v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUE      
Total revenue $ 1,104,388 $ 1,172,459 $ 1,367,533
Hotel operating expenses:      
Total hotel expenses 768,268 815,356 925,437
Property taxes, insurance and other 59,793 64,103 70,226
Depreciation and amortization 141,295 152,776 187,807
Impairment charges 67,648 59,331 0
Advisory services fee 49,039 58,606 48,927
Corporate, general and administrative 20,783 24,662 16,181
Total operating expenses 1,106,826 1,174,834 1,248,578
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 79,799 94,406 11,488
Gain (loss) on derecognition of assets 39,054 167,177 0
OPERATING INCOME (LOSS) 116,415 259,208 130,443
Equity in earnings (loss) of unconsolidated entities (325) (2,370) (1,134)
Interest income 4,739 6,942 8,978
Other income (expense) 0 108 310
Interest expense and amortization of discounts and loan costs (256,229) (273,359) (326,970)
Interest expense associated with hotels in receivership (39,038) (45,592) (39,178)
Write-off of premiums, loan costs and exit fees (8,853) (5,245) (3,469)
Gain (loss) on extinguishment of debt 335 2,774 53,386
Realized and unrealized gain (loss) on derivatives (5,346) (6,480) (2,200)
INCOME (LOSS) BEFORE INCOME TAXES (188,302) (64,014) (179,834)
Income tax (expense) benefit 143 (997) (900)
NET INCOME (LOSS) (188,159) (65,011) (180,734)
(Income) loss allocated to noncontrolling interests in consolidated entities 5,058 4,028 6
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 3,262 683 2,239
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (179,839) (60,300) (178,489)
Preferred dividends (28,216) (22,686) (15,921)
Deemed dividends on redeemable preferred stock (6,949) (2,906) (2,673)
Gain (loss) on extinguishment of preferred stock 0 3,370 3,390
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (215,004) $ (82,522) $ (193,693)
Basic:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
Weighted average common shares outstanding (in shares) 5,974 4,706 3,452
Diluted:      
Net income (loss) attributable to common stockholders (in dollars per share) $ (35.99) $ (17.54) $ (56.11)
Weighted average common shares outstanding (in shares) 5,974 4,706 3,452
Total Hotel      
REVENUE      
Total revenue $ 1,102,854 $ 1,170,134 $ 1,364,732
Rooms      
REVENUE      
Total revenue 825,623 889,753 1,059,155
Hotel operating expenses:      
Total hotel expenses 198,106 209,569 249,434
Food and beverage      
REVENUE      
Total revenue 207,588 212,581 232,829
Hotel operating expenses:      
Total hotel expenses 139,828 145,304 161,300
Other hotel      
REVENUE      
Total revenue 69,643 67,800 72,748
Hotel operating expenses:      
Total hotel expenses 392,070 418,077 464,058
Management Fees      
Hotel operating expenses:      
Total hotel expenses 38,264 42,406 50,645
Other      
REVENUE      
Total revenue $ 1,534 $ 2,325 $ 2,801