assets	130,910		143,769		206,894
Total Assets	$	2,494,636	$	1,993,064	$	2,064,391

Liabilities
Mortgages and notes payable	$	1,597,351	$	1,656,949	$	1,657,000
Other Liabilities	38,773		34,567		35,807
Total Liabilities	1,636,124		1,691,516		1,692,807

Equity
Chatham Lodging Trust	87,326		30,428		37,633
Joint Venture Partner	771,186		271,120		333,951
Total Equity	858,512		301,548		371,584
Total Liabilities and Equity	$	2,494,636	$	1,993,064	$	2,064,391



	For the year ended
Statement of Operations	December 31,
	2017			2016		2015
Revenue	$	487,174		$	484,708	$	497,698
Total hotel operating expenses	294,280			289,569		290,123
Hotel operating income	$	192,894		$	195,139	$	207,575
Net income (loss) from continuing operations	$	(107	)	$	964	$	19,241
Loss on sale of hotels	$	—		$	—	$	—
Net income (loss)	$	(107	)	$	964	$	19,241

Income (loss) allocable to the Company	$	7		$	118	$	1,811
Basis difference adjustment	$	1,575		$	600	$	600
Total income (loss) from unconsolidated real estate entities attributable to Chatham	$	1,582		$	718	$	2,411

Debt

12 Months Ended

Dec. 31, 2017

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	12/31/17 Property Carrying Value		Balance Outstanding as of
Loan/Collateral	Interest Rate		Maturity Date	12/31/17 Property Carrying Value		December 31, 2017			December 31, 2016
Senior Unsecured Revolving Credit Facility (1)	4.17	%	November 25, 2019	$	—	$	32,000		$	52,500
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	19,222		13,762			14,141
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	45,958		28,469			29,026
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	32,173		16,253			16,575
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	30,287		22,251			22,699
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	32,371		18,375			18,758
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	35,199		22,437			22,864
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	67,418		45,462			46,206
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,643		33,160			33,674
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	79,584		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	86,974		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	63,012		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	55,162		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	36,393		30,000			30,000
Hilton Garden Inn Marina del Rey, CA (2)	4.68	%	July 6, 2024	41,906		21,760			22,145
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	12,191		16,225			16,225
Homewood Suites by Hilton Carlsbad, CA	4.32	%	December 6, 2024	—		—			19,950
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	15,116		18,300			18,300
Total debt before unamortized debt issue costs				$	691,609	$	540,454		$	585,063
Unamortized mortgage debt issue costs						(2,138		)	(2,240		)
Total debt outstanding						538,316			582,823


(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%.


(2)	On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10-year term, a 30-year amortization payment schedule.

On November 25, 2015, the Company, as parent guarantor, and the Operating Partnership, as borrower, entered into a new unsecured revolving credit agreement with the lenders party thereto, Barclays Bank PLC, Citigroup Global Markets Inc., Regions Capital Markets and U.S. Bank National Association as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent and Citibank, N.A. and U.S. Bank National Association as co-documentation agents (the “New Credit Agreement”). The New Credit Agreement has an initial maturity date of November 25, 2019, which may be extended for an additional year upon the payment of applicable fees and satisfaction of certain customary conditions. In connection with the entry into the New Credit Agreement, the Company and the Operating Partnership terminated the Amended and Restated Credit Agreement, dated as of November 5, 2012, as amended, among the Company, the Operating Partnership, the lenders party thereto, Barclays Capital Inc. and Regions Capital Markets as joint lead arrangers, Barclays Bank PLC as administrative agent, Regions Bank as syndication agent, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association as co-documentation agents (the "Existing Credit Agreement"), which was composed of a secured revolving credit facility that provided borrowing capacity of up to $175.0 million. Proceeds under the New Credit Agreement were used to repay outstanding borrowings under the Existing Credit Agreement. The New Credit Agreement includes limitations on the extent of allowable distributions from the operating partnership to the Company not to exceed the greater of 95% of adjusted funds from operations and the minimum amount of distributions required for the Company to maintain its REIT status. Other key terms are as follows:



Borrowing Capacity:		Up to $250.0 Million
Accordion feature:		Increase borrowing capacity by up to additional $150.0 million
Interest rate:		Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio
Unused fee:		20 basis points if less than 50% unused, 30 basis points if more than 50% unused
Maximum leverage ratio:		60%
Minimum fixed charge coverage ratio:		1.5x

At December 31, 2017 and 2016, the Company had $32.0 million and $52.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At December 31, 2017, 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, 2017 and 2016 was $506.6 million and $516.0 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, 2017, 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, 2017 and 2016 was $32.0 million and $52.5 million, respectively.

As of December 31, 2017, the Company was in compliance with all of its financial covenants. At December 31, 2017, the Company’s consolidated fixed charge coverage ratio was 3.2 and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of December 31, 2017, for each of the next five calendar years and thereafter are as follows (in thousands):



	Amount
2018	$	5,041
2019	38,992
2020	9,536
2021	21,945
2022	9,954
Thereafter	454,986
Total	$	540,454

Income Taxes

12 Months Ended

Dec. 31, 2017

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,
	2017		2016			2015
Current:
Federal	$	—	$	56		$	129
State	—		69			131
Current tax expense	$	—	$	125		$	260

Deferred:
Federal	350		(380		)	—
State	46		(46		)	—
Deferred tax (expense) benefit	396		(426		)	—
Total tax (expense) benefit	$	396	$	(301	)	$	260

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,
	2017			2016			2015
Book income (loss) before income taxes of the TRS	$	(4,261	)	$	974		$	2,384

Statutory rate of 34% applied to pre-tax income	$	(1,449	)	$	331		$	810
Effect of state and local income taxes, net of federal tax benefit	(108		)	38			97
Tax reform impact	644			—			—
Provision to return adjustment	5			(406		)	211
Permanent adjustments	13			16			140
Change in valuation allowance	1,289			(299		)	(998		)
Other	2			19			—
Total income tax (benefit) expense	$	396		$	(301	)	$	260

Effective tax rate	(9.29		)%	(30.90		)%	10.91		%

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. Our federal income tax expense for periods beginning in 2018 will be based on the new rate.

At December 31, 2017, our TRS had a gross deferred tax asset associated with future tax deductions of $30.0 thousand. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2017 and 2016 are as follows (in thousands):



	For the year ended
	December 31,
	2017			2016
Total deferreds:
Allowance for doubtful accounts	$	51		$	59
Accrued compensation	505			627
AMT credit	30			65
Total book to tax difference in partnership	(579		)	(404		)
Net operating loss	1,312			79
Valuation allowance	(1,289		)	—
Net deferred tax asset	$	30		$	426

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 deferred tax assets. The Company's TRS is expecting increased taxable losses in 2018. As of December 31, 2017, the TRS continues to recognize a full valuation allowance equal to 100% of the gross deferred tax assets, with the exception of the AMT tax credit, due to the uncertainty of the TRS's ability to utilize these deferred tax assets. Management will continue to monitor the need for a valuation allowance.

Dividends Declared and Paid

12 Months Ended

Dec. 31, 2017

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, 2017. 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		Unrecap. Sec. 1250 Gain
January	1/31/2017	2/24/2017	0.11		0.11		0.1042		$	0.0058
February	2/28/2017	3/31/2017	0.11		0.11		0.1042		0.0058
March	3/31/2017	4/28/2017	0.11		0.11		0.1042		0.0058
1st Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

April	4/28/2017	5/26/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
May	5/26/2017	6/30/2017	0.11		0.11		0.1042		0.0058
June	6/30/2017	7/28/2017	0.11		$	0.11	0.1042		$	0.0058
2nd Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

July	7/31/2017	8/25/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
August	8/31/2017	9/29/2017	0.11		0.11		0.1042		0.0058
September	9/29/2017	10/27/2017	$	0.11	0.11		$	0.1042	0.0058
3rd Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

October	10/31/2017	11/24/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
November	11/30/2017	12/29/2017	0.11		0.11		0.1042		0.0058
December	12/29/2017	1/26/2018	$	0.11	$	0.11	$	0.1042	0.0058
4th Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

Total 2017			$	1.32	$	1.32	$	1.2504	$	0.0696



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital
Special	1/15/2016	1/29/2016	$	0.08	$	0.08	$	0.072	$	0.008
January	1/29/2016	2/26/2016	$	0.10	$	0.10	$	0.090	$	0.010
February	2/29/2016	3/25/2016	0.10		0.10		0.090		0.010
March	3/31/2016	4/29/2016	0.11		0.11		0.099		0.011
1st Quarter 2016			$	0.39	$	0.39	$	0.351	$	0.039

April	4/29/2016	5/27/2016	$	0.11	$	0.11	$	0.099	$	0.011
May	5/31/2016	6/24/2016	0.11		0.11		0.099		0.011
June	6/30/2016	7/29/2016	0.11		$	0.11	0.099		0.011
2nd Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

July	7/29/2016	8/26/2016	$	0.11	$	0.11	$	0.099	$	0.011
August	8/31/2016	9/30/2016	0.11		0.11		0.099		0.011
September	9/30/2016	10/28/2016	$	0.11	0.11		$	0.099	$	0.011
3rd Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

October	10/31/2016	11/25/2016	$	0.11	$	0.11	$	0.099	$	0.011
November	11/30/2016	12/30/2016	0.11		0.11		0.099		0.011
December	12/30/2016	1/27/2017	$	0.11	$	0.11	$	0.099	$	0.011
4th Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

Total 2016			$	1.38	$	1.38	$	1.242	$	0.138

For the year ended December 31, 2017, approximately 94.7% of the distributions paid to stockholders were considered ordinary income and approximately 5.3% were considered section 1250 unrecaptured gain. For the year ended December 31, 2016, approximately 90.0% of the distributions paid to stockholders were considered ordinary income and approximately 10.0% were considered returns of capital for federal income tax purposes. A special dividend payment of $0.08 per share was authorized by the Company's Board of Trustees and declared by the Company on December 31, 2015. This special dividend was paid on January 29, 2016 to shareholders of record on January 15, 2016 and is taxable to shareholders in 2016.

Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

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, 2017, 45,375,266 common shares were outstanding.

Common share offerings of the Company consisted of the following from inception through December 31, 2017:



Type of Offering ⁽¹⁾	Date	Shares Issued	Price per Share		Gross Proceeds (in thousands)		Net Proceeds (in thousands)
Initial public offering	4/21/2010	8,625,000	$	20.00	$	172,500	$	158,700
Private placement offering ⁽²⁾	4/21/2010	500,000	20.00		10,000		10,000
Follow-on common share offering	2/8/2011	4,000,000	16.00		64,000		60,300
Over-allotment option	2/8/2011	600,000	16.00		9,600		9,100
Follow-on common share offering	1/14/2013	3,500,000	14.70		51,400		48,400
Over-allotment option	1/31/2013	92,677	14.70		1,400		1,300
Follow-on common share offering	6/18/2013	4,500,000	16.35		73,600		70,000
Over-allotment option	6/28/2013	475,823	16.35		7,800		7,400
Follow-on common share offering	9/30/2013	3,250,000	18.35		59,600		56,700
Over-allotment option	10/11/2013	487,500	18.35		8,900		8,500
Follow-on common share offering	9/24/2014	6,000,000	21.85		131,100		125,600
Over-allotment option	9/24/2014	900,000	21.85		19,700		18,900
Follow-on common share offering	1/27/2015	3,500,000	30.00		105,000		103,300
Over-allotment option	1/27/2015	525,000	30.00		15,750		15,500
Follow-on common share offering	11/9/2017	5,000,000	21.90		$	109,500	$	108,700
		41,956,000			$	839,850	$	802,400

(1) Excludes any shares issued pursuant to the Company's ATM Plans or DRSPPs (each as defined below).

(2) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO.

In January 2014, we established a $25 million dividend and reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million 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. As of December 31, 2017 and December 31, 2016, respectively, we had issued 741,730 and 29,333 shares under the DRSPPs at a weighted average price of $21.00 and $21.22 per share, respectively. As of December 31, 2017, there were common shares having a maximum aggregate sales price of approximately $50.0 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, with Cantor Fitzgerald & Co. acting as sales agent. On January 13, 2015, the Company entered into a sales agreement with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s Prior ATM Plan. 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, 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. As of December 31, 2017 and December 31, 2016, respectively, we had issued 2,147,695 and 880,820 shares under the ATM Plans at a weighted average price of $21.87 and $23.54 per share, respectively, in addition to the offerings above. As of December 31, 2017, there were common shares having a maximum aggregate sales price of approximately $100.0 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, 2017 and 2016.

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, 2017 and 2016, there were no Operating Partnership common units held by unaffiliated third parties.

At December 31, 2017 and 2016, an aggregate of 257,775 and 257,775 LTIP units, respectively, a special class of operating partnership units, were held by executive officers. The LTIP units receive per unit distributions equal to the per share distribution paid on common shares. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended (the "Code"), and 26,250 LTIP units awarded in 2010 and held by one of the officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. 100% of these LTIP units have vested as of December 31, 2017 . As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Code, and 231,525 LTIP units awarded in 2010 and held by the other two officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. 100% of the units have reached parity as of December 31, 2017. Accordingly, these LTIP units awarded in 2010 are allocated their pro-rata share of the Company's net income.

At December 31, 2017 and 2016, an aggregate of 356,933 and 222,585 Class A Performance LTIP units, respectively, were held by executive officers. 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 per LTIP unit 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. As of June 1 2017, the Company determined that a revaluation event occurred, as defined in the Code, and 118,791 and 128,859 LITP units awarded in 2016 and 2017, respectively, and held by six officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. As of December 31, 2017, 33% and 0% of these units awarded in 2016 and 2017, respectively, have vested. Accordingly, these LTIP units awarded in 2016 and 2017 are allocated their pro-rata share of the Company's net income.

At December 31, 2017 and 2016, an aggregate of 162,540 and 72,966 2016 Time-Based LTIP Unit Awards, respectively, a special class of operating partnership units, were held by executive officers. The 2017 Time-Based LTIP Unit Awards will vest ratably on each of March 1, 2018, March 1, 2019 and March 1, 2020. The 2016 Time-Based LTIP Unit Awards will vest ratably on each of January 28, 2017, January 28, 2018 and January 28, 2019. Prior to vesting, a holder is entitled to receive distributions on and to vote the LTIP Units that comprise the 2016 Time-Based LTIP Unit Awards.

