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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 11,822 $ 12,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 43,454 44,797
Amortization of deferred franchise fees 161 187
Amortization of deferred financing fees included in interest expense 888 1,096
Gain on sale of hotel properties (56) (2,129)
Loss on early extinguishment of debt 672 0
Share based compensation 4,562 4,132
Gain from partial lease termination (164) 0
Changes in assets and liabilities:    
Right of use asset 483 512
Hotel receivables (21) (12,240)
Deferred costs (46) (175)
Prepaid expenses and other assets (2,747) (3,702)
Accounts payable and accrued expenses 7,811 6,482
Lease liability (497) (434)
Net cash provided by operating activities 66,322 50,526
Cash flows from investing activities:    
Improvements and additions to hotel properties (21,433) (12,385)
Acquisition of hotel properties 0 (31,048)
Investment in hotel properties under development 0 (3,995)
Proceeds from sale of hotel properties, net 0 79,569
Receipt of deferred key money 0 400
Net cash (used in) provided by investing activities (21,433) 32,541
Cash flows from financing activities:    
Borrowings on revolving credit facility 0 40,000
Repayments on revolving credit facility 0 (110,000)
Borrowings on construction loan 0 4,324
Repayments on construction loan (39,331) 0
Borrowings on unsecured term loan 90,000 0
Payments on mortgage debt (116,117) (6,697)
Proceeds from the issuance of debt 82,925 0
Payment of financing costs (966) (194)
Proceeds from issuance of common shares 44 45
Distributions-common shares/units (10,654) (147)
Distributions-preferred shares (5,962) (5,962)
Net cash used in financing activities (61) (78,738)
Net change in cash, cash equivalents and restricted cash 44,828 4,329
Cash, cash equivalents and restricted cash, beginning of period 45,153 29,869
Cash, cash equivalents and restricted cash, end of period 89,981 34,198
Supplemental disclosure of cash flow information:    
Cash paid for interest 18,104 19,169
Capitalized interest 0 330
Cash paid for taxes 840 695
Remeasurement of right of use asset from partial lease termination 531 0
Remeasurement of lease liability from partial lease termination 695 0
Common Shares    
Cash flows from financing activities:    
Payment of offering costs on common shares $ 0 $ (107)