Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income (loss)	$ 24,138	$ (71,419)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	116,326	119,374
Share-based compensation	5,911	4,974
Amortization of deferred financing costs, non-cash interest and other amortization	5,874	6,852
Gain on sale of hotel properties	(30,219)	0
Impairment	0	73,254
Non-cash ground rent	4,951	4,978
Other adjustments	(6,186)	(2,945)
Changes in assets and liabilities:
Hotel receivables	(6,181)	(19,048)
Prepaid expenses and other assets	(12,542)	(12,328)
Accounts payable and accrued expenses	7,654	34,779
Deferred revenues	10,496	4,158
Net cash provided by (used in) operating activities	120,222	142,629
Investing activities:
Improvements and additions to hotel properties	(97,674)	(42,411)
Proceeds from sales of hotel properties	224,384	72,969
Acquisition of hotel properties	0	(247,163)
Property insurance proceeds	11,388	0
Other investing activities	(2,760)	(86)
Net cash provided by (used in) investing activities	135,338	(216,691)
Financing activities:
Payment of offering costs — common and preferred shares	0	(75)
Payment of deferred financing costs	(298)	(96)
Borrowings under revolving credit facilities	0	180,000
Repayments under revolving credit facilities	0	(80,000)
Repayments of debt	(994)	(27,111)
Repurchases of common shares	(92,753)	(1,113)
Distributions — common shares/units	(2,541)	(2,644)
Distributions — preferred shares/units	(24,303)	(22,688)
Repayments of refundable membership deposits	(649)	(1,668)
Net cash provided by (used in) financing activities	(121,538)	44,605
Net change in cash and cash equivalents and restricted cash	134,022	(29,457)
Cash and cash equivalents and restricted cash, beginning of year	52,269	92,247
Cash and cash equivalents and restricted cash, end of period	$ 186,291	$ 62,790