Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
ASSETS
Investment in hotel properties, net	$ 1,712,545		$ 1,717,611
Investment in joint venture	255,584		260,304
Ground lease asset, net	19,158		19,217
Cash and cash equivalents	44,290		55,136
Restricted cash	14,384		16,482
Hotel receivables (net of allowance for doubtful accounts of $200 and $270, respectively)	19,794		16,850
Deferred financing costs, net	4,304		4,736
Prepaid expenses and other assets	35,601		26,595
Total assets	2,105,660		2,116,931
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	0		0
Term loan	100,000	[1]	100,000	[1]
Mortgage debt (including mortgage loan premium of $5,350 and $5,888, respectively)	451,410		454,247
Accounts payable and accrued expenses	61,963		61,428
Advance deposits	9,538		8,432
Accrued interest	1,932		1,945
Distribution payable	20,525		15,795
Total liabilities	645,368		641,847
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference of $325,000 and $325,000 at March 31, 2014 and December 31, 2013), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at March 31, 2014 and 13,000,000 issued and outstanding at December 31, 2013	130		130
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 63,764,929 issued and outstanding at March 31, 2014 and 63,709,628 issued and outstanding at December 31, 2013	638		637
Additional paid-in capital	1,542,796		1,541,138
Accumulated other comprehensive income (loss)	970		1,086
Distributions in excess of retained earnings	(86,560)		(69,652)
Total shareholders' equity	1,457,974		1,473,339
Non-controlling interests	2,318		1,745
Total equity	1,460,292		1,475,084
Total liabilities and equity	$ 2,105,660		$ 2,116,931

[1] The Company entered into interest rate swaps to effectively fix the interest rate at 2.55% for the full five-year term, based on its current leverage ratio.