Subsequent Events	3 Months Ended
Mar. 31, 2013
Subsequent Events
Subsequent Events	13. Subsequent Events Offering Proceeds For the period from April 1, 2013 through May 13, 2013, the Company sold 15.0 million shares of common stock pursuant to its Offering generating gross proceeds of $149.3 million. In April 2013, the board of directors of the Company authorized the reallocation of shares available under the DRP to the Primary Offering. As of May 13, 2013, 11.9 million shares remain available for sale under the Primary Offering and 8.3 million shares remain available for sale under the DRP. Distributions On May 8, 2013, the board of directors of the Company approved a daily cash distribution of $0.002191781 per share of common stock, which is equivalent to an annual distribution rate of 8%, for each of the three months ended September 30, 2013. The distribution will be paid in cumulative amounts to the stockholders of record entitled to receive such distribution on August 1, 2013, September 2, 2013 and October 1, 2013. Share Repurchases In April 2013, the Company repurchased 0.2 million shares for a total of $1.7 million or a weighted average price of $9.36 per share under the Share Repurchase Program. Sponsor Purchase of Common Stock In May 2013, the Company determined that the Sponsor was not required to purchase shares under the Distribution Support Agreement for the three months ended March 31, 2013. New Investments In April 2013, the Company, together with the Sponsor, originated a $255.0 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza hotel located in the epicenter of Times Square, New York City. The loan includes a 35% interest in the Milford Plaza and the retail component at the hotel. The Company funded $89.3 million of the loan and the Sponsor funded the remaining $165.7 million of the loan. The $255.0 million loan was financed with $130.0 million from credit facilities with Deutsche Bank AG, pro-rata between the Company and the Sponsor. The Company expects to earn an initial current yield of 12.5% on its $43.8 million of invested equity which excludes the potential upside from the Company's proportionate interest in the hotel and retail component at the hotel. There is no assurance the Company will realize this expected return on invested equity over the term of this investment. The Company's actual return on invested equity could vary significantly from its expectations. Credit Facilities On April 18, 2013, the Company entered into an amendment to Loan Facility 2 which increased the available financing from $100.0 million to $150.0 million. The amendment requires the Company to maintain at least $3.8 million and a maximum of $22.5 million in unrestricted cash at all times during the term of Loan Facility 2. All other terms of Loan Facility 2 remained the same.

13. Subsequent Events

Offering Proceeds

For the period from April 1, 2013 through May 13, 2013, the Company sold 15.0 million shares of common stock pursuant to its Offering generating gross proceeds of $149.3 million.

In April 2013, the board of directors of the Company authorized the reallocation of shares available under the DRP to the Primary Offering. As of May 13, 2013, 11.9 million shares remain available for sale under the Primary Offering and 8.3 million shares remain available for sale under the DRP.

Distributions

On May 8, 2013, the board of directors of the Company approved a daily cash distribution of $0.002191781 per share of common stock, which is equivalent to an annual distribution rate of 8%, for each of the three months ended September 30, 2013. The distribution will be paid in cumulative amounts to the stockholders of record entitled to receive such distribution on August 1, 2013, September 2, 2013 and October 1, 2013.

Share Repurchases

In April 2013, the Company repurchased 0.2 million shares for a total of $1.7 million or a weighted average price of $9.36 per share under the Share Repurchase Program.

Sponsor Purchase of Common Stock

In May 2013, the Company determined that the Sponsor was not required to purchase shares under the Distribution Support Agreement for the three months ended March 31, 2013.

New Investments

In April 2013, the Company, together with the Sponsor, originated a $255.0 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza hotel located in the epicenter of Times Square, New York City. The loan includes a 35% interest in the Milford Plaza and the retail component at the hotel. The Company funded $89.3 million of the loan and the Sponsor funded the remaining $165.7 million of the loan. The $255.0 million loan was financed with $130.0 million from credit facilities with Deutsche Bank AG, pro-rata between the Company and the Sponsor. The Company expects to earn an initial current yield of 12.5% on its $43.8 million of invested equity which excludes the potential upside from the Company's proportionate interest in the hotel and retail component at the hotel. There is no assurance the Company will realize this expected return on invested equity over the term of this investment. The Company's actual return on invested equity could vary significantly from its expectations.

Credit Facilities

On April 18, 2013, the Company entered into an amendment to Loan Facility 2 which increased the available financing from $100.0 million to $150.0 million. The amendment requires the Company to maintain at least $3.8 million and a maximum of $22.5 million in unrestricted cash at all times during the term of Loan Facility 2. All other terms of Loan Facility 2 remained the same.