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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Assets:    
Investment in hotel properties, net $ 1,286,661 $ 1,282,870
Investment in hotel properties under development 0 67,554
Cash and cash equivalents 17,750 19,188
Restricted cash 10,038 10,681
Right of use asset, net 19,645 19,985
Hotel receivables (net of allowance for doubtful accounts of $230 and $382, respectively) 7,276 3,003
Deferred costs, net 4,121 4,627
Prepaid expenses and other assets 8,269 2,791
Total assets 1,353,760 1,410,699
Liabilities and Equity:    
Mortgage debt, net 434,940 439,282
Revolving credit facility 15,000 70,000
Construction loan 39,143 35,007
Accounts payable and accrued expenses 27,913 27,718
Lease liability, net 22,410 22,696
Distributions payable 1,656 1,803
Total liabilities 541,062 596,506
Commitments and contingencies (Note 15)
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,806,107 and 48,768,890 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 488 487
Additional paid-in capital 1,046,980 1,048,070
Accumulated deficit (255,372) (251,103)
Total shareholders’ equity 792,144 797,502
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 20,554 16,691
Total equity 812,698 814,193
Total liabilities and equity $ 1,353,760 $ 1,410,699