Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investment in hotel properties, net		$ 2,672,557	$ 2,343,690
Investment in joint venture		247,312	258,828
Ground lease asset, net		30,513	30,891
Cash and cash equivalents		33,212	52,883
Restricted cash		13,463	16,383
Hotel receivables (net of allowance for doubtful accounts of $145 and $139, respectively)		31,615	21,320
Deferred financing costs, net		7,527	6,246
Prepaid expenses and other assets		49,050	40,243
Total assets		3,085,249	2,770,484
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	310,000	50,000
Term loans	[2]	400,000	300,000
Mortgage debt (including mortgage loan premium of $2,658 and $4,026, respectively)		437,198	493,987
Accounts payable and accrued expenses		132,520	106,828
Advance deposits		15,565	11,583
Accrued interest		2,499	2,382
Distribution payable		29,523	23,293
Total liabilities		$ 1,327,305	$ 988,073
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at June 30, 2015 and $350,000 at December 31, 2014), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at June 30, 2015 and 14,000,000 shares issued and outstanding at December 31, 2014		$ 140	$ 140
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,735,129 issued and outstanding at June 30, 2015 and 71,553,481 issued and outstanding at December 31, 2014		717	716
Additional paid-in capital		1,864,607	1,864,739
Accumulated other comprehensive income (loss)		(433)	(341)
Distributions in excess of retained earnings		(108,926)	(84,163)
Total shareholders’ equity		1,756,105	1,781,091
Non-controlling interests		1,839	1,320
Total equity		1,757,944	1,782,411
Total liabilities and equity		$ 3,085,249	$ 2,770,484

[1] Borrowings bear interest at floating rates equal to, at the Company's 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 the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At June 30, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.