Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Investment in hotel properties, net	$ 5,980,580	$ 6,332,587
Cash and cash equivalents	204,553	30,098
Restricted cash	12,422	26,777
Hotel receivables (net of allowance for doubtful accounts of $388 and $738, respectively)	11,312	49,619
Prepaid expenses and other assets	56,922	59,474
Total assets	6,265,789	6,498,555
LIABILITIES AND EQUITY
Debt	2,354,066	2,229,220
Accounts payable, accrued expenses and other liabilities	247,623	260,166
Lease liabilities - operating leases	255,177	256,271
Deferred revenues	33,965	57,704
Accrued interest	5,533	4,694
Distribution payable	9,306	58,564
Total liabilities	2,905,670	2,866,619
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at September 30, 2020 and at December 31, 2019), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at September 30, 2020 and December 31, 2019	204	204
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,673,300 shares issued and outstanding at September 30, 2020 and 130,484,956 shares issued and outstanding at December 31, 2019	1,307	1,305
Additional paid-in capital	4,092,602	4,069,410
Accumulated other comprehensive income (loss)	(69,663)	(24,715)
Distributions in excess of retained earnings	(671,667)	(424,996)
Total shareholders’ equity	3,352,783	3,621,208
Non-controlling interests	7,336	10,728
Total equity	3,360,119	3,631,936
Total liabilities and equity	$ 6,265,789	$ 6,498,555