Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investment in hotel properties, net	$ 5,400,440	$ 5,490,776
Cash and cash equivalents	133,965	183,747
Restricted cash	10,292	9,894
Hotel receivables (net of allowance for doubtful accounts of $428 and $689, respectively)	61,039	43,912
Prepaid expenses and other assets	116,841	96,644
Total assets	5,722,577	5,824,973
LIABILITIES AND EQUITY
Debt	2,207,714	2,319,801
Accounts payable, accrued expenses and other liabilities	243,904	238,644
Lease liabilities - operating leases	320,714	320,617
Deferred revenues	86,878	76,874
Accrued interest	9,612	6,830
Distribution payable	11,857	11,862
Total liabilities	2,880,679	2,974,628
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at September 30, 2024 and December 31, 2023), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at September 30, 2024 and December 31, 2023	276	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 119,285,394 shares issued and outstanding at September 30, 2024 and 120,191,349 shares issued and outstanding at December 31, 2023	1,193	1,202
Additional paid-in capital	4,069,808	4,078,912
Accumulated other comprehensive income (loss)	11,263	24,374
Distributions in excess of retained earnings	(1,330,539)	(1,341,264)
Total shareholders’ equity	2,752,001	2,763,500
Non-controlling interests	89,897	86,845
Total equity	2,841,898	2,850,345
Total liabilities and equity	$ 5,722,577	$ 5,824,973