CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 117,944	$ 73,682
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	115	216
Gain on sales of assets, net	(27,708)	(5,281)
Loss on extinguishment of debt	2	531
Gain on redemption of note receivable	(939)
Loss (gain) on derivatives, net	12	(395)
Depreciation	119,811	113,297
Amortization of franchise fees and other intangibles	6,048	5,507
Amortization and write-off of deferred financing fees	2,472	2,145
Amortization of deferred stock compensation	5,505	4,769
Changes in operating assets and liabilities:
Restricted cash	550	(803)
Accounts receivable	(13,892)	(15,302)
Inventories	76	200
Prepaid expenses and other assets	1,403	5,441
Accounts payable and other liabilities	14,075	15,475
Accrued payroll and employee benefits	(5,693)	792
Net cash provided by operating activities	219,781	200,274
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of other assets	42,432	99
Proceeds from redemption of note receivable	1,125
Restricted cash - replacement reserve	(10,017)	(3,015)
Acquisition of hotel property and other real estate		(276,558)
Renovations and additions to hotel properties	(106,575)	(93,364)
Payment for interest rate derivative	(13)
Net cash used in investing activities	(73,048)	(372,838)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from common stock offerings		264,192
Payment of common stock offering costs		(614)
Proceeds from credit facility	38,000	23,250
Payments on notes payable and credit facility	(154,129)	(40,833)
Payments for costs related to extinguishment of notes payable	(2)	(25)
Payments of deferred financing costs	(4,908)	(1,332)
Dividends paid	(64,814)	(35,280)
Distributions to non-controlling interests	(6,786)	(5,730)
Net cash (used in) provided by financing activities	(192,639)	203,628
Net (decrease) increase in cash and cash equivalents	(45,906)	31,064
Cash and cash equivalents, beginning of period	222,096	104,363
Cash and cash equivalents, end of period	176,190	135,427
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	47,319	51,654
Cash (refunds received) paid for income tax, net	(99)	166
NONCASH INVESTING ACTIVITY
Accounts payable related to renovations and additions to hotel properties	11,450	8,863
Amortization of deferred stock compensation - construction activities	442	354
NONCASH FINANCING ACTIVITY
Issuance of common stock dividends	37,349
Issuance of common stock in connection with acquisition of hotel property		60,000
Dividends payable	$ 12,730	$ 12,570