Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Investment in hotel properties, net	$ 6,106,943	$ 6,332,587
Cash and cash equivalents	727,372	30,098
Restricted cash	19,396	26,777
Hotel receivables (net of allowance for doubtful accounts of $824 and $738, respectively)	24,707	49,619
Prepaid expenses and other assets	59,525	59,474
Total assets	6,937,943	6,498,555
LIABILITIES AND EQUITY
Debt	2,708,258	2,229,220
Accounts payable and accrued expenses	546,196	516,437
Deferred revenues	40,733	57,704
Accrued interest	5,686	4,694
Distribution payable	9,304	58,564
Total liabilities	3,310,177	2,866,619
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at March 31, 2020 and at December 31, 2019), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019	204	204
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,563,226 shares issued and outstanding at March 31, 2020 and 130,484,956 shares issued and outstanding at December 31, 2019	1,306	1,305
Additional paid-in capital	4,075,727	4,069,410
Accumulated other comprehensive income (loss)	(78,980)	(24,715)
Distributions in excess of retained earnings	(391,950)	(424,996)
Total shareholders’ equity	3,606,307	3,621,208
Non-controlling interests	21,459	10,728
Total equity	3,627,766	3,631,936
Total liabilities and equity	$ 6,937,943	$ 6,498,555