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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE        
Total revenue $ 276,600 $ 343,014 $ 896,978 $ 1,047,649
Hotel operating expenses:        
Total hotel expenses 194,834 232,626 613,166 698,421
Property taxes, insurance and other 18,062 17,345 52,335 52,880
Depreciation and amortization 37,740 45,954 115,471 140,963
Advisory services fee 11,856 12,395 38,531 37,650
Corporate, general and administrative 5,059 3,871 20,462 11,387
Total operating expenses 267,551 312,191 839,965 941,301
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 9 6,390 94,406 7,443
Gain (loss) on derecognition of assets 11,114 0 156,748 0
OPERATING INCOME (LOSS) 20,172 37,213 308,167 113,791
Equity in earnings (loss) of unconsolidated entities (133) (138) (828) (715)
Interest income 1,771 1,888 5,443 6,755
Other income (expense) 36 34 108 277
Interest expense and amortization of discounts and loan costs (66,825) (87,631) (209,202) (243,096)
Interest expense associated with hotels in receivership (11,120) (11,749) (35,162) (27,389)
Write-off of premiums, loan costs and exit fees (17) (1,263) (3,831) (2,633)
Gain (loss) on extinguishment of debt 2,745 0 2,790 0
Realized and unrealized gain (loss) on derivatives (6,202) (2,678) (84) 4,490
INCOME (LOSS) BEFORE INCOME TAXES (59,573) (64,324) 67,401 (148,520)
Income tax (expense) benefit 445 (127) (3,313) (2,410)
NET INCOME (LOSS) (59,128) (64,451) 64,088 (150,930)
(Income) loss attributable to noncontrolling interest in consolidated entities 477 0 494 0
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 746 889 (672) 1,838
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (57,905) (63,562) 63,910 (149,092)
Preferred dividends (5,900) (4,295) (16,379) (11,290)
Deemed dividends on redeemable preferred stock (902) (760) (2,253) (1,993)
Gain (loss) on extinguishment of preferred stock 1,556 0 3,340 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (63,151) $ (68,617) $ 48,618 $ (162,375)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (12.39) $ (19.91) $ 10.94 $ (47.21)
Weighted average common shares outstanding (in shares) 5,096 3,446 4,425 3,440
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (12.39) $ (19.91) $ 3.12 $ (47.21)
Weighted average common shares outstanding (in shares) 5,096 3,446 18,768 3,440
Total hotel revenue        
REVENUE        
Total revenue $ 276,018 $ 342,349 $ 895,074 $ 1,045,555
Rooms        
REVENUE        
Total revenue 212,962 270,607 685,774 817,477
Hotel operating expenses:        
Total hotel expenses 50,929 64,803 159,682 190,041
Food and beverage        
REVENUE        
Total revenue 46,384 52,205 159,002 172,943
Hotel operating expenses:        
Total hotel expenses 33,908 39,511 109,247 121,211
Other hotel revenue        
REVENUE        
Total revenue 16,672 19,537 50,298 55,135
Hotel operating expenses:        
Total hotel expenses 100,090 115,625 311,596 348,463
Management Fees        
Hotel operating expenses:        
Total hotel expenses 9,907 12,687 32,641 38,706
Other        
REVENUE        
Total revenue $ 582 $ 665 $ 1,904 $ 2,094