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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (152,233) $ 14,672
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 188,781 194,610
Net amortization of debt issuance costs, discounts and premiums as interest 14,692 12,036
Straight line rental income (10,546) (319)
Loss on early extinguishment of debt, net 16,048 282
Loss on asset impairment, net 37,338 9,005
Gains on equity securities, net 0 (48,837)
Equity in losses of an investee 8,054 3,704
Loss (gain) on sale of real estate, net 2,995 (41,836)
Other non-cash income, net (881) (546)
Changes in assets and liabilities:    
Due from related persons (22,583) (3,667)
Other assets (4,214) 10,006
Accounts payable and other liabilities (29,829) 182,792
Due to related persons (4,729) (3,399)
Net cash provided by operating activities 42,893 328,503
Cash flows from investing activities:    
Acquisition of real estate properties 0 (165,688)
Proceeds from sale of TravelCenters of America Inc. common shares 0 101,892
Proceeds from sale of tradenames and trademarks 0 89,400
Real estate improvements (142,382) (63,562)
Hotel managers’ purchases with restricted cash (2,869) (3,041)
Net proceeds from sale of real estate 5,844 144,959
Investment in Sonesta (3,392) 0
Net cash (used in) provided by investing activities (142,799) 103,960
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of discounts 0 576,946
Repayment of mortgage notes payable (979) (653)
Proceeds from senior unsecured notes, net of discounts 1,165,007 0
Repayment of senior unsecured notes (1,162,520) (500,000)
Payment of debt issuance costs (3,592) (37,176)
Repurchase of common shares (78) (196)
Distributions to common shareholders (66,306) (66,179)
Net cash used in financing activities (68,468) (27,258)
(Decrease) increase in cash and cash equivalents and restricted cash (168,374) 405,205
Cash and cash equivalents and restricted cash at beginning of period 197,830 45,420
Cash and cash equivalents and restricted cash at end of period $ 29,456 $ 450,625