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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Assets:    
Investment in hotel properties, net $ 1,320,082 $ 1,233,094
Cash and cash equivalents 9,333 12,118
Restricted cash 27,166 25,083
Investment in unconsolidated real estate entities 24,389 20,424
Hotel receivables (net of allowance for doubtful accounts of $200 and $155, respectively) 4,047 4,389
Deferred costs, net 4,646 4,642
Prepaid expenses and other assets 2,523 2,778
Deferred tax asset, net 30 426
Total assets 1,392,216 1,302,954
Liabilities and Equity:    
Mortgage debt, net 506,316 530,323
Revolving credit facility 32,000 52,500
Accounts payable and accrued expenses 31,692 27,782
Distributions and losses in excess of investments of unconsolidated real estate entities 6,582 6,017
Distributions payable 5,846 4,742
Total liabilities 582,436 621,364
Commitments and contingencies (see note 12)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2017 and 2016 0 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 45,375,266 and 38,367,014 shares issued and outstanding at December 31, 2017 and 2016, respectively 450 380
Additional paid-in capital 871,730 722,019
Retained earnings (distributions in excess of retained earnings) (69,018) (45,657)
Total shareholders’ equity 803,162 676,742
Noncontrolling Interests:    
Noncontrolling interest in operating partnership 6,618 4,848
Total equity 809,780 681,590
Total liabilities and equity $ 1,392,216 $ 1,302,954