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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Investment in hotel properties, net $ 4,180,328 $ 4,219,116
Investment in unconsolidated joint ventures 6,979 6,522
Cash and cash equivalents 481,316 665,341
Restricted cash reserves 55,070 48,528
Hotel and other receivables, net of allowance of $319 and $274, respectively 38,528 31,091
Lease right-of-use assets 136,915 144,988
Prepaid expense and other assets 79,089 33,390
Total assets 4,978,225 5,148,976
Liabilities and Equity    
Debt, net 2,217,555 2,409,438
Accounts payable and other liabilities 155,916 155,136
Advance deposits and deferred revenue 23,769 20,047
Lease liabilities 117,010 123,031
Accrued interest 20,707 19,110
Distributions payable 14,622 8,347
Total liabilities 2,549,579 2,735,109
Commitments and Contingencies (Note 10)
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, 2022 and 2021 366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,003,533 and 166,503,062 shares issued and outstanding at December 31, 2022 and 2021, respectively 1,620 1,665
Additional paid-in capital 3,054,958 3,092,883
Accumulated other comprehensive income (loss) 40,591 (17,113)
Distributions in excess of net earnings (1,049,441) (1,046,739)
Total shareholders’ equity 2,414,664 2,397,632
Noncontrolling interest:    
Noncontrolling interest in consolidated joint ventures 7,669 9,919
Noncontrolling interest in the Operating Partnership 6,313 6,316
Total noncontrolling interest 13,982 16,235
Total equity 2,428,646 2,413,867
Total liabilities and equity $ 4,978,225 $ 5,148,976