Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Investment in hotel properties, net	$ 2,059,492	$ 1,545,122
Investment in hotel properties under development	23,793	0
Land held for development	2,942	5,742
Assets held for sale	1,193	62,695
Investment in real estate loans, net	12,356	17,585
Cash and cash equivalents	36,545	34,694
Restricted cash	29,462	24,881
Trade receivables, net	16,985	11,807
Prepaid expenses and other	9,454	6,474
Deferred charges, net	5,221	3,727
Other assets	12,431	5,778
Total assets	2,209,874	1,718,505
Liabilities:
Debt, net of debt issuance costs	868,236	652,414
Accounts payable	7,774	4,623
Accrued expenses and other	56,488	47,998
Total liabilities	932,498	705,035
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 104,287,128 and 93,525,469 shares issued and outstanding at December 31, 2017 and 2016, respectively	1,043	935
Additional paid-in capital	1,262,679	1,011,412
Accumulated other comprehensive income (loss)	1,451	(977)
Retained earnings (distributions in excess of retained earnings)	9,201	(1,422)
Total stockholders’ equity	1,274,502	1,010,042
Non-controlling interests in operating partnership	2,874	3,428
Total equity	1,277,376	1,013,470
Total liabilities and equity	2,209,874	1,718,505
7.875% Series B Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	0	30
7.125% Series C Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	34	34
6.45% Series D Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	30	30
6.25% Series E Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 64	$ 0