Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 40,498	$ 16,192
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,583	47,766
Deferred finance cost amortization	1,250	1,153
Loss on impairment of assets	1,115	9,247
Equity-based compensation	3,968	2,843
Deferred tax asset	730	(70)
(Gain) loss on disposal of assets	712	(284)
Other	626	36
Changes in operating assets and liabilities:
Restricted cash - operating	(2,386)	(3,437)
Trade receivables, net	(4,660)	(4,646)
Prepaid expenses and other	1,590	3,608
Accounts payable and accrued expenses	6,346	6,605
NET CASH PROVIDED BY OPERATING ACTIVITIES	96,372	79,013
INVESTING ACTIVITIES
Acquisitions of hotel properties	(153,798)	(177,947)
Acquisition of non-controlling interest in joint venture		(8,232)
Improvements and additions to hotel properties	(34,432)	(34,929)
Escrow deposit for acquisition	(17,696)
Amounts drawn under note funding obligation	(2,634)	(2,221)
Proceeds from asset dispositions, net of closing costs	121	11,597
Net release of restricted cash - FF&E reserve	7,877	18,170
NET USED IN INVESTING ACTIVITIES	(200,562)	(193,562)
FINANCING ACTIVITIES
Proceeds from issuance of debt	480,408	216,001
Principal payments on debt	(336,901)	(70,459)
Financing fees on debt	(2,100)	(734)
Dividends paid	(43,106)	(42,187)
Other	(738)
NET CASH PROVIDED BY FINANCING ACTIVITIES	97,563	102,621
Net change in cash and cash equivalents	(6,627)	(11,928)
CASH AND CASH EQUIVALENTS
Beginning of period	38,581	46,706
End of period	31,954	34,778
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	22,265	19,871
Capitalized interest	76	186
Cash payments for income taxes, net of refunds	$ 1,022	739
Mortgage debt assumed for acquisitions of hotel properties		43,172
Fair value of common units issued for acquisition of hotel		$ 3,685