CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income (loss) |
$ (32,911)
|
$ (124,677)
|
$ 1,196
|
| Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
73,762
|
73,371
|
70,112
|
| Equity-based compensation |
10,183
|
7,892
|
7,943
|
| Bad debt expense |
436
|
727
|
444
|
| Amortization of loan costs, discounts and capitalized default interest |
(205)
|
854
|
4,343
|
| Write-off of loan costs and exit fees |
1,963
|
3,920
|
647
|
| Amortization of intangibles |
512
|
834
|
651
|
| Amortization of non-refundable membership initiation fees |
(1,029)
|
(440)
|
(181)
|
| Interest expense accretion on refundable membership club deposits |
772
|
818
|
864
|
| (Gain) loss on insurance settlement and disposition of assets |
(696)
|
(10,149)
|
(25,165)
|
| Realized and unrealized (gain) loss on investment in Ashford Inc. |
0
|
0
|
5,552
|
| Realized and unrealized (gain) loss on derivatives |
(32)
|
(24)
|
1,381
|
| Net settlement of trading derivatives |
0
|
698
|
(1,076)
|
| Equity in (earnings) loss of unconsolidated entity |
252
|
217
|
199
|
| Deferred income tax expense (benefit) |
(174)
|
(956)
|
764
|
| Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions: |
|
|
|
| Accounts receivable and inventories |
(11,036)
|
4,057
|
(5,788)
|
| Prepaid expenses and other assets |
(793)
|
(1,460)
|
(2,228)
|
| Accounts payable and accrued expenses |
35,976
|
(10,499)
|
13,394
|
| Operating lease right-of-use assets |
574
|
541
|
518
|
| Due to/from related parties, net |
(779)
|
(440)
|
(775)
|
| Due to/from third-party hotel managers |
(15,491)
|
4,075
|
(5,484)
|
| Due to/from Ashford Inc. |
720
|
(1,674)
|
(555)
|
| Operating lease liabilities |
(268)
|
(223)
|
(194)
|
| Other liabilities |
2,214
|
2,251
|
(300)
|
| Net cash provided by (used in) operating activities |
63,950
|
(50,287)
|
66,262
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Proceeds from property insurance |
0
|
9,037
|
11,020
|
| Net proceeds from disposition of assets |
1,816
|
0
|
10,300
|
| Proceeds from sale of investment in Ashford Inc. |
0
|
0
|
597
|
| Acquisition of hotel properties |
(17,615)
|
0
|
(111,751)
|
| Investment in unconsolidated entity |
(233)
|
(26)
|
(332)
|
| Improvements and additions to hotel properties |
(25,644)
|
(25,552)
|
(136,259)
|
| Net cash provided by (used in) investing activities |
(41,676)
|
(16,541)
|
(226,425)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Borrowings on indebtedness |
83,231
|
109,317
|
329,500
|
| Repayments of indebtedness |
(84,224)
|
(47,822)
|
(257,086)
|
| Payments of loan costs and exit fees |
(1,898)
|
(6,485)
|
(4,447)
|
| Payments for derivatives |
(200)
|
(92)
|
(115)
|
| Purchase of common stock |
(376)
|
(263)
|
(384)
|
| Payments for dividends and distributions |
(9,088)
|
(16,154)
|
(33,409)
|
| Proceeds from issuance of preferred stock |
36,855
|
474
|
645
|
| Proceeds from issuance of common stock |
102,461
|
13,259
|
0
|
| Contributions from noncontrolling interest in consolidated entities |
1,189
|
0
|
0
|
| Distributions to noncontrolling interest in consolidated entities |
0
|
(2,639)
|
(2,654)
|
| Other |
0
|
0
|
8
|
| Net cash provided by (used in) financing activities |
127,950
|
49,595
|
32,058
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total |
150,224
|
(17,233)
|
(128,105)
|
| Cash, cash equivalents and restricted cash at beginning of period |
113,150
|
130,383
|
258,488
|
| Cash, cash equivalents and restricted cash at end of period |
263,374
|
113,150
|
130,383
|
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
| Interest paid |
31,635
|
27,900
|
49,645
|
| Income taxes paid (refunded) |
(14)
|
140
|
(11)
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
| Dividends and distributions declared but not paid |
2,173
|
2,736
|
9,143
|
| Common stock purchases accrued but not paid |
0
|
28
|
136
|
| Issuance of common units for hotel acquisition |
13,175
|
0
|
0
|
| Issuance of warrants in hotel acquisition |
1,528
|
0
|
0
|
| Assumption of debt in hotel acquisition |
49,815
|
0
|
0
|
| Capital expenditures accrued but not paid |
4,564
|
8,993
|
18,572
|
| Distribution of Ashford Inc. common stock |
0
|
0
|
3,965
|
| Non-cash loan proceeds associated with accrued interest |
0
|
2,229
|
0
|
| Non-cash loan principal associated with default interest and late charges |
0
|
9,859
|
0
|
| Non-cash extinguishment of preferred stock |
41,523
|
0
|
0
|
| Issuance of common stock from preferred stock exchange |
46,118
|
0
|
0
|
| Accrued common stock offering expense |
76
|
0
|
0
|
| Unsettled common stock offering proceeds |
0
|
68
|
0
|
| Unsettled preferred stock offering proceeds |
0
|
0
|
75
|
| Accrued preferred stock offering expenses |
101
|
0
|
33
|
| Non-cash preferred stock dividends |
39
|
0
|
0
|
| SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
| Cash and cash equivalents |
215,998
|
78,606
|
71,995
|
| Restricted cash |
47,376
|
34,544
|
58,388
|
| Cash, cash equivalents and restricted cash |
$ 263,374
|
$ 113,150
|
$ 130,383
|