Condensed Consolidated Statements Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
OPERATING ACTIVITIES
Net (loss) income	$ (9,100)	$ 37,975
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	112,123	109,965
Amortization of debt issuance costs	5,279	4,880
Equity-based compensation	6,754	6,337
Deferred tax expense	636	0
Loss (gain) on disposal of assets, net	136	(28,439)
Gain on extinguishment of debt	0	(3,000)
Non-cash interest income	0	(400)
Debt transaction costs	0	647
Other	747	210
Changes in operating assets and liabilities:
Trade receivables, net	(614)	625
Prepaid expenses and other	(4,986)	(4,853)
Accounts payable	1,038	798
Accrued expenses and other	8,475	9,393
NET CASH PROVIDED BY OPERATING ACTIVITIES	120,488	134,138
INVESTING ACTIVITIES
Improvements to lodging properties	(56,392)	(61,529)
Investment in lodging property under development	(6,571)	(3,946)
Proceeds from tax incentive	0	9,896
Proceeds from asset dispositions, net	1,302	92,168
Escrow deposits	0	(2,900)
Other	(128)	0
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(61,789)	33,689
FINANCING ACTIVITIES
Proceeds from borrowings on revolving line of credit	70,000	100,000
Repayments of revolving line of credit borrowings	(60,000)	(100,000)
Proceeds from mortgage loan	58,000	0
Principal payments on debt	(46,487)	(94,138)
Repurchases of common shares	(15,402)	0
Proceeds from term loan	95,000	0
Repayment of term loan	(91,037)	0
Common dividends and distributions paid	(29,365)	(27,024)
Preferred dividends and distributions paid	(14,026)	(14,026)
Contributions by non-controlling interests in joint venture	832	356
Distributions to joint venture partners	(15,329)	(17,825)
Financing fees, debt transaction costs and other issuance costs	(10,221)	(2,962)
Repurchase of common stock for tax withholding requirements	(1,617)	(939)
NET CASH USED IN FINANCING ACTIVITIES	(59,652)	(156,558)
Net change in cash, cash equivalents and restricted cash	(953)	11,269
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	48,358	47,768
End of period	47,405	59,037
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	41,135	51,698
Restricted cash	6,270	7,339
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 47,405	$ 59,037