Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
ASSETS
Investment in hotel properties, net		$ 2,673,584	$ 2,343,690
Investment in joint venture		248,794	258,828
Ground lease asset, net		30,218	30,891
Cash and cash equivalents		26,345	52,883
Restricted cash		9,453	16,383
Hotel receivables (net of allowance for doubtful accounts of $243 and $139, respectively)		25,062	21,320
Deferred financing costs, net		7,141	6,246
Prepaid expenses and other assets		42,333	40,243
Total assets		3,062,930	2,770,484
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	165,000	50,000
Term loans	[2]	525,000	300,000
Senior unsecured notes		100,000	0
Mortgage debt (including mortgage loan premium of $1,581 and $4,026, respectively)		320,054	493,987
Accounts payable and accrued expenses		141,897	106,828
Advance deposits		17,726	11,583
Accrued interest		2,550	2,382
Distribution payable		29,869	23,293
Total liabilities		$ 1,302,096	$ 988,073
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $350,000 at December 31, 2015 and $350,000 at December 31, 2014), 100,000,000 shares authorized; 14,000,000 shares issued and outstanding at December 31, 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 December 31, 2015 and 71,553,481 issued and outstanding at December 31, 2014		717	716
Additional paid-in capital		1,868,047	1,864,739
Accumulated other comprehensive income (loss)		(4,750)	(341)
Distributions in excess of retained earnings		(105,765)	(84,163)
Total shareholders’ equity		1,758,389	1,781,091
Non-controlling interests		2,445	1,320
Total equity		1,760,834	1,782,411
Total liabilities and equity		$ 3,062,930	$ 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, the Second Term Loan and the Third Term Loan. At December 31, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.