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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Investment in hotel properties, net $ 4,136,216 $ 4,180,328
Investment in unconsolidated joint ventures 7,398 6,979
Cash and cash equivalents 516,675 481,316
Restricted cash reserves 38,652 55,070
Hotel and other receivables, net of allowance of $265 and $319, respectively 26,163 38,528
Lease right-of-use assets 136,140 136,915
Prepaid expense and other assets 58,051 79,089
Total assets 4,919,295 4,978,225
Liabilities and Equity    
Debt, net 2,220,778 2,217,555
Accounts payable and other liabilities 147,819 155,916
Advance deposits and deferred revenue 32,281 23,769
Lease liabilities 122,588 117,010
Accrued interest 22,539 20,707
Distributions payable 22,500 14,622
Total liabilities 2,568,505 2,549,579
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, 2023 and 2022 366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,297,829 and 162,003,533 shares issued and outstanding at December 31, 2023 and 2022, respectively 1,553 1,620
Additional paid-in capital 3,000,894 3,054,958
Accumulated other comprehensive income 22,662 40,591
Distributions in excess of net earnings (1,055,183) (1,049,441)
Total shareholders’ equity 2,336,862 2,414,664
Noncontrolling interest:    
Noncontrolling interest in consolidated joint ventures 7,634 7,669
Noncontrolling interest in the Operating Partnership 6,294 6,313
Total noncontrolling interest 13,928 13,982
Total equity 2,350,790 2,428,646
Total liabilities and equity $ 4,919,295 $ 4,978,225