SUNSTONE HOTEL INVESTORS, INC., 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 07, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Securities Act File Number 001-32319    
Entity Registrant Name Sunstone Hotel Investors, Inc.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 20-1296886    
Entity Address, Address Line One 15 Enterprise, Suite 200    
Entity Address, City or Town Aliso Viejo    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 92656    
City Area Code 949    
Local Phone Number 330-4000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.1
Entity Common Stock, Shares Outstanding   201,019,097  
Entity Central Index Key 0001295810    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Irvine, California    
Common Stock [Member]      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol SHO    
Security Exchange Name NYSE    
Series H Preferred Stock [Member]      
Document Information [Line Items]      
Title of 12(b) Security Series H Cumulative Redeemable Preferred Stock, $0.01 par value    
Trading Symbol SHO.PRH    
Security Exchange Name NYSE    
Series I Cumulative Redeemable Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security Series I Cumulative Redeemable Preferred Stock, $0.01 par value    
Trading Symbol SHO.PRI    
Security Exchange Name NYSE    
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Investment in hotel properties, net $ 2,856,032 $ 2,585,279
Operating lease right-of-use assets, net 8,464 12,755
Cash and Cash Equivalents, at Carrying Value 107,199 426,403
Restricted Cash 73,078 67,295
Accounts receivable, net 34,109 31,206
Prepaid expenses and other assets, net 27,757 26,383
Total assets 3,106,639 3,149,321
Liabilities [Abstract]    
Debt, net of unamortized deferred financing costs 841,047 814,559
Operating Lease, Liability 12,019 16,735
Accounts Payable and Other Accrued Liabilities 52,722 48,410
Dividends Payable 24,137 29,965
Other Liabilities 72,694 73,014
Total liabilities 1,002,619 982,683
Commitments and contingencies (Note 14)
Stockholders' equity:    
Common stock, $0.01 par value, 500,000,000 shares authorized, 200,824,993 shares issued and outstanding at December 31, 2024 and 203,479,585 shares issued and outstanding at December 31, 2023 2,008 2,035
Additional paid in capital 2,395,702 2,416,417
Distributions in excess of retained earnings (574,940) (533,064)
Total stockholders' equity 2,104,020 2,166,638
Total equity 2,104,020 2,166,638
Total liabilities and stockholders' equity 3,106,639 3,149,321
Series G Preferred Stock [Member]    
Stockholders' equity:    
Cumulative Redeemable Preferred Stock 66,250 66,250
Series H Preferred Stock [Member]    
Stockholders' equity:    
Cumulative Redeemable Preferred Stock 115,000 115,000
Series I Cumulative Redeemable Preferred Stock    
Stockholders' equity:    
Cumulative Redeemable Preferred Stock $ 100,000 $ 100,000
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 200,824,993 203,479,585
Common stock, shares outstanding (in shares) 200,824,993 203,479,585
Series G Preferred Stock [Member]    
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares) 2,650,000 2,650,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 2,650,000 2,650,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
Series H Preferred Stock [Member]    
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent) 6.125% 6.125%
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares) 4,600,000 4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 4,600,000 4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
Series I Cumulative Redeemable Preferred Stock    
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent) 5.70% 5.70%
Preferred stock, Cumulative Redeemable Preferred Stock, shares issued (in shares) 4,000,000 4,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 4,000,000 4,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Revenue from Contract with Customer, Excluding Assessed Tax $ 905,809 $ 986,480 $ 912,053
OPERATING EXPENSES      
Advertising and promotion 52,180 51,958 46,979
Repairs and maintenance 35,927 38,308 36,801
Utilities 26,576 27,622 26,357
Costs of Franchised Outlets 18,391 16,876 15,839
Property tax, ground lease and insurance 77,221 78,796 68,979
Other property-level expenses 110,833 120,247 113,336
Corporate overhead 29,050 31,412 35,246
Depreciation and amortization 124,507 127,062 126,396
Impairment of Real Estate     3,466
Total operating expenses 827,217 867,824 816,175
Interest and other income (loss) 13,179 10,535 5,242
Interest expense (50,125) (51,679) (32,005)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal 457 123,820 22,946
Gain (loss) on extinguishment of debt, net 59 9,938 (936)
Income before income taxes 42,162 211,270 91,125
Current income tax benefit (provision), net 1,100 (4,562) (359)
Net Income 43,262 206,708 90,766
(Income) loss from consolidated joint venture attributable to noncontrolling interest     (3,477)
Preferred stock dividends (15,228) (13,988) (14,247)
Income Attributable to Common Stockholders $ 28,034 $ 192,720 $ 73,042
Basic and diluted per share amounts:      
Basic income attributable to common stockholders per common share (in dollars per share) $ 0.14 $ 0.93 $ 0.34
Diluted income attributable to common stockholders per common share (in dollars per share) $ 0.14 $ 0.93 $ 0.34
Basic weighted average common shares outstanding (in shares) 201,739 205,590 212,613
Diluted weighted average common shares outstanding (in shares) 202,642 205,865 212,653
Occupancy [Member]      
REVENUES      
Revenue from Contract with Customer, Excluding Assessed Tax $ 559,061 $ 619,277 $ 576,170
OPERATING EXPENSES      
Cost of Goods and Services Sold 146,369 158,002 145,285
Food and Beverage [Member]      
REVENUES      
Revenue from Contract with Customer, Excluding Assessed Tax 256,222 277,514 240,564
OPERATING EXPENSES      
Cost of Goods and Services Sold 182,840 193,820 174,146
Hotel, Other [Member]      
REVENUES      
Revenue from Contract with Customer, Excluding Assessed Tax 90,526 89,689 95,319
OPERATING EXPENSES      
Cost of Goods and Services Sold $ 23,323 $ 23,721 $ 23,345
v3.25.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Series G Preferred Stock [Member]
Accumulated Distributions in Excess of Net Income [Member]
Series G Preferred Stock [Member]
Series H Preferred Stock [Member]
Accumulated Distributions in Excess of Net Income [Member]
Series H Preferred Stock [Member]
Series I Cumulative Redeemable Preferred Stock
Accumulated Distributions in Excess of Net Income [Member]
Series I Cumulative Redeemable Preferred Stock
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Distributions in Excess of Net Income [Member]
Noncontrolling Interest [Member]
Total
Beginning Balance at Dec. 31, 2021             $ 281,250 $ 2,193 $ 2,631,484 $ (715,960) $ 40,807 $ 2,239,774
Beginning Balance (in shares) at Dec. 31, 2021             11,250,000 219,333,783        
Increase (Decrease) in Stockholders' Equity                        
Amortization of deferred stock compensation                 11,372     11,372
Restricted Stock, Value, Shares Issued Net of Tax Withholdings               $ 3 (3,445)     (3,442)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings               266,795        
Forfeiture of restricted common stock (in shares)               (34,807)        
Common stock distributions declared                   (21,059)   (21,059)
Preferred stock dividends declared $ (1,503) $ (1,503) $ (7,044) $ (7,044) $ (5,700) $ (5,700)            
Distribution to noncontrolling interest                     (5,500) (5,500)
Repurchases of outstanding common stock               $ (103) (108,339)     (108,442)
Repurchases of outstanding common stock (in shares)               (10,245,324)        
Acquisition of noncontrolling interest, net                 (65,477)   (38,784) (104,261)
Net Income                   87,289 $ 3,477 90,766
Ending Balance at Dec. 31, 2022             $ 281,250 $ 2,093 2,465,595 (663,977)   2,084,961
Ending Balance (in shares) at Dec. 31, 2022             11,250,000 209,320,447        
Increase (Decrease) in Stockholders' Equity                        
Amortization of deferred stock compensation                 11,242     11,242
Restricted Stock, Value, Shares Issued Net of Tax Withholdings               $ 2 (3,778)     (3,776)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings               138,522        
Forfeiture of restricted common stock (in shares)               (8,192)        
Common stock distributions declared                   (61,807)   (61,807)
Preferred stock dividends declared (1,244) (1,244) (7,044) (7,044) (5,700) (5,700)            
Repurchases of outstanding common stock               $ (60) (56,343)     (56,403)
Repurchases of outstanding common stock (in shares)               (5,971,192)        
Acquisition of noncontrolling interest, net                 (299)     (299)
Net Income                   206,708   206,708
Ending Balance at Dec. 31, 2023             $ 281,250 $ 2,035 2,416,417 (533,064)   2,166,638
Ending Balance (in shares) at Dec. 31, 2023             11,250,000 203,479,585        
Increase (Decrease) in Stockholders' Equity                        
Amortization of deferred stock compensation                 10,656     10,656
Restricted Stock, Value, Shares Issued Net of Tax Withholdings               $ 1 (4,161)     (4,160)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings               178,376        
Forfeiture of restricted common stock               $ (1) 1      
Forfeiture of restricted common stock (in shares)               (68,131)        
Common stock distributions declared                   (69,910)   (69,910)
Preferred stock dividends declared $ (2,484) $ (2,484) $ (7,044) $ (7,044) $ (5,700) $ (5,700)            
Repurchases of outstanding common stock               $ (27) (27,211)     (27,238)
Repurchases of outstanding common stock (in shares)               (2,764,837)        
Net Income                   43,262   43,262
Ending Balance at Dec. 31, 2024             $ 281,250 $ 2,008 $ 2,395,702 $ (574,940)   $ 2,104,020
Ending Balance (in shares) at Dec. 31, 2024             11,250,000 200,824,993        
v3.25.0.1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common stock distributions declared per share (in dollars per share) $ 0.34 $ 0.3 $ 0.1
Series G Preferred Stock [Member]      
Preferred stock dividends declared per share (in dollars per share) 0.9375 0.469437 0.567112
Series H Preferred Stock [Member]      
Preferred stock dividends declared per share (in dollars per share) 1.531252 1.531252 1.531252
Series I Cumulative Redeemable Preferred Stock      
Preferred stock dividends declared per share (in dollars per share) $ 1.425 $ 1.425 $ 1.425
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income $ 43,262 $ 206,708 $ 90,766
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense 474 372 964
Gain on sale of assets, net (457) (123,820) (22,946)
(Gain) loss on extinguishment of debt, net (59) (9,938) 936
Noncash interest on derivatives, net (540) 252 (2,194)
Depreciation 123,150 126,543 125,843
Amortization of franchise fees and other intangibles 1,357 464 492
Amortization of Debt Issuance Costs 3,047 2,700 2,486
Amortization of deferred stock compensation 10,456 10,775 10,891
Impairment of Real Estate     3,466
Gain on insurance recoveries (430) (3,722) (4,369)
Changes in operating assets and liabilities:      
Accounts receivable (171) 10,609 (12,739)
Prepaid expenses and other assets (2,630) (1,871) 4,457
Increase (Decrease) in Accounts Payable and Other Operating Liabilities (6,658) (20,839) 12,740
Operating lease right-of-use assets and obligations (425) (102) (1,409)
Net cash provided by operating activities 170,376 198,131 209,384
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sale of assets   364,491 191,291
Acquisition of hotel property (229,330)   (232,506)
Proceeds from Insurance Settlement, Investing Activities 430 3,722 4,369
Renovations and additions to hotel properties and other assets (157,378) (110,131) (128,576)
Payment for interest rate derivative     (299)
Net cash (used in) provided by investing activities (386,278) 258,082 (165,721)
CASH FLOWS FROM FINANCING ACTIVITIES      
Acquisition of noncontrolling interest, including transaction costs   (299) (104,261)
Payment of stock issuance costs   (428) (91)
Repurchases of outstanding common stock (27,238) (56,403) (108,442)
Repurchases of common stock for employee tax obligations (4,160) (3,348) (3,351)
Proceeds from Unsecured Lines of Credit     230,000
Payment on credit facility     (230,000)
Proceeds from Issuance of Debt 100,000 225,000 243,615
Payments on notes payable (74,050) (222,086) (38,916)
Payments of deferred financing costs (1,105) (2,332) (7,404)
Dividends and distributions paid (90,966) (59,825) (24,824)
Distribution to noncontrolling interest     (5,500)
Net cash used in financing activities (97,519) (119,721) (49,174)
Net (decrease) increase in cash and cash equivalents and restricted cash (313,421) 336,492 (5,511)
Cash and cash equivalents and restricted cash, beginning of period 493,698 157,206 162,717
Cash and cash equivalents and restricted cash, end of period 180,277 493,698 157,206
Supplemental Disclosure of Cash Flow Information      
Cash and Cash Equivalents, at Carrying Value 107,199 426,403 101,223
Restricted cash 73,078 67,295 55,983
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows 180,277 493,698 157,206
Cash paid for interest, net of capitalized interest 48,859 49,296 31,658
Cash paid for income taxes, net 3,140 1,731 709
Operating Lease, Payments 5,783 5,527 6,760
Changes in operating lease right-of-use assets 4,599 4,433 3,774
Changes in operating lease obligations (5,024) (4,535) (5,183)
Changes in operating lease right-of-use assets and lease obligations, net (425) (102) (1,409)
Supplemental Disclosure of Noncash Investing and Financing Activities      
Capital Expenditures Incurred but Not yet Paid 16,701 9,812 9,567
Operating lease right-of-use asset obtained in exchange for operating lease obligation 308 2,163  
Amortization of deferred stock compensation - construction activities 200 467 481
Dividends and distributions payable $ 24,137 $ 29,965 13,995
Hyatt Centric Chicago Magnificent Mile      
Supplemental Disclosure of Noncash Investing and Financing Activities      
Escrow Deposits Related to Property Sales     4,000
Assignment of finance lease right-of-use asset in connection with sale of hotel     44,712
Assignment of finance lease obligation in connection with sale of hotel     15,569
Operating lease | Hilton Garden Inn Chicago Downtown/Magnificent Mile      
Supplemental Disclosure of Noncash Investing and Financing Activities      
Assignment of operating lease right-of-use asset in connection with sale of hotel     2,275
Assignment of operating lease obligation in connection with sale of hotel     $ 2,609
v3.25.0.1
Organization and Description of Business
 12 Months Ended
Dec. 31, 2024
Organization and Description of Business  
Organization and Description of Business

1. Organization and Description of Business

​

Sunstone Hotel Investors, Inc. (the “Company”) was incorporated in Maryland on June 28, 2004 in anticipation of an initial public offering of common stock, which was consummated on October 26, 2004. The Company elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes, commencing with its taxable year ended on December 31, 2004. The Company, through its 100% controlling interest in Sunstone Hotel Partnership, LLC (the “Operating Partnership”), of which the Company is the sole managing member, and the subsidiaries of the Operating Partnership, including Sunstone Hotel TRS Lessee, Inc. (the “TRS Lessee”) and its subsidiaries, invests in hotels where it can add value through capital investment, hotel repositioning, and asset management. In addition, the Company seeks to capitalize on its portfolio’s embedded value and balance sheet strength to actively recycle past investments into new growth and value creation opportunities in order to deliver strong stockholder returns and superior per share net asset value growth.

​

As a REIT, certain tax laws limit the amount of “non-qualifying” income the Company can earn, including income derived directly from the operation of hotels. The Company leases all of its hotels to its TRS Lessee, which in turn enters into long-term management agreements with third parties to manage the operations of the Company’s hotels, in transactions that are intended to generate qualifying income.

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As of December 31, 2024, the Company owned 15 hotels, which were managed by the following third-party managers:

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​

​

​

​

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Number of Hotels

 

Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc.

​

6

​

Hyatt Hotels Corporation

​

3

​

Four Seasons Hotels Limited

​

1

​

Hilton Worldwide Holdings, Inc.

​

1

​

Interstate Hotels & Resorts, Inc.

​

1

​

Montage North America, LLC

​

1

​

Sage Hospitality Group

​

1

​

Singh Hospitality, LLC

​

1

​

​

​

​

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Total hotels owned as of December 31, 2024

 

15

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v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

​

Basis of Presentation

​

The accompanying consolidated financial statements as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, include the accounts of the Company, the Operating Partnership, the TRS Lessee, and their controlled subsidiaries. All significant intercompany balances and transactions have been eliminated. If the Company determines that it has an interest in a variable interest entity, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity.

​

The Company does not have any comprehensive income other than what is included in net income. If the Company has any comprehensive income in the future such that a statement of comprehensive income would be necessary, the Company will include such statement in one continuous consolidated statement of operations.

​

The Company has evaluated subsequent events through the date of issuance of these financial statements.

