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cash flows from operating activities:
net income	50,880,000	63,648,000	31,221,000	29,817,000	56,266,000	73,931,000	54,050,000	20,765,000	58,512,000	65,289,000	32,923,000	2,312,000	59,146,000	65,345,000	18,002,000	13,221,000	31,759,000	20,283,000	-46,435,000	-51,247,000	-40,948,000	-78,243,000	-2,769,000	25,453,000	46,223,000	62,090,000	38,151,000	34,152,000	62,122,000	67,630,000	42,182,000	62,824,000	87,606,000	34,365,000	13,694,000	54,718,000	34,686,000	-17,792,000	46,968,000	44,245,000	43,867,000	22,334,000	35,162,000	43,799,000	-94,462,000	56,616,000	18,165,000	23,535,000	16,906,000	13,132,000	17,927,000	22,558,000	21,859,000	20,762,000	20,396,000	14,949,000	5,318,000	3,781,000	4,699,000	6,347,000	1,550,000	890,000	988,000	293,852	-19,852
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	48,100,000	48,022,000	47,941,000	47,922,000	48,143,000	47,715,000	46,823,000	45,844,000	45,498,000	45,994,000	45,906,000	45,916,000	45,135,000	45,322,000	45,324,000	45,158,000	44,217,000	46,386,000	48,710,000	50,196,000	50,171,000	49,897,000	49,522,000	49,294,000	47,887,000	48,109,000	47,950,000
impairment of depreciable real estate
gain on sale of real estate	-4,380,000	0	-3,557,000	-1,529,000	0	-449,000	-17,766,000					0				68,000	-44,000	864,000	-4,484,000	-2,069,000	0	54,000	-8,839,000	-3,969,000	0	161,000	-1,213,000					157,000			0	0	0	72,000	0	271,000	-15,629,000
other non-cash expenses	1,742,000	1,683,000	1,707,000	2,071,000	2,060,000	2,136,000	2,094,000	2,097,000	2,445,000	2,153,000	2,013,000	2,071,000	2,254,000	2,154,000	2,174,000	2,076,000	2,715,000	2,809,000	2,684,000	2,804,000	1,253,000	3,029,000	1,773,000	1,605,000	277,000	1,452,000	1,186,000	1,982,000	1,997,000	2,001,000	1,992,000	1,755,000	1,768,000	1,849,000	1,573,000	1,658,000	1,575,000	1,017,000	1,010,000	1,469,000	2,519,000		-107,000	1,017,000	223,000
changes in operating assets and liabilities:
increase in due from third-party managers	11,615,000	-5,477,000	-24,458,000		5,499,000	166,000	-27,186,000		6,673,000
increase in other assets	1,970,000								1,182,000	-7,299,000	-745,000									1,047,000	-1,357,000			3,566,000	-41,000	-2,001,000	-2,345,000	3,332,000							538,000				-2,112,000	-291,000	-2,229,000		-1,363,000				-89,000						-376,000					507,000		-1,219,000	-386,000
increase in accounts payable and other liabilities	10,793,000			-7,421,000	11,869,000			-2,856,000	17,290,000			-5,235,000	13,621,000	8,257,000	-2,621,000	-3,194,000	17,068,000	-2,042,000	2,256,000	-8,749,000				630,000				2,988,000										-3,332,000				-2,314,000
net cash from operating activities	126,444,000	108,796,000	49,139,000	95,205,000	128,190,000	127,303,000	54,652,000	96,880,000	131,600,000	118,873,000	51,691,000	95,245,000	120,992,000	113,146,000	39,063,000	71,200,000	96,589,000	51,887,000	-2,114,000	529,000	13,650,000	-20,793,000	33,342,000	90,156,000	127,446,000	107,829,000	56,243,000	107,932,000	130,512,000	113,505,000	52,863,000	124,200,000	119,122,000	37,187,000	101,301,000	85,866,000	50,804,000	75,890,000	88,345,000	80,559,000	36,258,000	68,071,000	86,143,000	75,102,000	22,871,000	39,424,000	37,861,000	36,865,000	23,296,000	29,036,000	35,839,000	37,489,000	20,602,000	36,085,000	32,483,000	17,869,000	11,697,000	3,963,000	8,908,000	8,888,000	2,204,000				-18,766
cash flows from investing activities:
acquisition of hotel properties	-15,000			-15,000	-64,000	-78,948,000	-118,337,000	-260,408,000	-32,000							-165,258,000	-147,883,000	24,000	-49,369,000	10,000	-63,592,000			-7,017,000	175,000	-6,000	-52,576,000	-15,557,000	-25,000	-73,550,000	-61,614,000	-38,663,000	0	-18,131,000	-23,994,000			-19,889,000	-170,215,000
disbursements for potential acquisitions	-3,626,000	397,000	-432,000				-422,000	4,602,000	-4,709,000	-393,000	-677,000
