CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,216	$ 1,203
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	109	138
Gain on sale of assets, net	(7)
Loss on extinguishment of debt	105
Loss on derivatives, net	6,402
Depreciation	39,333	39,465
Amortization of franchise fees and other intangibles	773	2,049
Amortization of deferred financing fees	555	639
Amortization of deferred stock compensation	1,614	2,895
Changes in operating assets and liabilities:
Restricted cash	8,176	6,113
Accounts receivable	(14,396)	(16,818)
Inventories	39	68
Prepaid expenses and other assets	(1,729)	(1,768)
Accounts payable and other liabilities	7,691	17,406
Accrued payroll and employee benefits	(6,790)	(13,184)
Net cash provided by operating activities	43,091	38,206
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of other assets	7
Restricted cash - replacement reserve	(309)	(11,299)
Renovations and additions to hotel properties	(48,818)	(36,120)
Net cash used in investing activities	(49,120)	(47,419)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offering	115,000
Payment of preferred stock offering costs	(4,016)
Repurchase of common stock for employee withholding obligations	(2,641)	(9,224)
Proceeds from note payable	100,000
Payments on notes payable	(117,558)	(5,875)
Payments of deferred financing costs	(78)	(10)
Dividends paid	(186,301)	(39,345)
Distributions to noncontrolling interests	(775)	(1,457)
Net cash used in financing activities	(96,369)	(55,911)
Net decrease in cash and cash equivalents	(102,398)	(65,124)
Cash and cash equivalents, beginning of period	499,067	222,096
Cash and cash equivalents, end of period	396,669	156,972
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	12,455	15,240
Cash paid (refunds received) for income taxes, net	204	(647)
NONCASH INVESTING ACTIVITY
Increase in accounts payable related to renovations and additions to hotel properties and other assets	5,844	3,808
Amortization of deferred stock compensation - construction activities	239	165
NONCASH FINANCING ACTIVITY
Issuance of common stock dividends	78,823	37,349
Dividends payable	$ 13,592	$ 12,734