v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (375,016) $ (154,594)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 152,926 164,130
Net amortization of debt issuance costs, discounts and premiums as interest 37,671 18,580
Straight line rental income (3,309) (6,561)
Loss on early extinguishment of debt, net 61,254 0
Loss on asset impairment 217,192 54,721
Equity in losses of an investee 3,253 4,473
Gain on sale of real estate, net (972) (590)
Other non-cash income, net (985) (990)
Changes in assets and liabilities:    
Due from related persons (17,508) (25,308)
Other assets (242) 587
Accounts payable and other liabilities (25,286) (17,456)
Due to related persons (5,136) 1,201
Net cash provided by operating activities 43,842 38,193
Cash flows from investing activities:    
Real estate improvements (76,863) (107,991)
Hotel managers’ purchases with restricted cash (3,870) (2,064)
Real estate acquisitions and deposits (9,708) (31,353)
Net proceeds from sale of real estate 20,366 47,101
Net cash used in investing activities (70,075) (94,307)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of discounts 744,980 0
Repayment of mortgage notes payable (1,489) (979)
Repayments of senior unsecured notes (1,596,104) 0
Borrowings under variable funding note 0 45,000
Borrowings under revolving credit facility 50,000 50,000
Repayments of revolving credit facility (25,000) (100,000)
Payment of debt issuance costs (23,132) (5,866)
Repurchase of common shares (80) (63)
Issuance of common shares, net 541,798 0
Distributions to common shareholders (8,152) (3,333)
Net cash used in financing activities (317,179) (15,241)
Decrease in cash and cash equivalents and restricted cash (343,412) (71,355)
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 $ 28,676 $ 86,031