Earnings Per Share

12 Months Ended

Dec. 31, 2017

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,
	2017			2016			2015
Numerator:
Net income	$	29,478		$	31,483		$	32,966
Dividends paid on unvested shares and LTIP units	(235		)	(189		)	(151		)
Net income attributable to common shareholders	$	29,243		$	31,294		$	32,815
Denominator:
Weighted average number of common shares - basic	39,859,143			38,299,067			37,917,871
Effect of dilutive securities:
Unvested shares	253,123			183,808			404,414
Weighted average number of common shares - diluted	40,112,266			38,482,875			38,322,285
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.73		$	0.82		$	0.87
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.73		$	0.81		$	0.86

Equity Incentive Plan

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [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. Class A Performance LTIP units, for which dividends are paid based on 10% of the declared amount until the Class A Performance LTIP units vest, at which time the remaining 90% of the dividends is paid. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2017, there were 1,871,942 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

A summary of the restricted shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2017 are:



Award Type	Award Date	Total Shares Granted	Vested as of December 31, 2017
2014 Time-based Awards	1/31/2014	48,213	48,213
2014 Performance-based Awards	1/31/2014	38,805	12,935
2015 Time-based Awards	1/30/2015	40,161	26,774
2015 Performance-based Awards	1/30/2015	36,144	—
2015 Time-based Awards	6/1/2015	8,949	5,966
2017 Restricted Board Awards	1/11/2017	5,000	—

Time-based shares will vest over a three-year period. The performance-based shares will be issued and vest over a three-year period only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company through the vesting date.

The Company measures compensation expense for time-based share awards based upon the fair market value of its common shares at the date of grant. For the performance-based shares granted in 2014 and 2015, compensation expense is based on a valuation of $13.17 and $21.21, respectively, per performance share granted, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. The 2014 performance-based shares did not meet the vesting criteria for 2015 or 2016 causing the last two tranches of the 2014 performance grants not to be eligible for future vesting. Neither of the first two tranches of the 2015 performance grants vested.

The grant date fair values of the performance-based share awards were determined using a Monte Carlo simulation method with the following assumptions:



Performance Award Grant Date	Volatility		Dividend Yield		Risk Free Interest Rate
1/31/2014	27	%	—	%	0.71	%
1/30/2015	29	%	—	%	0.84	%

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 unvested time-based restricted shares. Dividends for performance-based shares are accrued and paid annually only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company on the vesting date.

A summary of the Company’s restricted share awards for the years ended December 31, 2017, 2016 and 2015 is as follows:



	December 31, 2017				December 31, 2016				December 31, 2015
	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	110,825		$	22.05	170,480		$	21.38	179,641		$	14.92
Granted	5,000		20.20		—		—		85,254		26.59
Vested	(32,441	)	25.77		(59,655	)	20.14		(94,415	)	13.80
Forfeited	(25,870	)	13.17		—		—		—		—
Unvested at end of the period	57,514		$	23.78	110,825		$	22.05	170,480		$	21.38

As of December 31, 2017 and 2016, there were $0.1 million and $0.9 million, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2017, these costs were expected to be recognized over a weighted–average period of approximately 1.1 years. For the years ended December 31, 2017, 2016 and 2015, the Company recognized approximately $0.8 million, $1.3 million and $1.6 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 Units

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 availability for other equity awards on a one-for-one basis. The Company does not receive a tax deduction for the value of any LTIP units granted to employees. LTIP units, whether vested or not, receive the same per unit profit distributions as other outstanding units of the Operating Partnership, which profit distribution will generally equal per share dividends on the Company’s common shares. Initially, LTIP units have a capital account balance of zero, and do not have full parity with common units with respect to liquidating distributions. The Operating Partnership will revalue its assets upon the occurrence of certain specified events and any increase in valuation will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of the Operating Partnership unit holders. If such parity is reached, vested LTIP units may be converted by the holder, at any time, into an equal number of common units in the Operating Partnership, which may be redeemed, at the option of the holder, for cash or at the Company’s option an equivalent number of the Company’s common shares.

A summary of the Company's LTIP Unit awards for the years ended years ended December 31, 2017, 2016 and 2015 is as follows:



	December 31, 2017				December 31, 2016			December 31, 2015
	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	295,551		$	14.36	183,300	$	14.13	51,555		$	15.18
Granted	223,922		19.20		112,251	14.73		183,300		14.13
Vested	(37,417	)	14.73		—	—		(51,555	)	(15.18		)
Non-vested at end of period	482,056		$	16.58	295,551	$	14.36	183,300		$	14.13

On April 21, 2010, the Company’s Operating Partnership granted 246,960 LTIP units to the Company’s executive officers pursuant to the Equity Incentive Plan, all of which are accounted for in accordance with FASB Codification Topic (“ASC”) 718, “Stock Compensation”. On September 9, 2010, the Company’s Operating Partnership granted 26,250 LTIP units to the Company’s then new Chief Financial Officer and 15,435 LTIP units granted to the Company’s former Chief Financial Officer were forfeited. These LTIP units vested ratably over a five year period beginning on the date of grant. All of these LTIP units have vested.

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 a long-term, multi-year performance plan (the “Outperformance Plan”). The awards granted pursuant to the Outperformance Plan are subject to two separate performance measurements, with 60% of the award (the "Absolute Award") based solely on the Company's total shareholder return ("TSR") (the "Absolute TSR Component") and 40% of the award (the "Relative Award") measured by the Company's TSR (the "Relative TSR Component") relative to the other companies (the "Index Companies") that were constituents of the SNL US REIT Hotel Index (the "Index") during the entire measurement period. Under the Absolute TSR Component, 37.5% of the Absolute Award is earned if the Company achieves a 25% TSR over the measurement period. That percentage increases on a linear basis with the full Absolute Award being earned at a 50% TSR over the measurement period. For TSR performance below 25%, no portion of the Absolute Award will be earned. Under the Relative TSR Component, 37.5% of the Relative Award is earned if the Company is at the 50th percentile of the Index Companies at the end of the measurement period. That percentage increases on a linear basis with the full Relative Award earned if the Company is at the 75th percentile of the Index Companies at the end of the measurement period. If the Company is below the 50th percentile of the Index Companies at the end of the measurement period, no portion of the Relative Award will be earned. Compensation expense is based on an estimated value of $14.13 per Class A Performance LTIP unit, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Awards earned under the Outperformance Plan will vest 50% at the end of the three-year measurement period on June 1, 2018 and 25% each on the one-year and two-year anniversaries of the end of the three-year measurement period, or June 1, 2019 and 2020, respectively, and provided that the recipient remains employed by the Company through the vesting dates. In the event of a Change in Control (as defined in the executive officers’ employment agreements), Outperformance Plan awards will be earned contingent upon the attainment of a pro rata TSR hurdle for the Absolute Award and achievement of the relative TSR percentile for the Relative Award based upon the in-place formula and using the Change of Control as the end of measurement period. Vesting continues to apply to awards earned upon a Change of Control, subject to full acceleration upon termination without cause or resignation for good reason within 18 months of the Change of Control. 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.

Time-Based Equity Incentive Awards

On January 28, 2016, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 72,966 time-based awards (the “2016 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").

The 2016 Time-Based LTIP Unit Awards will vest ratably on each of January 28, 2017, January 28, 2018 and January 28, 2019 (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 and to vote the LTIP Units that comprise the 2016 Time-Based LTIP Unit Awards. Compensation expense is based on an estimated value of $16.69 per 2016 Time-Based LTIP Unit Award.

On March 1, 2017, the Company's Operating Partnership, upon recommendation of the Compensation Committee, granted 89,574 time-based awards (the "2017 Time-Based LTIP Unit Awards"). The grants were made pursuant to the award agreements that provided for time-based vesting.

The 2017 Time-Based LTIP Unit Awards will vest ratably on each March 1, 2018, March 1, 2019 and March 1, 2020 (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 in control of the Company). Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2017 Time-Based LTIP Unit Awards. Compensation expense is based on an estimated value of $18.53 per 2017 Time-Based LTIP Unit Award.

Performance-Based Equity Incentive Awards

On January 28, 2016, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 39,285 performance-based awards (the "2016 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting (the "LTIP Unit Performance-Based Vesting Agreement"). The 2016 Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP Units of the Operating Partnership (“Class A Performance LTIP Units”) that will vest only if and to the extent that (i) the Company achieves certain long-term performance criteria established by the Compensation Committee and set forth in the LTIP Unit Performance-Based Vesting Agreement 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 $11.09 per 2016 Performance-Based LTIP Unit Awards, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period.

The 2016 Performance-Based LTIP Unit Awards shall vest based on the following:

(a) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2017, if the Total Shareholder Return for the 12-month period beginning January 28, 2016 and ending on January 27, 2017 is 8% or more. These Performance-Based LTIP Unit Awards vested on January 27, 2017.

(b) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2018, if the Total Shareholder Return for the 12-month period beginning January 28, 2017 and ending on January 27, 2018 is 8% or more.

(c) The number of Class A Performance LTIP Units that most nearly equals (but does not exceed) one-third of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award shall vest on January 28, 2019, if the Total Shareholder Return for the 12-month period beginning January 28, 2018 and ending on January 27, 2019 is 8% or more.

(d) All of the Class A Performance LTIP Units issued pursuant to such 2016 Performance-Based LTIP Unit Award (less any Class A Performance LTIP Units that previously vested under paragraphs (a), (b) or (c) above), shall vest on January 28, 2019, if the average Total Shareholder Return for the 36-month period ending on January 27, 2019 is 8% or more.

For purposes of the 2016 Performance-Based LTIP Unit Awards, "Total Shareholder Return" means, with respect to the measurement periods described in paragraphs (a), (b), (c) and (d) above, the total percentage return per common share of the Company based on the closing price of the Company’s common shares on the New York Stock Exchange (“NYSE”) on the last trading day immediately preceding the first day of the applicable measurement period compared to the closing price of the Company’s common shares on the NYSE on the last trading day of such measurement period and assuming contemporaneous reinvestment in Company common shares of all dividends and other distributions at the closing price of the Company’s common shares on the date such dividend or other distribution was paid.

On March 1, 2017, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 134,348 performance-based awards (the "2017 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting. The 2017 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 performance criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the 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 $19.65 per 2017 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period.

The 2017 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, 2017 and ending on February 28, 2020. The 2017 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 TSR hurdles are based on the Company's performance relative to the average TSR for the companies included in the SNL US Hotel REIT Index. TSR will be calculated to include share price appreciation plus dividends assuming the reinvestment of dividends as calculated by a third-party such as SNL Financial. The Company will estimate the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimate forfeitures, and will calculate the value at the grant date based on the probable outcome of the performance conditions.

A holder of a Class A Performance LTIP Unit will generally (i) only be entitled, during the period prior to the vesting of such Class A Performance LTIP Unit, to receive 10% of the distributions made on a common unit of limited partnership interest (“Common Unit”) in the Operating Partnership (the “Pre-Vesting Distributions”), and (ii) be entitled, upon the vesting of such Class A Performance LTIP Unit, to 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. In addition, prior to the vesting of a Class A Performance LTIP Unit, the holder of such Class A Performance LTIP Unit will not be entitled to vote on such Class A Performance LTIP Unit.

The LTIP units' fair value was determined using a 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 reaching the assumptions of uncertainty included discounts for illiquidity; expectations for future dividends; limited or no operations history as of the date of the grant; significant dependency on the efforts and services of our executive officers and other key members of management to implement the Company's business plan; available acquisition opportunities; and economic environment and conditions.

The grant date fair value of the performance LTIP awards were determined using a Monte Carlo simulation method with the following assumptions (based on the three year risk free U.S. Treasury yield over the measurement period of the LTIP awards):



	Grant Date	Volatility	Dividend Yield	Risk Free Interest Rate	Discount
Outperformance Plan	6/1/2015	26%	4.5%	0.95%	—%
2016 Time-Based LTIP Unit Awards	1/28/16	28%	—%	0.79%	7.5%
2016 Performance-Based LTIP Unit Awards	1/28/16	30%	5.8%	1.13%	—%
2017 Time-Based LTIP Unit Awards	3/1/17	24%	—%	0.92%	7.5%
2017 Performance-Based LTIP Unit Awards	3/1/17	25%	5.8%	1.47%	—%

The Company recorded $2.5 million, $1.2 million and $0.7 million in compensation expense related to the LTIP units for years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, there was $4.4 million and $2.6 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.9 years, which represents the weighted average remaining vesting period of the LTIP units. As of June 1, 2017, the Company determined that a revaluation event occurred as defined in the Code, and 112,251 and 223,922 LTIP units awarded in 2016 and 2017, respectively, and held by six officers of the Company had achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. As of December 31, 2017, 33% and 0% of these units awarded in 2016 and 2017, respectively, have vested. Accordingly, these LTIP units awarded in 2010, 2016 and 2017 were allocated their pro-rata share of the Company's net income. The cumulative number of LTIPs that have achieved full parity are 593,948 of the total LTIPs granted of 777,248.

Board of Trustee Share Compensation

For 2017, 2016 and 2015, 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 2017, 2016 and 2015, the Company issued 23,980, 26,488 and 16,542 common shares, respectively, to its independent trustees as compensation for services performed in 2016, 2015 and 2014, 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 16, 2018, the Company distributed 21,670 common shares to its independent trustees for services performed in 2017.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

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 a class action lawsuit pending in the Santa Clara County Superior Court. The class action lawsuit was filed on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473. The class action relates 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. None of the potential classes has been certified and we are defending our case vigorously. As of December 31, 2017, included in accounts payable and expenses is $0.2 million which represents an estimate of the Company’s exposure to the litigation and is also its estimated maximum possible loss that the Company may incur.

Hotel Ground Rent

The Courtyard Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent currently is equal to approximately $8,000 per month when monthly occupancy is less than 85% and can increase up to approximately $20,000 per month if occupancy is 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 $40,000 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.

At 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 2017 under these leases amounted to approximately $26,000 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 $43,000 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.

Office Lease

The Company entered into a new 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 2 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.

