CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 37,171	$ 52,051
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	93,451	87,271
Amortization of debt issuance costs and debt discounts and premiums as interest	2,152	1,865
Straight line rental income	(3,008)	(3,752)
Security deposits received or replenished (applied), net	11,302	10,252
FF&E reserve income and deposits	(17,618)	(17,746)
Loss on early extinguishment of debt	0	70
Equity in earnings of an investee	(128)	(77)
Other non-cash (income) expense, net	(979)	(1,142)
Changes in assets and liabilities:
Due from related persons	(676)	(886)
Other assets	(9,536)	(6,174)
Accounts payable and other liabilities	(20,703)	(26,819)
Due to related persons	(33,573)	(56,522)
Net cash provided by operating activities	57,855	38,391
Cash flows from investing activities:
Real estate acquisitions and deposits	(153,749)	(143,683)
Real estate improvements	(32,731)	(32,716)
FF&E reserve escrow fundings	(1,990)	(441)
Net cash used in investing activities	(188,470)	(176,840)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, after discounts and premiums	598,246	737,612
Repayment of senior unsecured notes	0	(275,000)
Redemption of preferred shares	(290,000)	0
Repurchase of convertible senior notes	(8,431)	0
Borrowings under unsecured revolving credit facility	130,000	275,000
Repayments of unsecured revolving credit facility	(191,000)	(510,000)
Payment of debt issuance costs	(4,946)	(6,089)
Distributions to preferred shareholders	(6,601)	(5,166)
Distributions to common shareholders	(83,777)	(75,774)
Net cash provided by financing activities	143,491	140,583
Increase in cash and cash equivalents	12,876	2,134
Cash and cash equivalents at beginning of period	10,896	13,682
Cash and cash equivalents at end of period	23,772	15,816
Supplemental cash flow information:
Cash paid for interest	60,896	56,278
Cash paid for income taxes	158	227
Non-cash investing activities:
Hotel managers’ deposits in FF&E reserve	15,602	15,542
Hotel managers’ purchases with FF&E reserve	$ (21,335)	$ (11,303)