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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUE        
Total revenue $ 193,412 $ 43,065 $ 309,242 $ 324,942
Hotel operating expenses:        
Total hotel expenses 134,432 66,555 225,979 268,265
Property taxes, insurance and other 17,128 20,700 34,599 41,172
Depreciation and amortization 55,595 65,016 113,222 131,366
Impairment charges 0 27,605 0 55,218
Advisory services fee 19,554 10,216 31,715 25,515
Corporate, general and administrative 2,702 4,708 9,699 8,200
Total expenses 229,411 194,800 415,214 529,736
Gain (loss) on disposition of assets and hotel properties 361 (6) 292 3,617
OPERATING INCOME (LOSS) (35,638) (151,741) (105,680) (201,177)
Equity in earnings (loss) of unconsolidated entities (141) (79) (278) (158)
Interest income 0 41 13 652
Other income (expense) 245 (3,149) 474 (1,627)
Interest expense and amortization of discounts and loan costs (35,736) (88,082) (69,000) (145,167)
Write-off of premiums, loan costs and exit fees (787) (1,935) (4,166) (2,030)
Gain (loss) on extinguishment of debt 10,604 0 10,604 0
Unrealized gain (loss) on marketable securities 0 479 0 (998)
Unrealized gain (loss) on derivatives (3,236) 192 (2,317) 4,614
INCOME (LOSS) BEFORE INCOME TAXES (64,689) (244,274) (170,350) (345,891)
Income tax (expense) benefit (572) 2,188 (301) 1,885
NET INCOME (LOSS) (65,261) (242,086) (170,651) (344,006)
(Income) loss attributable to noncontrolling interest in consolidated entities 13 120 94 168
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 956 37,350 3,227 55,021
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (64,292) (204,616) (167,330) (288,817)
Preferred dividends 2,709 (10,644) 3,527 (21,288)
Gain (loss) on extinguishment of preferred stock (7,887) 0 2,748 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (69,470) $ (215,260) $ (161,055) $ (310,105)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (4.35) $ (208.53) $ (13.21) $ (304.58)
Weighted average common shares outstanding – basic (in shares) 15,957 1,031 12,178 1,016
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (4.35) $ (208.53) $ (13.21) $ (304.58)
Weighted average common shares outstanding – diluted (in shares) 15,957 1,031 12,178 1,016
Total hotel revenue        
REVENUE        
Total revenue $ 192,857 $ 42,789 $ 308,302 $ 323,894
Rooms        
REVENUE        
Total revenue 160,031 37,439 257,145 253,246
Hotel operating expenses:        
Total hotel expenses 37,336 12,642 61,060 65,108
Food and beverage        
REVENUE        
Total revenue 19,840 1,197 27,743 49,147
Hotel operating expenses:        
Total hotel expenses 13,583 3,463 20,110 38,364
Other hotel        
REVENUE        
Total revenue 12,986 4,153 23,414 21,501
Hotel operating expenses:        
Total hotel expenses 76,072 46,061 131,841 149,855
Other        
REVENUE        
Total revenue 555 276 940 1,048
Management fees        
Hotel operating expenses:        
Total hotel expenses $ 7,441 $ 4,389 $ 12,968 $ 14,938