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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income (loss) $ 49,864 $ (32,346)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 172,051 179,598
Deferred Income Tax Expense (Benefit) (26,976) 0
Share-based compensation 10,084 9,231
Amortization of deferred financing costs, non-cash interest and other amortization 9,295 9,578
Gain on sale of hotel properties 0 (30,219)
Impairment 1,908 71,416
Non-cash ground rent 7,385 7,426
Other adjustments (4,181) (7,348)
Changes in assets and liabilities:    
Hotel receivables (16,866) (12,087)
Prepaid expenses and other assets (13,899) (26,200)
Accounts payable and accrued expenses 4,529 28,619
Deferred revenues 12,556 4,615
Net cash provided by (used in) operating activities 205,750 202,283
Investing activities:    
Improvements and additions to hotel properties (100,862) (140,057)
Proceeds from sales of hotel properties 0 224,384
Property insurance proceeds 21,737 14,361
Other investing activities (742) (2,414)
Net cash provided by (used in) investing activities (79,867) 96,274
Financing activities:    
Payment of deferred financing costs (6,379) (2,423)
Proceeds from debt 0 140,000
Repayments of debt (111,377) (162,988)
Repurchases of common shares (16,851) (92,753)
Distributions — common shares/units (3,659) (3,756)
Distributions — preferred shares/units (35,386) (36,455)
Other financing activities (1,615) (840)
Net cash provided by (used in) financing activities (175,267) (159,215)
Net change in cash and cash equivalents and restricted cash (49,384) 139,342
Cash and cash equivalents and restricted cash, beginning of year 193,641 52,269
Cash and cash equivalents and restricted cash, end of period $ 144,257 $ 191,611