Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net	$ 1,172,798	$ 1,096,425
Cash and cash equivalents	18,075	15,077
Restricted cash	18,545	12,030
Investment in unconsolidated real estate entities	25,602	28,152
Hotel receivables (net of allowance for doubtful accounts of $82 and $71, respectively)	5,030	3,601
Deferred costs, net	7,547	7,514
Prepaid expenses and other assets	3,665	2,300
Total assets	1,251,262	1,165,099
Liabilities and Equity:
Mortgage debt	521,379	527,721
Revolving credit facility	0	22,500
Accounts payable and accrued expenses	22,332	20,042
Distributions and losses in excess of investments of unconsolidated real estate entities	306	0
Distributions payable	3,968	2,884
Total liabilities	$ 547,985	$ 573,147
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at June 30, 2015 and December 31, 2014	$ 0	$ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,306,743 and 34,173,691 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	379	339
Additional paid-in capital	718,905	599,318
Retained earnings (distributions in excess of retained earnings)	(19,970)	(11,120)
Total shareholders’ equity	699,314	588,537
Noncontrolling Interests:
Noncontrolling Interest in Operating Partnership	3,963	3,415
Total equity	703,277	591,952
Total liabilities and equity	$ 1,251,262	$ 1,165,099