Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 48,734	$ 10,591
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,143	15,264
Deferred finance cost amortization	563	398
Equity-based compensation	793	636
Deferred income taxes	755	(14)
(Gain) loss on disposal of assets	(36,780)	503
Other	194	22
Changes in operating assets and liabilities:
Restricted cash - operating	(634)	(675)
Trade receivables, net	(5,572)	(4,702)
Prepaid expenses and other	(2,458)	(175)
Accounts payable and Accrued expenses and other	802	(1,403)
NET CASH PROVIDED BY OPERATING ACTIVITIES	24,540	20,445
INVESTING ACTIVITIES
Acquisitions of hotel properties	(109,182)	0
Investment in hotel properties under development	0	(66)
Improvements to hotel properties	(9,665)	(16,089)
Proceeds from asset dispositions, net of closing costs	107,477	0
Funding of real estate loans	(27,500)	(2,634)
Restricted cash - FF&E reserve	(1,068)	878
Escrow deposits for acquisitions	10,046	0
NET CASH USED IN INVESTING ACTIVITIES	(29,892)	(17,911)
FINANCING ACTIVITIES
Proceeds from issuance of debt	150,000	25,000
Principal payments on debt	(123,035)	(22,759)
Financing fees on debt	(1,948)	0
Dividends paid	(14,402)	(14,365)
Other	(617)	(450)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	9,998	(12,574)
Net change in cash and cash equivalents	4,646	(10,040)
CASH AND CASH EQUIVALENTS
Beginning of period	29,326	38,581
End of period	33,972	28,541
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	6,783	6,912
Capitalized interest	0	66
Cash payments for income taxes, net of refunds	$ 15	$ 70