Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
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-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		45,871,332

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Investment in hotel properties, net	$ 1,314,504	$ 1,320,082
Cash and cash equivalents	13,403	9,333
Restricted cash	25,398	27,166
Investment in unconsolidated real estate entities	23,491	24,389
Hotel receivables (net of allowance for doubtful accounts of $215 and $200, respectively)	5,293	4,047
Deferred costs, net	5,486	4,646
Prepaid expenses and other assets	5,555	2,523
Deferred tax asset, net	30	30
Total assets	1,393,160	1,392,216
Liabilities and Equity:
Mortgage debt, net	505,179	506,316
Revolving credit facility	34,000	32,000
Accounts payable and accrued expenses	31,775	31,692
Distributions and losses in excess of investments of unconsolidated real estate entities	7,458	6,582
Distributions payable	5,950	5,846
Total liabilities	584,362	582,436
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2018 and December 31, 2017	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,869,600 and 45,375,266 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	459	450
Additional paid-in capital	882,586	871,730
Retained earnings (distributions in excess of retained earnings)	(81,311)	(69,018)
Total shareholders’ equity	801,734	803,162
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	7,064	6,618
Total equity	808,798	809,780
Total liabilities and equity	$ 1,393,160	$ 1,392,216

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Hotel receivables	$ 215	$ 200
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)	45,869,600	45,375,266
Common shares, shares outstanding (in shares)	45,869,600	45,375,266

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Room	$ 66,251	$ 64,393
Food and beverage	2,098	1,502
Other	3,027	2,446
Cost reimbursements from unconsolidated real estate entities	2,657	2,494
Total revenue	74,033	70,835
Hotel operating expenses:
Room	14,553	13,505
Food and beverage	1,740	1,252
Telephone	459	409
Other hotel operating	721	599
General and administrative	6,033	5,654
Franchise and marketing fees	5,525	5,302
Advertising and promotions	1,565	1,331
Utilities	2,699	2,370
Repairs and maintenance	3,624	3,252
Management fees	2,437	2,247
Insurance	333	333
Total hotel operating expenses	39,689	36,254
Depreciation and amortization	12,036	12,004
Property taxes, ground rent and insurance	5,775	4,788
General and administrative	3,622	3,268
Other charges	(14)	0
Reimbursed costs from unconsolidated real estate entities	2,657	2,494
Total operating expenses	63,765	58,808
Operating income	10,268	12,027
Interest and other income	2	12
Interest expense, including amortization of deferred fees	(6,631)	(6,993)
Loss on sale of hotel property	(17)	0
Loss from unconsolidated real estate entities	(754)	(85)
Income before income tax expense	2,868	4,961
Income tax expense	0	(317)
Net income	2,868	4,644
Net income attributable to noncontrolling interests	(20)	(31)
Net income attributable to common shareholders	$ 2,848	$ 4,613
Income per Common Share - Basic:
Net income attributable to common shareholders (in dollars per share)	$ 0.06	$ 0.12
Income per Common Share - Diluted:
Net income attributable to common shareholders (in dollars per share)	$ 0.06	$ 0.12
Weighted average number of common shares outstanding:
Basic (in shares)	45,753,792	38,361,113
Diluted (in shares)	46,022,690	38,573,928
Distributions per common share: (in dollars per share)	$ 0.33	$ 0.33

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders’ Equity	Common Shares	Additional Paid - In Capital	Retained earnings (distributions in excess of retained earnings)	Noncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 2016			38,367,014
Beginning Balance at Dec. 31, 2016	$ 681,590	$ 676,742	$ 380	$ 722,019	$ (45,657)	$ 4,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			23,980
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			6,665
Issuance of shares, net of offering costs	(63)	(63)		(63)
Issuance of restricted time-based shares (in shares)			5,000
Issuance of restricted time-based shares	0
Amortization of share based compensation	662	224		224		438
Dividends declared on common shares	(12,686)	(12,686)			(12,686)
Distributions declared on LTIP units	(207)					(207)
Reallocation of noncontrolling interest	0	164		164		(164)
Net income	4,644	4,613			4,613	31
Ending Balance (in shares) at Mar. 31, 2017			38,402,659
Ending Balance at Mar. 31, 2017	674,440	669,494	$ 380	722,844	(53,730)	4,946
Beginning Balance (in shares) at Dec. 31, 2017			45,375,266
Beginning Balance at Dec. 31, 2017	809,780	803,162	$ 450	871,730	(69,018)	6,618
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)			21,670
Issuance of shares pursuant to Equity Incentive Plan	500	500		500
Issuance of shares, net of offering costs (in shares)			472,664
Issuance of shares, net of offering costs	10,282	10,282	$ 9	10,273
Amortization of share based compensation	792	64		64		728
Dividends declared on common shares	(15,141)	(15,141)			(15,141)
Distributions declared on LTIP units	(283)					(283)
Reallocation of noncontrolling interest	0	19		19		(19)
Net income	2,868	2,848			2,848	20
Ending Balance (in shares) at Mar. 31, 2018			45,869,600
Ending Balance at Mar. 31, 2018	$ 808,798	$ 801,734	$ 459	$ 882,586	$ (81,311)	$ 7,064

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Issuance of shares, net of offering costs	$ 255	$ 197
Common shares, dividend declared per share (in dollars per share)	$ 0.33	$ 0.33
LTIP units, distributions per unit (in dollars per share)	$ 0.33	$ 0.33

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 2,868	$ 4,644
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,978	11,950
Amortization of deferred franchise fees	58	54
Amortization of deferred financing fees included in interest expense	239	260
Share based compensation	918	787
Loss from unconsolidated real estate entities	754	85
Changes in assets and liabilities:
Hotel receivables	(1,244)	(2,303)
Deferred tax asset	0	426
Deferred costs	(117)	(24)
Prepaid expenses and other assets	(3,041)	(2,435)
Accounts payable and accrued expenses	1,013	1,219
Net cash provided by operating activities	13,426	14,663
Cash flows from investing activities:
Improvements and additions to hotel properties	(6,947)	(5,053)
Distributions from unconsolidated entities	1,019	0
Net cash used in investing activities	(5,928)	(5,053)
Cash flows from financing activities:
Borrowings on revolving credit facility	53,000	16,000
Repayments on revolving credit facility	(51,000)	(12,000)
Payments on mortgage debt	(1,227)	(1,058)
Payment of financing costs	(931)	0
Payment of offering costs	(255)	(197)
Proceeds from issuance of common shares	10,537	134
Distributions-common shares/units	(15,320)	(12,805)
Net cash used in financing activities	(5,196)	(9,926)
Net change in cash, cash equivalents and restricted cash	2,302	(316)
Cash, cash equivalents and restricted cash, beginning of period	36,499	37,201
Cash, cash equivalents and restricted cash, end of period	38,801	36,885
Supplemental disclosure of cash flow information:
Cash paid for interest	6,195	6,564
Cash paid for income taxes	$ 2	$ 6

