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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (163,461) $ (86,053) $ (71,143)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 109,586 111,730 105,237
Impairment of goodwill and long-lived assets 115,522 29,796 32,689
Amortization and write-off of deferred financing costs 10,107 12,639 11,339
Other adjustments, net (2,607) 2,033 2,065
Changes in assets and liabilities:      
Prepaid expenses and other assets 878 (756) (2,348)
Due to related parties (2,879)
Accounts payable and accrued expenses 4,034 (2,607) 5,252
Net cash provided by operating activities 74,059 66,782 80,212
Cash flows from investing activities:      
Payment received on note for sale of hotel 1,625
Acquisition of hotel assets, net of cash received (60,043)
Real estate investment improvements and purchases of property and equipment (50,833) (103,155) (78,935)
Payments related to Property Management Transactions (1,000) (13,000)
Proceeds from sales of hotels, net 131,659 5,461 11,525
Other adjustments, net 69 35 (581)
Net cash provided by (used in) investing activities 80,895 (97,034) (141,034)
Cash flows from financing activities:      
Proceeds from Class C Units 219,746 25,000 135,000
Payment of Class C Units issuance costs (7,756) (944) (13,866)
Dividends/Distributions paid (27,990) (12,694) (8,221)
Payments of promissory and mortgage notes payable (1,125,935) (1,030,622)
Repayment of Contingent Consideration (4,620)
Proceeds from mortgage notes payable 1,086,100 1,101,000
Deferred financing fees (17,578) (19,672)
Mandatorily redeemable preferred securities redemptions (219,746) (14,370) (56,071)
Repurchase of shares of common stock (20) (3,075) (763)
Net cash (used in) provided by financing activities (93,179) (6,083) 102,165
Net change in cash and cash equivalents and restricted cash 61,775 (36,335) 41,343
Cash and cash equivalents and restricted cash, beginning of period 82,845 119,180 77,837
Cash and cash equivalents and restricted cash, end of period 144,620 82,845 119,180
Supplemental disclosure of cash flow information:      
Interest paid 80,124 94,336 88,392
Income taxes paid, net (667) 802 1,865
Non-cash investing and financing activities:      
Deemed dividend related to beneficial conversion feature of Class C Units (4,535)
Accretion of Class C Units (4,798) (2,581) (1,668)
PIK accrual on Class C Units (18,514) (8,332) (5,241)
Waiver of Obligation from Former Advisor (5,822)
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses 1,153 12,522 14,267
Former Property Manager [Member]      
Non-cash investing and financing activities:      
Note payable to Former Property Manager 1,000
Common stock issued to Former Property Manager 4,076
Conversion of Class B Units In Operating Partnership For Common Stock [Member]      
Non-cash investing and financing activities:      
Class B Units in operating partnership converted and redeemed for Common Stock $ 7,659