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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Investment in hotel properties, net $ 1,258,002 $ 1,264,252
Cash and cash equivalents 22,473 26,274
Restricted cash 13,277 18,879
Right of use asset, net 19,120 19,297
Hotel receivables (net of allowance for doubtful accounts of $353 and $344, respectively) 4,547 5,178
Deferred costs, net 4,805 6,428
Prepaid expenses and other assets 9,632 3,430
Total assets 1,331,856 1,343,738
Liabilities and Equity:    
Mortgage debt, net 394,406 430,553
Revolving credit facility 0 0
Construction loan 0 39,331
Unsecured term loan, net 74,341 0
Accounts payable and accrued expenses 26,616 28,528
Lease liability, net 21,953 22,108
Distributions payable 5,284 5,221
Total liabilities 522,600 525,741
Commitments and contingencies (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 March 31, 2023 and December 31, 2022, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,855,155 and 48,808,105 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 488 488
Additional paid-in capital 1,047,095 1,047,023
Accumulated deficit (262,921) (252,665)
Total shareholders’ equity 784,710 794,894
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 24,546 23,103
Total equity 809,256 817,997
Total liabilities and equity $ 1,331,856 $ 1,343,738