capital improvements	-17,237,000	-14,283,000	-27,289,000	-20,763,000	-14,580,000	-13,698,000	-31,299,000	-22,730,000	-14,251,000	-11,186,000	-23,899,000	-24,455,000	-9,902,000	-11,433,000	-13,586,000	-9,174,000	-4,232,000	-2,400,000	-2,506,000	-4,176,000	-6,087,000	-11,274,000	-27,022,000	-23,288,000	-12,838,000	-17,547,000	-21,223,000	-21,624,000	-13,590,000	-14,407,000	-24,672,000	-12,504,000	-11,405,000	-17,461,000																	-4,316,000	-4,515,000	-4,689,000	-2,469,000	-2,518,000	-7,495,000				-2,028,000	-233,000
net proceeds from sale of real estate	15,597,000	0	20,645,000	22,287,000	0	6,945,000	33,111,000					0				0	208,243,000	5,178,000	17,587,000	10,114,000	3,000	-5,000	44,387,000	26,196,000	0	-114,000	95,143,000	5,616,000				-157,000				0	0		1,650,000	1,651,000	201,853,000
net cash from investing activities	-5,281,000	-32,742,000	-7,076,000	1,160,000	-14,644,000	-85,279,000	-116,947,000	-278,536,000	-18,992,000	-42,527,000	-24,576,000	-107,680,000	-3,211,000	-11,433,000	-13,586,000	-172,680,000	55,858,000	427,000	-34,288,000	5,839,000	-69,507,000	-35,958,000	17,365,000	-3,809,000	-13,246,000	-18,253,000	20,984,000	-31,565,000	-3,990,000	-88,115,000	-86,490,000	-54,295,000	15,842,000	-34,498,000	-128,268,000	-13,496,000	-20,884,000	-40,417,000	-179,867,000	-48,884,000	186,883,000	-18,181,000	-18,697,000	-12,056,000	-9,470,000	39,876,000	-3,054,000	-9,953,000	-1,423,000	-492,000	-4,836,000	116,449,000	-5,170,000	-816,000	-53,730,000	-93,853,000				-197,317,000	-29,689,000	-251,216,000	-63,896,000
cash flows from financing activities:
repurchases of common shares	-2,039,000	-16,884,000	-26,306,000	0	-19,176,000			0	-49,000	-3,274,000	-3,557,000	-1,154,000	-1,376,000							0	0	0	-14,336,000	0	-239,000	0	-4,096,000	-100,000,000	0	0	-4,304,000	0	0	0	0			-849,000	-21,296,000
common shares surrendered to satisfy employee withholding requirements	0	0	-3,275,000	-2,744,000	0	0	-5,050,000
distributions paid to common shareholders	-56,820,000	-57,042,000	-69,615,000	-57,841,000	-57,680,000	-58,045,000	-70,156,000	-55,164,000	-54,837,000	-54,883,000	-73,399,000	-52,675,000	-38,830,000	-34,261,000	-13,701,000	-2,287,000	-2,278,000			-54,000	0	0	-67,324,000	-67,175,000	-67,154,000	-67,155,000	-67,188,000	-68,627,000	-69,061,000	-69,060,000	-69,144,000	-66,905,000	-66,903,000	-66,908,000	-57,227,000	-52,353,000	-52,360,000	-52,313,000	-52,576,000	-60,821,000	-63,417,000											-175,395,000	-40,104,000	-40,197,000	-40,130,000	-39,914,000				-12,625,000	-9,889,000	-7,331,000	-4,788,000
equity issuance costs	-49,000	-231,000	-142,000		-90,000	-173,000	-159,000		-22,000	-35,000	-15,000				-23,000				-1,000
proceeds from revolving credit facility	0	80,500,000	92,500,000	47,000,000	38,000,000	142,500,000	180,400,000
payments on revolving credit facility	-173,000,000	-55,500,000	-27,000,000	-75,000,000	-96,500,000	-104,500,000	-49,400,000
proceeds from term loans and senior notes				0				0	0	0	50,000,000	50,000,000	50,000,000							0	0	0	50,000,000
payments on term loans and senior notes
payments of mortgage debt and other loans	-2,019,000	-35,018,000	-2,034,000	-2,214,000	-21,941,000	-2,279,000	-2,268,000	-2,245,000	-2,211,000	-2,189,000	-39,568,000	-2,588,000	-34,183,000	-125,504,000	-6,556,000	-4,375,000	-4,300,000	-59,031,000	-3,018,000	-2,745,000	-2,353,000
principal payments on finance leases	-187,000	-158,000	-156,000	-155,000	-138,000	-112,000	-110,000	-109,000	-95,000	-69,000	-67,000	-65,000	-53,000	-28,000	-27,000
financing costs				0				0				0	-10,160,000			-11,000	-75,000	-29,000	-1,472,000	-6,000	-98,000	-1,674,000	-511,000	-774,000				-11,000				-771,000			-702,000	-3,062,000	0	-45,000	-11,000	-6,506,000	-493,000	102,000	-125,000	-74,000	-4,806,000
net cash from financing activities	-77,631,000	-84,333,000	-36,028,000	-91,015,000	-113,348,000	-38,085,000	53,257,000	156,211,000	-81,720,000	-76,950,000	-31,848,000	-8,447,000	-100,635,000	-95,669,000	-24,222,000	67,551,000	-112,683,000	-54,125,000	37,959,000	-27,619,000	-72,698,000	-229,670,000	385,227,000	-86,973,000	-112,112,000	-88,646,000	-78,590,000	-77,223,000	-124,313,000	-24,549,000	35,274,000	-69,905,000	-134,964,000	-2,689,000	5,353,000	-50,756,000	-29,920,000	-35,578,000	91,627,000	-78,580,000	-176,236,000	-49,890,000	-68,251,000	-62,241,000	-31,503,000	-61,198,000	-34,807,000	-26,912,000	-30,900,000	-39,030,000	-18,878,000	-149,394,000	-43,321,000	-41,558,000	-28,642,000	-30,544,000	165,828,000	138,537,000	124,556,000	121,017,000	108,059,000	128,332,000	96,381,000	162,456,520	8,480
