Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:
Net income (loss)	$ 57,453	$ 32,212
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	49,514	40,747
Share-based compensation	8,237	3,857
Amortization of deferred financing costs and mortgage loan premiums	(455)	(147)
Non-cash ground rent	1,645	2,405
Equity in (earnings) loss from joint venture	(2,683)	(706)
Other	311	447
Changes in assets and liabilities:
Restricted cash, net	(743)	(2,061)
Hotel receivables	(12,769)	(9,995)
Prepaid expenses and other assets	(2,590)	(4,413)
Distributions from joint venture, net	6,713	735
Accounts payable and accrued expenses	12,359	8,550
Advance deposits	1,945	3,433
Net cash provided by (used in) operating activities	118,937	75,064
Investing activities:
Acquisition of hotel properties	(125,531)	(99,274)
Improvements and additions to hotel properties	(30,989)	(27,682)
Distribution from (investment in) joint venture, net	0	26,291
Acquisition of note receivable	(3,020)	0
Purchase of corporate office equipment, computer software, and furniture	(336)	(32)
Restricted cash, net	(690)	(1,835)
Property insurance proceeds	1,113	0
Net cash provided by (used in) investing activities	(159,453)	(102,532)
Financing activities:
Gross proceeds from issuance of common shares	146,854	4,829
Gross proceeds from issuance of preferred shares	25,000	100,000
Payment of offering costs - common and preferred shares	(1,104)	(3,586)
Payment of deferred financing costs	(440)	(649)
Borrowings under senior credit facility	130,000	0
Repayments under senior credit facility	(130,000)	0
Repayments of mortgage debt	(6,761)	(5,881)
Repurchase of common shares	(632)	(523)
Distributions - common shares/units	(39,986)	(27,099)
Distributions - preferred shares	(18,244)	(15,481)
Net cash provided by (used in) financing activities	104,687	51,610
Net change in cash and cash equivalents	64,171	24,142
Cash and cash equivalents, beginning of year	55,136	85,900
Cash and cash equivalents, end of year	$ 119,307	$ 110,042