Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income (loss)	$ (32,346)	$ (45,114)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	179,598	179,746
Share-based compensation	9,231	8,155
Amortization of deferred financing costs, non-cash interest and other amortization	9,578	9,961
Gain on sale of hotel properties	(30,219)	(6,194)
Impairment	71,416	86,119
Non-cash ground rent	7,426	7,467
Other adjustments	(7,348)	(3,914)
Changes in assets and liabilities:
Hotel receivables	(12,087)	(29,243)
Prepaid expenses and other assets	(26,200)	(5,297)
Accounts payable and accrued expenses	28,619	50,280
Deferred revenues	4,615	2,447
Net cash provided by (used in) operating activities	202,283	254,413
Investing activities:
Improvements and additions to hotel properties	(140,057)	(68,266)
Proceeds from sales of hotel properties	224,384	248,908
Acquisition of hotel properties	0	(247,163)
Property insurance proceeds	14,361	0
Other investing activities	(2,414)	(111)
Net cash provided by (used in) investing activities	96,274	(66,632)
Financing activities:
Payment of offering costs — common and preferred shares	0	(123)
Payment of deferred financing costs	(2,423)	(96)
Borrowings under revolving credit facilities	0	180,000
Repayments under revolving credit facilities	0	(180,000)
Proceeds from debt	140,000	0
Repayments of debt	(162,988)	(27,740)
Repurchases of common shares	(92,753)	(1,113)
Distributions — common shares/units	(3,756)	(3,968)
Distributions — preferred shares/units	(36,455)	(34,859)
Repayments of refundable membership deposits	(840)	(2,008)
Net cash provided by (used in) financing activities	(159,215)	(69,907)
Net change in cash and cash equivalents and restricted cash	139,342	117,874
Cash and cash equivalents and restricted cash, beginning of year	52,269	92,247
Cash and cash equivalents and restricted cash, end of period	$ 191,611	$ 210,121