Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income (loss)	$ 88,330	$ 55,540
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	77,456	76,327
Share-based compensation	3,717	6,185
(Gain) loss on derivative instruments	(132)	324
Amortization of deferred financing costs and mortgage loan premiums	1,200	694
Gain on sale of hotel properties	(14,877)	(40,326)
Non cash impairment of real estate	3,849	12,148
Non-cash ground rent	2,200	2,019
Equity in (earnings) loss from joint venture	0	65,706
Other	1,861	1,799
Changes in assets and liabilities:
Restricted cash, net	1,412	733
Hotel receivables	(7,932)	(7,203)
Prepaid expenses and other assets	(2,963)	(1,311)
Accounts payable and accrued expenses	(2,563)	10,545
Advance deposits	935	2,427
Net cash provided by (used in) operating activities	152,493	185,607
Investing activities:
Improvements and additions to hotel properties	(63,545)	(88,815)
Deposit received on hotel properties	2,000	3,000
Deposit for joint venture redemption	0	(10,000)
Proceeds from sale of hotel properties	203,479	107,565
Purchase of corporate office equipment, software, and furniture	(39)	(46)
Restricted cash, net	(466)	1,135
Net cash provided by (used in) investing activities	141,429	12,839
Financing activities:
Gross proceeds from issuance of preferred shares	0	125,000
Payment of offering costs — common and preferred shares	(62)	(4,176)
Payment of deferred financing costs	(145)	(993)
Contributions from non-controlling interest	106	0
Borrowings under senior revolving credit facilities	220,502	364,000
Repayments under senior revolving credit facilities	(272,502)	(399,000)
Proceeds from term loans	0	150,000
Repayments of mortgage debt	(71,737)	(90,447)
Repurchase of common shares	(95,981)	(2,496)
Redemption of preferred shares	0	(225,050)
Distributions — common shares/units	(81,039)	(77,849)
Distributions — preferred shares	(12,070)	(17,746)
Proceeds from refundable membership deposits	402	1,145
Repayments of refundable membership deposits	(621)	(553)
Net cash provided by (used in) financing activities	(313,147)	(178,165)
Net change in cash and cash equivalents	(19,225)	20,281
Cash and cash equivalents, beginning of year	33,410	26,345
Cash and cash equivalents, end of period	$ 14,185	$ 46,626