Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Investment in hotel properties, net	$ 1,320,765	$ 1,347,116
Investment in hotel properties under development	33,719	20,496
Cash and cash equivalents	31,570	6,620
Restricted cash	10,845	13,562
Investment in unconsolidated real estate entities	0	17,969
Right of use asset, net	20,801	21,270
Hotel receivables (net of allowance for doubtful accounts of $370 and $451, respectively)	2,228	4,626
Deferred costs, net	5,536	4,271
Prepaid expenses and other assets	3,995	2,615
Deferred tax asset, net	29	29
Total assets	1,429,488	1,438,574
Liabilities and Equity:
Mortgage debt, net	489,024	495,465
Revolving credit facility	173,000	90,000
Construction loan	3,923	0
Accounts payable and accrued expenses	26,205	33,012
Distributions and losses in excess of investments in unconsolidated real estate entities	18,625	15,214
Lease liability, net	23,361	23,717
Distributions payable	469	6,142
Total liabilities	734,607	663,550
Commitments and contingencies (Note 13)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2020 and December 31, 2019	0	0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,971,625 and 46,928,445 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	470	469
Additional paid-in capital	906,021	904,273
Accumulated deficit	(225,363)	(142,365)
Total shareholders’ equity	681,128	762,377
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	13,753	12,647
Total equity	694,881	775,024
Total liabilities and equity	$ 1,429,488	$ 1,438,574