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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Assets:    
Investment in hotel properties, net $ 1,265,038 $ 1,096,425
Cash and cash equivalents 16,057 15,077
Restricted cash 16,519 12,030
Investment in unconsolidated real estate entities 24,936 28,152
Hotel receivables (net of allowance for doubtful accounts of $89 and $71, respectively) 7,159 3,601
Deferred costs, net 7,166 7,514
Prepaid expenses and other assets 4,998 2,300
Total assets 1,341,873 1,165,099
Liabilities and Equity:    
Mortgage debt 543,167 527,721
Revolving credit facility 60,000 22,500
Accounts payable and accrued expenses 26,642 20,042
Distributions and losses in excess of investments of unconsolidated real estate entities 1,420 0
Distributions payable 4,041 2,884
Total liabilities $ 635,270 $ 573,147
Commitments and contingencies
Shareholders’ Equity:    
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at September 30, 2015 and December 31, 2014 $ 0 $ 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 38,307,129 and 34,173,691 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 379 339
Additional paid-in capital 719,322 599,318
Retained earnings (distributions in excess of retained earnings) (17,183) (11,120)
Total shareholders’ equity 702,518 588,537
Noncontrolling Interests:    
Noncontrolling Interest in Operating Partnership 4,085 3,415
Total equity 706,603 591,952
Total liabilities and equity $ 1,341,873 $ 1,165,099