Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (5,484)	$ (5,042)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,196	14,204
Amortization of deferred franchise fees	57	59
Amortization of deferred financing fees included in interest expense	303	304
Loss on sale of hotel properties	152	0
Loss on early extinguishment of debt	0	667
Loss on write-off of deferred franchise fee	50	0
Share based compensation	1,604	1,452
Changes in assets and liabilities:
Amortization	145	177
Hotel receivables	618	631
Deferred costs	(342)	0
Prepaid expenses and other assets	(5,917)	(6,208)
Accounts payable and accrued expenses	619	(1,338)
Lease liability	(110)	(155)
Net cash provided by operating activities	6,891	4,751
Cash flows from investing activities:
Improvements and additions to hotel properties	(10,340)	(8,100)
Proceeds from sale of hotel properties, net	17,166	0
Payments of franchise application costs	(500)	0
Net cash provided by (used in) investing activities	6,326	(8,100)
Cash flows from financing activities:
Repayments on construction loan	0	(39,331)
Borrowings on unsecured term loan	0	75,000
Payments on mortgage debt	(1,644)	(36,213)
Payment of financing costs	7	0
Proceeds from issuance of common shares	13	15
Distributions-common shares/units	(3,612)	(3,538)
Distributions-preferred shares	(1,987)	(1,987)
Net cash used in financing activities	(7,466)	(6,054)
Net change in cash, cash equivalents and restricted cash	5,751	(9,403)
Cash, cash equivalents and restricted cash, beginning of period	85,749	45,153
Cash, cash equivalents and restricted cash, end of period	91,500	35,750
Supplemental disclosure of cash flow information:
Cash paid for interest	6,782	6,030
Cash paid for taxes	8	7
Common Shares
Cash flows from financing activities:
Payment of offering costs on common shares	$ (243)	$ 0