Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Investment in hotel properties, net	$ 1,251,143	$ 1,258,452
Cash and cash equivalents	12,479	21,036
Restricted cash	21,420	19,273
Investment in unconsolidated real estate entities	23,113	23,618
Hotel receivables (net of allowance for doubtful accounts of $120 and $95, respectively)	7,316	4,433
Deferred costs, net	5,172	5,365
Prepaid expenses and other assets	6,519	5,052
Total assets	1,327,162	1,337,229
Liabilities and Equity:
Mortgage debt	532,923	539,623
Revolving credit facility	70,580	65,580
Accounts payable and accrued expenses	25,927	25,100
Distributions and losses in excess of investments of unconsolidated real estate entities	3,667	2,703
Distributions payable	4,571	7,221
Total liabilities	$ 637,668	$ 640,227
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2016 and December 31, 2015	$ 0	$ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,347,715 and 38,308,937 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	380	379
Additional paid-in capital	720,753	719,773
Retained earnings (distributions in excess of retained earnings)	(35,889)	(27,281)
Total shareholders’ equity	685,244	692,871
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	4,250	4,131
Total equity	689,494	697,002
Total liabilities and equity	$ 1,327,162	$ 1,337,229