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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 90,890 $ 59,928
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,731 75,018
Corporate asset depreciation as corporate expenses 49 63
Gain on sale of hotel properties (10,319) 0
Non-cash ground rent 4,230 4,454
Amortization of debt issuance costs and debt premium 1,760 1,715
Impairment losses 0 10,461
Amortization of favorable and unfavorable contracts, net (1,434) (1,134)
Amortization of deferred income related to key money (2,143) (839)
Stock-based compensation 4,015 4,403
Changes in assets and liabilities:    
Prepaid expenses and other assets (735) (4,445)
Restricted cash 21 13,338
Due to/from hotel managers (13,092) (12,441)
Accounts payable and accrued expenses 5,572 7,300
Net cash provided by operating activities 152,545 157,821
Cash flows from investing activities:    
Hotel capital expenditures (78,652) (46,141)
Hotel acquisitions 0 (150,400)
Net proceeds from sale of hotel properties 183,494 0
Change in restricted cash 3,083 5,737
Net cash provided by (used in) investing activities 107,925 (190,804)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (8,384) (10,075)
Proceeds from sale of common stock, net 0 7,796
Proceeds from mortgage debt 0 150,000
Repayments of mortgage debt (249,793) (146,876)
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) (110,000)
Purchase of interest rate cap 0 (325)
Payment of financing costs (2,765) (1,182)
Payment of cash dividends (75,635) (71,008)
Repurchase of common stock (1,512) (2,735)
Net cash used in financing activities (238,089) (49,405)
Net increase (decrease) in cash and cash equivalents 22,381 (82,388)
Cash and cash equivalents, beginning of period 213,584 144,365
Cash and cash equivalents, end of period 235,965 61,977
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 31,856 36,326
Cash paid for income taxes 1,621 798
Non-cash Investing and Financing Activities:    
Unpaid dividends 23,586 25,479
Buyer assumption of mortgage debt on sale of hotel included in sale proceeds $ 89,486 $ 0