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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 3,831 $ 1,695
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 46,755 50,114
Recognition of deferred income (336) 0
Equity-based compensation (95) 2,262
Bad debt expense 8 248
(Gain) loss on extinguishment of debt 0 22
Amortization of loan costs, discounts and capitalized default interest 5,143 2,976
Write-off of loan costs and exit fees 1,467 803
Amortization of intangibles 214 238
Amortization of non-refundable membership initiation fees (1,275) (1,042)
Interest expense accretion on refundable membership club deposits 286 310
Realized (gain) loss on sale of securities 1,250 0
Realized and unrealized (gain) loss on derivatives 183 (1,258)
Non-cash interest income (307) 0
Equity in (earnings) loss of unconsolidated entity 0 134
Deferred income tax expense (benefit) (47) 8
Changes in operating assets and liabilities, exclusive of acquisitions, disposition of assets and hotel property:    
Accounts receivable and inventories (4,168) 4,655
Prepaid expenses and other assets (1,258) 2,921
Accounts payable and accrued expenses (13,907) (7,876)
Operating lease right-of-use assets 114 290
Due to/from related parties, net (419) (968)
Due to/from third-party hotel managers (916) 296
Due to/from Ashford Inc. (2,342) 2,769
Operating lease liabilities 16 (157)
Other liabilities 3,998 1,716
Net cash provided by (used in) operating activities 38,195 60,156
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 3,112 542
Proceeds from sale of investment in securities 23,750 0
Acquisition of land (5,509) 0
Improvements and additions to hotel properties (33,012) (39,224)
Net cash provided by (used in) investing activities (11,659) (38,682)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 363,000 62,000
Repayments of indebtedness (365,180) (30,000)
Payments of loan costs and exit fees (8,855) (3,311)
Payments for derivatives (508) (1,295)
Proceeds from derivatives 424 3,275
Purchase of common stock (51) (369)
Payments for dividends and distributions (24,202) (26,244)
Contributions from noncontrolling interest in consolidated entities 306 0
Redemption of operating partnership units (92) 0
Redemption of preferred stock (40,746) (10,974)
Net cash provided by (used in) financing activities (75,904) (6,918)
Net change in cash, cash equivalents and restricted cash (49,368) 14,556
Cash, cash equivalents and restricted cash at beginning of period 185,057 166,503
Cash, cash equivalents and restricted cash at end of period 135,689 181,059
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 45,361 51,021
Income taxes paid (refunded) 463 119
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 8,627 9,333
Common stock purchases accrued but not paid 750 0
Assumption of debt in acquisition of land 5,360 0
Capital expenditures accrued but not paid 8,300 12,972
Distributions declared but not paid to a noncontrolling interest in a consolidated entity 2,125 3,723
Non-cash preferred stock dividends 1,602 1,708
Unsettled proceeds from derivatives 57 297
Non-cash common stock/unit dividends 502 35
Non-cash redemption of common units 9,284 0
Non-cash consideration for acquisition of land 1,814 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 135,465 85,599
Restricted cash at beginning of period 49,592 80,904
Cash, cash equivalents and restricted cash at beginning of period 185,057 166,503
Cash and cash equivalents at end of period 80,226 114,607
Restricted cash at end of period 55,463 52,339
Cash, cash equivalents and restricted cash at end of period 135,689 166,946
Cash and cash equivalents at end of period included in assets held for sale 0 5,711
Restricted cash at end of period included in assets held for sale 0 8,402
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale) $ 135,689 $ 181,059