Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net income (loss)	$ (88,846)	$ 66,173
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	111,348	107,601
Share-based compensation	19,416	3,966
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	7,178	3,901
(Gain) loss on sale of hotel properties	(117,448)	0
Impairment loss	20,570	0
Deferred income taxes	(14,309)	1,542
Non-cash ground rent	3,129	3,051
Other	92	4,735
Changes in assets and liabilities:
Hotel receivables	39,350	(17,150)
Prepaid expenses and other assets	12,998	7,477
Accounts payable and accrued expenses	(60,770)	13,461
Deferred revenues	(19,290)	(637)
Net cash provided by (used in) operating activities	(86,582)	194,120
Investing activities:
Improvements and additions to hotel properties	(89,636)	(75,907)
Proceeds from sales of hotel properties	320,036	302,323
Purchase of corporate office equipment, software, and furniture	0	(398)
Net cash provided by (used in) investing activities	230,400	226,018
Financing activities:
Payment of offering costs — common and preferred shares	(94)	(275)
Payment of deferred financing costs	(3,618)	(237)
Borrowings under revolving credit facilities	760,115	56,893
Repayments under revolving credit facilities	(535,115)	(226,893)
Proceeds from debt	12,965	0
Repayments of debt	(12,965)	(181,219)
Repurchases of common shares	(1,255)	(4,009)
Distributions — common shares/units	(51,338)	(85,273)
Distributions — preferred shares	(16,278)	(16,278)
Repayments of refundable membership deposits	(273)	(396)
Net cash provided by (used in) financing activities	152,144	(457,687)
Net change in cash and cash equivalents and restricted cash	295,962	(37,549)
Cash and cash equivalents and restricted cash, beginning of year	56,875	107,811
Cash and cash equivalents and restricted cash, end of period	$ 352,837	$ 70,262