CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (154,594)	$ (152,233)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	164,130	188,781
Net amortization of debt issuance costs, discounts and premiums as interest	18,580	14,692
Straight line rental income	(6,561)	(10,546)
Loss on early extinguishment of debt, net	0	16,048
Loss on asset impairment	54,721	37,338
Equity in losses of an investee	4,473	8,054
(Gain) loss on sale of real estate, net	(590)	2,995
Other non-cash income, net	(990)	(881)
Changes in assets and liabilities:
Due from related persons	(25,308)	(22,583)
Other assets	587	(4,214)
Accounts payable and other liabilities	(17,456)	(29,829)
Due to related persons	1,201	(4,729)
Net cash provided by operating activities	38,193	42,893
Cash flows from investing activities:
Real estate improvements	(107,991)	(142,382)
Hotel managers’ purchases with restricted cash	(2,064)	(2,869)
Real estate acquisitions and deposits	(31,353)	0
Net proceeds from sale of real estate	47,101	5,844
Investment in Sonesta	0	(3,392)
Net cash used in investing activities	(94,307)	(142,799)
Cash flows from financing activities:
Repayment of mortgage notes payable	(979)	(979)
Proceeds from senior unsecured notes, net of discounts	0	1,165,007
Repayments of senior unsecured notes	0	(1,162,520)
Borrowings under variable funding note	45,000	0
Borrowings under revolving credit facility	50,000	0
Repayments of revolving credit facility	(100,000)	0
Payment of debt issuance costs	(5,866)	(3,592)
Repurchase of common shares	(63)	(78)
Distributions to common shareholders	(3,333)	(66,306)
Net cash used in financing activities	(15,241)	(68,468)
Decrease in cash and cash equivalents and restricted cash	(71,355)	(168,374)
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	$ 86,031	$ 29,456