Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income (loss)	$ 42,068	$ 5,655
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	55,828	54,302
Share-based compensation	17,637	1,848
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	3,594	1,488
(Gain) loss on sale of hotel properties	(117,448)	0
Impairment and other losses	20,570	0
Non-cash ground rent	1,574	1,520
Other	146	2,222
Changes in assets and liabilities:
Hotel receivables	23,386	(12,793)
Prepaid expenses and other assets	(5,200)	54
Accounts payable and accrued expenses	(26,326)	4,784
Deferred revenues	(14,337)	(2,742)
Net cash provided by (used in) operating activities	1,492	56,338
Investing activities:
Improvements and additions to hotel properties	(50,099)	(43,344)
Proceeds from sales of hotel properties	320,036	245,096
Purchase of corporate office equipment, software, and furniture	0	(6)
Net cash provided by (used in) investing activities	269,937	201,746
Financing activities:
Payment of offering costs — common and preferred shares	(85)	(275)
Payment of deferred financing costs	0	(105)
Borrowings under revolving credit facilities	760,115	1,893
Repayments under revolving credit facilities	(281,947)	(171,893)
Repayments of debt	0	(70,614)
Repurchases of common shares	(1,255)	(4,009)
Distributions — common shares/units	(50,027)	(35,493)
Distributions — preferred shares	(8,139)	(8,139)
Repayments of refundable membership deposits	(198)	(189)
Net cash provided by (used in) financing activities	418,464	(288,824)
Net change in cash and cash equivalents and restricted cash	689,893	(30,740)
Cash and cash equivalents and restricted cash, beginning of year	56,875	107,811
Cash and cash equivalents and restricted cash, end of period	$ 746,768	$ 77,071