Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
ASSETS
Investment in hotel properties, net	$ 1,764,615		$ 1,717,611
Investment in joint venture	258,334		260,304
Ground lease asset, net	23,403		19,217
Cash and cash equivalents	38,477		55,136
Restricted cash	15,274		16,482
Hotel receivables (net of allowance for doubtful accounts of $158 and $270, respectively)	23,227		16,850
Deferred financing costs, net	3,882		4,736
Prepaid expenses and other assets	33,372		26,595
Total assets	2,160,584		2,116,931
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	36,000		0
Term loan	100,000	[1]	100,000	[1]
Mortgage debt (including mortgage loan premium of $4,812 and $5,888, respectively)	448,654		454,247
Accounts payable and accrued expenses	79,313		61,428
Advance deposits	10,347		8,432
Accrued interest	1,910		1,945
Distribution payable	20,674		15,795
Total liabilities	696,898		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 June 30, 2014 and December 31, 2013), 100,000,000 shares authorized; 13,000,000 shares issued and outstanding at June 30, 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 June 30, 2014 and 63,709,628 issued and outstanding at December 31, 2013	638		637
Additional paid-in capital	1,544,163		1,541,138
Accumulated other comprehensive income (loss)	508		1,086
Distributions in excess of retained earnings	(84,814)		(69,652)
Total shareholders' equity	1,460,625		1,473,339
Non-controlling interests	3,061		1,745
Total equity	1,463,686		1,475,084
Total liabilities and equity	$ 2,160,584		$ 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.