Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating activities:
Net income (loss)	$ 7,190	$ 1,255
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	19,687	12,389
Share-based compensation	1,801	1,289
Amortization of deferred financing costs	771	698
Amortization of ground lease	109	109
Equity in earnings (loss) from joint venture	516	0
Deferred income tax benefit	1,188	257
Other	129	(23)
Changes in assets and liabilities:
Restricted cash, net	(86)	44
Hotel receivables	(4,606)	(8,822)
Prepaid expenses and other assets	(1,735)	(3,510)
Accounts payable and accrued expenses	5,484	11,193
Advance deposits	1,619	502
Net cash provided by (used in) operating activities	32,067	15,381
Investing activities:
Acquisition of hotel properties	(29,757)	(467,135)
Improvements and additions to hotel properties	(29,703)	(17,092)
Distributions (contributions) from joint venture	289	0
Deposit on hotel properties	(4,000)	(10,000)
Purchase of corporate office equipment, computer software, and furniture	(8)	(94)
Restricted cash, net	1,221	(2,288)
Net cash used in investing activities	(61,958)	(496,609)
Financing activities:
Gross proceeds from issuance of common shares	147,631	235,980
Gross proceeds from issuance of preferred shares	0	125,000
Payment of offering costs - common and preferred shares	(5,339)	(14,215)
Payment of deferred financing costs	(1,018)	(2,022)
Contributions from non-controlling interest	0	95
Borrowings under senior credit facility	95,000	0
Repayments under senior credit facility	(95,000)	0
Proceeds from mortgage debt	143,000	67,000
Repayments of mortgage debt	(134,324)	(456)
Repurchase of common shares	(319)	(140)
Distributions - common shares/units	(12,613)	(9,807)
Distributions - preferred shares	(8,913)	(930)
Net cash (used in) provided by financing activities	128,105	400,505
Net change in cash and cash equivalents	98,214	(80,723)
Cash and cash equivalents, beginning of year	65,684	220,722
Cash and cash equivalents, end of period	$ 163,898	$ 139,999