XML 17 R4.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUE        
Total revenue $ 266,061 $ 276,600 $ 845,421 $ 896,978
Hotel operating expenses:        
Total hotel expenses 193,272 194,834 580,576 613,166
Property taxes, insurance and other 16,212 18,062 48,495 52,335
Depreciation and amortization 34,589 37,740 107,204 115,471
Impairment charges 18,374 0 19,821 0
Advisory services fee 10,550 11,856 34,112 38,531
Corporate, general and administrative 7,303 5,059 17,120 20,462
Total operating expenses 280,300 267,551 807,328 839,965
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties 16,753 9 55,305 94,406
Gain (loss) on derecognition of assets 9,703 11,114 29,649 156,748
OPERATING INCOME (LOSS) 12,217 20,172 123,047 308,167
Equity in earnings (loss) of unconsolidated entities 129 (133) (258) (828)
Interest income 1,199 1,771 3,666 5,443
Other income (expense) 0 36 0 108
Interest expense and amortization of discounts and loan costs (62,879) (66,825) (200,368) (209,202)
Interest expense associated with hotels in receivership (9,684) (11,120) (29,632) (35,162)
Write-off of premiums, loan costs and exit fees (2,278) (17) (8,361) (3,831)
Gain (loss) on extinguishment of debt 58 2,745 43 2,790
Realized and unrealized gain (loss) on derivatives (1,228) (6,202) (4,804) (84)
INCOME (LOSS) BEFORE INCOME TAXES (62,466) (59,573) (116,667) 67,401
Income tax (expense) benefit (259) 445 (695) (3,313)
NET INCOME (LOSS) (62,725) (59,128) (117,362) 64,088
(Income) loss attributable to noncontrolling interest in consolidated entities 1,531 477 4,719 494
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 1,045 746 2,127 (672)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (60,149) (57,905) (110,516) 63,910
Preferred dividends (7,175) (5,900) (20,921) (16,379)
Deemed dividends on redeemable preferred stock (1,677) (902) (5,264) (2,253)
Gain (loss) on extinguishment of preferred stock 0 1,556 0 3,340
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (69,001) $ (63,151) $ (136,701) $ 48,618
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (11.35) $ (12.39) $ (23.38) $ 10.94
Weighted average common shares outstanding (in shares) 6,081 5,096 5,847 4,425
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (11.35) $ (12.39) $ (23.38) $ 3.12
Weighted average common shares outstanding (in shares) 6,081 5,096 5,847 18,768
Total Hotel        
REVENUE        
Total revenue $ 265,676 $ 276,018 $ 844,271 $ 895,074
Rooms        
REVENUE        
Total revenue 201,916 212,962 635,420 685,774
Hotel operating expenses:        
Total hotel expenses 50,337 50,929 149,786 159,682
Food and beverage        
REVENUE        
Total revenue 45,922 46,384 155,787 159,002
Hotel operating expenses:        
Total hotel expenses 33,273 33,908 104,454 109,247
Other hotel        
REVENUE        
Total revenue 17,838 16,672 53,064 50,298
Hotel operating expenses:        
Total hotel expenses 100,497 100,090 296,979 311,596
Management Fees        
Hotel operating expenses:        
Total hotel expenses 9,165 9,907 29,357 32,641
Other        
REVENUE        
Total revenue $ 385 $ 582 $ 1,150 $ 1,904