CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 132,324	$ 106,379
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	503	493
Gain on sale of assets, net	(52,736)	(18,226)
Loss on extinguishment of debt	4	259
Noncash interest on derivatives and capital lease obligations, net	4,883	7,810
Depreciation	118,069	118,764
Amortization of franchise fees and other intangibles	2,386	2,936
Amortization of deferred financing fees	1,734	1,648
Amortization of deferred stock compensation	6,188	5,616
Impairment loss	34,427
Hurricane-related loss	201
Deferred income taxes	(13,628)
Changes in operating assets and liabilities:
Restricted cash	3,873	17,846
Accounts receivable	(5,541)	(14,747)
Inventories	71	26
Prepaid expenses and other assets	(13)	(72)
Accounts payable and other liabilities	4,387	3,002
Accrued payroll and employee benefits	(2,883)	(3,215)
Net cash provided by operating activities	234,249	228,519
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets	150,171	41,202
Restricted cash - replacement reserve	(7,496)	(8,914)
Acquisition of hotel property and other assets	(173,917)	(2,447)
Renovations and additions to hotel properties	(81,470)	(139,846)
Payment for interest rate derivative	(19)
Net cash used in investing activities	(112,731)	(110,005)
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	79,407
Payment of common stock offering costs	(1,475)
Repurchase of common stock for employee withholding obligations	(3,793)	(2,641)
Proceeds from notes payable	240,000	100,000
Payments on notes payable	(183,796)	(196,504)
Payments of costs related to extinguishment of notes payable	(1)	(153)
Payments of deferred financing costs	(13)	(85)
Dividends and distributions paid	(148,540)	(213,453)
Distributions to noncontrolling interest	(6,325)	(5,988)
Net cash used in financing activities	(24,536)	(250,464)
Net increase (decrease) in cash and cash equivalents	96,982	(131,950)
Cash and cash equivalents, beginning of period	369,537	499,067
Cash and cash equivalents, end of period	466,519	367,117
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	32,587	37,545
Cash paid for income taxes, net	864	1,103
NONCASH INVESTING ACTIVITY
Increase (decrease) in accounts payable related to renovations and additions to hotel properties and other assets	(5,891)	7,165
Amortization of deferred stock compensation - construction activities	356	450
NONCASH FINANCING ACTIVITY
Preferred stock redemption charge		4,052
Issuance of common stock distributions		78,823
Dividends and distributions payable	$ 14,474	$ 14,033