Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
OPERATING ACTIVITIES:
Net (loss) income	$ (28,116)	$ 1,217	$ (68,584)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	150,924	150,160	105,955
Amortization of debt issuance costs	5,910	5,708	4,353
Loss on write-down of assets	16,661	10,420	4,361
Recoveries of credit losses	(1,230)	(1,100)	(2,632)
Equity-based compensation	7,742	8,446	10,681
Deferred tax asset, net	84	(59)	(19)
(Gain) loss on disposal of assets, net	337	(20,315)	(240)
Non-cash interest income	(531)	(113)	(1,042)
Debt transaction costs	395	1,528	220
Other	793	232	412
Changes in operating assets and liabilities:
Trade receivables, net	(334)	(7,257)	(2,701)
Prepaid expenses and other	(636)	1,845	(1,362)
Accounts payable	(380)	(438)	1,854
Accrued expenses and other	2,022	19,341	14,795
NET CASH PROVIDED BY OPERATING ACTIVITIES	153,641	169,615	66,051
INVESTING ACTIVITIES:
Acquisitions of real estate property	(44,614)	(286,731)	(59,036)
Improvements to lodging properties	(89,580)	(76,469)	(20,356)
Investment in hotel properties under development	(826)	0	0
Proceeds from asset dispositions, net	35,176	73,758	0
Funding of real estate loans and related expenses	(4,576)	(2,167)	(10,045)
Proceeds from principal payments on real estate loans	1,462	1,096	25,800
Escrow deposits and deferred acquisition costs	1,000	0	(10,607)
NET CASH USED IN INVESTING ACTIVITIES	(101,958)	(290,513)	(74,244)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving line of credit	75,000	531,500	516,767
Repayments of line of credit borrowings	(90,000)	(25,000)	(185,000)
Principal payments on debt	(2,284)	(506,898)	(351,932)
Proceeds from the sale of non-controlling interests	1,353	674	0
Proceeds from equity offerings, net of issuance costs	0	0	96,617
Redemption of preferred stock	(413)	0	(75,000)
Purchases of capped call options	0	0	(21,131)
Common dividends paid	(26,945)	(10,048)	0
Preferred dividends and distributions paid	(18,829)	(18,341)	(15,521)
Proceeds from contributions by non-controlling interests in joint venture	20,592	204,125	115,546
Distributions to joint venture partner	(12,426)	(80,353)	0
Financing fees, debt transactions costs and other issuance costs	(10,383)	(7,441)	(11,411)
Repurchase of common stock for tax withholding requirements	(1,388)	(2,456)	(2,694)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(65,723)	85,762	66,241
Net change in cash, cash equivalents and restricted cash	(14,040)	(35,136)	58,048
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	61,808	96,944	38,896
End of period	47,768	61,808	96,944
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:
Cash and cash equivalents	37,837	51,255	64,485
Restricted cash	9,931	10,553	32,459
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 47,768	$ 61,808	$ 96,944