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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 13,466 $ 32,284
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 45,088 38,012
Equity-based compensation 5,227 5,550
Bad debt expense 327 560
(Gain) loss on extinguishment of debt (2,318) 0
Amortization of loan costs, discounts and capitalized default interest 868 (246)
Write-off of loan costs and exit fees 260 98
Amortization of intangibles 237 237
Amortization of non-refundable membership initiation fees (839) (710)
Interest expense accretion on refundable membership club deposits 342 368
Realized and unrealized (gain) loss on derivatives (695) (1,616)
Equity in (earnings) loss of unconsolidated entity 148 146
Deferred income tax expense (benefit) 127 0
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:    
Accounts receivable and inventories 18,215 (5,069)
Prepaid expenses and other assets (13,448) (1,464)
Accounts payable and accrued expenses (9,664) (202)
Operating lease right-of-use assets 295 296
Due to/from related parties, net 605 702
Due to/from third-party hotel managers 10,678 9,018
Operating lease liabilities (154) (147)
Other liabilities 662 898
Net cash provided by (used in) operating activities 61,963 79,837
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 327 36
Payments for initial franchise fee (75) 0
Acquisition of hotel properties, net of cash and restricted cash acquired 0 (86,798)
Investment in unconsolidated entity (158) (164)
Improvements and additions to hotel properties (36,199) (19,910)
Net cash provided by (used in) investing activities (36,105) (106,836)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 0 70,500
Repayments of indebtedness (196,355) (68,000)
Payments of loan costs and exit fees (790) (1,728)
Payments for derivatives (3,400) (1,145)
Proceeds from derivatives 4,010 0
Purchase of common stock (19,306) (547)
Payments for dividends and distributions (26,139) (7,334)
Net proceeds from issuance of preferred stock 97,930 71,016
Common stock offering costs 0 (102)
Contributions from noncontrolling interest in consolidated entities 4,050 164
Redemption of operating partnership units (7,162) 0
Distributions to noncontrolling interest in consolidated entities (2,024) 0
Redemption of preferred stock (904) (50)
Net cash provided by (used in) financing activities (150,090) 62,774
Net change in cash, cash equivalents and restricted cash (124,232) 35,775
Cash, cash equivalents and restricted cash at beginning of period 315,696 263,374
Cash, cash equivalents and restricted cash at end of period 191,464 299,149
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 53,297 17,036
Income taxes paid (refunded) 2,920 (991)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 8,917 3,535
Assumption of debt in hotel acquisition 0 58,601
Capital expenditures accrued but not paid 21,011 5,363
Issuance of common stock for hotel acquisition 0 35,040
Accrued preferred stock offering expenses 0 105
Dividends and distributions payable 8,917  
Unsettled proceeds from derivatives 470 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 128,025 251,032
Restricted cash 63,439 48,117
Cash, cash equivalents and restricted cash 191,464 299,149
Ashford Inc.    
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions:    
Due to/from Ashford Inc. (7,464) 1,122
Non-cash preferred stock dividends    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions payable $ 1,747 $ 278