Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Investment in hotel properties, net	$ 6,332,587	$ 6,534,193
Ground lease asset, net	0	199,745
Cash and cash equivalents	30,098	83,366
Restricted cash	26,777	24,445
Hotel receivables (net of allowance for doubtful accounts of $738 and $526, respectively)	49,619	59,897
Prepaid expenses and other assets	59,474	76,702
Total assets	6,498,555	6,978,348
LIABILITIES AND EQUITY
Debt	2,229,220	2,746,898
Accounts payable and accrued expenses	516,437	360,279
Deferred revenues	57,704	54,741
Accrued interest	4,694	2,741
Distribution payable	58,564	43,759
Total liabilities	2,866,619	3,208,418
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at December 31, 2019 and at December 31, 2018), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 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 December 31, 2019 and 130,311,289 issued and outstanding at December 31, 2018	1,305	1,303
Additional paid-in capital	4,069,410	4,065,804
Accumulated other comprehensive income (loss)	(24,715)	1,330
Distributions in excess of retained earnings	(424,996)	(308,806)
Total shareholders’ equity	3,621,208	3,759,835
Non-controlling interests	10,728	10,095
Total equity	3,631,936	3,769,930
Total liabilities and equity	$ 6,498,555	$ 6,978,348