Future minimum rental payments under the terms of all non-cancellable operating ground leases and the office lease under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. 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, 2017, for each of the next five calendar years and thereafter (in thousands):



	Other Leases⁽¹⁾		Office Lease
	Amount
2018	$	1,217	$	772
2019	1,220		792
2020	1,267		812
2021	1,273		832
2022	1,276		853
Thereafter	68,178		3,310
Total	$	74,431	$	7,371

(1) Other leases included ground, garage and air rights leases at our hotels.

Management Agreements

The management agreements with Concord had an initial ten-year term that would have expired on February 28, 2017. The management agreements with Concord were terminated as of December 31, 2016. The Company entered into management agreements with IHM for the hotels previously managed by Concord beginning January 1, 2017.

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, 2017, 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
Courtyard Altoona	IHM	3.0	%	$	1,500	$	1,000	1.0	%
Springhill Suites Washington	IHM	3.0	%	1,200		1,000		1.0	%
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		—		1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	1,000		—		1.0	%
Residence Inn White Plains	IHM	3.0	%	1,000		876		1.0	%
Residence Inn New Rochelle	IHM	3.0	%	1,000		876		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	%

Management fees totaled approximately $9.9 million, $9.4 million and $8.7 million, respectively, for the years ended December 31, 2017, 2016 and 2015. Incentive management fees paid to IHM for the years ended years ended December 31, 2017, 2016 and 2015 were $0.2 million, $0.3 million and $0.3 million, respectively. There have been no incentive management fees accrued or paid to Concord.

Franchise Agreements

The Company’s TRS Lessees have entered into hotel franchise agreements with Promus Hotels, Inc., a subsidiary of Hilton, Hampton Inns Franchise, LLC, Marriott International, Inc., Hyatt Hotels, LLC and Hilton Garden Inns Franchise, LLC.

Terms of the Company's franchise agreements are as of December 31, 2017:



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	%	2020
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 5.0%		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 6.0%		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

Franchise and marketing/program fees totaled approximately $23.2 million, $22.4 million and $21.2 million, respectively, for the years ended December 31, 2017, 2016 and 2015.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM. As of December 31, 2017, the Company had hotel management agreements with IHM to manage 40 of its wholly owned hotels. As of December 31, 2017, all 47 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, 2017, 2016 and 2015 were $9.9 million, $9.2 million and $8.5 million, respectively. At December 31, 2017 and 2016, the amounts due to IHM were $1.2 million and $0.9 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2017, 2016 and 2015 were $0.2 million, $0.3 million and $0.3 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the NewINK and Inland JVs and an entity Castleblack Owner Holding, LLC. ("Castleblack") which is 97.5% owned by affiliates of CLNS and 2.5% owned by Mr. Fisher. These costs relate primarily to corporate payroll costs at the NewINK and Inland JVs where the Company is the employer. 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, 2017, 2016 and 2015 were $6.8 million, $6.9 million and $4.7 million, respectively.

Quarterly Operating Results (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Operating Results (unaudited)



	Quarter Ended - 2017
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	69,222	$	77,909	$	81,404	$	70,321
Total operating expenses	57,195		67,000		61,044		60,579
Operating income	12,027		10,909		20,360		9,742
Net income attributable to common shareholders	4,613		5,034		14,393		5,438
Income per common share, basic (1)	0.12		0.13		0.36		0.12
Income per common share, diluted (1)	0.12		0.13		0.36		0.12

Weighted average number of common shares outstanding:
Basic	38,361,113		38,525,306		39,298,974		43,205,683
Diluted	38,573,928		38,749,661		39,550,494		43,522,022


	Quarter Ended - 2016
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	68,850	$	78,001	$	79,733	$	67,236
Total operating expenses	57,861		59,429		60,275		57,319
Operating income	10,989		18,572		19,458		9,917
Net income attributable to common shareholders	3,300		12,168		13,355		2,660
Income per common share, basic (1)	0.09		0.32		0.35		0.07
Income per common share, diluted (1)	0.08		0.31		0.34		0.07

Weighted average number of common shares outstanding:
Basic	38,274,448		38,299,132		38,307,382		38,315,040
Diluted	38,671,129		38,734,987		38,768,638		38,525,598

(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.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

CHATHAM LODGING TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

(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	$	4,999		$	1,834	$	12,199	$	14,033	$	12,199	$	2,337	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	16,225	1,470		10,555		48		1,440			1,518		11,995		13,513		11,995		2,457		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		3,475			3,519		17,435		20,954		17,435		3,331		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		3,136			1,537		12,436		13,973		12,436		2,340		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		29		1,647			2,529		9,230		11,759		9,230		1,964		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		1,225			1,417		10,600		12,017		10,600		2,259		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	18,300	3,200		12,709		56		1,547			3,256		14,256		17,512		14,256		2,724		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,151			2,200		19,916		22,116		19,916		3,888		2004	(1)
Courtyard Altoona - Altoona, PA	2010	—	—		10,730		—		1,002			—		11,732		11,732		11,732		2,379		2001	(1)
SpringHill Suites Washington - Washington, PA	2010	—	1,000		10,692		—		(5,604		)	1,000		5,088		6,088		5,088		2,302		2000	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		6,724			2,200		24,401		26,601		24,401		4,732		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	13,762	—		20,281		9		3,063			9		23,344		23,353		23,344		4,555		2000	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	33,160	7,109		35,484		—		1,792			7,109		37,276		44,385		37,276		6,263		2003	(1)
Residence Inn Mission Valley - San Diego, CA	2011	28,469	9,856		39,535		—		715			9,856		40,250		50,106		40,250		6,549		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	16,253	5,999		24,764		7		4,725			6,006		29,489		35,495		29,489		4,915		1996	(1)
Residence Inn Washington DC - Washington, DC	2011	—	6,083		22,063		28		5,572			6,111		27,635		33,746		27,635		5,010		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	22,251	5,752		28,917		—		269			5,752		29,186		34,938		29,186		4,732		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		217			4,315		22,881		27,196		22,881		2,877		2011	(1)
Courtyard Houston - Houston, TX	2013	18,375	5,600		27,350		—		1,743			5,600		29,093		34,693		29,093		3,453		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	22,437	3,000		35,576		—		264			3,000		35,840		38,840		35,840		4,098		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		76			1,904		12,426		14,330		12,426		1,371		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		461			4,105		23,561		27,666		23,561		2,631		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	45,462	13,800		56,957		—		1,795			13,800		58,752		72,552		58,752		6,277		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	30,000	2,400		36,050		—		1,297			2,400		37,347		39,747		37,347		3,915		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	64,800	42,652		45,846		—		366			42,652		46,212		88,864		46,212		10,955		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	70,700	46,474		50,380		—		632			46,474		51,012		97,486		51,012		12,108		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	48,600	38,420		31,352		—		450			38,420		31,802		70,222		31,802		7,523		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	37,900	22,019		31,813		—		7,642			22,019		39,455		61,474		39,455		8,153		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		1,559			3,700		27,859		31,559		27,859		2,293		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		1,675			2,413		23,229		25,642		23,229		1,873		2000	(1)
Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		432			2,012		18,348		20,360		18,348		1,448		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		1,375			3,640		27,006		30,646		27,006		2,202		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		1,443			4,918		28,636		33,554		28,636		2,364		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		—		1,646			—		90,686		90,686		90,686		6,432		2009	(1)
Hilton Garden Inn Marina del Rey, CA	2015	21,760	—		43,210		—		461			—		43,671		43,671		43,671		2,518		2013	(1)
Residence Inn Dedham, MA	2015	—	4,230		17,304		—		37			4,230		17,341		21,571		17,341		1,068		1998	(1)
Residence Inn Ft. Lauderdale, FL	2015	—	9,200		24,048		—		753			9,200		24,801		34,001		24,801		1,453		2008	(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
Warner Center	2017	—	6,500		—		99		—		6,599		—		6,599		—		—			(1)
Hilton Garden Inn Portsmouth, NH	2017	—	3,600		37,630				214		3,600		37,844		41,444		37,844		267		2006	(1)
Courtyard Summerville, SC	2017	—	2,500		16,923				96		2,500		17,019		19,519		17,019		55		2014	(1)
Embassy Suites Springfield, VA	2017	—	7,700		58,807				224		7,700		59,031		66,731		59,031		—		2013	(1)

Grand Total(s)			$	290,612	$	1,078,584	$	442	$	61,736	$	291,054	$	1,140,320	$	1,431,374	$	1,140,320	$	148,071

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

Years

Building

Land improvements

Building improvements

5-20



Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2017			2016		2015		2014		2013		2012
Balance at the beginning of the year	$	1,320,273		$	1,306,192	$	1,105,504	$	654,560	$	423,729	392,463
Acquisitions	133,660			—		187,032		444,233		222,273		26,979
Dispositions during the year	(33,053		)	—		—		—		—		(951		)
Capital expenditures and transfers from construction-in-progress	10,494			14,081		13,656		6,711		8,558		5,238
Investment in Real Estate	$	1,431,374		$	1,320,273	$	1,306,192	$	1,105,504	$	654,560	$	423,729



(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	$	116,866		$	83,245	$	50,910	$	28,980	$	17,398	8,394
Depreciation and amortization	36,401			33,621		32,335		21,930		11,582		9,004
Dispositions during the year	$	(5,196	)	$	—	$	—	$	—	$	—	$	—
Balance at the end of the year	$	148,071		$	116,866	$	83,245	$	50,910	$	28,980	$	17,398

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,431,531 as of December 31, 2017.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	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.
Use of Estimates	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	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 and mortgage debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 7.
Investment in Hotel Properties	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. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees were expensed in 2016 and 2015. On January 1, 2017, the Company early adopted ASU 2017-01 "Definition of a Business" and now capitalizes these costs for asset acquisitions. 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, 2016 and 2015, 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 the impairment or disposal of long-lived assets are met.
Investment in Unconsolidated Real Estate Entities	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 investment 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. Investment 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. On January 1, 2016, the Company adopted accounting guidance under Accounting Standards Codification (ASC) Topic 810, "Consolidation,” modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities ("VIEs") or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a VIE of the Company. As the Operating Partnership is already consolidated in the financial statements of the Company, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no other voting interest entities under prior existing guidance determined to be variable interest entities under the revised guidance. 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.
Cash and Cash Equivalents	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 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.
Deferred Costs	Deferred Costs Deferred costs consist of franchise agreement fees for the Company’s hotels, costs associated with potential future acquistions and loan costs related to the Company’s senior unsecured revolving credit facility. Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. 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, net Mortgage 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 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 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 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	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	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 (i) owns its interest in the hotels owned by the NewINK JV (47 hotels) and the Inland JV (48 hotels) and (ii) owned its interest in the Torrance JV, which was sold on December 30, 2015, through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are, and the Torrance JV hotel was, leased to TRS Lessees in which the Company indirectly owns, or owned, as applicable, 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 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. Our federal income tax expense for periods beginning in 2018 will be based on the new rate. As of December 31, 2017, the Company is no longer subject to U.S federal income tax examinations for years before 2014 and with few exceptions to state examinations before 2014. 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 provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2017. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the first quarter of 2015, management was notified that the Company's TRS was going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. The examination was closed in 2016 and no adjustments were required.
Organizational and Offering Costs	Organizational and Offering Costs The Company expenses organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to additional paid-in capital as shares are sold through the subsequent share offering.
Segment Information	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	Recently Issued Accounting Standards On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or modified retrospective approach. In July 2015, the FASB voted to defer the effective date to January 1, 2018 with early adoption beginning January 1, 2017. We adopted the new accounting guidance on January 1, 2018 on a modified retrospective basis, which requires a cumulative effect adjustment. The Company has finalized its evaluation of each of its revenue streams under the new model and because of the short-term, day-to-day nature of the Company's hotel revenues, the pattern of revenue recognition is not expected to change and we did not recognize any cumulative effect adjustment. Furthermore, we do not expect the updated accounting guidance to 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. On February 25, 2016, the FASB issued ASU 2016-02 (“ASU 2016-02”), Leases, which relates to the accounting for leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. In addition, this standard requires both lessees and lessors to disclose certain key information about lease transactions. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. The Company is the lessee on certain air/land rights arrangements and an office lease and expects to record right of use assets and lease liabilities for these leases under the new standard. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. On August 26, 2016, the FASB issued ASU 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. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years with earlier adoption permitted and is to be applied on a retrospective basis. The Company has certain cash payments and receipts related to debt extinguishment and distributions from equity method investments that will be affected by the new standard. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact to our consolidated financial statements. On November 17, 2016, the FASB issued 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 will be effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and all other entities for fiscal years beginning after December 15, 2018 and is to be applied on a retrospective basis. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only and will have no effect on our reported consolidated financial condition or results of operations. On January 5, 2017, the FASB issued ASU 2017-01 ("ASU 2017-01"), Definition of a Business, which will likely result in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical and oil and gas. Application of the changes would also affect the accounting for disposal transactions. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. This standard will be effective for public business entities with a calendar year end in 2018 and all other entities have an additional year to adopt. The Company has adopted this guidance as of 2017. The adoption did not have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Components of Deferred Costs

Deferred costs consisted of the following at December 31, 2017 and 2016 (in thousands):



	December 31, 2017			December 31, 2016

Loan costs	$	4,561		$	4,561
Franchise fees	4,407			3,568
Other	21			—
	8,989			8,129
Less accumulated amortization	(4,343		)	(3,487		)
Deferred costs, net	$	4,646		$	4,642

Schedule of Mortgage Loans

Mortgage debt consisted of the following at December 31, 2017 and 2016 (in thousands):



	December 31, 2017			December 31, 2016
Mortgage debt	$	508,454		$	532,563
Deferred financing costs	(2,138		)	(2,240		)
Mortgage debt, net	$	506,316		$	530,323

Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Purchase Price Allocation

The allocation of the purchase price of each of the hotels acquired by the Company in 2017, based on the fair value on the date of its acquisition, was (in thousands):



