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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash Flows from Operating Activities      
Net income (loss) $ (271,048) $ (633,222) $ (142,679)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 218,851 252,765 269,003
Impairment charges 0 91,721 33,628
Amortization of intangibles 131 (307) (257)
Recognition of deferred income (498) (768) (954)
Bad debt expense 2,110 1,810 3,127
Deferred income tax expense (benefit) 113 (1,058) (159)
Equity in (earnings) loss of unconsolidated entities 558 448 2,307
(Gain) loss on disposition of assets and hotel properties (1,449) 36,680 (26,126)
(Gain) loss on extinguishment of debt (11,896) (90,349) 0
Gain on insurance settlement 0 0 (450)
Realized and unrealized (gain) loss on marketable securities 0 (801) (1,980)
Realized (gain) loss on investment in Ashford Inc. 0 0 (11,792)
Purchases of marketable securities 0 (1,997) (4,208)
Sales of marketable securities 0 17,389 13,413
Net settlement of trading derivatives 0 2,347 (3,485)
Realized and unrealized (gain) loss on derivatives (14,474) (878) 5,294
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees (1,336) 10,229 32,153
Equity-based compensation 10,025 10,746 19,717
Amortization of parking asset 0 117 118
Non-cash interest income (672) (854) (191)
Changes in operating assets and liabilities, exclusive of the effect of dispositions of hotel properties:      
Accounts receivable and inventories (21,366) 15,738 (6,639)
Prepaid expenses and other assets 4,203 1,079 2,307
Operating lease right-of-use assets 201 1,006 1,322
Operating lease liabilities (203) (595) (937)
Accounts payable and accrued expenses and accrued interest payable (28,927) 143,241 (4,177)
Due to/from related parties (944) (2,782) (4,496)
Due to/from third-party hotel managers (16,743) 3,763 4,372
Due to/from Ashford Inc., net (10,818) 6,091 (1,256)
Other liabilities (6) (11,090) 234
Net cash provided by (used in) operating activities (144,188) (149,531) 177,209
Cash Flows from Investing Activities      
Improvements and additions to hotel properties (36,742) (46,206) (159,220)
Net proceeds from disposition of assets and hotel properties 9,013 38,763 102,676
Payments for initial franchise fees (90) 0 (475)
Proceeds from property insurance 2,779 1,382 1,233
Investments in unconsolidated entities (9,000) (430) (647)
Proceeds from sale of investment in Ashford Inc. 0 0 11,792
Proceeds from franchise agreement 0 0 4,000
Acquisition of hotel properties and assets, net of cash and restricted cash acquired 0 (1,113) (212,552)
Net cash provided by (used in) investing activities (34,040) (7,604) (253,193)
Cash Flows from Financing Activities      
Borrowings on indebtedness, net of commitment fee 377,500 88,000 404,795
Repayments of indebtedness (189,594) (137,849) (272,357)
Payments for loan costs and exit fees (27,768) (26,682) (9,643)
Payments for dividends and distributions (18,622) (28,619) (86,210)
Purchases of common stock (46) (399) (1,031)
Payments for derivatives (1,538) (83) (1,112)
Proceeds from common stock offerings 562,827 31,873 0
Acquisition of noncontrolling interest in consolidated entities (200) 0 0
Preferred and common stock offering costs 0 0 (91)
Other 0 0 28
Net cash provided by (used in) financing activities 702,559 (73,759) 34,379
Net increase (decrease) in cash, cash equivalents and restricted cash 524,331 (230,894) (41,605)
Cash, cash equivalents and restricted cash at beginning of period 167,313 398,207 439,812
Cash, cash equivalents and restricted cash and at end of period 691,644 167,313 398,207
Supplemental Cash Flow Information      
Interest paid 219,624 91,372 233,711
Income taxes paid (refunded) 3,525 1,021 (1,059)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 11,396 12,640 24,239
Accrued stock offering costs 108 0 0
Notes receivable issued in land sale 0 0 7,590
Other non-cash consideration from land sale 0 0 4,797
Issuance of units for hotel acquisition 0 0 7,854
Assumption of debt in hotel acquisition 0 0 24,922
Buyer assumption of debt in hotel disposition 0 108,750 0
Non-cash extinguishment of debt 9,604 179,030 0
Non-cash loan principal associated with default interest and late charges 33,245 47,453 0
Non-cash loan proceeds associated with accrued interest and legal fees 0 22,456 0
Non-cash extinguishment of preferred stock 208,606 179,061 0
Issuance of common stock from preferred stock exchanges 209,213 123,584 0
Debt discount associated with embedded debt derivative 43,680 0 0
Credit facility commitment fee 4,500 0
Dividends and distributions declared but not paid 3,104 868 20,849
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents 592,110 92,905 262,636
Restricted cash 99,534 74,408 135,571
Cash, cash equivalents and restricted cash $ 691,644 $ 167,313 $ 398,207