XML 11 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Investment in hotel properties, net $ 1,241,955 $ 1,264,252
Cash and cash equivalents 71,648 26,274
Restricted cash 18,333 18,879
Right of use asset, net 18,283 19,297
Hotel receivables (net of allowance for doubtful accounts of $413 and $344, respectively) 5,198 5,178
Deferred costs, net 4,413 6,428
Prepaid expenses and other assets 6,158 3,430
Total assets 1,365,988 1,343,738
Liabilities and Equity:    
Mortgage debt, net 396,602 430,553
Revolving credit facility 0 0
Construction loan 0 39,331
Unsecured term loan, net 89,469 0
Accounts payable and accrued expenses 35,785 28,528
Lease liability, net 20,916 22,108
Distributions payable 5,370 5,221
Total liabilities 548,142 525,741
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 September 30, 2023 and December 31, 2022, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,858,127 and 48,808,105 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 488 488
Additional paid-in capital 1,047,148 1,047,023
Accumulated deficit (257,263) (252,665)
Total shareholders’ equity 790,421 794,894
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 27,425 23,103
Total equity 817,846 817,997
Total liabilities and equity $ 1,365,988 $ 1,343,738