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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 67,105 $ 90,890
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 75,031 73,731
Corporate asset depreciation as corporate expenses 56 49
Gain on sale of hotel properties 0 (10,319)
Loss on early extinguishment of debt 274 0
Non-cash ground rent 4,756 4,230
Amortization of debt issuance costs 1,489 1,760
Impairment losses 42,264 0
Estimated recovery of impairment losses from insurance (39,907) 0
Amortization of favorable and unfavorable contracts, net (1,434) (1,434)
Amortization of deferred income related to key money (3,040) (2,143)
Stock-based compensation 4,769 4,015
Changes in assets and liabilities:    
Prepaid expenses and other assets (560) (735)
Restricted cash 2,039 21
Due to/from hotel managers (11,369) (13,092)
Accounts payable and accrued expenses 7,975 5,572
Net cash provided by operating activities 149,448 152,545
Cash flows from investing activities:    
Hotel capital expenditures (77,479) (78,652)
Hotel acquisitions (93,795) 0
Net proceeds from sale of hotel properties 0 183,494
Change in restricted cash 2,371 3,083
Net cash (used in) provided by investing activities (168,903) 107,925
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (9,094) (8,384)
Repayments of mortgage debt (170,368) (249,793)
Proceeds from senior unsecured term loan 200,000 100,000
Draws on senior unsecured credit facility 0 75,000
Repayments of senior unsecured credit facility 0 (75,000)
Payment of financing costs (1,579) (2,765)
Payment of cash dividends (75,451) (75,635)
Repurchase of common stock (529) (1,512)
Net cash used in financing activities (57,021) (238,089)
Net (decrease) increase in cash and cash equivalents (76,476) 22,381
Cash and cash equivalents, beginning of period 243,095 213,584
Cash and cash equivalents, end of period 166,619 235,965
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 27,183 31,856
Cash paid for income taxes 2,688 1,621
Non-cash Investing and Financing Activities:    
Unpaid dividends 25,627 23,586
Buyer assumption of mortgage debt on sale of hotel included in sale proceeds $ 0 $ 89,486