Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investment in hotel properties, net	$ 5,714,316	$ 5,874,876
Hotels held for sale	0	44,861
Cash and cash equivalents	175,551	41,040
Restricted cash	10,740	11,229
Hotel receivables (net of allowance for doubtful accounts of $372 and $431, respectively)	51,581	45,258
Prepaid expenses and other assets	121,178	116,276
Total assets	6,073,366	6,133,540
LIABILITIES AND EQUITY
Debt	2,388,783	2,387,293
Accounts payable, accrued expenses and other liabilities	258,454	250,518
Lease liabilities - operating leases	320,519	320,402
Deferred revenues	81,262	73,603
Accrued interest	8,086	4,535
Liabilities related to hotels held for sale	0	428
Distribution payable	12,150	12,218
Total liabilities	3,069,254	3,048,997
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $715,000 at June 30, 2023 and December 31, 2022), 100,000,000 shares authorized; 28,600,000 shares issued and outstanding at June 30, 2023 and December 31, 2022	286	286
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 120,057,744 shares issued and outstanding at June 30, 2023 and 126,345,293 shares issued and outstanding at December 31, 2022	1,201	1,263
Additional paid-in capital	4,094,680	4,182,359
Accumulated other comprehensive income (loss)	43,956	35,724
Distributions in excess of retained earnings	(1,225,748)	(1,223,117)
Total shareholders’ equity	2,914,375	2,996,515
Non-controlling interests	89,737	88,028
Total equity	3,004,112	3,084,543
Total liabilities and equity	$ 6,073,366	$ 6,133,540