v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 44,582 $ 16,029
Adjustments to reconcile net income to net cash provided by operating activities:    
Bad debt expense 555 229
Loss on sale of assets, net   8,751
Noncash interest on derivatives, net (4,085) 1,163
Depreciation 67,679 65,639
Amortization of franchise fees and other intangibles 758 761
Amortization of deferred financing costs 2,082 1,802
Amortization of deferred stock compensation 5,446 4,836
Impairment and other losses 1,639  
Gain on insurance recoveries (2,597) (99)
Changes in operating assets and liabilities:    
Accounts receivable, net (15,288) (8,899)
Prepaid expenses and other assets (160) (1,804)
Accounts payable and other liabilities 7,272 2,655
Operating lease right-of-use assets and obligations (442) (300)
Net cash provided by operating activities 107,441 90,763
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of hotel property   46,348
Disposition deposit 25,000  
Acquisition-related key money proceeds 4,000 4,000
Proceeds from property insurance 207 99
Renovations and additions to hotel properties and other assets (53,366) (56,043)
Net cash used in investing activities (24,159) (5,596)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchases of common stock (40,552) (98,470)
Repurchases of common stock for employee tax obligations (3,742) (4,278)
Repurchases of preferred stock (28,190)  
Proceeds from credit facility 25,000 27,000
Payments of deferred financing costs   (452)
Proceeds from term loans 90,000  
Payments on senior notes (65,000)  
Payment of securities registration costs (249)  
Dividends and distributions paid (42,564) (44,323)
Net cash used in financing activities (65,297) (120,523)
Net increase (decrease) in cash and cash equivalents and restricted cash 17,985 (35,356)
Cash and cash equivalents and restricted cash, beginning of period 185,720 180,277
Cash and cash equivalents and restricted cash, end of period 203,705 144,921
Supplemental Disclosure of Cash Flow Information    
Cash and cash equivalents 94,431 73,555
Restricted cash 109,274 71,366
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows 203,705 144,921
Cash paid for interest, net of capitalized interest 26,696 22,995
Cash paid (refunded) for income taxes, net 143 (23)
Changes in operating lease right-of-use assets 642 2,410
Changes in operating lease obligations (1,084) (2,710)
Changes in operating lease right-of-use assets and lease obligations, net (442) (300)
Supplemental Disclosure of Noncash Investing and Financing Activities    
Accrued renovations and additions to hotel properties and other assets 13,712 18,017
Gain on repurchases of preferred stock 6,334  
Operating lease right-of-use asset obtained in exchange for operating lease obligation 261 521
Amortization of deferred stock compensation - construction activities 308 349
Dividends and distributions payable 21,860 $ 22,314
Insurance receivable related to property damage $ 2,377