Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income (loss)	$ 55,540	$ 72,001
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	76,327	70,855
Share-based compensation	6,185	6,614
Loss on derivative instruments	324	0
Amortization of deferred financing costs and mortgage loan premiums	694	(118)
Gain on sale of hotel properties	(40,326)	0
Impairment loss	12,148	0
Non-cash ground rent	2,019	1,785
Equity in (earnings) loss from joint venture	65,706	16
Other	1,799	1,451
Changes in assets and liabilities:
Restricted cash, net	733	(909)
Hotel receivables	(7,203)	(15,749)
Prepaid expenses and other assets	(1,311)	(2,572)
Distributions from joint venture	0	9,203
Accounts payable and accrued expenses	10,545	12,182
Advance deposits	2,427	3,572
Net cash provided by (used in) operating activities	185,607	158,331
Investing activities:
Acquisition of hotel properties	0	(305,146)
Improvements and additions to hotel properties	(88,815)	(74,296)
Deposit on hotel properties	3,000	(3,000)
Deposit for joint venture redemption	(10,000)	0
Proceeds from sale of hotel properties	107,565	0
Receipt from (acquisition of) note receivable	0	3,020
Purchase of corporate office equipment, software, and furniture	(46)	(266)
Restricted cash, net	1,135	2,837
Net cash provided by (used in) investing activities	12,839	(376,851)
Financing activities:
Gross proceeds from issuance of preferred shares	125,000	0
Payment of offering costs - common and preferred shares	(4,176)	(195)
Payment of deferred financing costs	(993)	(2,587)
Borrowings under senior revolving credit facility	364,000	380,000
Repayments under senior revolving credit facility	(399,000)	(255,000)
Proceeds from term loans	150,000	225,000
Repayments of mortgage debt	(90,447)	(57,776)
Repurchase of common shares	(2,496)	(4,094)
Redemption of preferred shares	(225,050)	0
Distributions - common shares/units	(77,849)	(61,687)
Distributions - preferred shares	(17,746)	(19,463)
Proceeds from membership deposits	1,145	0
Repayments of membership deposits	(553)	0
Net cash provided by (used in) financing activities	(178,165)	204,198
Net change in cash and cash equivalents	20,281	(14,322)
Cash and cash equivalents, beginning of year	26,345	52,883
Cash and cash equivalents, end of period	$ 46,626	$ 38,561