XML 22 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 76,617 $ 42,215 $ (311,088)
Adjustments to reconcile net income (loss) to cash flow provided by operating activities:      
Loss (gain) on sale of hotel properties, net 34 (1,017) 2,378
Loss (gain) on extinguishment of indebtedness, net 169 39 (893)
Depreciation and amortization 179,103 184,875 187,778
Amortization of deferred financing costs 6,100 5,967 5,884
Other amortization 4,960 3,265 (2,090)
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net 0 (5,866) 10,658
Equity in (income) loss from unconsolidated joint ventures (419) (457) 477
Impairment losses 0 0 144,845
Amortization of share-based compensation 24,285 21,664 17,054
Changes in assets and liabilities:      
Hotel and other receivables, net 12,365 (7,563) (17,969)
Prepaid expense and other assets 12,648 (4,665) (1,090)
Accounts payable and other liabilities (11,064) 13,146 7,203
Advance deposits and deferred revenue 8,512 3,319 (13,090)
Accrued interest 1,832 1,597 12,904
Net cash flow provided by operating activities 315,142 256,519 42,961
Cash flows from investing activities      
Acquisition of hotel properties, net 0 (59,308) (174,675)
Proceeds from sales of hotel properties, net 0 48,075 198,642
Purchase deposit (2,400) 0 0
Improvements and additions to hotel properties and other assets (132,349) (124,282) (48,263)
Contributions to unconsolidated joint ventures 0 0 (331)
Net cash flow used in investing activities (134,749) (135,515) (24,627)
Cash flows from financing activities      
Repayments of Revolver 0 (200,000) (200,000)
Borrowings on Term Loans 320,000 5,000 0
Repayments of Term Loans (318,662) 0 (356,338)
Proceeds from issuance of senior notes 0 0 1,000,000
Redemption of $475.0 million senior notes due 2025 (including a $9.5 million redemption premium) 0 0 (484,402)
Scheduled mortgage loan principal payments 0 0 (1,486)
Repayments of mortgage loans (including $7.0 million in prepayment premiums) 0 0 (149,183)
Repurchase of common shares under share repurchase programs (75,976) (57,639) 0
Repurchase of common shares to satisfy employee tax withholding requirements (4,398) (3,598) (2,543)
Distributions on preferred shares (25,115) (25,115) (25,115)
Distributions on common shares (49,194) (13,288) (6,701)
Distributions on and redemption of Operating Partnership units (225) (54) (18)
Payments of deferred financing costs (7,882) (1,333) (14,770)
Contributions from consolidated joint venture partners 0 154 1,301
Distributions to consolidated joint venture partners 0 2,614 0
Net cash flow used in financing activities (161,452) (298,487) (239,255)
Net change in cash, cash equivalents, and restricted cash reserves 18,941 (177,483) (220,921)
Cash, cash equivalents, and restricted cash reserves, beginning of year 536,386 713,869 934,790
Cash, cash equivalents, and restricted cash reserves, end of year $ (555,327) $ (536,386) $ (713,869)