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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 64,088 $ (150,930)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 115,471 140,963
Amortization of intangibles (120) (44)
Recognition of deferred income (165) (374)
Bad debt expense 1,806 2,887
Deferred income tax expense (benefit) 61 4
Equity in (earnings) loss of unconsolidated entities 828 715
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (94,406) (7,443)
Gain (loss) on derecognition of assets (156,748) 0
(Gain) loss on extinguishment of debt (2,790) 0
Realized and unrealized (gain) loss on derivatives 84 (4,490)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 13,571 20,415
Equity-based compensation 1,531 4,374
Non-cash interest income (925) (497)
Changes in operating assets and liabilities, exclusive of the effect of the consolidation of VIE and disposition of asset and hotel properties and derecognition of assets:    
Accounts receivable and inventories (10,750) (28,630)
Prepaid expenses and other assets 3,925 3,995
Accounts payable and accrued expenses and accrued interest payable 15,396 33,769
Accrued interest associated with hotels in receivership 32,080 11,749
Due to/from related parties (7,965) 960
Due to/from third-party hotel managers (7,007) (1,868)
Due to/from Ashford Inc., net (5,650) 10,503
Operating lease liabilities (306) 226
Operating lease right-of-use assets 302 (231)
Other liabilities (5) (4)
Net cash provided by (used in) operating activities (37,694) 36,049
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (87,458) (99,482)
Net proceeds from disposition of assets and hotel properties 300,022 14,452
Payments for initial franchise fees (200) (402)
Proceeds from notes receivable 2,512 5,250
Issuance of note receivable (4,490) (5,722)
Proceeds from property insurance 1,478 1,788
Restricted cash received from initial consolidation of VIE 0 18,201
Net cash provided by (used in) investing activities 211,864 (65,915)
Cash Flows from Financing Activities    
Borrowings on indebtedness 28,223 101,732
Repayments of indebtedness (336,492) (342,935)
Payments for loan costs and exit fees (16,690) (10,491)
Payments for dividends and distributions (14,700) (10,649)
Purchases of common stock (49) (90)
Redemption of preferred stock 0 (75)
Payments for derivatives (15,088) (22,285)
Proceeds from derivatives 23,948 47,565
Proceeds from common stock offerings 8,846 0
Proceeds from preferred stock offerings 68,320 60,102
Payments on finance lease liabilities (471) (307)
Issuance of Stirling OP common units 36 0
Contributions from noncontrolling interest in consolidated entities 4,866 5,192
Distributions to noncontrolling interest in consolidated entities (2,512) 0
Net cash provided by (used in) financing activities (251,763) (172,241)
Net increase (decrease) in cash, cash equivalents and restricted cash (77,593) (202,107)
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) 233,941 356,919
Supplemental Cash Flow Information    
Interest paid 206,955 242,339
Income taxes paid (refunded) 3,730 (2,947)
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 17,448 16,917
Accrued common stock offering costs 31 0
Accrued preferred stock offering costs 13 0
Non-cash extinguishment of debt 8,881 0
Non-cash issuance of Stirling OP common units 8 0
Non-cash extinguishment of preferred stock 11,566 0
Issuance of common stock from preferred stock exchanges 8,226 0
Non-cash preferred stock dividends 1,416 191
Unsettled proceeds from derivatives 1,056 1,782
Non-cash derecognition of assets 231,645 0
Dividends and distributions declared but not paid 3,833 3,568
Assumption of debt from consolidation of VIE 0 35,052
Assumption of other finance liability from consolidation of VIE 0 26,729
Acquisition of hotel property from consolidation of VIE 0 61,100
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 165,231 417,064
Restricted cash at beginning of period 146,079 141,962
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 311,310 559,026
Cash and cash equivalents at beginning of period included in assets held for sale 1 0
Restricted cash at beginning of period included in assets held for sale 223 0
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 and cash equivalents at end of period 119,659 184,181
Restricted cash at end of period 114,282 171,896
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 233,941 356,077
Cash and cash equivalents at end of period included in assets held for sale 0 556
Restricted cash at end of period included in assets held for sale 0 286
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 233,941 $ 356,919