Consolidated Statement of Cash Flow (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows - Operating Activities
Net (Loss) Income	$ (15,944)	$ 648
Adjustments to net loss:
Depreciation and amortization	10,174	621
Loss from equity investments in real estate in excess of distributions received	741	172
Asset management fees payable to affiliate in shares	1,783	358
Amortization of deferred financing costs and prepaid franchise fees and other	538	80
Unrealized loss on derivative		135
Amortization of share incentive plans	126	173
Bargain purchase gain	0	(3,809)
Increase in due to affiliate	1,382	753
Net changes in other operating assets and liabilities	926	142
Net Cash (Used in) Provided by Operating Activities	(274)	(727)
Cash Flows - Investing Activities
Distributions received from equity investments in excess of equity income	28,221	473
Acquisitions of hotels	(482,743)	(29,176)
Capital expenditures	(9,060)	(377)
Funds placed in escrow	(19,386)	(5,575)
Funds released from escrow	11,077	0
Net Cash (Used in) Provided By Investing Activities	(471,891)	(34,655)
Cash Flows - Financing Activities
Proceeds from mortgage financing	305,241	18,931
Proceeds from issuance of shares, net of offering costs	376,431	54,376
Contributions from noncontrolling interest	12,892	200
Distributions paid	(7,900)	(1,889)
Deferred financing costs	(3,363)	(689)
Repayment of mortgage financing	(324)	(2,000)
Withholding on restricted stock units	(46)	(19)
Purchase of treasury stock	(184)	(18)
Net Cash Provided by Financing Activities	682,747	68,892
Change in Cash During the Period
Net increase in cash	210,582	33,510
Cash, beginning of period	30,729	8,031
Cash, end of period	241,311	41,541
Noncash Investing and Financing Activities
Non-cash investing activities - accrued capital expenditures	1,538	114
Noncash financing activities - offering costs paid by the advisor, advance proceeds held in escrow	(405)	648
Noncash financing activities - distributions declared (Note 1)	6,297	1,222
Non-cash financing activities - issuance of noncontrolling interest	0	1,436
Asset management fees settled in shares	$ 1,583	$ 296