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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets:    
Investment in hotel properties, net $ 1,352,891 $ 1,373,773
Investment in hotel properties under development 15,174 0
Cash and cash equivalents 10,257 7,192
Restricted cash 16,137 25,145
Investment in unconsolidated real estate entities 19,506 21,545
Right of use asset, net 21,424 0
Hotel receivables (net of allowance for doubtful accounts of $311 and $264, respectively) 9,456 4,495
Deferred costs, net 4,478 5,070
Prepaid expenses and other assets 4,119 2,431
Deferred tax asset, net 58 58
Total assets 1,453,500 1,439,709
Liabilities and Equity:    
Mortgage debt, net 497,640 501,782
Revolving credit facility 86,000 81,500
Accounts payable and accrued expenses 36,263 33,692
Distributions and losses in excess of investments in unconsolidated real estate entities 11,722 9,650
Lease liability, net 23,822 0
Distributions payable 6,018 5,667
Total liabilities 661,465 632,291
Commitments and contingencies (Note 14)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2019 and December 31, 2018 0 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,922,936 and 46,525,652 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively 469 465
Additional paid-in capital 904,160 896,286
Retained earnings (distributions in excess of retained earnings) (124,531) (99,285)
Total shareholders’ equity 780,098 797,466
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 11,937 9,952
Total equity 792,035 807,418
Total liabilities and equity $ 1,453,500 $ 1,439,709