Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues:
Room	$ 56,437	$ 12,805	$ 127,597	$ 14,165
Food and beverage	25,627	7,816	63,580	8,586
Other operating	5,739	1,016	12,401	1,102
Total revenues	87,803	21,637	203,578	23,853
Hotel operating expenses:
Room	14,477	3,769	33,984	4,067
Food and beverage	18,736	5,615	45,423	6,020
Other direct	2,747	452	5,830	493
Other indirect	23,651	6,006	56,587	6,651
Total hotel operating expenses	59,611	15,842	141,824	17,231
Depreciation and amortization	9,037	2,032	21,426	2,260
Real estate taxes, personal property taxes and property insurance	3,860	836	8,941	909
Ground rent	589	11	1,350	11
General and administrative	3,527	1,729	8,253	5,371
Hotel acquisition costs	3,903	1,665	7,344	4,811
Total operating expenses	80,527	22,115	189,138	30,593
Operating income (loss)	7,276	(478)	14,440	(6,740)
Interest income	49	638	815	2,513
Interest expense	(3,775)	(471)	(10,077)	(471)
Other	38		85
Equity in earnings of unconsolidated entities	2,169		2,169
Income (loss) before income taxes	5,757	(311)	7,432	(4,698)
Income tax (expense) benefit	81	3	(339)	(23)
Net income (loss)	5,838	(308)	7,093	(4,721)
Net income (loss) attributable to non-controlling interests	114		199
Net income (loss) attributable to the Company	5,724	(308)	6,894	(4,721)
Distributions to preferred shareholders	(2,899)		(5,907)
Net income (loss) attributable to common shareholders	$ 2,825	$ (308)	$ 987	$ (4,721)
Net income (loss) per share attributable to common shareholders, basic and diluted	$ 0.05	$ (0.01)	$ 0.01	$ (0.19)
Weighted-average number of common shares, basic and diluted	50,771,355	34,073,090	46,962,639	24,915,173