Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 100,241	$ 109,812
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	96,059	90,583
Loss on impairment of depreciable real estate assets	0	3,135
Gain on sale of real estate	(1,052)	0
Other non-cash expenses, net	2,638	3,993
Changes in operating assets and liabilities:
Increase in due from third party managers, net	(23,097)	(30,542)
Increase in other assets, net	(4,346)	(3,703)
Decrease in accounts payable and other liabilities	(6,371)	(6,910)
Net cash provided by operating activities	164,072	166,368
Cash flows from investing activities:
Acquisition of hotel properties, net	(52,582)	(135,164)
Deposits and other disbursements for potential acquisitions	(946)	(362)
Capital improvements	(38,770)	(39,079)
Net proceeds from sale of real estate	95,029	0
Net cash provided by (used in) investing activities	2,731	(174,605)
Cash flows from financing activities:
Net proceeds related to issuance of common shares	0	4,677
Repurchases of common shares	(4,096)	(4,304)
Repurchases of common shares to satisfy employee withholding requirements	(491)	(876)
Distributions paid to common shareholders	(134,343)	(138,204)
Net payments on existing revolving credit facility	(76,100)	0
Net proceeds from extinguished revolving credit facility	0	111,500
Proceeds from term loans	75,000	0
Proceeds from mortgage debt	0	44,000
Payments of mortgage debt	(27,206)	(6,068)
Net cash (used in) provided by financing activities	(167,236)	10,725
Net change in cash, cash equivalents and restricted cash	(433)	2,488
Cash, cash equivalents and restricted cash, beginning of period	33,632	29,791
Cash, cash equivalents and restricted cash, end of period	33,199	32,279
Supplemental cash flow information:
Interest paid	30,495	24,448
Supplemental disclosure of noncash investing and financing activities:
Accrued distribution to common shareholders	22,385	23,020
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	0	0
Restricted cash-furniture, fixtures and other escrows, beginning of period	33,632	29,791
Cash and cash equivalents, end of period	0	0
Restricted cash-furniture, fixtures and other escrows, end of period	$ 33,199	$ 32,279