Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net income (loss)	$ (45,248)	$ 49,864
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	172,790	172,051
Provision (benefit) for deferred income taxes	5,740	(26,976)
Share-based compensation	10,263	10,084
Gain on insurance settlement	(1,820)	0
Amortization of deferred financing costs, non-cash interest and other amortization	8,988	9,295
Gain on extinguishment of debt	(7,385)	0
Impairment	46,497	1,908
Non-cash ground rent	7,283	7,385
Other adjustments	(331)	(4,181)
Changes in assets and liabilities:
Hotel receivables	(10,668)	(16,866)
Prepaid expenses and other assets	(6,810)	(13,899)
Accounts payable and accrued expenses	29,729	4,529
Deferred revenues	9,423	12,556
Net cash provided by (used in) operating activities	218,451	205,750
Investing activities:
Improvements and additions to hotel properties	(70,746)	(100,862)
Property insurance proceeds	5,276	21,737
Other investing activities	(480)	(742)
Net cash provided by (used in) investing activities	(65,950)	(79,867)
Financing activities:
Payment of deferred financing costs	(10,279)	(6,379)
Proceeds from debt	400,000	0
Repayments of debt	(393,646)	(111,377)
Purchases of capped calls for convertible senior notes	(27,240)	0
Repurchases of common shares	(65,611)	(16,851)
Repurchases of preferred shares	(1,064)	0
Distributions — common shares/units	(3,610)	(3,659)
Distributions — preferred shares/units	(35,386)	(35,386)
Other financing activities	(1,141)	(1,615)
Net cash provided by (used in) financing activities	(137,977)	(175,267)
Net change in cash and cash equivalents and restricted cash	14,524	(49,384)
Cash and cash equivalents and restricted cash, beginning of year	217,591	193,641
Cash and cash equivalents and restricted cash, end of period	$ 232,115	$ 144,257