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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 63,790 $ 67,105
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,304 75,031
Corporate asset depreciation as corporate expenses 161 56
Loss on early extinguishment of debt 0 274
Non-cash ground rent 5,316 4,756
Amortization of debt issuance costs 1,384 1,489
Impairment losses 0 42,264
Estimated recovery of impairment losses from insurance 0 (39,907)
Amortization of favorable and unfavorable contracts, net (1,474) (1,434)
Amortization of deferred income related to key money (2,469) (3,040)
Stock-based compensation 4,104 4,769
Changes in assets and liabilities:    
Prepaid expenses and other assets 25,489 (560)
Due to/from hotel managers (21,436) (11,369)
Accounts payable and accrued expenses (2,215) 7,975
Net cash provided by operating activities 149,954 147,409
Cash flows from investing activities:    
Hotel capital expenditures (76,753) (76,821)
Hotel acquisitions (119,537) (93,795)
Purchase deposits (2,000) 0
Proceeds from property insurance 30,742 0
Net used in investing activities (167,548) (170,616)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (9,947) (9,094)
Proceeds from sale of common stock, net 92,715 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 (76,520) (75,451)
Repurchase of common stock (149) (529)
Net cash provided by (used in) financing activities 6,099 (57,021)
Net decrease in cash, cash equivalents, and restricted cash (11,495) (80,228)
Cash, cash equivalents, and restricted cash at beginning of period 223,773 289,164
Cash, cash equivalents, and restricted cash at end of period 212,278 208,936
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 28,462 27,183
Cash paid for income taxes 2,198 2,688
Non-cash Investing and Financing Activities:    
Loan assumed in hotel acquisition 2,943 0
Total cash, cash equivalents, and restricted cash $ 223,773 $ 289,164