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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets:    
Investment in hotel properties, net $ 1,250,259 $ 1,264,252
Cash and cash equivalents 32,900 26,274
Restricted cash 14,799 18,879
Right of use asset, net 18,424 19,297
Hotel receivables (net of allowance for doubtful accounts of $408 and $344, respectively) 5,705 5,178
Deferred costs, net 4,965 6,428
Prepaid expenses and other assets 9,604 3,430
Total assets 1,336,656 1,343,738
Liabilities and Equity:    
Mortgage debt, net 376,454 430,553
Revolving credit facility 0 0
Construction loan 0 39,331
Unsecured term loan, net 89,405 0
Accounts payable and accrued expenses 29,964 28,528
Lease liability, net 21,019 22,108
Distributions payable 5,327 5,221
Total liabilities 522,169 525,741
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 June 30, 2023 and December 31, 2022, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,856,806 and 48,808,105 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 488 488
Additional paid-in capital 1,047,124 1,047,023
Accumulated deficit (259,184) (252,665)
Total shareholders’ equity 788,476 794,894
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 26,011 23,103
Total equity 814,487 817,997
Total liabilities and equity $ 1,336,656 $ 1,343,738