Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 33,206	$ 48,734
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,726	18,143
Amortization of deferred financing costs	518	563
Equity-based compensation	1,130	793
Realization of deferred gain	(15,000)	0
Gain on disposal of assets, net	(4,456)	(36,780)
Other	(198)	949
Changes in operating assets and liabilities:
Restricted cash - operating	(309)	(634)
Trade receivables, net	(4,741)	(5,572)
Prepaid expenses and other	49	(2,458)
Accounts payable	779	835
Accrued expenses and other	902	(33)
NET CASH PROVIDED BY OPERATING ACTIVITIES	30,606	24,540
INVESTING ACTIVITIES
Acquisitions of hotel properties	(60,467)	(109,182)
Investment in hotel properties under development	(5,088)	0
Improvements to hotel properties	(8,297)	(9,665)
Proceeds from asset dispositions, net of closing costs	14,914	107,477
Funding of real estate loans	0	(27,500)
Proceeds from collection of real estate loans	22,500	0
Increase in restricted cash - FF&E reserve	(1,951)	(1,068)
Decrease in escrow deposits for acquisitions	0	10,046
NET CASH USED IN INVESTING ACTIVITIES	(38,389)	(29,892)
FINANCING ACTIVITIES
Proceeds from issuance of debt	100,000	150,000
Principal payments on debt	(38,652)	(123,035)
Dividends paid	(19,394)	(14,402)
Financing fees on debt	(131)	(1,948)
Other	(688)	(617)
NET CASH PROVIDED BY FINANCING ACTIVITIES	41,135	9,998
Net change in cash and cash equivalents	33,352	4,646
CASH AND CASH EQUIVALENTS
Beginning of period	34,694	29,326
End of period	68,046	33,972
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	5,887	6,783
Capitalized interest	21	0
Cash payments for income taxes, net of refunds	$ 0	$ 15