Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net (Note 3)	$ 3,877,876	$ 3,428,556
Property under development	15,294	35,613
Cash and cash equivalents	17,385	114,131
Restricted cash reserves (Note 5)	22,394	21,570
Hotel receivables (net of allowance for doubtful accounts of $329 and $300, respectively)	42,096	30,338
Deferred financing costs, net	6,025	6,564
Deferred tax assets	6,544	1,447
Prepaid expenses and other assets	30,131	61,730
Total assets	4,017,745	3,699,949
Liabilities:
Borrowings under credit facilities (Note 4)	342,000	0
Term loans (Note 4)	477,500	477,500
Bonds payable (Note 4)	42,500	42,500
Mortgage loans (Note 4)	499,859	501,090
Accounts payable and accrued expenses	174,243	161,835
Advance deposits	29,523	19,447
Accrued interest	3,851	3,729
Distributions payable	45,515	45,462
Total liabilities	1,614,991	1,251,563
Commitments and contingencies
Shareholders’ Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $178,750), 40,000,000 shares authorized; 7,150,000 shares issued and outstanding (Note 6)	72	72
Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 112,963,432 shares issued and outstanding, and 112,828,536 shares issued and 112,824,508 shares outstanding, respectively (Note 6)	1,127	1,127
Treasury shares, at cost (Note 6)	0	(138)
Additional paid-in capital, net of offering costs of $80,146 and $80,124, respectively	2,674,602	2,673,888
Accumulated other comprehensive (loss) income (Note 4)	(2,571)	748
Distributions in excess of retained earnings	(277,048)	(233,988)
Total shareholders’ equity	2,396,182	2,441,709
Noncontrolling Interests:
Noncontrolling interests in consolidated entities	17	17
Noncontrolling interests of common units in Operating Partnership (Note 6)	6,555	6,660
Total noncontrolling interests	6,572	6,677
Total equity	2,402,754	2,448,386
Total liabilities and equity	$ 4,017,745	$ 3,699,949