Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investment in hotel properties, net	$ 5,975,857	$ 6,079,333
Cash and cash equivalents	69,446	58,518
Restricted cash	26,507	33,729
Hotel receivables (net of allowance for doubtful accounts of $236 and $1,142, respectively)	40,645	37,045
Prepaid expenses and other assets	66,918	52,565
Total assets	6,179,373	6,261,190
LIABILITIES AND EQUITY
Debt	2,443,090	2,441,888
Accounts payable, accrued expenses and other liabilities	233,298	250,584
Lease liabilities - operating leases	319,375	319,426
Deferred revenues	78,756	69,064
Accrued interest	8,355	4,567
Distribution payable	11,565	11,756
Total liabilities	3,094,439	3,097,285
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $740,000 at March 31, 2022 and December 31, 2021), 100,000,000 shares authorized; 29,600,000 shares issued and outstanding at March 31, 2022 and December 31, 2021	296	296
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,904,299 shares issued and outstanding at March 31, 2022 and 130,813,750 shares issued and outstanding at December 31, 2021	1,309	1,308
Additional paid-in capital	4,269,322	4,268,042
Accumulated other comprehensive income (loss)	12,092	(19,442)
Distributions in excess of retained earnings	(1,206,019)	(1,094,023)
Total shareholders’ equity	3,077,000	3,156,181
Non-controlling interests	7,934	7,724
Total equity	3,084,934	3,163,905
Total liabilities and equity	$ 6,179,373	$ 6,261,190