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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Investment in hotel properties, net $ 1,233,361 $ 1,227,633
Cash and cash equivalents 19,349 68,130
Restricted cash 9,496 17,619
Right of use asset, net 17,699 18,141
Hotel receivables (net of allowance for doubtful accounts of $210 and $280, respectively) 4,357 4,375
Deferred costs, net 4,482 4,246
Prepaid expenses and other assets 6,237 3,786
Total assets 1,294,981 1,343,930
Liabilities and Equity:    
Mortgage debt, net 171,463 394,544
Revolving credit facility 125,000 0
Unsecured term loan, net 139,528 89,533
Accounts payable and accrued expenses (including $681 and $399 due to related parties, respectively) 34,594 29,255
Lease liability 20,749 20,808
Distributions payable 5,531 5,414
Total liabilities 496,865 539,554
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 September 30, 2024 and December 31, 2023, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,910,841 and 48,859,836 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 489 488
Additional paid-in capital 1,046,795 1,047,176
Accumulated deficit (282,011) (271,651)
Total shareholders’ equity 765,321 776,061
Noncontrolling Interests:    
Noncontrolling interest in Operating Partnership 32,795 28,315
Total equity 798,116 804,376
Total liabilities and equity $ 1,294,981 $ 1,343,930