Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Investment in hotel properties, net	$ 1,120,085	$ 599,714
Ground lease asset, net	10,612	10,721
Cash and cash equivalents	139,999	220,722
Restricted cash	6,729	4,485
Hotel receivables (net of allowance for doubtful accounts of $27 and $13, respectively)	13,752	3,924
Deferred financing costs, net	4,042	2,718
Prepaid expenses and other assets	24,734	13,231
Total assets	1,319,953	855,515
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior credit facility	0	0
Mortgage debt	252,114	143,570
Accounts payable and accrued expenses	30,325	15,799
Advance deposits	4,667	2,482
Accrued interest	785	304
Distribution payable	8,297	4,908
Total liabilities	296,188	167,063
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred shares of beneficial interest, stated at liquidation preference $25 per share, $.01 par value, 100,000,000 shares authorized; 5,000,000 and 0 shares issued and outstanding at June 30, 2011 and at December 31, 2010, respectively	125,000	0
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 50,771,380 issued and outstanding at June 30, 2011 and 39,814,760 issued and outstanding at December 31, 2010	508	398
Additional paid-in capital	920,297	698,100
Accumulated deficit and distributions	(24,320)	(11,586)
Total shareholders' equity	1,021,485	686,912
Non-controlling interests	2,280	1,540
Total equity	1,023,765	688,452
Total liabilities and equity	$ 1,319,953	$ 855,515