Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 59,928	$ 99,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,018	75,576
Corporate asset depreciation as corporate expenses	63	79
Gain on sale of hotel property	0	(1,251)
Gain on prepayment of note receivable	0	(13,550)
Loss on early extinguishment of debt	0	61
Gain on hotel property acquisition	0	(23,894)
Non-cash ground rent	4,454	4,880
Non-cash financing costs, debt premium and interest rate cap as interest	1,715	2,085
Amortization of note receivable discount as interest income	0	(1,075)
Impairment losses	10,461	0
Amortization of favorable and unfavorable contracts, net	(1,134)	(1,058)
Amortization of deferred income related to key money	(839)	(818)
Stock-based compensation	4,403	4,105
Changes in assets and liabilities:
Prepaid expenses and other assets	(4,445)	687
Restricted cash	13,338	(13,003)
Due to/from hotel managers	(12,441)	(16,245)
Accounts payable and accrued expenses	7,300	(702)
Net cash provided by operating activities	157,821	115,639
Cash flows from investing activities:
Hotel capital expenditures	(46,141)	(56,091)
Hotel acquisitions	(150,400)	(148,376)
Net proceeds from sale of hotel property	0	23,610
Note receivable principal repayments	0	64,500
Change in restricted cash	5,737	3,701
Net cash used in investing activities	(190,804)	(112,656)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(10,075)	(10,966)
Proceeds from sale of common stock, net	7,796	0
Proceeds from mortgage debt	150,000	86,000
Repayments of mortgage debt	(146,876)	(41,315)
Draws on senior unsecured credit facility	135,000	41,320
Repayments of senior unsecured credit facility	(110,000)	(41,320)
Purchase of interest rate cap	(325)	0
Payment of financing costs	(1,182)	(3,330)
Payment of cash dividends	(71,008)	(56,989)
Repurchase of common stock	(2,735)	(1,898)
Net cash used in financing activities	(49,405)	(28,498)
Net decrease in cash and cash equivalents	(82,388)	(25,515)
Cash and cash equivalents, beginning of period	144,365	144,584
Cash and cash equivalents, end of period	61,977	119,069
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	36,326	41,953
Cash paid for income taxes	798	266
Capitalized interest	0	914
Non-cash Financing Activities:
Unpaid dividends	$ 25,540	$ 20,452