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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash flows from operating activities:      
Net income $ 91,877 $ 114,796 $ 85,630
Adjustments to reconcile net income to net cash provided by operating activities:      
Real estate depreciation 99,090 97,444 101,143
Corporate asset depreciation as corporate expenses 95 66 80
Loss (gain) on sale of hotel properties, net 764 (10,698) 0
Gain on repayment of note receivable 0 0 (3,927)
Loss on early extinguishment of debt 274 0 0
Non-cash ground rent 6,290 5,671 5,915
Non-cash amortization of financing costs, debt premium, and interest rate cap as interest 1,950 2,302 2,353
Impairment losses 43,993 0 10,461
Estimated recovery of impairment losses from insurance (40,784) 0 0
Gain on business interruption insurance (4,051) 0 0
Amortization of favorable and unfavorable contracts, net (1,912) (1,912) (1,651)
Amortization of deferred income related to key money (5,760) (2,851) (993)
Stock-based compensation 6,201 5,321 5,723
Deferred income tax expense 7,702 10,405 10,292
Changes in assets and liabilities:      
Prepaid expenses and other assets (22,282) 17,007 (3,144)
Restricted cash 2,535 55 12,606
Due to/from hotel managers 1,540 (1,056) 106
Accounts payable and accrued expenses 17,006 (20,969) 2,963
Net cash provided by operating activities 204,528 215,581 227,557
Cash flows from investing activities:      
Hotel capital expenditures (99,551) (102,861) (62,950)
Hotel acquisitions (93,795) 0 (150,400)
Proceeds from sale of properties, net (764) 183,874 0
Proceeds from property insurance 10,042 0 0
Notes receivable repayments 0 0 3,927
Change in restricted cash 5,457 4,641 2,785
Receipt of deferred key money 0 0 3,000
Net cash (used in) provided by investing activities (178,611) 85,654 (203,638)
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (12,417) (11,198) (13,322)
Repurchase of common stock and other (537) (7,197) (2,735)
Proceeds from sale of common stock, net 0 0 7,790
Proceeds from mortgage debt 0 0 355,000
Repayments of mortgage debt (170,368) (249,793) (202,130)
Proceeds from senior unsecured term loan 200,000 100,000 0
Draws on senior unsecured credit facility 0 75,000 195,000
Repayments of senior unsecured credit facility 0 (75,000) (195,000)
Payment of financing costs (1,579) (2,765) (2,866)
Purchase of interest rate cap 0 0 (325)
Payment of cash dividends (100,542) (100,771) (96,112)
Net cash (used in) provided by financing activities (85,443) (271,724) 45,300
Net (decrease) increase in cash and cash equivalents (59,526) 29,511 69,219
Cash and cash equivalents, beginning of year 243,095 213,584 144,365
Cash and cash equivalents, end of year 183,569 243,095 213,584
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 36,288 40,345 48,916
Cash paid for income taxes 3,251 1,973 1,099
Non-cash Investing and Financing Activities:      
Unpaid dividends 25,708 25,567 25,599
Buyer assumption of mortgage debt on sale of hotel $ 0 $ 89,486 $ 0