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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 19,763 $ (30,628) $ 19,348
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 98,733 93,272 78,122
Equity-based compensation 2,611 9,244 11,285
Bad debt expense 318 915 838
(Gain) loss on extinguishment of debt 22 (2,318) 0
Amortization of loan costs, discounts and capitalized default interest 6,890 2,195 (816)
Write-off of loan costs and exit fees 6,111 3,489 146
Amortization of intangibles 453 474 474
Amortization of non-refundable membership initiation fees (2,200) (1,776) (1,470)
Interest expense accretion on refundable membership club deposits 616 671 723
(Gain) loss on disposition of assets and hotel property (88,165) 0 0
Realized and unrealized (gain) loss on derivatives (585) 663 (4,961)
Non-cash interest income (207) 0 0
Equity in (earnings) loss of unconsolidated entity 1,608 253 328
Deferred income tax expense (benefit) (96) 1,329 51
Changes in operating assets and liabilities, exclusive of acquisitions, disposition of assets and hotel property:      
Accounts receivable and inventories 6,260 11,264 (9,088)
Prepaid expenses and other assets 3,058 (5,758) (501)
Accounts payable and accrued expenses 8,454 47 1,650
Operating lease right-of-use assets 416 592 588
Due to/from related parties, net 452 1,541 832
Due to/from third-party hotel managers (5,266) 8,398 2,590
Due to/from Ashford Inc. 4,632 (10,361) 8,249
Operating lease liabilities (157) (313) (294)
Other liabilities 3,096 1,518 1,389
Net cash provided by (used in) operating activities 66,817 84,711 109,483
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from property insurance 958 361 36
Net proceeds from disposition of assets 0 0 1,667
Issuance of note receivable (8,076) 0 0
Payments for initial franchise fee 0 (75) 0
Acquisition of hotel properties, net of cash and restricted cash acquired 0 0 (354,445)
Net proceeds from sale of hotel property 155,583 0 0
Purchase of securities (42,279) 0 0
Investment in unconsolidated entity (79) (238) (328)
Improvements and additions to hotel properties (70,598) (77,114) (49,148)
Net cash provided by (used in) investing activities 35,509 (77,066) (402,218)
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings on indebtedness 234,000 370,600 170,500
Repayments of indebtedness (184,100) (534,307) (68,500)
Payments of loan costs and exit fees (15,372) (11,636) (4,080)
Payments for derivatives (1,592) (5,051) (3,030)
Proceeds from derivatives 4,904 7,720 167
Purchase of common stock (369) (19,307) (7,411)
Payments for dividends and distributions (51,558) (52,563) (20,763)
Net proceeds from issuance of preferred stock 0 97,862 278,621
Common stock offering costs 0 0 (112)
Contributions from noncontrolling interest in consolidated entities 2,961 9,517 164
Redemption of operating partnership units 0 (7,162) 0
Distributions to noncontrolling interest in consolidated entities (27,045) (2,693) 0
Redemption of preferred stock (45,601) (9,818) (499)
Net cash provided by (used in) financing activities (83,772) (156,838) 345,057
Net change in cash, cash equivalents and restricted cash 18,554 (149,193) 52,322
Cash, cash equivalents and restricted cash at beginning of period 166,503 315,696 263,374
Cash, cash equivalents and restricted cash at end of period 185,057 166,503 315,696
SUPPLEMENTAL CASH FLOW INFORMATION      
Interest paid 102,541 91,576 48,901
Income taxes paid (refunded) (728) 3,424 1,239
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Dividends and distributions declared but not paid 9,255 9,158 8,184
Common stock purchases accrued but not paid 0 0 54
Assumption of debt in hotel acquisition 0 0 58,601
Capital expenditures accrued but not paid 8,825 21,702 6,702
Issuance of common stock for hotel acquisition 0 0 35,040
Distributions declared but not paid to a noncontrolling interest in a consolidated entity 0 0 2,024
Accrued preferred stock offering expenses 0 0 23
Non-cash preferred stock dividends 3,403 3,614 1,050
Non-cash common stock dividends 0 0 5
Unsettled proceeds from derivatives 113 361 330
Non-cash common stock/unit dividends 35 20 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of period 85,599 261,541 215,998
Restricted cash at beginning of period 80,904 54,155 47,376
Cash, cash equivalents and restricted cash at beginning of period 166,503 315,696 263,374
Cash and cash equivalents at end of period 135,465 85,599 261,541
Restricted cash at end of period 49,592 80,904 54,155
Cash, cash equivalents and restricted cash at end of period $ 185,057 $ 166,503 $ 315,696