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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income (loss) $ 31,759 $ (40,948) $ 5,607 $ (121,960)  
Adjustments to reconcile net loss to cash provided by operating activities:          
Depreciation and amortization 44,217 50,171 139,313 149,590  
Loss on impairment of depreciable real estate assets 0 0 10,754 4,382  
Gain on sale of real estate (44) 0 (3,664) (8,785)  
Other non-cash expenses, net     8,208 6,055  
Changes in operating assets and liabilities:          
Increase in due from third party managers, net     (30,383) (3,037)  
Increase in other assets, net     (755) (1,627)  
Increase in accounts payable and other liabilities     17,282 1,581  
Net cash provided by operating activities     146,362 26,199  
Cash flows from investing activities:          
Acquisition of hotel properties, net     (197,228) (88,687)  
Refunds (payments) for potential acquisitions, net     (2,645) 585  
Capital improvements     (9,138) (44,383)  
Net proceeds from sale of real estate     231,008 44,385  
Net cash provided by (used in) investing activities     21,997 (88,100)  
Cash flows from financing activities:          
Net proceeds related to issuance of common shares     75,036 (247)  
Repurchases of common shares       (14,336)  
Repurchases of common shares to satisfy employee withholding requirements     (1,650) (1,748)  
Distributions paid to common shareholders     (4,510) (67,324)  
Net proceeds from (payments on) revolving credit facility     (105,800) 78,800  
Proceeds from term loans and senior notes       50,000  
Proceeds from mortgage debt and other loans       81,520  
Payments of mortgage debt and other loans     (66,349) (41,523)  
Payments of finance lease settlement     (24,000)    
Financing costs     (1,576) (2,283)  
Net cash provided by (used in) financing activities     (128,849) 82,859  
Net change in cash, cash equivalents and restricted cash     39,510 20,958  
Cash, cash equivalents and restricted cash, beginning of period     34,368 34,661 $ 34,661
Cash, cash equivalents and restricted cash, end of period 73,878 55,619 73,878 55,619 34,368
Supplemental cash flow information:          
Interest paid     49,735 46,737  
Supplemental disclosure of noncash investing and financing activities:          
Notes payable originated from acquisitions     56,000 20,551  
Accrued distribution to common shareholders 2,279   2,279    
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents, beginning of period     5,556    
Restricted cash-furniture, fixtures and other escrows, beginning of period     28,812 34,661 34,661
Cash, cash equivalents and restricted cash, beginning of period     34,368 34,661 34,661
Cash and cash equivalents, end of period 39,432 27,435 39,432 27,435 5,556
Restricted cash-furniture, fixtures and other escrows, end of period 34,446 28,184 34,446 28,184 28,812
Cash, cash equivalents and restricted cash, end of period $ 73,878 $ 55,619 $ 73,878 $ 55,619 $ 34,368