v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Investments in hotel properties, gross $ 1,015,612 $ 1,902,328
Accumulated depreciation (263,144) (344,061)
Investments in hotel properties, net 752,468 1,558,267
Cash and cash equivalents 78,862 124,354
Restricted cash 39,571 42,479
Accounts receivable, net of allowance of $117 and $113, respectively 24,120 32,843
Inventories 2,356 4,741
Note receivable 9,359 8,896
Prepaid expenses 4,130 6,987
Deferred costs, net 73 75
Investment in unconsolidated entity 0 89
Derivative assets 379 56
Operating lease right-of-use assets 310 30,743
Other assets 24,254 15,368
Intangible assets, net 0 2,746
Assets held for sale 275,310 0
Total assets 1,227,700 1,861,732
Liabilities:    
Indebtedness, net 442,957 1,103,450
Accounts payable and accrued expenses 107,949 142,123
Redeemable preferred stock redemptions payable 63,480 30,864
Dividends and distributions payable 3,780 7,672
Operating lease liabilities 365 20,058
Other liabilities 12,278 25,572
Liabilities associated with assets held for sale 210,483 0
Total liabilities 1,021,033 1,336,611
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership 11,173 19,005
Preferred stock, $0.01 par value, 80,000,000 shares authorized:    
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2026 and December 31, 2025 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 687 682
Additional paid-in capital 707,922 706,488
Accumulated deficit (814,087) (568,503)
Total stockholders’ equity (deficit) of the Company (105,462) 138,683
Noncontrolling interest in consolidated entities 0 2,095
Total equity (deficit) (105,462) 140,778
Total liabilities and equity (deficit) 1,227,700 1,861,732
Series B Preferred Stock    
Liabilities:    
Series preferred stock 65,426 65,426
Series E Preferred Stock    
Liabilities:    
Redeemable preferred stock redemptions payable 61,200 30,200
Series preferred stock 203,764 265,695
Series M Preferred Stock    
Liabilities:    
Redeemable preferred stock redemptions payable 2,300 642
Series preferred stock 31,766 34,217
Ashford Inc.    
ASSETS    
Deposit paid to Ashford Inc. 0 17,000
Liabilities:    
Due to related parties and nonrelated parties 179,333 5,148
Related Party    
Liabilities:    
Due to related parties and nonrelated parties 0 257
Nonrelated Party    
ASSETS    
Due from third-party hotel managers 16,508 17,088
Liabilities:    
Due to related parties and nonrelated parties $ 408 $ 1,467