Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income (loss)	$ 16,637	$ 7,170
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	25,061	21,325
Share-based compensation	1,841	2,146
Loss on derivative instruments	1,771	0
Amortization of deferred financing costs and mortgage loan premiums	76	(180)
Non-cash ground rent	587	595
Equity in (earnings) loss from joint venture	5,511	5,037
Other	712	158
Changes in assets and liabilities:
Restricted cash, net	(237)	(401)
Hotel receivables	(6,422)	(6,371)
Prepaid expenses and other assets	(3,976)	(6,995)
Distributions from joint venture	0	6,253
Accounts payable and accrued expenses	3,864	121
Advance deposits	1,032	1,166
Net cash provided by (used in) operating activities	46,457	30,024
Investing activities:
Improvements and additions to hotel properties	(35,817)	(26,365)
Deposit on hotel properties	3,000	(3,000)
Receipt from (acquisition of) note receivable	0	3,020
Purchase of corporate office equipment, software, and furniture	(7)	(183)
Restricted cash, net	(320)	3,143
Net cash provided by (used in) investing activities	(33,144)	(23,385)
Financing activities:
Payment of offering costs - common and preferred shares	(25)	(77)
Payment of deferred financing costs	(905)	(123)
Borrowings under senior revolving credit facility	150,000	65,000
Repayments under senior revolving credit facility	(135,000)	(15,000)
Proceeds from term loans	150,000	0
Repayments of mortgage debt	(1,953)	(53,093)
Repurchase of common shares	(2,496)	(4,094)
Redemption of preferred shares	(140,000)	0
Distributions - common shares/units	(22,903)	(16,991)
Distributions - preferred shares	(8,203)	(6,488)
Proceeds from membership deposits	442	0
Repayments of membership deposits	(333)	0
Net cash provided by (used in) financing activities	(11,376)	(30,866)
Net change in cash and cash equivalents	1,937	(24,227)
Cash and cash equivalents, beginning of year	26,345	52,883
Cash and cash equivalents, end of period	$ 28,282	$ 28,656