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Accrued distributions payable	$ 5,950	$ 4,831
Accrued but unpaid distribution	839	554
Accrued share based compensation	125	125
Accounts payable and accrued expenses	$ 1,828	$ 2,007

Organization	3 Months Ended
Organization	Mar. 31, 2018
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 (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. In January 2014, the Company established an At the Market Equity Offering ("Prior ATM Plan") whereby, from time to time, we may publicly offer and sell up to $50 million of our common shares by means of ordinary brokers’ transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, with Cantor Fitzgerald & Co. ("Cantor") 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"), Citigroup Global Markets Inc. ("Citigroup"), Stifel, Nicolaus & Company, Incorporated ("Stifel") and Wells Fargo Securities, LLC ("Wells Fargo") as sales agents. During the three months ended March 31, 2018, we issued no shares under the ATM Plan. As of March 31, 2018, we had issued 2,147,695 shares under the ATM Plans at a weighted average price of $21.87. As of March 31, 2018, there was approximately $100.0 million available for issuance under the ATM Plan. In January 2014, the Company established a $25 million dividend 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 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 prospectus for the DRSPPs. During the three months ended March 31, 2018, we issued 466,497 shares under the New DRSPP at a weighted average price of $22.60, which generated $10.5 million of gross proceeds. As of March 31, 2018, we had issued 1,207,969 shares under the DRSPPs at a weighted average price of $21.62. As of March 31, 2018, there was approximately $39.5 million available for issuance under the New DRSPP. The net proceeds from any share offerings or issuances 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. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. 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 March 31, 2018, the Company wholly owned 40 hotels with an aggregate of 6,020 rooms located in 15 states and the District of Columbia. As of March 31, 2018, 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 and acquired 47 hotels comprising an aggregate of 6,097 rooms from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management ("Cerberus") and (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with affiliates of CLNS, which was formed in the fourth quarter of 2014 and acquired 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,401 rooms. We sometimes refer to the NewINK JV and Inland JV collectively as the ("JVs"). To qualify as a REIT, the Company cannot operate the 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 all of the 47 NewINK JV hotels and (ii) owns its 10% interest in all of the 48 Inland JV hotels through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees, in which the Company indirectly owns 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 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 March 31, 2018, Island Hospitality Management LLC (“IHM”), which is 51% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all 40 of the Company’s wholly owned hotels. As of March 31, 2018, all of the NewINK JV hotels were managed by IHM. As of March 31, 2018, 34 of the Inland JV hotels were managed by IHM and 14 of the Inland JV hotels were managed by Marriott International, Inc. ("Marriott").

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2017, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 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. Recently Adopted Accounting Policies On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use FASB’s practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 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. The Company has certain cash payments and receipts related to debt extinguishment that will be affected by the new standard. The company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, no impact due to application of the new guidance. The Company has applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company has applied the new guidance on a retrospective basis. Recently Issued Accounting Standards 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.

Investment in Hotel Properties

3 Months Ended

Mar. 31, 2018

Investments Schedule [Abstract]

Investment in Hotel Properties

Investment in hotel properties as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands):



	March 31, 2018			December 31, 2017
Land and improvements	$	291,053		$	291,054
Building and improvements	1,142,375			1,140,477
Furniture, fixtures and equipment	64,051			63,443
Renovations in progress	17,148			13,262
	1,514,627			1,508,236
Less: accumulated depreciation	(200,123		)	(188,154		)
Investment in hotel properties, net	$	1,314,504		$	1,320,082

During the year ended December 31, 2017, the Company identified indicators of impairment at its Washington PA SHS 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 flow attributable to the hotel over its 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. There were no impairments as of March 31, 2018.

Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the Operating Partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNS, which owns a 89.7% interest in the NewINK JV. The values of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of March 31, 2018 and 2017, the Company’s share of partners’ capital in the NewINK JV was approximately $50.6 million and $46.6 million, respectively, and the total difference between the carrying amount of investment and the Company’s share of partners’ capital was approximately $58.1 million and $52.4 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 NewINK JV. During the three months ended March 31, 2018 and 2017, the Company received cash distributions from the NewINK JV as follows (in thousands):



	For the three months ended
	March 31,
	2018		2017
Cash generated from other activities and excess cash	$	719	$	822
Total	$	719	$	822

On November 17, 2014, the Company acquired a 10.0% interest in the 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 values of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of March 31, 2018 and 2017, the Company's share of partners' capital in the Inland JV was approximately $34.4 million and $28.2 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $10.9 million and $8.1 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 three months ended March 31, 2018 and 2017, the Company received cash distributions from the Inland JV as follows (in thousands):



	For the three months ended
	March 31,
	2017		2016
Cash generated from other activities and excess cash	$	300	$	—
Total	$	300	$	—

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. 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 carve-out 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 investment in the NewINK JV and the Inland JV were $(7.5) million and $23.5 million, respectively, at March 31, 2018 and $(6.6) million and $24.4 million, respectively, at December 31, 2017. The following table sets forth the combined components of net income (loss), including the Company’s share, related to all JVs for the three months ended March 31, 2018 and 2017 (in thousands):



	For the three months ended
	March 31,
	2018			2017
Revenue	$	110,174		$	108,574
Total hotel operating expenses	78,024			74,957
Operating income	$	32,150		$	33,617
Net income from continuing operations	$	(11,401	)	$	(7,513	)
Net loss	$	(11,401	)	$	(7,513	)

Loss allocable to the Company	$	(1,153	)	$	(760	)
Basis difference adjustment	399			675
Total loss from unconsolidated real estate entities attributable to the Company	$	(754	)	$	(85	)

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

The Company’s mortgage loans 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. Mortgage and senior unsecured revolving credit facility debt consisted of the following (dollars in thousands):



Collateral	Interest Rate		Maturity Date	3/31/18 Property Carrying Value		Balance Outstanding on Loan as of
Collateral	Interest Rate		Maturity Date	3/31/18 Property Carrying Value		March 31, 2018			December 31, 2017
Senior Unsecured Revolving Credit Facility⁽¹⁾	3.80	%	March 8, 2022	$	—	$	34,000		$	32,000
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	19,030		13,662			13,762
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	46,511		28,321			28,469
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	31,987		16,168			16,253
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	30,125		22,132			22,251
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	32,209		18,274			18,375
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	35,472		22,323			22,437
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	66,982		45,262			45,462
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,208		33,022			33,160
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	78,893		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	86,144		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	62,486		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	55,768		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	36,099		30,000			30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	41,642		21,657			21,760
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	13,133		16,159			16,225
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	15,007		18,247			18,300

Total debt before unamortized debt issue costs				$	689,696	$	541,227		$	540,454
Unamortized mortgage debt issue costs						(2,048		)	(2,138		)
Total debt outstanding						$	539,179		$	538,316


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

At March 31, 2018 and December 31, 2017, the Company had $34.0 million and $32.0 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At March 31, 2018, 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 March 31, 2018 and December 31, 2017 was $496.7 million and $506.6 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 similar maturity and is classified within level 3 of the fair value hierarchy. As of March 31, 2018, 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 March 31, 2018 and December 31, 2017 was $34.0 million and $32.0 million, respectively.

