XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUE        
Total revenue $ 348,095 $ 193,412 $ 595,233 $ 309,242
Hotel operating expenses:        
Total hotel expenses 221,156 134,432 397,934 225,979
Property taxes, insurance and other 17,289 17,128 33,748 34,599
Depreciation and amortization 50,896 55,595 103,016 113,222
Advisory services fee 12,277 19,554 25,663 31,715
Corporate, general and administrative 4,510 2,702 7,614 9,699
Total expenses 306,128 229,411 567,975 415,214
Gain (loss) on disposition of assets and hotel properties 181 361 284 292
OPERATING INCOME (LOSS) 42,148 (35,638) 27,542 (105,680)
Equity in earnings (loss) of unconsolidated entities (151) (141) (304) (278)
Interest income 526 0 577 13
Other income (expense) 84 245 185 474
Interest expense and amortization of discounts and loan costs (48,393) (35,736) (91,952) (69,000)
Write-off of premiums, loan costs and exit fees (971) (787) (1,698) (4,166)
Gain (loss) on extinguishment of debt 0 10,604 0 10,604
Unrealized gain (loss) on derivatives 6,074 (3,236) 9,285 (2,317)
INCOME (LOSS) BEFORE INCOME TAXES (683) (64,689) (56,365) (170,350)
Income tax (expense) benefit (5,563) (572) (5,683) (301)
NET INCOME (LOSS) (6,246) (65,261) (62,048) (170,651)
(Income) loss attributable to noncontrolling interest in consolidated entities 0 13 0 94
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 76 956 448 3,227
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (6,170) (64,292) (61,600) (167,330)
Preferred dividends (3,104) 2,709 (6,207) 3,527
Gain (loss) on extinguishment of preferred stock 0 (7,887) 0 2,748
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,274) $ (69,470) $ (67,807) $ (161,055)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (0.27) $ (4.35) $ (1.98) $ (13.21)
Weighted average common shares outstanding (in shares) 34,330 15,957 34,300 12,178
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (0.27) $ (4.35) $ (1.98) $ (13.21)
Weighted average common shares outstanding (in shares) 34,330 15,957 34,300 12,178
Total hotel revenue        
REVENUE        
Total revenue $ 347,267 $ 192,857 $ 593,793 $ 308,302
Rooms        
REVENUE        
Total revenue 275,528 160,031 470,858 257,145
Hotel operating expenses:        
Total hotel expenses 59,782 37,621 107,786 61,494
Food and beverage        
REVENUE        
Total revenue 54,316 19,840 91,076 27,743
Hotel operating expenses:        
Total hotel expenses 37,610 13,298 64,782 19,676
Other hotel        
REVENUE        
Total revenue 17,423 12,986 31,859 23,414
Hotel operating expenses:        
Total hotel expenses 111,452 76,072 203,500 131,841
Other        
REVENUE        
Total revenue 828 555 1,440 940
Management fees        
Hotel operating expenses:        
Total hotel expenses $ 12,312 $ 7,441 $ 21,866 $ 12,968