Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 35,464	$ 55,953
Adjustments to reconcile net income to net cash provided by operating activities:
Real estate depreciation	49,911	50,249
Corporate asset depreciation as corporate expenses	43	53
Gain on sale of hotel property	0	(1,290)
Gain on prepayment of note receivable	0	(13,550)
Non-cash ground rent	2,987	3,292
Non-cash financing costs, debt premium and interest rate cap as interest	1,262	1,410
Amortization of note receivable discount as interest income	0	(1,075)
Impairment losses	10,461	0
Amortization of favorable and unfavorable contracts, net	(727)	(705)
Amortization of deferred income	(534)	(545)
Stock-based compensation	3,000	2,687
Changes in assets and liabilities:
Prepaid expenses and other assets	(4,896)	(1,975)
Restricted cash	9,116	(9,156)
Due to/from hotel managers	(11,976)	(14,585)
Accounts payable and accrued expenses	5,832	(5,001)
Net cash provided by operating activities	99,943	65,762
Cash flows from investing activities:
Hotel capital expenditures	(32,199)	(40,415)
Hotel acquisitions	(150,400)	0
Net proceeds from sale of hotel property	0	23,650
Note receivable principal repayments	0	64,500
Change in restricted cash	5,412	2,576
Net cash (used in) provided by investing activities	(177,187)	50,311
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(7,001)	(7,268)
Proceeds from sale of common stock, net	7,766	0
Proceeds from mortgage debt	85,000	0
Prepayment of mortgage debt	(108,821)	0
Draws on senior unsecured credit facility	135,000	41,320
Repayments of senior unsecured credit facility	(45,000)	0
Purchase of interest rate cap	(325)	0
Payment of financing costs	(955)	(192)
Deposit on new mortgage loan	(75)	(1,820)
Payment of cash dividends	(45,852)	(36,899)
Repurchase of common stock	(2,735)	(1,898)
Net cash provided by (used in) financing activities	17,002	(6,757)
Net (decrease) increase in cash and cash equivalents	(60,242)	109,316
Cash and cash equivalents, beginning of period	144,365	144,584
Cash and cash equivalents, end of period	84,123	253,900
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	23,748	27,416
Cash paid for income taxes	507	220
Capitalized interest	0	687
Non-cash Financing Activities:
Unpaid dividends	$ 25,479	$ 20,395