v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUE        
Total hotel revenue $ 101,578 $ 143,556 $ 481,587 $ 538,453
Hotel operating expenses:        
Total hotel operating expenses 84,392 111,619 331,429 372,372
Property taxes, insurance and other 4,677 8,211 16,836 26,568
Depreciation and amortization 16,611 23,164 60,623 69,919
Advisory services fee 7,498 7,915 22,182 21,717
Corporate general and administrative 12,139 3,811 21,419 4,407
Termination fee 480,000 0 480,000 0
Total operating expenses 605,317 154,720 932,489 494,983
Gain (loss) on disposition of assets and hotel properties 259,927 40,970 277,325 40,970
OPERATING INCOME (LOSS) (243,812) 29,806 (173,577) 84,440
Equity in earnings (loss) of unconsolidated entity 0 0 (31) 0
Interest income 841 1,494 2,425 4,901
Other income (expense) 0 0 0 (1,250)
Interest expense and amortization of discounts and loan costs (16,203) (25,188) (57,911) (75,376)
Write-off of loan costs and exit fees (20) (366) (1,509) (1,833)
Gain (loss) on extinguishment of debt 0 (1,553) 0 (1,553)
Realized and unrealized gain (loss) on derivatives 54 (118) 337 (301)
INCOME (LOSS) BEFORE INCOME TAXES (259,140) 4,075 (230,266) 9,028
Income tax (expense) benefit 9,756 648 5,858 (474)
NET INCOME (LOSS) (249,384) 4,723 (224,408) 8,554
(Income) loss attributable to noncontrolling interest in consolidated entities 7 412 72 361
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 16,104 607 15,805 2,358
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (233,273) 5,742 (208,531) 11,273
Preferred dividends (7,594) (8,667) (23,375) (26,928)
Deemed dividends on preferred stock 0 (5,251) (4,771) (11,086)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (240,867) $ (8,176) $ (236,677) $ (26,741)
INCOME (LOSS) PER SHARE - BASIC:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (3.51) $ (0.12) $ (3.45) $ (0.40)
Weighted average common shares outstanding – basic (in shares) 68,679 68,219 68,598 67,419
INCOME (LOSS) PER SHARE - DILUTED:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (3.51) $ (0.12) $ (3.45) $ (0.40)
Weighted average common shares outstanding – diluted (in shares) 68,679 68,219 68,598 67,419
Total hotel revenue        
REVENUE        
Total hotel revenue $ 101,578 $ 143,556 $ 481,587 $ 538,453
Rooms        
REVENUE        
Total hotel revenue 63,147 85,701 294,131 331,617
Hotel operating expenses:        
Total hotel operating expenses 18,665 24,728 67,761 80,232
Food and beverage        
REVENUE        
Total hotel revenue 25,983 36,637 123,647 133,996
Hotel operating expenses:        
Total hotel operating expenses 24,268 30,685 98,075 106,662
Other        
REVENUE        
Total hotel revenue 12,448 21,218 63,809 72,840
Hotel operating expenses:        
Total hotel operating expenses 38,356 51,766 151,158 168,587
Management fees        
Hotel operating expenses:        
Total hotel operating expenses $ 3,103 $ 4,440 $ 14,435 $ 16,891