Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,456,450	$ 2,672,654
Ground lease asset, net	29,037	29,627
Cash and cash equivalents	25,410	33,410
Restricted cash	7,123	7,419
Hotel receivables (net of allowance for doubtful accounts of $245 and $494, respectively)	29,206	27,687
Prepaid expenses and other assets	43,642	38,462
Total assets	2,590,868	2,809,259
LIABILITIES AND EQUITY
Unsecured revolving credit facilities	45,000	82,000
Term loans, net of unamortized deferred financing costs	670,406	671,793
Senior unsecured notes, net of unamortized deferred financing costs	99,374	99,460
Mortgage debt, net of unamortized loan premiums and deferred financing costs	70,457	142,998
Accounts payable and accrued expenses	148,821	149,283
Advance deposits	19,388	19,110
Accrued interest	2,073	2,284
Distribution payable	31,823	33,215
Total liabilities	1,087,342	1,200,143
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at December 31, 2017 and at December 31, 2016), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at December 31, 2017 and December 31, 2016	100	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,812,575 issued and outstanding at December 31, 2017 and 71,922,904 issued and outstanding at December 31, 2016	688	719
Additional paid-in capital	1,685,437	1,776,404
Accumulated other comprehensive income (loss)	3,689	(2,312)
Distributions in excess of retained earnings	(191,013)	(169,227)
Total shareholders’ equity	1,498,901	1,605,684
Non-controlling interests	4,625	3,432
Total equity	1,503,526	1,609,116
Total liabilities and equity	$ 2,590,868	$ 2,809,259