Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ 2,833	$ (1,970)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,799	36,908
Amortization of debt issuance costs	1,619	1,399
Recoveries of credit losses	0	(250)
Equity-based compensation	1,848	1,468
Gain on disposal of assets, net	(75)	0
Non-cash interest income	(133)	(143)
Debt transaction costs	564	87
Other	60	285
Changes in operating assets and liabilities:
Trade receivables, net	(6,637)	(3,055)
Prepaid expenses and other	(8,318)	388
Accounts payable	2,059	(38)
Accrued expenses and other	(2,469)	(3,073)
NET CASH PROVIDED BY OPERATING ACTIVITIES	28,150	32,006
INVESTING ACTIVITIES
Improvements to lodging properties	(18,116)	(24,088)
Investment in lodging property under development	(913)	0
Proceeds from asset dispositions, net	9,043	0
Funding of real estate loans	0	(1,320)
NET CASH USED IN INVESTING ACTIVITIES	(9,986)	(25,408)
FINANCING ACTIVITIES
Proceeds from borrowings on revolving line of credit	60,000	25,000
Repayments of revolving line of credit	(5,000)	(10,000)
Principal payments on debt	(33,490)	(692)
Proceeds from the sale of non-controlling interests	0	1,353
Common dividends paid	(7,349)	(4,904)
Preferred dividends and distributions paid	(4,627)	(4,627)
Proceeds from contributions by non-controlling interests in joint venture	76	0
Distributions to joint venture partners	0	(790)
Financing fees, debt transaction costs and other issuance costs	(2,358)	(632)
Repurchase of shares of common stock for withholding requirements	(833)	(1,283)
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,419	3,425
Net change in cash, cash equivalents and restricted cash	24,583	10,023
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	47,768	61,808
End of period	72,351	71,831
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:
Cash and cash equivalents	63,435	60,678
Restricted cash	8,916	11,153
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 72,351	$ 71,831