Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income (loss)	$ (45,114)	$ (143,550)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	179,746	165,636
Share-based compensation	8,155	8,345
Amortization of deferred financing costs, non-cash interest and other amortization	9,961	12,668
Gain on sale of hotel properties	(6,194)	(64,729)
Impairment loss	86,119	14,856
Non-cash ground rent	7,467	4,563
Other adjustments	(3,914)	(214)
Changes in assets and liabilities:
Hotel receivables	(29,243)	(21,657)
Prepaid expenses and other assets	(5,297)	(540)
Accounts payable and accrued expenses	50,280	57,685
Deferred revenues	2,447	11,190
Net cash provided by (used in) operating activities	254,413	44,253
Investing activities:
Improvements and additions to hotel properties	(68,266)	(52,778)
Proceeds from sales of hotel properties	248,908	255,927
Acquisition of hotel properties	(247,163)	(190,968)
Deposits on hotel properties	0	(1,020)
Other investing activities	(111)	(96)
Net cash provided by (used in) investing activities	(66,632)	11,065
Financing activities:
Gross proceeds from issuance of preferred shares	0	480,000
Payment of offering costs — common and preferred shares	(123)	(15,894)
Payment of deferred financing costs	(96)	(10,082)
Borrowings under revolving credit facilities	180,000	0
Repayments under revolving credit facilities	(180,000)	(40,000)
Proceeds from debt	0	268,599
Repayments of debt	(27,740)	(388,000)
Purchases of capped calls for convertible senior notes	0	(20,975)
Repurchases of common shares	(1,113)	(720)
Redemption of preferred shares	0	(250,000)
Distributions — common shares/units	(3,968)	(3,957)
Distributions — preferred shares/units	(34,859)	(26,049)
Repayments of refundable membership deposits	(2,008)	(1,872)
Net cash provided by (used in) financing activities	(69,907)	(8,950)
Net change in cash and cash equivalents and restricted cash	117,874	46,368
Cash and cash equivalents and restricted cash, beginning of year	92,247	136,300
Cash and cash equivalents and restricted cash, end of period	$ 210,121	$ 182,668