Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income (loss)	$ 72,001	$ 57,453
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	70,855	49,514
Share-based compensation	6,614	8,237
Amortization of deferred financing costs and mortgage loan premiums	(118)	(455)
Non-cash ground rent	1,785	1,645
Equity in (earnings) loss from joint venture	16	(2,683)
Other	1,451	311
Changes in assets and liabilities:
Restricted cash, net	(909)	(743)
Hotel receivables	(15,749)	(12,769)
Prepaid expenses and other assets	(2,572)	(2,590)
Distributions from joint venture	9,203	6,713
Accounts payable and accrued expenses	12,182	12,359
Advance deposits	3,572	1,945
Net cash provided by (used in) operating activities	158,331	118,937
Investing activities:
Acquisition of hotel properties	(305,146)	(125,531)
Improvements and additions to hotel properties	(74,296)	(30,989)
Deposit on hotel properties	(3,000)	0
Receipt from (acquisition of) note receivable	3,020	(3,020)
Purchase of corporate office equipment, software, and furniture	(266)	(336)
Restricted cash, net	2,837	(690)
Property insurance proceeds	0	1,113
Net cash provided by (used in) investing activities	(376,851)	(159,453)
Financing activities:
Gross proceeds from issuance of common shares	0	146,854
Gross proceeds from issuance of preferred shares	0	25,000
Payment of offering costs - common and preferred shares	(195)	(1,104)
Payment of deferred financing costs	(2,587)	(440)
Borrowings under senior revolving credit facility	380,000	130,000
Repayments under senior revolving credit facility	(255,000)	(130,000)
Proceeds from term loan	225,000	0
Repayments of mortgage debt	(57,776)	(6,761)
Repurchase of common shares	(4,094)	(632)
Distributions - common shares/units	(61,687)	(39,986)
Distributions - preferred shares	(19,463)	(18,244)
Net cash provided by (used in) financing activities	204,198	104,687
Net change in cash and cash equivalents	(14,322)	64,171
Cash and cash equivalents, beginning of year	52,883	55,136
Cash and cash equivalents, end of period	$ 38,561	$ 119,307