Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income	$ 17,290	$ 6,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,422	12,070
Air rights contract amortization	390	390
Ground lease asset amortization	60	0
Deferred financing costs amortization	1,488	1,711
Premium on mortgage loan amortization	(158)	(53)
Unfavorable contract liability amortization	(294)	0
Loss on early extinguishment of debt	0	208
Share-based compensation	2,348	2,286
Changes in assets and liabilities:
Accounts receivable, net	(7,177)	(2,802)
Prepaid expenses and other assets	(345)	(1,386)
Accounts payable and accrued expenses	10,057	6,596
Other liabilities	19	(9)
Net cash provided by operating activities	44,100	25,106
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired	(184,702)	(308,616)
Deposits on hotel acquisitions	(2,000)	(7,000)
Improvements and additions to hotels	(17,530)	(1,473)
Investment in hotel construction loan	(6,478)	0
Change in restricted cash	(5,160)	(7,877)
Net cash used in investing activities	(215,870)	(324,966)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees	132,756	230,291
Proceeds from sale of preferred shares, net of underwriting fees	121,062	0
Payment of offering costs related to sale of common and preferred shares	(637)	(481)
Net borrowings (repayments) under revolving credit facility	(145,000)	55,000
Proceeds from issuance of mortgage debt	95,000	225,000
Principal prepayment of mortgage debt	0	(60,000)
Scheduled principal payments on mortgage debt	(1,545)	(295)
Payment of deferred financing costs	(1,838)	(3,037)
Purchase of interest rate cap	0	(262)
Payment of dividends to common shareholders	(20,529)	(16,516)
Repurchase of common shares	(621)	(209)
Net cash provided by financing activities	178,648	429,491
Net increase in cash	6,878	129,631
Cash and cash equivalents, beginning of period	20,960	10,551
Cash and cash equivalents, end of period	27,838	140,182
Supplemental disclosure of cash flow information:
Cash paid for interest	14,005	5,454
Cash paid for income taxes	471	5
Assumption of mortgage debt related to a hotel acquisition	$ 0	$ 38,622