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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 28,005 $ 62,680
Adjustments to reconcile net income to cash flow provided by operating activities:    
Gain on sale of hotel properties, net (802) (8,301)
Loss on extinguishment of indebtedness, net 34 129
Depreciation and amortization 139,147 134,045
Amortization of deferred financing costs 5,632 4,779
Non-cash lease expense and other amortization 3,155 4,210
Equity in loss (income) from unconsolidated joint ventures 313 (239)
Distribution of income from unconsolidated joint venture 0 400
Amortization of share-based compensation 11,280 16,260
Changes in assets and liabilities:    
Hotel and other receivables, net (4,931) (292)
Prepaid expense and other assets (9,503) (3,337)
Accounts payable and other liabilities 17,960 10,186
Advance deposits and deferred revenue 640 4,298
Accrued interest (10,009) (10,425)
Net cash flow provided by operating activities 180,921 214,393
Cash flows from investing activities    
Acquisitions, net 0 (158,744)
Proceeds from sales of hotel properties, net 23,638 19,542
Improvements and additions to hotel properties and other assets (111,711) (107,048)
Net cash flow used in investing activities (88,073) (246,250)
Cash flows from financing activities    
Borrowings under Revolver 0 200,000
Repayments of Revolver (100,000) (100,000)
Borrowings on Term Loans 100,000 500,000
Repayment of Term Loan 0 (400,000)
Repayment of mortgage loan 0 (200,000)
Repurchase of common shares under share repurchase programs (28,591) (18,995)
Repurchase of common shares to satisfy employee tax withholding requirements (3,556) (9,014)
Distributions on preferred shares (18,836) (18,836)
Distributions on common shares (68,705) (46,769)
Distributions on Operating Partnership units (320) (213)
Payments of deferred financing costs (2,104) (5,301)
Net cash flow used in financing activities (122,112) (99,128)
Net change in cash, cash equivalents, and restricted cash reserves (29,264) (130,985)
Cash, cash equivalents, and restricted cash reserves, beginning of period 433,325 555,327
Cash, cash equivalents, and restricted cash reserves, end of period $ 404,061 $ 424,342