Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
ASSETS
Investment in hotel properties, net	$ 2,343,690		$ 1,717,611
Investment in joint venture	258,828		260,304
Ground lease asset, net	30,891		19,217
Cash and cash equivalents	52,883		55,136
Restricted cash	16,383		16,482
Hotel receivables (net of allowance for doubtful accounts of $139 and $270, respectively)	21,320		16,850
Deferred financing costs, net	6,246		4,736
Prepaid expenses and other assets	40,243		26,595
Total assets	2,770,484		2,116,931
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	50,000	[1]	0	[1]
Term loan	300,000	[2]	100,000	[2]
Mortgage debt (including mortgage loan premium of $4,026 and $5,888, respectively)	493,987		454,247
Accounts payable and accrued expenses	106,828		61,428
Advance deposits	11,583		8,432
Accrued interest	2,382		1,945
Distribution payable	23,293		15,795
Total liabilities	988,073		641,847
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at December 31, 2014 and $325,000 at December 31, 2013), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at December 31, 2014 and 13,000,000 shares issued and outstanding at December 31, 2013	140		130
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,553,481 issued and outstanding at December 31, 2014 and 63,709,628 issued and outstanding at December 31, 2013	716		637
Additional paid-in capital	1,864,739		1,541,138
Accumulated other comprehensive income (loss)	(341)		1,086
Distributions in excess of retained earnings	(84,163)		(69,652)
Total shareholders' equity	1,781,091		1,473,339
Non-controlling interests	1,320		1,745
Total equity	1,782,411		1,475,084
Total liabilities and equity	$ 2,770,484		$ 2,116,931

[1] Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.

[2] Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014.