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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 62,680 $ 68,577
Adjustments to reconcile net income to cash flow provided by operating activities:    
Gain (loss) on sale of hotel properties, net 8,301 (28)
Loss on extinguishment of indebtedness, net 129 169
Depreciation and amortization 134,045 134,648
Amortization of deferred financing costs 4,779 4,528
Non-cash lease expense and other amortization 4,210 3,662
Equity in income from unconsolidated joint ventures (239) (315)
Distributions of income from unconsolidated joint ventures 400 0
Amortization of share-based compensation 16,260 18,028
Changes in assets and liabilities:    
Hotel and other receivables, net (292) (9,462)
Prepaid expense and other assets (3,337) 8,388
Accounts payable and other liabilities 10,186 (1,175)
Advance deposits and deferred revenue 4,298 7,226
Accrued interest (10,425) (8,114)
Net cash flow provided by operating activities 214,393 226,188
Cash flows from investing activities    
Acquisitions, net 158,744 0
Proceeds from sales of hotel properties, net (19,542) 28
Improvements and additions to hotel properties and other assets (107,048) (101,980)
Net cash flow used in investing activities (246,250) (102,008)
Cash flows from financing activities    
Borrowings under Revolver 200,000 0
Repayment of Revolver 100,000 0
Borrowings on Term Loans 500,000 320,000
Repayments of Term Loans (400,000) (318,662)
Repayment of mortgage loan (200,000) 0
Repurchase of common shares under share repurchase programs (18,995) (66,783)
Repurchase of common shares to satisfy employee tax withholding requirements (9,014) (4,398)
Distributions on preferred shares (18,836) (18,836)
Distributions on common shares (46,769) (33,577)
Distributions on Operating Partnership units (213) (149)
Payments of deferred financing costs (5,301) (7,791)
Net cash flow used in financing activities (99,128) (130,196)
Net change in cash, cash equivalents, and restricted cash reserves (130,985) (6,016)
Cash, cash equivalents, and restricted cash reserves, beginning of year 555,327 536,386
Cash, cash equivalents, and restricted cash reserves, end of period $ 424,342 $ 530,370