Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows - Operating Activities
Net Loss	$ (5,545)	$ (11,151)
Adjustments to net loss:
Depreciation and amortization	19,600	14,300
Equity in earnings of equity method investments in real estate in excess of distributions received	(1,658)	(533)
Straight-line rent adjustments	1,324	1,342
Loss on extinguishment of debt (Note 9)	668	15
Amortization of stock-based compensation expense	93	73
Amortization of deferred financing costs, fair market value of debt, ground lease intangible and other	(66)	504
Net changes in other operating assets and liabilities	(1,489)	2,593
Receipt of key money and other deferred incentive payments	1,050	2,713
Increase in due to related parties and affiliates	56	6,074
Net Cash Provided by Operating Activities	14,033	15,930
Cash Flows - Investing Activities
Acquisitions of hotels	(74,224)	(207,914)
Funds released from escrow	39,621	19,889
Funds placed in escrow	(36,545)	(16,661)
Capital expenditures	(18,984)	(13,698)
Deposits released for hotel investments	5,718	0
Distributions received from equity investments in excess of equity income	999	282
Deposits for hotel investments	0	(2,100)
Net Cash Used in Investing Activities	(83,415)	(220,202)
Cash Flows - Financing Activities
Proceeds from mortgage financing	210,500	55,500
Scheduled payments and prepayments of mortgage principal	124,440	10,399
Proceeds from Senior Credit Facility	30,000	0
Purchase of membership interest from noncontrolling interest (Note 11)	(21,121)	0
Distributions paid	(18,909)	(14,859)
Repayment of Senior Credit Facility	(15,000)	0
Proceeds from issuance of shares, net of offering costs	11,635	8,772
Distributions to noncontrolling interests	(3,779)	(2,331)
Repurchase of shares	(2,984)	(1,717)
Deferred financing costs	(2,306)	(558)
Deposits released for mortgage financing	1,850	0
Termination of interest rate swap	(1,221)	0
Purchase of interest rate caps	(74)	(35)
Deposits for mortgage financing	0	(1,914)
Net Cash Provided by Financing Activities	64,151	32,459
Change in Cash During the Period
Net decrease in cash	(5,231)	(171,813)
Cash, beginning of period	83,112	330,811
Cash, end of period	$ 77,881	$ 158,998