	HGI Portsmouth			CY Summerville			ES Springfield			Total
Acquisition date	9/20/2017			11/15/2017			12/6/2017
Number of rooms (unaudited)	131			96			219			446
Land	$	3,600		$	2,500		$	7,700		$	13,800
Building and improvements	37,630			16,923			58,807			113,360
Furniture, fixtures and equipment	2,120			730			1,490			4,340
Cash	8			1			3			12
Accounts receivable	32			1			—			33
Prepaid expenses and other assets	12			28			129			169
Accounts payable and accrued expenses	(27		)	(1		)	(51		)	(79		)
Net assets acquired, net of cash	$	43,367		$	20,181		$	68,075		$	131,623

Revenue and Operating Income of New Hotels Acquired

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



	For the Year Ended December 31, 2017
	Revenue		Operating Income

Hilton Garden Inn Portsmouth, NH	$	2,453	$	1,116
Courtyard Summerville, SC	$	384	$	152
Embassy Suites Springfield, VA	$	674	$	161
Total	$	3,511	$	1,429

Business Acquisition, Pro Forma Information



	For the year ended
	December 31,
	2015
Pro forma total revenue	$	292,908
Pro forma net income	$	32,137
Pro forma income per share:
Basic	$	0.85
Diluted	$	0.84
Weighted average common shares outstanding
Basic	37,917,871
Diluted	38,322,285

Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Equity Method Investments [Line Items]

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, 2017, 2016 and 2015 (in thousands):



Balance Sheet
	December 31, 2017		December 31, 2016		December 31, 2015
Assets
Investment in hotel properties, net	$	2,363,726	$	1,849,295	$	1,857,497
Other assets	130,910		143,769		206,894
Total Assets	$	2,494,636	$	1,993,064	$	2,064,391

Liabilities
Mortgages and notes payable	$	1,597,351	$	1,656,949	$	1,657,000
Other Liabilities	38,773		34,567		35,807
Total Liabilities	1,636,124		1,691,516		1,692,807

Equity
Chatham Lodging Trust	87,326		30,428		37,633
Joint Venture Partner	771,186		271,120		333,951
Total Equity	858,512		301,548		371,584
Total Liabilities and Equity	$	2,494,636	$	1,993,064	$	2,064,391

Schedule of Income From Joint Venture



	For the year ended
Statement of Operations	December 31,
	2017			2016		2015
Revenue	$	487,174		$	484,708	$	497,698
Total hotel operating expenses	294,280			289,569		290,123
Hotel operating income	$	192,894		$	195,139	$	207,575
Net income (loss) from continuing operations	$	(107	)	$	964	$	19,241
Loss on sale of hotels	$	—		$	—	$	—
Net income (loss)	$	(107	)	$	964	$	19,241

Income (loss) allocable to the Company	$	7		$	118	$	1,811
Basis difference adjustment	$	1,575		$	600	$	600
Total income (loss) from unconsolidated real estate entities attributable to Chatham	$	1,582		$	718	$	2,411

Torrance Joint Venture

Schedule of Equity Method Investments [Line Items]

Additional Cash Flow Information

During the years ended December 31, 2017 and 2016, the Company received cash distributions from the Torrance JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	—	$	—
Total	$	—	$	—

NewINK Joint Venture

Schedule of Equity Method Investments [Line Items]

Additional Cash Flow Information

During the years ended December 31, 2017 and 2016, the Company received cash distributions from the NewINK JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	2,518	$	4,728
Total	$	2,518	$	4,728

Inland Joint Venture

Schedule of Equity Method Investments [Line Items]

Additional Cash Flow Information

During the years ended December 31, 2017 and 2016, the Company received cash distributions from the Inland JV as follows (in thousands):



	For the year ended
	December 31,
	2017		2016
Cash generated from other activities and excess cash	$	700	$	2,500
Total	$	700	$	2,500

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Components of Mortgage Debt

Debt consisted of the following (in thousands):



Loan/Collateral	Interest Rate		Maturity Date	12/31/17 Property Carrying Value		Balance Outstanding as of
Loan/Collateral	Interest Rate		Maturity Date	12/31/17 Property Carrying Value		December 31, 2017			December 31, 2016
Senior Unsecured Revolving Credit Facility (1)	4.17	%	November 25, 2019	$	—	$	32,000		$	52,500
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	19,222		13,762			14,141
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	45,958		28,469			29,026
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	32,173		16,253			16,575
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	30,287		22,251			22,699
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	32,371		18,375			18,758
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	35,199		22,437			22,864
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	67,418		45,462			46,206
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,643		33,160			33,674
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	79,584		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	86,974		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	63,012		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 1, 2024	55,162		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	36,393		30,000			30,000
Hilton Garden Inn Marina del Rey, CA (2)	4.68	%	July 6, 2024	41,906		21,760			22,145
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	12,191		16,225			16,225
Homewood Suites by Hilton Carlsbad, CA	4.32	%	December 6, 2024	—		—			19,950
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%	January 6, 2025	15,116		18,300			18,300
Total debt before unamortized debt issue costs				$	691,609	$	540,454		$	585,063
Unamortized mortgage debt issue costs						(2,138		)	(2,240		)
Total debt outstanding						538,316			582,823


(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%.


(2)	On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10-year term, a 30-year amortization payment schedule.

Summary of Amendment to Senior Secured Revolving Credit Facility

Other key terms are as follows:



Borrowing Capacity:		Up to $250.0 Million
Accordion feature:		Increase borrowing capacity by up to additional $150.0 million
Interest rate:		Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio
Unused fee:		20 basis points if less than 50% unused, 30 basis points if more than 50% unused
Maximum leverage ratio:		60%
Minimum fixed charge coverage ratio:		1.5x

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of December 31, 2017, for each of the next five calendar years and thereafter are as follows (in thousands):



	Amount
2018	$	5,041
2019	38,992
2020	9,536
2021	21,945
2022	9,954
Thereafter	454,986
Total	$	540,454

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017		2016			2015
Current:
Federal	$	—	$	56		$	129
State	—		69			131
Current tax expense	$	—	$	125		$	260

Deferred:
Federal	350		(380		)	—
State	46		(46		)	—
Deferred tax (expense) benefit	396		(426		)	—
Total tax (expense) benefit	$	396	$	(301	)	$	260

Schedule of Effective Income Tax Rate Reconciliation



	For the year ended
	December 31,
	2017			2016			2015
Book income (loss) before income taxes of the TRS	$	(4,261	)	$	974		$	2,384

Statutory rate of 34% applied to pre-tax income	$	(1,449	)	$	331		$	810
Effect of state and local income taxes, net of federal tax benefit	(108		)	38			97
Tax reform impact	644			—			—
Provision to return adjustment	5			(406		)	211
Permanent adjustments	13			16			140
Change in valuation allowance	1,289			(299		)	(998		)
Other	2			19			—
Total income tax (benefit) expense	$	396		$	(301	)	$	260

Effective tax rate	(9.29		)%	(30.90		)%	10.91		%

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, 2017 and 2016 are as follows (in thousands):



	For the year ended
	December 31,
	2017			2016
Total deferreds:
Allowance for doubtful accounts	$	51		$	59
Accrued compensation	505			627
AMT credit	30			65
Total book to tax difference in partnership	(579		)	(404		)
Net operating loss	1,312			79
Valuation allowance	(1,289		)	—
Net deferred tax asset	$	30		$	426

Dividends Declared and Paid (Tables)

12 Months Ended

Dec. 31, 2017

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		Unrecap. Sec. 1250 Gain
January	1/31/2017	2/24/2017	0.11		0.11		0.1042		$	0.0058
February	2/28/2017	3/31/2017	0.11		0.11		0.1042		0.0058
March	3/31/2017	4/28/2017	0.11		0.11		0.1042		0.0058
1st Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

April	4/28/2017	5/26/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
May	5/26/2017	6/30/2017	0.11		0.11		0.1042		0.0058
June	6/30/2017	7/28/2017	0.11		$	0.11	0.1042		$	0.0058
2nd Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

July	7/31/2017	8/25/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
August	8/31/2017	9/29/2017	0.11		0.11		0.1042		0.0058
September	9/29/2017	10/27/2017	$	0.11	0.11		$	0.1042	0.0058
3rd Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

October	10/31/2017	11/24/2017	$	0.11	$	0.11	$	0.1042	$	0.0058
November	11/30/2017	12/29/2017	0.11		0.11		0.1042		0.0058
December	12/29/2017	1/26/2018	$	0.11	$	0.11	$	0.1042	0.0058
4th Quarter 2017			$	0.33	$	0.33	$	0.3126	$	0.0174

Total 2017			$	1.32	$	1.32	$	1.2504	$	0.0696



	Record Date	Payment Date	Common share distribution amount		LTIP unit distribution amount		Taxable Ordinary Income		Return of Capital
Special	1/15/2016	1/29/2016	$	0.08	$	0.08	$	0.072	$	0.008
January	1/29/2016	2/26/2016	$	0.10	$	0.10	$	0.090	$	0.010
February	2/29/2016	3/25/2016	0.10		0.10		0.090		0.010
March	3/31/2016	4/29/2016	0.11		0.11		0.099		0.011
1st Quarter 2016			$	0.39	$	0.39	$	0.351	$	0.039

April	4/29/2016	5/27/2016	$	0.11	$	0.11	$	0.099	$	0.011
May	5/31/2016	6/24/2016	0.11		0.11		0.099		0.011
June	6/30/2016	7/29/2016	0.11		$	0.11	0.099		0.011
2nd Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

July	7/29/2016	8/26/2016	$	0.11	$	0.11	$	0.099	$	0.011
August	8/31/2016	9/30/2016	0.11		0.11		0.099		0.011
September	9/30/2016	10/28/2016	$	0.11	0.11		$	0.099	$	0.011
3rd Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

October	10/31/2016	11/25/2016	$	0.11	$	0.11	$	0.099	$	0.011
November	11/30/2016	12/30/2016	0.11		0.11		0.099		0.011
December	12/30/2016	1/27/2017	$	0.11	$	0.11	$	0.099	$	0.011
4th Quarter 2016			$	0.33	$	0.33	$	0.297	$	0.033

Total 2016			$	1.38	$	1.38	$	1.242	$	0.138

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Stock by Class

Common share offerings of the Company consisted of the following from inception through December 31, 2017:



Type of Offering ⁽¹⁾	Date	Shares Issued	Price per Share		Gross Proceeds (in thousands)		Net Proceeds (in thousands)
Initial public offering	4/21/2010	8,625,000	$	20.00	$	172,500	$	158,700
Private placement offering ⁽²⁾	4/21/2010	500,000	20.00		10,000		10,000
Follow-on common share offering	2/8/2011	4,000,000	16.00		64,000		60,300
Over-allotment option	2/8/2011	600,000	16.00		9,600		9,100
Follow-on common share offering	1/14/2013	3,500,000	14.70		51,400		48,400
Over-allotment option	1/31/2013	92,677	14.70		1,400		1,300
Follow-on common share offering	6/18/2013	4,500,000	16.35		73,600		70,000
Over-allotment option	6/28/2013	475,823	16.35		7,800		7,400
Follow-on common share offering	9/30/2013	3,250,000	18.35		59,600		56,700
Over-allotment option	10/11/2013	487,500	18.35		8,900		8,500
Follow-on common share offering	9/24/2014	6,000,000	21.85		131,100		125,600
Over-allotment option	9/24/2014	900,000	21.85		19,700		18,900
Follow-on common share offering	1/27/2015	3,500,000	30.00		105,000		103,300
Over-allotment option	1/27/2015	525,000	30.00		15,750		15,500
Follow-on common share offering	11/9/2017	5,000,000	21.90		$	109,500	$	108,700
		41,956,000			$	839,850	$	802,400

(1) Excludes any shares issued pursuant to the Company's ATM Plans or DRSPPs (each as defined below).

(2) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

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,
	2017			2016			2015
Numerator:
Net income	$	29,478		$	31,483		$	32,966
Dividends paid on unvested shares and LTIP units	(235		)	(189		)	(151		)
Net income attributable to common shareholders	$	29,243		$	31,294		$	32,815
Denominator:
Weighted average number of common shares - basic	39,859,143			38,299,067			37,917,871
Effect of dilutive securities:
Unvested shares	253,123			183,808			404,414
Weighted average number of common shares - diluted	40,112,266			38,482,875			38,322,285
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.73		$	0.82		$	0.87
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.73		$	0.81		$	0.86

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2017

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

Summary of Restricted Share Awards

A summary of the restricted shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2017 are:



Award Type	Award Date	Total Shares Granted	Vested as of December 31, 2017
2014 Time-based Awards	1/31/2014	48,213	48,213
2014 Performance-based Awards	1/31/2014	38,805	12,935
2015 Time-based Awards	1/30/2015	40,161	26,774
2015 Performance-based Awards	1/30/2015	36,144	—
2015 Time-based Awards	6/1/2015	8,949	5,966
2017 Restricted Board Awards	1/11/2017	5,000	—

A summary of the Company’s restricted share awards for the years ended December 31, 2017, 2016 and 2015 is as follows:



	December 31, 2017				December 31, 2016				December 31, 2015
	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	110,825		$	22.05	170,480		$	21.38	179,641		$	14.92
Granted	5,000		20.20		—		—		85,254		26.59
Vested	(32,441	)	25.77		(59,655	)	20.14		(94,415	)	13.80
Forfeited	(25,870	)	13.17		—		—		—		—
Unvested at end of the period	57,514		$	23.78	110,825		$	22.05	170,480		$	21.38

Schedule of Share-based Payment Award, Valuation Assumptions



	Grant Date	Volatility	Dividend Yield	Risk Free Interest Rate	Discount
Outperformance Plan	6/1/2015	26%	4.5%	0.95%	—%
2016 Time-Based LTIP Unit Awards	1/28/16	28%	—%	0.79%	7.5%
2016 Performance-Based LTIP Unit Awards	1/28/16	30%	5.8%	1.13%	—%
2017 Time-Based LTIP Unit Awards	3/1/17	24%	—%	0.92%	7.5%
2017 Performance-Based LTIP Unit Awards	3/1/17	25%	5.8%	1.47%	—%

The grant date fair values of the performance-based share awards were determined using a Monte Carlo simulation method with the following assumptions:



Performance Award Grant Date	Volatility		Dividend Yield		Risk Free Interest Rate
1/31/2014	27	%	—	%	0.71	%
1/30/2015	29	%	—	%	0.84	%

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, 2017, 2016 and 2015 is as follows:



	December 31, 2017				December 31, 2016			December 31, 2015
	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	295,551		$	14.36	183,300	$	14.13	51,555		$	15.18
Granted	223,922		19.20		112,251	14.73		183,300		14.13
Vested	(37,417	)	14.73		—	—		(51,555	)	(15.18		)
Non-vested at end of period	482,056		$	16.58	295,551	$	14.36	183,300		$	14.13

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

The 2017 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%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Minimum Future Obligation Payments Required Under Ground Leases

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, 2017, for each of the next five calendar years and thereafter (in thousands):



	Other Leases⁽¹⁾		Office Lease
	Amount
2018	$	1,217	$	772
2019	1,220		792
2020	1,267		812
2021	1,273		832
2022	1,276		853
Thereafter	68,178		3,310
Total	$	74,431	$	7,371

(1) Other leases included ground, garage and air rights leases at our hotels.

