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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 60,953 $ 35,464
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,126 49,911
Corporate asset depreciation as corporate expenses 34 43
Gain on sale of hotel properties 8,121 0
Non-cash ground rent 2,662 2,987
Amortization of debt issuance costs and debt premium 1,215 1,262
Impairment losses 0 10,461
Amortization of favorable and unfavorable contracts, net (956) (727)
Amortization of deferred income related to key money (1,434) (534)
Stock-based compensation 3,363 3,000
Changes in assets and liabilities:    
Prepaid expenses and other assets (5,983) (4,896)
Restricted cash 3,664 9,116
Due to/from hotel managers (12,637) (11,976)
Accounts payable and accrued expenses 1,720 5,832
Net cash provided by operating activities 94,606 99,943
Cash flows from investing activities:    
Hotel capital expenditures (54,096) (32,199)
Hotel acquisitions 0 (150,400)
Net proceeds from sale of hotel properties 118,309 0
Change in restricted cash 3,529 5,412
Net cash provided by (used in) investing activities 67,742 (177,187)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (5,678) (7,001)
Proceeds from sale of common stock, net 0 7,766
Proceeds from mortgage debt 0 85,000
Repayments of mortgage debt (249,793) (108,821)
Proceeds from senior unsecured term loan 100,000 0
Draws on senior unsecured credit facility 75,000 135,000
Repayments of senior unsecured credit facility 75,000 45,000
Purchase of interest rate cap 0 (325)
Payment of financing costs (2,740) (955)
Deposit on new mortgage loan 0 75
Payment of cash dividends (50,488) (45,852)
Repurchase of common stock (685) (2,735)
Net cash (used in) provided by financing activities (209,384) 17,002
Net decrease in cash and cash equivalents (47,036) (60,242)
Cash and cash equivalents, beginning of period 213,584 144,365
Cash and cash equivalents, end of period 166,548 84,123
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 22,407 23,748
Cash paid for income taxes 1,203 507
Non-cash Financing Activities:    
Unpaid dividends $ 25,583 $ 25,479