Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net income (loss)	$ 5,655	$ 24,516
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	54,302	24,902
Share-based compensation	1,848	(269)
Amortization of deferred financing costs and mortgage loan premiums	1,488	518
Non-cash ground rent	1,520	676
Other	2,222	502
Changes in assets and liabilities:
Hotel receivables	(12,793)	(4,452)
Prepaid expenses and other assets	54	(7,717)
Accounts payable and accrued expenses	4,784	1,330
Deferred revenues	(2,742)	1,285
Net cash provided by (used in) operating activities	56,338	41,291
Investing activities:
Improvements and additions to hotel properties	(43,344)	(16,179)
Proceeds from sales of hotel properties	245,096	0
Investment in marketable securities	0	(158,338)
Purchase of corporate office equipment, software, and furniture	(6)	(5)
Property insurance proceeds	0	97
Net cash provided by (used in) investing activities	201,746	(174,425)
Financing activities:
Payment of offering costs — common and preferred shares	(275)	0
Payment of deferred financing costs	(105)	0
Borrowings under revolving credit facilities	1,893	226,286
Repayments under revolving credit facilities	(171,893)	(68,286)
Repayments of debt	(70,614)	(592)
Repurchases of common shares	(4,009)	(2,507)
Distributions — common shares/units	(35,493)	(26,753)
Distributions — preferred shares	(8,139)	(4,023)
Proceeds from refundable membership deposits	0	36
Repayments of refundable membership deposits	(189)	(337)
Net cash provided by (used in) financing activities	(288,824)	123,824
Net change in cash and cash equivalents and restricted cash	(30,740)	(9,310)
Cash and cash equivalents and restricted cash, beginning of year	107,811	32,533
Cash and cash equivalents and restricted cash, end of period	$ 77,071	$ 23,223