v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (224,408) $ 8,554
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 60,623 69,919
Recognition of deferred income (576) (510)
Equity-based compensation 0 (20)
Bad debt expense 328 159
(Gain) loss on extinguishment of debt 0 1,553
Amortization of loan costs and discounts 6,812 8,033
Write-off of loan costs and exit fees 1,509 1,833
Amortization of intangibles 203 321
Amortization of non-refundable membership initiation fees (1,619) (1,964)
Interest expense accretion on refundable membership club deposits 273 421
Realized (gain) loss on sale of securities 0 1,250
(Gain) loss on disposition of assets and hotel properties (277,325) (40,970)
Realized and unrealized (gain) loss on derivatives (337) 301
Non-cash interest income (463) (464)
Equity in (earnings) loss of unconsolidated entity 31 0
Deferred income tax expense (benefit) (6,490) (56)
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel properties:    
Accounts receivable and inventories (185) (5,996)
Prepaid expenses and other assets (10,594) (577)
Deposit paid to Ashford Inc. 17,000 (17,000)
Accounts payable and accrued expenses 38,551 6,160
Operating lease right-of-use assets 76 172
Due to/from related parties, net (257) (724)
Due to/from third-party hotel managers (262) (1,273)
Due to/from Ashford Inc. 175,015 (1,757)
Operating lease liabilities 15 23
Other liabilities 6,807 5,047
Net cash provided by (used in) operating activities (215,273) 32,435
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 1,298 3,486
Proceeds from sale of investment in securities 0 23,750
Acquisition of land 0 (5,509)
Net proceeds from sale of hotel properties 760,618 139,326
Proceeds from disposition of consolidated joint venture, net of cash disposed 5,902 0
Proceeds from sale of investment in unconsolidated entity 58 0
Improvements and additions to hotel properties (22,784) (54,552)
Net cash provided by (used in) investing activities 745,092 106,501
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 0 403,000
Repayments of indebtedness (483,252) (453,550)
Payments of loan costs and exit fees (1,595) (11,501)
Payments for derivatives (67) (658)
Proceeds from derivatives 95 611
Purchase of common stock 0 (778)
Payments for dividends and distributions (25,555) (35,917)
Contributions from noncontrolling interest in consolidated entities 0 306
Redemption of operating partnership units 0 (94)
Distributions to noncontrolling interest in consolidated entities 0 (2,293)
True-up for acquisition of noncontrolling interest in consolidated entities 48 0
Redemption of preferred stock (38,249) (59,159)
Net cash provided by (used in) financing activities (548,575) (160,033)
Net change in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) (18,756) (21,097)
Cash, cash equivalents and restricted cash at beginning of period 166,833 185,057
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 148,077 163,960
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 52,775 66,794
Income taxes paid 1,783 615
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 3,780 8,553
Assumption of debt in acquisition of land 0 5,360
Capital expenditures accrued but not paid 2,668 11,818
Non-cash preferred stock dividends 1,711 2,329
Unsettled proceeds from derivatives 0 51
Non-cash common stock/unit dividends 0 502
Non-cash redemption of common units 1,391 9,284
Non-cash consideration for acquisition of land 0 1,814
Derecognition of land upon deconsolidation of joint venture 12,786 0
Derecognition of term loan upon deconsolidation of joint venture 5,359 0
Derecognition of noncontrolling interest upon deconsolidation of joint venture 2,023 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 124,354 135,465
Restricted cash at beginning of period 42,479 49,592
Cash, cash equivalents and restricted cash at beginning of period 166,833 185,057
Cash and cash equivalents at end of period 78,862 116,278
Restricted cash at end of period 39,571 47,682
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 118,433 163,960
Cash and cash equivalents at end of period included in assets held for sale 20,617 0
Restricted cash at end of period included in assets held for sale 9,027 0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 148,077 $ 163,960