Schedule of Management Agreement Terms

As of December 31, 2017, 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
Courtyard Altoona	IHM	3.0	%	$	1,500	$	1,000	1.0	%
Springhill Suites Washington	IHM	3.0	%	1,200		1,000		1.0	%
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		—		1.0	%
Residence Inn Long Island Holtsville	IHM	3.0	%	1,000		—		1.0	%
Residence Inn White Plains	IHM	3.0	%	1,000		876		1.0	%
Residence Inn New Rochelle	IHM	3.0	%	1,000		876		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	%

Schedule of Franchise Agreement Terms

Terms of the Company's franchise agreements are as of December 31, 2017:



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	%	2020
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 5.0%		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 6.0%		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

Quarterly Operating Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Quarter Ended - 2017
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	69,222	$	77,909	$	81,404	$	70,321
Total operating expenses	57,195		67,000		61,044		60,579
Operating income	12,027		10,909		20,360		9,742
Net income attributable to common shareholders	4,613		5,034		14,393		5,438
Income per common share, basic (1)	0.12		0.13		0.36		0.12
Income per common share, diluted (1)	0.12		0.13		0.36		0.12

Weighted average number of common shares outstanding:
Basic	38,361,113		38,525,306		39,298,974		43,205,683
Diluted	38,573,928		38,749,661		39,550,494		43,522,022


	Quarter Ended - 2016
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)

Total revenue	$	68,850	$	78,001	$	79,733	$	67,236
Total operating expenses	57,861		59,429		60,275		57,319
Operating income	10,989		18,572		19,458		9,917
Net income attributable to common shareholders	3,300		12,168		13,355		2,660
Income per common share, basic (1)	0.09		0.32		0.35		0.07
Income per common share, diluted (1)	0.08		0.31		0.34		0.07

Weighted average number of common shares outstanding:
Basic	38,274,448		38,299,132		38,307,382		38,315,040
Diluted	38,671,129		38,734,987		38,768,638		38,525,598

Organization - Additional Information (Details)	12 Months Ended
Organization - Additional Information (Details)	Dec. 31, 2017 Hotel Room state	Dec. 30, 2015 Hotel Room	Nov. 17, 2014	Jun. 09, 2014	Jun. 08, 2014	Apr. 17, 2013 Room
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned (as a percentage)	100.00%
Number of hotels in ownership by Company	40
Aggregate number of rooms in hotels \| Room	6,018
Number of states in which hotels are owned \| state	15
Initial term of each TRS lease	5 years
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party	40
Ownership percentage in related party owned by the company's chairman	51.00%
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	47	47
Indirect ownership in the leased, hotels	10.30%	10.30%		10.30%
Innkeepers Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| Room	6,097
Innkeepers Joint Venture \| Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased, hotels					10.30%
Number of hotels managed by related party	47
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company	48
Aggregate number of rooms in hotels \| Room	6,401
Indirect ownership in the leased, hotels	10.00%	10.00%	10.00%
Number of hotels acquired	48	48
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
Torrance Joint Venture \| Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels \| Room		248				248
Indirect ownership in the leased, hotels		5.00%				5.00%

Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) - Hotel	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Number of hotel properties impaired	0	0	0
Number of hotel properties held for sale	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

Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 27,166	$ 25,083
Hotel receivables, allowance for doubtful accounts	200	155
Renovation, Property Tax And Insurance Escrows
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 27,200	$ 25,100

Summary of Significant Accounting Policies - Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs [Abstract]
Loan costs	$ 4,561	$ 4,561
Franchise fees	4,407	3,568
Other	21	0
Deferred costs, gross	8,989	8,129
Less accumulated amortization	(4,343)	(3,487)
Deferred costs, net	4,646	4,642
Schedule of Deferred Costs [Line Items]
Amortization of deferred franchise fees	217	214	$ 197
Amortization of deferred financing fees included in interest expense	648	1,076	1,606
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	600	700	1,200
Mortgages
Schedule of Deferred Costs [Line Items]
Amortization of deferred financing fees included in interest expense	$ 100	$ 400	$ 400

Summary of Significant Accounting Policies - Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Mortgage debt	$ 508,454	$ 532,563
Deferred financing costs	(2,138)	(2,240)
Mortgage debt, net	$ 506,316	$ 530,323

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands			12 Months Ended
	Dec. 22, 2017 USD ($)	Jun. 01, 2015	Dec. 31, 2017 USD ($) Hotel	Dec. 31, 2016 USD ($)	Dec. 30, 2015 Hotel
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			40
Deferred tax asset related to TCJA \| $	$ 600
Deferred finance costs, net \| $			$ 0	$ 0
NewINK Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company			47		47
Inland Joint Venture
Income Tax Holiday [Line Items]
Number of hotels in ownership by Company			48
Class A Performance LTIP Units
Income Tax Holiday [Line Items]
Distribution entitlement (in percentage)		10.00%

Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Millions							12 Months Ended
	Dec. 06, 2017	Nov. 15, 2017	Oct. 18, 2017	Sep. 20, 2017	Aug. 29, 2017	Jan. 01, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisition costs incurred								$ 0.5	$ 1.5
Property acquisition costs capitalized							$ 0.7
Hilton Garden Inn Portsmouth
Business Acquisition [Line Items]
Consideration transferred				$ 43.4
Courtyard Summerville, SC
Business Acquisition [Line Items]
Consideration transferred		$ 20.2	$ 20.8
Embassy Suites Springfield, VA
Business Acquisition [Line Items]
Consideration transferred	$ 68.1
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquisition costs incurred									$ 0.7
Number of shares assumed (in shares)						38,308,937
Los Angeles County
Business Acquisition [Line Items]
Consideration transferred					$ 6.5

Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands	Dec. 31, 2017 USD ($) Room	Dec. 06, 2017 USD ($) Room	Nov. 15, 2017 USD ($) Room	Sep. 20, 2017 USD ($) Room
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Number of rooms (unaudited) \| Room	446
Land	$ 13,800
Building and improvements	113,360
Furniture, fixtures and equipment	4,340
Cash	12
Accounts receivable	33
Prepaid expenses and other assets	169
Accounts payable and accrued expenses	(79)
Net assets acquired, net of cash	$ 131,623
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

Acquisition of Hotel Properties - Revenue and Operating Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Hilton Garden Inn Portsmouth
Business Acquisition [Line Items]
Revenue	$ 2,453
Operating Income	1,116
Courtyard Summerville, SC
Business Acquisition [Line Items]
Revenue	384
Operating Income	152
Embassy Suites Springfield, VA
Business Acquisition [Line Items]
Revenue	674
Operating Income	161
Total
Business Acquisition [Line Items]
Revenue	3,511
Operating Income	$ 1,429

Acquisition of Hotel Properties - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Pro forma total revenue											$ 292,908
Pro forma net income											$ 32,137
Pro forma income per share:
Basic (in dollars per share)											$ 0.85
Diluted (in dollars per share)											$ 0.84
Weighted average common shares outstanding
Basic (in shares)	43,205,683	39,298,974	38,525,306	38,361,113	38,315,040	38,307,382	38,299,132	38,274,448	39,859,143	38,299,067	37,917,871
Diluted (in shares)	43,522,022	39,550,494	38,749,661	38,573,928	38,525,598	38,768,638	38,734,987	38,671,129	40,112,266	38,482,875	38,322,285

Disposition of Hotel Properties - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of hotel property		$ 3,327	$ 0	$ 0
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 on sale of hotel property	3,300
Operating income in disposition of property		$ 2,800	$ 2,500	$ 3,400
Mortgage loan secured by hotel	$ 20,000

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments Schedule [Abstract]
Land and improvements	$ 291,054	$ 274,554
Building and improvements	1,140,477	1,045,880
Furniture, fixtures and equipment	63,443	50,495
Renovations in progress	13,262	10,067
Investment in hotel properties, at cost	1,508,236	1,380,996
Less: accumulated depreciation	(188,154)	(147,902)
Investment in hotel properties, net	1,320,082	1,233,094
Asset impairment charges	$ 6,663	$ 0	$ 0

Investment in Unconsolidated Entities - Additional Information (Details)				9 Months Ended
	Jun. 09, 2017 USD ($) option Hotel	May 09, 2017 USD ($) option Hotel	Dec. 30, 2015 USD ($) Hotel Room	Sep. 30, 2017	Dec. 31, 2017 USD ($) Hotel Room	Dec. 31, 2016 USD ($)	Nov. 17, 2014	Jun. 09, 2014	Jun. 08, 2014	Apr. 17, 2013 USD ($) Room
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels \| Room					6,018
Investment in unconsolidated real estate entities					$ 24,389,000	$ 20,424,000
Number of hotels in ownership by Company \| Hotel					40
Outstanding borrowing under the revolving credit facility					$ 32,000,000	52,500,000
Percentage of maximum amount of debt outstanding				15.00%
Percentage of outstanding debt balances				20.00%
BRE Torrance Holdco LLC \| Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments			$ 51,800,000
Realized gain (loss) on disposal			$ 3,600,000
Torrance Joint Venture \| Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels			5.00%							5.00%
Investment in joint venture										$ 31,000,000
Aggregate number of rooms in hotels \| Room			248							248
Torrance Joint Venture \| Cerberus Capital Management \| Senior Secured Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Investment in joint venture										$ 1,600,000
Torrance Joint Venture \| BRE Torrance Holdco LLC
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels \| Room			248
Innkeepers Joint Venture
Schedule of Equity Method Investments [Line Items]
Aggregate number of rooms in hotels \| Room					6,097
Innkeepers Joint Venture \| Cerberus Capital Management
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels									10.30%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels			10.30%		10.30%			10.30%
Investment in joint venture					$ (6,600,000)
Percentage ownership by third party (in percentage)								89.70%
Investment in unconsolidated real estate entities					51,800,000	10,100,000
Difference between carrying amount and share of partners' capital					$ 58,400,000	16,100,000
Number of hotels in ownership by Company \| Hotel			47		47
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased, hotels			10.00%		10.00%		10.00%
Investment in joint venture					$ 24,400,000
Aggregate number of rooms in hotels \| Room					6,401
Percentage ownership by third party (in percentage)							90.00%
Investment in unconsolidated real estate entities					$ 35,500,000	20,400,000
Difference between carrying amount and share of partners' capital					$ 11,100,000	$ 0
Number of hotels in ownership by Company \| Hotel					48
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		$ 850,000,000
Senior Notes \| Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Loan amount refinanced	$ 817,000,000.0
Number of hotels in ownership by Company \| Hotel	48
Outstanding borrowing under the revolving credit facility	$ 780,000,000
Additional borrowing capacity	$ 5,000,000
LIBOR \| Senior Notes \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt instrument, basis spread on variable rate		2.79%
Number of extension options \| option		3
Period of extension options		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

Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Net change in cash and cash equivalents	$ (2,785)	$ (8,918)	$ 5,959
Torrance Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	0	0
Net change in cash and cash equivalents		0
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	2,518	4,728
Net change in cash and cash equivalents	2,518	4,728
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	700	2,500
Net change in cash and cash equivalents	$ 700	$ 2,500

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Investment in hotel properties, net	$ 2,363,726	$ 1,849,295	$ 1,857,497
Other assets	130,910	143,769	206,894
Total Assets	2,494,636	1,993,064	2,064,391
Liabilities
Mortgages and notes payable	1,597,351	1,656,949	1,657,000
Other Liabilities	38,773	34,567	35,807
Total Liabilities	1,636,124	1,691,516	1,692,807
Equity
Chatham Lodging Trust	87,326	30,428	37,633
Joint Venture Partner	771,186	271,120	333,951
Total Equity	858,512	301,548	371,584
Total Liabilities and Equity	$ 2,494,636	$ 1,993,064	$ 2,064,391

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total hotel operating expenses	$ 60,579	$ 61,044	$ 67,000	$ 57,195	$ 57,319	$ 60,275	$ 59,429	$ 57,861	$ 245,818	$ 234,884	$ 221,427
Operating income	$ 9,742	$ 20,360	$ 10,909	$ 12,027	$ 9,917	$ 19,458	$ 18,572	$ 10,989	53,038	58,936	55,523
Net income attributable to common shareholders									29,478	31,483	32,966
Total income (loss) from unconsolidated real estate entities attributable to Chatham									0	(10)	3,576
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue									487,174	484,708	497,698
Total hotel operating expenses									294,280	289,569	290,123
Operating income									192,894	195,139	207,575
Net income (loss) from continuing operations									(107)	964	19,241
Loss on sale of hotels									0	0	0
Net income attributable to common shareholders									(107)	964	19,241
Income (loss) allocable to the Company									7	118	1,811
Basis difference adjustment									1,575	600	600
Total income (loss) from unconsolidated real estate entities attributable to Chatham									$ 1,582	$ 718	$ 2,411

