Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income (loss)	$ 24,516	$ 14,089
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	24,902	26,296
Share-based compensation	(269)	1,127
(Gain) loss on derivative instruments	0	(64)
Amortization of deferred financing costs and mortgage loan premiums	518	399
Impairment and other losses	0	1,049
Non-cash ground rent	676	733
Other	502	15
Changes in assets and liabilities:
Hotel receivables	(4,452)	(2,141)
Prepaid expenses and other assets	(7,717)	(3,009)
Accounts payable and accrued expenses	1,330	(3,034)
Deferred revenues	1,285	1,692
Net cash provided by (used in) operating activities	41,291	37,152
Investing activities:
Improvements and additions to hotel properties	(16,179)	(21,821)
Investment in marketable securities	(158,338)	0
Purchase of corporate office equipment, software, and furniture	(5)	(6)
Property insurance proceeds	97	0
Net cash provided by (used in) investing activities	(174,425)	(21,827)
Financing activities:
Payment of offering costs — common and preferred shares	0	(62)
Payment of deferred financing costs	0	(2)
Contributions from non-controlling interest	0	107
Borrowings under revolving credit facilities	226,286	132,000
Repayments under revolving credit facilities	(68,286)	(10,000)
Repayments of mortgage debt	(592)	(44,996)
Repurchase of common shares	(2,507)	(62,444)
Distributions — common shares/units	(26,753)	(28,029)
Distributions — preferred shares	(4,023)	(4,023)
Proceeds from refundable membership deposits	36	698
Repayments of refundable membership deposits	(337)	(312)
Net cash provided by (used in) financing activities	123,824	(17,063)
Net Change in Cash and Cash Equivalents and Restricted Cash	(9,310)	(1,738)
Cash and cash equivalents and restricted cash, beginning of year	32,533	40,829
Cash and cash equivalents and restricted cash, end of period	$ 23,223	$ 39,091