Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income (loss)	$ 82,811	$ 57,759
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	49,464	52,246
Share-based compensation	1,599	3,186
(Gain) loss on marketable securities	(20,477)	0
Amortization of deferred financing costs and mortgage loan premiums	1,043	704
Gain on sale of hotel properties	0	(14,587)
Impairment and other losses	0	1,049
Non-cash ground rent	1,350	1,467
Other	1,146	1,438
Changes in assets and liabilities:
Hotel receivables	(5,731)	(7,180)
Prepaid expenses and other assets	(11,355)	(3,891)
Accounts payable and accrued expenses	3,140	1,755
Deferred revenues	(501)	(444)
Net cash provided by (used in) operating activities	102,489	93,502
Investing activities:
Improvements and additions to hotel properties	(35,301)	(47,364)
Proceeds from sale of hotel properties	0	203,189
Investment in marketable securities	(356,180)	0
Sale of marketable securities	6,658	0
Purchase of corporate office equipment, software, and furniture	(26)	(10)
Property insurance proceeds	2,648	0
Net cash provided by (used in) investing activities	(382,201)	155,815
Financing activities:
Payment of offering costs - common and preferred shares	0	(62)
Payment of deferred financing costs	(42)	(85)
Contributions from non-controlling interest	0	106
Borrowings under revolving credit facilities	465,373	194,922
Repayments under revolving credit facilities	(127,373)	(233,922)
Repayments of mortgage debt	(1,175)	(71,170)
Repurchase of common shares	(2,507)	(95,862)
Distributions — common shares/units	(53,078)	(54,747)
Distributions — preferred shares	(8,047)	(8,047)
Proceeds from refundable membership deposits	30	264
Repayments of refundable membership deposits	(486)	(501)
Net cash provided by (used in) financing activities	272,695	(269,104)
Net change in cash and cash equivalents and restricted cash	(7,017)	(19,787)
Cash and cash equivalents and restricted cash, beginning of year	32,533	40,829
Cash and cash equivalents and restricted cash, end of period	$ 25,516	$ 21,042