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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 99,762 $ 19,509
Adjustments to reconcile net income to net cash provided by operating activities:    
Real estate depreciation 75,576 80,280
Corporate asset depreciation as corporate expenses 79 75
Gain on sale of hotel property (1,251) 0
Gain on prepayment of note receivable (13,550) 0
Loss on early extinguishment of debt 61 0
Gain on hotel property acquisition (23,894) 0
Non-cash ground rent 4,880 5,111
Non-cash financing costs, debt premium and interest rate cap as interest 2,085 2,082
Amortization of note receivable discount as interest income (1,075) (1,892)
Amortization of favorable and unfavorable contracts, net (1,058) (1,063)
Amortization of deferred income (818) (799)
Stock-based compensation 4,105 4,225
Changes in assets and liabilities:    
Prepaid expenses and other assets 687 (2,856)
Restricted cash (13,003) 2,894
Due to/from hotel managers (16,245) (7,375)
Accounts payable and accrued expenses (702) (8)
Net cash provided by operating activities 115,639 100,183
Cash flows from investing activities:    
Hotel capital expenditures (56,091) (75,256)
Hotel acquisitions (148,376) 0
Net proceeds from sale of hotel property 23,610 0
Note receivable principal repayments 64,500 6,574
Change in restricted cash 3,701 (13,319)
Purchase deposits 0 (5,000)
Receipt of deferred key money 0 338
Net cash used in investing activities (112,656) (86,663)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (10,966) (10,161)
Proceeds from mortgage debt 86,000 102,000
Prepayment of mortgage debt (41,315) 0
Draws on senior unsecured credit facility 41,320 25,000
Repayments of senior unsecured credit facility (41,320) (45,000)
Payment of financing costs (3,330) (538)
Payment of cash dividends (56,989) (49,044)
Repurchase of common stock and other (1,898) (1,952)
Net cash (used in) provided by financing activities (28,498) 20,305
Net (decrease) increase in cash and cash equivalents (25,515) 33,825
Cash and cash equivalents, beginning of period 144,584 9,623
Cash and cash equivalents, end of period 119,069 43,448
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 41,953 40,503
Cash paid for income taxes 266 724
Capitalized interest 914 1,164
Non-cash Financing Activities:    
Unpaid dividends $ 20,452 $ 17,006