Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Investment in hotel properties, net	$ 1,165,080	$ 1,127,484
Investment in joint venture	170,960	171,765
Ground lease asset, net	10,393	10,502
Cash and cash equivalents	163,898	65,684
Restricted cash	8,334	9,469
Hotel receivables (net of allowance for doubtful accounts of $59 and $71, respectively)	15,937	11,312
Deferred financing costs, net	3,734	3,487
Prepaid expenses and other assets	21,044	16,929
Total assets	1,559,380	1,416,632
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	0	0
Mortgage debt	260,215	251,539
Accounts payable and accrued expenses	36,083	33,333
Advance deposits	5,999	4,380
Accrued interest	1,075	1,000
Distribution payable	10,832	10,032
Total liabilities	314,204	300,284
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $225,000 at June 30, 2012 and December 31, 2011), 100,000,000 shares authorized; 9,000,000 shares issued and outstanding at June 30, 2012 and at December 31, 2011	90	90
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 57,431,641 issued and outstanding at June 30, 2012 and 50,769,024 issued and outstanding at December 31, 2011	574	508
Additional paid-in capital	1,286,022	1,142,905
Distributions in excess of retained earnings	(45,283)	(30,252)
Total shareholders' equity	1,241,403	1,113,251
Non-controlling interests	3,773	3,097
Total equity	1,245,176	1,116,348
Total liabilities and equity	$ 1,559,380	$ 1,416,632