Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities:
Net income (loss)	$ 7,093	$ (4,721)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	21,426	2,260
Share-based compensation	1,972	1,506
Amortization of deferred financing costs	1,135	175
Amortization of ground lease	164
Equity in earnings from unconsolidated entities	(2,169)
Deferred income tax benefit		23
Other	142
Changes in assets and liabilities:
Restricted cash, net	(686)
Hotel receivables	(10,024)	(3,453)
Prepaid expenses and other assets	(5,024)	(2,345)
Accounts payable and accrued expenses	13,359	7,941
Advance deposits	1,035	357
Net cash provided by operating activities	28,423	1,743
Investing activities:
Acquisition of hotel properties	(467,135)	(331,650)
Improvements and additions to hotel properties	(26,348)	(350)
Contributions to unconsolidated entities	(165,434)
Deposit on hotel property		(1,000)
Redemption of certificates of deposits		70,000
Purchase of corporate office equipment, computer software, and furniture	(145)	(464)
Restricted cash, net	(3,559)	(1,061)
Net cash used in investing activities	(662,621)	(264,525)
Financing activities:
Gross proceeds from issuance of common shares	235,980	332,350
Gross proceeds from issuance of preferred shares	225,150
Payment of offering costs - common and preferred shares	(17,108)	(15,392)
Payment of deferred financing costs	(2,031)	(2,300)
Contributions from non-controlling interest	95
Borrowings under senior credit facility	42,000
Repayments under senior credit facility	(42,000)
Proceeds from mortgage debt	67,000
Repayments of mortgage debt	(736)
Repurchase of shares	(140)
Distributions - common shares/units	(16,025)
Distributions - preferred shares	(3,391)
Net cash provided by financing activities	488,794	314,658
Net change in cash and cash equivalents	(145,404)	51,876
Cash and cash equivalents, beginning of year	220,722	319,119
Cash and cash equivalents, end of period	$ 75,318	$ 370,995