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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Cash flows from operating activities:      
Net income $ 85,630 $ 163,377 $ 49,065
Adjustments to reconcile net income to net cash provided by operating activities:      
Real estate depreciation 101,143 99,650 105,655
Corporate asset depreciation as corporate expenses 80 105 99
Gain on sale of hotel properties, net 0 (50,969) (22,733)
Gain on repayments of notes receivable (3,927) (13,550) 0
Loss on early extinguishment of debt 0 1,616 1,492
Gain on hotel property acquisition 0 (23,894) 0
Non-cash ground rent 5,915 6,453 6,787
Non-cash financing costs, debt premium, and interest rate cap as interest 2,353 2,564 2,803
Amortization of note receivable discount as interest income 0 (1,075) (2,602)
Impairment losses 10,461 0 0
Amortization of favorable and unfavorable contracts, net (1,651) (1,410) (1,487)
Amortization of deferred income (993) (1,090) (2,150)
Termination fee paid to hotel manager 0 0 (737)
Stock-based compensation 5,723 5,316 5,217
Deferred income tax expense (benefit) 10,292 5,159 (343)
Changes in assets and liabilities:      
Prepaid expenses and other assets (3,144) (305) (1,615)
Restricted cash 12,606 (8,409) 1,024
Due to/from hotel managers 106 (5,711) 899
Accounts payable and accrued expenses 2,963 2,005 2,360
Net cash provided by operating activities 227,557 179,832 143,734
Cash flows from investing activities:      
Hotel capital expenditures (62,950) (62,571) (107,307)
Hotel acquisitions (150,400) (297,388) 0
Net proceeds from sale of properties 0 182,117 76,437
Notes receivable repayments 3,927 64,500 6,574
Change in restricted cash 2,785 10,623 (17,279)
Purchase deposits 0 (2,850) (5,000)
Receipt of deferred key money 3,000 0 4,568
Net cash used in investing activities (203,638) (105,569) (42,007)
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (13,322) (15,254) (14,249)
Repurchase of common stock and other (2,735) (2,418) (1,952)
Proceeds from sale of common stock, net 7,790 63,062 0
Proceeds from mortgage debt 355,000 86,000 165,000
Repayments of mortgage debt (202,130) (125,444) (28,779)
Draws on senior unsecured credit facility 195,000 156,320 25,000
Repayments of senior unsecured credit facility (195,000) (156,320) (45,000)
Payment of financing costs (2,866) (3,328) (1,101)
Purchase of interest rate cap (325) 0 0
Payment of cash dividends (96,112) (77,100) (65,685)
Net cash provided by (used in) financing activities 45,300 (74,482) 33,234
Net increase (decrease) in cash and cash equivalents 69,219 (219) 134,961
Cash and cash equivalents, beginning of year 144,365 144,584 9,623
Cash and cash equivalents, end of year 213,584 144,365 144,584
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 48,916 56,575 55,605
Cash paid for income taxes 1,099 478 795
Capitalized interest 0 914 1,516
Non-cash Financing Activities:      
Unpaid dividends $ 25,599 $ 20,922 $ 16,981