Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Investment in hotel properties, net	$ 1,717,611	$ 1,417,229
Investment in joint venture	260,304	283,011
Ground lease asset, net	19,217	10,283
Cash and cash equivalents	55,136	85,900
Restricted cash	16,482	12,034
Hotel receivables (net of allowance for doubtful accounts of $270 and $28, respectively)	16,850	13,463
Deferred financing costs, net	4,736	5,753
Prepaid expenses and other assets	26,595	18,489
Total assets	2,116,931	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 $5,888 and $2,498, respectively)	454,247	368,508
Accounts payable and accrued expenses	61,428	47,364
Advance deposits	8,432	4,596
Accrued interest	1,945	1,328
Distribution payable	15,795	11,274
Total liabilities	641,847	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 December 31, 2013 and December 31, 2012), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at December 31, 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; 63,709,628 issued and outstanding at December 31, 2013 and 60,955,090 issued and outstanding at December 31, 2012	637	610
Additional paid-in capital	1,541,138	1,362,349
Accumulated other comprehensive income (loss)	1,086	(300)
Distributions in excess of retained earnings	(69,652)	(49,798)
Total shareholders' equity	1,473,339	1,312,951
Non-controlling interests	1,745	141
Total equity	1,475,084	1,313,092
Total liabilities and equity	$ 2,116,931	$ 1,846,162