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Use of Estimates

​

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

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Cash and Cash Equivalents

​

Cash and cash equivalents includes cash on hand and in various bank accounts plus credit card receivables and all short-term investments with an original maturity of three months or less.

​

The Company maintains cash and cash equivalents with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2024 and 2023, the Company had amounts in banks that were in excess of federally insured amounts.

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Restricted Cash

​

Restricted cash primarily includes reserves for operating expenses and capital expenditures required by certain of the Company’s management and franchise agreements. At times, restricted cash also includes hotel acquisition or disposition-related earnest money held in escrow reserves pending completion of the associated transaction. As of both December 31, 2024 and 2023, restricted cash included $0.2 million held as collateral for certain letters of credit (see Note 14). In addition, restricted cash as of December 31, 2023 included $0.2 million held in escrow related to certain current and potential employee-related obligations at one of the Company’s former hotels. In the second quarter of 2024, the escrow agreement was terminated and the remaining $0.1 million of restricted cash held in escrow was returned to the Company (see Note 14).

​

Accounts Receivable

​

Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses.

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Acquisitions of Hotel Properties and Other Entities

​

The acquisition of a hotel property or other entity requires an analysis of the transaction to determine if it qualifies as the purchase of a business or an asset. If the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, then the transaction is an asset acquisition. Transaction costs associated with asset acquisitions are capitalized and subsequently depreciated over the life of the related asset, while the same costs associated with a business combination are expensed as incurred and included in corporate overhead on the Company’s consolidated statements of operations. Also, given the subjectivity, business combinations are provided a one-year measurement period to adjust the provisional amounts recognized if the necessary information is not available by the end of the reporting period in which the acquisition occurs; whereas asset acquisitions are not subject to a measurement period.

​

Accounting for the acquisition of a hotel property or other entity requires either allocating the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective relative fair values for an asset acquisition or recording the assets and liabilities at their estimated fair values with any excess consideration above net assets going to goodwill for a business combination. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, and intangible assets, together with any finance or operating lease right-of-use assets and their related obligations. When the Company acquires a hotel property or other entity, it uses all available information to make these fair value determinations, including discounted cash flow analyses, market comparable data, and replacement cost data. In addition, the Company makes significant estimations regarding capitalization rates, discount rates, average daily rates, revenue growth rates, and occupancy. The Company also engages independent valuation specialists to assist in the fair value determinations of the long-lived assets acquired and the liabilities assumed. The determination of fair value is subjective and is based in part on assumptions and estimates that could differ materially from actual results in future periods.

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Investments in Hotel Properties

​

Investments in hotel properties, including land, buildings, furniture, fixtures and equipment (“FF&E”) and identifiable intangible assets are recorded at their respective relative fair values for an asset acquisition or at their estimated fair values for a business acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Interest imputed during construction or during extensive renovation projects where the hotel is taken out of service is capitalized, using the Company’s weighted average interest rate on its unsecured debt, including the effects of interest rate swap derivatives, until construction is substantially complete or the assets are placed in service. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the consolidated statements of operations.

​

Depreciation expense is based on the estimated life of the Company’s assets. The life of the assets is based on a number of assumptions, including the cost and timing of capital expenditures to maintain and refurbish the Company’s hotels, as well as specific

market and economic conditions. Hotel properties are depreciated using the straight-line method over estimated useful lives primarily ranging from five years to forty years for buildings and improvements and three years to twelve years for FF&E. Intangible assets are amortized using the straight-line method over the shorter of their estimated useful life or over the length of the related agreement.

​

The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the terms of the franchise agreements, which currently range from fifteen years to twenty-one years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.

​

While the Company believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income or the gain or loss on the sale of any of the Company’s hotels. The Company has not changed the useful lives of any of its assets during the periods discussed.

​

Impairment losses are recorded on investments in hotel properties to be held and used by the Company whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Factors the Company considers when assessing whether impairment indicators exist include, but are not limited to, hotel disposition strategy and hold period, a significant decline in operating results not related to renovations or repositionings, significant changes in the manner in which the Company uses the asset, physical damage to the property due to unforeseen events such as natural disasters, and other market and economic conditions.

​

Recoverability of assets that will continue to be used is measured by comparing the carrying amount of the asset to the related total future undiscounted net cash flows. If an asset’s carrying value is not recoverable through those cash flows, the asset is considered to be impaired. The impairment is measured by the difference between the asset’s carrying amount and its fair value. The Company performs a fair value assessment using valuation techniques such as discounted cash flows and comparable sale transactions in the market to estimate the fair value of the hotel and, if appropriate and available, current estimated net sales proceeds from pending offers. The Company’s judgment is required in determining the discount rate, terminal capitalization rate, the estimated growth of revenues and expenses, revenue per available room and margins, as well as specific market and economic conditions. Based on the Company’s review, no hotels were impaired in 2024, 2023, or 2022.

​

Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.

​

Assets Held for Sale

​

The Company considers a hotel and related assets held for sale if it is probable that the sale will be completed within twelve months, among other requirements. A sale is considered to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, the buyer waives any closing contingencies, there are no third-party approvals necessary and the Company has received a substantial non-refundable deposit. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. If the sale of the hotel represents a strategic shift that will have a major effect on the Company’s operations and financial results, the hotel qualifies as a discontinued operation, and operating results are removed from income from continuing operations and reported as discontinued operations. The operating results for any such assets for any prior periods presented must also be reclassified as discontinued operations. No hotels were considered held for sale as of either December 31, 2024 or 2023.

​

Deferred Financing Costs

​

Deferred financing costs consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments and are amortized to interest expense over the terms of the related debt or commitment. If a loan is refinanced or paid before its maturity, any unamortized deferred financing costs will generally be expensed unless specific rules are met that would allow for the carryover of such costs to the refinanced debt.

​

Deferred financing costs related to the Company’s undrawn credit facility are included on the Company’s consolidated balance sheets as an asset and are amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Deferred financing costs related to the Company’s outstanding debt are included on the Company’s consolidated balance sheets as a contra-liability (see Note 7), and subsequently amortized ratably over the term of the related debt.

​

Interest Rate Derivatives

​

The Company’s objective in holding interest rate derivatives is to manage its exposure to the interest rate risks related to its floating rate debt. To accomplish this objective, the Company uses interest rate caps and swaps, none of which qualifies for effective hedge accounting treatment. The Company records interest rate caps and swaps on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations.

​

Leases

​

The Company determines if a contract is a lease at inception. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. For leases with an initial term greater than twelve months, the Company records a right-of-use (“ROU”) asset and a corresponding lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease obligations represent the Company’s obligation to make fixed lease payments as stipulated by the lease. The Company has elected to not separate lease components from nonlease components, resulting in the Company accounting for lease and nonlease components as one single lease component.

​

Leases are accounted for using a dual approach, classifying leases as either operating or financing based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the Company. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease for operating leases or based on an effective interest method for finance leases.

​

Lease ROU assets are recognized at the lease commencement date and include the amount of the initial operating lease obligation, any lease payments made at or before the commencement date, excluding any lease incentives received, and any initial direct costs incurred. For leases that have extension options that the Company can exercise at its discretion, management uses judgment to determine if it is reasonably certain that the Company will in fact exercise such option. If the extension option is reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants.

​

Lease obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (“IBR”) based on information available at the commencement date in determining the present value of lease payments over the lease term. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to estimate the Company’s IBR, the Company first looks to its own unsecured debt offerings and adjusts the rate for both length of term and secured borrowing using available market data as well as consultations with leading national financial institutions that are active in the issuance of both secured and unsecured notes.

​

The Company reviews its right-of-use assets for indicators of impairment. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Based on the Company’s review, no operating lease ROU assets were impaired during either 2024 or 2023, and the Company recorded a $2.1 million impairment loss on the ROU asset related to the office lease at its former corporate headquarters (see Note 5) during 2022.

​

Revenue Recognition

​

Revenues are recognized when control of the promised goods or services is transferred to hotel guests, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Room revenue and other occupancy based fees are recognized over a guest’s stay at the previously agreed upon daily rate. Some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is recognized by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is recognized by the Company on a gross basis, with the related discount or commission recognized in room expense. A majority of the Company’s hotels participate in frequent guest programs sponsored by the hotel brand owners whereby the hotel allows guests to earn loyalty points during their hotel stay. The Company expenses charges associated with these programs as incurred, and recognizes revenue at the amount it will receive from the brand when a guest redeems their loyalty points by staying at one of the Company’s hotels. In addition, some contracts for rooms or food and beverage services require an advance deposit, which the Company records as deferred revenue (or a contract liability) and recognizes once the performance obligations are satisfied. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill their contracted minimum number of room nights or minimum food and beverage spending requirements, are typically recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is generally the period in which these fees are collected.

​

Food and beverage revenue and other ancillary services revenue are generated when a customer chooses to purchase goods or services. The revenue is recognized when the goods or services are provided to the customer at the amount the Company expects to be entitled to in exchange for those goods or services. For ancillary services provided by third parties, the Company assesses whether it is the principal or the agent. If the Company is the principal, revenue is recognized based upon the gross sales price. If the Company is the agent, revenue is recognized based upon the commission earned from the third party.

​

Additionally, the Company collects sales, use, occupancy, and other similar taxes from customers at its hotels at the time of purchase, which are not included in revenue. The Company records a liability upon collection of such taxes from the customer, and relieves the liability when payments are remitted to the applicable governmental agency.

​

Trade receivables and contract liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2024

​

2023

​

​

​

​

​

​

Trade receivables, net (1)

​

$

18,693

​

$

14,431

Contract liabilities (2)

​

$

48,635

​

$

45,432

(1)Trade receivables, net are included in accounts receivable, net on the accompanying consolidated balance sheets.
(2)Contract liabilities consist of advance deposits and are included in other liabilities on the accompanying consolidated balance sheets.

​

During 2024 and 2023, the Company recognized approximately $39.2 million and $43.7 million, respectively, in revenue related to its outstanding contract liabilities.

​

Advertising and Promotion Costs

​

Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.

​

Stock Based Compensation

​

Restricted shares and units are measured at fair value on the date of grant and amortized as compensation expense over the relevant requisite service period or derived service period. The Company has elected to account for forfeitures as they occur.

​

Income Taxes

​

The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the TRS Lessee, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

​

The Company reviews any uncertain tax positions and, if necessary, records the expected future tax consequences of uncertain tax positions in its consolidated financial statements. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.

​

The Company recognizes any penalties and interest related to unrecognized tax benefits in income tax expense in its consolidated statements of operations.

​

Dividends

​

Under current federal income tax laws related to REITs, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders. Currently, the Company pays quarterly cash dividends to both its common and preferred stockholders as declared by the Company’s board of directors. Any future common stock dividends will be determined by the Company’s board of directors after considering the Company’s long-term operating projections, expected capital requirements and risks affecting its business. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.

​

Earnings Per Share

​

The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated assuming all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights.

​

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid), which include the Company’s time-based restricted stock awards, are considered participating securities and are included in the computation of earnings per share.

​

Basic earnings attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, including shares of the Company’s performance-based restricted stock units for which all necessary conditions have been satisfied except for the passage of time. Diluted earnings attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of time-based unvested restricted stock awards and performance-based restricted stock units, using the more dilutive of either the two-class method or the treasury stock method. The Company’s performance-based restricted stock units are considered for computing diluted net income per common share as of the beginning of the period in which all necessary conditions have been satisfied and the only remaining vesting condition is a service vesting condition.

​

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended

    

Year Ended

    

Year Ended

 

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net income

​

$

43,262

​

$

206,708

​

$

90,766

​

Income from consolidated joint venture attributable to noncontrolling interest

​

 

—

​

 

—

​

 

(3,477)

​

Preferred stock dividends

​

 

(15,228)

​

 

(13,988)

​

 

(14,247)

​

Distributions paid to participating securities

​

​

(273)

​

​

(310)

​

​

(128)

​

Undistributed income allocated to participating securities

​

 

—

​

 

(683)

​

 

(323)

​

Numerator for basic and diluted income attributable to common stockholders

​

$

27,761

​

$

191,727

​

$

72,591

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

Weighted average basic common shares outstanding

​

 

201,739

​

 

205,590

​

 

212,613

​

Unvested restricted stock units

​

​

903

​

​

275

​

​

40

​

Weighted average diluted common shares outstanding

​

 

202,642

​

 

205,865

​

 

212,653

​

​

​

​

​

​

​

​

​

​

​

​

Basic income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​

Diluted income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​

​

In its calculation of diluted earnings per share, the Company excluded 688,288, 1,032,266, and 1,289,146 anti-dilutive unvested time-based restricted stock awards for the years ended December 31, 2024, 2023 and 2022, respectively (see Note 12).

​

The Company also had 1,382,074, 1,076,160, and 612,584 unvested performance-based restricted stock units as of December 31, 2024, 2023, and 2022, respectively, that are not considered participating securities as the awards contain forfeitable rights to dividends or dividend equivalents. The performance-based restricted stock units were granted based on either target market condition thresholds or pre-determined stock price targets. Based on the Company’s common stock performance, the Company excluded

188,004 anti-dilutive performance-based restricted stock units from its calculations of diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 (see Note 12).

​

Segment Reporting

​

The Company considers each of its hotels to be an operating segment and allocates resources and assesses the operating performance for each hotel. Because all of the Company’s hotels have similar economic characteristics, facilities, and services, the hotels have been aggregated into one reportable segment, Hotel Ownership (see Note 13).

​

New Accounting Standards and Accounting Changes

​

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment, such as the Company, are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The guidance is effective on an annual basis in 2024 and will be effective for interim periods beginning in the first quarter of 2025. The Company’s adoption of ASU 2023-07 in December 2024 had no effect on its financial statements; however, ASU 2023-07’s additional disclosure requirements are included in Note 13.

​

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. All entities should apply the guidance prospectively but have the option to apply it retrospectively. ASU 2023-09 will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating ASU 2023-09’s additional disclosure requirements.

​

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) in each income statement line item that contains those expenses. All entities are required to apply the guidance prospectively and may apply it retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating ASU 2024-03’s additional disclosure requirements.

​
v3.25.0.1
Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2024
Investment in Hotel Properties  
Investment in Hotel Properties

3. Investment in Hotel Properties

​

Investment in hotel properties, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Land

​

$

645,884

​

$

614,112

​

Buildings and improvements

​

 

2,824,364

​

 

2,587,278

​

Furniture, fixtures and equipment

​

 

445,696

​

 

407,861

​

Intangible assets

​

 

44,063

​

 

42,187

​

Construction in progress

​

 

147,250

​

 

61,247

​

Investment in hotel properties, gross

​

 

4,107,257

​

 

3,712,685

​

Accumulated depreciation and amortization

​

 

(1,251,225)

​

 

(1,127,406)

​

Investment in hotel properties, net

​

$

2,856,032

​

$

2,585,279

​

​

2024 Acquisition

​

In April 2024, the Company purchased the fee-simple interest in the 630-room Hyatt Regency San Antonio Riverwalk, located in San Antonio, Texas, for a contractual purchase price of $230.0 million. In addition to the fee-simple interest in the hotel, an affiliate of the seller will reimburse the Company for the first $8.0 million of capital invested into the hotel pursuant to the hotel’s management agreement. The acquisition was accounted for as an asset acquisition and was funded from available cash.

