Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investment in hotel properties, net	$ 6,079,333	$ 5,882,022
Cash and cash equivalents	58,518	124,274
Restricted cash	33,729	12,026
Hotel receivables (net of allowance for doubtful accounts of $1,142 and $183, respectively)	37,045	10,225
Prepaid expenses and other assets	52,565	47,819
Total assets	6,261,190	6,076,366
LIABILITIES AND EQUITY
Debt	2,441,888	2,280,471
Accounts payable, accrued expenses and other liabilities	250,584	226,446
Lease liabilities - operating leases	319,426	255,106
Deferred revenues	69,064	36,057
Accrued interest	4,567	4,653
Distribution payable	11,756	9,307
Total liabilities	3,097,285	2,812,040
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $740,000 and $510,000 at December 31, 2021 and December 31, 2020, respectively), 100,000,000 shares authorized; 29,600,000 shares issued and outstanding at December 31, 2021 and 20,400,000 shares issued and outstanding at December 31, 2020	296	204
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,813,750 shares issued and outstanding at December 31, 2021 and 130,673,300 shares issued and outstanding at December 31, 2020	1,308	1,307
Additional paid-in capital	4,268,042	4,169,870
Accumulated other comprehensive income (loss)	(19,442)	(60,071)
Distributions in excess of retained earnings	(1,094,023)	(853,973)
Total shareholders’ equity	3,156,181	3,257,337
Non-controlling interests	7,724	6,989
Total equity	3,163,905	3,264,326
Total liabilities and equity	$ 6,261,190	$ 6,076,366