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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net income (loss) $ (117,362) $ 64,088
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 107,204 115,471
Impairment charges 19,821 0
Amortization of intangibles (116) (120)
Recognition of deferred income (316) (165)
Bad debt expense 1,572 1,806
Deferred income tax expense (benefit) (98) 61
Equity in (earnings) loss of unconsolidated entities 258 828
(Gain) loss on consolidation of VIE and disposition of assets and hotel properties (55,305) (94,406)
(Gain) loss on derecognition of assets (29,649) (156,748)
(Gain) loss on extinguishment of debt (43) (2,790)
Realized and unrealized (gain) loss on derivatives 4,804 84
Amortization of loan costs, discounts and capitalized default interest and write-off of premiums, loan costs and exit fees 21,662 13,571
Equity-based compensation (537) 1,531
Non-cash interest income (1,193) (925)
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 (8,549) (10,750)
Prepaid expenses and other assets 11,490 3,925
Accounts payable and accrued expenses and accrued interest payable 24,156 15,396
Accrued interest associated with hotels in receivership 29,631 32,080
Due to/from related parties 4,327 (7,965)
Due to/from third-party hotel managers (5,896) (7,007)
Due to/from Ashford Inc., net (13,257) (5,650)
Operating lease liabilities (292) (306)
Operating lease right-of-use assets 287 302
Other liabilities 4,245 (5)
Net cash provided by (used in) operating activities (3,156) (37,694)
Cash Flows from Investing Activities    
Improvements and additions to hotel properties (45,485) (87,458)
Net proceeds from disposition of assets and hotel properties 159,178 300,022
Net proceeds from sale of tax credits 18,761 0
Payments for initial franchise fees 0 (200)
Proceeds from notes receivable 0 2,512
Issuance of note receivable (26) (4,490)
Proceeds from property insurance 700 1,478
Net cash provided by (used in) investing activities 133,128 211,864
Cash Flows from Financing Activities    
Borrowings on indebtedness 560,184 28,223
Repayments of indebtedness (634,991) (336,492)
Payments for loan costs and exit fees (49,350) (16,690)
Payments for dividends and distributions (17,732) (14,700)
Purchases of common stock (4) (49)
Payments for derivatives (5,120) (15,088)
Proceeds from derivatives 2,914 23,948
Proceeds from common stock offerings 0 8,846
Proceeds from preferred stock offerings 36,050 68,320
Payments on finance lease liabilities (452) (471)
Issuance of Stirling OP common units 56 36
Redemption of Stirling OP common units (685) 0
Contributions from noncontrolling interests 7,514 4,866
Distributions to noncontrolling interest in consolidated entities 0 (2,512)
Net cash provided by (used in) financing activities (101,616) (251,763)
Net increase (decrease) in cash, cash equivalents and restricted cash 28,356 (77,593)
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 248,831 233,941
Supplemental Cash Flow Information    
Interest paid 167,777 206,955
Income taxes paid (refunded) (1,774) 3,730
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Accrued but unpaid capital expenditures 26,156 17,448
Non-cash extinguishment of debt 0 8,881
Non-cash loan principal associated with default interest and late charges 14,080 0
Non-cash extinguishment of preferred stock 0 11,566
Issuance of common stock from preferred stock exchanges 0 8,226
Non-cash preferred stock dividends 2,915 1,416
Unsettled proceeds from derivatives 54 1,056
Non-cash derecognition of assets 0 231,645
Dividends and distributions declared but not paid 4,220 3,833
Contribution from Stirling Advisor 5,303 0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 112,907 165,231
Restricted cash at beginning of period 99,695 146,079
Cash, cash equivalents and restricted cash at beginning of period 212,602 311,310
Cash and cash equivalents at beginning of period included in assets held for sale 15 1
Restricted cash at beginning of period included in assets held for sale 7,858 223
Cash, cash equivalents and restricted cash at beginning of period (including cash, cash equivalents and restricted cash held for sale) 220,475 311,534
Cash and cash equivalents at end of period 81,903 119,659
Restricted cash at end of period 164,219 114,282
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) 246,122 233,941
Cash and cash equivalents at end of period included in assets held for sale 2 0
Restricted cash at end of period included in assets held for sale 2,707 0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 248,831 $ 233,941