Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
ASSETS
Investment in hotel properties, net	$ 1,879,271		$ 1,717,611
Investment in joint venture	256,274		260,304
Ground lease asset, net	23,478		19,217
Cash and cash equivalents	119,307		55,136
Restricted cash	17,915		16,482
Hotel receivables (net of allowance for doubtful accounts of $215 and $270, respectively)	30,137		16,850
Deferred financing costs, net	3,726		4,736
Prepaid expenses and other assets	37,999		26,595
Total assets	2,368,107		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 $4,913 and $5,888, respectively)	497,235		454,247
Accounts payable and accrued expenses	88,792		61,428
Advance deposits	11,287		8,432
Accrued interest	2,054		1,945
Distribution payable	22,159		15,795
Total liabilities	721,527		641,847
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at September 30, 2014 and $325,000 at December 31, 2013), 100,000,000 shares authorized; 14,000,000 and 13,000,000 shares issued and outstanding at September 30, 2014 and at December 31, 2013, respectively	140		130
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 67,614,929 issued and outstanding at September 30, 2014 and 63,709,628 issued and outstanding at December 31, 2013	676		637
Additional paid-in capital	1,717,853		1,541,138
Accumulated other comprehensive income (loss)	954		1,086
Distributions in excess of retained earnings	(76,910)		(69,652)
Total shareholders' equity	1,642,713		1,473,339
Non-controlling interests	3,867		1,745
Total equity	1,646,580		1,475,084
Total liabilities and equity	$ 2,368,107		$ 2,116,931

[1] (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.