Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES
Net income	$ 10,591	$ 3,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,264	15,065
Amortization of prepaid lease	12	12
Equity-based compensation	636	467
Deferred tax asset	(14)	(5)
(Gain) loss on disposal of assets	503	(61)
Loss on derivative financial instruments	1
Other	9
Changes in operating assets and liabilities:
Restricted cash - operating	(675)	(1,689)
Trade receivables	(4,702)	(5,381)
Prepaid expenses and other	223	2,899
Accounts payable and accrued expenses	(1,403)	6,675
NET CASH PROVIDED BY OPERATING ACTIVITIES	20,445	21,307
INVESTING ACTIVITIES
Acquisitions of hotel properties		(88,993)
Improvements and additions to hotel properties	(16,089)	(19,037)
Amounts drawn under note funding obligation	(2,634)
Purchases of office furniture and equipment		(5)
Investment in hotel properties under development	(66)
Proceeds from asset dispositions, net of closing costs		2,681
Restricted cash - FF&E reserve	878	(452)
NET CASH USED IN INVESTING ACTIVITIES	(17,911)	(105,806)
FINANCING ACTIVITIES
Proceeds from issuance of debt	25,000	90,998
Principal payments on debt	(22,759)	(2,364)
Financing fees on debt		(398)
Dividends paid	(14,365)	(13,892)
Other	(450)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(12,574)	74,344
Net change in cash and cash equivalents	(10,040)	(10,155)
CASH AND CASH EQUIVALENTS
Beginning of period	38,581	46,706
End of period	28,541	36,551
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	6,912	6,028
Capitalized interest	66	45
Cash payments for income taxes, net of refunds	70	135
Mortgage debt assumed for acquisitions of hotel properties		43,172
Fair value of common units issued for acquisition of hotel		$ 3,685