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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 32,347 $ 45,482
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,935 49,948
Corporate asset depreciation as corporate expenses 106 32
Loss on early extinguishment of debt 0 274
Non-cash ground rent 3,478 3,164
Amortization of debt issuance costs 916 1,028
Amortization of favorable and unfavorable contracts, net (979) (956)
Amortization of deferred income related to key money (2,370) (1,042)
Stock-based compensation 4,413 3,340
Changes in assets and liabilities:    
Prepaid expenses and other assets 6,861 (3,261)
Due to/from hotel managers (17,268) (20,258)
Accounts payable and accrued expenses (10,323) 5,623
Net cash provided by operating activities 68,116 83,374
Cash flows from investing activities:    
Hotel capital expenditures (62,353) (58,911)
Hotel acquisitions (119,537) (93,795)
Proceeds from property insurance 30,719 0
Net used in investing activities (151,171) (152,706)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (6,781) (5,870)
Proceeds from sale of common stock, net 92,899 0
Repayments of mortgage debt 0 (170,368)
Proceeds from senior unsecured term loan 0 200,000
Draws on senior unsecured credit facility 85,000 0
Repayments of senior unsecured credit facility (85,000) 0
Payment of financing costs 0 (1,579)
Payment of cash dividends (50,571) (50,360)
Repurchase of common stock (149) (529)
Net cash provided by (used in) financing activities 35,398 (28,706)
Net decrease in cash, cash equivalents, and restricted cash (47,657) (98,038)
Cash, cash equivalents, and restricted cash at beginning of period 223,773 289,164
Cash, cash equivalents, and restricted cash at end of period 176,116 191,126
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 18,969 18,015
Cash paid for income taxes 1,803 1,770
Non-cash Investing and Financing Activities:    
Unpaid dividends 26,561 25,548
Loan assumed in hotel acquisition $ 2,943 $ 0