CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investments in hotel properties, gross	$ 1,902,328	$ 2,252,574
Accumulated depreciation	(344,061)	(473,888)
Investments in hotel properties, net	1,558,267	1,778,686
Cash and cash equivalents	124,354	135,465
Restricted cash	42,479	49,592
Investment in securities (amortized cost of $0 and $42,279, respectively)	0	41,535
Accounts receivable, net of allowance of $113 and $459, respectively	32,843	31,754
Inventories	4,741	4,664
Note receivable	8,896	8,283
Prepaid expenses	6,987	5,116
Deferred costs, net	75	75
Investment in unconsolidated entity	89	145
Derivative assets	56	356
Operating lease right-of-use assets	30,743	34,852
Other assets	15,368	19,538
Intangible assets, net	2,746	3,125
Total assets	1,861,732	2,136,059
Liabilities:
Indebtedness, net	1,103,450	1,210,018
Accounts payable and accrued expenses	142,123	143,566
Redeemable preferred stock redemptions payable	30,864	0
Dividends and distributions payable	7,672	9,255
Operating lease liabilities	20,058	19,984
Other liabilities	25,572	24,268
Total liabilities	1,336,611	1,413,889
Commitments and contingencies (note 18)
Redeemable noncontrolling interests in operating partnership	19,005	29,964
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	682	665
Additional paid-in capital	706,488	718,536
Accumulated other comprehensive income (loss)	0	(684)
Accumulated deficit	(568,503)	(477,804)
Total stockholders’ equity of the Company	138,683	240,729
Noncontrolling interest in consolidated entities	2,095	(3,367)
Total equity	140,778	237,362
Total liabilities and equity	1,861,732	2,136,059
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	30,200
Series preferred stock	265,695	352,502
Series M Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	642
Series preferred stock	34,217	36,916
Nonrelated Party
ASSETS
Due from third-party hotel managers	17,088	22,873
Liabilities:
Due to related parties and nonrelated parties	1,467	1,476
Ashford Inc.
ASSETS
Deposit paid to Ashford Inc.	17,000	0
Liabilities:
Due to related parties and nonrelated parties	5,148	4,267
Related Party
Liabilities:
Due to related parties and nonrelated parties	$ 257	$ 1,055