CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (119,822)	$ (194,990)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	104,113	124,368
Net amortization of debt issuance costs, discounts and premiums as interest	5,913	4,355
Straight-line rental income	1,973	1,883
Loss on asset impairment, net	5,500	1,211
Unrealized loss on equity securities, net	10,260	6,481
Equity in losses of an investee	717	2,843
(Gain) loss on sale of real estate	(5,548)	9
Other non-cash income, net	(836)	(1,020)
Changes in assets and liabilities:
Due from related persons	395	(395)
Other assets	6,729	(13,515)
Accounts payable and other liabilities	(21,980)	(13,841)
Due to related persons	603	19,887
Net cash used in operating activities	(11,983)	(62,724)
Cash flows from investing activities:
Real estate acquisitions and deposits	0	(7,649)
Real estate improvements	(26,561)	(21,891)
Hotel managers’ purchases with restricted cash	(787)	(14,198)
Net proceeds from sale of real estate	66,218	375
Investment in Sonesta	0	(25,443)
Net cash provided by (used in) investing activities	38,870	(68,806)
Cash flows from financing activities:
Borrowings under revolving credit facility	0	973,168
Repayments of revolving credit facility	0	(51,592)
Deferred financing costs	(82)	(303)
Distributions to common shareholders	(1,651)	(1,648)
Net cash (used in) provided by financing activities	(1,733)	919,625
Increase in cash and cash equivalents and restricted cash	25,154	788,095
Cash and cash equivalents and restricted cash at beginning of period	947,418	91,456
Cash and cash equivalents and restricted cash at end of period	$ 972,572	$ 879,551