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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings (loss) $ (19,071,000) $ (5,067,000) $ 5,170,000
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization expense 10,956,000 9,568,000 9,475,000
Net (gain) loss on disposition of assets 18,000 36,000 (5,570,000)
Net (gain) loss on derivatives and convertible debt 6,331,000 1,071,000 (317,000)
Equity in earnings of joint venture (80,000) (190,000) 218,000
Distributions from cumulative earnings of joint venture   170,000 187,000
Amortization of deferred financing costs 1,210,000 1,267,000 1,443,000
Impairment recovery, net 0 0 (93,000)
Stock-based compensation expense 173,000 1,026,000 974,000
Provision for deferred taxes (421,000) 821,000 260,000
Changes in operating assets and liabilities:      
Decrease in assets 531,000 1,172,000 582,000
Decrease in liabilities (449,000) (622,000) (1,665,000)
Net cash provided by (used in) operating activities (802,000) 9,252,000 10,664,000
Cash flows from investing activities:      
Additions to hotel properties (605,000) (1,475,000) (1,982,000)
Distributions in excess of cumulative earnings from joint venture 480,000 1,643,000 1,475,000
Hotel acquisitions (7,193,000)   (35,643,000)
Net proceeds from sale of hotel assets 4,000 4,191,000 19,696,000
Net cash provided by (used in) investing activities (7,314,000) 4,359,000 (16,454,000)
Cash flows from financing activities:      
Deferred financing costs (1,660,000) (415,000) (147,000)
Proceeds from long-term debt 47,264,000 1,500,000 35,318,000
Principal payments on long-term debt (48,369,000) (5,281,000) (20,265,000)
Proceeds from common stock issuance     260,000
Proceeds from convertible debt 10,000,000    
Redemption of common units   (42,000) (298,000)
Tax withholdings on stock compensation (30,000) (356,000) (205,000)
Cash dividends paid to common shareholders   (9,304,000) (9,257,000)
Cash dividends paid to common unit holders   (36,000) (72,000)
Cash dividends paid to preferred shareholders   (434,000) (723,000)
Other items (4,000) (4,000)  
Net cash provided by (used in) financing activities 7,201,000 (14,372,000) 4,611,000
Decrease in cash, cash equivalents, and restricted cash (915,000) (761,000) (1,179,000)
Cash, cash equivalents, and restricted cash beginning of year 8,395,000 9,156,000 10,335,000
Cash, cash equivalents, and restricted cash end of year 7,480,000 8,395,000 9,156,000
Supplemental cash flow information:      
Interest paid 7,272,000 6,732,000 6,091,000
Income taxes paid 119,000 307,000 42,000
Schedule of noncash investing and financing activities:      
Debt assumed in acquisition 34,080,000    
Increase in accrued liabilities related to insurance premium financing agreement 207,000 22,000 56,000
Land option liability in acquisition $ 8,497,000    
Fair value of operating partnership common units issued in acquisitions     $ 50,000
Fair value of operating partnership common units converted to common stock   $ 595,000