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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 38,054 $ 32,347
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,331 50,935
Corporate asset depreciation as corporate expenses 110 106
Non-cash lease expense and other amortization 3,501 2,499
Non-cash interest rate swap fair value adjustment 1,647 0
Amortization of debt issuance costs 960 916
Amortization of deferred income related to key money (198) (2,370)
Stock-based compensation 3,659 4,413
Changes in assets and liabilities:    
Prepaid expenses and other assets (6,289) 6,861
Due to/from hotel managers (20,446) (17,268)
Accounts payable and accrued expenses 1,573 (10,323)
Net cash provided by operating activities 80,902 68,116
Cash flows from investing activities:    
Hotel acquisitions 0 (119,537)
Proceeds from property insurance 0 30,719
Net cash used in investing activities (89,288) (151,171)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (6,863) (6,781)
Proceeds from sale of common stock, net 0 92,899
Draws on senior unsecured credit facility 105,000 85,000
Repayments of senior unsecured credit facility 0 (85,000)
Distributions to common stock and units (51,558) (50,571)
Repurchase of common stock (40,030) 0
Shares redeemed to satisfy tax withholdings on vested share based compensation (296) (149)
Net cash provided by financing activities 6,253 35,398
Net decrease in cash, cash equivalents, and restricted cash (2,133) (47,657)
Cash, cash equivalents, and restricted cash at beginning of period 91,598 223,773
Cash, cash equivalents, and restricted cash at end of period 89,465 176,116
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 21,409 18,969
Cash paid for income taxes 1,160 1,803
Capitalized interest 499 0
Non-cash cumulative effect of ASC 842 accounting standard adoption 15,286 0
Non-cash Investing and Financing Activities:    
Loan assumed in hotel acquisition 0 2,943
Total cash, cash equivalents, and restricted cash 91,598 223,773
Frenchman's Reef    
Cash flows from investing activities:    
Capital expenditures for operating hotels (42,245) 0
Operating hotels    
Cash flows from investing activities:    
Capital expenditures for operating hotels $ (47,043) $ (62,353)