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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 7,135 $ (8,206)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 15,773 17,165
Impairment of investment in real estate 18,873 18,307
Loss on sale of hotel properties 355
Gains on derivatives   (2)
Amortization of deferred financing costs 2,221 3,156
Deferred income taxes (20) (3,267)
Changes in operating assets and liabilities:    
Increase in due to/from third-party managers, net (1,014) (2,138)
Decrease in insurance receivable 1,532  
Increase in prepaid expenses and other assets (2,056) (547)
Decrease in accounts payable and accrued expenses (2,996) (458)
Net cash provided by operating activities 39,803 24,010
Cash flows from investing activities:    
Capital improvements (12,407) (14,741)
Proceeds from sale of hotel properties 25,247 75,340
Property insurance proceeds 2,440 719
Net cash provided by investing activities 15,280 61,318
Cash flows from financing activities:    
Redemptions of preferred stock (39,796)  
Payments of mortgage debt (22,579) (76,742)
Dividends paid to Series A Preferred stockholders (4,791) (2,918)
Contributions 42,003  
Dividends paid to common stockholder (33,515) (10,000)
Net cash used in financing activities (58,678) (89,660)
Net decrease in cash and cash equivalents and restricted cash (3,595) (4,332)
Cash and cash equivalents and restricted cash, beginning of period 32,116 31,602
Cash and cash equivalents and restricted cash, end of period 28,521 27,270
Supplemental Cash Flow Information, including Non-Cash Activities:    
Interest paid 16,550 15,164
Taxes paid 190 77
Accrued capital improvements 2,615 1,274
Accrued 7% Series A Preferred Stock dividends 1,196  
Insurance receivable for loss due to property damage $ 469  
7% Series A Cumulative Redeemable Preferred Stock [Member]    
Supplemental Cash Flow Information, including Non-Cash Activities:    
Accrued 7% Series A Preferred Stock dividends   $ 2,011