As of March 31, 2018, the Company was in compliance with all of its financial covenants. At March 31, 2018, 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 March 31, 2018, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):



	Amount
2018 (remaining nine months)	$	4,556
2019	6,992
2020	9,536
2021	21,883
2022	43,954
2023	142,036
Thereafter	312,270
Total debt before unamortized debt issue costs	$	541,227
Unamortized mortgage debt issue costs	(2,048		)
Total debt outstanding	$	539,179

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s TRS is subject to federal and state income taxes.

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



	For the three months ended
	March 31,
	2018		2017
Federal	$	—	$	271
State	—		46
Tax expense (benefit)	$	—	$	317

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 March 31, 2018, 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.

Earnings Per Share

3 Months Ended

Mar. 31, 2018

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 three months ended
	March 31,
	2018			2017
Numerator:
Net income attributable to common shareholders	$	2,848		$	4,613
Dividends paid on unvested shares and units	(63		)	(42		)
Undistributed earnings allocated to unvested shares and units	—			—
Net income attributable to common shareholders	$	2,785		$	4,571
Denominator:
Weighted average number of common shares - basic	45,753,792			38,361,113
Unvested shares	268,898			212,815
Weighted average number of common shares - diluted	46,022,690			38,573,928
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share	$	0.06		$	0.12
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.06		$	0.12

Equity Incentive Plan

3 Months Ended

Mar. 31, 2018

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 years, though compensation for the Company’s independent trustees includes share grants 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 not paid until those shares or units vest. Certain awards may provide for accelerated vesting if there is a change in control. In January 2018 and 2017, the Company issued 21,670 and 23,980 common shares, respectively, to its independent trustees as compensation for services performed in 2017 and 2016, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days of 2017. The Company would have distributed 6,491 common shares for services performed in 2018 had this liability classified award been satisfied as of March 31, 2018. As of March 31, 2018, there were 1,405,529 common shares available for issuance under the Equity Incentive Plan.

Restricted Share Awards

A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of March 31, 2018 is as follows:



Award Type	Award Date	Total Shares Granted	Vested as of March 31, 2018
2015 Time-based Awards	1/30/2015	40,161	40,161
2015 Performance-based Awards	1/30/2015	36,144	12,048
2015 Time-based Awards	6/1/2015	8,949	5,966
2017 Restricted Board Awards	1/11/2017	5,000	1,666

Time-based share awards vest over a three-year period. The performance-based share awards 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 2015, compensation expense is based on a valuation of $21.21, 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 2015 performance-based shares did not meet the vesting criteria for 2016 or 2017 causing those shares not to be eligible for future vesting.

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			Risk Free Interest
Grant Date	Volatility	Dividend Yield	Rate
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 three months ended March 31, 2018 and the year ended December 31, 2017 is as follows:



	Three Months Ended				Year Ended
	March 31, 2018				December 31, 2017
	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	57,514		$	23.78	110,825		$	22.05
Granted	—		—		5,000		20.20
Vested	(27,101	)	25.77		(32,441	)	25.77
Forfeited	(24,096	)	$	21.21	(25,870	)	$	13.17
Non-vested at end of the period	6,317		$	23.78	57,514		$	23.78

As of March 31, 2018 and December 31, 2017, there were $0.1 million and $0.1 million, respectively, of unrecognized compensation costs related to restricted share awards. As of March 31, 2018, these costs were expected to be recognized over a weighted–average period of approximately 1.5 years. For the three months ended March 31, 2018 and 2017, the Company recognized approximately $0.1 million and $0.2 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 three months ended March 31, 2018 and the year ended December 31, 2017 is as follows:



	Three Months Ended				Year Ended
	March 31, 2018				December 31, 2017
	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	482,056		$	16.58	295,551		$	14.36
Granted	244,917		16.94		223,922		19.20
Vested	(67,275	)	16.42		(37,417	)	14.73
Non-vested at end of the period	659,698		$	20.08	482,056		$	16.58

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 March 1, 2018, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 97,968 time-based awards (the “2018 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").

A summary of time-based LTIP unit awards granted, as recommended by the Compensation Committee, are as follows:

Grant Date

Number of Shares Granted

Estimated Value Per Share

Vesting 1st Year Date

Vesting 2nd Year Date

Vesting 3rd Year Date

January 28, 2016

72,966

16.69

1/28/2017

1/28/2018

1/28/2019

March 1, 2017

89,574

18.53

3/1/2018

3/1/2019

3/1/2020

March 1, 2018

97,968

16.83

3/1/2019

3/1/2020

3/1/2021

Time-based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2018 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above.

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 LTIP unit awards (the "2016 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting. The 2016 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 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 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 2016 Performance-Based LTIP Unit Awards 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. The units available for vesting did vest on January 28, 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. The units available for vesting did vest on January 28, 2018.

(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 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, 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.

On March 1, 2018, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 146,949 performance-based awards (the "2018 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that provide for performance-based vesting. The 2018 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 $17.02 per 2018 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 2018 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, 2018 and ending on February 28, 2021. The 2017 and 2018 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 estimated 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; 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	1/28/2016	28%	—%	0.79%	7.5%
2016 Performance-Based LTIP Unit Awards	1/28/2016	30%	5.8%	1.13%	—%
2017 Time-Based LTIP Unit Awards	3/1/2017	24%	—%	0.92%	7.5%
2017 Performance-Based LTIP Unit Awards	3/1/2017	25%	5.8%	1.47%	—%
2018 Time-Based LTIP Unit Awards	3/1/2018	26%	—%	2.07%	7.5%
2018 Performance-Based LTIP Unit Awards	3/1/2018	26%	6.2%	2.37%	—%

The Company recorded $0.7 million and $0.4 million in compensation expense related to the LTIP units for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018 and December 31, 2017, there was $7.8 million and $4.4 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 2.4 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 March 31, 2018, 66% and 33% of these time-based and performance based units awarded in 2016 and time-based units awarded 2017, respectively, have vested. Accordingly, these LTIP units awarded in 2010, 2016 and 2017 are 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 1,022,165.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

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 two (2) related class action lawsuits pending in the Santa Clara County Superior Court. The first 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 and the second class action was filed on March 21, 2018 under the title Doonan, et al, v. Island Hospitality Management, LLC, et al. Case No. 18-CV-325187. The class actions relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaints allege 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 March 31, 2018, included in accounts payable is $0.2 million which represents an estimate of the Company’s total 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 is currently 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 Gaslamp hotel is subject to a ground lease with an expiration date 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 five years. The hotel is subject to annual supplemental rent payments calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year.