​

Intangible Assets

​

Intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

    

December 31,

 

​

​

​

2024

​

​

2023

​

Element agreement (1)

​

$

18,436

​

$

18,436

​

Airspace agreements (2)

​

 

1,947

​

 

1,947

​

Residential program agreements (3)

​

​

21,038

​

​

21,038

​

Advance bookings (4)

​

​

1,344

​

​

—

​

Trade names (5)

​

​

121

​

​

121

​

Franchise agreements (6)

​

​

130

​

​

126

​

In-place lease agreements (7)

​

​

1,047

​

​

519

​

​

​

 

44,063

​

 

42,187

​

Accumulated amortization

​

 

(2,306)

​

 

(949)

​

​

​

$

41,757

​

$

41,238

​

​

Amortization expense on these intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Residential program agreements (3)

​

$

923

​

$

411

​

$

282

​

Advance bookings (4)

​

​

224

​

​

—

​

​

199

​

Franchise agreements (6)

​

​

8

​

​

7

​

​

11

​

In-place lease agreements (7)

​

​

202

​

​

99

​

​

58

​

Below market management agreement (8)

​

​

—

​

​

—

​

​

15

​

​

​

$

1,357

​

$

517

​

$

565

​

(1)The Element agreement as of both December 31, 2024 and 2023 included the exclusive perpetual rights to certain space at The Westin Washington, DC Downtown. The Element has an indefinite useful life and is not amortized.
(2)Airspace agreements as of both December 31, 2024 and 2023 consisted of dry slip agreements at the Oceans Edge Resort & Marina. The dry slips at the Oceans Edge Resort & Marina have indefinite useful lives and are not amortized.
(3)Residential program agreements as of both December 31, 2024 and 2023 included $13.7 million and $7.3 million at the Montage Healdsburg and the Four Seasons Resort Napa Valley, respectively. The value of the agreements were determined based on each hotel’s purchase price allocation. The agreements relate to the hotels’ residential rental programs, whereby owners of the adjacent separately owned Montage Residences Healdsburg and Four Seasons Private Residences Napa Valley are eligible to participate in optional rental programs and have access to the hotels’ facilities. The agreements at the Montage Healdsburg consist of two components, a residential program agreement and a social membership program under which the Company began to recognize revenues in January 2024 and February 2023, respectively. The agreements are both amortized using the straight-line method over the life of the related remaining 25-year Montage Healdsburg management agreement. The Company began to recognize revenue associated with the residential program agreement at the Four Seasons Resort Napa Valley in April 2022, amortizing the agreement using the straight-line method over the life of the related remaining 20-year management agreement. The amortization expense for both the Montage Healdsburg and the Four Seasons Resort Napa Valley is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(4)Advance bookings as of December 31, 2024 consisted of advance deposits related to our acquisition of the Hyatt Regency San Antonio Riverwalk. As part of the purchase price allocation, the contractual advance hotel bookings were recorded at a discounted present value based on estimated collectability. They are amortized using the straight-line method over the periods the amounts are expected to be collected. The amortization expense for contractual advance hotel bookings is included in depreciation and amortization expense in the Company’s consolidated statements of operations. The advance bookings will be fully amortized in April 2028.
(5)Trade names as of both December 31, 2024 and 2023 consisted of trademarks and bottle labeling used by the Elusa Winery at the Four Seasons Resort Napa Valley. The values of the trade names were determined as part of the hotel’s purchase price allocation. The trade names have indefinite useful lives and are not amortized.
(6)Franchise agreements as of both December 31, 2024 and 2023 consisted of agreements at the Hilton New Orleans St. Charles and The Bidwell Marriott Portland. In May 2024, the Company entered into an agreement to extend the term of The Bidwell Marriott Portland’s franchise agreement by one year. The agreements are amortized using the straight-line method over the lives of the franchise agreements and will be fully amortized in October 2025 and April 2028 for The Bidwell Marriott Portland and the Hilton New Orleans St. Charles, respectively. The amortization expense for the franchise agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(7)The in-place lease agreements as of December 31, 2024 included agreements at the Hyatt Regency San Antonio Riverwalk. In addition, the in-place lease agreements as of both December 31, 2024 and 2023 included an agreement at The Confidante Miami Beach. The values of the agreements were determined as part of the respective hotel’s purchase price allocation. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the leases and will be fully amortized between December 2026 and November 2029. The amortization expense for the in-place lease agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(8)The below market management agreement consisted of an agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile. The agreement was amortized using the straight-line method over the remaining non-cancelable term until the hotel’s sale in March 2022 (see Note 4).

​

For the next five years, amortization expense for the intangible assets noted above is expected to be as follows (in thousands):

​

​

​

​

​

​

2025

    

$

1,522

​

2026

​

$

1,518

​

2027

​

$

1,370

​

2028

​

$

1,077

​

2029

​

$

959

​

​
v3.25.0.1
Disposals
 12 Months Ended
Dec. 31, 2024
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]  
Disposals

4. Disposals

​

Disposals – 2024

​

While no hotels were sold in 2024, the Company recognized a net gain of $0.5 million related to a contingency resolution at the Boston Park Plaza, which the Company sold in 2023.

​

Disposals – 2023

​

In October 2023, the Company sold the Boston Park Plaza, located in Massachusetts, for net proceeds of $364.5 million and a gain of $123.8 million. The sale did not represent a strategic shift that had a major impact on the Company’s business plan or its primary markets; therefore, the hotel disposition did not qualify as a discontinued operation.

​

Disposals - 2022

​

In February 2022, the Company sold the Hyatt Centric Chicago Magnificent Mile and in March 2022, the Company sold both the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile, all three of which are located in Illinois. None of these sales represented a strategic shift that had a major impact on the Company’s business plan or its primary markets; therefore, none of the hotel dispositions qualified as a discontinued operation.

​

The details of the sales were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

Net Proceeds

​

Net Gain

Hyatt Centric Chicago Magnificent Mile

​

$

67,231

(1)

$

11,336

Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown/Magnificent Mile

​

​

128,060

​

​

11,610

​

​

$

195,291

​

$

22,946

(1)Includes a $4.0 million disposition deposit received from the buyer of the hotel in December 2021.

​

Results of Operations – Disposed Hotels

​

The following table provides summary results of operations for the disposed hotels, which are included in net income for their respective ownership periods (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Total revenues

​

$

—

​

$

96,713

​

$

97,915

​

​

​

​

​

​

​

​

​

​

Income before income taxes (1)

​

$

—

​

$

19,231

​

$

3,801

​

​

​

​

​

​

​

​

​

​

Gain on sale of assets, net

​

$

457

​

$

123,820

​

$

22,946

(1)Income before income taxes does not include the gain recognized on the hotel sales.
v3.25.0.1
Fair Value Measurements and Interest Rate Derivatives
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements and Interest Rate Derivatives  
Fair Value Measurements and Interest Rate Derivatives

5. Fair Value Measurements and Interest Rate Derivatives

​

Fair Value Measurements

​

As of December 31, 2024 and 2023, the carrying amount of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses were representative of their fair values due to the short-term maturity of these instruments.

​

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value is as follows:

​

​

​

Level 1

Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

​

​

Level 2

Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or the liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

​

​

Level 3

Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

​

As of both December 31, 2024 and 2023, the Company measured its interest rate derivatives at fair value on a recurring basis. The Company estimated the fair value of its interest rate derivatives using Level 2 measurements based on quotes obtained from the counterparties, which are based upon the consideration that would be required to terminate the agreements.

​

While the Company did not record any impairment losses in 2024 or 2023, an impairment loss of $3.5 million was recorded by the Company in 2022, as discussed below.

​

Former corporate headquarters. In 2022, in connection with an initiative to reduce future operating expenses, the Company recorded a noncash impairment loss of $3.5 million related to the subleasing of its former corporate headquarters, which is included in impairment losses on the Company’s consolidated statement of operations for the year ended December 31, 2022. The $3.5 million impairment loss consisted of a $1.4 million write-down of the Company’s tenant improvements, net, which are included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets, and a $2.1 million write-down of the Company’s operating lease right-of-use assets, net related to the office lease at its former corporate headquarters.

​

In 2022, the Company determined that it could reduce its future operating expenses by relocating its corporate headquarters to decrease the amount of space the Company occupied and to secure a lower rental cost per square foot. As such, the Company executed a sublease agreement with an unaffiliated party for the remainder of the original ten-year lease term and relocated its headquarters in January 2023. Coterminous with the execution of the sublease agreement, the Company identified indicators of impairment related to its original corporate headquarters as there were significant changes in the manner in which both the tenant improvements and the ROU asset were to be used and the original lease cost was greater than the expected sublease income. To determine the impairment losses, the Company applied Level 2 measurements to estimate the fair values of the tenant improvements and ROU asset, using the income expected to be generated under the sublease agreement with the unaffiliated sublessee to prepare a discounted cash flow analysis.

​

Fair Value of Debt

​

As of December 31, 2024 and 2023, 40.8% and 51.2%, respectively, of the Company’s outstanding debt had fixed interest rates, including the effects of interest rate swap derivatives. The Company uses Level 3 measurements to estimate the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates.

​

The Company’s principal balances and fair market values of its consolidated debt were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

Carrying Amount (1)

​

Fair Value (2)

​

Carrying Amount (1)

​

Fair Value (2)

​

Debt

​

$

845,000

​

$

841,027

​

$

819,050

​

$

805,212

​

(1)The principal balance of debt is presented before any unamortized deferred financing costs.
(2)Due to changes in market conditions and the economic environment, actual interest rates could vary materially from those estimated, which would result in variances in the Company’s calculations of the fair market value of its debt.

​

Interest Rate Derivatives

​

The Company’s interest rate derivatives, which are not designated as effective cash flow hedges, consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Estimated Fair Value of Assets (Liabilities) (1)

​

​

​

Strike / Capped

​

Effective

Maturity

​

Notional

​

December 31,

​

Hedged Debt

Type

LIBOR Rate

Index

Date

Date

​

Amount

​

2024

​

2023

​

Term Loan 1

Swap

3.675

%

CME Term SOFR

March 17, 2023

March 17, 2026

​

$

75,000

​

$

370

​

$

417

​

Term Loan 1

Swap

3.931

%

CME Term SOFR

September 14, 2023

September 14, 2026

​

$

100,000

​

​

186

​

​

(401)

​

​

​

​

​

​

​

​

​

​

​

​

$

556

​

$

16

​

(1)The fair values of the swap derivative assets were included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets as of December 31, 2024 and 2023. The fair value of the swap derivative liability was included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2023.

Noncash changes in the fair values of the Company’s interest rate derivatives resulted in (decreases) increases to interest expense as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Noncash interest on derivatives, net

​

$

(540)

​

$

252

​

$

(2,194)

​

​
v3.25.0.1
Prepaid Expenses and Other Assets
 12 Months Ended
Dec. 31, 2024
Prepaid Expenses and Other Assets.  
Prepaid Expenses and Other Assets

6. Prepaid Expenses and Other Assets

​

Prepaid expenses and other assets, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Prepaid expenses

​

$

10,488

​

$

8,123

​

Inventory

​

 

10,497

​

 

9,185

​

Deferred financing costs

​

​

2,223

​

​

3,627

​

Property and equipment, net

​

​

2,267

​

​

3,120

​

Interest rate derivatives

​

​

556

​

​

417

​

Deferred rent on straight-lined third-party tenant leases

​

​

369

​

​

552

​

Liquor licenses

​

 

930

​

 

930

​

Other

​

 

427

​

 

429

​

Total prepaid expenses and other assets, net

​

$

27,757

​

$

26,383

​

​

​
v3.25.0.1
Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt Disclosures  
Notes Payable

7. Notes Payable

​

Notes payable consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Outstanding as of

​

​

December 31, 2024

​

​

​

December 31,

​

December 31,

​

​

Rate Type

​

Interest Rate

​

Maturity Date

​

2024

​

2023

Mortgage Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

JW Marriott New Orleans

​

Fixed

​

4.15

%

​

December 11, 2024

​

$

—

​

​

74,050

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured Corporate Credit Facilities (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan 1

​

Fixed

(2)

5.27

%

​

July 25, 2027

​

$

175,000

​

$

175,000

Term Loan 2

​

Variable

(3)

6.02

%

​

January 25, 2028

​

​

175,000

​

​

175,000

Term Loan 3

​

Variable

(4)

5.83

%

​

May 1, 2025

​

​

225,000

​

​

225,000

Term Loan 4

​

Variable

(5)

5.93

%

​

November 7, 2025

​

​

100,000

​

​

—

Total unsecured corporate credit facilities

​

​

​

​

​

​

​

​

$

675,000

​

$

575,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

Series A

​

Fixed

​

4.69

%

​

January 10, 2026

​

$

65,000

​

$

65,000

Series B

​

Fixed

​

4.79

%

​

January 10, 2028

​

​

105,000

​

​

105,000

Total unsecured senior notes

​

​

​

​

​

​

​

​

$

170,000

​

$

170,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total debt

​

​

​

​

​

​

​

​

$

845,000

​

$

819,050

Unamortized deferred financing costs

​

​

​

​

​

​

​

​

​

(3,953)

​

​

(4,491)

Debt, net of unamortized deferred financing costs

​

​

​

​

​

​

​

​

$

841,047

​

$

814,559

(1)The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid with a range of 1.35% to 2.20%, depending on the Company’s leverage ratios, plus SOFR and a 0.10% adjustment.
(2)Term Loan 1 is subject to two interest rate swap derivatives (see Note 5). The Company did not achieve its 2023 sustainability performance metric as specified in the Second Amended Credit Agreement, resulting in Term Loan 1’s pricing grid returning to its range of 1.35% to 2.20% in May 2024, an increase of 0.02% from the previous year. The achievement of the sustainability metric and its impact on the pricing grid is evaluated annually. The effective interest rates on Term Loan 1 were 5.27% and 5.25% at December 31, 2024 and 2023, respectively.
(3)The Company did not achieve its 2023 sustainability performance metric as specified in the Second Amended Credit Agreement, resulting in Term Loan 2’s pricing grid returning to its range of 1.35% to 2.20% in May 2024, an increase of 0.02% from the previous year. The achievement of the sustainability metric and its impact on the pricing grid is evaluated annually. The effective interest rates on Term Loan 2 were 6.02% and 6.77% at December 31, 2024 and 2023, respectively.
(4)Term Loan 3’s effective interest rates were 5.83% and 6.81% at December 31, 2024 and 2023, respectively.
(5)Term Loan 4’s effective interest rate was 5.93% at December 31, 2024 (see Note 15).

​

Aggregate future principal maturities of notes payable at December 31, 2024, were as follows (in thousands):

​

​

​

​

​

​

2025

    

$

—

​

2026

​

 

390,000

(1)

2027

​

 

175,000

​

2028

​

 

280,000

​

2029

​

 

—

​

Thereafter

​

 

—

​

Total

​

$

845,000

​

(1)Includes Term Loan 3 and Term Loan 4 assuming the Company has exercised its options to extend the maturity of the loans from May 1, 2025 to May 1, 2026 and from November 7, 2025 to November 7, 2026, respectively, upon payment of applicable fees and the satisfaction of certain customary conditions.

Notes Payable Transactions - 2024

​

Secured Debt. The mortgage secured by the JW Marriott New Orleans was repaid on December 11, 2024, using proceeds received from the Company’s Term Loan 4.

​

Unsecured Debt. On November 7, 2024, the Company entered into delayed-draw Term Loan 4 and drew a total of $100.0 million in December 2024. Term Loan 4’s variable interest rate is based on a pricing grid with a range of 1.35% to 2.20%, depending on the Company’s leverage ratios, plus SOFR and a 0.10% adjustment. Term Loan 4 has an initial term of one year with two six-month extension options at the Company’s election, resulting in an extended maturity of November 7, 2026, upon the payment of applicable fees and the satisfaction of certain customary conditions.

​

As of December 31, 2024, the Company had no amount outstanding on its credit facility, with $500.0 million of capacity available for borrowing under the facility. The Company’s ability to draw on the credit facility is subject to the Company’s compliance with various covenants.

​

Notes Payable Transactions - 2023

​

Secured Debt. The mortgage secured by the Hilton San Diego Bayfront was repaid on May 9, 2023, using proceeds received from the Company’s Term Loan 3.

​

Unsecured Debt. On May 1, 2023, the Company entered into a term loan agreement (“Term Loan 3”) and drew a total of $225.0 million, of which $220.0 million was used to repay the mortgage loan secured by the Hilton San Diego Bayfront. The variable interest rate is based on a pricing grid with a range of 1.35% to 2.20%, depending on the Company’s leverage ratios, plus SOFR and a 0.10% adjustment. Term Loan 3 matures on May 1, 2025, with a one-time option to extend the loan by twelve months to May 1, 2026 upon the payment of applicable fees and the satisfaction of certain customary conditions.

