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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets    
Investment in hotel properties, net $ 4,219,116 $ 4,486,416
Investment in unconsolidated joint ventures 6,522 6,798
Cash and cash equivalents 665,341 899,813
Restricted cash reserves 48,528 34,977
Hotel and other receivables, net of allowance of $274 and $292, respectively 31,091 13,346
Lease right-of-use assets 144,988 142,989
Prepaid expense and other assets 33,390 32,833
Total assets 5,148,976 5,617,172
Liabilities and Equity    
Debt, net 2,409,438 2,587,731
Accounts payable and other liabilities 155,136 172,325
Advance deposits and deferred revenue 20,047 32,177
Lease liabilities 123,031 122,593
Accrued interest 19,110 6,206
Distributions payable 8,347 8,752
Total liabilities 2,735,109 2,929,784
Commitments and Contingencies (Note 11)
Shareholders’ equity:    
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2021 and 2020 366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 166,503,062 and 165,002,752 shares issued and outstanding at December 31, 2021 and 2020, respectively 1,665 1,650
Additional paid-in capital 3,092,883 3,077,142
Accumulated other comprehensive loss (17,113) (69,050)
Distributions in excess of net earnings (1,046,739) (710,161)
Total shareholders’ equity 2,397,632 2,666,517
Noncontrolling interest:    
Noncontrolling interest in consolidated joint ventures 9,919 13,002
Noncontrolling interest in the Operating Partnership 6,316 7,869
Total noncontrolling interest 16,235 20,871
Total equity 2,413,867 2,687,388
Total liabilities and equity $ 5,148,976 $ 5,617,172