Condensed Consolidated Statements Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
OPERATING ACTIVITIES
Net income	$ 2,660	$ 41,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,489	73,257
Amortization of debt issuance costs	3,350	3,240
Equity-based compensation	4,705	4,483
Deferred tax expense	1,168	0
Loss (gain) on disposal of assets, net	79	(28,417)
Gain on extinguishment of debt	0	(3,000)
Non-cash interest income	0	(266)
Debt transaction costs	15	581
Other	445	6
Changes in operating assets and liabilities:
Trade receivables, net	(4,054)	(6,619)
Prepaid expenses and other	(4,669)	(5,255)
Accounts payable	(1,441)	(63)
Accrued expenses and other	(2,061)	(1,003)
NET CASH PROVIDED BY OPERATING ACTIVITIES	74,686	78,475
INVESTING ACTIVITIES
Improvements to lodging properties	(34,570)	(39,007)
Investment in lodging property under development	(5,647)	(2,503)
Proceeds from asset dispositions, net	1,243	92,168
Other	(128)	0
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(39,102)	50,658
FINANCING ACTIVITIES
Proceeds from borrowings on revolving line of credit	55,000	90,000
Repayments of revolving line of credit borrowings	(40,000)	(80,000)
Proceeds from mortgage loan	58,000	0
Principal payments on debt	(46,305)	(93,497)
Repurchases of common shares	(15,402)	0
Common dividends and distributions paid	(19,740)	(17,181)
Preferred dividends and distributions paid	(9,402)	(9,402)
Contributions by non-controlling interests in joint venture	754	221
Distributions to joint venture partners	(11,605)	(10,963)
Financing fees, debt transaction costs and other issuance costs	(5,432)	(2,501)
Repurchase of common stock for tax withholding requirements	(1,586)	(939)
NET CASH USED IN FINANCING ACTIVITIES	(35,718)	(124,262)
Net change in cash, cash equivalents and restricted cash	(134)	4,871
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	48,358	47,768
End of period	48,224	52,639
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	39,490	45,873
Restricted cash	8,734	6,766
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 48,224	$ 52,639