CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 97,870	$ 108,112
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	188,606	176,053
Amortization of debt issuance costs and debt discounts and premiums as interest	4,346	3,993
Straight line rental income	(6,121)	(7,445)
Security deposits received or replenished	31,422	23,690
FF&E reserve income and deposits	(37,134)	(37,491)
Loss on early extinguishment of debt	0	70
Equity in earnings of an investee	(502)	(94)
Other non-cash (income) expense, net	(1,810)	(1,793)
Changes in assets and liabilities:
Due from related persons	(490)	(775)
Other assets	(11,702)	(11,792)
Accounts payable and other liabilities	6,565	9,923
Due to related persons	(15,175)	(30,956)
Net cash provided by operating activities	255,875	231,495
Cash flows from investing activities:
Real estate acquisitions and deposits	(357,679)	(196,856)
Real estate improvements	(62,204)	(86,929)
FF&E reserve escrow fundings	(3,157)	(1,156)
Net cash used in investing activities	(423,040)	(284,941)
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	(8,478)	0
Borrowings under unsecured revolving credit facility	359,000	410,000
Repayments of unsecured revolving credit facility	(272,000)	(643,000)
Payment of debt issuance costs	(5,018)	(6,106)
Repurchase of common shares	(14)	0
Distributions to preferred shareholders	(6,601)	(10,332)
Distributions to common shareholders	(169,196)	(153,063)
Net cash provided by financing activities	205,939	60,111
Increase in cash and cash equivalents	38,774	6,665
Cash and cash equivalents at beginning of period	10,896	13,682
Cash and cash equivalents at end of period	49,670	20,347
Supplemental cash flow information:
Cash paid for interest	75,266	65,889
Cash paid for income taxes	2,226	1,988
Non-cash investing activities:
Hotel managers’ deposits in FF&E reserve	35,175	35,145
Hotel managers’ purchases with FF&E reserve	$ (39,877)	$ (26,093)