Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Investment in hotel properties, net	$ 1,347,116	$ 1,373,773
Investment in hotel properties under development	20,496	0
Cash and cash equivalents	6,620	7,192
Restricted cash	13,562	25,145
Investment in unconsolidated real estate entities	17,969	21,545
Right of use asset, net	21,270	0
Hotel receivables (net of allowance for doubtful accounts of $451 and $264, respectively)	4,626	4,495
Deferred costs, net	4,271	5,070
Prepaid expenses and other assets	2,615	2,431
Deferred tax asset, net	29	58
Total assets	1,438,574	1,439,709
Liabilities and Equity:
Mortgage debt, net	495,465	501,782
Revolving credit facility	90,000	81,500
Accounts payable and accrued expenses	33,012	33,692
Distributions and losses in excess of investments of unconsolidated real estate entities	15,214	9,650
Lease liability, net	23,717	0
Distributions payable	6,142	5,667
Total liabilities	663,550	632,291
Commitments and contingencies (see note 14)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2019 and 2018	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,928,445 and 46,537,031 shares issued and outstanding at December 31, 2019 and 2018, respectively	469	465
Additional paid-in capital	904,273	896,286
Retained earnings (distributions in excess of retained earnings)	(142,365)	(99,285)
Total shareholders’ equity	762,377	797,466
Noncontrolling Interests:
Noncontrolling interest in operating partnership	12,647	9,952
Total equity	775,024	807,418
Total liabilities and equity	$ 1,438,574	$ 1,439,709