net change in cash, cash equivalents and restricted cash	43,532,000	-8,279,000	6,035,000	5,350,000	198,000	3,939,000	-9,038,000	-25,445,000	30,888,000	-604,000	-4,733,000	-20,882,000	17,146,000	6,044,000	1,255,000	-33,929,000	39,764,000	-1,811,000	1,557,000	-21,251,000	-128,555,000	-286,421,000	435,934,000	-626,000	2,088,000	930,000	-1,363,000	-856,000	2,209,000	841,000	1,647,000
cash, cash equivalents and restricted cash, beginning of period	0	0	44,067,000	0	0	0	43,618,000	0	0	0	43,512,000	0	0	0	39,949,000	0	0	0	34,368,000	0	0	0	34,661,000	0	0	0	33,632,000	0	0	0	29,791,000
cash, cash equivalents and restricted cash, end of period	43,532,000	-8,279,000	50,102,000	5,350,000	198,000	3,939,000	34,580,000	-25,445,000	30,888,000	-604,000	38,779,000	-20,882,000	17,146,000	6,044,000	41,204,000	-33,929,000	39,764,000	-1,811,000	35,925,000	-21,251,000	-128,555,000	-286,421,000	470,595,000	-626,000	2,088,000	930,000	32,269,000	-856,000	2,209,000	841,000	31,438,000
supplemental cash flow information:
interest paid	20,822,000	20,494,000	18,579,000	19,326,000	20,150,000	19,417,000	16,666,000	18,252,000	16,880,000	17,098,000	15,605,000	15,070,000	14,124,000	14,678,000	13,849,000	13,414,000	14,399,000	17,274,000	18,062,000	16,794,000	17,139,000	14,902,000	14,696,000	14,323,000	15,059,000	15,086,000	15,409,000	12,803,000	13,061,000	12,688,000	11,760,000	11,517,000	11,677,000	11,855,000	10,572,000	9,818,000	9,802,000	9,789,000	9,327,000	7,840,000	8,063,000	8,143,000	8,612,000	8,636,000	4,280,000
income taxes paid	78,000	892,000	39,000	96,000	35,000
supplemental disclosure of noncash investing and financing activities:
accrued distribution to common shareholders	-13,000	-113,000	19,053,000	12,008,000	-108,000	-85,000	19,355,000	13,117,000	1,000	-17,000	18,296,000	20,570,000	4,561,000	0	11,420,000	2,000	0	47,000	2,232,000					2,000	-1,000	1,000	22,384,000	-621,000	1,000	0	23,020,000	1,000	0	22,301,000	4,874,000	0	17,451,000	-3,000	-120,000
accrued capital expenditures	216,000	-1,650,000	6,010,000	9,784,000	550,000	-1,367,000	4,771,000
reconciliation of cash, cash equivalents and restricted cash:
cash and cash equivalents, beginning of period	0	0	10,253,000	0	0	0	10,287,000	0	0	0	4,077,000	0	0	0	3,282,000	0	0	0	5,556,000													0	0	0	0	0	0	0	0	0	0	0	0	0	18,102,000	0	0	0	9,027,000	0	0	0	30,733,000	0	0	224,108,000	0	272,913,000	0	0	75,193,000	0	0	96	19,904
restricted cash-furniture, fixtures and other escrows, beginning of period	0	0	33,814,000	0	0	0	33,331,000	0	0	0	39,435,000	0	0	0	36,667,000	0	0	0	28,812,000	0	0	0	34,661,000	0	0	0	33,632,000	0	0	0	29,791,000
cash and cash equivalents, end of period	42,394,000	-7,021,000	14,917,000	4,106,000	-1,077,000	2,282,000	4,942,000	-25,079,000	28,946,000	327,000	6,093,000	-21,496,000	23,975,000	962,000	636,000	-36,150,000	36,533,000	-2,877,000	5,776,000	-21,879,000	-129,026,000	-280,799,000	437,260,000									0	0	0	-21,614,000	21,614,000	0	-105,000	105,000	-46,905,000	46,905,000	0	-805,000	805,000	0	18,102,000	0	0	0	-10,486,000	12,125,000	4,544,000	2,844,000	-6,289,000	-49,889,000	117,580,000	38,434,000	319,827,000	26,579,000	-67,412,000	155,767,000	-120,837,000	33,451,000	162,569,382	9,618
restricted cash-furniture, fixtures and other escrows, end of period	1,138,000	-1,258,000	35,185,000	1,244,000	1,275,000	1,657,000	29,638,000	-366,000	1,942,000	-931,000	32,686,000	614,000	-6,829,000	5,082,000	40,568,000	2,221,000	3,231,000	1,066,000	30,149,000	628,000	471,000	-5,622,000	33,335,000	-626,000	2,088,000	930,000	32,269,000	-856,000	2,209,000	841,000	31,438,000
decrease in other assets			670,000																1,029,000															10,367,000
decrease in accounts payable and other liabilities			-4,385,000				-6,196,000				-617,000											3,654,000	-11,670,000			-1,136,000	-5,235,000			836,000	-7,746,000		3,917,000	-34,814,000		404,000	-1,777,000			6,212,000	-6,531,000