The Residence Inn New Rochelle is subject to an air rights lease and garage lease that each expire 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 for the cost of capital repairs. Aggregate rent for 2018 is approximately $26,000 per quarter.

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

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 two successive terms of five years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties.

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, garages leases and office lease as of March 31, 2018, for the remainder of 2018 and for each of the next five calendar years and thereafter (in thousands):



	Other Leases⁽¹⁾		Office Lease
	Amount
2018 (remaining nine months)	$	953	$	581
2019	1,273		792
2020	1,320		812
2021	1,326		832
2022	1,329		853
2023	1,332		873
Thereafter	69,225		2,436
Total	$	76,758	$	7,179

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

Management Agreements

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

The company renewed six management agreements in 2017. The updated agreements are summarized as follows:



Property	Homewood Suites Billerica			Homewood Suites Bloomington			Homewood Suites Maitland			Homewood Suites Dallas			Homewood Suites Brentwood			Homewood Suites Farmington

Renewal Date	4/1/2017			4/1/2017			5/1/2017			5/1/2017			6/1/2017			8/1/2017
Original Management Fee	2.0		%	2.0		%	2.0		%	2.0		%	2.0		%	2.0		%
Amended Management Fee	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%
Original Monthly Accounting Fee	$	1,000		$	1,000		$	1,000		$	1,000		$	1,000		$	1,000
Amended Monthly Accounting Fee	$	1,200		$	1,200		$	1,200		$	1,200		$	1,200		$	1,200
Original Monthly Revenue Management Fee	$	550		$	550		$	550		$	550		$	550		$	550
Amended Monthly Revenue Management Fee	$	1,000		$	1,000		$	1,000		$	1,000		$	1,000		$	1,000

Management fees totaled approximately $2.4 million and $2.2 million, respectively, for the three months ended March 31, 2018 and 2017, respectively.

Franchise Agreements

The fees associated with the franchise agreements are calculated on the specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $5.5 million and $5.3 million, respectively, for the three months ended March 31, 2018 and 2017.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Mr. Fisher owns 51% of IHM. As of March 31, 2018, the Company had hotel management agreements with IHM to manage all 40 of its wholly owned hotels. As of March 31, 2018, all 47 hotels owned by the NewINK JV and 34 of the 48 hotels owned by the Inland JV are managed by IHM. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended March 31, 2018 and 2017 were $2.4 million and $2.2 million, respectively. At March 31, 2018 and December 31, 2017, the amounts due to IHM were $1.4 million and $1.2 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represent reimbursements of costs incurred on behalf of the NewINK JV, Inland JV 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 expense 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 three months ended March 31, 2018 and 2017 were $1.8 million and $1.6 million, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2017, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
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.
Recently Issued Accounting Standards	Recently Adopted Accounting Policies On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, "Revenue from Contracts with Customers" on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels, since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use FASB’s practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 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. The Company has certain cash payments and receipts related to debt extinguishment that will be affected by the new standard. The company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, no impact due to application of the new guidance. The Company has applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company has applied the new guidance on a retrospective basis. Recently Issued Accounting Standards 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.

Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Equity Method Investments [Line Items]

Schedule Of Income From Joint Venture

The following table sets forth the combined components of net income (loss), including the Company’s share, related to all JVs for the three months ended March 31, 2018 and 2017 (in thousands):



	For the three months ended
	March 31,
	2018			2017
Revenue	$	110,174		$	108,574
Total hotel operating expenses	78,024			74,957
Operating income	$	32,150		$	33,617
Net income from continuing operations	$	(11,401	)	$	(7,513	)
Net loss	$	(11,401	)	$	(7,513	)

Loss allocable to the Company	$	(1,153	)	$	(760	)
Basis difference adjustment	399			675
Total loss from unconsolidated real estate entities attributable to the Company	$	(754	)	$	(85	)

NewINK Joint Venture

Schedule of Equity Method Investments [Line Items]

Additional Cash Flow Information

During the three months ended March 31, 2018 and 2017, the Company received cash distributions from the NewINK JV as follows (in thousands):



	For the three months ended
	March 31,
	2018		2017
Cash generated from other activities and excess cash	$	719	$	822
Total	$	719	$	822

Inland Joint Venture

Schedule of Equity Method Investments [Line Items]

Additional Cash Flow Information

During the three months ended March 31, 2018 and 2017, the Company received cash distributions from the Inland JV as follows (in thousands):



	For the three months ended
	March 31,
	2017		2016
Cash generated from other activities and excess cash	$	300	$	—
Total	$	300	$	—

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Components of Mortgage Debt

Mortgage and senior unsecured revolving credit facility debt consisted of the following (dollars in thousands):



Collateral	Interest Rate		Maturity Date	3/31/18 Property Carrying Value		Balance Outstanding on Loan as of
Collateral	Interest Rate		Maturity Date	3/31/18 Property Carrying Value		March 31, 2018			December 31, 2017
Senior Unsecured Revolving Credit Facility⁽¹⁾	3.80	%	March 8, 2022	$	—	$	34,000		$	32,000
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	19,030		13,662			13,762
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	46,511		28,321			28,469
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	31,987		16,168			16,253
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	30,125		22,132			22,251
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	32,209		18,274			18,375
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	35,472		22,323			22,437
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	66,982		45,262			45,462
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	38,208		33,022			33,160
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	78,893		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	86,144		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	62,486		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	55,768		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	36,099		30,000			30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	41,642		21,657			21,760
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	13,133		16,159			16,225
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	15,007		18,247			18,300

Total debt before unamortized debt issue costs				$	689,696	$	541,227		$	540,454
Unamortized mortgage debt issue costs						(2,048		)	(2,138		)
Total debt outstanding						$	539,179		$	538,316


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

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of March 31, 2018, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):



	Amount
2018 (remaining nine months)	$	4,556
2019	6,992
2020	9,536
2021	21,883
2022	43,954
2023	142,036
Thereafter	312,270
Total debt before unamortized debt issue costs	$	541,227
Unamortized mortgage debt issue costs	(2,048		)
Total debt outstanding	$	539,179

