CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 294,594	$ 183,598
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	300,308	286,811
Amortization of debt issuance costs and debt discounts and premiums as interest	7,607	6,541
Straight line rental income	(9,359)	(9,208)
Security deposits received or replenished	7,687	37,239
Loss on early extinguishment of debt	160	0
Unrealized gains on equity securities	(89,348)	0
Equity in earnings of an investee	(881)	(533)
Gain on sale of real estate	0	(9,348)
Other non-cash (income) expense, net	(2,226)	(2,523)
Changes in assets and liabilities:
Due from related persons	(585)	(992)
Other assets	(8,627)	(14,710)
Accounts payable and other liabilities	(21,259)	(21,979)
Due to related persons	(74,667)	(12,619)
Net cash provided by operating activities	403,404	442,277
Cash flows from investing activities:
Real estate acquisitions and deposits	(95,208)	(594,927)
Real estate improvements	(111,248)	(89,955)
Hotel managers’ purchases with restricted cash	(89,401)	(64,574)
Hotel manager's deposit of insurance proceeds into restricted cash	18,000	0
Net proceeds from sale of real estate	0	23,438
Net cash used in investing activities	(277,857)	(726,018)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, after discounts and premiums	389,976	598,246
Redemption of preferred shares	0	(290,000)
Repurchase of convertible senior notes	0	(8,478)
Borrowings under unsecured revolving credit facility	395,000	631,000
Repayments of unsecured revolving credit facility	(650,000)	(364,000)
Deferred financing costs	(12,242)	(5,018)
Repurchase of common shares	(606)	(533)
Distributions to preferred shareholders	0	(6,601)
Distributions to common shareholders	(259,678)	(254,623)
Net cash provided by (used in) financing activities	(137,550)	299,993
Increase (decrease) in cash and cash equivalents and restricted cash	(12,003)	16,252
Cash and cash equivalents and restricted cash at beginning of period	97,496	71,352
Cash and cash equivalents and restricted cash at end of period	85,493	87,604
Supplemental disclosure of cash and cash equivalents and restricted cash:
Total cash and cash equivalents and restricted cash	97,496	71,352
Supplemental cash flow information:
Cash paid for interest	158,056	149,261
Cash paid for income taxes	$ 2,804	$ 2,588