Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating activities:
Net income (loss)	$ (246)	$ (2,837)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	13,211	9,689
Share-based compensation	1,230	853
Amortization of deferred financing costs and mortgage loan premium	20	421
Amortization of ground lease	22	54
Equity in earnings (loss) from joint venture	2,907	3,596
Other	162	62
Changes in assets and liabilities:
Restricted cash, net	(1,357)	372
Hotel receivables	(6,746)	(3,876)
Prepaid expenses and other assets	(4,136)	831
Accounts payable and accrued expenses	2,488	(332)
Advance deposits	3,128	1,762
Net cash provided by (used in) operating activities	10,683	10,595
Investing activities:
Acquisition of hotel properties	(41,716)	0
Improvements and additions to hotel properties	(15,296)	(17,005)
Investment in joint venture	3,307	0
Deposit on hotel properties	0	(3,000)
Purchase of corporate office equipment, computer software, and furniture	(6)	0
Restricted cash, net	239	282
Net cash provided by (used in) investing activities	(53,472)	(19,723)
Financing activities:
Gross proceeds from issuance of common shares	0	32,421
Gross proceeds from issuance of preferred shares	90,000	0
Payment of offering costs - common and preferred shares	(3,036)	(548)
Payment of deferred financing costs	(303)	(594)
Borrowings under senior credit facility	0	70,000
Repayments under senior credit facility	0	(70,000)
Proceeds from mortgage debt	0	93,000
Repayments of mortgage debt	(1,772)	(133,477)
Repurchase of common shares	(523)	(319)
Distributions - common shares/units	(7,388)	(6,219)
Distributions - preferred shares	(4,456)	(4,456)
Net cash provided by (used in) provided by financing activities	72,522	(20,192)
Net change in cash and cash equivalents	29,733	(29,320)
Cash and cash equivalents, beginning of year	85,900	65,684
Cash and cash equivalents, end of period	$ 115,633	$ 36,364