​

Deferred Financing Costs and Gain (loss) on Extinguishment of Debt, net

​

Deferred financing costs and gain (loss) on extinguishment of debt, net were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024 (1)

​

2023 (2)

​

2022 (3)

​

Payments of deferred financing costs

​

$

1,105

​

$

2,332

​

$

7,404

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) on extinguishment of debt, net

​

$

59

​

$

9,938

​

$

(936)

​

(1)During 2024, the Company paid a total of $1.1 million in deferred financing costs related to Term Loan 4. In addition, the Company recognized a gain of $0.1 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020 due to reassessments of the remaining potential employee-related obligations and the release of the remaining potential employee-related obligations in conjunction with the termination of the escrow agreement during the second quarter of 2024 (see Note 14).
(2)During 2023, the Company paid a total of $2.3 million in deferred financing costs related to Term Loan 3. In addition, the Company recognized a gain of $9.9 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020, comprising $9.8 million from the relief of a majority of the potential employee-related obligations, with the funds released to the Company from escrow, and $0.1 million due to reassessments of the remaining potential employee-related obligations held in escrow (see Note 14).
(3)During 2022, the Company paid a total of $7.4 million in deferred financing costs related to its Amended Credit Agreement. In addition, the Company recognized a net loss of $0.9 million, comprising losses of $0.2 million related to the accelerated amortization of deferred financing costs associated with the partial repayments of the senior notes and $0.8 million related to lender fees and the accelerated amortization of deferred financing costs associated with the Amended Credit Agreement. These losses were slightly offset by a gain of $0.1 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020 due to reassessments of the potential employee-related obligations held in escrow (see Note 14).

​

Interest Expense

​

Total interest incurred and expensed on the notes payable and finance lease obligation was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Interest expense on debt and finance lease obligation

​

$

49,003

​

$

48,727

​

$

31,713

​

Noncash interest on derivatives, net

​

 

(540)

​

 

252

​

 

(2,194)

​

Amortization of deferred financing costs

​

 

3,047

​

 

2,700

​

 

2,486

​

Capitalized interest

​

 

(1,385)

​

 

—

​

 

—

​

Total interest expense

​

$

50,125

​

$

51,679

​

$

32,005

​

​
v3.25.0.1
Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities.  
Other Liabilities

8. Other Liabilities

​

Other liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Advance deposits

​

$

48,635

​

$

45,432

​

Property, sales and use taxes payable

​

​

10,088

​

​

6,903

​

Accrued interest

​

​

5,105

​

​

6,346

​

Deferred rent

​

​

1,433

​

​

2,711

​

Income taxes payable

​

​

—

​

​

2,860

​

Interest rate derivative

​

​

—

​

​

401

​

Management fees payable

​

​

1,168

​

​

1,321

​

Other

​

 

6,265

​

 

7,040

​

Total other liabilities

​

$

72,694

​

$

73,014

​

​
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

9. Leases

​

As of both December 31, 2024 and 2023, the Company had operating leases for ground, office, equipment, and airspace leases with maturity dates ranging from 2025 through 2097, excluding renewal options. Including renewal options available to the Company, the lease maturity date extends to 2147.

​

Operating leases were included on the Company’s consolidated balance sheets as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Right-of-use assets, net

​

$

8,464

​

$

12,755

​

​

​

​

​

​

​

​

​

Lease obligations

​

$

12,019

​

$

16,735

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term

​

​

23 years

​

​

​

​

Weighted average discount rate

​

​

5.5

%

​

​

​

​

Lease Transaction - 2024

​

In December 2024, the Company entered into a golf cart lease agreement on behalf of the Four Seasons Resort Napa Valley and recognized a $0.3 million operating lease right-of-use asset and related lease obligation.

​

Lease Transaction - 2023

​

In January 2023, the Company relocated its corporate headquarters and recognized a $2.2 million operating lease right-of-use asset and related lease obligation.

​

​

Lease Expense

​

The components of lease expense were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Interest on finance lease obligation (1)

​

$

—

​

$

—

​

$

117

Operating lease cost

​

​

5,368

​

​

5,427

​

​

5,367

Variable lease cost (2)

​

​

7,824

​

​

8,438

​

​

6,853

Sublease income (3)

​

​

(1,187)

​

​

(1,187)

​

​

—

Total lease cost

​

$

12,005

​

$

12,678

​

$

12,337

(1)Interest on finance lease obligation included expense for the Hyatt Centric Chicago Magnificent Mile’s finance lease obligation before the hotel’s sale in February 2022 (see Note 4).
(2)Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.
(3)Sublease income is included in corporate overhead in the accompanying consolidated statements of operations for the years ended December 31, 2024 and 2023.

​

At December 31, 2024, future maturities of the Company’s operating lease obligations were as follows (in thousands):

​

​

​

​

​

2025 (1)

​

$

5,926

2026

​

​

2,339

2027

​

​

2,401

2028

​

​

1,868

2029

​

​

298

Thereafter

​

​

981

Total lease payments (2)

​

​

13,813

Less: interest (3)

​

​

(1,794)

Present value of lease obligations

​

$

12,019

(1)Operating lease obligations include a ground lease that expires in 2071 and requires a reassessment of rent payments due after 2025, agreed upon by both the Company and the lessor; therefore, no amounts are included in the above table for this ground lease after 2025.
(2)Total lease payments do not include a total of $3.3 million in sublease income the Company expects to receive in 2026 through 2028.
(3)Calculated using the respective discount rate for each lease.

​
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

10. Income Taxes

​

The significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Deferred Tax Assets:

​

​

​

​

​

​

Net operating loss carryforward

​

$

22,129

​

$

22,805

Other reserves

​

 

885

​

 

1,095

State taxes and other

​

 

1,371

​

 

1,657

Depreciation

​

​

1,695

​

​

1,853

Total gross deferred tax assets

​

​

26,080

​

​

27,410

​

​

​

​

​

​

​

Deferred Tax Liabilities:

​

​

​

​

​

​

Amortization

​

​

(55)

​

​

(34)

Deferred revenue

​

​

(22)

​

​

(22)

Other

​

​

—

​

​

(167)

Total gross deferred tax liabilities

​

​

(77)

​

​

(223)

​

​

​

​

​

​

​

Less: valuation allowance

​

​

(26,003)

​

​

(27,187)

​

​

​

​

​

​

​

Deferred tax assets, net

​

$

—

​

$

—

​

At December 31, 2024 and 2023, the net operating loss carryforwards for federal income tax purposes totaled approximately $102.0 million and $103.8 million, respectively, of which $8.2 million will expire between 2031 and 2033. The remaining losses can be carried forward indefinitely and are subject to an 80% taxable income limitation.

​

The Company’s income tax benefit (provision), net was included in the consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

(5)

​

$

(14)

​

$

—

​

State

​

 

1,105

​

 

(4,548)

​

 

(359)

​

Current income tax benefit (provision), net

​

​

1,100

​

​

(4,562)

​

​

(359)

​

​

​

​

​

​

​

​

​

​

​

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

​

(734)

​

​

(123)

​

​

2,568

​

State

​

 

(450)

​

 

(208)

​

 

654

​

Change in valuation allowance

​

 

1,184

​

 

331

​

 

(3,222)

​

Deferred income tax benefit (provision), net

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)

​

$

(359)

​

​

The differences between the income tax benefit (provision) calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax benefit (provision), net were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Expected federal tax expense at statutory rate

​

$

(5,887)

​

$

(45,033)

​

$

(18,406)

Tax impact of REIT election

​

​

6,004

​

​

40,767

​

​

20,981

Expected tax benefit (provision) of TRS

​

​

117

​

​

(4,266)

​

​

2,575

​

​

​

​

​

​

​

​

​

​

State income tax benefit, net of federal (provision)

​

​

685

​

​

(164)

​

​

517

Change in valuation allowance

​

​

1,184

​

​

331

​

​

(3,222)

Other permanent items

​

​

(886)

​

​

(463)

​

​

(729)

Tax refunds and credits

​

​

—

​

​

—

​

​

500

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)

​

$

(359)

​

The Company’s tax years from 2021 to 2024 will remain open to examination by the federal and state authorities for three and four years, respectively.

​

Characterization of Distributions

​

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. Distributions paid per share were characterized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

​

    

Amount

    

%

    

Amount

    

%

    

Amount

    

%

 

Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.340

(2)

100

%  

$

—

​

—

%  

$

0.100

​

100

%  

Capital gain

​

 

—

​

—

​

 

0.300

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.340

 

100

%  

$

0.300

 

100

%  

$

0.100

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series G

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.998

​

100

%  

$

—

​

—

%  

$

0.567

​

100

%  

Capital gain

​

 

—

​

—

​

 

0.469

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.998

 

100

%  

$

0.469

 

100

%  

$

0.567

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series H

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.531

​

100

%  

$

—

​

—

%  

$

1.531

​

100

%  

Capital gain

​

 

—

​

—

​

 

1.531

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.531

 

100

%  

$

1.531

 

100

%  

$

1.531

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.425

​

100

%  

$

—

​

—

%  

$

1.425

​

100

%  

Capital gain

​

 

—

​

—

​

 

1.425

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.425

 

100

%  

$

1.425

 

100

%  

$

1.425

 

100

%  

(1)Ordinary income qualifies for Section 199A treatment per the 2017 Tax Cuts and Jobs Act.
(2)The 2024 common stock distribution is treated as paid in two tax years for income tax purposes, with approximately $0.28 per share taxable in 2024 and $0.06 per share taxable in 2025.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity  
Stockholders' Equity

11. Stockholders’ Equity

​

Series G Cumulative Redeemable Preferred Stock

​

Contemporaneous with the Company’s April 2021 purchase of the Montage Healdsburg, the Company issued 2,650,000 shares of its Series G preferred stock to the hotel’s seller as partial payment of the hotel. The Series G preferred stock, which is callable at its $25.00 redemption price plus accrued and unpaid dividends by the Company at any time, initially accrued dividends at a rate equal to the Montage Healdsburg’s annual net operating income yield on the Company’s total investment in the resort. In January 2024, the annual dividend rate increased to the greater of 3.0% or the rate equal to the Montage Healdsburg’s annual net operating income yield on the Company’s total investment in the resort. Beginning with the third quarter of 2024, the annual dividend rate increased to the greater of 4.5% or the rate equal to the Montage Healdsburg’s annual net operating income yield on the Company’s total investment in the resort. The Series G preferred stock is not convertible into any other security.

​

Series H Cumulative Redeemable Preferred Stock

​

In May 2021, the Company issued 4,600,000 shares of its 6.125% Series H preferred stock with a liquidation preference of $25.00. On or after May 24, 2026, the Series H preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series H preferred stock, the Company may at its option redeem the Series H preferred stock for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. If the Company chooses not to redeem the Series H preferred stock upon the occurrence of a change of control, holders of the Series H preferred stock may convert their preferred shares into shares of the Company’s common stock.

​

Series I Cumulative Redeemable Preferred Stock

​

In July 2021, the Company issued 4,000,000 shares of its 5.70% Series I preferred stock with a liquidation preference of $25.00. On or after July 16, 2026, the Series I preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series I preferred stock, the Company may at its option redeem the Series I preferred stock for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. If the Company chooses not to redeem the Series I preferred stock upon the occurrence of a change of control, holders of the Series I preferred stock may convert their preferred shares into shares of the Company’s common stock.

​

Common Stock

​

Stock Repurchase Program. In February 2021, the Company’s board of directors reauthorized the Company’s existing stock repurchase program, allowing the Company to acquire up to $500.0 million of the Company’s aggregate common and preferred stock. The stock repurchase program has no stated expiration date. In February 2023, the Company’s board of directors reauthorized the existing stock repurchase program and restored the $500.0 million of aggregate common and preferred stock allowed to be repurchased under the program.

​

Details of the Company’s repurchases were as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Number of common shares repurchased

​

​

2,764,837

​

​

5,971,192

​

​

10,245,324

​

Cost, including fees and commissions

​

$

27,238

​

$

56,403

​

$

108,442

​

Number of preferred shares repurchased

​

​

—

​

​

—

​

​

—

​

​

As of December 31, 2024, $427.5 million remains available for repurchase under the stock repurchase program. Future repurchases will depend on various factors, including the Company’s capital needs and restrictions under its various financing agreements, as well as the price of the Company’s common and preferred stock.

​

ATM Agreements. In February 2017, the Company entered into separate “At the Market” Agreements (the “2017 ATM Agreements”) with several financial institutions. In accordance with the terms of the 2017 ATM Agreements, the Company could from time to time offer and sell shares of its common stock having an aggregate offering price of up to $300.0 million. In February 2023, the Company’s board of directors reauthorized the $300.0 million 2017 ATM Agreements, or new similar agreements.

​

In March 2023, the Company terminated the 2017 ATM Agreements and entered into similar separate “At the Market” Agreements (the “2023 ATM Agreements”) with several financial institutions. In accordance with the terms of the 2023 ATM Agreements, the Company may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $300.0 million.

​

No common stock was issued in 2024, 2023, and 2022 under either the 2023 ATM Agreements or the 2017 ATM Agreements, leaving $300.0 million available for sale as of December 31, 2024.

​

Dividends and Distributions

​

The Company declared dividends and distributions per share on its preferred stock and common stock, respectively, as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Series G preferred stock

​

$

0.937500

​

$

0.469437

​

$

0.567112

​

Series H preferred stock

​

$

1.531252

​

$

1.531252

​

$

1.531252

​

Series I preferred stock

​

$

1.425000

​

$

1.425000

​

$

1.425000

​

Common stock

​

$

0.340000

​

$

0.300000

​

$

0.100000

​

​
v3.25.0.1
Incentive Award Plan
 12 Months Ended
Dec. 31, 2024
Incentive Award Plan  
Incentive Award Plan

12. Incentive Award Plan

​

The Company’s Incentive Award Plan (the “Plan”) provides for granting discretionary awards to employees, consultants, and non-employee directors. The awards may be made in the form of options, restricted stock awards, dividend equivalents, stock payments, restricted stock units, other incentive awards, LTIP units, or share appreciation rights. The Company has reserved 3,750,000 common shares for issuance under the Plan, and 1,332,223 shares remain available for future issuance as of December 31, 2024. At December 31, 2024, only shares of restricted stock were issued and outstanding under the Plan.

​

Should a stock grant be forfeited prior to its vesting, the shares covered by the stock grant are added back to the Plan and remain available for future issuance. Shares of common stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligations upon the vesting of a stock grant are not added back to the Plan.

​

Restricted shares and units are measured at fair value on the date of grant and amortized as compensation expense over the relevant requisite service period or derived service period. The Company has elected to account for forfeitures as they occur.

​

As of December 31, 2024, the Company’s issued and outstanding awards consisted of both time-based and performance-based restricted stock grants. The Company’s amortization expense, including forfeitures related to restricted shares was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Amortization expense, including forfeitures

​

$

10,456

​

$

10,775

​

$

10,891

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized compensation cost (1)

​

$

200

​

$

467

​

$

481

​

(1)The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels.

​

As of December 31, 2024, $9.7 million in compensation expense related to non-vested restricted stock grants remained to be recognized over a weighted-average period of 21 months.

​

Restricted Stock Awards

​

The Company’s restricted stock awards are time-based restricted shares that generally vest over periods ranging from three years to five years from the date of grant. The following is a summary of non-vested restricted stock award activity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

​

    

​

    

Weighted

    

​

    

Weighted

    

​

    

Weighted

 

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

 

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

 

Outstanding at beginning of year

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

 

1,463,315

​

$

12.15

​

Granted

 

444,077

​

$

10.66

 

450,964

​

$

10.58

 

555,501

​

$

11.41

​

Vested

 

(719,924)

​

$

11.25

 

(699,652)

​

$

11.76

 

(694,863)

​

$

12.50

​

Forfeited

 

(68,131)

​

$

10.89

 

(8,192)

​

$

11.12

 

(34,807)

​

$

11.79

​

Outstanding at end of year

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

​

​

Restricted Stock Units

​

In February 2024, 2023 and 2022, the Company granted restricted stock units that vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of the Company’s total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Equity Lodging/Resorts Index who have a market capitalization in excess of $500 million as of the date specified in the applicable award agreement (the “TSR Three-Year Performance Period Shares”). The number of TSR Three-Year Performance Period Shares that may become vested ranges from zero to 200% of the number of related shares granted to the employee, based on the level of achievement of the foregoing performance measure.

​

Additionally, in February 2022, the Company granted special awards that vested in January 2024 after a two-year performance period that ended on December 31, 2023 (the “TSR Two-Year Performance Period Shares”), which were subject to the same achievement conditions as the TSR Three-Year Performance Period Shares.

​

In March 2022, the Company granted special awards that are subject to the achievement of five increasing levels of the Company’s closing common stock price per share, from $13.50 to $19.50, sustained over a 20 consecutive trading day period (the “Stock Price Target Five-Year Performance Period Shares”). The Stock Price Target Five-Year Performance Period Shares will vest on the later to occur of the date on which the stock price target is achieved and the third anniversary of the grant date.

