Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income (loss)	$ 57,759	$ 91,075
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	52,246	50,920
Share-based compensation	3,186	3,901
(Gain) loss on derivative instruments	0	1,872
Amortization of deferred financing costs and mortgage loan premiums	704	260
Gain on sale of hotel properties	(14,587)	(40,326)
Impairment loss	1,049	0
Non-cash ground rent	1,467	1,277
Equity in (earnings) loss from joint venture	0	4,424
Other	1,438	1,263
Changes in assets and liabilities:
Restricted cash, net	1,411	734
Hotel receivables	(7,180)	(4,944)
Prepaid expenses and other assets	(3,891)	2,676
Accounts payable and accrued expenses	671	1,987
Advance deposits	640	2,000
Net cash provided by (used in) operating activities	94,913	117,119
Investing activities:
Improvements and additions to hotel properties	(47,364)	(60,117)
Deposit on hotel properties	0	3,000
Proceeds from sale of hotel properties	203,189	107,565
Purchase of corporate office equipment, software, and furniture	(10)	(44)
Restricted cash, net	(697)	831
Net cash provided by (used in) investing activities	155,118	51,235
Financing activities:
Gross proceeds from issuance of preferred shares	0	125,000
Payment of offering costs - common and preferred shares	(62)	(4,055)
Payment of deferred financing costs	(85)	(950)
Contributions from non-controlling interest	106	0
Borrowings under senior revolving credit facilities	194,922	254,000
Repayments under senior revolving credit facilities	(233,922)	(389,000)
Proceeds from term loans	0	150,000
Repayments of mortgage debt	(71,170)	(88,939)
Repurchase of common shares	(95,862)	(2,496)
Redemption of preferred shares	0	(140,000)
Distributions - common shares/units	(54,747)	(50,376)
Distributions - preferred shares	(8,047)	(11,934)
Proceeds from membership deposits	264	847
Repayments of membership deposits	(501)	(489)
Net cash provided by (used in) financing activities	(269,104)	(158,392)
Net change in cash and cash equivalents	(19,073)	9,962
Cash and cash equivalents, beginning of year	33,410	26,345
Cash and cash equivalents, end of period	$ 14,337	$ 36,307