Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income (loss)	$ 94,995	$ 73,543	$ 43,192
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	95,872	68,324	55,570
Share-based compensation	8,331	11,695	5,222
Amortization of deferred financing costs and mortgage loan premiums	(29)	(604)	(259)
Non-cash ground rent	2,380	2,252	3,128
Equity in (earnings) loss from joint venture	(3,824)	(7,676)	(5,234)
Other	2,038	407	892
Changes in assets and liabilities:
Restricted cash, net	1,635	71	(1,266)
Hotel receivables	(3,107)	(3,544)	(3,343)
Prepaid expenses and other assets	(212)	(3,763)	(3,441)
Distributions from joint venture	13,858	9,152	1,617
Accounts payable and accrued expenses	4,161	10,598	8,051
Advance deposits	4,622	829	3,324
Net cash provided by (used in) operating activities	220,720	161,284	107,453
Investing activities:
Acquisition of hotel properties	(305,146)	(575,748)	(230,769)
Improvements and additions to hotel properties	(99,785)	(52,553)	(38,753)
Distribution from (investment in) joint venture, net	0	0	26,291
Deposit on hotel properties	(3,000)	0	0
Receipt from (acquisition of) note receivable	3,020	(3,020)	0
Purchase of corporate office equipment, software, and furniture	(278)	(1,146)	(33)
Restricted cash, net	5,295	28	(3,182)
Property insurance proceeds	0	1,113	458
Net cash provided by (used in) investing activities	(399,894)	(631,326)	(245,988)
Financing activities:
Gross proceeds from issuance of common shares	0	293,211	79,362
Gross proceeds from issuance of preferred shares	0	25,000	100,000
Payment of offering costs - common and preferred shares	(195)	(1,301)	(3,787)
Payment of deferred financing costs	(3,311)	(3,696)	(650)
Borrowings under senior revolving credit facility	490,000	180,000	0
Repayments under senior revolving credit facility	(375,000)	(130,000)	0
Proceeds from term loans	225,000	200,000	0
Proceeds from senior unsecured notes	100,000	0	0
Repayments of mortgage debt	(171,488)	(9,123)	(8,099)
Repurchase of common shares	(4,094)	(632)	(523)
Redemption of non-controlling interests	0	(5,231)	0
Distributions - common shares/units	(84,037)	(55,708)	(36,969)
Distributions - preferred shares	(25,950)	(24,731)	(21,563)
Proceeds from membership deposits	2,302	0	0
Repayments of membership deposits	(591)	0	0
Net cash provided by (used in) financing activities	152,636	467,789	107,771
Net change in cash and cash equivalents	(26,538)	(2,253)	(30,764)
Cash and cash equivalents, beginning of year	52,883	55,136	85,900
Cash and cash equivalents, end of year	$ 26,345	$ 52,883	$ 55,136