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

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 three months ended
	March 31,
	2018		2017
Federal	$	—	$	271
State	—		46
Tax expense (benefit)	$	—	$	317

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

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 three months ended
	March 31,
	2018			2017
Numerator:
Net income attributable to common shareholders	$	2,848		$	4,613
Dividends paid on unvested shares and units	(63		)	(42		)
Undistributed earnings allocated to unvested shares and units	—			—
Net income attributable to common shareholders	$	2,785		$	4,571
Denominator:
Weighted average number of common shares - basic	45,753,792			38,361,113
Unvested shares	268,898			212,815
Weighted average number of common shares - diluted	46,022,690			38,573,928
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share	$	0.06		$	0.12
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.06		$	0.12

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2018

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

Summary of Restricted Share Awards

A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of March 31, 2018 is as follows:



Award Type	Award Date	Total Shares Granted	Vested as of March 31, 2018
2015 Time-based Awards	1/30/2015	40,161	40,161
2015 Performance-based Awards	1/30/2015	36,144	12,048
2015 Time-based Awards	6/1/2015	8,949	5,966
2017 Restricted Board Awards	1/11/2017	5,000	1,666

A summary of the Company’s restricted share awards for the three months ended March 31, 2018 and the year ended December 31, 2017 is as follows:



	Three Months Ended				Year Ended
	March 31, 2018				December 31, 2017
	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	57,514		$	23.78	110,825		$	22.05
Granted	—		—		5,000		20.20
Vested	(27,101	)	25.77		(32,441	)	25.77
Forfeited	(24,096	)	$	21.21	(25,870	)	$	13.17
Non-vested at end of the period	6,317		$	23.78	57,514		$	23.78

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	1/28/2016	28%	—%	0.79%	7.5%
2016 Performance-Based LTIP Unit Awards	1/28/2016	30%	5.8%	1.13%	—%
2017 Time-Based LTIP Unit Awards	3/1/2017	24%	—%	0.92%	7.5%
2017 Performance-Based LTIP Unit Awards	3/1/2017	25%	5.8%	1.47%	—%
2018 Time-Based LTIP Unit Awards	3/1/2018	26%	—%	2.07%	7.5%
2018 Performance-Based LTIP Unit Awards	3/1/2018	26%	6.2%	2.37%	—%

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			Risk Free Interest
Grant Date	Volatility	Dividend Yield	Rate
1/30/2015	29%	—%	0.84%

Schedule of Long Term Incentive Unit Awards

A summary of the Company's LTIP Unit awards for the three months ended March 31, 2018 and the year ended December 31, 2017 is as follows:



	Three Months Ended				Year Ended
	March 31, 2018				December 31, 2017
	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	482,056		$	16.58	295,551		$	14.36
Granted	244,917		16.94		223,922		19.20
Vested	(67,275	)	16.42		(37,417	)	14.73
Non-vested at end of the period	659,698		$	20.08	482,056		$	16.58

Schedule of Time-Based Equity Incentive Plan

A summary of time-based LTIP unit awards granted, as recommended by the Compensation Committee, are as follows:

Grant Date

Number of Shares Granted

Estimated Value Per Share

Vesting 1st Year Date

Vesting 2nd Year Date

Vesting 3rd Year Date

January 28, 2016

72,966

16.69

1/28/2017

1/28/2018

1/28/2019

March 1, 2017

89,574

18.53

3/1/2018

3/1/2019

3/1/2020

March 1, 2018

97,968

16.83

3/1/2019

3/1/2020

3/1/2021

Schedule of Performance-Based Long-Term Incentive Plan Payout Unit Awards

The 2017 and 2018 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)

3 Months Ended

Mar. 31, 2018

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, garages leases and office lease as of March 31, 2018, for the remainder of 2018 and for each of the next five calendar years and thereafter (in thousands):



	Other Leases⁽¹⁾		Office Lease
	Amount
2018 (remaining nine months)	$	953	$	581
2019	1,273		792
2020	1,320		812
2021	1,326		832
2022	1,329		853
2023	1,332		873
Thereafter	69,225		2,436
Total	$	76,758	$	7,179

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

Schedule Of Management Agreement Terms

The company renewed six management agreements in 2017. The updated agreements are summarized as follows:



Property	Homewood Suites Billerica			Homewood Suites Bloomington			Homewood Suites Maitland			Homewood Suites Dallas			Homewood Suites Brentwood			Homewood Suites Farmington

Renewal Date	4/1/2017			4/1/2017			5/1/2017			5/1/2017			6/1/2017			8/1/2017
Original Management Fee	2.0		%	2.0		%	2.0		%	2.0		%	2.0		%	2.0		%
Amended Management Fee	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%	3.0		%
Original Monthly Accounting Fee	$	1,000		$	1,000		$	1,000		$	1,000		$	1,000		$	1,000
Amended Monthly Accounting Fee	$	1,200		$	1,200		$	1,200		$	1,200		$	1,200		$	1,200
Original Monthly Revenue Management Fee	$	550		$	550		$	550		$	550		$	550		$	550
Amended Monthly Revenue Management Fee	$	1,000		$	1,000		$	1,000		$	1,000		$	1,000		$	1,000

Organization - Additional Information (Details)	1 Months Ended	3 Months Ended
Organization - Additional Information (Details)	Jan. 31, 2014 USD ($)	Mar. 31, 2018 USD ($) Hotel Room state $ / shares shares	Mar. 31, 2017 USD ($)	Dec. 31, 2014 Hotel Room	Nov. 17, 2014	Jun. 30, 2014 Hotel Room	Jun. 09, 2014
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares		$ 10,537,000	$ 134,000
Percentage of common units of limited partnership owned		100.00%
Number of hotels in ownership by Company (in hotels) \| Hotel		40
Aggregate number of rooms in hotels (in rooms) \| Room		6,020
Number of states in which hotels are owned (in states) \| state		15
Initial term of each TRS lease (in years)		5 years
NewINK Joint Venture
Subsidiary, Sale of Stock [Line Items]
Indirect ownership in the leased hotels (in percentage)		10.30%					10.30%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) \| Room				6,401
Indirect ownership in the leased hotels (in percentage)		10.00%			10.00%	10.00%
Number of hotels acquired (in hotels) \| Hotel		48		48
Inland Joint Venture \| Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) \| Hotel		34
Inland Joint Venture \| Marriott International, Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) \| Hotel		14
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) \| Hotel		40
Ownership percentage in related party owned by the company's chairman		51.00%
Minority Interest In Joint Venture Rooms \| Cerberus Capital Management
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) \| Room						6,097
Number of hotels managed by related party (in hotels) \| Hotel						47
Indirectly Owned Interest In Joint Venture Hotels
Subsidiary, Sale of Stock [Line Items]
Number of hotels in ownership by Company (in hotels) \| Hotel		47
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	$ 50,000,000
Registration statement filed, amount	100,000,000
Shares issued (in shares) \| shares		0
Stock purchase plan, average price per share (in dollars per share) \| $ / shares		$ 21.87
Stock purchase plan, remaining authorized repurchase amount		$ 100,000,000
Total number of shares issued (in shares) \| shares		2,147,695
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount	25,000,000
Registration statement filed, amount	$ 50,000,000
Shares issued (in shares) \| shares		466,497
Stock purchase plan, average price per share (in dollars per share) \| $ / shares		$ 21.62
Stock purchase plan, remaining authorized repurchase amount		$ 39,500,000
Weighted average price (in dollars per share) \| $ / shares		$ 22.60
Proceeds from issuance of common shares		$ 10,500,000
Total number of shares issued (in shares) \| shares		1,207,969