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Participating Mortgage Loans [Line Items]
Carrying Value	$ 691,609
Balance Outstanding	540,454	$ 585,063
Unamortized mortgage debt issue costs	(2,138)	(2,240)
Total debt outstanding	$ 538,316	582,823
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	4.17%
Carrying Value	$ 0
Balance Outstanding	$ 32,000	52,500
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Carrying Value	$ 19,222
Balance Outstanding	$ 13,762	14,141
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Carrying Value	$ 45,958
Balance Outstanding	$ 28,469	29,026
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Carrying Value	$ 32,173
Balance Outstanding	$ 16,253	16,575
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Carrying Value	$ 30,287
Balance Outstanding	$ 22,251	22,699
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Carrying Value	$ 32,371
Balance Outstanding	$ 18,375	18,758
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Carrying Value	$ 35,199
Balance Outstanding	$ 22,437	22,864
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Carrying Value	$ 67,418
Balance Outstanding	$ 45,462	46,206
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Carrying Value	$ 38,643
Balance Outstanding	$ 33,160	33,674
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 79,584
Balance Outstanding	$ 64,800	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 86,974
Balance Outstanding	$ 70,700	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 63,012
Balance Outstanding	$ 48,600	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Carrying Value	$ 55,162
Balance Outstanding	$ 37,900	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Carrying Value	$ 36,393
Balance Outstanding	$ 30,000	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Carrying Value	$ 41,906
Balance Outstanding	$ 21,760	22,145
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 12,191
Balance Outstanding	$ 16,225	16,225
Homewood Suites by Hilton Carlsbad, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Carrying Value	$ 0
Balance Outstanding	$ 0	19,950
Hampton Inn & Suites Houston Medical Cntr., TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Carrying Value	$ 15,116
Balance Outstanding	$ 18,300	$ 18,300

Debt - Components of Mortgage Debt (Footnotes) (Details)		12 Months Ended
	Sep. 17, 2015	Dec. 31, 2017
Senior Unsecured Revolving Credit Facility \| LIBOR \| Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		1.55%
Senior Unsecured Revolving Credit Facility \| LIBOR \| Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		2.30%
Senior Unsecured Revolving Credit Facility \| Prime Rate \| Minimum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		0.55%
Senior Unsecured Revolving Credit Facility \| Prime Rate \| Maximum
Participating Mortgage Loans [Line Items]
Debt instrument, basis spread on variable rate		1.30%
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Debt instrument, term	10 years
Loans amortization payment term	30 years

Debt - Additional Information (Details)	12 Months Ended
Debt - Additional Information (Details)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 05, 2012 USD ($)
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility (up to for $175,000)	$ 250,000,000		$ 175,000,000
Adjusted funds from operations (in percentage)	95.00%
Outstanding borrowing under the revolving credit facility	$ 32,000,000	$ 52,500,000
Consolidated fixed charge coverage ratio (in percentage)	3.2
Fixed charge coverage ratio (in percentage)	1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 506,600,000	516,000,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	32,000,000	52,500,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility (up to for $175,000)	250,000,000
Outstanding borrowing under the revolving credit facility	$ 32,000,000	$ 52,500,000

Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)	Nov. 05, 2012 USD ($)
Debt Disclosure [Abstract]
Borrowing capacity (up to)	$ 250,000,000	$ 175,000,000
Maximum leverage ratio	60.00%
Minimum fixed charge coverage ratio	1.5

Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Descriptors) (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)
Senior Secured Notes [Line Items]
Amounts which can be increased to the credit facility, subject to lender approval (up to)	$ 150,000,000
Minimum
Senior Secured Notes [Line Items]
Line of credit facility commitment fee, basis points (in percentage)	0.20%
Minimum \| LIBOR
Senior Secured Notes [Line Items]
Line of credit, interest spread basis points (in percentage)	1.55%
Maximum
Senior Secured Notes [Line Items]
Line of credit facility commitment fee, basis points (in percentage)	0.30%
Maximum \| LIBOR
Senior Secured Notes [Line Items]
Line of credit, interest spread basis points (in percentage)	2.30%

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2018	$ 5,041
2019	38,992
2020	9,536
2021	21,945
2022	9,954
Thereafter	454,986
Total	$ 540,454	$ 585,063

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 0	$ 56	$ 129
State	0	69	131
Current tax expense	0	125	260
Deferred:
Federal	350	(380)	0
State	46	(46)	0
Deferred tax benefit	396	(426)	0
Total tax (expense) benefit	$ 396	$ (301)	$ 260

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Book income (loss) before income taxes of the TRS	$ (4,261)	$ 974	$ 2,384
Statutory rate of 34% applied to pre-tax income	(1,449)	331	810
Effect of state and local income taxes, net of federal tax benefit	(108)	38	97
Tax reform impact	644	0	0
Provision to return adjustment	5	(406)	211
Permanent adjustments	13	16	140
Change in valuation allowance	1,289	(299)	(998)
Other	2	19	0
Total tax (expense) benefit	$ 396	$ (301)	$ 260
Effective tax rate	(9.29%)	(30.90%)	10.91%

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, 2017	Dec. 31, 2016
Deferred Tax Assets, Net [Abstract]
Allowance for doubtful accounts	$ 51	$ 59
Accrued compensation	505	627
AMT credit	30	65
Non-current
Total book to tax difference in partnership	(579)	(404)
Net operating loss	1,312	79
Valuation allowance	(1,289)	0
Net deferred tax asset	$ 30	$ 426

Dividends Declared and Paid - Additional Information (Details) - $ / shares																											3 Months Ended								12 Months Ended
	Dec. 29, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 29, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 26, 2017	Apr. 28, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 30, 2016	Nov. 30, 2016	Oct. 31, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 29, 2016	Jun. 30, 2016	May 31, 2016	Apr. 29, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Jan. 15, 2016	Dec. 31, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
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																																			94.70%	90.00%
Percentage of 1250 unrecaptured gain																																			5.30%
Percentage of distribution considered capital gain																																				10.00%
Common shares, dividend declared per share (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	$ 0.10	$ 0.10	$ 0.08	$ 0.08	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.39	$ 1.32	$ 1.38

Dividends Declared and Paid - Dividend Information (Details) - $ / shares																											3 Months Ended								12 Months Ended
	Dec. 29, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 29, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 26, 2017	Apr. 28, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 30, 2016	Nov. 30, 2016	Oct. 31, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 29, 2016	Jun. 30, 2016	May 31, 2016	Apr. 29, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 29, 2016	Jan. 15, 2016	Dec. 31, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
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	$ 0.10	$ 0.10	$ 0.08	$ 0.08	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.39	$ 1.32	$ 1.38
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	0.10	0.10	0.08		0.33	0.33	0.33	0.33	0.33	0.33	0.33	0.39	1.32	1.38
Ordinary Income (in dollars per share)	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.1042	0.099	0.099	0.099	0.099	0.099	0.099	0.099	0.099	0.099	0.099	0.090	0.090	0.072		0.3126	0.3126	0.3126	0.3126	0.297	0.297	0.297	0.351	1.2504	1.242
Unrecaptured section 1250 gain (in dollars per share)	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058	$ 0.0058															$ 0.0174	$ 0.0174	$ 0.0174	$ 0.0174					$ 0.0696
Capital Gain (in dollars per share)													$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.011	$ 0.010	$ 0.010	$ 0.008						$ 0.033	$ 0.033	$ 0.033	$ 0.039		$ 0.138

Shareholders' Equity - Additional Information (Details)						1 Months Ended		7 Months Ended	12 Months Ended			92 Months Ended
Shareholders' Equity - Additional Information (Details)	Jun. 01, 2015	Jun. 04, 2014 officer shares	Sep. 30, 2013 officer shares	Sep. 09, 2010 shares	Apr. 21, 2010 shares	Dec. 31, 2017 USD ($) vote $ / shares shares	Jan. 31, 2014 USD ($)	Dec. 31, 2017 USD ($) vote officer $ / shares shares	Dec. 31, 2017 USD ($) vote $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 shares	Dec. 31, 2017 USD ($) vote $ / shares shares
Stockholders Equity Note Disclosure [Line Items]
Common shares, shares authorized (up to) (in shares)						500,000,000		500,000,000	500,000,000	500,000,000		500,000,000
Common shares, par value (in dollars per share) \| $ / shares						$ 0.01		$ 0.01	$ 0.01	$ 0.01		$ 0.01
Number of votes per common share \| vote						1		1	1			1
Common shares, shares outstanding (in shares)						45,375,266		45,375,266	45,375,266	38,367,014		45,375,266
Additional common shares issued (in shares)												41,956,000
Preferred shares, shares authorized (up to) (in shares)						100,000,000		100,000,000	100,000,000	100,000,000		100,000,000
Preferred shares, par value (in dollars per share) \| $ / shares						$ 0.01		$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)						0		0	0	0		0
Operating partnership common units held by unaffiliated third parties (in shares)						0		0	0	0		0
Long Term Incentive Plan Units
Stockholders Equity Note Disclosure [Line Items]
Operating partnership unit (in shares)						257,775		257,775	257,775	257,775		257,775
LTIP units achieving full parity (in shares)		231,525	26,250
Number of recipients \| officer		2	1
Percent of units with full parity that have vested						100.00%		100.00%	100.00%			100.00%
Shares granted (in shares)				26,250	246,960				223,922	112,251	183,300
Class A Performance LTIP Units
Stockholders Equity Note Disclosure [Line Items]
Operating partnership unit (in shares)						356,933		356,933	356,933	222,585		356,933
Distribution entitlement (in percentage)	10.00%
Long Term Incentive Plan Units, Time-Based, June 1 2017
Stockholders Equity Note Disclosure [Line Items]
Shares granted (in shares)									128,859	118,791
Long Term Incentive Plan Units, Time-Based
Stockholders Equity Note Disclosure [Line Items]
Operating partnership unit (in shares)						162,540		162,540	162,540	72,966		162,540
LTIP units achieving full parity (in shares)						593,948		593,948	593,948			593,948
Shares granted (in shares)									223,922	112,251
Number of officers \| officer								6
Award vesting percentage									0.00%	33.00%
DRSP Plan
Stockholders Equity Note Disclosure [Line Items]
Additional common shares issued (in shares)									741,730	29,333,000
Stock purchase plan, authorized amount \| $						$ 50,000,000	$ 25,000,000
Weighted average price per share (in dollars per share) \| $ / shares									$ 21.00	$ 21.22
Remaining authorized repurchase amount \| $						50,000,000		$ 50,000,000	$ 50,000,000			$ 50,000,000
ATM Plan
Stockholders Equity Note Disclosure [Line Items]
Additional common shares issued (in shares)									2,147,695	880,820
Stock purchase plan, authorized amount \| $						100,000,000	$ 50,000,000
Weighted average price per share (in dollars per share) \| $ / shares									$ 21.87	$ 23.54
Remaining authorized repurchase amount \| $						$ 100,000,000		$ 100,000,000	$ 100,000,000			$ 100,000,000

Shareholders' Equity - Schedule of Common Share Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	35 Months Ended	39 Months Ended	51 Months Ended		54 Months Ended		59 Months Ended	60 Months Ended	83 Months Ended	92 Months Ended
	Apr. 21, 2010	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Nov. 09, 2017	Jan. 27, 2015	Sep. 24, 2014	Oct. 11, 2013	Sep. 30, 2013	Jun. 28, 2013	Jun. 18, 2013	Jan. 31, 2013	Jan. 14, 2013	Feb. 08, 2011
Class of Stock [Line Items]
Shares Issued (in shares)												41,956,000
Gross Proceeds												$ 839,850
Net Proceeds												$ 802,400
Initial public offering
Class of Stock [Line Items]
Shares Issued (in shares)												8,625,000
Price per Share (in dollars per share)	$ 20
Gross Proceeds												$ 172,500
Net Proceeds												$ 158,700
Private placement offering
Class of Stock [Line Items]
Shares Issued (in shares)	500,000											500,000
Price per Share (in dollars per share)	$ 20
Gross Proceeds												$ 10,000
Net Proceeds												$ 10,000
Follow-on common share offering
Class of Stock [Line Items]
Shares Issued (in shares)		5,000,000	3,500,000	6,000,000		3,250,000	4,500,000			3,500,000	4,000,000
Price per Share (in dollars per share)													$ 21.90	$ 30	$ 21.85		$ 18.35		$ 16.35		$ 14.7	$ 16
Gross Proceeds		$ 109,500	$ 105,000	$ 131,100		$ 59,600	$ 73,600			$ 51,400	$ 64,000
Net Proceeds		$ 108,700	$ 103,300	$ 125,600		$ 56,700	$ 70,000			$ 48,400	$ 60,300
Over-allotment option
Class of Stock [Line Items]
Shares Issued (in shares)			525,000	900,000	487,500			475,823	92,677		600,000
Price per Share (in dollars per share)														$ 30	$ 21.85	$ 18.35		$ 16.35		$ 14.7		$ 16
Gross Proceeds			$ 15,750	$ 19,700	$ 8,900			$ 7,800	$ 1,400		$ 9,600
Net Proceeds			$ 15,500	$ 18,900	$ 8,500			$ 7,400	$ 1,300		$ 9,100

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income									$ 29,478	$ 31,483	$ 32,966
Dividends paid on unvested shares and LTIP units									(235)	(189)	(151)
Net income attributable to common shareholders	$ 5,438	$ 14,393	$ 5,034	$ 4,613	$ 2,660	$ 13,355	$ 12,168	$ 3,300	$ 29,243	$ 31,294	$ 32,815
Denominator:
Weighted average number of common shares - basic	43,205,683	39,298,974	38,525,306	38,361,113	38,315,040	38,307,382	38,299,132	38,274,448	39,859,143	38,299,067	37,917,871
Effect of dilutive securities:
Unvested shares									253,123	183,808	404,414
Weighted average number of common shares - diluted	43,522,022	39,550,494	38,749,661	38,573,928	38,525,598	38,768,638	38,734,987	38,671,129	40,112,266	38,482,875	38,322,285
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ 0.12	$ 0.36	$ 0.13	$ 0.12	$ 0.07	$ 0.35	$ 0.32	$ 0.09	$ 0.73	$ 0.82	$ 0.87
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share (in dollars per share)	$ 0.12	$ 0.36	$ 0.13	$ 0.12	$ 0.07	$ 0.34	$ 0.31	$ 0.08	$ 0.73	$ 0.81	$ 0.86

