Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenue:
Hotel Operating Revenues	$ 89,346	$ 74,453	$ 146,885	$ 123,550
Interest Income from Development Loans	1,063	1,176	2,154	2,550
Other Revenues	97	111	175	199
Total Revenues	90,506	75,740	149,214	126,299
Operating Expenses:
Hotel Operating Expenses	46,541	39,518	84,109	71,396
Hotel Ground Rent	364	354	728	646
Real Estate and Personal Property Taxes and Property Insurance	5,425	4,685	10,540	8,761
General and Administrative	2,179	1,918	4,140	4,753
Stock Based Compensation	1,785	1,499	3,270	2,156
Acquisition and Terminated Transaction Costs	1,276	221	2,091	3,557
Loss from Impairment of Assets	0	17	0	30
Depreciation and Amortization	14,400	12,681	28,374	24,643
Total Operating Expenses	71,970	60,893	133,252	115,942
Operating Income	18,536	14,847	15,962	10,357
Interest Income	117	16	219	57
Interest Expense	11,588	11,341	22,211	23,034
Other Expense	283	86	567	178
Loss on Debt Extinguishment	34	1	34	732
Income (Loss) before Income (Loss) Income from Unconsolidated Joint Venture Investments and Discontinued Operations	6,748	3,435	(6,631)	(13,530)
Loss from Unconsolidated Joint Ventures	(198)	(131)	(1,179)	(1,171)
Gain from Remeasurement of Investment in Unconsolidated Joint Venture	2,757	2,190	2,757	4,008
Income from Unconsolidated Joint Venture Investments	2,559	2,059	1,578	2,837
Income (Loss) from Continuing Operations	9,307	5,494	(5,053)	(10,693)
Discontinued Operations (Note 12):
Income (Loss) from Discontinued Operations	41	213	(17)	63
Net Income (Loss)	9,348	5,707	(5,070)	(10,630)
Income (Loss) Allocated to Noncontrolling Interests	459	1,151	(618)	(564)
Preferred Distributions	2,299	1,200	3,499	2,400
Net Income (Loss) applicable to Common Shareholders	$ 6,590	$ 3,356	$ (7,951)	$ (12,466)
BASIC
Income (Loss) from Continuing Operations applicable to Common Shareholders (in dollars per share)	$ 0.04	$ 0.02	$ (0.05)	$ (0.11)
Income (Loss) from Discontinued Operations applicable to Common Shareholders (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Net Income (Loss) applicable to Common Shareholders (in dollars per share)	$ 0.04	$ 0.02	$ (0.05)	$ (0.11)
DILUTED
Income (Loss) from Continuing Operations applicable to Common Shareholders(in dollars per share)	$ 0.04	$ 0.02	$ (0.05)	$ (0.11)
Income (Loss) from Discontinued Operations applicable to Common Shareholders(in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Net Income (Loss) applicable to Common Shareholders (in dollars per share)	$ 0.04	$ 0.02	$ (0.05)	$ (0.11)
Weighted Average Common Shares Outstanding:
Basic (in shares)	168,672,936	137,200,796	168,504,893	118,360,826
Diluted (in shares)	173,687,233	140,284,117	168,504,893	118,360,826