Credit Facility	12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]
Credit Facility	Note 7 — Credit Facility On April 14, 2014, the Company amended and restated its credit facility with Capital One, National Association (the "Credit Facility"). The Credit Facility allows for total borrowings of up to $705.0 million with a $305.0 million term loan and a $400.0 million revolving loan. The term loan component of the Credit Facility matures in August 2018 and the revolving loan component matures in August 2016. The Company has two options to extend the maturity date of the revolving loan component of the Credit Facility through August 2018. The Credit Facility contains an "accordion feature" to allow the Company, under certain circumstances and with the consent of its lenders, to increase the aggregate loan borrowings to up to $1.0 billion of total borrowings. On August 27, 2015, the Company entered into an amendment pursuant to which certain changes were made under the Credit Facility primarily to increase the borrowing base capacity including, among other changes, (i) the ability to add a hotel asset as a borrowing base asset and (ii) reducing the debt service coverage ratio test from 1.4 to 1.3 for draw downs on the Credit Facility. The Company incurred $6.3 million of fees related to the amendment of which $4.0 million have been capitalized and included in deferred costs on the consolidated balance sheets and $2.4 million are included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive loss. The Company has the option, based upon its corporate leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.50% to 2.25%; or (b) the Base Rate plus an applicable margin that ranges from 0.50% to 1.25%. Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.50% above the federal funds effective rate and (iii) 1.00% above the applicable one-month LIBOR. The Company has historically paid interest calculated based on LIBOR, plus an applicable margin. The Company repaid $150.0 million in advances on the revolving portion of its Credit Facility during the year ended December 31, 2015. The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $180.0 million, respectively, as of December 31, 2015 and $305.0 million and $330.0 million, respectively as of December 31, 2014. The Credit Facility had a combined weighted average interest rate of 2.39% and 2.08% as of December 31, 2015 and 2014, respectively, a portion of which is fixed with an interest rate swap. The Credit Facility includes an unused commitment fee per annum of (a) 0.15% if the unused balance of the facility is equal to or less than 50% of the available facility and (b) 0.25% if the unused balance of the facility exceeds 50% of the available facility. The actual availability of borrowings under the Credit Facility for any period is based on requirements outlined in the Credit Facility with respect to the pool of eligible unencumbered assets that comprise our borrowing base properties. The unused borrowing capacity, based on the debt service coverage ratio of the borrowing base properties as of December 31, 2015, was $63.0 million. The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of December 31, 2015, the Company was in compliance with the debt covenants under the Credit Facility.

Note 7 — Credit Facility

On April 14, 2014, the Company amended and restated its credit facility with Capital One, National Association (the "Credit Facility"). The Credit Facility allows for total borrowings of up to $705.0 million with a $305.0 million term loan and a $400.0 million revolving loan. The term loan component of the Credit Facility matures in August 2018 and the revolving loan component matures in August 2016. The Company has two options to extend the maturity date of the revolving loan component of the Credit Facility through August 2018. The Credit Facility contains an "accordion feature" to allow the Company, under certain circumstances and with the consent of its lenders, to increase the aggregate loan borrowings to up to $1.0 billion of total borrowings.

On August 27, 2015, the Company entered into an amendment pursuant to which certain changes were made under the Credit Facility primarily to increase the borrowing base capacity including, among other changes, (i) the ability to add a hotel asset as a borrowing base asset and (ii) reducing the debt service coverage ratio test from 1.4 to 1.3 for draw downs on the Credit Facility. The Company incurred $6.3 million of fees related to the amendment of which $4.0 million have been capitalized and included in deferred costs on the consolidated balance sheets and $2.4 million are included in acquisition and transaction related expense on the consolidated statements of operations and comprehensive loss.

The Company has the option, based upon its corporate leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.50% to 2.25%; or (b) the Base Rate plus an applicable margin that ranges from 0.50% to 1.25%. Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.50% above the federal funds effective rate and (iii) 1.00% above the applicable one-month LIBOR. The Company has historically paid interest calculated based on LIBOR, plus an applicable margin.

The Company repaid $150.0 million in advances on the revolving portion of its Credit Facility during the year ended December 31, 2015. The outstanding balance of the term and revolving portions of the Credit Facility was $305.0 million and $180.0 million, respectively, as of December 31, 2015 and $305.0 million and $330.0 million, respectively as of December 31, 2014. The Credit Facility had a combined weighted average interest rate of 2.39% and 2.08% as of December 31, 2015 and 2014, respectively, a portion of which is fixed with an interest rate swap. The Credit Facility includes an unused commitment fee per annum of (a) 0.15% if the unused balance of the facility is equal to or less than 50% of the available facility and (b) 0.25% if the unused balance of the facility exceeds 50% of the available facility. The actual availability of borrowings under the Credit Facility for any period is based on requirements outlined in the Credit Facility with respect to the pool of eligible unencumbered assets that comprise our borrowing base properties. The unused borrowing capacity, based on the debt service coverage ratio of the borrowing base properties as of December 31, 2015, was $63.0 million.

The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans.

The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of December 31, 2015, the Company was in compliance with the debt covenants under the Credit Facility.