CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (194,990)	$ (33,650)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation and amortization	124,368	127,926
Net amortization of debt issuance costs, discounts and premiums as interest	4,355	3,288
Straight-line rental income	1,883	3,543
Security deposits utilized	0	(62,309)
Loss on asset impairment	1,211	16,740
Unrealized losses on equity securities, net	6,481	5,045
Equity in losses of an investee	2,843	718
Loss on sale of real estate	9	6,911
Other non-cash income, net	(1,020)	(1,659)
Changes in assets and liabilities:
Due from related persons	(395)	196
Other assets	(13,515)	16,725
Accounts payable and other liabilities	(13,841)	8,686
Due to related persons	19,887	4,856
Net cash (used in) provided by operating activities	(62,724)	97,016
Cash flows from investing activities:
Real estate acquisitions and deposits	(7,649)	(7,113)
Real estate improvements	(21,891)	(31,343)
Hotel managers’ purchases with restricted cash	(14,198)	(48,969)
Hotel manager’s deposit of insurance proceeds into restricted cash	0	15,000
Net proceeds from sale of real estate	375	8,010
Investment in Sonesta	(25,443)	(5,199)
Net cash used in investing activities	(68,806)	(69,614)
Cash flows from financing activities:
Borrowings under revolving credit facility	973,168	230,000
Repayments of revolving credit facility	(51,592)	(150,000)
Deferred financing costs	(303)	0
Repurchase of common shares	0	(43)
Distributions to common shareholders	(1,648)	(88,863)
Net cash provided by (used in) financing activities	919,625	(8,906)
Increase in cash and cash equivalents and restricted cash	788,095	18,496
Cash and cash equivalents and restricted cash at beginning of period	91,456	81,259
Cash and cash equivalents and restricted cash at end of period	$ 879,551	$ 99,755