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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 8,358 $ 9,188  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 28,313 27,472  
Corporate asset depreciation as corporate expenses 33 50  
Non-cash lease expense and other amortization 1,518 1,550  
Non-cash interest rate swap fair value adjustment 0 2,014  
Amortization of debt issuance costs 513 513  
Amortization of deferred income related to key money (108) (108)  
Share-based compensation 2,335 1,967  
Changes in assets and liabilities:      
Prepaid expenses and other assets 4,527 5,123  
Due to/from hotel managers (8,398) 14,291  
Accounts payable and accrued expenses (5,858) (3,991)  
Net cash provided by operating activities 31,233 58,069  
Cash flows from investing activities:      
Capital expenditures (18,867) (21,642)  
Net cash used in investing activities (18,867) (21,642)  
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (2,461) (2,404)  
Distributions on common stock and units (6,471) (12,773)  
Distributions on preferred stock (2,454) (2,454)  
Repurchase of common stock 0 (409)  
Shares redeemed to satisfy tax withholdings on vested share-based compensation (2,907) (3,023)  
Net cash used in financing activities (14,293) (21,063)  
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,927) 15,364  
Cash, cash equivalents, and restricted cash at beginning of period 167,171 107,178 $ 107,178
Cash, cash equivalents, and restricted cash at end of period 165,244 122,542 167,171
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 16,235 14,368  
Cash paid for income taxes, net 555 8  
Non-cash investing and financing activities:      
Unpaid dividends and distributions declared 6,186 6,500  
Accrued capital expenditures 9,259 7,711 4,700
Cash and cash equivalents 120,064   121,595
Restricted cash 45,180   45,576
Total cash, cash equivalents and restricted cash $ 165,244 $ 122,542 $ 167,171