CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (28,410)	$ 19,763	$ (30,628)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	92,578	98,733	93,272
Recognition of deferred income	(684)	0	0
Equity-based compensation	(446)	2,611	9,244
Bad debt expense	352	318	915
(Gain) loss on extinguishment of debt	2,686	22	(2,318)
Amortization of loan costs, discounts and capitalized default interest	10,833	6,890	2,195
Write-off of loan costs and exit fees	1,833	6,111	3,489
Amortization of intangibles	428	453	474
Amortization of non-refundable membership initiation fees	(2,695)	(2,200)	(1,776)
Interest expense accretion on refundable membership club deposits	557	616	671
Realized (gain) loss on sale of securities	1,572	0	0
(Gain) loss on disposition of assets and hotel properties	(82,797)	(88,165)	0
Impairment charges	54,492	0	0
Realized and unrealized (gain) loss on derivatives	355	(585)	663
Non-cash interest income	(613)	(207)	0
Equity in (earnings) loss of unconsolidated entity	56	1,608	253
Deferred income tax expense (benefit)	1,059	(96)	1,329
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel properties:
Accounts receivable and inventories	(7,366)	6,260	11,264
Prepaid expenses and other assets	2,151	3,058	(5,758)
Deposit paid to Ashford Inc.	(17,000)	0	0
Accounts payable and accrued expenses	5,528	8,454	47
Operating lease right-of-use assets	233	416	592
Due to/from related parties, net	(798)	452	1,541
Due to/from third-party hotel managers	(601)	(5,266)	8,398
Due to/from Ashford Inc.	1,214	4,632	(10,361)
Operating lease liabilities	24	(157)	(313)
Other liabilities	6,237	3,096	1,518
Net cash provided by (used in) operating activities	40,778	66,817	84,711
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	4,765	958	361
Issuance of note receivable	0	(8,076)	0
Payments for initial franchise fee	0	0	(75)
Proceeds from sale of investment in securities	40,707	0	0
Acquisition of land	(5,509)	0	0
Net proceeds from sale of hotel properties	247,570	155,583	0
Purchase of securities	0	(42,279)	(238)
Investment in unconsolidated entity	0	(79)	0
Improvements and additions to hotel properties	(77,904)	(70,598)	(77,114)
Net cash provided by (used in) investing activities	209,629	35,509	(77,066)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	403,000	234,000	370,600
Repayments of indebtedness	(518,277)	(184,100)	(534,307)
Payments of loan costs and exit fees	(11,928)	(15,372)	(11,636)
Payments for derivatives	(670)	(1,592)	(5,051)
Proceeds from derivatives	714	4,904	7,720
Purchase of common stock	(778)	(369)	(19,307)
Payments for dividends and distributions	(47,339)	(51,558)	(52,563)
Net proceeds from issuance of preferred stock	0	0	97,862
Contributions from noncontrolling interest in consolidated entities	306	2,961	9,517
Redemption of operating partnership units	(121)	0	(7,162)
Distributions to noncontrolling interest in consolidated entities	(2,293)	(27,045)	(2,693)
Acquisition of noncontrolling interest in consolidated entities	(14,469)	0	0
Redemption of preferred stock	(76,776)	(45,601)	(9,818)
Net cash provided by (used in) financing activities	(268,631)	(83,772)	(156,838)
Net change in cash, cash equivalents and restricted cash	(18,224)	18,554	(149,193)
Cash, cash equivalents and restricted cash at beginning of period	185,057	166,503	315,696
Cash, cash equivalents and restricted cash at end of period	166,833	185,057	166,503
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	88,129	102,541	91,576
Income taxes paid (refunded)	616	(728)	3,424
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	7,672	9,255	9,158
Assumption of debt in acquisition of land	5,360	0	0
Capital expenditures accrued but not paid	7,629	8,825	21,702
Non-cash preferred stock dividends	3,022	3,403	3,614
Unsettled proceeds from derivatives	14	113	361
Non-cash common stock/unit dividends	872	35	20
Non-cash redemption of common units	9,466	0	0
Non-cash consideration for acquisition of land	1,814	0	0
Reclassification of redeemable preferred stock from mezzanine equity to liability	30,864	0	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	135,465	85,599	261,541
Restricted cash at beginning of period	49,592	80,904	54,155
Cash, cash equivalents and restricted cash at beginning of period	185,057	166,503	315,696
Cash and cash equivalents at end of period	124,354	135,465	85,599
Restricted cash at end of period	42,479	49,592	80,904
Cash, cash equivalents and restricted cash at end of period	$ 166,833	$ 185,057	$ 166,503