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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets:    
Investment in hotel properties, net $ 1,251,986 $ 1,265,174
Investment in hotel properties under development 52,540 43,651
Cash and cash equivalents 14,638 21,124
Restricted cash 8,724 10,329
Right of use asset, net 20,480 20,641
Hotel receivables (net of allowance for doubtful accounts of $263 and $248, respectively) 2,507 1,688
Deferred costs, net 4,990 5,384
Prepaid expenses and other assets 6,882 2,266
Total assets 1,362,747 1,370,257
Liabilities and Equity:    
Mortgage debt, net 457,924 460,145
Revolving credit facility 120,000 135,300
Construction loan 21,757 13,325
Accounts payable and accrued expenses 22,350 25,374
Distributions and losses in excess of investments in unconsolidated real estate entities 0 19,951
Lease liability, net 23,103 23,233
Distributions payable 147 469
Total liabilities 645,281 677,797
Commitments and contingencies (Note 13)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2021 and December 31, 2020 0 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,518,201 and 46,973,473 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 485 470
Additional paid-in capital 929,725 906,000
Accumulated deficit (226,062) (228,718)
Total shareholders’ equity 704,148 677,752
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 13,318 14,708
Total equity 717,466 692,460
Total liabilities and equity $ 1,362,747 $ 1,370,257