Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating activities:
Net income (loss)	$ (2,837)	$ (3,044)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,689	4,797
Share-based compensation	853	613
Amortization of deferred financing costs	421	330
Amortization of ground lease	54	55
Equity in loss from joint venture	3,596	0
Deferred income tax benefit	2,673	(452)
Other	62	0
Changes in assets and liabilities:
Restricted cash, net	372	355
Hotel receivables	(3,876)	(4,112)
Prepaid expenses and other assets	(1,842)	(219)
Accounts payable and accrued expenses	(332)	1,322
Advance deposits	1,762	538
Net cash provided by (used in) operating activities	10,595	183
Investing activities:
Acquisition of hotel properties	0	(37,193)
Improvements and additions to hotel properties	(17,005)	(9,644)
Deposit on hotel properties	(3,000)	(13,500)
Purchase of corporate office equipment, computer software, and furniture	0	(13)
Restricted cash, net	282	(2,085)
Net cash used in investing activities	(19,723)	(62,435)
Financing activities:
Gross proceeds from issuance of common shares	32,421	0
Gross proceeds from issuance of preferred shares	0	125,000
Payment of offering costs - common and preferred shares	(548)	(4,023)
Payment of deferred financing costs	(594)	(722)
Contributions from non-controlling interest	0	95
Borrowings under senior credit facility	70,000	0
Repayments under senior credit facility	(70,000)	0
Proceeds from mortgage debt	93,000	67,000
Repayments of mortgage debt	(133,477)	(180)
Repurchase of common shares	(319)	(140)
Distributions - common shares/units	(6,219)	(4,908)
Distributions - preferred shares	(4,456)	0
Net cash (used in) provided by financing activities	(20,192)	182,122
Net change in cash and cash equivalents	(29,320)	119,870
Cash and cash equivalents, beginning of year	65,684	220,722
Cash and cash equivalents, end of period	$ 36,364	$ 340,592