Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Investment in hotel properties, net	$ 1,348,499	$ 1,127,484
Investment in joint venture	173,112	171,765
Ground lease asset, net	10,338	10,502
Cash and cash equivalents	147,475	65,684
Restricted cash	10,693	9,469
Hotel receivables (net of allowance for doubtful accounts of $73 and $71, respectively)	18,827	11,312
Deferred financing costs, net	5,402	3,487
Prepaid expenses and other assets	18,619	16,929
Total assets	1,732,965	1,416,632
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	0	0
Term loan	100,000	0
Mortgage debt	259,071	251,539
Accounts payable and accrued expenses	40,986	33,333
Advance deposits	5,379	4,380
Accrued interest	1,104	1,000
Distribution payable	11,209	10,032
Total liabilities	417,749	300,284
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $225,000 at September 30, 2012 and December 31, 2011), 100,000,000 shares authorized; 9,000,000 shares issued and outstanding at September 30, 2012 and at December 31, 2011	90	90
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 60,356,201 issued and outstanding at September 30, 2012 and 50,769,024 issued and outstanding at December 31, 2011	604	508
Additional paid-in capital	1,355,774	1,142,905
Accumulated other comprehensive income (loss)	(389)	0
Distributions in excess of retained earnings	(45,106)	(30,252)
Total shareholders' equity	1,310,973	1,113,251
Non-controlling interests	4,243	3,097
Total equity	1,315,216	1,116,348
Total liabilities and equity	$ 1,732,965	$ 1,416,632