Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Investment in hotel properties, net		$ 2,558,234	$ 2,673,584
Investment in joint venture		183,088	248,794
Hotels held for sale		49,708	0
Ground lease asset, net		29,775	30,218
Cash and cash equivalents		46,626	26,345
Restricted cash		7,585	9,453
Hotel receivables (net of allowance for doubtful accounts of $244 and $243, respectively)		31,585	25,062
Prepaid expenses and other assets		48,828	45,015
Total assets		2,955,429	3,058,471
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	[1]	130,000	165,000
Term loans, net of unamortized deferred financing costs		671,574	521,883
Senior unsecured notes, net of unamortized deferred financing costs		99,442	99,392
Mortgage debt, net of unamortized loan premiums and deferred financing costs		228,134	319,320
Accounts payable and accrued expenses		164,389	141,897
Advance deposits		19,811	17,726
Accrued interest		3,735	2,550
Liabilities related to hotels held for sale		751	0
Distribution payable		33,058	29,869
Total liabilities		1,350,894	1,297,637
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at September 30, 2016 and $350,000 at December 31, 2015), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at September 30, 2016 and 14,000,000 shares issued and outstanding at December 31, 2015		100	140
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 71,922,904 issued and outstanding at September 30, 2016 and 71,735,129 issued and outstanding at December 31, 2015		719	717
Additional paid-in capital		1,774,413	1,868,047
Accumulated other comprehensive income (loss)		(17,862)	(4,750)
Distributions in excess of retained earnings		(156,024)	(105,765)
Total shareholders’ equity		1,601,346	1,758,389
Non-controlling interests		3,189	2,445
Total equity		1,604,535	1,760,834
Total liabilities and equity		$ 2,955,429	$ 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.