The following is a summary of non-vested restricted stock unit activity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

    

​

    

Weighted

    

​

    

Weighted

    

​

    

Weighted

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

Outstanding at beginning of year

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40

 

—

​

$

—

Granted (at target performance)

 

475,746

​

$

11.50

 

463,576

​

$

11.07

 

612,584

​

$

10.40

Vested

 

(119,732)

​

$

11.21

 

—

​

$

—

 

—

​

$

—

Forfeited

​

(50,100)

​

$

11.21

​

—

​

$

—

​

—

​

$

—

Outstanding at end of year

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40

​

The grant date fair values of the performance awards were determined based on a Monte Carlo simulation method with the following assumptions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Performance Award Grant Date

​

Expected Volatility

​

Dividend Yield (1)

​

Risk-Free Rate

​

Expected Term

February 12, 2024

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

31.0

%

​

—

​

​

4.34

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 9, 2023

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

38.0

%

​

—

​

​

4.18

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 10, 2022

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

41.0

%

​

—

​

​

1.78

%

​

3 years

TSR Two-Year Performance Period Shares

​

41.0

%

​

—

​

​

1.56

%

​

2 years

​

​

​

​

​

​

​

​

​

​

​

​

March 7, 2022

​

​

​

​

​

​

​

​

​

​

​

Stock Price Target Five-Year Performance Period Shares

​

40.0

%

​

—

​

​

1.72

%

​

5 years

(1)Dividend equivalents are assumed to be reinvested in shares of the Company’s common stock and dividend equivalents will only be paid to the extent the award vests.

​
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

13. Segment Information

​

The Company considers each of its hotels to be an operating segment and allocates resources and assesses the operating performance for each hotel individually. The Company has aggregated its hotels into a single reportable segment, Hotel Ownership, based on the following aggregation criteria:

●All of the Company’s hotels offer similar products and services to their customers in the form of hotel rooms, food and beverage, and ancillary services;
●The Company utilizes third-party hotel management companies to deliver its products and services to its customers across all of its hotels;
●The Company’s hotels are designed and operated to appeal to similar individuals, groups, leisure, and business customers that travel to its hotels; and
●The Company’s third-party hotel managers utilize the same methods (direct hotel sales and various online booking portals) to distribute the Company’s products and services across all of its hotels.

​

The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The CODM reviews and makes decisions on all facets of the Company’s business using all available financial and non-financial data for each hotel individually. Capital allocation decisions to acquire, sell, enhance, redevelop, or perform renewal and replacement expenditures are determined on a hotel-by-hotel basis. Specifically, the CODM reviews the results of each hotel to assess the hotel’s profitability. The CODM does not use aggregated data by brand, property type, or geography to formulate the Company’s operating and investment strategy, to manage its business, or to make decisions about resource allocation. The key measure the CODM uses to allocate resources and assess performance is individual hotel net income (loss) before interest expense, income taxes, depreciation, and amortization for REITs, adjusted to exclude the following items that are not reflective of its ongoing operating performance or incurred in the normal course of business (“Hotel Adjusted EBITDAre”):

●Business interruption insurance proceeds;
●Property-level hurricane-related restoration expenses and legal fees;
●Pre-opening costs associated with extensive renovation projects;
●Property-level legal settlements, restructuring, severance, and management transition costs;
●Taxes assessed on commercial rents; and
●Other nonrecurring identified adjustments.

​

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDAre for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations, which the CODM uses to manage its business, such as how to allocate capital to its hotels and how to determine the Company’s acquisition and disposition strategies (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Revenues

​

​

​

​

​

​

​

​

​

Hotel revenues

​

$

905,809

​

$

986,425

​

$

901,991

Business interruption insurance proceeds (1)

​

​

—

​

​

—

​

​

9,987

Other revenues (2)

​

​

—

​

​

55

​

​

75

Total consolidated revenues

​

$

905,809

​

$

986,480

​

$

912,053

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

Room

​

$

146,369

​

$

158,002

​

$

145,285

Food and beverage

​

​

182,840

​

​

193,820

​

​

174,146

Other operating

​

​

23,323

​

​

23,721

​

​

23,345

Advertising and promotion

​

​

52,180

​

​

51,958

​

​

46,979

Repairs and maintenance

​

​

35,927

​

​

38,308

​

​

36,801

Utilities

​

​

26,576

​

​

27,622

​

​

26,357

Franchise costs

​

​

18,391

​

​

16,876

​

​

15,839

Property tax, ground lease and insurance

​

​

77,221

​

​

78,796

​

​

68,979

Other property-level expenses (3)

​

​

110,833

​

​

120,247

​

​

113,336

​

​

$

673,660

​

$

709,350

​

$

651,067

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

233,861

​

$

276,756

​

$

250,481

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Reconciliation of Hotel Adjusted EBITDAre to Net Income

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

233,861

​

$

276,756

​

$

250,481

Business interruption insurance proceeds (1)

​

​

—

​

​

—

​

​

9,987

Other revenues (2)

​

​

—

​

​

55

​

​

75

Non-hotel operating expenses, net (4)

​

​

82

​

​

11

​

​

2,578

Property-level hurricane-related restoration expenses and legal fees (5)

​

​

—

​

​

—

​

​

(2,257)

Property-level COVID-19 relief grant (5)

​

​

1,343

​

​

—

​

​

—

Pre-opening expenses (5)

​

​

(2,633)

​

​

—

​

​

—

Property-level legal settlements (5)

​

​

(1,182)

​

​

—

​

​

—

Property-level severance (5)

​

​

—

​

​

(297)

​

​

(974)

Taxes assessed on commercial rents (5)

​

​

(480)

​

​

(553)

​

​

(176)

Amortization of right-of use assets and obligations

​

​

1,158

​

​

1,158

​

​

1,272

Corporate overhead

​

​

(29,050)

​

​

(31,412)

​

​

(35,246)

Depreciation and amortization

​

​

(124,507)

​

​

(127,062)

​

​

(126,396)

Impairment losses

​

​

—

​

​

—

​

​

(3,466)

Interest and other income

​

​

13,179

​

​

10,535

​

​

5,242

Interest expense

​

​

(50,125)

​

​

(51,679)

​

​

(32,005)

Gain on sale of assets, net

​

​

457

​

​

123,820

​

​

22,946

Gain (loss) on extinguishment of debt, net

​

​

59

​

​

9,938

​

​

(936)

Income tax benefit (provision), net

​

​

1,100

​

​

(4,562)

​

​

(359)

Net income

​

$

43,262

​

$

206,708

​

$

90,766

(1)Includes business interruption insurance proceeds received by the Company in 2022 related to COVID-19 disruption at the Company’s hotels. The CODM excludes business interruption proceeds because they are non-recurring and not indicative of the performance of the Company’s hotels for the applicable period.
(2)Other revenues include the amortization of any favorable or unfavorable contract intangibles recorded in conjunction with the Company’s hotel acquisitions. The CODM excludes the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating the performance of the Company’s hotels.
(3)Other property-level expenses include property-level general and administrative expenses, such as payroll, benefits and other employee-related expenses, contract and professional fees, credit and collection expenses, employee recruitment, relocation and training expenses, labor dispute expenses, consulting fees, management fees, and other expenses.
(4)Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for 2024, 2023, and 2022, and include corporate-level current year property taxes, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.
(5)When assessing a hotel’s operating performance, the CODM excludes certain items that are not indicative of the ongoing operating performance of the Company’s hotels, such as hurricane-related restoration expenses and legal fees, property-level grants, pre-opening expenses associated with extensive renovation projects such as the work being performed at the Confidante Miami Beach, property-level legal settlements and severance, and taxes assessed on commercial rents.

The CODM does not receive asset information by segment. Assets reported to the CODM are consistent with those included on the Company’s consolidated balance sheets, with particular emphasis on the Company’s cash and cash equivalents, restricted cash, and debt.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

14. Commitments and Contingencies

​

Management Agreements

​

Management agreements with the Company’s third-party hotel managers currently require the Company to pay between 2.0% and 3.0% of total revenue of the managed hotels to the third-party managers each month as a basic management fee. In addition to basic management fees, provided that certain operating thresholds are met, the Company may also be required to pay incentive management fees to certain of its third-party managers.

​

Total basic management and incentive management fees were included in other property-level expenses on the Company’s consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Basic management fees

​

$

24,356

​

$

27,122

​

$

24,858

​

Incentive management fees

​

 

2,463

​

 

7,534

​

 

6,696

​

Total basic and incentive management fees

​

$

26,819

​

$

34,656

​

$

31,554

​

​

License and Franchise Agreements

​

The Company has entered into license and franchise agreements related to certain of its hotels. The license and franchise agreements require the Company to, among other things, pay monthly fees that are calculated based on specified percentages of certain revenues. The license and franchise agreements generally contain specific standards for, and restrictions and limitations on, the operation and maintenance of the hotels which are established by the franchisors to maintain uniformity in the system created by each such franchisor. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with such standards may from time to time require the Company to make significant expenditures for capital improvements.

​

Total license and franchise fees were included in franchise costs on the Company’s consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Franchise assessments (1)

​

$

17,099

​

$

15,674

​

$

14,690

​

Franchise royalties (2)

​

 

1,292

​

 

1,202

​

 

1,149

​

Total franchise costs

​

$

18,391

​

$

16,876

​

$

15,839

​

(1)Includes advertising, reservation and frequent guest program assessments.
(2)Prior to the sale of the Hyatt Centric Chicago Magnificent Mile in February 2022 (see Note 4), franchise royalties included key money received from the hotel’s franchisor, which the Company was amortizing over the term of the hotel’s franchise agreement.

​

Renovation and Construction Commitments

​

At December 31, 2024, the Company had various contracts outstanding with third parties in connection with the ongoing renovations of certain of its hotel properties. The remaining commitments under these contracts at December 31, 2024 totaled $58.1 million.

​

401(k) Savings and Retirement Plan

​

The Company’s corporate employees may participate, subject to eligibility, in the Company’s 401(k) Savings and Retirement Plan (the “401(k) Plan”). Qualified employees are eligible to participate in the 401(k) Plan after attaining 21 years of age and after the first of the month following the completion of six calendar months of employment. Three percent of eligible employee annual base earnings are contributed by the Company as a Safe Harbor elective contribution. Safe Harbor contributions made by the Company totaled $0.2 million in each of the years 2024, 2023, and 2022, and were included in corporate overhead expense on the Company’s consolidated statements of operations.

​

The Company is also responsible for funding various retirement plans at certain hotels operated by its management companies. Other property-level expenses on the Company’s consolidated statements of operations includes matching contributions into these various retirement plans of $2.0 million, $1.6 million, and $1.4 million in 2024, 2023, and 2022, respectively.

​

Collective Bargaining Agreements

​

The Company is subject to exposure to collective bargaining agreements at certain hotels operated by its management companies. At December 31, 2024, approximately 28.0% of workers employed by the Company’s third-party managers were covered by such collective bargaining agreements.

​

Concentration of Risk

​

The concentration of the Company’s hotels in California, Florida, Hawaii, and Washington DC exposes the Company’s business to economic and severe weather conditions, competition, and real and personal property tax rates unique to these locales.

​

As of December 31, 2024, our hotels were geographically concentrated as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of Total

​

​

Number of Hotels

​

Total Rooms (unaudited)

​

Consolidated Revenue

Northern California

​

3

​

14

%

​

21

%

Southern California

​

2

​

22

%

​

22

%

Florida

​

3

​

17

%

​

13

%

Hawaii

​

1

​

8

%

​

15

%

Washington DC

​

1

​

11

%

​

10

%

​

Other

​

In accordance with the assignment-in-lieu agreement executed in December 2020 between the Company and the mortgage holder of a hotel disposed of in a prior year, the Company was required to retain reserves for certain current and potential employee-related obligations (the “potential obligation”), of which $10.5 million remained at December 31, 2021. A total of $0.3 million in benefits were paid during 2024, 2023, and 2022. In addition, the remaining potential obligation was reassessed at the end of every quarter, resulting in gains on extinguishment of debt of $0.1 million in each of 2024, 2023, and 2022, which are included in gain (loss) on extinguishment of debt, net on the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022. In the first quarter of 2023, the Company was relieved of an additional $9.8 million of the potential obligation and the funds were released from escrow to the Company, resulting in a $9.8 million gain on extinguishment of debt. In the second quarter of 2024, the escrow agreement was terminated and the remaining $0.1 million of restricted cash held in escrow was returned to the Company.

​

The Company has provided customary unsecured indemnities to certain lenders, including in particular, environmental indemnities. The Company has performed due diligence on the potential environmental risks, including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Company to reimburse the indemnified parties for damages related to certain environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Company could have recourse against other previous owners or a claim against its environmental insurance policies.

​

At December 31, 2024, the Company had $0.2 million of outstanding irrevocable letters of credit to guarantee the Company’s financial obligations related to workers’ compensation insurance programs from prior policy years. The beneficiaries of these letters of

credit may draw upon the letters of credit in the event of a contractual default by the Company relating to each respective obligation. No draws have been made through December 31, 2024. The letters of credit are collateralized with $0.2 million held in a restricted bank account owned by the Company, which is included in restricted cash on the accompanying consolidated balance sheets as of both December 31, 2024 and 2023.

​

The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers, and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on its financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events  
Subsequent Events

15. Subsequent Event

​

In January 2025, the Company entered into an interest rate swap on Term Loan 4. The swap is effective January 31, 2025, expires November 7, 2026, and fixes the SOFR rate on Term Loan 4 to 4.02%.
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
Schedule III-Real Estate and Accumulated Depreciation  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]

SUNSTONE HOTEL INVESTORS, INC.

​

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost Capitalized

​

Gross Amount at

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

Initial costs

​

Subsequent to Acquisition

​

December 31, 2024 (1)

​

​

​

​

​

​

​

​

​

​

 

​

   

​

​

    

​

​

   

Bldg. and

   

​

​

    

Bldg. and

   

​

​

   

Bldg. and

   

​

​

   

Accum.

   

Date

   

Depr.

 

​

​

Encmbr. (2)

​

Land

​

Impr.

​

Land

​

Impr.

​

Land

​

Impr.

​

Totals

​

Depr.

​

Acq./Constr.

​

Life

 

Four Seasons Resort Napa Valley

​

$

—

​

$

23,514

​

$

128,645

​

$

—

​

$

9,230

​

$

23,514

​

$

137,875

​

$

161,389

​

$

12,049

 

12/1/2021

 

5-40

​

Hilton New Orleans St. Charles

​

 

—

​

 

3,698

​

 

53,578

​

 

—

​

 

16,413

​

 

3,698

​

 

69,991

​

 

73,689

​

 

18,698

 

5/1/2013

 

5-35

​

Hilton San Diego Bayfront

​

 

—

​

 

—

​

 

424,992

​

 

—

​

 

33,891

​

 

—

​

 

458,883

​

 

458,883

​

 

118,729

 

4/15/2011

 

5-57

​

Hyatt Regency San Antonio Riverwalk

​

 

—

​

 

31,772

​

 

178,393

​

 

—

​

 

70

​

 

31,772

​

 

178,463

​

 

210,235

​

 

3,352

 

4/23/2024

 

5-40

​

Hyatt Regency San Francisco

​

 

—

​

 

116,140

​

 

131,430

​

 

—

​

 

108,098

​

 

116,140

​

 

239,528

​

 

355,668

​

 

108,224

 

12/2/2013

 

5-35

​

JW Marriott New Orleans

​

 

—

​

 

—

​

 

73,420

​

 

15,147

​

 

47,831

​

 

15,147

​

 

121,251

​

 

136,398

​

 

46,663

 

2/15/2011

 

5-35

​

Marriott Boston Long Wharf

​

 

—

​

 

51,598

​

 

170,238

​

 

—

​

 

82,538

​

 

51,598

​

 

252,776

​

 

304,374

​

 

137,402

 

3/23/2007

 

5-35

​

Marriott Long Beach Downtown

​

​

—

​

 

10,437

​

 

37,300

​

 

—

​

 

52,644

​

 

10,437

​

 

89,944

​

 

100,381

​

 

39,523

 

6/23/2005

 

5-35

​

Montage Healdsburg

​

​

—

​

​

40,326

​

​

194,589

​

​

108

​

​

9,083

​

​

40,434

​

​

203,672

​

​

244,106

​

​

22,248

​

4/22/2021

​

5-40

​

Oceans Edge Resort & Marina

​

​

—

​

​

92,510

​

​

74,361

​

​

2,515

​

​

8,150

​

​

95,025

​

​

82,511

​

​

177,536

​

​

17,640

​

7/25/2017

​

5-40

​

Renaissance Orlando at SeaWorld ®

​

 

—

​

 

—

​

 

119,733

​

 

30,717

​

 

79,191

​

 

30,717

​

 

198,924

​

 

229,641

​

 

112,206

 

6/23/2005

 

5-35

​

The Bidwell Marriott Portland

​

​

—

​

 

5,341

​

 

20,705

​

 

—

​

 

28,420

​

 

5,341

​

 

49,125

​

 

54,466

​

 

26,026

 

8/11/2000

 

5-35

​

The Confidante Miami Beach

​

​

—

​

​

87,791

​

​

140,725

​

​

—

​

​

1,018

​

​

87,791

​

​

141,743

​

​

229,534

​

​

9,274

​

6/1/2022

​

3-40

​

The Westin Washington, DC Downtown

​

 

—

​

 

14,563

​

 

132,800

​

 

—

​

 

143,414

​

 

14,563

​

 

276,214

​

 

290,777

​

 

123,463

 

7/13/2005

 

5-35

​

Wailea Beach Resort

​

​

—

​

​

119,707

​

​

194,137

​

​

—

​

​

129,327

​

​

119,707

​

​

323,464

​

​

443,171

​

​

108,601

​

7/14/2014

​

5-40

​

​

​

$

—

​

$

597,397

​

$

2,075,046

​

$

48,487

​

$

749,318

​

$

645,884

​

$

2,824,364

​

$

3,470,248

​

$

904,098

​

​

​

​

​

(1)The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2024.
(2)Hotel is owned by an entity whose interests are pledged to the Company’s credit facilities.

