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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investments in hotel properties, gross $ 2,126,129 $ 2,252,574
Accumulated depreciation (447,087) (473,888)
Investments in hotel properties, net 1,679,042 1,778,686
Cash and cash equivalents 116,278 135,465
Restricted cash 47,682 49,592
Investment in securities (amortized cost of $17,279 and $42,279, respectively) 17,277 41,535
Accounts receivable, net of allowance of $179 and $459, respectively 32,819 31,754
Inventories 4,629 4,664
Note receivable 8,747 8,283
Prepaid expenses 5,441 5,116
Deferred costs, net 75 75
Investment in unconsolidated entity 145 145
Derivative assets 164 356
Operating lease right-of-use assets 34,359 34,852
Other assets 19,688 19,538
Intangible assets, net 2,841 3,125
Total assets 2,009,316 2,136,059
Liabilities:    
Indebtedness, net 1,164,671 1,210,018
Accounts payable and accrued expenses 150,127 143,566
Dividends and distributions payable 8,553 9,255
Operating lease liabilities 20,007 19,984
Other liabilities 25,187 24,268
Total liabilities 1,373,289 1,413,889
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership 18,942 29,964
Preferred stock, $0.01 par value, 80,000,000 shares authorized:    
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at September 30, 2025 and December 31, 2024 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 682 665
Additional paid-in capital 727,027 718,536
Accumulated other comprehensive income (loss) (2) (684)
Accumulated deficit (515,837) (477,804)
Total stockholders’ equity of the Company 211,886 240,729
Noncontrolling interest in consolidated entities (3,901) (3,367)
Total equity 207,985 237,362
Total liabilities and equity 2,009,316 2,136,059
Series B Preferred Stock    
Liabilities:    
Series preferred stock 65,426 65,426
Series E Preferred Stock    
Liabilities:    
Series preferred stock 308,547 352,502
Series M Preferred Stock    
Liabilities:    
Series preferred stock 35,127 36,916
Nonrelated Party    
ASSETS    
Due from third-party hotel managers 23,129 22,873
Liabilities:    
Due to related parties and nonrelated parties 1,775 1,476
Ashford Inc.    
ASSETS    
Deposit paid to Ashford Inc. 17,000 0
Liabilities:    
Due to related parties and nonrelated parties 2,638 4,267
Related Party    
Liabilities:    
Due to related parties and nonrelated parties $ 331 $ 1,055