Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net income	$ 97,887	$ 40,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,715	46,583
Amortization of deferred financing costs	1,625	1,250
Loss on impairment of assets	577	1,115
Equity-based compensation	3,202	3,968
(Gain) loss on disposal of assets	(49,997)	712
Other	(573)	1,356
Changes in operating assets and liabilities:
Restricted cash - operating	(881)	(2,386)
Trade receivables, net	(5,848)	(4,660)
Prepaid expenses and other	1,109	1,590
Accounts payable	1,215	(2,967)
Accrued expenses and other	10,348	9,313
NET CASH PROVIDED BY OPERATING ACTIVITIES	112,379	96,372
INVESTING ACTIVITIES
Acquisitions of hotel properties	(169,654)	(153,798)
Improvements to hotel properties	(31,098)	(34,432)
Proceeds from asset dispositions, net of closing costs	145,366	121
Funding of real estate loans	(27,500)	(2,634)
Proceeds from repayment or sale of real estate loans	7,814	0
Restricted cash - FF&E reserve	(1,613)	7,877
Escrow deposits for acquisitions	6,446	(17,696)
NET CASH USED IN INVESTING ACTIVITIES	(70,239)	(200,562)
FINANCING ACTIVITIES
Proceeds from issuance of debt	250,000	480,408
Principal payments on debt	(302,546)	(336,901)
Proceeds from preferred stock offering, net	72,290	0
Payment of debt-related financing costs	(1,948)	(2,100)
Dividends paid	(47,506)	(43,106)
Other	(1,265)	(738)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(30,975)	97,563
Net increase (decrease) in cash and cash equivalents	11,165	(6,627)
CASH AND CASH EQUIVALENTS
Beginning of period	29,326	38,581
End of period	40,491	31,954
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	19,425	22,265
Capitalized interest	0	76
Cash payments for income taxes, net of refunds	$ 1,135	$ 1,022