Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities:
Net income (loss)	$ 4,121	$ (246)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	15,888	13,211
Share-based compensation	2,614	1,230
Amortization of deferred financing costs and mortgage loan premiums	(106)	20
Non-cash ground rent	453	22
Equity in (earnings) loss from joint venture	3,833	2,907
Other	138	162
Changes in assets and liabilities:
Restricted cash, net	360	(1,357)
Hotel receivables	(2,874)	(6,746)
Prepaid expenses and other assets	(4,645)	(4,136)
Distributions from joint venture, net	887	0
Accounts payable and accrued expenses	(2,427)	2,488
Advance deposits	1,106	3,128
Net cash provided by (used in) operating activities	19,348	10,683
Investing activities:
Acquisition of hotel properties	0	(41,716)
Improvements and additions to hotel properties	(7,518)	(15,296)
Investment in joint venture, net	0	3,307
Deposit on hotel properties	(6,000)	0
Purchase of corporate office equipment, computer software, and furniture	(15)	(6)
Restricted cash, net	1,738	239
Property insurance proceeds	1,000	0
Net cash provided by (used in) investing activities	(10,795)	(53,472)
Financing activities:
Gross proceeds from issuance of preferred shares	0	90,000
Payment of offering costs - common and preferred shares	(73)	(3,036)
Payment of deferred financing costs	0	(303)
Repayments of mortgage debt	(2,299)	(1,772)
Repurchase of common shares	(632)	(523)
Distributions - common shares/units	(10,314)	(7,388)
Distributions - preferred shares	(6,081)	(4,456)
Net cash provided by (used in) financing activities	(19,399)	72,522
Net change in cash and cash equivalents	(10,846)	29,733
Cash and cash equivalents, beginning of year	55,136	85,900
Cash and cash equivalents, end of year	$ 44,290	$ 115,633