Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 89,404	$ 88,112
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	67,308	61,854
Gain on sale of real estate	0	(15,358)
Other non-cash expenses, net	3,233	3,988
Changes in operating assets and liabilities:
Increase in due from third party managers, net	(20,350)	(18,940)
Increase in other assets, net	(1,552)	(2,520)
Decrease in accounts payable and other liabilities	(1,373)	(319)
Net cash provided by operating activities	136,670	116,817
Cash flows from investing activities:
Acquisition of hotel properties, net	0	(42,974)
Deposits and other disbursements for potential acquisitions	(503)	(325)
Capital improvements and development costs	(35,488)	(29,177)
Decrease in capital improvement reserves	1,611	6,971
Net proceeds from sale of real estate	0	203,504
Net cash provided by (used in) investing activities	(34,380)	137,999
Cash flows from financing activities:
Repurchases of common shares	(361)	(215,422)
Repurchases of common shares to satisfy employee withholding requirements	(459)	0
Distributions paid to common shareholders	(104,713)	(124,238)
Net proceeds from revolving credit facility	40,800	5,700
Proceeds from term loans	50,000	212,500
Repayment of term loan	0	(100,000)
Proceeds from mortgage debt	24,000	38,000
Payments of mortgage debt	(86,881)	(64,357)
Financing costs	(3,062)	(6,999)
Net cash used in financing activities	(80,676)	(254,816)
Increase in cash and cash equivalents	21,614	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	21,614	0
Supplemental cash flow information:
Interest paid	19,620	15,903
Supplemental disclosure of noncash investing and financing activities:
Accrued distribution to common shareholders	$ 17,451	$ 17,560