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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Total revenues $ 733,044 $ 442,888 $ 1,612,213
Hotel operating expenses:      
Total hotel operating expenses 496,580 379,426 974,168
Depreciation and amortization 224,251 224,560 234,880
Real estate taxes, personal property taxes, property insurance, and ground rent 111,675 114,333 125,013
General and administrative 38,166 45,158 34,047
Transaction costs 100 10,544 8,679
Impairment loss 14,856 74,556 0
(Gain) loss on sale of hotel properties (64,729) (117,401) (2,819)
Other operating expenses 1,936 4,421 8,903
Total operating expenses 822,835 735,597 1,382,871
Operating income (loss) (89,791) (292,709) 229,342
Interest expense (96,633) (104,098) (108,474)
Other 113 517 29
Income (loss) before income taxes (186,311) (396,290) 120,897
Income tax (expense) benefit (61) 3,697 (5,172)
Net income (loss) (186,372) (392,593) 115,725
Net income (loss) attributable to non-controlling interests (1,514) (864) 283
Net income (loss) attributable to the Company (184,858) (391,729) 115,442
Distributions to preferred shareholders (42,105) (32,556) (32,556)
Issuance costs of redeemed preferred shares (8,055) 0 0
Net income (loss) attributable to common shareholders $ (235,018) $ (424,285) $ 82,886
Net income (loss) per share available to common shareholders, basic (in usd per share) $ (1.80) $ (3.25) $ 0.63
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ (1.80) $ (3.25) $ 0.63
Weighted-average number of common shares, basic (in shares) 130,804,354 130,610,015 130,471,670
Weighted-average number of common shares, diluted (in shares) 130,804,354 130,610,015 130,718,306
Comprehensive Income:      
Net income (loss) $ (186,372) $ (392,593) $ 115,725
Other comprehensive income (loss):      
Change in fair value of derivative instruments 15,289 (63,861) (25,785)
Amounts reclassified from other comprehensive income 25,210 28,505 (260)
Comprehensive income (loss) (145,873) (427,949) 89,680
Comprehensive income (loss) attributable to non-controlling interests (1,251) (934) 209
Comprehensive income (loss) attributable to the Company (144,622) (427,015) 89,471
Room      
Revenues:      
Total revenues 483,191 287,439 1,103,947
Hotel operating expenses:      
Total hotel operating expenses 127,105 91,771 275,855
Food and beverage      
Revenues:      
Total revenues 157,848 95,892 370,584
Hotel operating expenses:      
Total hotel operating expenses 111,928 77,698 260,278
Other      
Revenues:      
Total revenues 92,005 59,557 137,682
Hotel operating expenses:      
Total hotel operating expenses $ 257,547 $ 209,957 $ 438,035