CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,860	$ 40,039
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	54	148
Gain on sales of assets, net	(1)	(5,254)
Loss on extinguishment of debt	2
Gain on redemption of note receivable	(939)
Loss (gain) on derivatives, net	10	(234)
Depreciation	79,406	74,228
Amortization of franchise fees and other intangibles	4,052	3,510
Amortization and write-off of deferred financing fees	1,780	1,472
Amortization of deferred stock compensation	4,681	3,316
Changes in operating assets and liabilities:
Restricted cash	2,811	(1,992)
Accounts receivable	(18,187)	(13,300)
Inventories	89	189
Prepaid expenses and other assets	631	6,055
Accounts payable and other liabilities	9,220	13,129
Accrued payroll and employee benefits	(10,302)	(3,470)
Net cash provided by operating activities	128,167	117,836
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of other assets	5	72
Proceeds from redemption of note receivable	1,125
Restricted cash - replacement reserve	(9,193)	3,323
Acquisition of other real estate		(11,000)
Acquisition deposit		(15,000)
Renovations and additions to hotel properties	(72,989)	(65,836)
Payment for interest rate derivative	(13)
Net cash used in investing activities	(81,065)	(88,441)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from common stock offerings		264,192
Payment of common stock offering costs		(569)
Proceeds from credit facility	38,000	10,750
Payments on notes payable and credit facility	(148,635)	(22,403)
Payments for costs related to extinguishment of notes payable	(2)
Payments of deferred financing costs	(4,131)
Dividends paid	(52,079)	(22,910)
Distributions to non-controlling interests	(3,591)	(2,116)
Net cash (used in) provided by financing activities	(170,438)	226,944
Net (decrease) increase in cash and cash equivalents	(123,336)	256,339
Cash and cash equivalents, beginning of period	222,096	104,363
Cash and cash equivalents, end of period	98,760	360,702
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	31,999	34,187
Cash (refunds received) paid for income tax, net	(207)	106
NONCASH INVESTING ACTIVITY
Accounts payable related to renovations and additions to hotel properties	12,046	7,259
Amortization of deferred stock compensation - construction activities	304	234
NONCASH FINANCING ACTIVITY
Issuance of common stock dividends	37,349
Dividends payable	$ 12,735	$ 12,370