Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OPERATING ACTIVITIES:
Net income (loss)	$ 38,891	$ (28,116)	$ 1,217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	146,436	150,924	150,160
Amortization of debt issuance costs	6,582	5,910	5,708
Loss on impairment and write-down of assets	6,723	16,661	10,420
Recovery of credit losses	0	(1,230)	(1,100)
Equity-based compensation	8,132	7,742	8,446
Deferred tax expense (benefit)	762	84	(59)
Reversal of valuation allowance on deferred tax assets	(12,061)	0	0
(Gain) loss on disposal of assets, net	(28,912)	337	(20,315)
Gain on extinguishment of debt	(3,000)	0	0
Non-cash interest income	(400)	(531)	(113)
Debt transaction costs	647	395	1,528
Other	450	793	232
Changes in operating assets and liabilities:
Trade receivables, net	2,724	(334)	(7,257)
Prepaid expenses and other	(1,034)	(636)	1,845
Accounts payable	2,513	(380)	(438)
Accrued expenses and other	(2,130)	2,022	19,341
NET CASH PROVIDED BY OPERATING ACTIVITIES	166,323	153,641	169,615
INVESTING ACTIVITIES:
Acquisitions of lodging properties	(96,329)	(44,614)	(286,731)
Improvements to lodging properties	(89,306)	(89,580)	(76,469)
Investment in property under development	(5,150)	(826)	0
Proceeds from tax incentive payment	9,896	0	0
Proceeds from asset dispositions, net	109,442	35,176	73,758
Funding of real estate loans and related expenses	0	(4,576)	(2,167)
Proceeds from principal payments on real estate loans	0	1,462	1,096
Escrow (deposits) receipts	(52)	1,000	0
NET CASH USED IN INVESTING ACTIVITIES	(71,499)	(101,958)	(290,513)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving line of credit	115,000	75,000	531,500
Repayments of revolving line of credit borrowings	(105,000)	(90,000)	(25,000)
Proceeds from term-loan borrowings	50,000	0	0
Principal payments on debt	(94,675)	(2,284)	(506,898)
Proceeds from the sale of non-controlling interests	0	1,353	674
Redemption of preferred stock	0	(413)	0
Common dividends and distributions paid	(36,875)	(26,945)	(10,048)
Preferred dividends and distributions paid	(18,801)	(18,831)	(18,341)
Proceeds from contributions by non-controlling interests in joint venture	22,497	20,592	204,125
Distributions to joint venture partner	(21,930)	(12,426)	(80,353)
Financing fees, debt transactions costs and other issuance costs	(3,511)	(10,381)	(7,441)
Repurchase of common stock for tax withholding requirements	(939)	(1,388)	(2,456)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(94,234)	(65,723)	85,762
Net change in cash, cash equivalents and restricted cash	590	(14,040)	(35,136)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	47,768	61,808	96,944
End of period	48,358	47,768	61,808
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE:
Cash and cash equivalents	40,637	37,837	51,255
Restricted cash	7,721	9,931	10,553
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 48,358	$ 47,768	$ 61,808