Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income (loss)	$ 115,725	$ 13,385	$ 100,262
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	234,880	108,475	102,290
Share-based compensation	8,239	6,228	5,646
(Gain) loss on derivative instruments			(265)
(Gain) loss on marketable securities	0	2,978	0
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	17,349	18,256	2,040
(Gain) loss on sale of hotel properties	(2,819)	2,147	(14,877)
Impairment and other losses	0	0	3,849
Non-cash ground rent	6,395
Non-cash ground rent		3,062	2,884
Other	2,365	2,939	2,378
Changes in assets and liabilities:
Hotel receivables	8,648	3,684	(1,270)
Prepaid expenses and other assets	1,061	5,031	(2,161)
Accounts payable and accrued expenses	(605)	(34,517)	(9,176)
Deferred revenues	3,964	4,029	2,039
Net cash provided by (used in) operating activities	395,202	135,697	193,639
Investing activities:
Acquisition of LaSalle, net of cash acquired	0	(1,372,584)	0
Improvements and additions to hotel properties	(169,632)	(89,605)	(80,825)
Deposit received on hotel properties	0	0	2,000
Proceeds from sales of hotel properties	470,352	28,551	203,479
Investment in marketable securities	0	(356,180)	0
Sale of marketable securities	0	6,658	0
Purchase of corporate office equipment, software, and furniture	(752)	(164)	(40)
Property insurance proceeds	0	5,162	7,674
Net cash provided by (used in) investing activities	299,968	(1,778,162)	132,288
Financing activities:
Payment of offering costs — common and preferred shares	(275)	(470)	(62)
Payment of deferred financing costs	(461)	(29,366)	(5,411)
(Distributions) contributions from non-controlling interest	(125)	0	106
Borrowings under revolving credit facilities	414,771	550,181	238,687
Repayments under revolving credit facilities	(419,771)	(425,181)	(275,687)
Proceeds from debt	0	1,850,000	0
Repayments of debt	(518,207)	(102,366)	(72,317)
Repurchases of common shares	(4,009)	(2,507)	(95,982)
Distributions — common shares/units	(184,836)	(105,729)	(107,329)
Distributions — preferred shares	(32,556)	(16,094)	(16,094)
Proceeds from refundable membership deposits	0	29	656
Repayments of refundable membership deposits	(637)	(754)	(790)
Net cash provided by (used in) financing activities	(746,106)	1,717,743	(334,223)
Net change in cash and cash equivalents and restricted cash	(50,936)	75,278	(8,296)
Cash and cash equivalents and restricted cash, beginning of year	107,811	32,533	40,829
Cash and cash equivalents and restricted cash, end of year	$ 56,875	$ 107,811	$ 32,533