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Millions										1 Months Ended			7 Months Ended	12 Months Ended
	Jan. 16, 2018 shares	Mar. 01, 2017 $ / shares shares	Jan. 28, 2016 $ / shares shares	Jun. 01, 2015 measurement $ / shares shares	Jun. 04, 2014 officer shares	Sep. 30, 2013 officer shares	May 17, 2013 shares	Sep. 09, 2010 shares	Apr. 21, 2010 shares	Jan. 31, 2017 shares	Jan. 31, 2016 shares	Jan. 31, 2015 shares	Dec. 31, 2017 USD ($) officer shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense valuation of performance-based shares (in dollars per share) \| $ / shares															$ 21.21	$ 13.17
Total unrecognized compensation cost related to LTIP Units \| $													$ 4.4	$ 4.4	$ 2.6
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)										23,980	26,488	16,542
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)	21,670
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
Class A Performance LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, portion upon declaration (in percentage)				10.00%
Dividends, portion upon fully vested (in percentage)				90.00%
Distribution entitlement (in percentage)				10.00%
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance (in shares)													1,871,942	1,871,942
Number of trading days preceding the reporting date for which average of closing price of common shares is taken														10 days
Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period														3 years
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period														3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $													$ 0.1	$ 0.1	0.9
Weighted - average period for recognition of unrecognized compensation costs														1 year 1 month 6 days
Compensation expense recognized \| $														$ 0.8	$ 1.3	$ 1.6
Shares granted (in shares)														5,000	0	85,254
Shares forfeited (in shares)														25,870	0	0
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity								5 years
Weighted - average period for recognition of unrecognized compensation costs														1 year 11 months 5 days
Compensation expense recognized \| $														$ 2.5	$ 1.2	$ 0.7
Exchange ratio														1
Shares granted (in shares)								26,250	246,960					223,922	112,251	183,300
Shares forfeited (in shares)								15,435
Percent of units with full parity that have vested													100.00%	100.00%
Initial award vesting rights (in percentage)				50.00%
Annual award vesting rights after initial portion (in percentage)				25.00%
Termination period upon change in control				18 months
Period of risk free interest rate														3 years
LTIP units achieving full parity (in shares)					231,525	26,250
Number of recipients \| officer					2	1
Long Term Incentive Plan Units \| Initial Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Long Term Incentive Plan Units \| 1st Anniversary After Initial Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Long Term Incentive Plan Units \| 2nd Anniversary After Initial Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				2 years
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
Number of performance measurements \| measurement				2
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares				$ 14.13
Long Term Incentive Plan Units, Absolute TSR Component
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of awards granted (in percentage)				60.00%
Long Term Incentive Plan Units, Absolute TSR Component \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of awards to be granted if conditions are met (in percentage)				37.50%
Total shareholder return threshold (in percentage)				25.00%
Long Term Incentive Plan Units, Absolute TSR Component \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return threshold (in percentage)				50.00%
Long Term Incentive Plan Units, Relative TSR Component
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of awards granted (in percentage)				40.00%
Long Term Incentive Plan Units, Relative TSR Component \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of awards to be granted if conditions are met (in percentage)				37.50%
Index percentile threshold				50.00%
Long Term Incentive Plan Units, Relative TSR Component \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Index percentile threshold				75.00%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)														223,922	112,251
LTIP units achieving full parity (in shares)													593,948	593,948
Cumulative number of units granted (in shares)															777,248
Number of officers \| officer													6
Award vesting percentage														0.00%	33.00%
Long Term Incentive Plan Units, Time-Based \| Awarded January 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			72,966
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares			$ 16.69
Long Term Incentive Plan Units, Time-Based \| Awards March 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		89,574
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares		$ 18.53
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution entitlement (in percentage)			10.00%
Long Term Incentive Plan Units, Performance-Based \| Awarded January 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			39,285
Total shareholder return threshold (in percentage)			8.00%
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares			$ 11.09
Long Term Incentive Plan Units, Performance-Based \| Awards March 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		134,348
Grants in period, intrinsic value, amount (in dollars per share) \| $ / shares		$ 19.65
Long Term Incentive Plan Units, Performance-Based \| Minimum \| Awards March 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out		50.00%
Long Term Incentive Plan Units, Performance-Based \| Maximum \| Awards March 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out		150.00%

Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) - shares					12 Months Ended	31 Months Ended	35 Months Ended	47 Months Ended
	Jan. 11, 2017	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2017
Time-based Restricted Stock Awards \| Awarded January 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted				48,213
Vested (in shares)								48,213
Time-based Restricted Stock Awards \| Awarded January 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted			40,161
Vested (in shares)							26,774
Time-based Restricted Stock Awards \| Awarded June 1, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted		8,949
Vested (in shares)						5,966
Performance-based Restricted Stock Awards \| Awarded January 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted				38,805
Vested (in shares)								12,935
Performance-based Restricted Stock Awards \| Awarded January 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted			36,144
Vested (in shares)							0
Restricted Board Awards \| Awarded November 11, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted	5,000
Vested (in shares)					0

Equity Incentive Plan - Valuation Assumptions (Details)	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015	Jan. 30, 2015	Jan. 31, 2014
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility				29.00%	27.00%
Dividend Yield				0.00%	0.00%
Risk Free Interest Rate				0.84%	0.71%
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			26.00%
Dividend Yield			4.50%
Risk Free Interest Rate			0.95%
Discount			0.00%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	24.00%	28.00%
Dividend Yield	0.00%	0.00%
Risk Free Interest Rate	1.00%	0.79%
Discount	7.50%	7.50%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	25.00%	30.00%
Dividend Yield	5.80%	5.80%
Risk Free Interest Rate	1.47%	1.13%
Discount	0.00%	0.00%

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	110,825	170,480	179,641
Number of Shares, Granted (in shares)	5,000	0	85,254
Number of Shares, Vested (in shares)	(32,441)	(59,655)	(94,415)
Number of shares forfeited (in shares)	(25,870)	0	0
Number of Shares, Nonvested at end of the period (in shares)	57,514	110,825	170,480
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)	$ 22.05	$ 21.38	$ 14.92
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	20.20	0.00	26.59
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	25.77	20.14	13.80
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	13.17	0.00	0.00
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 23.78	$ 22.05	$ 21.38

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares			12 Months Ended
	Sep. 09, 2010	Apr. 21, 2010	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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)			295,551	183,300	51,555
Number of Shares, Granted (in shares)	26,250	246,960	223,922	112,251	183,300
Number of Shares, Vested (in shares)			(37,417)	0	(51,555)
Number of Shares, Nonvested at end of the period (in shares)			482,056	295,551	183,300
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)			$ 14.36	$ 14.13	$ 15.18
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)			19.2	14.73	14.13
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)			14.73	0.00	15.18
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)			$ 16.58	$ 14.36	$ 14.13

Equity Incentive Plan - Schedule of Payout Awards (Details)	Mar. 01, 2017
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%

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2015 Term	Dec. 31, 2017 USD ($) Term ParkingSpace renewal_period	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Capital 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%		$ 8,000
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%
Management fees recorded within hotel other operating expenses		$ 9,900,000	$ 9,400,000	$ 8,700,000
Franchise fees recorded within hotel other operating expenses		23,200,000	22,400,000	21,200,000
Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses		200,000	300,000	300,000
Concord
Capital Leased Assets [Line Items]
Management fees recorded within hotel other operating expenses		$ 0	$ 0	$ 0
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%
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel \| ParkingSpace		128
Rent expense		$ 26,000
Office Lease
Capital 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
Residence Inn San Diego Gaslamp
Capital Leased Assets [Line Items]
Incentive Management Fee Cap		1.00%
Residence Inn San Diego Gaslamp \| Other Leases
Capital 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		$ 40,000
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
Hilton Garden Inn Marina del Rey
Capital Leased Assets [Line Items]
Incentive Management Fee Cap		1.00%
Hilton Garden Inn Marina del Rey \| Other Leases
Capital Leased Assets [Line Items]
Operating leases, monthly payment		$ 43,000
Hilton Garden Inn Marina del Rey \| Other Leases \| Minimum
Capital Leased Assets [Line Items]
Annual supplemental rent, percentage of gross revenues		5.00%
Hilton Garden Inn Marina del Rey \| Other Leases \| Maximum
Capital Leased Assets [Line Items]
Annual supplemental rent, percentage of gross revenues		25.00%
Concord \| Hotel Management Agreement
Capital Leased Assets [Line Items]
Initial terms of management agreements		10 years
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Estimate of possible loss		$ 200,000

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Leases (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Other Leases
Minimum future obligation payments required under leases
2018	$ 1,217
2019	1,220
2020	1,267
2021	1,273
2022	1,276
Thereafter	68,178
Total	74,431
Office Lease
Minimum future obligation payments required under leases
2018	772
2019	792
2020	812
2021	832
2022	853
Thereafter	3,310
Total	$ 7,371

Commitments and Contingencies - Terms of Management Agreements (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)
Courtyard Altoona
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%
Springhill Suites Washington
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 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	$ 0
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	$ 0
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	$ 876
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	$ 876
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 Il 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%

Commitments and Contingencies - Terms of Franchise Agreements (Details)	12 Months Ended
	Dec. 31, 2017
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 Il Lugano
Real Estate Properties [Line Items]
Marketing/Program Fee	2.50%
Residence Inn Il Lugano \| Minimum
Real Estate Properties [Line Items]
Franchise/Royalty Fee	3.00%
Residence Inn Il 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%

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Hotel	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 30, 2015 Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	40
Management and accounting fees paid by the company \| $	$ 9.9	$ 9.2	$ 8.5
Amounts due to related party \| $	1.2	0.9
Management fees recorded within hotel other operating expenses \| $	9.9	9.4	8.7
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Management fees recorded within hotel other operating expenses \| $	$ 0.2	0.3	0.3
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	48
Number of hotels acquired \| Hotel	48			48
NewINK Joint Venture
Related Party Transaction [Line Items]
Number of hotels in ownership by Company \| Hotel	47			47
Insurance expense \| $	$ 6.8	6.9	4.7
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	51.00%
Number of hotels managed by related party \| Hotel	40
Management fees recorded within hotel other operating expenses \| $	$ 0.2	$ 0.3	$ 0.3
Island Hospitality Management Inc. \| Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels managed by related party \| Hotel	34
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman	2.50%
Ownership percentage in related party owned by third party	97.50%

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 70,321	$ 81,404	$ 77,909	$ 69,222	$ 67,236	$ 79,733	$ 78,001	$ 68,850	$ 298,856	$ 293,820	$ 276,950
Total operating expenses	60,579	61,044	67,000	57,195	57,319	60,275	59,429	57,861	245,818	234,884	221,427
Operating income	9,742	20,360	10,909	12,027	9,917	19,458	18,572	10,989	53,038	58,936	55,523
Net income attributable to common shareholders	$ 5,438	$ 14,393	$ 5,034	$ 4,613	$ 2,660	$ 13,355	$ 12,168	$ 3,300	$ 29,243	$ 31,294	$ 32,815
Income per common share, basic (in dollars per share)	$ 0.12	$ 0.36	$ 0.13	$ 0.12	$ 0.07	$ 0.35	$ 0.32	$ 0.09	$ 0.73	$ 0.82	$ 0.87
Income per common share, diluted (in dollars per share)	$ 0.12	$ 0.36	$ 0.13	$ 0.12	$ 0.07	$ 0.34	$ 0.31	$ 0.08	$ 0.73	$ 0.81	$ 0.86
Weighted average number of common shares outstanding:
Basic (in shares)	43,205,683	39,298,974	38,525,306	38,361,113	38,315,040	38,307,382	38,299,132	38,274,448	39,859,143	38,299,067	37,917,871
Diluted (in shares)	43,522,022	39,550,494	38,749,661	38,573,928	38,525,598	38,768,638	38,734,987	38,671,129	40,112,266	38,482,875	38,322,285

Subsequent Events - Management Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended			92 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Subsequent Event [Line Items]
Shares Issued (in shares)					41,956,000
Proceeds from Issuance of common stock		$ 150,691	$ 482	$ 120,839
Subsequent Event
Subsequent Event [Line Items]
Shares Issued (in shares)	460,738
Weighted average price of shares issued (in dollars per share)	$ 22.62
Proceeds from Issuance of common stock	$ 10,400

