Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income (loss)	$ (27,520)	$ (22,045)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	57,209	58,369
Share-based compensation	3,060	2,879
Amortization of deferred financing costs, non-cash interest and other amortization	4,078	3,005
Gain on sale of hotel properties	0	(6,635)
Non-cash ground rent	2,462	2,476
Other adjustments	(1,528)	(4,964)
Changes in assets and liabilities:
Hotel receivables	(9,674)	1,285
Prepaid expenses and other assets	3,181	(3,848)
Accounts payable and accrued expenses	3,002	4,805
Deferred revenues	11,730	10,902
Net cash provided by (used in) operating activities	46,000	46,229
Investing activities:
Improvements and additions to hotel properties	(49,480)	(34,514)
Proceeds from sales of hotel properties	0	131,881
Property insurance proceeds	11,500	8,357
Other investing activities	(533)	(548)
Net cash provided by (used in) investing activities	(38,513)	105,176
Financing activities:
Payment of deferred financing costs	(5,484)	(154)
Repayments of debt	(110,348)	(498)
Repurchases of common shares	(6,851)	(42,745)
Distributions — common shares/units	(1,229)	(1,289)
Distributions — preferred shares/units	(11,795)	(12,152)
Other financing activities	(447)	(287)
Net cash provided by (used in) financing activities	(136,154)	(57,125)
Net change in cash and cash equivalents and restricted cash	(128,667)	94,280
Cash and cash equivalents and restricted cash, beginning of year	193,641	52,269
Cash and cash equivalents and restricted cash, end of period	$ 64,974	$ 146,549