CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 106,379	$ 117,944
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	493	115
Gain on sale of assets, net	(18,226)	(27,708)
Loss on extinguishment of debt	259	2
Gain on redemption of note receivable		(939)
(Gain) loss on derivatives, net	7,810	12
Depreciation	118,764	119,811
Amortization of franchise fees and other intangibles	2,936	6,048
Amortization of deferred financing fees	1,648	2,472
Amortization of deferred stock compensation	5,616	8,106
Changes in operating assets and liabilities:
Restricted cash	17,846	550
Accounts receivable	(14,747)	(13,892)
Inventories	26	76
Prepaid expenses and other assets	(72)	1,403
Accounts payable and other liabilities	3,002	14,075
Accrued payroll and employee benefits	(3,215)	970
Net cash provided by operating activities	228,519	229,045
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets	41,202	42,432
Proceeds from redemption of note receivable		1,125
Restricted cash - replacement reserve	(8,914)	(10,017)
Acquisition of air rights lease	(2,447)
Renovations and additions to hotel properties	(139,846)	(106,575)
Payment for interest rate derivative		(13)
Net cash used in investing activities	(110,005)	(73,048)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offerings	190,000
Payment of preferred stock offering costs	(6,640)
Redemption of preferred stock	(115,000)
Repurchase of common stock for employee withholding obligations	(2,641)	(9,264)
Proceeds from note payable and credit facility	100,000	38,000
Payments on notes payable and credit facility	196,504	154,129
Payments for costs related to extinguishment of notes payable	(153)	(2)
Payments of deferred financing costs	(85)	(4,908)
Dividends and distributions paid	(213,453)	(64,814)
Distributions to noncontrolling interests	(5,988)	(6,786)
Net cash used in financing activities	(250,464)	(201,903)
Net decrease in cash and cash equivalents	(131,950)	(45,906)
Cash and cash equivalents, beginning of period	499,067	222,096
Cash and cash equivalents, end of period	367,117	176,190
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	37,545	47,319
Cash paid (refunds received) for income taxes, net	1,103	(99)
NONCASH INVESTING ACTIVITY
Increase in accounts payable related to renovations and additions to hotel properties and other assets	7,165	2,779
Amortization of deferred stock compensation - construction activities	450	442
NONCASH FINANCING ACTIVITY
Preferred stock redemption charge	4,052
Issuance of common stock distributions	78,823	37,349
Dividends and distributions payable	$ 14,033	$ 12,730