Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The Company's debt consisted of the following (in thousands):

	December 31, 2017		December 31, 2016
Senior Notes	$	1,062,716	$	—
Revolver and Term Loans, net	1,170,954		1,169,308
Mortgage loans, net	646,818		413,407
Debt, net	$	2,880,488	$	1,582,715

Schedule of unsecured credit agreements

 The Company's unsecured credit agreements consisted of the following (in thousands):

			Outstanding Borrowings at
	Interest Rate at December 31, 2017 (1)	Maturity Date	December 31, 2017			December 31, 2016
Revolver (2)	3.16%	April 2020	$	—		$	—
$400 Million Term Loan Maturing 2019	3.35%	March 2019	400,000			400,000
$225 Million Term Loan Maturing 2019	4.24%	November 2019	225,000			225,000
$400 Million Term Loan Maturing 2021	3.14%	April 2021	400,000			400,000
$150 Million Term Loan Maturing 2022	3.43%	January 2022	150,000			150,000
			1,175,000			1,175,000
Deferred financing costs, net (3)			(4,046		)	(5,692		)
Total Revolver and Term Loans, net			$	1,170,954		$	1,169,308

_______________________________________________________________________________

(1) Interest rate at December 31, 2017 gives effect to interest rate hedges.

(2) At December 31, 2017 and 2016, there was $600.0 million and $400.0 million, respectively, of borrowing capacity on the Revolver. On August 31, 2017, the Company amended the Revolver to increase the borrowing capacity from $400.0 million to $600.0 million. The Company has the ability to further increase the borrowing capacity to $750.0 million, subject to certain lender requirements.

(3) Excludes $2.6 million and $2.3 million as of December 31, 2017 and 2016, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Schedule of mortgage loans

he Company's mortgage loans consisted of the following (in thousands):

					Principal balance at
Lender	Number of Assets Encumbered	Interest Rate at December 31, 2017 (1)	Maturity Date		December 31, 2017			December 31, 2016
Wells Fargo (5)	4	4.04%	March 2018	(3)	$	143,250		$	146,250
Wells Fargo (2)	4	4.05%	October 2018	(4)	150,000			150,000
PNC Bank (2) (6)	5	3.66%	March 2021	(7)	85,000			85,000
Wells Fargo (8)	1	5.25%	June 2022		32,882			33,666
PNC Bank/Wells Fargo (9)	4	4.95%	October 2022		120,893			—
Prudential (10)	1	4.94%	October 2022		30,323			—
Scotiabank (2) (11)	1	LIBOR + 3.00%	November 2018		85,404			—
	20				647,752			414,916
Deferred financing costs, net					(934		)	(1,509		)
Total mortgage loans, net					$	646,818		$	413,407

_______________________________________________________________________________

(1) Interest rate at December 31, 2017 gives effect to interest rate hedges.

(2) Requires payments of interest only through maturity.

(3) The maturity date may be extended for fourone-year terms at the Company’s option, subject to certain lender requirements.

(4) In October 2017, the Company extended the maturity date for a one-year term. The maturity date may be extended for three additional one-year terms at the Company's option, subject to certain lender requirements.

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

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

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

(8) Includes $0.8 million and $1.0 million at December 31, 2017 and 2016, respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.

(9) Includes $3.0 million at December 31, 2017 related to fair value adjustments on the mortgage loans that were assumed in the Mergers.

(10) Includes $0.7 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

(11) Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

Components of interest expense

 The components of the Company's interest expense consisted of the following (in thousands):

	For the year ended December 31,
	2017		2016		2015
Senior Notes	$	15,918	$	—	$	—
Revolver and Term Loans	39,262		38,849		35,898
Mortgage loans	19,643		16,006		16,500
Amortization of deferred financing costs	3,499		3,965		4,164
Capitalized interest	—		—		(1,774		)
Total interest expense	$	78,322	$	58,820	$	54,788

Future minimum principal payments

As of December 31, 2017, the future minimum principal payments on the debt were as follows (in thousands):

2018	$	381,553
2019 (1)	628,766
2020	3,936
2021	489,166
2022	314,308
Thereafter	999,010
Total (2)	$	2,816,739

_______________________________________________________________________________

(1) In January 2018, the maturity dates for both the $400 Million Term Loan Maturing 2019 and the $225 Million Term Loan Maturing 2019 were extended to January 2023.

(2) Excludes a total of $68.7 million related to fair value adjustments on debt.

Schedule of Senior Notes [Table Text Block]

The Company's senior secured notes and the senior unsecured notes are collectively the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):

				Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date	December 31, 2017		December 31, 2016
Senior secured notes (1) (2) (3)	9	5.63%	March 2023	$	552,669	$	—
Senior unsecured notes (1) (2) (4)	—	6.00%	June 2025	510,047		—
Total Senior Notes				$	1,062,716	$	—

(1) Requires payments of interest only through maturity.

(2) Includes $28.7 million and $35.1 million at December 31, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that were assumed in the Mergers.

(3) On February 27, 2018, the Company announced that it will early redeem the senior secured notes in full on March 9, 2018 (the "Redemption Date"). In accordance with the terms and conditions set forth in the indenture governing the senior secured notes, the aggregate amount payable upon redemption will be approximately $539.4 million, which includes the redemption price of 102.813% for the outstanding principal amount plus accrued and unpaid interest thereon through, but not including the Redemption Date.

(4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0%.