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 income $ 171,481 $ 138,889
Amounts to reconcile net income to net cash flows provided by operating activities:    
Provision for deferred income taxes 16,611 9,470
Depreciation and amortization 152,785 130,680
Amortization of deferred financing costs 6,352 5,607
(Income) loss from unconsolidated joint ventures (4) 29
Equity-based compensation expense 7,629 7,117
Changes in:    
Trade receivables (16,218) (21,048)
Accounts payable and accrued liabilities (24,245) (65,351)
Other assets and liabilities 7,550 15,326
Net cash flows provided by operating activities 321,941 220,719
Cash Flows from Investing Activities:    
Purchases of property and equipment (241,190) (182,238)
Other investing activities, net (851) (18,609)
Net cash flows used in investing activities (242,041) (1,062,805)
Cash Flows from Financing Activities:    
Issuance of senior notes 700,000 625,000
Redemption of senior notes (700,000)  
Deferred financing costs paid (19,276) (12,572)
Issuance of common stock, net   275,532
Payment of distributions (153,731) (139,721)
Payment of tax withholdings for equity-based compensation (5,429) (5,472)
Other financing activities, net (203) (1,070)
Net cash flows provided by (used in) financing activities (182,260) 716,563
Net change in cash, cash equivalents, and restricted cash (102,360) (125,523)
Cash, cash equivalents, and restricted cash, beginning of period 500,180 576,228
Cash, cash equivalents, and restricted cash, end of period 397,820 450,705
JW Marriott Desert Ridge [Member]    
Cash Flows from Investing Activities:    
Purchase of business, net of cash acquired   (861,958)
$500 Million Term Loan B [Member]    
Cash Flows from Financing Activities:    
Repayments under term loan (1,468) (1,468)
$80M OEG Revolver [Member]    
Cash Flows from Financing Activities:    
Borrowings under revolving credit facility   5,000
Repayments under revolving credit facility   (26,000)
OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under term loan $ (2,153) (1,827)
Block 21 CMBS Loan [Member]    
Cash Flows from Financing Activities:    
Repayments under loan   (128,967)
$300 Million OEG Term Loan [Member]    
Cash Flows from Financing Activities:    
Borrowings under term loan   $ 128,128