Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 34,365	$ 34,686
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	43,767	33,484
Loss on impairment of depreciable real estate assets	7,875	0
Other non-cash expenses, net	1,849	1,575
Changes in operating assets and liabilities, net of amounts acquired or assumed with acquisitions:
Increase in due from third party managers, net	(26,222)	(18,284)
Decrease in other assets, net	10,367	1,120
Decrease in accounts payable and other liabilities	(34,814)	(1,777)
Net cash provided by operating activities	37,187	50,804
Cash flows from investing activities:
Acquisition of hotel properties, net	(18,131)	0
Deposits and other disbursements for potential acquisitions	0	(139)
Capital improvements	(17,461)	(22,331)
Decrease in capital improvement reserves	1,094	1,586
Net cash used in investing activities	(34,498)	(20,884)
Cash flows from financing activities:
Repurchases of common shares	0	(361)
Repurchases of common shares to satisfy employee withholding requirements	(432)	(459)
Distributions paid to common shareholders	(66,908)	(52,360)
Net proceeds from revolving credit facility	96,600	57,100
Payments of mortgage debt	(31,949)	(33,840)
Net cash used in financing activities	(2,689)	(29,920)
Net change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Supplemental cash flow information:
Interest paid	11,855	9,802
Supplemental disclosure of noncash investing and financing activities:
Accrued distribution to common shareholders	$ 22,301	$ 17,451