Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Investment in hotel properties, net	$ 3,677,386	$ 3,518,803
Cash and cash equivalents	140,461	262,458
Restricted cash reserves	57,487	63,054
Hotel and other receivables, net of allowance of $182 and $166, respectively	39,514	25,691
Deferred financing costs, net	8,976	11,421
Deferred income tax asset	7,517	7,502
Prepaid expense and other assets	35,128	42,115
Assets of hotel properties held for sale	0	197,335
Total assets	3,966,469	4,128,379
Liabilities and Equity
Mortgage loans	407,389	532,747
Term loans	1,175,000	1,025,000
Accounts payable and other liabilities	142,663	129,388
Deferred income tax liability	7,242	7,879
Advance deposits and deferred revenue	12,234	9,984
Accrued interest	4,589	2,783
Distributions payable	41,776	42,114
Total liabilities	$ 1,790,893	$ 1,749,895
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 0	$ 0
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 125,726,018 and 131,964,706 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	1,257	1,319
Additional paid-in-capital	2,219,407	2,419,731
Accumulated other comprehensive loss	(32,294)	(13,644)
Distributions in excess of net earnings	(30,217)	(46,415)
Total shareholders’ equity	2,158,153	2,360,991
Noncontrolling interest
Noncontrolling interest in joint venture	6,126	6,295
Noncontrolling interest in Operating Partnership	11,297	11,198
Total noncontrolling interest	17,423	17,493
Total equity	2,175,576	2,378,484
Total liabilities and equity	$ 3,966,469	$ 4,128,379