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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets:    
Investment in hotel properties, net $ 1,282,870 $ 1,265,174
Investment in hotel properties under development 67,554 43,651
Cash and cash equivalents 19,188 21,124
Restricted cash 10,681 10,329
Right of use asset, net 19,985 20,641
Hotel receivables (net of allowance for doubtful accounts of $382 and $248, respectively) 3,003 1,688
Deferred costs, net 4,627 5,384
Prepaid expenses and other assets 2,791 2,266
Total assets 1,410,699 1,370,257
Liabilities and Equity:    
Mortgage debt, net 439,282 460,145
Revolving credit facility 70,000 135,300
Construction loan 35,007 13,325
Accounts payable and accrued expenses 27,718 25,374
Distributions and losses in excess of investments of unconsolidated real estate entities 0 19,951
Lease liability, net 22,696 23,233
Distributions payable 1,803 469
Total liabilities 596,506 677,797
Commitments and contingencies (see 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 December 31, 2021 and 2020, respectively 48 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,768,890 and 46,973,473 shares issued and outstanding at December 31, 2021 and 2020, respectively 487 470
Additional paid-in capital 1,048,070 906,000
Accumulated deficit (251,103) (228,718)
Total shareholders’ equity 797,502 677,752
Noncontrolling Interests:    
Noncontrolling interest in operating partnership 16,691 14,708
Total equity 814,193 692,460
Total liabilities and equity $ 1,410,699 $ 1,370,257