Allowance for Doubtful Accounts - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Hotel receivables	$ 215	$ 200

Investment in Hotel Properties (Details) - USD ($)	3 Months Ended	12 Months Ended
Investment in Hotel Properties (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investments Schedule [Abstract]
Land and improvements	$ 291,053,000	$ 291,054,000
Building and improvements	1,142,375,000	1,140,477,000
Furniture, fixtures and equipment	64,051,000	63,443,000
Renovations in progress	17,148,000	13,262,000
Investment in hotel properties, at cost	1,514,627,000	1,508,236,000
Less: accumulated depreciation	(200,123,000)	(188,154,000)
Investment in hotel properties, net	1,314,504,000	1,320,082,000
Impairment loss	$ 0	$ 6,700,000

Investment in Unconsolidated Entities - Additional Information (Details)			3 Months Ended
	Jun. 09, 2017 USD ($) option Hotel	May 09, 2017 USD ($) option Hotel	Mar. 31, 2018 USD ($) Hotel	Dec. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)	Nov. 17, 2014	Jun. 30, 2014	Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate entities			$ 23,491,000	$ 24,389,000
Debt amount outstanding			$ 541,227,000	540,454,000
Number of hotels in ownership by Company (in hotels) \| Hotel			40
Amount refinanced			$ 34,000,000	32,000,000
Percentage of capped amount of debt outstanding			15.00%
Percentage of outstanding debt balances			20.00%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party								89.70%
Investment in unconsolidated real estate entities			$ 50,600,000		$ 46,600,000
Difference between carrying amount and share of partners' capital			$ 58,100,000		52,400,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels (in percentage)			10.30%					10.30%
Investments in joint ventures			$ (7,500,000)	(6,600,000)
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels (in percentage)			10.00%			10.00%	10.00%
Joint venture, percentage ownership by third party						90.00%
Investment in unconsolidated real estate entities			$ 34,400,000		28,200,000
Difference between carrying amount and share of partners' capital			10,900,000		$ 8,100,000
Investments in joint ventures			$ 23,500,000	$ 24,400,000
Senior Notes \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding		$ 840,000,000.0
Number of hotels in ownership by Company (in hotels) \| Hotel		47
Amount refinanced		$ 850,000,000
Senior Notes \| Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Debt amount outstanding	$ 817,000,000.0
Number of hotels in ownership by Company (in hotels) \| Hotel	48
Amount refinanced	$ 780,000,000
Additional borrowing capacity	$ 5,000,000
LIBOR \| Senior Notes \| NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
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]
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	$ 719	$ 822
Net change in cash, cash equivalents and restricted cash	719	822
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Cash generated from other activities and excess cash	300	0
Net change in cash, cash equivalents and restricted cash	$ 300	$ 0

Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Revenue	$ 74,033	$ 70,835
Total hotel operating expenses	63,765	58,808
Operating income	10,268	12,027
Net income attributable to common shareholders	2,848	4,613
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue	110,174	108,574
Total hotel operating expenses	78,024	74,957
Operating income	32,150	33,617
Net income from continuing operations	(11,401)	(7,513)
Net income attributable to common shareholders	(11,401)	(7,513)
Loss allocable to the Company	(1,153)	(760)
Basis difference adjustment	399	675
Total loss from unconsolidated real estate entities attributable to the Company	$ (754)	$ (85)

Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Participating Mortgage Loans [Line Items]
Property Carrying Value	$ 689,696
Total debt before unamortized debt issue costs	541,227	$ 540,454
Unamortized mortgage debt issue costs	(2,048)	(2,138)
Total debt outstanding	$ 539,179	538,316
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate	3.80%
Property Carrying Value	$ 0
Total debt before unamortized debt issue costs	$ 34,000	32,000
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate	5.75%
Property Carrying Value	$ 19,030
Total debt before unamortized debt issue costs	$ 13,662	13,762
Residence Inn by Marriott San Diego, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.66%
Property Carrying Value	$ 46,511
Total debt before unamortized debt issue costs	$ 28,321	28,469
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.59%
Property Carrying Value	$ 31,987
Total debt before unamortized debt issue costs	$ 16,168	16,253
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate	4.49%
Property Carrying Value	$ 30,125
Total debt before unamortized debt issue costs	$ 22,132	22,251
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.19%
Property Carrying Value	$ 32,209
Total debt before unamortized debt issue costs	$ 18,274	18,375
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate	4.65%
Property Carrying Value	$ 35,472
Total debt before unamortized debt issue costs	$ 22,323	22,437
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate	4.97%
Property Carrying Value	$ 66,982
Total debt before unamortized debt issue costs	$ 45,262	45,462
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.79%
Property Carrying Value	$ 38,208
Total debt before unamortized debt issue costs	$ 33,022	33,160
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 78,893
Total debt before unamortized debt issue costs	$ 64,800	64,800
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 86,144
Total debt before unamortized debt issue costs	$ 70,700	70,700
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 62,486
Total debt before unamortized debt issue costs	$ 48,600	48,600
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.64%
Property Carrying Value	$ 55,768
Total debt before unamortized debt issue costs	$ 37,900	37,900
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate	4.62%
Property Carrying Value	$ 36,099
Total debt before unamortized debt issue costs	$ 30,000	30,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate	4.68%
Property Carrying Value	$ 41,642
Total debt before unamortized debt issue costs	$ 21,657	21,760
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate	4.32%
Property Carrying Value	$ 13,133
Total debt before unamortized debt issue costs	$ 16,159	16,225
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate	4.25%
Property Carrying Value	$ 15,007
Total debt before unamortized debt issue costs	$ 18,247	$ 18,300