decrease (increase) in due from third party managers																		-15,529,000	-16,628,000			-2,857,000	4,886,000
decrease (increase) in other assets				1,314,000			2,833,000							-2,063,000	-3,308,000								439,000							-1,218,000	-2,485,000	78,000					1,120,000								-1,190,000				625,000							-549,000
net proceeds (disbursements) related to issuance of common shares												-47,000	-33,000																																																118,135,000
loss on impairment of depreciable real estate assets																0	0	0	10,754,000	715,000	0			0				0	0			0	0	7,875,000				45,000,000				2,388,000
adjustments to reconcile net income to cash from operating activities:
repurchases of common shares to satisfy employee withholding requirements								-2,266,000	0	0	-5,742,000	-1,918,000	0	0	-4,415,000	-1,695,000	0	0	-1,650,000	-784,000	0	0	-1,748,000	-86,000	0	0	-491,000	-649,000	0	0	-876,000	0	0	-432,000	0	0	-459,000
net payments on revolving credit facility
notes payable originated from acquisitions																0				0	-1,153,000
net proceeds from (payments on) revolving credit facility																76,000,000	-82,000,000			-23,900,000	-70,000,000	-225,300,000	374,100,000
increase in due from third party managers											-27,789,000		1,319,000	-5,869,000	-20,508,000										11,741,000	-846,000	-22,251,000		13,669,000	-4,622,000	-25,920,000	5,323,000	16,000	-26,222,000	6,000,000	-2,066,000	-18,284,000		3,420,000	-2,482,000	-16,458,000		6,413,000	-2,982,000	-12,875,000		2,752,000	-874,000	-6,982,000	4,370,000	2,594,000	1,023,000	-9,133,000	2,349,000
net proceeds from revolving credit facility											40,500,000				500,000				44,100,000											47,700,000	63,800,000		-65,300,000	96,600,000
refunds (disbursements) for potential acquisitions
proceeds from mortgage debt and other loans																				0	0
refunds (payments) for potential acquisitions																1,752,000	-270,000			-109,000	169,000
payments of finance lease settlement																-45,000
net proceeds related to issuance of common shares																	-30,000												0	-54,000	4,731,000																										194,706,000	162,845,000	141,771,000
decrease in due from third party managers
net payments on extinguished revolving credit facility
repayment of term loans and senior notes
deposits and other disbursements for potential acquisitions																								300,000	-583,000	-586,000	-360,000	0	-175,000	-158,000	-204,000	-1,810,000	0	0	503,000	-364,000	-139,000	567,000	-805,000											0	0	-5,000	5,000	-65,000	-3,000	-5,845,000			-37,000	422,000	-153,000	-889,000	-3,077,000
proceeds from mortgage debt																							63,400,000					0	0	0	44,000,000	0			0	24,000,000	0	0	0	28,000,000	10,000,000
payments of mortgage debt																							-18,354,000	-3,338,000	-3,262,000	-23,791,000	-3,415,000	-3,336,000	-3,259,000	-3,135,000	-2,933,000	-2,629,000	-2,641,000	-31,949,000	-70,942,000	-53,041,000	-33,840,000	-21,671,000	-25,190,000	-44,458,000	-19,899,000		-31,023,000	-24,425,000	-1,841,000
net (payments on) proceeds from existing revolving credit facility																								-100,600,000
proceeds from term loans																								85,000,000	0	0	75,000,000	0				85,000,000			100,000,000
repayment of term loans
mortgage debt assumed by buyer upon sale of real estate																																0
net payments on existing revolving credit facility																										2,300,000	-78,400,000
net proceeds from extinguished revolving credit facility
depreciation																												46,730,000	46,169,000	45,743,000	44,840,000	44,110,000	43,893,000	43,767,000	37,343,000	33,824,000	33,484,000	33,244,000	32,351,000	31,135,000	30,719,000	31,704,000	31,095,000	30,754,000	19,559,000		13,732,000	13,633,000	13,500,000						12,778,000	11,898,000	6,851,000	5,698,000	4,004,000	3,122,000	2,652,000	2,010,000
(gain) loss on sale of real estate
changes in operating assets and liabilities, net of amounts acquired or assumed with acquisitions:
