Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 6,615,258	$ 6,534,193
Ground lease asset, net	0	199,745
Cash and cash equivalents	51,417	83,366
Restricted cash	25,654	24,445
Hotel receivables (net of allowance for doubtful accounts of $374 and $526, respectively)	71,971	59,897
Prepaid expenses and other assets	68,897	76,702
Total assets	6,833,197	6,978,348
LIABILITIES AND EQUITY
Debt	2,507,358	2,746,898
Accounts payable and accrued expenses	503,826	360,279
Deferred revenues	51,235	54,741
Accrued interest	5,800	2,741
Distribution payable	58,179	43,759
Total liabilities	3,126,398	3,208,418
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at March 31, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at March 31, 2019 and December 31, 2018	204	204
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,484,956 issued and outstanding at March 31, 2019 and 130,311,289 issued and outstanding at December 31, 2018	1,305	1,303
Additional paid-in capital	4,063,830	4,065,804
Accumulated other comprehensive income (loss)	(7,709)	1,330
Distributions in excess of retained earnings	(361,081)	(308,806)
Total shareholders’ equity	3,696,549	3,759,835
Non-controlling interests	10,250	10,095
Total equity	3,706,799	3,769,930
Total liabilities and equity	$ 6,833,197	$ 6,978,348