Debt - Components of Mortgage Debt (Footnotes) (Details) - Senior Unsecured Revolving Credit Facility	3 Months Ended
	Mar. 31, 2018
LIBOR \| Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.55%
LIBOR \| Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	2.30%
Prime Rate \| Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	0.55%
Prime Rate \| Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate	1.30%

Debt - Additional Information (Details)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Revolving credit facility	$ 34,000,000	$ 32,000,000
Consolidated fixed charge coverage ratio	3.2
Bank covenant, fixed charge coverage ratio	1.5
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt	$ 496,700,000	506,600,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt	34,000,000	32,000,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility	34,000,000	$ 32,000,000
Maximum borrowing availability under revolving credit facility	$ 250,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018 (remaining nine months)	$ 4,556
2019	6,992
2020	9,536
2021	21,883
2022	43,954
2023	142,036
Thereafter	312,270
Total debt before unamortized debt issue costs	541,227	$ 540,454
Unamortized mortgage debt issue costs	(2,048)	(2,138)
Total debt outstanding	$ 539,179	$ 538,316

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 271
State	0	46
Tax expense (benefit)	$ 0	$ 317

Dividends Declared and Paid - Dividend Information (Details) - $ / shares				3 Months Ended
	Mar. 29, 2018	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Common share distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33
LTIP unit distribution amount (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.33

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
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income attributable to common shareholders	$ 2,848	$ 4,613
Dividends paid on unvested shares and units	(63)	(42)
Undistributed earnings allocated to unvested shares and units	0	0
Net income attributable to common shareholders	$ 2,785	$ 4,571
Denominator:
Weighted average number of common shares - basic (in shares)	45,753,792	38,361,113
Unvested shares (in shares)	268,898	212,815
Weighted average number of common shares - diluted (in shares)	46,022,690	38,573,928
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share (in dollars per share)	$ 0.06	$ 0.12
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share (in dollars per share)	$ 0.06	$ 0.12

Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Millions								1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 02, 2018 $ / shares shares	Mar. 01, 2018 $ / shares shares	Jun. 01, 2017 officer	Mar. 01, 2017 $ / shares shares	Jan. 28, 2016 $ / shares shares	Jun. 01, 2015 $ / shares shares	May 17, 2013 shares	Jan. 31, 2018 shares	Jan. 31, 2017 shares	Mar. 31, 2018 USD ($) shares	Mar. 31, 2017 USD ($) shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 shares	Dec. 31, 2015 $ / 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
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share issued as compensation for services performed (in shares)								21,670	23,980	6,491
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							3,000,000
Vesting period for share awards under equity							3 years
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days preceding the reporting date for which average of closing price of common shares is taken												10 days
Common shares available for issuance (in shares)										1,405,529
Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity										3 years
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity										3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs \| $										$ 0.1		$ 0.1
Weighted-average period for recognition of unrecognized compensation costs										1 year 6 months
Compensation expense, recognized \| $										$ 0.1	$ 0.2
Number of shares, granted (in shares)										0	5,000
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity						3 years
Weighted-average period for recognition of unrecognized compensation costs										2 years 5 months
Compensation expense, recognized \| $										$ 0.7	$ 0.4
Exchange ratio										1
Total unrecognized compensation cost related to LTIP Units \| $										$ 7.8		$ 4.4
Number of shares, granted (in shares)										244,917	223,922
Initial award vesting rights, percentage						50.00%
Annual award vesting rights after initial portion, percentage						25.00%
Termination period upon change in control						18 months
Distribution entitlement, percentage				10.00%		10.00%
Long Term Incentive Plan Units \| Awarded June 1, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)						183,300
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares						$ 14.13
Long Term Incentive Plan Units \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of awards (in shares)										1,022,165
Long Term Incentive Plan Units \| Officer \| Awarded In 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of recipients (in officers) \| officer			6
Awards vested to date, percentage										66.00%
Number of award in full parity (in shares)													112,251
Long Term Incentive Plan Units \| Officer \| Awarded In 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested to date, percentage										33.00%
Number of award in full parity (in shares)												223,922
Long Term Incentive Plan Units \| Officer \| Awarded In 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award in full parity (in shares)										593,948
Long Term Incentive Plan Units, Time-Based \| Awarded January 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)					72,966,000
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares					$ 16.69
Long Term Incentive Plan Units, Time-Based \| Awards March 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)				89,574,000
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares				$ 18.53
Long Term Incentive Plan Units, Time-Based \| Awards March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	97,968,000	97,968
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares	$ 16.83
Long Term Incentive Plan Units, Absolute TSR Component
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of awards granted, 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, percentage						37.50%
Total shareholder return threshold, 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, 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, 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, percentage						37.50%
Index percentile threshold, percentage						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, percentage						75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Index percentile threshold, percentage		50.00%		50.00%
Payout Percentage \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Index percentile threshold, percentage						50.00%
Long Term Incentive Plan Units, Performance-Based \| Awarded January 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)					39,285
Total shareholder return threshold, percentage					8.00%
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares					$ 11.09
Annual vesting percentage					66.66%
Long Term Incentive Plan Units, Performance-Based \| Awards March 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)				134,348
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares				$ 19.65
Long Term Incentive Plan Units, Performance-Based \| Awards March 1, 2017 \| Minimum
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 \| Awards March 1, 2017 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target value to be paid out				150.00%
Long Term Incentive Plan Units, Performance-Based \| Awards March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)		146,949
Grants in period, intrinsic value, amount per share (in dollars per share) \| $ / shares		$ 17.02

Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) - shares				15 Months Ended	34 Months Ended	38 Months Ended
	Jan. 01, 2017	Jun. 01, 2015	Jan. 30, 2015	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2018
Awards January 30, 2015 \| Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)			40,161
Vested (in shares)						40,161
Awards January 30, 2015 \| Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)			36,144
Vested (in shares)						12,048
Awards June 1, 2015 \| Time-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)		8,949
Vested (in shares)					5,966
Awards January 11, 2017 \| Restricted Board Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Shares Granted (in shares)	5,000
Vested (in shares)				1,666

Equity Incentive Plan - Valuation Assumptions (Details)	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016	Jun. 01, 2015	Jan. 30, 2015
Performance-based Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage					29.00%
Dividend Yield, percentage					0.00%
Risk Free Interest Rate, percentage					0.84%
Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage				26.00%
Dividend Yield, percentage				4.50%
Risk Free Interest Rate, percentage				0.95%
Discount, percentage				0.00%
Long Term Incentive Plan Units, Time-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage	26.00%	24.00%	28.00%
Dividend Yield, percentage	0.00%	0.00%	0.00%
Risk Free Interest Rate, percentage	2.07%	0.92%	0.79%
Discount, percentage	7.50%	7.50%	7.50%
Long Term Incentive Plan Units, Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, percentage	26.00%	25.00%	30.00%
Dividend Yield, percentage	6.20%	5.80%	5.80%
Risk Free Interest Rate, percentage	2.37%	1.47%	1.13%
Discount, percentage	0.00%	0.00%	0.00%

