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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Cash Flows from Operating Activities    
Net income (loss) $ 72,405 $ (61,522)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 40,544 47,855
Amortization of intangibles 17 9
Recognition of deferred income (56) (125)
Bad debt expense 585 626
Deferred income tax expense (benefit) 16 17
Equity in (earnings) loss of unconsolidated entities 534 396
(Gain) loss on disposition of assets and hotel properties (6,956) 24
Gain (loss) on derecognition of assets (133,909) 0
(Gain) loss on extinguishment of debt (45) 0
Realized and unrealized (gain) loss on derivatives (4,761) 5,415
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 2,966 4,264
Equity-based compensation 564 1,303
Non-cash interest income (421) (121)
Changes in operating assets and liabilities, exclusive of the effect of the disposition of hotel properties and derecognition of assets:    
Accounts receivable and inventories (15,727) (12,572)
Prepaid expenses and other assets (4,727) (4,360)
Accounts payable and accrued expenses and accrued interest payable 3,986 12,782
Accrued interest associated with hotels in receivership 9,016 0
Due to/from related parties (3,658) 2,011
Due to/from third-party hotel managers (3,516) 2,248
Due to/from Ashford Inc., net (3,250) 6,456
Operating lease liabilities (102) 366
Operating lease right-of-use assets 41 (447)
Other liabilities 0 (1)
Net cash provided by (used in) operating activities (46,454) 4,624
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (33,930) (29,298)
Net proceeds from disposition of assets and hotel properties 18,855 0
Payments for initial franchise fees 0 (149)
Issuance of note receivable (1,887) 0
Proceeds from property insurance 154 75
Net cash provided by (used in) investing activities (16,808) (29,372)
Cash Flows from Financing Activities    
Borrowings on indebtedness 0 449
Repayments of indebtedness (22,052) (50,840)
Payments for loan costs and exit fees (1,939) (6,751)
Payments for dividends and distributions (4,586) (3,162)
Purchases of common stock 0 (7)
Payments for derivatives (5,280) (4,174)
Proceeds from derivatives 9,094 9,038
Proceeds from common stock offerings 2,043 0
Proceeds from preferred stock offerings 20,877 9,925
Payments on finance lease liabilities (82) 0
Issuance of Stirling OP common units 10 0
Contributions from noncontrolling interest in consolidated entities 2,048 0
Net cash provided by (used in) financing activities 133 (45,522)
Net increase (decrease) in cash, cash equivalents and restricted cash (63,129) (70,270)
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 311,534 559,026
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 248,405 488,756
Supplemental Cash Flow Information    
Interest paid 76,129 76,923
Income taxes paid (refunded) (403) (58)
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 16,264 14,822
Accrued common stock offering costs 28 0
Accrued preferred stock offering costs 0 21
Non-cash issuance of Stirling OP common units 3 0
Non-cash extinguishment of preferred stock 3,835 0
Issuance of common stock from preferred stock exchanges 2,262 0
Non-cash preferred stock dividends 341 6
Unsettled proceeds from derivatives 1,295 1,963
Non-cash derecognition of assets 231,639 0
Dividends and distributions declared but not paid 3,651 3,193
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents 111,065 344,935
Restricted cash 132,949 143,821
Cash, cash equivalents and restricted cash 244,014 488,756
Cash and cash equivalents at end of period included in assets held for sale 1,592 0
Restricted cash at end of period included in assets held for sale 2,799 0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 248,405 $ 488,756