Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income (loss)	$ 33,753	$ 27,014
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	46,210	32,118
Share-based compensation	4,284	4,766
Amortization of deferred financing costs and mortgage loan premiums	(184)	(212)
Non-cash ground rent	1,190	1,025
Equity in (earnings) loss from joint venture	2,313	164
Other	706	163
Changes in assets and liabilities:
Restricted cash, net	(161)	(38)
Hotel receivables	(9,562)	(6,104)
Prepaid expenses and other assets	(4,160)	(4,156)
Distributions from joint venture, net	9,203	1,806
Accounts payable and accrued expenses	4,327	819
Advance deposits	2,461	1,759
Net cash provided by (used in) operating activities	90,380	59,124
Investing activities:
Acquisition of hotel properties	(305,146)	(50,336)
Improvements and additions to hotel properties	(53,353)	(16,119)
Deposit on hotel properties	(3,000)	(5,000)
Receipt from note receivable	3,020	0
Purchase of corporate office equipment, computer software, and furniture	(221)	(28)
Restricted cash, net	3,081	1,246
Property insurance proceeds	0	1,113
Net cash provided by (used in) investing activities	(355,619)	(69,124)
Financing activities:
Payment of offering costs - common and preferred shares	(139)	(188)
Payment of deferred financing costs	(2,466)	(10)
Borrowings under senior credit facility	380,000	40,000
Repayments under senior credit facility	(120,000)	(4,000)
Proceeds from term loan	100,000	0
Repayments of mortgage debt	(55,420)	(4,516)
Repurchase of common shares	(4,094)	(632)
Distributions - common shares/units	(39,338)	(25,150)
Distributions - preferred shares	(12,975)	(12,163)
Net cash provided by (used in) financing activities	245,568	(6,659)
Net change in cash and cash equivalents	(19,671)	(16,659)
Cash and cash equivalents, beginning of year	52,883	55,136
Cash and cash equivalents, end of year	$ 33,212	$ 38,477