CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating activities:
Net loss	$ (26,968)	$ (17,202)	$ (58,458)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain on disposition of hotel properties	(991)	(347)	(1,869)
Impairment of assets	30,165	2,410	39,111
Depreciation	55,704	51,823	44,002
Amortization	3,739	2,975	2,285
Debt extinguishment	145	725	0
Development loan interest added to principal	(2,094)	(2,559)	(3,253)
Equity in (loss) income of unconsolidated joint ventures	(1,290)	(2,257)	7,190
Distributions from unconsolidated joint ventures	132	0	400
Loss (gain) recognized on change in fair value of derivative instrument	125	12	(172)
Stock based compensation expense	7,590	6,649	2,143
(Increase) decrease in:
Hotel accounts receivable	(1,358)	(1,694)	(312)
Escrows	(4,378)	(294)	(3,770)
Other assets	(914)	(273)	(3,727)
Due from related parties	(1,120)	(2,514)	2,159
Increase (decrease) in:
Due to related parties	1,993	(131)	(634)
Accounts Payable, Accrued Expenses and Other Liabilities	(1,812)	5,163	(3,563)
Net cash provided by operating activities	58,668	42,486	21,532
Investing activities:
Purchase of hotel property assets	(167,149)	(260,755)	(9,315)
Deposits on hotel acquisitions	(18,000)	(5,500)	0
Capital expenditures	(26,201)	(10,328)	(6,138)
Cash paid for hotel development project	(32,120)	(21,771)	0
Proceeds from disposition of hotel properties	2,361	2,863	8,524
Net changes in capital expenditure escrows	(1,299)	(885)	0
Repayments from and advances to unconsolidated joint ventures, net	13,285	(14,291)	(753)
Distributions from unconsolidated joint venture	0	100	261
Investment in development loans receivable	0	0	(2,000)
Repayment of development loans receivable	0	0	500
Repayment of notes receivable	0	0	0
Investment in notes receivable from unconsolidated joint venture	(1,570)	0	0
Cash paid for franchise fee intangible	(65)	0	0
Net cash used in investing activities	(230,758)	(310,567)	(8,921)
Financing activities:
Proceeds (repayments of) from borrowings under line of credit, net	5,000	(33,200)	(9,221)
Principal repayment of mortgages and notes payable	(8,193)	(61,810)	(39,232)
Proceeds from mortgages and notes payable	71,278	31,505	42,155
Cash paid for deferred financing costs	(868)	(4,016)	(362)
Proceeds from issuance of preferred stock, net	110,977	0	0
Proceeds from issuance of common stock, net	0	420,441	21,342
Acquisition of interest rate cap	0	(394)	0
Distributions to partners in consolidated joint ventures	0	0	(124)
Dividends paid on common shares	(37,323)	(23,688)	(22,640)
Dividends paid on preferred shares	(8,199)	(4,800)	(4,800)
Distributions paid on common partnership units	(1,610)	(1,765)	(4,022)
Net cash provided by (used in) financing activities	131,062	322,273	(16,904)
Net increase (decrease) in cash and cash equivalents	(41,028)	54,192	(4,293)
Cash and cash equivalents - beginning of year	65,596	11,404	15,697
Cash and cash equivalents - end of year	$ 24,568	$ 65,596	$ 11,404