Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating activities:
Net income (loss)	$ 1,255	$ (4,413)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	12,389	228
Share-based compensation	1,289	980
Amortization of deferred financing costs	698
Amortization of ground lease	109
Deferred income tax benefit	257
Other	(23)
Changes in assets and liabilities:
Restricted cash, net	44
Hotel receivables	(8,822)	(830)
Prepaid expenses and other assets	(3,510)	(131)
Accounts payable and accrued expenses	11,193	3,613
Advance deposits	502	21
Net cash provided by (used in) operating activities	15,381	(532)
Investing activities:
Acquisition of hotel properties	(467,135)	(157,078)
Improvements and additions to hotel properties	(17,092)
Deposit on investment in joint venture	(10,000)	(7,500)
Investment in certificates of deposits		(15,000)
Redemption of certificates of deposits		45,000
Purchase of corporate office equipment, computer software, and furniture	(94)	(409)
Restricted cash, net	(2,288)
Net cash used in investing activities	(496,609)	(134,987)
Financing activities:
Gross proceeds from issuance of common shares	235,980
Gross proceeds from issuance of preferred shares	125,000
Payment of offering costs - common and preferred shares	(14,215)	(1,482)
Payment of deferred financing costs	(2,022)	(60)
Contributions from non-controlling interest	95
Proceeds from mortgage debt	67,000
Repayments of mortgage debt	(456)
Repurchase of shares	(140)
Distributions - common shares/units	(9,807)
Distributions - preferred shares/units	(930)
Net cash provided by (used in) financing activities	400,505	(1,542)
Net change in cash and cash equivalents	(80,723)	(137,061)
Cash and cash equivalents, beginning of year	220,722	319,119
Cash and cash equivalents, end of period	$ 139,999	$ 182,058