CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 25,950	$ (119,822)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	100,039	104,113
Net amortization of debt issuance costs, discounts and premiums as interest	5,232	5,913
Straight line rental income	2,448	1,973
Loss on early extinguishment of debt	44	0
Loss on asset impairment, net	0	5,500
Unrealized (gains) losses on equity securities, net	(49,430)	10,260
Equity in losses of an investee	4,221	717
Gain on sale of real estate	(41,898)	(5,548)
Other non-cash income, net	(781)	(836)
Changes in assets and liabilities:
Due from related persons	(16,889)	395
Other assets	4,254	6,729
Accounts payable and other liabilities	(18,492)	(21,980)
Due to related persons	(2,325)	603
Net cash provided by (used in) operating activities	12,373	(11,983)
Cash flows from investing activities:
Real estate improvements	(28,551)	(26,561)
Hotel managers’ purchases with restricted cash	(1,558)	(787)
Net proceeds from sale of real estate	144,361	66,218
Net cash provided by investing activities	114,252	38,870
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts	576,946	0
Repayment of mortgage notes payable	(163)	0
Repayment of senior unsecured notes	(500,000)	0
Deferred financing costs	(19,856)	(82)
Repurchase of common shares	(46)	0
Distributions to common shareholders	(33,090)	(1,651)
Net cash provided by (used in) financing activities	23,791	(1,733)
Increase in cash and cash equivalents and restricted cash	150,416	25,154
Cash and cash equivalents and restricted cash at beginning of period	45,420	947,418
Cash and cash equivalents and restricted cash at end of period	$ 195,836	$ 972,572