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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (15,387) $ (1,322)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 18,338 16,686
Equity-based compensation 1,985 1,528
Bad debt expense 269 87
Amortization of loan costs 1,071 1,180
Write-off of loan costs and exit fees 0 312
Amortization of intangibles 207 119
Amortization of non-refundable membership initiation fees (82) (27)
Interest expense accretion on refundable membership club deposits 213 225
Unrealized (gain) loss on investment in Ashford Inc. 0 (707)
Realized and unrealized (gain) loss on derivatives (1,081) 937
Net settlement of trading derivatives 1,330 (925)
Equity in (earnings) loss of unconsolidated entity 40 50
Deferred income tax expense (benefit) (5) 179
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:    
Accounts receivable and inventories 4,003 (9,354)
Prepaid expenses and other assets (2,719) (1,536)
Accounts payable and accrued expenses (8,315) (49)
Operating lease right-of-use assets 134 115
Due to/from related parties, net (303) (493)
Due to/from third-party hotel managers (337) (2,518)
Due to/from Ashford Inc. (439) 1,113
Operating lease liabilities (54) (30)
Other liabilities 267 (6,186)
Net cash provided by (used in) operating activities (865) (616)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 948 0
Acquisition of hotel properties, net of cash and restricted cash acquired 0 (112,095)
Investment in unconsolidated entity (26) (156)
Improvements and additions to hotel properties (7,509) (36,644)
Net cash provided by (used in) investing activities (6,587) (148,895)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 75,000 249,000
Repayments of indebtedness 0 (187,086)
Payments of loan costs and exit fees 0 (2,441)
Payments for derivatives (37) (55)
Purchase of common stock (28) (202)
Payments for dividends and distributions (8,490) (7,979)
Proceeds from issuance of preferred stock 474 0
Preferred stock offering costs 0 (110)
Distributions to noncontrolling interest in consolidated entities (2,639) 0
Other 0 7
Net cash provided by (used in) financing activities 64,280 51,134
Net change in cash, cash equivalents and restricted cash 56,828 (98,377)
Cash, cash equivalents and restricted cash at beginning of period 130,383 258,488
Cash, cash equivalents and restricted cash at end of period 187,211 160,111
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 10,601 12,363
Income taxes paid (refunded) 690 (1,224)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Common stock purchases accrued but not paid 82 0
Dividends and distributions declared but not paid 3,208 9,174
Capital expenditures accrued but not paid 17,040 14,891
Accrued but unpaid financing costs 1,364 0
Accrued preferred stock offering expenses 25 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 141,793 73,802
Restricted cash $ 45,418 $ 86,309