CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 115,242	$ 66,952
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	310	309
Gain on sale of assets, net	(45,750)	(18,234)
Loss on extinguishment of debt	4	259
Loss on derivatives, net	349	9,184
Depreciation	79,029	79,119
Amortization of franchise fees and other intangibles	1,624	1,750
Amortization of deferred financing fees	1,157	1,104
Amortization of deferred stock compensation	4,340	4,077
Changes in operating assets and liabilities:
Restricted cash	4,009	15,759
Accounts receivable	(6,844)	(14,831)
Inventories	22	84
Prepaid expenses and other assets	2,804	2,362
Accounts payable and other liabilities	3,403	6,016
Accrued payroll and employee benefits	(5,416)	(4,759)
Net cash provided by operating activities	154,283	149,151
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets	150,155	41,171
Restricted cash - replacement reserve	(2,501)	(1,914)
Acquisition deposit	(7,000)
Acquisition of air rights		(2,447)
Renovations and additions to hotel properties	(59,499)	(100,034)
Payment for interest rate derivative	(19)
Net cash provided by (used in) investing activities	81,136	(63,224)
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)
Proceeds from common stock offerings	76,218
Payment of common stock offering costs	(1,427)
Repurchase of common stock for employee withholding obligations	(3,793)	(2,641)
Proceeds from notes payable	240,000	100,000
Payments on notes payable	(181,186)	(193,446)
Payments of costs related to extinguishment of notes payable		(153)
Payments of deferred financing costs	(13)	(77)
Dividends and distributions paid	(134,075)	(199,555)
Distributions to noncontrolling interest	(3,362)	(2,800)
Net cash used in financing activities	(7,638)	(230,312)
Net increase (decrease) in cash and cash equivalents	227,781	(144,385)
Cash and cash equivalents, beginning of period	369,537	499,067
Cash and cash equivalents, end of period	597,318	354,682
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	17,686	25,809
Cash paid for income taxes	447	709
NONCASH INVESTING ACTIVITY
Increase (decrease) in accounts payable related to renovations and additions to hotel properties and other assets	(6,776)	3,072
Amortization of deferred stock compensation - construction activities	309	486
NONCASH FINANCING ACTIVITY
Preferred stock redemption charge		4,052
Issuance of common stock distributions		78,823
Dividends and distributions payable	$ 14,465	$ 13,898