​

The following is a reconciliation of real estate assets and accumulated depreciation (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel Properties

​

​

    

2024

    

2023

    

2022

    

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of land and buildings and improvements:

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the year

​

$

3,201,390

​

$

3,466,302

​

$

3,334,153

​

Activity during year:

​

​

​

​

​

​

​

​

​

​

Acquisitions

​

 

210,165

​

 

—

​

 

229,030

​

Improvements

​

 

58,693

​

 

92,437

​

 

76,230

​

Dispositions

​

 

—

​

 

(357,349)

​

 

(173,111)

​

Balance at the end of the year

​

$

3,470,248

​

$

3,201,390

​

$

3,466,302

​

Reconciliation of accumulated depreciation:

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the year

​

$

811,045

​

$

835,961

​

$

799,641

​

Depreciation

​

 

93,053

​

 

96,771

​

 

95,495

​

Dispositions

​

 

—

​

 

(121,687)

​

 

(59,175)

​

Balance at the end of the year

​

$

904,098

​

$

811,045

​

$

835,961

​

​
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

​

Due to our structure as a REIT, the cybersecurity program, processes, and strategy described in this section are limited to the corporate systems, service providers, and information services belonging to or supporting the REIT. In order to maintain REIT status, the Company does not operate or manage its hotels. We lease each of our hotels to the TRS Lessee or one of its subsidiaries, which engages with third-party eligible management companies to operate and manage all aspects of the properties; and those third-party managers, in turn, rely on systems that they manage directly or indirectly (through their own service providers), including but not limited to reservation systems, billing, building and property management systems, point-of-sale systems, and financial transactions and records that store and process proprietary or personal information. In light of this structure, we do not have actual or contractual access to the systems or information maintained by the third-party managers, and we must instead rely on such managers’ programs and processes to protect the properties in which we invest from risks associated with cybersecurity threats.

​

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a

cybersecurity incident response plan designed to restore business operations as quickly and as orderly as possible in the event of a cybersecurity incident.

​

Our program is informed by the International Standards Organization (“ISO”) 27000, ISO 27001, and National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the ISO 27000, ISO 27001 and NIST CSF as guides to help us identify, assess, and manage cybersecurity risks relevant to our business.

​

Key elements of our cybersecurity risk management program are integrated into our overall enterprise risk management program, and share common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

​

Our cybersecurity risk management program includes:

●risk assessments designed to help identify material cybersecurity risks to our critical systems and information;

​

●an information technology department principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

​

●the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls;

​

●cybersecurity awareness training of our employees and senior management; and

​

●business continuity, contingency, and recovery plans, including a cybersecurity incident response plan with procedures for responding to cybersecurity incidents.

​

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized and material, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with, or effective in protecting our systems and information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Key elements of our cybersecurity risk management program are integrated into our overall enterprise risk management program, and share common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

​

Our cybersecurity risk management program includes:

●risk assessments designed to help identify material cybersecurity risks to our critical systems and information;

​

●an information technology department principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

​

●the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls;

​

●cybersecurity awareness training of our employees and senior management; and

​

●business continuity, contingency, and recovery plans, including a cybersecurity incident response plan with procedures for responding to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized and material, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with, or effective in protecting our systems and information.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

​

Our board of directors (the “board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee (the “committee”) oversight of cybersecurity and other information technology risks. The committee oversees management’s implementation of our cybersecurity risk management program.

​

The committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the committee, as necessary, regarding any significant cybersecurity incidents.

​

The committee reports to the board regarding its activities, including those related to cybersecurity. The board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from management as part of the board’s continuing education on topics that impact public companies.

​

Our management team, including our chief financial officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel, our external information technology support, and our retained external cybersecurity consultants. Our information technology department has over 20 years of experience developing and implementing computer infrastructure, including cybersecurity and audit compliance. We seek to use the latest security technologies from leading vendors to help secure our network and to regularly monitor and assess alerts and threat levels. The information technology department possesses various industry certifications and continuously refreshes skills through relevant training.

​

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from IT security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors (the “board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee (the “committee”) oversight of cybersecurity and other information technology risks. The committee oversees management’s implementation of our cybersecurity risk management program
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the committee, as necessary, regarding any significant cybersecurity incidents.

​

The committee reports to the board regarding its activities, including those related to cybersecurity. The board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from management as part of the board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]

Our management team, including our chief financial officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel, our external information technology support, and our retained external cybersecurity consultants. Our information technology department has over 20 years of experience developing and implementing computer infrastructure, including cybersecurity and audit compliance. We seek to use the latest security technologies from leading vendors to help secure our network and to regularly monitor and assess alerts and threat levels. The information technology department possesses various industry certifications and continuously refreshes skills through relevant training.

​

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from IT security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our chief financial officer, is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our information technology department has over 20 years of experience developing and implementing computer infrastructure, including cybersecurity and audit compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from IT security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation

​

The accompanying consolidated financial statements as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, include the accounts of the Company, the Operating Partnership, the TRS Lessee, and their controlled subsidiaries. All significant intercompany balances and transactions have been eliminated. If the Company determines that it has an interest in a variable interest entity, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity.

​

The Company does not have any comprehensive income other than what is included in net income. If the Company has any comprehensive income in the future such that a statement of comprehensive income would be necessary, the Company will include such statement in one continuous consolidated statement of operations.

​

The Company has evaluated subsequent events through the date of issuance of these financial statements.
Use of Estimates

Use of Estimates

​

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

​

Cash and cash equivalents includes cash on hand and in various bank accounts plus credit card receivables and all short-term investments with an original maturity of three months or less.

​

The Company maintains cash and cash equivalents with various financial institutions. These financial institutions are located throughout the country and the Company’s policy is designed to limit exposure to any one institution. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. At December 31, 2024 and 2023, the Company had amounts in banks that were in excess of federally insured amounts.
Restricted Cash

Restricted Cash

​

Restricted cash primarily includes reserves for operating expenses and capital expenditures required by certain of the Company’s management and franchise agreements. At times, restricted cash also includes hotel acquisition or disposition-related earnest money held in escrow reserves pending completion of the associated transaction. As of both December 31, 2024 and 2023, restricted cash included $0.2 million held as collateral for certain letters of credit (see Note 14). In addition, restricted cash as of December 31, 2023 included $0.2 million held in escrow related to certain current and potential employee-related obligations at one of the Company’s former hotels. In the second quarter of 2024, the escrow agreement was terminated and the remaining $0.1 million of restricted cash held in escrow was returned to the Company (see Note 14).

​
Accounts Receivable

Accounts Receivable

​

Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. Accounts receivable also includes, among other things, receivables from tenants who lease space in the Company’s hotels. The Company maintains an allowance for doubtful accounts sufficient to cover potential credit losses.

Acquisitions of Hotel Properties and Other Entities

Acquisitions of Hotel Properties and Other Entities

​

The acquisition of a hotel property or other entity requires an analysis of the transaction to determine if it qualifies as the purchase of a business or an asset. If the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, then the transaction is an asset acquisition. Transaction costs associated with asset acquisitions are capitalized and subsequently depreciated over the life of the related asset, while the same costs associated with a business combination are expensed as incurred and included in corporate overhead on the Company’s consolidated statements of operations. Also, given the subjectivity, business combinations are provided a one-year measurement period to adjust the provisional amounts recognized if the necessary information is not available by the end of the reporting period in which the acquisition occurs; whereas asset acquisitions are not subject to a measurement period.

​

Accounting for the acquisition of a hotel property or other entity requires either allocating the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective relative fair values for an asset acquisition or recording the assets and liabilities at their estimated fair values with any excess consideration above net assets going to goodwill for a business combination. The most difficult estimations of individual fair values are those involving long-lived assets, such as property, equipment, and intangible assets, together with any finance or operating lease right-of-use assets and their related obligations. When the Company acquires a hotel property or other entity, it uses all available information to make these fair value determinations, including discounted cash flow analyses, market comparable data, and replacement cost data. In addition, the Company makes significant estimations regarding capitalization rates, discount rates, average daily rates, revenue growth rates, and occupancy. The Company also engages independent valuation specialists to assist in the fair value determinations of the long-lived assets acquired and the liabilities assumed. The determination of fair value is subjective and is based in part on assumptions and estimates that could differ materially from actual results in future periods.
Investments in Hotel Properties

Investments in Hotel Properties

​

Investments in hotel properties, including land, buildings, furniture, fixtures and equipment (“FF&E”) and identifiable intangible assets are recorded at their respective relative fair values for an asset acquisition or at their estimated fair values for a business acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Interest imputed during construction or during extensive renovation projects where the hotel is taken out of service is capitalized, using the Company’s weighted average interest rate on its unsecured debt, including the effects of interest rate swap derivatives, until construction is substantially complete or the assets are placed in service. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the consolidated statements of operations.

​

Depreciation expense is based on the estimated life of the Company’s assets. The life of the assets is based on a number of assumptions, including the cost and timing of capital expenditures to maintain and refurbish the Company’s hotels, as well as specific

market and economic conditions. Hotel properties are depreciated using the straight-line method over estimated useful lives primarily ranging from five years to forty years for buildings and improvements and three years to twelve years for FF&E. Intangible assets are amortized using the straight-line method over the shorter of their estimated useful life or over the length of the related agreement.

​

The Company’s investment in hotel properties, net also includes initial franchise fees which are recorded at cost and amortized using the straight-line method over the terms of the franchise agreements, which currently range from fifteen years to twenty-one years. All other franchise fees that are based on the Company’s results of operations are expensed as incurred.

​

While the Company believes its estimates are reasonable, a change in the estimated lives could affect depreciation expense and net income or the gain or loss on the sale of any of the Company’s hotels. The Company has not changed the useful lives of any of its assets during the periods discussed.

​

Impairment losses are recorded on investments in hotel properties to be held and used by the Company whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Factors the Company considers when assessing whether impairment indicators exist include, but are not limited to, hotel disposition strategy and hold period, a significant decline in operating results not related to renovations or repositionings, significant changes in the manner in which the Company uses the asset, physical damage to the property due to unforeseen events such as natural disasters, and other market and economic conditions.

​

Recoverability of assets that will continue to be used is measured by comparing the carrying amount of the asset to the related total future undiscounted net cash flows. If an asset’s carrying value is not recoverable through those cash flows, the asset is considered to be impaired. The impairment is measured by the difference between the asset’s carrying amount and its fair value. The Company performs a fair value assessment using valuation techniques such as discounted cash flows and comparable sale transactions in the market to estimate the fair value of the hotel and, if appropriate and available, current estimated net sales proceeds from pending offers. The Company’s judgment is required in determining the discount rate, terminal capitalization rate, the estimated growth of revenues and expenses, revenue per available room and margins, as well as specific market and economic conditions. Based on the Company’s review, no hotels were impaired in 2024, 2023, or 2022.

​

Fair value represents the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than a forced or liquidation sale. The estimation process involved in determining if assets have been impaired and in the determination of fair value is inherently uncertain because it requires estimates of current market yields as well as future events and conditions. Such future events and conditions include economic and market conditions, as well as the availability of suitable financing. The realization of the Company’s investment in hotel properties is dependent upon future uncertain events and conditions and, accordingly, the actual timing and amounts realized by the Company may be materially different from their estimated fair values.
Assets Held for Sale

Assets Held for Sale

​

The Company considers a hotel and related assets held for sale if it is probable that the sale will be completed within twelve months, among other requirements. A sale is considered to be probable once the buyer completes its due diligence of the asset, there is an executed purchase and sale agreement between the Company and the buyer, the buyer waives any closing contingencies, there are no third-party approvals necessary and the Company has received a substantial non-refundable deposit. Depreciation ceases when a property is held for sale. Should an impairment loss be required for assets held for sale, the related assets are adjusted to their estimated fair values, less costs to sell. If the sale of the hotel represents a strategic shift that will have a major effect on the Company’s operations and financial results, the hotel qualifies as a discontinued operation, and operating results are removed from income from continuing operations and reported as discontinued operations. The operating results for any such assets for any prior periods presented must also be reclassified as discontinued operations. No hotels were considered held for sale as of either December 31, 2024 or 2023.

Deferred Financing Costs

Deferred Financing Costs

​

Deferred financing costs consist of loan fees and other financing costs related to the Company’s outstanding indebtedness and credit facility commitments and are amortized to interest expense over the terms of the related debt or commitment. If a loan is refinanced or paid before its maturity, any unamortized deferred financing costs will generally be expensed unless specific rules are met that would allow for the carryover of such costs to the refinanced debt.

​

Deferred financing costs related to the Company’s undrawn credit facility are included on the Company’s consolidated balance sheets as an asset and are amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Deferred financing costs related to the Company’s outstanding debt are included on the Company’s consolidated balance sheets as a contra-liability (see Note 7), and subsequently amortized ratably over the term of the related debt.
Interest Rate Derivatives

Interest Rate Derivatives

​

The Company’s objective in holding interest rate derivatives is to manage its exposure to the interest rate risks related to its floating rate debt. To accomplish this objective, the Company uses interest rate caps and swaps, none of which qualifies for effective hedge accounting treatment. The Company records interest rate caps and swaps on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations.
Leases

Leases

​

The Company determines if a contract is a lease at inception. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. For leases with an initial term greater than twelve months, the Company records a right-of-use (“ROU”) asset and a corresponding lease obligation. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease obligations represent the Company’s obligation to make fixed lease payments as stipulated by the lease. The Company has elected to not separate lease components from nonlease components, resulting in the Company accounting for lease and nonlease components as one single lease component.

​

Leases are accounted for using a dual approach, classifying leases as either operating or financing based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the Company. This classification determines whether the lease expense is recognized on a straight-line basis over the term of the lease for operating leases or based on an effective interest method for finance leases.

​

Lease ROU assets are recognized at the lease commencement date and include the amount of the initial operating lease obligation, any lease payments made at or before the commencement date, excluding any lease incentives received, and any initial direct costs incurred. For leases that have extension options that the Company can exercise at its discretion, management uses judgment to determine if it is reasonably certain that the Company will in fact exercise such option. If the extension option is reasonably certain to occur, the Company includes the extended term’s lease payments in the calculation of the respective lease liability. None of the Company’s leases contain any material residual value guarantees or material restrictive covenants.

​

Lease obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (“IBR”) based on information available at the commencement date in determining the present value of lease payments over the lease term. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to estimate the Company’s IBR, the Company first looks to its own unsecured debt offerings and adjusts the rate for both length of term and secured borrowing using available market data as well as consultations with leading national financial institutions that are active in the issuance of both secured and unsecured notes.

