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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows from operating activities:      
Net income $ 114,796 $ 85,630 $ 163,377
Adjustments to reconcile net income to net cash provided by operating activities:      
Real estate depreciation 97,444 101,143 99,650
Corporate asset depreciation as corporate expenses 66 80 105
Gain on sale of hotel properties, net (10,698) 0 (50,969)
Gain on repayments of notes receivable 0 (3,927) (13,550)
Loss on early extinguishment of debt 0 0 1,616
Gain on hotel property acquisition 0 0 (23,894)
Non-cash ground rent 5,671 5,915 6,453
Non-cash amortization of financing costs, debt premium, and interest rate cap as interest 2,302 2,353 2,564
Amortization of note receivable discount as interest income 0 0 (1,075)
Impairment losses 0 10,461 0
Amortization of favorable and unfavorable contracts, net (1,912) (1,651) (1,410)
Amortization of deferred income (2,851) (993) (1,090)
Stock-based compensation 5,321 5,723 5,316
Deferred income tax expense 10,405 10,292 5,159
Changes in assets and liabilities:      
Prepaid expenses and other assets (1,547) (3,144) (305)
Restricted cash 55 12,606 (8,409)
Due to/from hotel managers (1,056) 106 (5,711)
Accounts payable and accrued expenses (2,415) 2,963 2,005
Net cash provided by operating activities 215,581 227,557 179,832
Cash flows from investing activities:      
Hotel capital expenditures (102,861) (62,950) (62,571)
Hotel acquisitions 0 (150,400) (297,388)
Net proceeds from sale of properties 183,874 0 182,117
Notes receivable repayments 0 3,927 64,500
Change in restricted cash 4,641 2,785 10,623
Purchase deposits 0 0 (2,850)
Receipt of deferred key money 0 3,000 0
Net cash provided by (used in) investing activities 85,654 (203,638) (105,569)
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (11,198) (13,322) (15,254)
Repurchase of common stock and other (7,197) (2,735) (2,418)
Proceeds from sale of common stock, net 0 7,790 63,062
Proceeds from mortgage debt 0 355,000 86,000
Repayments of mortgage debt (249,793) (202,130) (125,444)
Proceeds from senior unsecured term loan 100,000 0 0
Draws on senior unsecured credit facility 75,000 195,000 156,320
Repayments of senior unsecured credit facility (75,000) (195,000) (156,320)
Payment of financing costs (2,765) (2,866) (3,328)
Purchase of interest rate cap 0 (325) 0
Payment of cash dividends (100,771) (96,112) (77,100)
Net cash (used in) provided by financing activities (271,724) 45,300 (74,482)
Net increase (decrease) in cash and cash equivalents 29,511 69,219 (219)
Cash and cash equivalents, beginning of year 213,584 144,365 144,584
Cash and cash equivalents, end of year 243,095 213,584 144,365
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 40,345 48,916 56,575
Cash paid for income taxes 1,973 1,099 478
Capitalized interest 0 0 914
Non-cash Financing Activities:      
Unpaid dividends 25,567 25,599 20,922
Buyer assumption of mortgage debt on sale of hotel $ 89,486 $ 0 $ 0