XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (5,042) $ (9,699)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 14,204 14,970
Amortization of deferred franchise fees 59 66
Amortization of deferred financing fees included in interest expense 304 358
Loss on early extinguishment of debt 667 0
Share based compensation 1,452 1,294
Changes in assets and liabilities:    
Right of use asset 177 169
Hotel receivables 631 (625)
Deferred costs 0 (206)
Prepaid expenses and other assets (6,208) (6,740)
Accounts payable and accrued expenses (1,338) (3,620)
Lease liability (155) (142)
Net cash provided by (used in) operating activities 4,751 (4,175)
Cash flows from investing activities:    
Improvements and additions to hotel properties (8,100) (4,131)
Acquisition of hotel properties 0 (31,013)
Investment in hotel properties under development 0 (2,947)
Net cash used in investing activities (8,100) (38,091)
Cash flows from financing activities:    
Borrowings on revolving credit facility 0 40,000
Borrowings on construction loan 0 3,443
Repayments on construction loan (39,331) 0
Borrowings on unsecured term loan 75,000 0
Payments on mortgage debt (36,213) (2,280)
Payment of financing costs 0 (173)
Proceeds from issuance of common shares 15 14
Distributions-common shares/units (3,538) (147)
Distributions-preferred shares (1,987) (1,987)
Net cash (used in) provided by financing activities (6,054) 38,842
Net change in cash, cash equivalents and restricted cash (9,403) (3,424)
Cash, cash equivalents and restricted cash, beginning of period 45,153 29,869
Cash, cash equivalents and restricted cash, end of period 35,750 26,445
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,030 6,355
Capitalized interest 0 330
Cash paid for taxes 7 53
Common Shares    
Cash flows from financing activities:    
Payment of offering costs on common shares $ 0 $ (28)