CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities:
Net loss	$ (27,574)	$ (9,028)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on disposition of hotel properties	(843)	(315)
Impairment of assets	30,248	0
Depreciation	42,266	37,957
Amortization	2,853	2,069
Debt extinguishment	0	580
Development loan interest added to principal	(1,699)	(1,888)
Equity in income of unconsolidated joint ventures	(8)	(2,594)
Loss recognized on change in fair value of derivative instrument	55	9
Stock based compensation expense	4,765	4,025
(Increase) decrease in:
Hotel accounts receivable	(5,454)	(5,071)
Escrows	(4,911)	(221)
Other assets	489	(2,900)
Due from related parties	(1,213)	(369)
Increase (decrease) in:
Due to related parties	(834)	5
Accounts Payable, Accrued Expenses and Other Liabilities	766	5,192
Net cash provided by operating activities	38,906	27,451
Investing activities:
Purchase of hotel property assets	(100,780)	(260,755)
Deposits on hotel acquisitions	(28,500)	(1,500)
Capital expenditures	(21,086)	(5,227)
Cash paid for hotel development project	(26,667)	(5,790)
Proceeds from disposition of hotel properties	3,643	2,876
Advances to capital expenditure escrows	(840)	47
Repayments from and advances to unconsolidated joint ventures	13,406	(13,650)
Investment in notes receivable from unconsolidated joint venture	(1,420)	0
Cash paid for franchise fee intangible	(64)	0
Net cash used in investing activities	(162,308)	(283,999)
Financing activities:
(Repayments of) proceeds from borrowings under line of credit, net	(17,000)	36,500
Principal repayment of mortgages and notes payable	(5,827)	(43,033)
Proceeds from mortgages and notes payable	71,353	31,510
Cash paid for deferred financing costs	(568)	(85)
Proceeds from issuance of preferred stock, net	110,997	0
Proceeds from issuance of common stock, net	0	260,764
Acquisition of interest rate cap	0	(395)
Dividends paid on common shares	(27,130)	(16,699)
Dividends paid on preferred shares	(4,699)	(3,600)
Distributions paid on common partnership units	(1,173)	(1,364)
Net cash provided by financing activities	125,953	263,598
Net increase in cash and cash equivalents	2,551	7,050
Cash and cash equivalents - beginning of period	65,596	11,404
Cash and cash equivalents - end of period	$ 68,147	$ 18,454