Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating activities:
Net income (loss)	$ 14,685	$ 7,190
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	26,776	19,687
Share-based compensation	2,469	1,801
Amortization of deferred financing costs and mortgage loan premium	(62)	771
Non-cash ground rent	1,740	109
Equity in (earnings) loss from joint venture	976	516
Other	330	129
Changes in assets and liabilities:
Restricted cash, net	(1,015)	(86)
Hotel receivables	(12,108)	(4,606)
Prepaid expenses and other assets	(5,562)	(547)
Accounts payable and accrued expenses	5,916	5,484
Advance deposits	3,451	1,619
Net cash provided by (used in) operating activities	37,596	32,067
Investing activities:
Acquisition of hotel properties	(41,716)	(29,757)
Improvements and additions to hotel properties	(22,651)	(29,703)
Investment in joint venture	26,291	289
Deposit on hotel properties	(3,000)	(4,000)
Purchase of corporate office equipment, computer software, and furniture	(29)	(8)
Restricted cash, net	(753)	1,221
Net cash provided by (used in) investing activities	(41,858)	(61,958)
Financing activities:
Gross proceeds from issuance of common shares	4,812	147,631
Gross proceeds from issuance of preferred shares	100,000	0
Payment of offering costs - common and preferred shares	(3,578)	(5,339)
Payment of deferred financing costs	(327)	(1,018)
Borrowings under senior credit facility	0	95,000
Repayments under senior credit facility	0	(95,000)
Proceeds from mortgage debt	0	143,000
Repayments of mortgage debt	(3,800)	(134,324)
Repurchase of common shares	(523)	(319)
Distributions - common shares/units	(17,230)	(12,613)
Distributions - preferred shares	(9,400)	(8,913)
Net cash provided by (used in) provided by financing activities	69,954	128,105
Net change in cash and cash equivalents	65,692	98,214
Cash and cash equivalents, beginning of year	85,900	65,684
Cash and cash equivalents, end of period	$ 151,592	$ 163,898