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	57,514	110,825
Number of shares, granted (in shares)	0	5,000
Number of Shares, Vested (in shares)	(27,101)	(32,441)
Number of shares forfeited (in shares)	(24,096)	(25,870)
Number of Shares, Nonvested at end of the period (in shares)	6,317
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)	$ 23.78	$ 22.05
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	0.00	20.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	25.77	25.77
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)	21.21	$ 13.17
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 23.78

Equity Incentive Plan - Schedule of LTIP unit Awards (Details) - Long Term Incentive Plan Units - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Summary of company's restricted share awards
Number of Shares, Nonvested at beginning of the period (in shares)	482,056	295,551
Number of shares, granted (in shares)	244,917	223,922
Number of Shares, Vested (in shares)	(67,275)	(37,417)
Number of Shares, Nonvested at end of the period (in shares)	659,698
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)	$ 16.58	$ 14.36
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)	16.94	19.20
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)	16.42	$ 14.73
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share)	$ 20.08

Equity Incentive Plan - Schedule of Time-Based Equity Incentive Plan (Details) - Long Term Incentive Plan Units, Time-Based - $ / shares	Mar. 02, 2018	Mar. 01, 2018	Mar. 01, 2017	Jan. 28, 2016
January 28, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)				72,966,000
Estimated Value Per Share (in dollars per share)				$ 16.69
March 1, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)			89,574,000
Estimated Value Per Share (in dollars per share)			$ 18.53
March 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, granted (in shares)	97,968,000	97,968
Estimated Value Per Share (in dollars per share)	$ 16.83

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)	Mar. 01, 2018	Mar. 01, 2017
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	25.00%	25.00%
Target (in percentage)	50.00%	50.00%
Maximum (in percentage)	75.00%	75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)	50.00%	50.00%
Target (in percentage)	100.00%	100.00%
Maximum (in percentage)	150.00%	150.00%

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2015 Term	Mar. 31, 2018 USD ($) Term ParkingSpace renewal_period	Mar. 31, 2017 USD ($)	Dec. 31, 2017 agreement
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%
Number of management agreements \| agreement				6
Management fees recorded within hotel other operating expenses		$ 2,400,000	$ 2,200,000
Franchise fees recorded within hotel other operating expenses		$ 5,500,000	$ 5,300,000
Hotel Management Agreement \| Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements		5 years
Number of renewal periods (in renewal periods) \| renewal_period		2
Renewal periods of management agreements		5 years
Notice period for successive renewal of agreement (no later than)		90 days
Minimum notice period for termination of management agreement		6 months
Management fee		10.00%
Incentive management fee		1.00%
Ground Leases \| Hilton Garden Inn Portsmouth
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, percentage		10.00%
Operating lease, periodic increase, term		5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)		5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier		12
Ground Leases \| Hilton Garden Inn Marina del Rey, CA
Capital Leased Assets [Line Items]
Operating leases, monthly payment		$ 47,500
Ground Leases \| Hilton Garden Inn Marina del Rey, CA \| Minimum
Capital Leased Assets [Line Items]
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)		5.00%
Ground Leases \| Hilton Garden Inn Marina del Rey, CA \| Maximum
Capital Leased Assets [Line Items]
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)		25.00%
Air Rights Lease And Garage Lease
Capital Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) \| ParkingSpace		128
Quarterly rent		$ 26,000
Office Leases
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
Operating leases, term of contract	11 years
Operating leases, abatement term of contract	12 months
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Amount of exposure to litigation		$ 200,000

Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Other Leases
Minimum future obligation payments required under ground leases
2018 (remaining nine months)	$ 953
2019	1,273
2020	1,320
2021	1,326
2022	1,329
2023	1,332
Thereafter	69,225
Total	76,758
Office Lease
Minimum future obligation payments required under ground leases
2018 (remaining nine months)	581
2019	792
2020	812
2021	832
2022	853
2023	873
Thereafter	2,436
Total	$ 7,179

Commitments and Contingencies - Terms of Management Agreements (Details) - USD ($)					3 Months Ended
	Aug. 01, 2017	Jun. 01, 2017	May 01, 2017	Apr. 01, 2017	Mar. 31, 2018
Homewood Suites Billerica
Real Estate Properties [Line Items]
Management Fee				3.00%	2.00%
Monthly Accounting Fee				$ 1,200	$ 1,000
Revenue Management Fee				$ 1,000	$ 550
Homewood Suites Bloomington
Real Estate Properties [Line Items]
Management Fee				3.00%	2.00%
Monthly Accounting Fee				$ 1,200	$ 1,000
Revenue Management Fee				$ 1,000	$ 550
Homewood Suites Maitland
Real Estate Properties [Line Items]
Management Fee			3.00%		2.00%
Monthly Accounting Fee			$ 1,200		$ 1,000
Revenue Management Fee			$ 1,000		$ 550
Homewood Suites Dallas
Real Estate Properties [Line Items]
Management Fee			3.00%		2.00%
Monthly Accounting Fee			$ 1,200		$ 1,000
Revenue Management Fee			$ 1,000		$ 550
Homewood Suites Brentwood
Real Estate Properties [Line Items]
Management Fee		3.00%			2.00%
Monthly Accounting Fee		$ 1,200			$ 1,000
Revenue Management Fee		$ 1,000			$ 550
Homewood Suites Farmington
Real Estate Properties [Line Items]
Management Fee	3.00%				2.00%
Monthly Accounting Fee	$ 1,200				$ 1,000
Revenue Management Fee	$ 1,000				$ 550

Related Party Transactions - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) Hotel	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2014 Hotel
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	40
Management and accounting fees paid by the company \| $	$ 2.4	$ 2.2
Amounts due to related party \| $	$ 1.4		$ 1.2
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%
Minority Interest In Joint Venture with Cerberus
Related Party Transaction [Line Items]
Number of hotels in ownership by Company (in hotels)	47
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 (in hotels)	40
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels)	48			48
Inland Joint Venture \| Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Number of hotels managed by related party (in hotels)	34
NewINK Joint Venture
Related Party Transaction [Line Items]
Insurance expense due to affiliate \| $	$ 1.8	$ 1.6

Allowance for Doubtful Accounts	3 Months Ended
Allowance for Doubtful Accounts	Mar. 31, 2018
Receivables [Abstract]
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $0.2 million and $0.2 million as of March 31, 2018 and December 31, 2017, respectively.

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2018
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset	100.00%