v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 18,557 $ 5,255
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt expense 336 76
Noncash interest on derivatives, net (2,121) 982
Depreciation 33,798 31,894
Amortization of franchise fees and other intangibles 379 381
Amortization of deferred financing costs 1,041 863
Amortization of deferred stock compensation 1,889 2,064
Gain on insurance recoveries (143) (99)
Changes in operating assets and liabilities:    
Accounts receivable, net (12,011) (16,312)
Prepaid expenses and other assets (6,457) (7,633)
Accounts payable and other liabilities 10,392 14,701
Operating lease right-of-use assets and obligations (217) (141)
Net cash provided by operating activities 45,443 32,031
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition-related key money proceeds 4,000  
Proceeds from property insurance 116 73
Renovations and additions to hotel properties and other assets (31,012) (28,189)
Net cash used in investing activities (26,896) (28,116)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchases of common stock (29,144) (8,016)
Repurchases of common stock for employee tax obligations (3,165) (4,278)
Repurchases of preferred stock (7,324)  
Proceeds from term loans 90,000  
Payments on senior notes (65,000)  
Payment of securities registration costs (240)  
Dividends and distributions paid (22,711) (23,104)
Net cash used in financing activities (37,584) (35,398)
Net decrease in cash and cash equivalents and restricted cash (19,037) (31,483)
Cash and cash equivalents and restricted cash, beginning of period 185,720 180,277
Cash and cash equivalents and restricted cash, end of period 166,683 148,794
Supplemental Disclosure of Cash Flow Information    
Cash and cash equivalents 91,134 72,334
Restricted cash 75,549 76,460
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows 166,683 148,794
Cash paid for interest, net of capitalized interest 15,150 13,004
Cash paid (refunded) for income taxes, net 70 (145)
Changes in operating lease right-of-use assets 320 1,203
Changes in operating lease obligations (537) (1,344)
Changes in operating lease right-of-use assets and lease obligations, net (217) (141)
Supplemental Disclosure of Noncash Investing and Financing Activities    
Accrued renovations and additions to hotel properties and other assets 13,209 19,642
Gain on repurchases of preferred stock 1,803  
Operating lease right-of-use asset obtained in exchange for operating lease obligation   521
Amortization of deferred stock compensation - construction activities 149 172
Dividends and distributions payable $ 21,305 $ 22,742