​

The Company reviews its right-of-use assets for indicators of impairment. If such assets are considered to be impaired, the related assets are adjusted to their estimated fair value and an impairment loss is recognized. The impairment loss recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Based on the Company’s review, no operating lease ROU assets were impaired during either 2024 or 2023, and the Company recorded a $2.1 million impairment loss on the ROU asset related to the office lease at its former corporate headquarters (see Note 5) during 2022.
Revenue Recognition

Revenue Recognition

​

Revenues are recognized when control of the promised goods or services is transferred to hotel guests, which is generally defined as the date upon which a guest occupies a room and/or utilizes the hotel’s services. Room revenue and other occupancy based fees are recognized over a guest’s stay at the previously agreed upon daily rate. Some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is recognized by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is recognized by the Company on a gross basis, with the related discount or commission recognized in room expense. A majority of the Company’s hotels participate in frequent guest programs sponsored by the hotel brand owners whereby the hotel allows guests to earn loyalty points during their hotel stay. The Company expenses charges associated with these programs as incurred, and recognizes revenue at the amount it will receive from the brand when a guest redeems their loyalty points by staying at one of the Company’s hotels. In addition, some contracts for rooms or food and beverage services require an advance deposit, which the Company records as deferred revenue (or a contract liability) and recognizes once the performance obligations are satisfied. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill their contracted minimum number of room nights or minimum food and beverage spending requirements, are typically recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is generally the period in which these fees are collected.

​

Food and beverage revenue and other ancillary services revenue are generated when a customer chooses to purchase goods or services. The revenue is recognized when the goods or services are provided to the customer at the amount the Company expects to be entitled to in exchange for those goods or services. For ancillary services provided by third parties, the Company assesses whether it is the principal or the agent. If the Company is the principal, revenue is recognized based upon the gross sales price. If the Company is the agent, revenue is recognized based upon the commission earned from the third party.

​

Additionally, the Company collects sales, use, occupancy, and other similar taxes from customers at its hotels at the time of purchase, which are not included in revenue. The Company records a liability upon collection of such taxes from the customer, and relieves the liability when payments are remitted to the applicable governmental agency.

​

Trade receivables and contract liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2024

​

2023

​

​

​

​

​

​

Trade receivables, net (1)

​

$

18,693

​

$

14,431

Contract liabilities (2)

​

$

48,635

​

$

45,432

(1)Trade receivables, net are included in accounts receivable, net on the accompanying consolidated balance sheets.
(2)Contract liabilities consist of advance deposits and are included in other liabilities on the accompanying consolidated balance sheets.

​

During 2024 and 2023, the Company recognized approximately $39.2 million and $43.7 million, respectively, in revenue related to its outstanding contract liabilities.

Advertising and Promotion Costs

Advertising and Promotion Costs

​

Advertising and promotion costs are expensed when incurred. Advertising and promotion costs represent the expense for advertising and reservation systems under the terms of the hotel franchise and brand management agreements and general and administrative expenses that are directly attributable to advertising and promotions.

​
Stock Based Compensation

Stock Based Compensation

​

Restricted shares and units are measured at fair value on the date of grant and amortized as compensation expense over the relevant requisite service period or derived service period. The Company has elected to account for forfeitures as they occur.
Income Taxes

Income Taxes

​

The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the TRS Lessee, which leases the Company’s hotels from the Operating Partnership, is subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

​

The Company reviews any uncertain tax positions and, if necessary, records the expected future tax consequences of uncertain tax positions in its consolidated financial statements. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states.

​

The Company recognizes any penalties and interest related to unrecognized tax benefits in income tax expense in its consolidated statements of operations.
Dividends

Dividends

​

Under current federal income tax laws related to REITs, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders. Currently, the Company pays quarterly cash dividends to both its common and preferred stockholders as declared by the Company’s board of directors. Any future common stock dividends will be determined by the Company’s board of directors after considering the Company’s long-term operating projections, expected capital requirements and risks affecting its business. The Company’s ability to pay dividends is dependent on the receipt of distributions from the Operating Partnership.
Earnings Per Share

Earnings Per Share

​

The Company applies the two-class method when computing its earnings per share. Net income per share for each class of stock is calculated assuming all of the Company’s net income is distributed as dividends to each class of stock based on their contractual rights.

​

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid), which include the Company’s time-based restricted stock awards, are considered participating securities and are included in the computation of earnings per share.

​

Basic earnings attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, including shares of the Company’s performance-based restricted stock units for which all necessary conditions have been satisfied except for the passage of time. Diluted earnings attributable to common stockholders per common share is computed based on the weighted average number of shares of common stock outstanding during each period, plus potential common shares considered outstanding during the period, as long as the inclusion of such awards is not anti-dilutive. Potential common shares consist of time-based unvested restricted stock awards and performance-based restricted stock units, using the more dilutive of either the two-class method or the treasury stock method. The Company’s performance-based restricted stock units are considered for computing diluted net income per common share as of the beginning of the period in which all necessary conditions have been satisfied and the only remaining vesting condition is a service vesting condition.

​

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended

    

Year Ended

    

Year Ended

 

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net income

​

$

43,262

​

$

206,708

​

$

90,766

​

Income from consolidated joint venture attributable to noncontrolling interest

​

 

—

​

 

—

​

 

(3,477)

​

Preferred stock dividends

​

 

(15,228)

​

 

(13,988)

​

 

(14,247)

​

Distributions paid to participating securities

​

​

(273)

​

​

(310)

​

​

(128)

​

Undistributed income allocated to participating securities

​

 

—

​

 

(683)

​

 

(323)

​

Numerator for basic and diluted income attributable to common stockholders

​

$

27,761

​

$

191,727

​

$

72,591

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

Weighted average basic common shares outstanding

​

 

201,739

​

 

205,590

​

 

212,613

​

Unvested restricted stock units

​

​

903

​

​

275

​

​

40

​

Weighted average diluted common shares outstanding

​

 

202,642

​

 

205,865

​

 

212,653

​

​

​

​

​

​

​

​

​

​

​

​

Basic income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​

Diluted income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​

​

In its calculation of diluted earnings per share, the Company excluded 688,288, 1,032,266, and 1,289,146 anti-dilutive unvested time-based restricted stock awards for the years ended December 31, 2024, 2023 and 2022, respectively (see Note 12).

​

The Company also had 1,382,074, 1,076,160, and 612,584 unvested performance-based restricted stock units as of December 31, 2024, 2023, and 2022, respectively, that are not considered participating securities as the awards contain forfeitable rights to dividends or dividend equivalents. The performance-based restricted stock units were granted based on either target market condition thresholds or pre-determined stock price targets. Based on the Company’s common stock performance, the Company excluded

188,004 anti-dilutive performance-based restricted stock units from its calculations of diluted earnings per share for the years ended December 31, 2024, 2023, and 2022 (see Note 12).

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

​

The Company considers each of its hotels to be an operating segment and allocates resources and assesses the operating performance for each hotel. Because all of the Company’s hotels have similar economic characteristics, facilities, and services, the hotels have been aggregated into one reportable segment, Hotel Ownership (see Note 13).
New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Standards and Accounting Changes

​

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amended the guidance in Accounting Standards Codification (ASC) 280, Segment Reporting, to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment, such as the Company, are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The guidance is effective on an annual basis in 2024 and will be effective for interim periods beginning in the first quarter of 2025. The Company’s adoption of ASU 2023-07 in December 2024 had no effect on its financial statements; however, ASU 2023-07’s additional disclosure requirements are included in Note 13.

​

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. All entities should apply the guidance prospectively but have the option to apply it retrospectively. ASU 2023-09 will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating ASU 2023-09’s additional disclosure requirements.

​

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) in each income statement line item that contains those expenses. All entities are required to apply the guidance prospectively and may apply it retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating ASU 2024-03’s additional disclosure requirements.

​
v3.25.0.1
Organization and Description of Business (Tables)
 12 Months Ended
Dec. 31, 2024
Organization and Description of Business  
Schedule of number of hotels managed by each third-party manager

As of December 31, 2024, the Company owned 15 hotels, which were managed by the following third-party managers:

​

​

​

​

​

​

    

Number of Hotels

 

Subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc.

​

6

​

Hyatt Hotels Corporation

​

3

​

Four Seasons Hotels Limited

​

1

​

Hilton Worldwide Holdings, Inc.

​

1

​

Interstate Hotels & Resorts, Inc.

​

1

​

Montage North America, LLC

​

1

​

Sage Hospitality Group

​

1

​

Singh Hospitality, LLC

​

1

​

​

​

​

​

Total hotels owned as of December 31, 2024

 

15

​

​
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

Trade receivables and contract liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2024

​

2023

​

​

​

​

​

​

Trade receivables, net (1)

​

$

18,693

​

$

14,431

Contract liabilities (2)

​

$

48,635

​

$

45,432

(1)Trade receivables, net are included in accounts receivable, net on the accompanying consolidated balance sheets.
(2)Contract liabilities consist of advance deposits and are included in other liabilities on the accompanying consolidated balance sheets.
Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended

    

Year Ended

    

Year Ended

 

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net income

​

$

43,262

​

$

206,708

​

$

90,766

​

Income from consolidated joint venture attributable to noncontrolling interest

​

 

—

​

 

—

​

 

(3,477)

​

Preferred stock dividends

​

 

(15,228)

​

 

(13,988)

​

 

(14,247)

​

Distributions paid to participating securities

​

​

(273)

​

​

(310)

​

​

(128)

​

Undistributed income allocated to participating securities

​

 

—

​

 

(683)

​

 

(323)

​

Numerator for basic and diluted income attributable to common stockholders

​

$

27,761

​

$

191,727

​

$

72,591

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

Weighted average basic common shares outstanding

​

 

201,739

​

 

205,590

​

 

212,613

​

Unvested restricted stock units

​

​

903

​

​

275

​

​

40

​

Weighted average diluted common shares outstanding

​

 

202,642

​

 

205,865

​

 

212,653

​

​

​

​

​

​

​

​

​

​

​

​

Basic income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​

Diluted income attributable to common stockholders per common share

​

$

0.14

​

$

0.93

​

$

0.34

​
v3.25.0.1
Investment in Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2024
Investment in Hotel Properties  
Schedule of investment in hotel properties

Investment in hotel properties, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Land

​

$

645,884

​

$

614,112

​

Buildings and improvements

​

 

2,824,364

​

 

2,587,278

​

Furniture, fixtures and equipment

​

 

445,696

​

 

407,861

​

Intangible assets

​

 

44,063

​

 

42,187

​

Construction in progress

​

 

147,250

​

 

61,247

​

Investment in hotel properties, gross

​

 

4,107,257

​

 

3,712,685

​

Accumulated depreciation and amortization

​

 

(1,251,225)

​

 

(1,127,406)

​

Investment in hotel properties, net

​

$

2,856,032

​

$

2,585,279

​
Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible assets included in the Company’s investment in hotel properties, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

    

December 31,

 

​

​

​

2024

​

​

2023

​

Element agreement (1)

​

$

18,436

​

$

18,436

​

Airspace agreements (2)

​

 

1,947

​

 

1,947

​

Residential program agreements (3)

​

​

21,038

​

​

21,038

​

Advance bookings (4)

​

​

1,344

​

​

—

​

Trade names (5)

​

​

121

​

​

121

​

Franchise agreements (6)

​

​

130

​

​

126

​

In-place lease agreements (7)

​

​

1,047

​

​

519

​

​

​

 

44,063

​

 

42,187

​

Accumulated amortization

​

 

(2,306)

​

 

(949)

​

​

​

$

41,757

​

$

41,238

​
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]

Amortization expense on these intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Residential program agreements (3)

​

$

923

​

$

411

​

$

282

​

Advance bookings (4)

​

​

224

​

​

—

​

​

199

​

Franchise agreements (6)

​

​

8

​

​

7

​

​

11

​

In-place lease agreements (7)

​

​

202

​

​

99

​

​

58

​

Below market management agreement (8)

​

​

—

​

​

—

​

​

15

​

​

​

$

1,357

​

$

517

​

$

565

​

(1)The Element agreement as of both December 31, 2024 and 2023 included the exclusive perpetual rights to certain space at The Westin Washington, DC Downtown. The Element has an indefinite useful life and is not amortized.
(2)Airspace agreements as of both December 31, 2024 and 2023 consisted of dry slip agreements at the Oceans Edge Resort & Marina. The dry slips at the Oceans Edge Resort & Marina have indefinite useful lives and are not amortized.
(3)Residential program agreements as of both December 31, 2024 and 2023 included $13.7 million and $7.3 million at the Montage Healdsburg and the Four Seasons Resort Napa Valley, respectively. The value of the agreements were determined based on each hotel’s purchase price allocation. The agreements relate to the hotels’ residential rental programs, whereby owners of the adjacent separately owned Montage Residences Healdsburg and Four Seasons Private Residences Napa Valley are eligible to participate in optional rental programs and have access to the hotels’ facilities. The agreements at the Montage Healdsburg consist of two components, a residential program agreement and a social membership program under which the Company began to recognize revenues in January 2024 and February 2023, respectively. The agreements are both amortized using the straight-line method over the life of the related remaining 25-year Montage Healdsburg management agreement. The Company began to recognize revenue associated with the residential program agreement at the Four Seasons Resort Napa Valley in April 2022, amortizing the agreement using the straight-line method over the life of the related remaining 20-year management agreement. The amortization expense for both the Montage Healdsburg and the Four Seasons Resort Napa Valley is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(4)Advance bookings as of December 31, 2024 consisted of advance deposits related to our acquisition of the Hyatt Regency San Antonio Riverwalk. As part of the purchase price allocation, the contractual advance hotel bookings were recorded at a discounted present value based on estimated collectability. They are amortized using the straight-line method over the periods the amounts are expected to be collected. The amortization expense for contractual advance hotel bookings is included in depreciation and amortization expense in the Company’s consolidated statements of operations. The advance bookings will be fully amortized in April 2028.
(5)Trade names as of both December 31, 2024 and 2023 consisted of trademarks and bottle labeling used by the Elusa Winery at the Four Seasons Resort Napa Valley. The values of the trade names were determined as part of the hotel’s purchase price allocation. The trade names have indefinite useful lives and are not amortized.
(6)Franchise agreements as of both December 31, 2024 and 2023 consisted of agreements at the Hilton New Orleans St. Charles and The Bidwell Marriott Portland. In May 2024, the Company entered into an agreement to extend the term of The Bidwell Marriott Portland’s franchise agreement by one year. The agreements are amortized using the straight-line method over the lives of the franchise agreements and will be fully amortized in October 2025 and April 2028 for The Bidwell Marriott Portland and the Hilton New Orleans St. Charles, respectively. The amortization expense for the franchise agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(7)The in-place lease agreements as of December 31, 2024 included agreements at the Hyatt Regency San Antonio Riverwalk. In addition, the in-place lease agreements as of both December 31, 2024 and 2023 included an agreement at The Confidante Miami Beach. The values of the agreements were determined as part of the respective hotel’s purchase price allocation. The agreements are amortized using the straight-line method over the remaining non-cancelable terms of the leases and will be fully amortized between December 2026 and November 2029. The amortization expense for the in-place lease agreements is included in depreciation and amortization expense in the Company’s consolidated statements of operations.
(8)The below market management agreement consisted of an agreement at the Hilton Garden Inn Chicago Downtown/Magnificent Mile. The agreement was amortized using the straight-line method over the remaining non-cancelable term until the hotel’s sale in March 2022 (see Note 4).
Schedule of amortization expense for next five years

For the next five years, amortization expense for the intangible assets noted above is expected to be as follows (in thousands):

​

​

​

​

​

​

2025

    

$

1,522

​

2026

​

$

1,518

​

2027

​

$

1,370

​

2028

​

$

1,077

​

2029

​

$

959

​

​
v3.25.0.1
Disposals (Tables)
 12 Months Ended
Dec. 31, 2024
Disposal Groups, Including Discontinued Operations [Table Text Block]

The following table provides summary results of operations for the disposed hotels, which are included in net income for their respective ownership periods (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Total revenues

​

$

—

​

$

96,713

​

$

97,915

​

​

​

​

​

​

​

​

​

​

Income before income taxes (1)

​

$

—

​

$

19,231

​

$

3,801

​

​

​

​

​

​

​

​

​

​

Gain on sale of assets, net

​

$

457

​

$

123,820

​

$

22,946

(1)Income before income taxes does not include the gain recognized on the hotel sales.
Disposals - 2022 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]  
Schedule of proceeds and gain on sale of hotels

The details of the sales were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

Net Proceeds

​

Net Gain

Hyatt Centric Chicago Magnificent Mile

​

$

67,231

(1)

$

11,336

Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown/Magnificent Mile

​

​

128,060

​

​

11,610

​

​

$

195,291

​

$

22,946

(1)Includes a $4.0 million disposition deposit received from the buyer of the hotel in December 2021.
v3.25.0.1
Fair Value Measurements and Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Measurements and Interest Rate Derivatives  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The Company’s principal balances and fair market values of its consolidated debt were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

Carrying Amount (1)

​

Fair Value (2)

​

Carrying Amount (1)

​

Fair Value (2)

​

Debt

​

$

845,000

​

$

841,027

​

$

819,050

​

$

805,212

​

(1)The principal balance of debt is presented before any unamortized deferred financing costs.
(2)Due to changes in market conditions and the economic environment, actual interest rates could vary materially from those estimated, which would result in variances in the Company’s calculations of the fair market value of its debt.

