Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Investment in hotel properties, net	$ 1,120,484	$ 599,714
Investment in unconsolidated entities	167,603	0
Ground lease asset, net	10,557	10,721
Cash and cash equivalents	75,318	220,722
Restricted cash	8,730	4,485
Hotel receivables (net of allowance for doubtful accounts of $56 and $13, respectively)	14,925	3,924
Deferred financing costs, net	3,614	2,718
Prepaid expenses and other assets	16,197	13,231
Total assets	1,417,428	855,515
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior credit facility	0	0
Mortgage debt	251,834	143,570
Accounts payable and accrued expenses	32,302	15,799
Advance deposits	5,200	2,482
Accrued interest	931	304
Distribution payable	8,736	4,908
Total liabilities	299,003	167,063
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred shares of beneficial interest, stated at liquidation preference $25 per share, $.01 par value, 100,000,000 shares authorized; 9,000,000 and 0 shares issued and outstanding at September 30, 2011 and at December 31, 2010, respectively	225,000	0
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 50,771,380 issued and outstanding at September 30, 2011 and 39,814,760 issued and outstanding at December 31, 2010	508	398
Additional paid-in capital	917,842	698,100
Accumulated deficit and distributions	(27,603)	(11,586)
Total shareholders' equity	1,115,747	686,912
Non-controlling interests	2,678	1,540
Total equity	1,118,425	688,452
Total liabilities and equity	$ 1,417,428	$ 855,515