v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (151,178) $ (116,435)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 75,843 89,100
Net amortization of debt issuance costs, discounts and premiums as interest 18,849 8,680
Straight line rental income (1,431) (3,878)
Loss on early extinguishment of debt, net 51,871 0
Loss on asset impairment 28,095 37,067
Equity in losses of an investee 3,001 3,947
Gain on sale of real estate, net (1,355) (746)
Other non-cash income, net (925) (718)
Changes in assets and liabilities:    
Due from related persons (6,943) (15,997)
Other assets 227 145
Accounts payable and other liabilities 22,641 35,820
Due to related persons (3,117) 1,215
Net cash provided by operating activities 35,578 38,200
Cash flows from investing activities:    
Real estate improvements (49,893) (61,426)
Hotel managers’ purchases with restricted cash (1,639) (1,124)
Real estate acquisitions and deposits (7,574) (723)
Net proceeds from sale of real estate 8,634 21,081
Net cash used in investing activities (50,472) (42,192)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of discounts 744,980 0
Repayment of mortgage notes payable (490) (489)
Repayments of senior unsecured notes (1,038,697) 0
Borrowings under variable funding note 0 45,000
Repayments of revolving credit facility 0 (100,000)
Payment of debt issuance costs (21,917) (2,141)
Repurchase of common shares (31) (4)
Distributions to common shareholders (1,681) (1,666)
Net cash used in financing activities (317,836) (59,300)
Decrease in cash and cash equivalents and restricted cash (332,730) (63,292)
Cash and cash equivalents and restricted cash at beginning of period 372,088 157,386
Cash and cash equivalents and restricted cash at end of period $ 39,358 $ 94,094