Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Investment in hotel properties, net	$ 2,446,670	$ 2,456,450
Investment in marketable securities	157,759	0
Ground lease asset, net	28,889	29,037
Cash and cash equivalents	15,969	25,410
Restricted cash	7,254	7,123
Hotel receivables (net of allowance for doubtful accounts of $105 and $245, respectively)	33,798	29,206
Prepaid expenses and other assets	51,587	43,642
Total assets	2,741,926	2,590,868
LIABILITIES AND EQUITY
Unsecured revolving credit facilities	203,000	45,000
Term loans, net of unamortized deferred financing costs	670,665	670,406
Senior unsecured notes, net of unamortized deferred financing costs	99,398	99,374
Mortgage debt, net of unamortized deferred financing costs	69,875	70,457
Accounts payable and accrued expenses	135,747	141,290
Deferred revenues	28,224	26,919
Accrued interest	3,343	2,073
Distribution payable	31,344	31,823
Total liabilities	1,241,596	1,087,342
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $250,000 at March 31, 2018 and at December 31, 2017), 100,000,000 shares authorized; 10,000,000 shares issued and outstanding at March 31, 2018 and December 31, 2017	100	100
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 68,912,185 issued and outstanding at March 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017	689	688
Additional paid-in capital	1,683,046	1,685,437
Accumulated other comprehensive income (loss)	8,936	3,689
Distributions in excess of retained earnings	(197,359)	(191,013)
Total shareholders’ equity	1,495,412	1,498,901
Non-controlling interests	4,918	4,625
Total equity	1,500,330	1,503,526
Total liabilities and equity	$ 2,741,926	$ 2,590,868