CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 108,112	$ 124,727
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	176,053	159,551
Amortization of debt issuance costs and debt discounts as interest	3,993	2,916
Straight line rental income	(7,445)	(2,056)
Security deposits received or replenished	23,690	9,064
FF&E reserve income and deposits	(37,491)	(33,664)
Loss on early extinguishment of debt	70
Equity in earnings of an investee	(94)	(95)
Gain on sale of real estate		(11,015)
Other non-cash (income) expense, net	(1,793)	1,749
Changes in assets and liabilities:
Due from related persons	(775)	(1,411)
Other assets	(11,792)	(9,539)
Accounts payable and other liabilities	9,923	2,538
Due to related persons	(30,956)	9,292
Net cash provided by operating activities	231,495	252,057
Cash flows from investing activities:
Real estate acquisitions and deposits	(196,856)	(247,631)
Real estate improvements	(86,929)	(120,174)
FF&E reserve escrow fundings	(1,156)	(4,711)
Investment in The RMR Group Inc.		(15,196)
Net cash used in investing activities	(284,941)	(387,712)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discounts	737,612
Repayment of senior unsecured notes	(275,000)
Borrowings under unsecured revolving credit facility	410,000	381,000
Repayments of unsecured revolving credit facility	(643,000)	(80,000)
Debt issuance costs	(6,106)	(5)
Distributions to preferred shareholders	(10,332)	(10,332)
Distributions to common shareholders	(153,063)	(148,447)
Net cash provided by financing activities	60,111	142,216
Increase in cash and cash equivalents	6,665	6,561
Cash and cash equivalents at beginning of period	13,682	11,834
Cash and cash equivalents at end of period	20,347	18,395
Supplemental cash flow information:
Cash paid for interest	65,889	68,196
Cash paid for income taxes	1,988	2,137
Non-cash investing activities:
Hotel managers' deposits in FF&E reserve	35,145	31,091
Hotel managers' purchases with FF&E reserve	$ (26,093)	$ (30,678)
Investment in The RMR Group Inc. paid in common shares		43,285
Real estate acquisitions		$ (45,042)
Sales of real estate		$ 45,042