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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Assets:    
Investment in hotel properties, net $ 1,299,296 $ 1,265,174
Investment in hotel properties under development 64,168 43,651
Cash and cash equivalents 18,580 21,124
Restricted cash 10,986 10,329
Right of use asset, net 20,151 20,641
Hotel receivables (net of allowance for doubtful accounts of $393 and $248, respectively) 3,235 1,688
Deferred costs, net 4,413 5,384
Prepaid expenses and other assets 5,138 2,266
Total assets 1,425,967 1,370,257
Liabilities and Equity:    
Mortgage debt, net 441,414 460,145
Revolving credit facility 70,000 135,300
Construction loan 32,283 13,325
Accounts payable and accrued expenses 30,772 25,374
Distributions and losses in excess of investments in unconsolidated real estate entities 0 19,951
Lease liability, net 22,836 23,233
Distributions payable 2,134 469
Total liabilities 599,439 677,797
Commitments and contingencies (Note 15)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 48 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,767,816 and 46,973,473 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 487 470
Additional paid-in capital 1,048,059 906,000
Accumulated deficit (237,927) (228,718)
Total shareholders’ equity 810,667 677,752
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 15,861 14,708
Total equity 826,528 692,460
Total liabilities and equity $ 1,425,967 $ 1,370,257