Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Investment in hotel properties, net	$ 1,314,504	$ 1,320,082
Cash and cash equivalents	13,403	9,333
Restricted cash	25,398	27,166
Investment in unconsolidated real estate entities	23,491	24,389
Hotel receivables (net of allowance for doubtful accounts of $215 and $200, respectively)	5,293	4,047
Deferred costs, net	5,486	4,646
Prepaid expenses and other assets	5,555	2,523
Deferred tax asset, net	30	30
Total assets	1,393,160	1,392,216
Liabilities and Equity:
Mortgage debt, net	505,179	506,316
Revolving credit facility	34,000	32,000
Accounts payable and accrued expenses	31,775	31,692
Distributions and losses in excess of investments of unconsolidated real estate entities	7,458	6,582
Distributions payable	5,950	5,846
Total liabilities	584,362	582,436
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2018 and December 31, 2017	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,869,600 and 45,375,266 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	459	450
Additional paid-in capital	882,586	871,730
Retained earnings (distributions in excess of retained earnings)	(81,311)	(69,018)
Total shareholders’ equity	801,734	803,162
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	7,064	6,618
Total equity	808,798	809,780
Total liabilities and equity	$ 1,393,160	$ 1,392,216