Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net income	$ 70,689	$ 26,892
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,828	30,667
Deferred finance cost amortization	1,103	819
Equity-based compensation	2,182	2,008
(Gain) loss on disposal of assets	(39,506)	711
Other	274	453
Changes in operating assets and liabilities:
Restricted cash - operating	(357)	(1,232)
Trade receivables, net	(5,560)	(4,821)
Prepaid expenses and other	175	(2,193)
Accounts payable	1,883	(4,158)
Accrued expenses and other	2,830	5,932
NET CASH PROVIDED BY OPERATING ACTIVITIES	69,541	55,078
INVESTING ACTIVITIES
Acquisitions of hotel properties	(109,182)	(96,614)
Investment in hotel properties under development	0	(76)
Improvements to hotel properties	(18,205)	(26,040)
Proceeds from asset dispositions, net of closing costs	134,511	121
Funding of real estate loans	(27,500)	(2,634)
Proceeds from repayments of real estate loans	2,000	0
Restricted cash - FF&E reserve	(1,933)	4,441
Escrow deposits for acquisitions	6,996	0
NET CASH USED IN INVESTING ACTIVITIES	(13,313)	(120,802)
FINANCING ACTIVITIES
Proceeds from issuance of debt	195,000	287,000
Principal payments on debt	(243,509)	(192,522)
Proceeds from preferred stock offering, net	72,337	0
Payment of debt-related financing costs	(1,948)	(1,164)
Dividends paid	(30,280)	(28,755)
Other	(717)	(453)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(9,117)	64,106
Net increase (decrease) in cash and cash equivalents	47,111	(1,618)
CASH AND CASH EQUIVALENTS
Beginning of period	29,326	38,581
End of period	76,437	36,963
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	13,016	14,207
Capitalized interest	0	76
Cash payments for income taxes, net of refunds	$ 868	$ 1,231