Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Investment in hotel properties, net	$ 1,530,629	$ 1,417,229
Investment in joint venture	255,711	283,011
Ground lease asset, net	10,173	10,283
Cash and cash equivalents	151,592	85,900
Restricted cash	13,802	12,034
Hotel receivables (net of allowance for doubtful accounts of $218 and $28, respectively)	25,538	13,463
Deferred financing costs, net	5,262	5,753
Prepaid expenses and other assets	24,263	18,489
Total assets	2,016,970	1,846,162
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	0	0
Term loan	100,000	100,000
Mortgage debt (including mortgage loan premium of $6,377 and $2,498, respectively)	435,319	368,508
Accounts payable and accrued expenses	54,190	47,364
Advance deposits	8,047	4,596
Accrued interest	1,815	1,328
Distribution payable	15,202	11,274
Total liabilities	614,573	533,070
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $225,000 at June 30, 2013 and December 31, 2012), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at June 30, 2013 and 9,000,000 issued and outstanding at December 31, 2012	130	90
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 61,179,028 issued and outstanding at June 30, 2013 and 60,955,090 issued and outstanding at December 31, 2012	612	610
Additional paid-in capital	1,464,904	1,362,349
Accumulated other comprehensive income (loss)	1,500	(300)
Distributions in excess of retained earnings	(65,648)	(49,798)
Total shareholders' equity	1,401,498	1,312,951
Non-controlling interests	899	141
Total equity	1,402,397	1,313,092
Total liabilities and equity	$ 2,016,970	$ 1,846,162