Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 184,884	$ 132,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,537	4,986
Depreciation and amortization – marketing and reservation system	14,687	15,454
Franchise agreement acquisition cost amortization	6,662	5,190
(Gain) loss on disposal of assets	(58)	32
Provision for bad debts, net	6,279	3,694
Non-cash stock compensation and other charges	11,455	20,215
Non-cash interest and other (income) loss	492	(451)
Deferred income taxes	(5,610)	51,126
Equity in net losses from unconsolidated joint ventures, less distributions received	7,122	4,278
Franchise agreement acquisition cost, net of reimbursements	(40,554)	(21,443)
Change in working capital and other, net of acquisition	(49,059)	(50,205)
Net cash provided by operating activities	146,837	165,019
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(34,129)	(17,514)
Investment in intangible assets	(1,665)	(2,376)
Proceeds from sales of assets	3,053	0
Business acquisition, net of cash acquired	(231,317)	0
Asset acquisition, net of cash acquired	(3,179)	0
Contributions to equity method investments	(9,050)	(44,876)
Distributions from equity method investments	1,429	4,307
Purchases of investments, employee benefit plans	(2,441)	(2,140)
Proceeds from sales of investments, employee benefit plans	2,646	2,150
Issuance of notes receivable	(28,876)	(18,565)
Collections of notes receivable	4,747	630
Other items, net	(1,065)	109
Net cash used in investing activities	(299,847)	(78,275)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) pursuant to revolving credit facilities	56,400	(39,974)
Principal payments on long-term debt	(477)	(484)
Purchase of treasury stock	(109,266)	(8,887)
Dividends paid	(36,628)	(36,483)
Debt issuance costs	(2,590)	0
Proceeds from issuance of long term debt	528	0
Proceeds from transfer of interest in notes receivable	173	24,237
Proceeds from exercise of stock options	41,155	9,799
Net cash used in financing activities	(50,705)	(51,792)
Net change in cash and cash equivalents	(203,715)	34,952
Effect of foreign exchange rate changes on cash and cash equivalents	(705)	1,433
Cash and cash equivalents at beginning of period	235,336	202,463
Cash and cash equivalents at end of period	30,916	238,848
Cash payments during the period for:
Income taxes, net of refunds	50,806	31,254
Interest, net of capitalized interest	41,746	41,119
Non-cash investing and financing activities:
Dividends declared but not paid	12,087	12,167
Investment in property and equipment acquired in accounts payable	$ 1,743	$ 758