v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUE        
Total revenue $ 273,240 $ 302,001 $ 540,972 $ 579,360
Hotel operating expenses:        
Total hotel expenses 176,455 198,830 357,585 387,304
Property taxes, insurance and other 13,179 16,234 28,073 32,283
Depreciation and amortization 28,628 35,276 60,634 72,615
Impairment charges 0 1,447 112,649 1,447
Advisory services fee 14,199 12,017 34,222 23,562
Corporate, general and administrative 1,325 5,485 2,927 9,817
Total operating expenses 233,786 269,289 596,090 527,028
Gain (loss) on disposition of assets and hotel properties 150,046 6,684 250,076 38,552
Gain (loss) on derecognition of assets 6,828 9,900 14,618 19,946
OPERATING INCOME (LOSS) 196,328 49,296 209,576 110,830
Equity in earnings (loss) of unconsolidated entities 47 44 (155) (387)
Interest income 1,047 1,253 1,969 2,467
Other income (expense) 0 0 3,223 0
Interest expense and amortization of discounts and loan costs (55,670) (70,135) (129,224) (136,591)
Interest expense associated with hotels in receivership (7,607) (10,454) (15,427) (20,846)
Write-off of premiums, loan costs and exit fees (305) (1,486) (1,559) (6,083)
Gain (loss) on extinguishment of debt (1,950) (2) (1,975) (15)
Realized and unrealized gain (loss) on derivatives 44 (836) 801 (3,576)
INCOME (LOSS) BEFORE INCOME TAXES 131,934 (32,320) 67,229 (54,201)
Income tax (expense) benefit (2,553) (119) (3,305) (436)
NET INCOME (LOSS) 129,381 (32,439) 63,924 (54,637)
(Income) loss attributable to noncontrolling interest in consolidated entities 341 1,412 996 3,188
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (1,729) 631 (699) 1,082
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 127,993 (30,396) 64,221 (50,367)
Preferred dividends (2,714) (7,017) (5,428) (13,746)
Deemed dividends on redeemable preferred stock (4,600) (2,530) (9,200) (3,587)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 120,679 $ (39,943) $ 49,593 $ (67,700)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ 18.73 $ (6.88) $ 7.70 $ (11.82)
Weighted average common shares outstanding (in shares) 6,443 5,804 6,442 5,728
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ 1.62 $ (6.88) $ 0.70 $ (11.82)
Weighted average common shares outstanding (in shares) 77,465 5,895 83,944 5,728
Total Hotel        
REVENUE        
Total revenue $ 273,067 $ 301,545 $ 540,645 $ 578,595
Rooms        
REVENUE        
Total revenue 209,618 227,203 409,643 433,504
Hotel operating expenses:        
Total hotel expenses 46,032 51,659 92,222 99,449
Food and beverage        
REVENUE        
Total revenue 47,007 55,336 98,577 109,865
Hotel operating expenses:        
Total hotel expenses 31,188 35,455 65,571 71,181
Other Hotel        
REVENUE        
Total revenue 16,442 19,006 32,425 35,226
Hotel operating expenses:        
Total hotel expenses 89,895 101,372 181,168 196,482
Management Fees        
Hotel operating expenses:        
Total hotel expenses 9,340 10,344 18,624 20,192
Other        
REVENUE        
Total revenue $ 173 $ 456 $ 327 $ 765