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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities:      
Net income $ 11,915 $ 8,358  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,892 28,313  
Corporate asset depreciation as corporate expenses 34 33  
Non-cash lease expense and other amortization 1,299 1,518  
Amortization of debt issuance costs 535 513  
Amortization of deferred income related to key money (96) (108)  
Share-based compensation 1,302 2,335  
Changes in assets and liabilities:      
Prepaid expenses and other assets 3,692 4,527  
Due to/from hotel managers (12,145) (8,398)  
Accounts payable and accrued expenses (6,822) (5,858)  
Net cash provided by operating activities 27,606 31,233  
Cash flows from investing activities:      
Capital expenditures (25,562) (18,867)  
Net proceeds from sale of hotel property 89,019 0  
Net cash provided by (used in) in investing activities 63,457 (18,867)  
Cash flows from financing activities:      
Scheduled mortgage debt principal payments (2,114) (2,461)  
Payment of financing costs (450) 0  
Distributions on common stock and units (48,571) (6,471)  
Distributions on preferred stock (2,454) (2,454)  
Repurchases of common stock (11,116) 0  
Shares redeemed to satisfy tax withholdings on vested share-based compensation (4,888) (2,907)  
Net cash used in financing activities (69,593) (14,293)  
Net increase (decrease) in cash, cash equivalents, and restricted cash 21,470 (1,927)  
Cash, cash equivalents, and restricted cash at beginning of period 128,789 167,171 $ 167,171
Cash, cash equivalents, and restricted cash at end of period 150,259 165,244 128,789
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 14,460 16,235  
Cash (refunded) paid for income taxes, net (385) 555  
Non-cash investing and financing activities:      
Unpaid dividends and distributions declared 17,334 6,186 49,034
Accrued capital expenditures 1,514 9,259 5,400
Cash and cash equivalents 100,621   81,381
Restricted cash 49,638   47,408
Total cash, cash equivalents and restricted cash $ 150,259 $ 165,244 $ 128,789