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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (30,617) $ (94,549)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 54,881 55,398
Equity-based compensation 7,265 6,039
Bad debt expense 208 574
Amortization of loan costs, discounts and capitalized default interest (550) 1,458
Write-off of loan costs and exit fees 1,960 3,572
Amortization of intangibles 394 621
Amortization of non-refundable membership initiation fees (715) (285)
Interest expense accretion on refundable membership club deposits 582 616
(Gain) loss on insurance settlement and disposition of assets (696) (10,149)
Realized and unrealized (gain) loss on derivatives (64) (133)
Net settlement of trading derivatives 0 30
Equity in (earnings) loss of unconsolidated entity 198 138
Deferred income tax expense (benefit) (174) (844)
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisition:    
Accounts receivable and inventories (4,079) 7,271
Prepaid expenses and other assets 311 (67)
Accounts payable and accrued expenses 31,131 (7,912)
Operating lease right-of-use assets 416 387
Due to/from related parties, net (919) (442)
Due to/from third-party hotel managers (7,365) 2,077
Operating lease liabilities (184) (162)
Other liabilities 2,755 1,535
Net cash provided by (used in) operating activities 55,147 (35,629)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 0 2,528
Net proceeds from disposition of assets 1,816 0
Acquisition of hotel property, net of cash and restricted cash acquired (9,515) 0
Investment in unconsolidated entity (117) (26)
Improvements and additions to hotel properties (15,849) (21,451)
Net cash provided by (used in) investing activities (23,665) (18,949)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 83,231 109,317
Repayments of indebtedness (83,770) (46,033)
Payments of loan costs and exit fees (1,895) (6,478)
Payments for derivatives (200) (92)
Purchase of common stock (376) (260)
Payments for dividends and distributions (6,882) (13,599)
Proceeds from issuance of preferred stock 4,586 474
Proceeds from issuance of common stock 100,024 6,390
Contributions from noncontrolling interest in consolidated entities 920 0
Distributions to noncontrolling interest in consolidated entities 0 (2,639)
Net cash provided by (used in) financing activities 95,638 47,080
Net change in cash, cash equivalents and restricted cash 127,120 (7,498)
Cash, cash equivalents and restricted cash at beginning of period 113,150 130,383
Cash, cash equivalents and restricted cash at end of period 240,270 122,885
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 22,268 20,969
Income taxes paid (refunded) (20) 898
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 2,112 3,208
Common stock purchases accrued but not paid 0 2
Issuance of units for hotel acquisition 13,175 0
Issuance of warrants in hotel acquisition 1,528 0
Assumption of debt in hotel acquisition 49,815 0
Capital expenditures accrued but not paid 2,094 7,380
Accrued but unpaid financing costs 0 2,229
Non-cash loan principal associated with default interest and late charges 0 9,859
Accrued common stock offering expense 147 223
Unsettled common stock offering proceeds 0 243
Accrued preferred stock offering expenses 132 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 195,517 88,227
Restricted cash 44,753 34,658
Cash, cash equivalents and restricted cash 240,270 122,885
Ashford Inc.    
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisition:    
Due to affiliate $ 409 $ (802)