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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net income (loss) $ (214,700) $ (495,632)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 166,291 194,275
Impairment charges 0 85,144
Amortization of intangibles 98 (220)
Recognition of deferred income (374) (644)
Bad debt expense 1,491 1,680
Deferred income tax expense (benefit) (113) (647)
Equity in (earnings) loss of unconsolidated entities 423 279
(Gain) loss on disposition of assets and hotel properties (395) 36,753
(Gain) loss on extinguishment of debt (11,896) (90,325)
Realized and unrealized (gain) loss on marketable securities 0 (386)
Purchases of marketable securities 0 (1,997)
Sales of marketable securities 0 15,233
Net settlement of trading derivatives 0 1,610
Realized and unrealized (gain) loss on derivatives (3,712) (1,558)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees (12,132) 19,118
Equity-based compensation 7,539 8,340
Amortization of parking asset 0 117
Non-cash interest income (591) (635)
Paid-in kind interest expense 23,574 0
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties:    
Accounts receivable and inventories (20,199) 18,811
Prepaid expenses and other assets (1,418) (1,871)
Operating lease right-of-use assets 358 697
Operating lease liabilities (361) (448)
Accounts payable and accrued expenses and accrued interest payable (21,496) 125,944
Due to/from related parties (718) (2,996)
Due to/from third-party hotel managers (14,170) 119
Due to/from Ashford Inc., net (11,024) 1,443
Other liabilities (4) (11,088)
Net cash provided by (used in) operating activities (113,529) (98,884)
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (19,018) (41,600)
Net proceeds from disposition of assets and hotel properties 7,543 38,763
Proceeds from property insurance 2,000 514
Investment in unconsolidated entity (250) (430)
Acquisition of hotel properties and assets, net of cash and restricted cash acquired 0 (1,113)
Net cash provided by (used in) investing activities (9,725) (3,866)
Cash Flows from Financing Activities    
Borrowings on indebtedness, net of commitment fee 293,500 88,000
Repayments of indebtedness (106,690) (131,844)
Payments for loan costs and exit fees (20,494) (23,412)
Payments for dividends and distributions 0 (28,619)
Purchases of common stock (46) (398)
Payments for derivatives (824) (83)
Proceeds from common stock offerings 548,441 11,310
Net cash provided by (used in) financing activities 713,887 (85,046)
Net increase (decrease) in cash, cash equivalents and restricted cash 590,633 (187,796)
Cash, cash equivalents and restricted cash at beginning of period 167,313 398,207
Cash, cash equivalents and restricted cash and at end of period 757,946 210,411
Supplemental Cash Flow Information    
Interest paid 153,873 59,732
Income taxes paid (refunded) 2,602 1,345
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 4,700 9,300
Accrued stock offering costs 160 0
Buyer assumption of debt in hotel disposition 0 108,750
Non-cash extinguishment of debt 9,604 179,030
Non-cash loan principal associated with default interest and late charges 32,626 40,713
Non-cash loan proceeds associated with accrued interest and legal fees 0 6,251
Non-cash extinguishment of preferred stock 197,093 0
Issuance of common stock from preferred stock exchanges 196,134 0
Debt discount associated with embedded debt derivative 43,680 0
Credit facility commitment fee 4,500 0
Dividends and distributions declared but not paid 236 868
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents 672,961 120,916
Restricted cash 84,985 89,495
Cash, cash equivalents and restricted cash $ 757,946 $ 210,411