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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets:    
Investment in hotel properties, net $ 1,240,983 $ 1,265,174
Investment in hotel properties under development 58,882 43,651
Cash and cash equivalents 131,367 21,124
Restricted cash 10,928 10,329
Right of use asset, net 20,317 20,641
Hotel receivables (net of allowance for doubtful accounts of $278 and $248, respectively) 3,834 1,688
Deferred costs, net 4,564 5,384
Prepaid expenses and other assets 5,843 2,266
Total assets 1,476,718 1,370,257
Liabilities and Equity:    
Mortgage debt, net 443,464 460,145
Revolving credit facility 128,000 135,300
Construction loan 27,573 13,325
Accounts payable and accrued expenses 25,504 25,374
Distributions and losses in excess of investments in unconsolidated real estate entities 0 19,951
Lease liability, net 22,971 23,233
Distributions payable 147 469
Total liabilities 647,659 677,797
Commitments and contingencies (Note 14)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 48 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,756,555 and 46,973,473 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 487 470
Additional paid-in capital 1,048,306 906,000
Accumulated deficit (234,620) (228,718)
Total shareholders’ equity 814,221 677,752
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 14,838 14,708
Total equity 829,059 692,460
Total liabilities and equity $ 1,476,718 $ 1,370,257