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 (loss) $ 30,979 $ 31,803
Adjustments to reconcile net income to cash flow provided by operating activities:    
Loss (gain) on sale of hotel properties, net 3,763 (943)
Loss on extinguishment of indebtedness, net 399 34
Depreciation and amortization 94,691 92,151
Amortization of deferred financing costs 3,812 3,732
Non-cash lease expense and other amortization 1,647 2,117
Equity in (income) loss from unconsolidated joint ventures (137) 6
Amortization of share-based compensation 7,699 7,237
Changes in assets and liabilities:    
Hotel and other receivables, net (382) (2,275)
Prepaid expense and other assets (16,838) (17,656)
Accounts payable and other liabilities 19,851 5,237
Advance deposits and deferred revenue (4,610) (3,554)
Accrued interest (62) (269)
Net cash flow provided by operating activities 140,812 117,620
Cash flows from investing activities    
Proceeds from sales of hotel properties, net 12,623 23,782
Improvements and additions to hotel properties and other assets (49,037) (81,968)
Net cash flow used in investing activities (36,414) (58,186)
Cash flows from financing activities    
Borrowings on Term Loans 494,000 100,000
Repayments of mortgage loans (13,750) 0
Repurchase of common shares under share repurchase programs 0 (27,192)
Repurchase of common shares to satisfy employee tax withholding requirements (3,502) (3,556)
Distributions on preferred shares (12,557) (12,557)
Distributions on common shares (45,988) (46,018)
Distributions on and redemption of Operating Partnership units (220) (214)
Payments of deferred financing costs (14,475) (2,060)
Repayment of Revolver 0 100,000
Proceeds from mortgage loan 23,400 0
Net cash flow provided by (used in) financing activities 426,908 (91,597)
Net change in cash, cash equivalents, and restricted cash reserves 531,306 (32,163)
Cash, cash equivalents, and restricted cash reserves, beginning of period 442,061 433,325
Cash, cash equivalents, and restricted cash reserves, end of period $ 973,367 $ 401,162