v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income (loss) $ (48,109) $ (45,248)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 155,795 172,790
Provision (benefit) for deferred income taxes 8,056 5,740
Share-based compensation 7,432 10,263
Gain on insurance settlement 0 (1,820)
Amortization of deferred financing costs, non-cash interest and other amortization 11,338 8,988
Gain on extinguishment of debt 0 (7,385)
Impairment 86,129 46,497
Non-cash ground rent 7,035 7,283
Other adjustments (2,495) (331)
Changes in assets and liabilities:    
Hotel receivables (9,338) (10,668)
Prepaid expenses and other assets 2,005 (6,810)
Accounts payable and accrued expenses 35,771 29,729
Deferred revenues 1,659 9,423
Net cash provided by (used in) operating activities 255,278 218,451
Investing activities:    
Improvements and additions to hotel properties (40,229) (70,746)
Proceeds from sales of hotel properties 16,108 0
Property insurance proceeds 3,175 5,276
Other investing activities (293) (480)
Net cash provided by (used in) investing activities (21,239) (65,950)
Financing activities:    
Payment of deferred financing costs (6,958) (10,279)
Proceeds from debt 360,000 400,000
Repayments of debt (401,916) (393,646)
Purchases of capped calls for convertible senior notes 0 (27,240)
Repurchases of common shares (34,731) (65,611)
Repurchases of preferred shares (9,705) (1,064)
Distributions — common shares/units (3,437) (3,610)
Distributions — preferred shares/units (34,202) (35,386)
Other financing activities (1,428) (1,141)
Net cash provided by (used in) financing activities (132,377) (137,977)
Net change in cash and cash equivalents and restricted cash 101,662 14,524
Cash and cash equivalents and restricted cash, beginning of year 196,203 217,591
Cash and cash equivalents and restricted cash, end of period $ 297,865 $ 232,115