v2.4.0.8
Combined Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 86,497 $ 27,399
Adjustments to reconcile net income to cash flow provided by operating activities:    
Gain on extinguishment of indebtedness (5,702) 0
Gain on foreclosure 4,831 0
Depreciation and amortization 94,940 95,962
Amortization of deferred financing costs 3,487 3,167
Amortization of deferred management fees 882 750
Impairment loss 0 896
Loss on disposal 0 634
Share grants to trustees 96 120
Amortization of share based compensation 9,691 5,763
Deferred income taxes (316) (346)
Changes in assets and liabilities:    
Hotel and other receivables, net (9,183) (9,172)
Prepaid expense and other assets (273) (436)
Accounts payable and accrued expense 5,978 (6,721)
Advance deposits and deferred revenue 3,721 5,376
Accrued interest 230 282
Net cash flow provided by operating activities 185,217 123,674
Cash flows from investing activities:    
Acquisition of hotel and other properties, net of cash acquired (184,165) (182,690)
Purchase deposits 1,914 0
Proceeds from principal payments on investment in loans 103 153
Improvements and additions to hotel and other properties (41,717) (98,236)
Additions to property and equipment (137) (257)
Releases from restricted cash reserves, net 10,985 19,013
Net cash flow used in investing activities (213,017) (262,017)
Cash flows from financing activities:    
Borrowings under revolving credit facility 205,500 85,000
Repayments under revolving credit facility (221,500) 0
Borrowings on term loans 450,000 0
Proceeds from mortgage loans 150,000 85,000
Payment of mortgage principal (575,850) (94,768)
Repurchase of common shares (2,871) (1,695)
Distributions on common shares (72,170) (51,132)
Distributions on Operating Partnership units (550) (428)
Payment of deferred financing costs (4,639) (1,763)
Proceeds from issuance of common shares 327,545 0
Net cash flow provided by financing activities 255,465 20,214
Net change in cash and cash equivalents 227,665 (118,129)
Cash and cash equivalents, beginning of period 115,861 310,231
Cash and cash equivalents, end of period $ 343,526 $ 192,102