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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE        
Total revenue $ 316,482 $ 375,749 $ 620,378 $ 704,635
Hotel operating expenses:        
Total hotel expenses 207,445 240,677 418,332 465,795
Property taxes, insurance and other 16,846 18,998 34,273 35,535
Depreciation and amortization 37,187 47,154 77,731 95,009
Advisory services fee 11,474 12,269 26,675 25,255
Corporate, general and administrative 7,194 4,904 15,403 7,516
Total operating expenses 280,146 324,002 572,414 629,110
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 87,441 1,077 94,397 1,053
Gain (loss) on derecognition of assets 11,725 0 145,634 0
OPERATING INCOME (LOSS) 135,502 52,824 287,995 76,578
Equity in earnings (loss) of unconsolidated entities (162) (181) (695) (577)
Interest income 1,688 2,310 3,672 4,867
Other income (expense) 37 109 72 243
Interest expense and amortization of discounts and loan costs (68,416) (81,097) (142,377) (155,465)
Interest expense associated with hotels in receivership (11,944) (8,493) (24,042) (15,640)
Write-off of premiums, loan costs and exit fees (3,796) (950) (3,814) (1,370)
Gain (loss) on extinguishment of debt 0 0 45 0
Realized and unrealized gain (loss) on derivatives 1,357 12,583 6,118 7,168
INCOME (LOSS) BEFORE INCOME TAXES 54,266 (22,895) 126,974 (84,196)
Income tax (expense) benefit (3,455) (2,062) (3,758) (2,283)
NET INCOME (LOSS) 50,811 (24,957) 123,216 (86,479)
(Income) loss attributable to noncontrolling interest in consolidated entities 8 0 17 0
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (565) 349 (1,418) 949
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 50,254 (24,608) 121,815 (85,530)
Preferred dividends (5,468) (3,752) (10,479) (6,995)
Deemed dividends on redeemable preferred stock (669) (826) (1,351) (1,233)
Gain (loss) on extinguishment of preferred stock 211 0 1,784 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 44,328 $ (29,186) $ 111,769 $ (93,758)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ 1.02 $ (0.85) $ 2.72 $ (2.73)
Weighted average common shares outstanding (in shares) 43,243 34,429 40,850 34,385
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ 0.25 $ (0.85) $ 0.77 $ (2.73)
Weighted average common shares outstanding (in shares) 189,364 34,429 153,046 34,385
Total hotel revenue        
REVENUE        
Total revenue $ 315,799 $ 374,978 $ 619,056 $ 703,206
Rooms        
REVENUE        
Total revenue 243,605 293,915 472,812 546,870
Hotel operating expenses:        
Total hotel expenses 54,073 66,035 108,753 125,238
Food and beverage        
REVENUE        
Total revenue 55,260 61,747 112,618 120,738
Hotel operating expenses:        
Total hotel expenses 37,508 41,910 75,339 81,700
Other hotel revenue        
REVENUE        
Total revenue 16,934 19,316 33,626 35,598
Hotel operating expenses:        
Total hotel expenses 104,680 118,959 211,506 232,838
Management Fees        
Hotel operating expenses:        
Total hotel expenses 11,184 13,773 22,734 26,019
Other        
REVENUE        
Total revenue $ 683 $ 771 $ 1,322 $ 1,429