Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income (loss)	$ (219,406)	$ 96,153
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	168,044	177,376
Share-based compensation	21,076	6,100
Amortization of deferred financing costs, non-cash interest and mortgage loan premiums	11,199	13,547
(Gain) loss on sale of hotel properties	(117,401)	0
Impairment loss	20,570	0
Non-cash ground rent	4,669	4,921
Other	(289)	2,301
Changes in assets and liabilities:
Hotel receivables	37,217	(12,504)
Prepaid expenses and other assets	(3,933)	1,147
Accounts payable and accrued expenses	(47,896)	23,791
Deferred revenues	(20,708)	3,269
Net cash provided by (used in) operating activities	(146,858)	316,101
Investing activities:
Improvements and additions to hotel properties	(110,443)	(117,989)
Proceeds from sales of hotel properties	375,131	437,871
Purchase of corporate office equipment, software, and furniture	0	(560)
Net cash provided by (used in) investing activities	264,688	319,322
Financing activities:
Payment of offering costs — common and preferred shares	(94)	(275)
Payment of deferred financing costs	(3,618)	(318)
Borrowings under revolving credit facilities	760,115	211,893
Repayments under revolving credit facilities	(635,115)	(281,893)
Proceeds from debt	12,965	0
Repayments of debt	(12,965)	(451,831)
Repurchases of common shares	(1,255)	(4,009)
Distributions — common shares/units	(52,649)	(135,054)
Distributions — preferred shares	(24,417)	(24,417)
Repayments of refundable membership deposits	(697)	(524)
Net cash provided by (used in) financing activities	42,270	(686,428)
Net change in cash and cash equivalents and restricted cash	160,100	(51,005)
Cash and cash equivalents and restricted cash, beginning of year	56,875	107,811
Cash and cash equivalents and restricted cash, end of period	$ 216,975	$ 56,806