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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income (loss) $ (65,011,000) $ (180,734,000) $ (141,058,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 152,776,000 187,807,000 201,797,000
Impairment charges 59,331,000 0 0
Amortization of intangibles (158,000) (95,000) 101,000
Recognition of deferred income (271,000) (820,000) (499,000)
Bad debt expense 2,254,000 3,602,000 3,338,000
Deferred income tax expense (benefit) 11,000 (28,000) (53,000)
Equity in (earnings) loss of unconsolidated entities 2,370,000 1,134,000 804,000
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (94,406,000) (11,488,000) (300,000)
Gain (loss) on derecognition of assets (167,177,000) 0 0
(Gain) loss on extinguishment of debt (2,774,000) (53,386,000) 0
Realized and unrealized (gain) loss on derivatives 6,480,000 2,200,000 (15,166,000)
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 19,421,000 28,203,000 10,075,000
Amortization of deferred franchise fees 0 34,000 0
Write-off of deferred franchise fees 0 20,000 0
Equity-based compensation 2,097,000 4,027,000 5,998,000
Non-cash interest income (1,326,000) (821,000) (380,000)
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 1,641,000 (7,330,000) (16,207,000)
Prepaid expenses and other assets (1,714,000) (1,648,000) (7,501,000)
Accounts payable and accrued expenses and accrued interest payable 9,305,000 4,355,000 (4,656,000)
Accrued interest associated with hotels in receivership 42,509,000 14,024,000 0
Due to/from related parties (3,037,000) 11,241,000 165,000
Due to/from third-party hotel managers (1,931,000) (789,000) 4,549,000
Due to/from Ashford Inc., net 14,253,000 14,896,000 (1,804,000)
Operating lease liabilities (394,000) 104,000 (445,000)
Operating lease right-of-use assets 387,000 (111,000) 473,000
Other liabilities 1,772,000 (7,000) (7,000)
Net cash provided by (used in) operating activities (23,592,000) 14,390,000 39,224,000
Cash Flows from Investing Activities      
Improvements and additions to hotel properties (108,013,000) (137,428,000) (103,751,000)
Net proceeds from disposition of assets and hotel properties 300,022,000 29,214,000 34,988,000
Payments for initial franchise fees (200,000) (599,000) 0
Proceeds from notes receivable 2,512,000 5,250,000 4,000,000
Issuance of note receivable (4,490,000) (6,868,000) 0
Proceeds from property insurance 1,452,000 2,478,000 1,625,000
Investment in unconsolidated entities 0 0 (9,127,000)
Net cash acquired in acquisition of leasehold interest 0 0 1,931,000
Restricted cash received from initial consolidation of VIE 0 18,201,000 0
Net cash provided by (used in) investing activities 191,283,000 (89,752,000) (70,334,000)
Cash Flows from Financing Activities      
Borrowings on indebtedness 63,793,000 134,802,000 1,551,000
Repayments of indebtedness (388,339,000) (396,947,000) (50,902,000)
Payments for loan costs and exit fees (20,941,000) (13,220,000) (3,064,000)
Payments for dividends and distributions (20,365,000) (14,943,000) (12,418,000)
Purchases of common stock (49,000) (90,000) (316,000)
Redemption of preferred stock 0 (78,000) 0
Payments for derivatives (16,286,000) (28,256,000) (40,119,000)
Proceeds from derivatives 27,805,000 59,351,000 2,911,000
Proceeds from common stock offerings 8,783,000 1,031,000 0
Proceeds from preferred stock offerings 84,843,000 79,564,000 1,122,000
Common stock offering costs 0 0 (273,000)
Payments on finance lease liabilities (477,000) (249,000) 0
Issuance of Stirling OP common units 129,000 0 0
Contributions from noncontrolling interest in consolidated entities 4,866,000 6,905,000 0
Distributions to noncontrolling interest in consolidated entities (2,512,000) 0 0
Net cash provided by (used in) financing activities (258,750,000) (172,130,000) (101,508,000)
Net increase (decrease) in cash, cash equivalents and restricted cash (91,059,000) (247,492,000) (132,618,000)
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 311,534,000 559,026,000 691,644,000
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 220,475,000 311,534,000 559,026,000
Supplemental Cash Flow Information      
Interest paid 268,778,000 325,420,000 218,019,000
Income taxes paid (refunded) (287,000) (2,644,000) 11,697,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 15,244,000 22,460,000 13,341,000
Non-cash consideration from sale of hotel property 0 0 1,219,000
Accrued common stock offering costs 12,000 120,000 0
Accrued preferred stock offering costs 13,000 0 21,000
Acquisition of finance lease asset and liability 0 0 18,847,000
Non-cash extinguishment of debt 8,881,000 154,192,000 0
Non-cash issuance of Stirling OP common units 11,000 0 0
Non-cash extinguishment of preferred stock 14,581,000 7,724,000 0
Issuance of common stock from preferred stock exchanges 8,317,000 4,334,000 0
Non-cash preferred stock dividends 1,940,000 387,000 1,000
Unsettled proceeds from derivatives 179,000 1,674,000 1,474,000
Non-cash derecognition of assets 231,645,000 0 0
Dividends and distributions declared but not paid 3,952,000 3,566,000 3,118,000
Assumption of debt from consolidation of VIE 0 35,052,000 0
Assumption of other finance liability from consolidation of VIE 0 26,729,000 0
Acquisition of hotel property from consolidation of VIE 0 61,100,000 0
Non-cash distributions to non-controlling interest 0 588,000 0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents at beginning of period 165,231,000 417,064,000 592,110,000
Restricted cash at beginning of period 146,079,000 141,962,000 99,534,000
Cash, cash equivalents and restricted cash at beginning of period 311,310,000 559,026,000 691,644,000
Cash and cash equivalents at beginning of period included in assets held for sale 1,000 0 0
Restricted cash at beginning of period included in assets held for sale 223,000 0 0
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 311,534,000 559,026,000 691,644,000
Cash and cash equivalents at end of period 112,907,000 165,231,000 417,064,000
Restricted cash at end of period 99,695,000 146,079,000 141,962,000
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 212,602,000 311,310,000 559,026,000
Cash and cash equivalents at end of period included in assets held for sale 15,000 1,000 0
Restricted cash at end of period included in assets held for sale 7,858,000 223,000 0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 220,475,000 $ 311,534,000 $ 559,026,000