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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (202,321) $ (275,526) $ (32,779)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 314,963 371,786 384,060
Net amortization of debt issuance costs, discounts and premiums as interest 46,337 31,127 25,710
Straight line rental income (11,222) (18,541) (13,165)
Loss on early extinguishment of debt, net 2,897 16,181 1,524
Loss on asset impairment 81,889 56,212 9,544
Gain on equity securities 0 0 (48,837)
Equity in losses of an investee 4,225 12,299 4,382
Gain on sale of real estate, net (84,218) (6,269) (43,239)
Deferred income taxes 2,678 (3,169) (1,291)
Other non-cash income, net (1,827) (1,841) (1,706)
Changes in assets and liabilities:      
Due from related persons 3,670 2,465 21,135
Other assets 18,171 743 35,693
Accounts payable and other liabilities (61,456) (42,586) 144,079
Due to related persons 4,022 (3,490) 439
Net cash provided by operating activities 117,808 139,391 485,549
Cash flows from investing activities:      
Real estate improvements (224,833) (303,600) (200,894)
Hotel managers’ purchases with restricted cash (4,579) (6,375) (5,407)
Proceeds from sale of TravelCenters of America Inc. common shares 0 0 101,892
Proceeds from sale of tradenames and trademarks 0 0 89,400
Real estate acquisitions and deposits (94,922) 0 (165,866)
Net proceeds from sale of real estate 853,046 102,382 156,432
Investment in Sonesta 0 (15,266) (5,134)
Net cash provided by (used in) investing activities 528,712 (222,859) (29,577)
Cash flows from financing activities:      
Proceeds from mortgage notes payable, net of discounts 0 0 576,946
Repayment of mortgage notes payable (1,958) (1,958) (1,631)
Repayment of senior unsecured notes (801,796) (1,162,653) (1,675,000)
Borrowings under variable funding note 45,000 0 0
Borrowings under revolving credit facility 765,000 160,000 0
Repayments of revolving credit facility (915,000) (10,000) 0
Payment of debt issuance costs (8,220) (5,471) (56,545)
Repurchase of common shares (660) (751) (802)
Distributions to common shareholders (6,683) (101,150) (132,430)
Net cash (used in) provided by financing activities (431,818) 43,024 (303,562)
Increase (decrease) in cash and cash equivalents and restricted cash 214,702 (40,444) 152,410
Cash and cash equivalents and restricted cash at beginning of year 157,386 197,830 45,420
Cash and cash equivalents and restricted cash at end of year 372,088 157,386 197,830
Senior Secured Notes      
Cash flows from financing activities:      
Proceeds from senior secured and unsecured notes, net of discounts 492,499 0 985,900
Senior Unsecured Notes      
Cash flows from financing activities:      
Proceeds from senior secured and unsecured notes, net of discounts $ 0 $ 1,165,007 $ 0