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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 5,889 $ 11,822
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of investment in hotel properties 45,290 43,454
Amortization of deferred franchise fees 158 161
Amortization of deferred financing fees included in interest expense 1,002 888
Loss (gain) on sale of hotel properties 154 (56)
Loss on early extinguishment of debt 17 672
Loss on write-off of deferred franchise fee 50 0
Share based compensation 4,911 4,562
Gain from partial lease termination 0 (164)
Changes in assets and liabilities:    
Right of use asset 441 483
Hotel receivables 9 (21)
Deferred costs (253) (46)
Prepaid expenses and other assets (2,473) (2,747)
Accounts payable and accrued expenses 5,735 7,811
Lease liability (44) (497)
Net cash provided by operating activities 60,886 66,322
Cash flows from investing activities:    
Improvements and additions to hotel properties (24,857) (21,433)
Acquisition of hotel properties (43,732) 0
Proceeds from sale of hotel properties, net 17,166 0
Payments of franchise application costs (700) 0
Net cash used in investing activities (52,123) (21,433)
Cash flows from financing activities:    
Borrowings on revolving credit facility 136,000 0
Repayments on revolving credit facility (11,000) 0
Repayments on construction loan 0 (39,331)
Borrowings on unsecured term loan 50,000 90,000
Repayments of mortgage debt (282,899) (116,117)
Proceeds from the issuance of mortgage debt 60,300 82,925
Principal payments on finance lease (15) 0
Payment of financing costs (1,064) (966)
Proceeds from issuance of common shares 41 44
Distributions-common shares/units (10,790) (10,654)
Distributions-preferred shares (5,962) (5,962)
Net cash used in financing activities (65,667) (61)
Net change in cash, cash equivalents and restricted cash (56,904) 44,828
Cash, cash equivalents and restricted cash, beginning of period 85,749 45,153
Cash, cash equivalents and restricted cash, end of period 28,845 89,981
Supplemental disclosure of cash flow information:    
Cash paid for interest 22,313 18,104
Cash paid for taxes 948 840
Remeasurement of right of use asset from partial lease termination 0 531
Remeasurement of lease liability from partial lease termination 0 695
Common Shares    
Cash flows from financing activities:    
Payment of offering costs on common shares $ (278) $ 0