Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,563,158	$ 2,672,654
Hotels held for sale	110,969	0
Ground lease asset, net	29,480	29,627
Cash and cash equivalents	31,939	33,410
Restricted cash	7,152	7,419
Hotel receivables (net of allowance for doubtful accounts of $533 and $494, respectively)	29,107	27,687
Prepaid expenses and other assets	40,634	38,462
Total assets	2,812,439	2,809,259
LIABILITIES AND EQUITY
Senior unsecured revolving credit facility	204,000	82,000
Term loans, net of unamortized deferred financing costs	672,012	671,793
Senior unsecured notes, net of unamortized deferred financing costs	99,478	99,460
Mortgage debt, net of unamortized loan premiums and deferred financing costs	97,929	142,998
Accounts payable and accrued expenses	146,836	149,283
Advance deposits	20,486	19,110
Accrued interest	3,311	2,284
Liabilities related to hotels held for sale	2,685	0
Distribution payable	31,716	33,215
Total liabilities	1,278,453	1,200,143
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2017 and at December 31, 2016), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2017 and December 31, 2016.	100	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 69,937,163 issued and outstanding at March 31, 2017 and 71,922,904 issued and outstanding at December 31, 2016	699	719
Additional paid-in capital	1,715,272	1,776,404
Accumulated other comprehensive income (loss)	(208)	(2,312)
Distributions in excess of retained earnings	(185,657)	(169,227)
Total shareholders’ equity	1,530,206	1,605,684
Non-controlling interests	3,780	3,432
Total equity	1,533,986	1,609,116
Total liabilities and equity	$ 2,812,439	$ 2,809,259