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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Investment in hotel properties, net $ 1,241,935 $ 1,227,633
Cash and cash equivalents 10,595 68,130
Restricted cash 15,101 17,619
Right of use asset, net 17,849 18,141
Hotel receivables (net of allowance for doubtful accounts of $180 and $280, respectively) 4,176 4,375
Deferred costs, net 4,625 4,246
Prepaid expenses and other assets 8,197 3,786
Total assets 1,302,478 1,343,930
Liabilities and Equity:    
Mortgage debt, net 190,373 394,544
Revolving credit facility 120,000 0
Unsecured term loan, net 139,417 89,533
Accounts payable and accrued expenses (including $720 and $399 due to related parties, respectively) 28,455 29,255
Lease liability 20,859 20,808
Distributions payable 5,481 5,414
Total liabilities 504,585 539,554
Commitments and Contingencies
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, 2024 and December 31, 2023, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,909,201 and 48,859,836 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 489 488
Additional paid-in capital 1,046,787 1,047,176
Accumulated deficit (280,852) (271,651)
Total shareholders’ equity 766,472 776,061
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 31,421 28,315
Total equity 797,893 804,376
Total liabilities and equity $ 1,302,478 $ 1,343,930