Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Investment in hotel properties, net	$ 1,133,851	$ 1,127,484
Investment in joint venture	168,170	171,765
Ground lease asset, net	10,448	10,502
Cash and cash equivalents	36,364	65,684
Restricted cash	8,815	9,469
Hotel receivables (net of allowance for doubtful accounts of $60 and $71, respectively)	15,199	11,312
Deferred financing costs, net	3,660	3,487
Prepaid expenses and other assets	18,869	16,929
Total assets	1,395,376	1,416,632
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior unsecured revolving credit facility	0	0
Mortgage debt	211,062	251,539
Accounts payable and accrued expenses	31,770	33,333
Advance deposits	6,142	4,380
Accrued interest	929	1,000
Distribution payable	10,206	10,032
Total liabilities	260,109	300,284
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $225,000 at March 31, 2012 and December 31, 2011), 100,000,000 shares authorized; 9,000,000 shares issued and outstanding at March 31, 2012 and at December 31, 2011	90	90
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 52,219,193 issued and outstanding at March 31, 2012 and 50,769,024 issued and outstanding at December 31, 2011	522	508
Additional paid-in capital	1,175,102	1,142,905
Accumulated deficit and distributions	(43,781)	(30,252)
Total shareholders' equity	1,131,933	1,113,251
Non-controlling interests	3,334	3,097
Total equity	1,135,267	1,116,348
Total liabilities and equity	$ 1,395,376	$ 1,416,632