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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Investment in hotel properties, net $ 1,197,518 $ 1,227,633
Cash and cash equivalents 20,195 68,130
Restricted cash 9,649 17,619
Right of use asset, net 17,547 18,141
Hotel receivables (net of allowance for doubtful accounts of $300 and $280, respectively) 2,921 4,375
Deferred costs, net 4,038 4,246
Prepaid expenses and other assets 2,813 3,786
Total assets 1,254,681 1,343,930
Liabilities and Equity:    
Mortgage debt, net 157,211 394,544
Revolving credit facility 110,000 0
Unsecured term loan, net 139,638 89,533
Accounts payable and accrued expenses (including $490 and $399 due to related parties, respectively) 29,621 29,255
Lease liability 20,634 20,808
Distributions payable 5,580 5,414
Total liabilities 462,684 539,554
Commitments and contingencies (see note 13)
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 December 31, 2024 and 2023, respectively 48 48
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,912,293 and 48,859,836 shares issued and outstanding at December 31, 2024 and 2023, respectively 489 488
Additional paid-in capital 1,046,812 1,047,176
Accumulated deficit (289,130) (271,651)
Total shareholders’ equity 758,219 776,061
Noncontrolling Interests:    
Noncontrolling interest in operating partnership 33,778 28,315
Total equity 791,997 804,376
Total liabilities and equity $ 1,254,681 $ 1,343,930