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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 8,554 $ 41,530
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 69,919 75,192
Recognition of deferred income (510) 0
Equity-based compensation (20) 2,689
Bad debt expense 159 351
(Gain) loss on extinguishment of debt 1,553 22
Amortization of loan costs, discounts and capitalized default interest 8,033 4,885
Write-off of loan costs and exit fees 1,833 6,095
Amortization of intangibles 321 346
Amortization of non-refundable membership initiation fees (1,964) (1,606)
Interest expense accretion on refundable membership club deposits 421 275
Realized (gain) loss on sale of securities 1,250 0
(Gain) loss on disposition of assets and hotel property (40,970) (88,210)
Realized and unrealized (gain) loss on derivatives 301 (523)
Non-cash interest income (464) (67)
Equity in (earnings) loss of unconsolidated entity 0 214
Deferred income tax expense (benefit) (56) 8
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel properties:    
Accounts receivable and inventories (5,996) 6,620
Prepaid expenses and other assets (577) 978
Deposit paid to Ashford Inc. (17,000) 0
Accounts payable and accrued expenses 6,160 6,828
Operating lease right-of-use assets 172 359
Due to/from related parties, net (724) (587)
Due to/from third-party hotel managers (1,273) (2,215)
Due to/from Ashford Inc. (1,757) 4,995
Operating lease liabilities 23 (161)
Other liabilities 5,047 2,147
Net cash provided by (used in) operating activities 32,435 60,165
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 3,486 13
Issuance of note receivable 0 (5,788)
Proceeds from sale of investment in securities 23,750 0
Acquisition of land (5,509) 0
Net proceeds from sale of hotel properties 139,326 155,629
Purchase of securities 0 (42,279)
Investment in unconsolidated entity 0 (79)
Improvements and additions to hotel properties (54,552) (54,825)
Net cash provided by (used in) investing activities 106,501 52,671
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 403,000 234,000
Repayments of indebtedness (453,550) (184,100)
Payments of loan costs and exit fees (11,501) (15,356)
Payments for derivatives (658) (1,344)
Proceeds from derivatives 611 4,386
Purchase of common stock (778) (369)
Payments for dividends and distributions (35,917) (39,037)
Contributions from noncontrolling interest in consolidated entities 306 2,961
Redemption of operating partnership units (94) 0
Distributions to noncontrolling interest in consolidated entities (2,293) (27,045)
Redemption of preferred stock (59,159) (36,299)
Net cash provided by (used in) financing activities (160,033) (62,203)
Net change in cash, cash equivalents and restricted cash (21,097) 50,633
Cash, cash equivalents and restricted cash at beginning of period 185,057 166,503
Cash, cash equivalents and restricted cash at end of period 163,960 217,136
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 66,794 77,178
Income taxes paid (refunded) 615 352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Dividends and distributions declared but not paid 8,553 9,271
Assumption of debt in acquisition of land 5,360 0
Capital expenditures accrued but not paid 11,818 12,541
Non-cash preferred stock dividends 2,329 2,551
Unsettled proceeds from derivatives 51 197
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 116,278 168,675
Restricted cash at end of period 47,682 48,461
Cash, cash equivalents and restricted cash at end of period $ 163,960 $ 217,136