cash consideration in apple ten merger, net of restricted cash acquired
net proceeds from existing revolving credit facility																												95,400,000
net (payments on) proceeds from extinguished revolving credit facilities
stock consideration in apple ten merger
repayments of term loans
cash consideration in apple ten merger
decrease (increase) in capital improvement reserves																																-1,161,000											714,000						312,000							-498,000		132,000
payments on extinguished credit facility
net change in cash and cash equivalents																																0	0	0
decrease in capital improvement reserves																																		1,094,000	848,000	25,000	1,586,000	1,100,000	380,000	3,135,000	3,836,000				186,000
capital improvements and development costs																																			-12,035,000	-13,157,000	-22,331,000	-22,206,000	-10,877,000	-10,371,000	-18,806,000	-19,751,000	-19,411,000	-17,038,000	-11,790,000	-11,135,000	-4,546,000	-3,514,000	-3,310,000
net proceeds from sale of hotel properties
repayment of term loan																																			0
increase in cash and cash equivalents																																			-21,614,000	21,614,000	0	-105,000			46,905,000													-6,289,000	-49,889,000	-106,528,000	38,434,000	46,914,000	26,579,000	-67,412,000	80,574,000	-120,837,000	33,451,000
repurchases of common shares under share repurchase programs																																					-361,000
net proceeds from (payments on) credit facility																																					57,100,000
series b convertible preferred share expense																																						0	0	0	0	0	0	0	117,133,000
net proceeds (costs) from sale of real estate
payments received on note receivable																																										0	0	0	0	50,760,000	1,575,000	1,575,000	1,575,000
payments on extinguished credit facilities																																						0	0	0	0
net proceeds from existing credit facility																																						39,300,000	190,700,000			16,600,000	-1,800,000	16,700,000	160,100,000
notes payable assumed in acquisitions																																																		0	0	0	0	0	20,988,000	4,954,000			0	15,109,000	4,175,000
merger transactions purchase price																																						0	0	0	0	0	0	0	1,814,613,000
conversion of series b convertible preferred shares to common shares																																						0	0	0	0	0	0	0	117,133,000
decrease in cash and cash equivalents																																											-805,000	805,000	-18,102,000		0	0	-9,027,000	-10,486,000	12,125,000	4,544,000	-27,889,000												-10,286
redemptions of shares																																									-10,827,000	0	0
net proceeds from (payments on) existing credit facility																																									-91,600,000
other non-cash incomes
cash paid for acquisitions																																										0	0			0	-5,000			-2,000	-3,183,000	-14,832,000	0	1,448,000	-50,693,000	-80,015,000				-195,531,000	-25,963,000
net proceeds (costs) from sale of assets																																										0	0				0
net proceeds related to issuance of shares
monthly distributions paid to common shareholders																																										-63,550,000	-62,303,000	-61,693,000	-45,866,000	-37,940,000	-37,939,000	-37,863,000	-37,844,000	-37,816,000
special distribution paid to common shareholders																																														0	0			0
proceeds from mortgage and other debt
payments of mortgage and other debt
note receivable issued from sale of assets																																														0	0			0	0
net proceeds related to issuance of units																																											0	0	0	141,000	-151,000	10,745,000	11,184,000	11,768,000	12,029,000	12,781,000	13,429,000	15,344,000	16,209,000	13,197,000
proceeds from (payments on) extinguished credit facilities																																											0	9,600,000	-139,090,000
decrease (increase) in accounts payable and other liabilities
