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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income $ 37,692,000 $ 64,165,000 $ 52,815,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense   71,000 313,000
Gain on sale of assets     (22,946,000)
(Gain) loss on extinguishment of debt, net (21,000) (9,921,000) 192,000
Noncash interest on derivatives, net   (1,879,000) (2,865,000)
Depreciation   64,480,000 62,011,000
Amortization of franchise fees and other intangibles   223,000 218,000
Amortization of deferred financing costs 671,000 1,220,000 1,351,000
Amortization of deferred stock compensation   5,752,000 6,431,000
Gain on hurricane-related damage   (3,722,000) (4,369,000)
Changes in operating assets and liabilities:      
Accounts receivable   (2,205,000) (12,147,000)
Prepaid expenses and other assets   (243,000) 5,705,000
Accounts payable and other liabilities   (6,584,000) 7,063,000
Accrued payroll and employee benefits   (4,300,000) (2,419,000)
Operating lease right-of-use assets and obligations   (69,000) (700,000)
Net cash provided by operating activities   106,988,000 90,653,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of assets     191,291,000
Proceeds from property insurance     4,369,000
Acquisitions of hotel properties and other assets     (232,506,000)
Renovations and additions to hotel properties and other assets   (49,219,000) (62,621,000)
Net cash used in investing activities   (49,219,000) (99,467,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Acquisition of noncontrolling interest, including transaction costs   (299,000) (101,348,000)
Payment of stock issuance costs   (428,000) (91,000)
Repurchases of outstanding common stock   (21,481,000) (77,980,000)
Repurchases of common stock for employee tax obligations   (3,348,000) (3,351,000)
Proceeds from credit facility     230,000,000
Proceeds from notes payable   225,000,000  
Payments on notes payable   (221,036,000) (35,994,000)
Payments of deferred financing costs   (2,332,000)  
Dividends and distributions paid   (27,537,000) (6,699,000)
Distributions to noncontrolling interest     (5,500,000)
Net cash used in financing activities   (51,461,000) (963,000)
Net increase (decrease) in cash and cash equivalents and restricted cash   6,308,000 (9,777,000)
Cash and cash equivalents and restricted cash, beginning of period   157,206,000 162,717,000
Cash and cash equivalents and restricted cash, end of period 152,940,000 163,514,000 152,940,000
Supplemental Disclosure of Cash Flow Information      
Cash and cash equivalents 107,329,000 107,846,000 107,329,000
Restricted cash 45,611,000 55,668,000 45,611,000
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows 152,940,000 163,514,000 152,940,000
Cash paid for interest   24,330,000 13,412,000
Cash paid for income taxes, net   1,128,000 134,000
Operating cash flows used for operating leases   2,782,000 3,407,000
Changes in operating lease right-of-use assets   2,189,000 2,005,000
Changes in operating lease obligations   (2,258,000) (2,705,000)
Changes in operating lease right-of-use assets and lease obligations, net   (69,000) (700,000)
Supplemental Disclosure of Noncash Investing and Financing Activities      
Accrued renovations and additions to hotel properties and other assets   14,593,000 18,725,000
Disposition deposit received in prior year in connection with sale of hotel     4,000,000
Operating lease right-of-use asset obtained in exchange for operating lease obligation   2,163,000  
Assignment of finance lease right-of-use asset in connection with sale of hotel 44,712,000   44,712,000
Assignment of finance lease obligation in connection with sale of hotel 15,569,000   15,569,000
Assignment of operating lease right-of-use asset in connection with sale of hotel 2,275,000   2,275,000
Assignment of operating lease obligation in connection with sale of hotel 2,609,000   2,609,000
Amortization of deferred stock compensation - construction activities   235,000 241,000
Dividends and distributions payable $ 4,360,000 14,891,000 $ 4,360,000
Hilton Times Square      
Adjustments to reconcile net income to net cash provided by operating activities:      
(Gain) loss on extinguishment of debt, net   $ (9,900,000)