Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Investment in hotel properties, net	$ 1,258,452	$ 1,096,425
Cash and cash equivalents	21,036	15,077
Restricted cash	19,273	12,030
Investment in unconsolidated real estate entities	23,618	28,152
Hotel receivables (net of allowance for doubtful accounts of $95 and $71, respectively)	4,433	3,601
Deferred costs, net	8,034	7,514
Prepaid expenses and other assets	5,052	2,300
Total assets	1,339,898	1,165,099
Liabilities and Equity:
Mortgage debt	542,292	527,721
Revolving credit facility	65,580	22,500
Accounts payable and accrued expenses	25,100	20,042
Distributions and losses in excess of investments of unconsolidated real estate entities	2,703	0
Distributions payable	7,221	2,884
Total liabilities	$ 642,896	$ 573,147
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2015 and 2014	$ 0	$ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,308,937 and 34,173,691 shares issued and outstanding at December 31, 2015 and 2014, respectively	379	339
Additional paid-in capital	719,773	599,318
Accumulated deficit	(27,281)	(11,120)
Total shareholders’ equity	692,871	588,537
Noncontrolling Interests:
Noncontrolling interest in operating partnership	4,131	3,415
Total equity	697,002	591,952
Total liabilities and equity	$ 1,339,898	$ 1,165,099