v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 10,672 $ 15,482
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 23,395 25,420
Recognition of deferred income (174) 0
Equity-based compensation (48) 1,127
Bad debt expense (15) 248
Amortization of loan costs, discounts and capitalized default interest 2,293 1,404
Write-off of loan costs and exit fees 1,464 721
Amortization of intangibles 107 119
Amortization of non-refundable membership initiation fees (623) (496)
Interest expense accretion on refundable membership club deposits 151 165
Realized and unrealized (gain) loss on derivatives 198 (932)
Non-cash interest income (151) 0
Equity in (earnings) loss of unconsolidated entity 0 49
Deferred income tax expense (benefit) (13) 5
Changes in operating assets and liabilities, exclusive of acquisitions, disposition of assets and hotel property:    
Accounts receivable and inventories (9,285) (2,194)
Prepaid expenses and other assets (8,003) (2,327)
Accounts payable and accrued expenses (6,518) 564
Operating lease right-of-use assets 57 147
Due to/from related parties, net 645 163
Due to/from third-party hotel managers (1,676) (5,653)
Due to/from Ashford Inc. (1,006) 1,638
Operating lease liabilities 8 (81)
Other liabilities 3,668 470
Net cash provided by (used in) operating activities 15,146 36,039
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 1,101 504
Improvements and additions to hotel properties (15,305) (23,332)
Net cash provided by (used in) investing activities (14,204) (22,828)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 363,000 62,000
Repayments of indebtedness (365,180) 0
Payments of loan costs and exit fees (8,852) (3,244)
Payments for derivatives (508) (991)
Proceeds from derivatives 244 1,633
Payments for dividends and distributions (12,209) (13,123)
Redemption of operating partnership units (92) 0
Redemption of preferred stock (26,167) (6,566)
Net cash provided by (used in) financing activities (49,764) 39,709
Net change in cash, cash equivalents and restricted cash (48,822) 52,920
Cash, cash equivalents and restricted cash at beginning of period 185,057 166,503
Cash, cash equivalents and restricted cash at end of period 136,235 219,423
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 21,960 22,747
Income taxes paid (refunded) (120) (183)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 8,692 9,253
Common stock purchases accrued but not paid 51 369
Capital expenditures accrued but not paid 8,825 15,810
Non-cash preferred stock dividends 837 865
Unsettled proceeds from derivatives 57 399
Non-cash common stock/unit dividends 502 35
Non-cash redemption of common units 2,251 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 135,465 85,599
Restricted cash at beginning of period 49,592 80,904
Cash, cash equivalents and restricted cash at beginning of period 185,057 166,503
Cash and cash equivalents at end of period 81,689 137,051
Restricted cash at end of period 54,546 82,372
Cash, cash equivalents and restricted cash at end of period $ 136,235 $ 219,423