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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 4,338 $ 8,887
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,902 24,363
Corporate asset depreciation as corporate expenses 52 16
Non-cash ground rent 1,535 1,550
Amortization of debt issuance costs 461 542
Amortization of favorable and unfavorable contracts, net (478) (478)
Amortization of deferred income related to key money (2,271) (709)
Stock-based compensation 2,458 1,322
Changes in assets and liabilities:    
Prepaid expenses and other assets 13,937 1,849
Due to/from hotel managers (5,888) (8,314)
Accounts payable and accrued expenses (5,441) (4,204)
Net cash provided by operating activities 33,605 24,824
Cash flows from investing activities:    
Hotel capital expenditures (25,823) (30,286)
Hotel acquisitions (119,049) (93,795)
Proceeds from property insurance 21,219 0
Net used in investing activities (123,653) (124,081)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (3,442) (2,921)
Proceeds from sale of common stock, net 2,746 0
Draws on senior unsecured credit facility 65,000 0
Repayments of senior unsecured credit facility (65,000) 0
Payment of cash dividends (25,362) (25,274)
Repurchase of common stock (180) (529)
Net cash used in financing activities (26,238) (28,724)
Net decrease cash, cash equivalents, and restricted cash (116,286) (127,981)
Cash, cash equivalents, and restricted cash at beginning of period 223,773 289,164
Cash, cash equivalents, and restricted cash at end of period 107,487 161,183
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 9,158 9,345
Cash paid for income taxes 86 398
Non-cash Investing and Financing Activities:    
Unpaid dividends 25,605 25,464
Loan assumed in hotel acquisition $ 2,943 $ 0