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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Investment in hotel properties, net $ 1,264,252 $ 1,282,870
Investment in hotel properties under development 0 67,554
Cash and cash equivalents 26,274 19,188
Restricted cash 18,879 10,681
Right of use asset, net 19,297 19,985
Hotel receivables (net of allowance for doubtful accounts of $344 and $382, respectively) 5,178 3,003
Deferred costs, net 6,428 4,627
Prepaid expenses and other assets 3,430 2,791
Total assets 1,343,738 1,410,699
Liabilities and Equity:    
Mortgage debt, net 430,553 439,282
Revolving credit facility 0 70,000
Construction loan 39,331 35,007
Accounts payable and accrued expenses 28,528 27,718
Lease liability, net 22,108 22,696
Distributions payable 5,221 1,803
Total liabilities 525,741 596,506
Commitments and contingencies (see note 14)
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 December 31, 2022 and 2021, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,808,105 and 48,768,890 shares issued and outstanding at December 31, 2022 and 2021, respectively 488 487
Additional paid-in capital 1,047,023 1,048,070
Accumulated deficit (252,665) (251,103)
Total shareholders’ equity 794,894 797,502
Noncontrolling Interests:    
Noncontrolling interest in operating partnership 23,103 16,691
Total equity 817,997 814,193
Total liabilities and equity $ 1,343,738 $ 1,410,699