Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income	$ 67,289	$ 70,689
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,458	35,828
Amortization of deferred financing costs	1,014	1,103
Equity-based compensation	2,994	2,182
Realization of deferred gain	(15,000)	(2,000)
Gain on disposal of assets, net	(20,806)	(37,506)
Other	8	274
Changes in operating assets and liabilities:
Restricted cash - operating	(910)	(357)
Trade receivables, net	(6,132)	(5,560)
Prepaid expenses and other	595	175
Accounts payable	(156)	1,883
Accrued expenses and other	1,829	2,830
NET CASH PROVIDED BY OPERATING ACTIVITIES	69,183	69,541
INVESTING ACTIVITIES
Acquisitions of hotel properties	(367,135)	(109,182)
Investment in hotel properties under development	(9,865)	0
Improvements to hotel properties	(13,953)	(18,205)
Proceeds from asset dispositions, net of closing costs	93,272	134,511
Funding of real estate loans	0	(27,500)
Proceeds from collection of real estate loans	22,506	2,000
(Increase) decrease in restricted cash - FF&E reserve	231	(1,933)
Decrease (increase) in escrow deposits for acquisitions	(2,340)	6,996
NET CASH USED IN INVESTING ACTIVITIES	(277,284)	(13,313)
FINANCING ACTIVITIES
Proceeds from issuance of debt	260,000	195,000
Principal payments on debt	(178,178)	(243,509)
Proceeds from equity offerings, net of issuance costs	163,834	72,337
Dividends paid	(41,270)	(30,280)
Financing fees on debt	(199)	(1,948)
Repurchase of common shares to satisfy employee withholding requirements	(961)	(717)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	203,226	(9,117)
Net change in cash and cash equivalents	(4,875)	47,111
CASH AND CASH EQUIVALENTS
Beginning of period	34,694	29,326
End of period	29,819	76,437
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	12,743	13,016
Accrued acquisitions and improvements to hotel properties	3,897	2,780
Capitalized interest	73	0
Cash payments for income taxes, net of refunds	$ 463	$ 868