Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Investment in hotel properties, net	$ 1,240,155	$ 1,258,452
Cash and cash equivalents	13,466	21,036
Restricted cash	24,933	19,273
Investment in unconsolidated real estate entities	20,944	23,618
Hotel receivables (net of allowance for doubtful accounts of $139 and $95, respectively)	7,251	4,433
Deferred costs, net	4,857	5,365
Prepaid expenses and other assets	4,248	5,052
Total assets	1,315,854	1,337,229
Liabilities and Equity:
Mortgage debt	531,235	539,623
Revolving credit facility	53,000	65,580
Accounts payable and accrued expenses	30,597	25,100
Distributions and losses in excess of investments of unconsolidated real estate entities	5,293	2,703
Distributions payable	4,746	7,221
Total liabilities	624,871	640,227
Commitments and contingencies
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2016 and December 31, 2015	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,359,730 and 38,308,937 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	380	379
Additional paid-in capital	721,633	719,773
Retained earnings (distributions in excess of retained earnings)	(35,724)	(27,281)
Total shareholders’ equity	686,289	692,871
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	4,694	4,131
Total equity	690,983	697,002
Total liabilities and equity	$ 1,315,854	$ 1,337,229