CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 18,034	$ 10,672
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	22,579	23,395
Recognition of deferred income	(174)	(174)
Equity-based compensation	0	(48)
Bad debt expense	64	(15)
Amortization of loan costs, discounts and capitalized default interest	2,579	2,293
Write-off of loan costs and exit fees	5	1,464
Amortization of intangibles	95	107
Amortization of non-refundable membership initiation fees	(879)	(623)
Interest expense accretion on refundable membership club deposits	135	151
Realized and unrealized (gain) loss on derivatives	(248)	198
Non-cash interest income	(149)	(151)
Equity in (earnings) loss of unconsolidated entity	31	0
Deferred income tax expense (benefit)	376	(13)
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel properties:
Accounts receivable and inventories	(4,542)	(9,285)
Prepaid expenses and other assets	(3,616)	(8,003)
Accounts payable and accrued expenses	(157)	(6,518)
Operating lease right-of-use assets	51	57
Due to/from related parties, net	(624)	645
Due to/from third-party hotel managers	(9,041)	(1,676)
Due to/from Ashford Inc.	(2,880)	(1,006)
Operating lease liabilities	0	8
Other liabilities	309	3,668
Net cash provided by (used in) operating activities	21,948	15,146
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	135	1,101
Proceeds from sale of investment in unconsolidated entity	58	0
Improvements and additions to hotel properties	(12,069)	(15,305)
Net cash provided by (used in) investing activities	(11,876)	(14,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	0	363,000
Repayments of indebtedness	0	(365,180)
Payments of loan costs and exit fees	(5)	(8,852)
Payments for derivatives	(45)	(508)
Proceeds from derivatives	20	244
Payments for dividends and distributions	(11,128)	(12,209)
Redemption of operating partnership units	0	(92)
Redemption of preferred stock	(17,005)	(26,167)
Net cash provided by (used in) financing activities	(28,163)	(49,764)
Net change in cash, cash equivalents and restricted cash	(18,091)	(48,822)
Cash, cash equivalents and restricted cash at beginning of period	166,833	185,057
Cash, cash equivalents and restricted cash at end of period	148,742	136,235
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	17,712	21,960
Income taxes paid (refunded)	(178)	(120)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	3,907	8,692
Common stock purchases accrued but not paid	0	51
Capital expenditures accrued but not paid	4,516	8,825
Non-cash preferred stock dividends	677	837
Unsettled proceeds from derivatives	2	57
Non-cash common stock/unit dividends	0	502
Non-cash redemption of common units	1,391	2,251
Reclassification of redeemable preferred stock from mezzanine equity to liability	46,719	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	124,354	135,465
Restricted cash at beginning of period	42,479	49,592
Cash, cash equivalents and restricted cash at beginning of period	166,833	185,057
Cash and cash equivalents at end of period	93,385	81,689
Restricted cash at end of period	55,357	54,546
Cash, cash equivalents and restricted cash at end of period	$ 148,742	$ 136,235