Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
ASSETS
Investment in hotel properties, net		$ 2,684,285	$ 2,673,584
Investment in joint venture		243,283	248,794
Ground lease asset, net		30,070	30,218
Cash and cash equivalents		28,282	26,345
Restricted cash		10,010	9,453
Hotel receivables (net of allowance for doubtful accounts of $324 and $243, respectively)		31,403	25,062
Prepaid expenses and other assets		44,680	45,015
Total assets		3,072,013	3,058,471
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	180,000	165,000
Term loans, net of unamortized deferred financing costs	[2]	671,201	521,883
Senior Unsecured Notes, Net of Unamortized Deferred Financing Costs		99,409	99,392
Mortgage debt, net of unamortized loan premiums and deferred financing costs		316,967	319,320
Accounts payable and accrued expenses		156,739	141,897
Advance deposits		18,758	17,726
Accrued interest		4,265	2,550
Distribution payable		32,367	29,869
Total liabilities		$ 1,479,706	$ 1,297,637
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $210,000 at March 31, 2016 and $350,000 at December 31, 2015), 100,000,000 shares authorized; 8,400,000 shares issued and outstanding at March 31, 2016 and 14,000,000 shares issued and outstanding at December 31, 2015		$ 84	$ 140
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,922,904 issued and outstanding at March 31, 2016 and 71,735,129 issued and outstanding at December 31, 2015		719	717
Additional paid-in capital		1,731,920	1,868,047
Accumulated other comprehensive income (loss)		(16,234)	(4,750)
Distributions in excess of retained earnings		(126,871)	(105,765)
Total shareholders’ equity		1,589,618	1,758,389
Non-controlling interests		2,689	2,445
Total equity		1,592,307	1,760,834
Total liabilities and equity		$ 3,072,013	$ 3,058,471

[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, a portion of the Second Term Loan and the Third Term Loan. At March 31, 2016 and December 31, 2015, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.