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	$ 290,612
Initial Cost, Buildings & Improvements	1,078,584
Cost Cap. Sub. To Acq. Land	442
Cost Cap. Sub. To Acq. Bldg & Improvements	61,736
Gross Amount at End of Year, Land	291,054
Gross Amount at End of Year, Buildings & Improvements	1,140,320
Gross Amount at End of Year, Total	1,431,374	$ 1,320,273	$ 1,306,192	$ 1,105,504	$ 654,560	$ 423,729		$ 392,463
Accumulated Depreciation	148,071	$ 116,866	$ 83,245	$ 50,910	$ 28,980	$ 17,398	$ 8,394
Homewood Suites Orlando - Maitland, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,800
Initial Cost, Buildings & Improvements	7,200
Cost Cap. Sub. To Acq. Land	34
Cost Cap. Sub. To Acq. Bldg & Improvements	4,999
Gross Amount at End of Year, Land	1,834
Gross Amount at End of Year, Buildings & Improvements	12,199
Gross Amount at End of Year, Total	14,033
Accumulated Depreciation	2,337
Homewood Suites Boston - Billerica, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,225
Initial Cost, Land	1,470
Initial Cost, Buildings & Improvements	10,555
Cost Cap. Sub. To Acq. Land	48
Cost Cap. Sub. To Acq. Bldg & Improvements	1,440
Gross Amount at End of Year, Land	1,518
Gross Amount at End of Year, Buildings & Improvements	11,995
Gross Amount at End of Year, Total	13,513
Accumulated Depreciation	2,457
Homewood Suites Minneapolis - Mall of America, Bloomington, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,500
Initial Cost, Buildings & Improvements	13,960
Cost Cap. Sub. To Acq. Land	19
Cost Cap. Sub. To Acq. Bldg & Improvements	3,475
Gross Amount at End of Year, Land	3,519
Gross Amount at End of Year, Buildings & Improvements	17,435
Gross Amount at End of Year, Total	20,954
Accumulated Depreciation	3,331
Homewood Suites Nashville - Brentwood, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,525
Initial Cost, Buildings & Improvements	9,300
Cost Cap. Sub. To Acq. Land	12
Cost Cap. Sub. To Acq. Bldg & Improvements	3,136
Gross Amount at End of Year, Land	1,537
Gross Amount at End of Year, Buildings & Improvements	12,436
Gross Amount at End of Year, Total	13,973
Accumulated Depreciation	2,340
Homewood Suites Dallas - Market Center, Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,500
Initial Cost, Buildings & Improvements	7,583
Cost Cap. Sub. To Acq. Land	29
Cost Cap. Sub. To Acq. Bldg & Improvements	1,647
Gross Amount at End of Year, Land	2,529
Gross Amount at End of Year, Buildings & Improvements	9,230
Gross Amount at End of Year, Total	11,759
Accumulated Depreciation	1,964
Homewood Suites Hartford - Farmington, CT
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,325
Initial Cost, Buildings & Improvements	9,375
Cost Cap. Sub. To Acq. Land	92
Cost Cap. Sub. To Acq. Bldg & Improvements	1,225
Gross Amount at End of Year, Land	1,417
Gross Amount at End of Year, Buildings & Improvements	10,600
Gross Amount at End of Year, Total	12,017
Accumulated Depreciation	2,259
Hampton Inn & Suites Houston - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,300
Initial Cost, Land	3,200
Initial Cost, Buildings & Improvements	12,709
Cost Cap. Sub. To Acq. Land	56
Cost Cap. Sub. To Acq. Bldg & Improvements	1,547
Gross Amount at End of Year, Land	3,256
Gross Amount at End of Year, Buildings & Improvements	14,256
Gross Amount at End of Year, Total	17,512
Accumulated Depreciation	2,724
Residence Inn Holtsville - Holtsville, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	18,765
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,151
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	19,916
Gross Amount at End of Year, Total	22,116
Accumulated Depreciation	3,888
Courtyard Altoona - Altoona, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	10,730
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,002
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	11,732
Gross Amount at End of Year, Total	11,732
Accumulated Depreciation	2,379
SpringHill Suites Washington - Washington, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,000
Initial Cost, Buildings & Improvements	10,692
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	(5,604)
Gross Amount at End of Year, Land	1,000
Gross Amount at End of Year, Buildings & Improvements	5,088
Gross Amount at End of Year, Total	6,088
Accumulated Depreciation	2,302
Residence Inn White Plains - White Plains, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,200
Initial Cost, Buildings & Improvements	17,677
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	6,724
Gross Amount at End of Year, Land	2,200
Gross Amount at End of Year, Buildings & Improvements	24,401
Gross Amount at End of Year, Total	26,601
Accumulated Depreciation	4,732
Residence Inn New Rochelle - New Rochelle, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,762
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	20,281
Cost Cap. Sub. To Acq. Land	9
Cost Cap. Sub. To Acq. Bldg & Improvements	3,063
Gross Amount at End of Year, Land	9
Gross Amount at End of Year, Buildings & Improvements	23,344
Gross Amount at End of Year, Total	23,353
Accumulated Depreciation	4,555
Residence Inn Garden Grove - Garden Grove, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33,160
Initial Cost, Land	7,109
Initial Cost, Buildings & Improvements	35,484
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,792
Gross Amount at End of Year, Land	7,109
Gross Amount at End of Year, Buildings & Improvements	37,276
Gross Amount at End of Year, Total	44,385
Accumulated Depreciation	6,263
Residence Inn Mission Valley - San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,469
Initial Cost, Land	9,856
Initial Cost, Buildings & Improvements	39,535
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	715
Gross Amount at End of Year, Land	9,856
Gross Amount at End of Year, Buildings & Improvements	40,250
Gross Amount at End of Year, Total	50,106
Accumulated Depreciation	6,549
Homewood Suites San Antonio - San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,253
Initial Cost, Land	5,999
Initial Cost, Buildings & Improvements	24,764
Cost Cap. Sub. To Acq. Land	7
Cost Cap. Sub. To Acq. Bldg & Improvements	4,725
Gross Amount at End of Year, Land	6,006
Gross Amount at End of Year, Buildings & Improvements	29,489
Gross Amount at End of Year, Total	35,495
Accumulated Depreciation	4,915
Residence Inn Washington DC - Washington, DC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,083
Initial Cost, Buildings & Improvements	22,063
Cost Cap. Sub. To Acq. Land	28
Cost Cap. Sub. To Acq. Bldg & Improvements	5,572
Gross Amount at End of Year, Land	6,111
Gross Amount at End of Year, Buildings & Improvements	27,635
Gross Amount at End of Year, Total	33,746
Accumulated Depreciation	5,010
Residence Inn Tyson's Corner - Vienna, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,251
Initial Cost, Land	5,752
Initial Cost, Buildings & Improvements	28,917
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	269
Gross Amount at End of Year, Land	5,752
Gross Amount at End of Year, Buildings & Improvements	29,186
Gross Amount at End of Year, Total	34,938
Accumulated Depreciation	4,732
Hampton Inn Portland Downtown - Portland, ME
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,315
Initial Cost, Buildings & Improvements	22,664
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	217
Gross Amount at End of Year, Land	4,315
Gross Amount at End of Year, Buildings & Improvements	22,881
Gross Amount at End of Year, Total	27,196
Accumulated Depreciation	2,877
Courtyard Houston - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,375
Initial Cost, Land	5,600
Initial Cost, Buildings & Improvements	27,350
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,743
Gross Amount at End of Year, Land	5,600
Gross Amount at End of Year, Buildings & Improvements	29,093
Gross Amount at End of Year, Total	34,693
Accumulated Depreciation	3,453
Hyatt Place Pittsburgh - Pittsburgh, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,437
Initial Cost, Land	3,000
Initial Cost, Buildings & Improvements	35,576
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	264
Gross Amount at End of Year, Land	3,000
Gross Amount at End of Year, Buildings & Improvements	35,840
Gross Amount at End of Year, Total	38,840
Accumulated Depreciation	4,098
Hampton Inn & Suites Exeter - Exeter, NH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	1,900
Initial Cost, Buildings & Improvements	12,350
Cost Cap. Sub. To Acq. Land	4
Cost Cap. Sub. To Acq. Bldg & Improvements	76
Gross Amount at End of Year, Land	1,904
Gross Amount at End of Year, Buildings & Improvements	12,426
Gross Amount at End of Year, Total	14,330
Accumulated Depreciation	1,371
Hilton Garden Inn Denver Tech - Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,100
Initial Cost, Buildings & Improvements	23,100
Cost Cap. Sub. To Acq. Land	5
Cost Cap. Sub. To Acq. Bldg & Improvements	461
Gross Amount at End of Year, Land	4,105
Gross Amount at End of Year, Buildings & Improvements	23,561
Gross Amount at End of Year, Total	27,666
Accumulated Depreciation	2,631
Residence Inn Bellevue - Bellevue, WA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,462
Initial Cost, Land	13,800
Initial Cost, Buildings & Improvements	56,957
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,795
Gross Amount at End of Year, Land	13,800
Gross Amount at End of Year, Buildings & Improvements	58,752
Gross Amount at End of Year, Total	72,552
Accumulated Depreciation	6,277
SpringHill Suites Savannah - Savannah, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	30,000
Initial Cost, Land	2,400
Initial Cost, Buildings & Improvements	36,050
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,297
Gross Amount at End of Year, Land	2,400
Gross Amount at End of Year, Buildings & Improvements	37,347
Gross Amount at End of Year, Total	39,747
Accumulated Depreciation	3,915
Residence Inn Silicon Valley I - Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	64,800
Initial Cost, Land	42,652
Initial Cost, Buildings & Improvements	45,846
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	366
Gross Amount at End of Year, Land	42,652
Gross Amount at End of Year, Buildings & Improvements	46,212
Gross Amount at End of Year, Total	88,864
Accumulated Depreciation	10,955
Residence Inn Silicon Valley II - Sunnyvale, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	70,700
Initial Cost, Land	46,474
Initial Cost, Buildings & Improvements	50,380
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	632
Gross Amount at End of Year, Land	46,474
Gross Amount at End of Year, Buildings & Improvements	51,012
Gross Amount at End of Year, Total	97,486
Accumulated Depreciation	12,108
Residence Inn San Mateo - San Mateo, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,600
Initial Cost, Land	38,420
Initial Cost, Buildings & Improvements	31,352
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	450
Gross Amount at End of Year, Land	38,420
Gross Amount at End of Year, Buildings & Improvements	31,802
Gross Amount at End of Year, Total	70,222
Accumulated Depreciation	7,523
Residence Inn Mt. View - Mountain View, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	37,900
Initial Cost, Land	22,019
Initial Cost, Buildings & Improvements	31,813
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	7,642
Gross Amount at End of Year, Land	22,019
Gross Amount at End of Year, Buildings & Improvements	39,455
Gross Amount at End of Year, Total	61,474
Accumulated Depreciation	8,153
Hyatt Place Cherry Creek - Cherry Creek, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,700
Initial Cost, Buildings & Improvements	26,300
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,559
Gross Amount at End of Year, Land	3,700
Gross Amount at End of Year, Buildings & Improvements	27,859
Gross Amount at End of Year, Total	31,559
Accumulated Depreciation	2,293
Courtyard Addison - Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,413
Initial Cost, Buildings & Improvements	21,554
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,675
Gross Amount at End of Year, Land	2,413
Gross Amount at End of Year, Buildings & Improvements	23,229
Gross Amount at End of Year, Total	25,642
Accumulated Depreciation	1,873
Courtyard West University - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,012
Initial Cost, Buildings & Improvements	17,916
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	432
Gross Amount at End of Year, Land	2,012
Gross Amount at End of Year, Buildings & Improvements	18,348
Gross Amount at End of Year, Total	20,360
Accumulated Depreciation	1,448
Residence Inn West University - Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,640
Initial Cost, Buildings & Improvements	25,631
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,375
Gross Amount at End of Year, Land	3,640
Gross Amount at End of Year, Buildings & Improvements	27,006
Gross Amount at End of Year, Total	30,646
Accumulated Depreciation	2,202
Hilton Garden Inn Burlington - Burlington, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,918
Initial Cost, Buildings & Improvements	27,193
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,443
Gross Amount at End of Year, Land	4,918
Gross Amount at End of Year, Buildings & Improvements	28,636
Gross Amount at End of Year, Total	33,554
Accumulated Depreciation	2,364
Residence Inn Gaslamp - San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	89,040
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	1,646
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	90,686
Gross Amount at End of Year, Total	90,686
Accumulated Depreciation	6,432
Hilton Garden Inn Marina del Rey, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	21,760
Initial Cost, Land	0
Initial Cost, Buildings & Improvements	43,210
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	461
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Buildings & Improvements	43,671
Gross Amount at End of Year, Total	43,671
Accumulated Depreciation	2,518
Residence Inn Dedham, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	4,230
Initial Cost, Buildings & Improvements	17,304
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	37
Gross Amount at End of Year, Land	4,230
Gross Amount at End of Year, Buildings & Improvements	17,341
Gross Amount at End of Year, Total	21,571
Accumulated Depreciation	1,068
Residence Inn Ft. Lauderdale, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	9,200
Initial Cost, Buildings & Improvements	24,048
Cost Cap. Sub. To Acq. Land	0
Cost Cap. Sub. To Acq. Bldg & Improvements	753
Gross Amount at End of Year, Land	9,200
Gross Amount at End of Year, Buildings & Improvements	24,801
Gross Amount at End of Year, Total	34,001
Accumulated Depreciation	1,453
Warner Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	6,500
Initial Cost, Buildings & Improvements	0
Cost Cap. Sub. To Acq. Land	99
Cost Cap. Sub. To Acq. Bldg & Improvements	0
Gross Amount at End of Year, Land	6,599
Gross Amount at End of Year, Buildings & Improvements	0
Gross Amount at End of Year, Total	6,599
Accumulated Depreciation	0
Hilton Garden Inn Portsmouth, NH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	3,600
Initial Cost, Buildings & Improvements	37,630
Cost Cap. Sub. To Acq. Bldg & Improvements	214
Gross Amount at End of Year, Land	3,600
Gross Amount at End of Year, Buildings & Improvements	37,844
Gross Amount at End of Year, Total	41,444
Accumulated Depreciation	267
Courtyard Summerville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	2,500
Initial Cost, Buildings & Improvements	16,923
Cost Cap. Sub. To Acq. Bldg & Improvements	96
Gross Amount at End of Year, Land	2,500
Gross Amount at End of Year, Buildings & Improvements	17,019
Gross Amount at End of Year, Total	19,519
Accumulated Depreciation	55
Embassy Suites Springfield, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost, Land	7,700
Initial Cost, Buildings & Improvements	58,807
Cost Cap. Sub. To Acq. Bldg & Improvements	224
Gross Amount at End of Year, Land	7,700
Gross Amount at End of Year, Buildings & Improvements	59,031
Gross Amount at End of Year, Total	66,731
Accumulated Depreciation	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details)	12 Months Ended
	Dec. 31, 2017
Building
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Land Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years
Minimum \| Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	5 years
Maximum \| Building Improvements
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	20 years

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the year	$ 1,320,273	$ 1,306,192	$ 1,105,504	$ 654,560	$ 423,729
Acquisitions	133,660	0	187,032	444,233	222,273	$ 26,979
Dispositions during the year	(33,053)	0	0	0	0	(951)
Capital expenditures and transfers from construction-in-progress	10,494	14,081	13,656	6,711	8,558	5,238
Investment in Real Estate	$ 1,431,374	$ 1,320,273	$ 1,306,192	$ 1,105,504	$ 654,560	$ 423,729

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, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of the year	$ 116,866	$ 83,245	$ 50,910	$ 28,980	$ 17,398	$ 8,394
Depreciation and amortization	36,401	33,621	32,335	21,930	11,582	9,004
Dispositions during the year	(5,196)	0	0	0	0	0
Balance at the end of the year	$ 148,071	$ 116,866	$ 83,245	$ 50,910	$ 28,980	$ 17,398

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2018, the Company issued 460,738 shares under the New DRSPP at a weighted average price of $22.62 per share, which generated $10.4 million of gross proceeds.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 31, 2017
Income Taxes [Line Items]
Deferred tax asset related to TCJA	$ 600
Trs Lessee One
Income Taxes [Line Items]
Deferred tax asset		$ 30

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details) $ in Thousands	Dec. 31, 2017 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of properties for federal income tax purposes	$ 1,431,531