Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities:
Net income (loss)	$ 32,212	$ 19,295
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	40,747	30,742
Share-based compensation	3,857	2,750
Amortization of deferred financing costs and mortgage loan premiums	(147)	1,128
Non-cash ground rent	2,405	164
Equity in (earnings) loss from joint venture	(706)	(1,636)
Other	447	218
Changes in assets and liabilities:
Restricted cash, net	(2,061)	(174)
Hotel receivables	(9,995)	(6,944)
Prepaid expenses and other assets	(4,413)	1,456
Distributions from joint venture	735	0
Accounts payable and accrued expenses	8,550	9,146
Advance deposits	3,433	999
Net cash provided by (used in) operating activities	75,064	57,144
Investing activities:
Acquisition of hotel properties	(99,274)	(217,371)
Improvements and additions to hotel properties	(27,682)	(40,484)
Investment in joint venture	26,291	289
Deposit on hotel properties	0	(3,000)
Purchase of corporate office equipment, computer software, and furniture	(32)	(25)
Restricted cash, net	(1,835)	2,550
Net cash provided by (used in) investing activities	(102,532)	(258,041)
Financing activities:
Gross proceeds from issuance of common shares	4,829	218,054
Gross proceeds from issuance of preferred shares	100,000	0
Payment of offering costs - common and preferred shares	(3,586)	(6,534)
Payment of deferred financing costs	(649)	(3,043)
Borrowings under senior credit facility	0	95,000
Repayments under senior credit facility	0	(95,000)
Proceeds from term loan	0	100,000
Proceeds from mortgage debt	0	143,000
Repayments of mortgage debt	(5,881)	(135,468)
Repurchase of common shares	(523)	(319)
Distributions - common shares/units	(27,099)	(19,633)
Distributions - preferred shares	(15,481)	(13,369)
Net cash provided by (used in) financing activities	51,610	282,688
Net change in cash and cash equivalents	24,142	81,791
Cash and cash equivalents, beginning of year	85,900	65,684
Cash and cash equivalents, end of period	$ 110,042	$ 147,475