Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investment in hotel properties, net	$ 1,205,271	$ 1,227,633
Cash and cash equivalents	72,260	68,130
Restricted cash	19,240	17,619
Right of use asset, net	17,996	18,141
Hotel receivables (net of allowance for doubtful accounts of $339 and $280, respectively)	3,748	4,375
Deferred costs, net	4,765	4,246
Prepaid expenses and other assets	9,694	3,786
Total assets	1,332,974	1,343,930
Liabilities and Equity:
Mortgage debt, net	392,985	394,544
Revolving credit facility	0	0
Unsecured term loan, net	89,597	89,533
Accounts payable and accrued expenses (including $548 and $399 due to related parties, respectively)	29,285	29,255
Lease liability, net	20,698	20,808
Distributions payable	5,431	5,414
Total liabilities	537,996	539,554
Commitments and contingencies (Note 12)
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 March 31, 2024 and December 31, 2023, respectively	48	48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,907,719 and 48,859,836 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	489	488
Additional paid-in capital	1,046,779	1,047,176
Accumulated deficit	(282,287)	(271,651)
Total shareholders’ equity	765,029	776,061
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership	29,949	28,315
Total equity	794,978	804,376
Total liabilities and equity	$ 1,332,974	$ 1,343,930