Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Investment in hotel properties, net	$ 1,275,723	$ 1,282,870
Investment in hotel properties under development	0	67,554
Cash and cash equivalents	19,915	19,188
Restricted cash	14,283	10,681
Right of use asset, net	19,472	19,985
Hotel receivables (net of allowance for doubtful accounts of $280 and $382, respectively)	15,227	3,003
Deferred costs, net	3,709	4,627
Prepaid expenses and other assets	6,379	2,791
Total assets	1,354,708	1,410,699
Liabilities and Equity:
Mortgage debt, net	432,787	439,282
Revolving credit facility	0	70,000
Construction loan	39,331	35,007
Accounts payable and accrued expenses	34,289	27,718
Lease liability, net	22,262	22,696
Distributions payable	1,656	1,803
Total liabilities	530,325	596,506
Commitments and contingencies (Note 15)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,807,154 and 48,768,890 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	488	487
Additional paid-in capital	1,047,002	1,048,070
Accumulated deficit	(245,231)	(251,103)
Total shareholders’ equity	802,307	797,502
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	22,076	16,691
Total equity	824,383	814,193
Total liabilities and equity	$ 1,354,708	$ 1,410,699