decrease in accounts payable and accrued expenses																																													-5,517,000				-803,000
net proceeds from sale of other assets																																													2,134,000
redemptions of units																																													0	0	0	-9,990,000	-10,002,000	-9,999,000	-9,998,000	-15,989,000	-16,001,000
depreciation, including discontinued operations																																																		13,410,000	13,329,000	13,166,000	12,843,000
amortization of deferred financing costs, fair value adjustments and other non-cash expenses																																														50,000	49,000	165,000	50,000	40,000	17,000	215,000	32,000	39,000	211,000	66,000	159,000	27,000	-15,000	113,000	81,000
straight-line rental income																																														0	0	0	0	0	0	-443,000	-1,532,000	-1,532,000	-1,547,000	-1,546,000
increase in accounts payable and accrued expenses																																														-4,224,000				-2,531,000	2,336,000	1,433,000	-3,091,000	2,529,000	605,000	471,000			1,026,000			161,000
repayment in other assets
proceeds from notes payable																																														0	0			0	47,690,000
payments of notes payable																																														-954,000	-917,000	-904,000	-938,000	-2,613,000	-30,637,000	-627,000	-635,000	-599,000	-505,000	-470,000				-188,000	-123,000
deferred financing costs																																														-445,000	0	0	0	-370,000	-184,000	-164,000	-10,000	-3,000	-309,000	-98,000				-236,000	-64,000
supplemental information:
non-cash transactions:
other assets assumed in acquisitions
other liabilities assumed in acquisitions
increase in capital improvement reserves																																															-78,000				569,000	-455,000	-486,000							-180,000	-100,000
net proceeds from credit facility																																															4,200,000	11,100,000	6,700,000
decrease (increase) in accounts payable and accrued expenses
proceeds from sale of assets																																																		0	-6,000
interest received on note receivable																																																		1,575,000	2,100,000
repayment (investment) in other assets
cash flows used in investing activities:
investment in other assets																																																												0	-3,240,000
redeemptions of units																																																						-16,103,000	-3,907,000	-3,259,000
increase in funds due from third party managers																																																								-7,420,000				-448,000	-1,503,000	-1,417,000
redemptions of common stock
redeemptions of common stock
payoff of the line of credit, net of borrowings																																																															0
increase/(decrease) in accounts payable and accrued expenses																																																													-190,000
borrowings from (payments on) line of credit
amortization of deferred financing costs and fair value adjustments
stock option expense																																																														0	0
cash paid for the acquisition of hotel properties																																																														-250,233,000
capital improvements and other investing activities
net cash from operating activities:																																																															966,000
net proceeds from issuance of common shares																																																															101,169,000
accounts payable and accrued expenses
cash flow from operating activities:
accrued expenses																																																																	1,086
cash flow from investing activities
cash flow from financing activities:
cash paid for offering costs																																																																	-41,520
proceeds from line of credit																																																																	50,000

The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.