CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (116,435)	$ (78,383)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	89,100	93,107
Net amortization of debt issuance costs, discounts and premiums as interest	8,680	7,226
Straight line rental income	(3,878)	(5,768)
Loss on asset impairment	37,067	2,451
Equity in losses of an investee	3,947	5,338
(Gain) loss on sale of real estate, net	(746)	2,963
Other non-cash income, net	(718)	(925)
Changes in assets and liabilities:
Due from related persons	(15,997)	(15,024)
Other assets	145	(1,801)
Accounts payable and other liabilities	35,820	(6,077)
Due to related persons	1,215	(4,033)
Net cash provided by (used in) operating activities	38,200	(926)
Cash flows from investing activities:
Real estate improvements	(61,426)	(76,261)
Hotel managers’ purchases with restricted cash	(1,124)	(1,002)
Real estate acquisition deposits	(723)	0
Net proceeds from sale of real estate	21,081	5,826
Investment in Sonesta	0	(3,392)
Net cash used in investing activities	(42,192)	(74,829)
Cash flows from financing activities:
Repayment of mortgage notes payable	(489)	(489)
Borrowings under variable funding note	45,000	0
Repayments of revolving credit facility	(100,000)	0
Payment of debt issuance costs	(2,141)	(1,093)
Repurchase of common shares	(4)	(13)
Distributions to common shareholders	(1,666)	(33,154)
Net cash used in financing activities	(59,300)	(34,749)
Decrease in cash and cash equivalents and restricted cash	(63,292)	(110,504)
Cash and cash equivalents and restricted cash at beginning of period	157,386	197,830
Cash and cash equivalents and restricted cash at end of period	$ 94,094	$ 87,326