v3.26.3
Condensed Consolidated Statements Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net loss $ (1,361) $ (9,100)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 109,295 112,123
Amortization of debt issuance costs 5,911 5,279
Loss on write-down of assets 3,641 0
Equity-based compensation 5,087 6,754
Deferred tax (benefit) expense (250) 636
(Gain) loss on disposal of assets, net (236) 136
Other 794 747
Changes in operating assets and liabilities:    
Trade receivables, net (2,376) (614)
Prepaid expenses and other (6,676) (4,986)
Accounts payable 1,116 1,038
Accrued expenses and other 16,759 8,475
NET CASH PROVIDED BY OPERATING ACTIVITIES 131,704 120,488
INVESTING ACTIVITIES    
Improvements to lodging properties (42,485) (56,392)
Investment in lodging property under development 0 (6,571)
Proceeds from asset dispositions, net 30,542 1,302
Purchase of undeveloped land parcel (1,412) 0
Other 0 (128)
NET CASH USED IN INVESTING ACTIVITIES (13,355) (61,789)
FINANCING ACTIVITIES    
Proceeds from borrowings on revolving line of credit 55,000 70,000
Repayments of revolving line of credit borrowings (55,000) (60,000)
Proceeds from mortgage loan 0 58,000
Repayment of mortgage loan 0 (45,433)
Scheduled principal payments on mortgage debt (452) (1,054)
Repurchases of common shares (6,181) (15,402)
Proceeds from term loan 275,000 95,000
Repayment of Convertible Notes (287,500) 0
Repayment of term loan (7,300) (91,037)
Common dividends and distributions paid (28,731) (29,365)
Preferred dividends and distributions paid (13,989) (14,026)
Contributions by non-controlling interests in joint venture 0 832
Distributions to joint venture partners (13,099) (15,329)
Financing fees, debt transaction costs and other issuance costs (8,957) (10,221)
Repurchase of common stock for tax withholding requirements (926) (1,617)
NET CASH USED IN FINANCING ACTIVITIES (92,135) (59,652)
Net change in cash, cash equivalents and restricted cash 26,214 (953)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 41,212 48,358
End of period 67,426 47,405
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:    
Cash and cash equivalents 61,287 41,135
Restricted cash 6,139 6,270
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 67,426 $ 47,405