​
Schedule of Interest Rate Derivatives [Table Text Block]

The Company’s interest rate derivatives, which are not designated as effective cash flow hedges, consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Estimated Fair Value of Assets (Liabilities) (1)

​

​

​

Strike / Capped

​

Effective

Maturity

​

Notional

​

December 31,

​

Hedged Debt

Type

LIBOR Rate

Index

Date

Date

​

Amount

​

2024

​

2023

​

Term Loan 1

Swap

3.675

%

CME Term SOFR

March 17, 2023

March 17, 2026

​

$

75,000

​

$

370

​

$

417

​

Term Loan 1

Swap

3.931

%

CME Term SOFR

September 14, 2023

September 14, 2026

​

$

100,000

​

​

186

​

​

(401)

​

​

​

​

​

​

​

​

​

​

​

​

$

556

​

$

16

​

(1)The fair values of the swap derivative assets were included in prepaid expenses and other assets, net on the accompanying consolidated balance sheets as of December 31, 2024 and 2023. The fair value of the swap derivative liability was included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2023.
Schedule of changes in fair value of interest rate derivatives

Noncash changes in the fair values of the Company’s interest rate derivatives resulted in (decreases) increases to interest expense as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Noncash interest on derivatives, net

​

$

(540)

​

$

252

​

$

(2,194)

​

​
v3.25.0.1
Prepaid Expenses and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Prepaid Expenses and Other Assets.  
Schedule of other assets

Prepaid expenses and other assets, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Prepaid expenses

​

$

10,488

​

$

8,123

​

Inventory

​

 

10,497

​

 

9,185

​

Deferred financing costs

​

​

2,223

​

​

3,627

​

Property and equipment, net

​

​

2,267

​

​

3,120

​

Interest rate derivatives

​

​

556

​

​

417

​

Deferred rent on straight-lined third-party tenant leases

​

​

369

​

​

552

​

Liquor licenses

​

 

930

​

 

930

​

Other

​

 

427

​

 

429

​

Total prepaid expenses and other assets, net

​

$

27,757

​

$

26,383

​
v3.25.0.1
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosures  
Schedule of notes payable

Notes payable consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Outstanding as of

​

​

December 31, 2024

​

​

​

December 31,

​

December 31,

​

​

Rate Type

​

Interest Rate

​

Maturity Date

​

2024

​

2023

Mortgage Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

JW Marriott New Orleans

​

Fixed

​

4.15

%

​

December 11, 2024

​

$

—

​

​

74,050

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured Corporate Credit Facilities (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan 1

​

Fixed

(2)

5.27

%

​

July 25, 2027

​

$

175,000

​

$

175,000

Term Loan 2

​

Variable

(3)

6.02

%

​

January 25, 2028

​

​

175,000

​

​

175,000

Term Loan 3

​

Variable

(4)

5.83

%

​

May 1, 2025

​

​

225,000

​

​

225,000

Term Loan 4

​

Variable

(5)

5.93

%

​

November 7, 2025

​

​

100,000

​

​

—

Total unsecured corporate credit facilities

​

​

​

​

​

​

​

​

$

675,000

​

$

575,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

Series A

​

Fixed

​

4.69

%

​

January 10, 2026

​

$

65,000

​

$

65,000

Series B

​

Fixed

​

4.79

%

​

January 10, 2028

​

​

105,000

​

​

105,000

Total unsecured senior notes

​

​

​

​

​

​

​

​

$

170,000

​

$

170,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total debt

​

​

​

​

​

​

​

​

$

845,000

​

$

819,050

Unamortized deferred financing costs

​

​

​

​

​

​

​

​

​

(3,953)

​

​

(4,491)

Debt, net of unamortized deferred financing costs

​

​

​

​

​

​

​

​

$

841,047

​

$

814,559

(1)The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid with a range of 1.35% to 2.20%, depending on the Company’s leverage ratios, plus SOFR and a 0.10% adjustment.
(2)Term Loan 1 is subject to two interest rate swap derivatives (see Note 5). The Company did not achieve its 2023 sustainability performance metric as specified in the Second Amended Credit Agreement, resulting in Term Loan 1’s pricing grid returning to its range of 1.35% to 2.20% in May 2024, an increase of 0.02% from the previous year. The achievement of the sustainability metric and its impact on the pricing grid is evaluated annually. The effective interest rates on Term Loan 1 were 5.27% and 5.25% at December 31, 2024 and 2023, respectively.
(3)The Company did not achieve its 2023 sustainability performance metric as specified in the Second Amended Credit Agreement, resulting in Term Loan 2’s pricing grid returning to its range of 1.35% to 2.20% in May 2024, an increase of 0.02% from the previous year. The achievement of the sustainability metric and its impact on the pricing grid is evaluated annually. The effective interest rates on Term Loan 2 were 6.02% and 6.77% at December 31, 2024 and 2023, respectively.
(4)Term Loan 3’s effective interest rates were 5.83% and 6.81% at December 31, 2024 and 2023, respectively.
(5)Term Loan 4’s effective interest rate was 5.93% at December 31, 2024 (see Note 15).

​
Schedule of aggregate future principal maturities and amortization of notes payable

Aggregate future principal maturities of notes payable at December 31, 2024, were as follows (in thousands):

​

​

​

​

​

​

2025

    

$

—

​

2026

​

 

390,000

(1)

2027

​

 

175,000

​

2028

​

 

280,000

​

2029

​

 

—

​

Thereafter

​

 

—

​

Total

​

$

845,000

​

(1)Includes Term Loan 3 and Term Loan 4 assuming the Company has exercised its options to extend the maturity of the loans from May 1, 2025 to May 1, 2026 and from November 7, 2025 to November 7, 2026, respectively, upon payment of applicable fees and the satisfaction of certain customary conditions.
Schedule of deferred financing costs and (loss) gain on extinguishment of debt

Deferred financing costs and gain (loss) on extinguishment of debt, net were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024 (1)

​

2023 (2)

​

2022 (3)

​

Payments of deferred financing costs

​

$

1,105

​

$

2,332

​

$

7,404

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) on extinguishment of debt, net

​

$

59

​

$

9,938

​

$

(936)

​

(1)During 2024, the Company paid a total of $1.1 million in deferred financing costs related to Term Loan 4. In addition, the Company recognized a gain of $0.1 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020 due to reassessments of the remaining potential employee-related obligations and the release of the remaining potential employee-related obligations in conjunction with the termination of the escrow agreement during the second quarter of 2024 (see Note 14).
(2)During 2023, the Company paid a total of $2.3 million in deferred financing costs related to Term Loan 3. In addition, the Company recognized a gain of $9.9 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020, comprising $9.8 million from the relief of a majority of the potential employee-related obligations, with the funds released to the Company from escrow, and $0.1 million due to reassessments of the remaining potential employee-related obligations held in escrow (see Note 14).
(3)During 2022, the Company paid a total of $7.4 million in deferred financing costs related to its Amended Credit Agreement. In addition, the Company recognized a net loss of $0.9 million, comprising losses of $0.2 million related to the accelerated amortization of deferred financing costs associated with the partial repayments of the senior notes and $0.8 million related to lender fees and the accelerated amortization of deferred financing costs associated with the Amended Credit Agreement. These losses were slightly offset by a gain of $0.1 million associated with the assignment-in-lieu of a hotel to the hotel’s mortgage holder in 2020 due to reassessments of the potential employee-related obligations held in escrow (see Note 14).
Schedule of interest expense

Total interest incurred and expensed on the notes payable and finance lease obligation was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Interest expense on debt and finance lease obligation

​

$

49,003

​

$

48,727

​

$

31,713

​

Noncash interest on derivatives, net

​

 

(540)

​

 

252

​

 

(2,194)

​

Amortization of deferred financing costs

​

 

3,047

​

 

2,700

​

 

2,486

​

Capitalized interest

​

 

(1,385)

​

 

—

​

 

—

​

Total interest expense

​

$

50,125

​

$

51,679

​

$

32,005

​

​
v3.25.0.1
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities.  
Schedule of other liabilities

Other liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

    

2024

    

2023

 

Advance deposits

​

$

48,635

​

$

45,432

​

Property, sales and use taxes payable

​

​

10,088

​

​

6,903

​

Accrued interest

​

​

5,105

​

​

6,346

​

Deferred rent

​

​

1,433

​

​

2,711

​

Income taxes payable

​

​

—

​

​

2,860

​

Interest rate derivative

​

​

—

​

​

401

​

Management fees payable

​

​

1,168

​

​

1,321

​

Other

​

 

6,265

​

 

7,040

​

Total other liabilities

​

$

72,694

​

$

73,014

​

​
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of supplemental balance sheet information related to leases

Operating leases were included on the Company’s consolidated balance sheets as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Right-of-use assets, net

​

$

8,464

​

$

12,755

​

​

​

​

​

​

​

​

​

Lease obligations

​

$

12,019

​

$

16,735

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term

​

​

23 years

​

​

​

​

Weighted average discount rate

​

​

5.5

%

​

​

​

​
Lease, Cost [Table Text Block]

Lease Expense

​

The components of lease expense were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Interest on finance lease obligation (1)

​

$

—

​

$

—

​

$

117

Operating lease cost

​

​

5,368

​

​

5,427

​

​

5,367

Variable lease cost (2)

​

​

7,824

​

​

8,438

​

​

6,853

Sublease income (3)

​

​

(1,187)

​

​

(1,187)

​

​

—

Total lease cost

​

$

12,005

​

$

12,678

​

$

12,337

(1)Interest on finance lease obligation included expense for the Hyatt Centric Chicago Magnificent Mile’s finance lease obligation before the hotel’s sale in February 2022 (see Note 4).
(2)Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.
(3)Sublease income is included in corporate overhead in the accompanying consolidated statements of operations for the years ended December 31, 2024 and 2023.
Summary of Future payments on leases, Operating lease

At December 31, 2024, future maturities of the Company’s operating lease obligations were as follows (in thousands):

​

​

​

​

​

2025 (1)

​

$

5,926

2026

​

​

2,339

2027

​

​

2,401

2028

​

​

1,868

2029

​

​

298

Thereafter

​

​

981

Total lease payments (2)

​

​

13,813

Less: interest (3)

​

​

(1,794)

Present value of lease obligations

​

$

12,019

(1)Operating lease obligations include a ground lease that expires in 2071 and requires a reassessment of rent payments due after 2025, agreed upon by both the Company and the lessor; therefore, no amounts are included in the above table for this ground lease after 2025.
(2)Total lease payments do not include a total of $3.3 million in sublease income the Company expects to receive in 2026 through 2028.
(3)Calculated using the respective discount rate for each lease.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of deferred tax assets (liabilities)

The significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31,

​

    

2024

    

2023

Deferred Tax Assets:

​

​

​

​

​

​

Net operating loss carryforward

​

$

22,129

​

$

22,805

Other reserves

​

 

885

​

 

1,095

State taxes and other

​

 

1,371

​

 

1,657

Depreciation

​

​

1,695

​

​

1,853

Total gross deferred tax assets

​

​

26,080

​

​

27,410

​

​

​

​

​

​

​

Deferred Tax Liabilities:

​

​

​

​

​

​

Amortization

​

​

(55)

​

​

(34)

Deferred revenue

​

​

(22)

​

​

(22)

Other

​

​

—

​

​

(167)

Total gross deferred tax liabilities

​

​

(77)

​

​

(223)

​

​

​

​

​

​

​

Less: valuation allowance

​

​

(26,003)

​

​

(27,187)

​

​

​

​

​

​

​

Deferred tax assets, net

​

$

—

​

$

—

​
Schedule of income tax (provision) benefit, net

The Company’s income tax benefit (provision), net was included in the consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

(5)

​

$

(14)

​

$

—

​

State

​

 

1,105

​

 

(4,548)

​

 

(359)

​

Current income tax benefit (provision), net

​

​

1,100

​

​

(4,562)

​

​

(359)

​

​

​

​

​

​

​

​

​

​

​

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

​

(734)

​

​

(123)

​

​

2,568

​

State

​

 

(450)

​

 

(208)

​

 

654

​

Change in valuation allowance

​

 

1,184

​

 

331

​

 

(3,222)

​

Deferred income tax benefit (provision), net

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)

​

$

(359)

​
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The differences between the income tax benefit (provision) calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax benefit (provision), net were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Expected federal tax expense at statutory rate

​

$

(5,887)

​

$

(45,033)

​

$

(18,406)

Tax impact of REIT election

​

​

6,004

​

​

40,767

​

​

20,981

Expected tax benefit (provision) of TRS

​

​

117

​

​

(4,266)

​

​

2,575

​

​

​

​

​

​

​

​

​

​

State income tax benefit, net of federal (provision)

​

​

685

​

​

(164)

​

​

517

Change in valuation allowance

​

​

1,184

​

​

331

​

​

(3,222)

Other permanent items

​

​

(886)

​

​

(463)

​

​

(729)

Tax refunds and credits

​

​

—

​

​

—

​

​

500

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)

​

$

(359)
Schedule of characterization of distributions

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. Distributions paid per share were characterized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

​

    

Amount

    

%

    

Amount

    

%

    

Amount

    

%

 

Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.340

(2)

100

%  

$

—

​

—

%  

$

0.100

​

100

%  

Capital gain

​

 

—

​

—

​

 

0.300

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.340

 

100

%  

$

0.300

 

100

%  

$

0.100

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series G

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.998

​

100

%  

$

—

​

—

%  

$

0.567

​

100

%  

Capital gain

​

 

—

​

—

​

 

0.469

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.998

 

100

%  

$

0.469

 

100

%  

$

0.567

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series H

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.531

​

100

%  

$

—

​

—

%  

$

1.531

​

100

%  

Capital gain

​

 

—

​

—

​

 

1.531

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.531

 

100

%  

$

1.531

 

100

%  

$

1.531

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.425

​

100

%  

$

—

​

—

%  

$

1.425

​

100

%  

Capital gain

​

 

—

​

—

​

 

1.425

​

100

​

 

—

​

—

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.425

 

100

%  

$

1.425

 

100

%  

$

1.425

 

100

%  

(1)Ordinary income qualifies for Section 199A treatment per the 2017 Tax Cuts and Jobs Act.
(2)The 2024 common stock distribution is treated as paid in two tax years for income tax purposes, with approximately $0.28 per share taxable in 2024 and $0.06 per share taxable in 2025.
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity  
Schedule of repurchases of common and preferred stock

Details of the Company’s repurchases were as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Number of common shares repurchased

​

​

2,764,837

​

​

5,971,192

​

​

10,245,324

​

Cost, including fees and commissions

​

$

27,238

​

$

56,403

​

$

108,442

​

Number of preferred shares repurchased

​

​

—

​

​

—

​

​

—

​
Schedule of dividends and distributions declared per share

The Company declared dividends and distributions per share on its preferred stock and common stock, respectively, as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Series G preferred stock

​

$

0.937500

​

$

0.469437

​

$

0.567112

​

Series H preferred stock

​

$

1.531252

​

$

1.531252

​

$

1.531252

​

Series I preferred stock

​

$

1.425000

​

$

1.425000

​

$

1.425000

​

Common stock

​

$

0.340000

​

$

0.300000

​

$

0.100000

​

​
v3.25.0.1
Incentive Award Plan (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of amortization expense and forfeitures related to restricted shares

As of December 31, 2024, the Company’s issued and outstanding awards consisted of both time-based and performance-based restricted stock grants. The Company’s amortization expense, including forfeitures related to restricted shares was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Amortization expense, including forfeitures

​

$

10,456

​

$

10,775

​

$

10,891

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized compensation cost (1)

​

$

200

​

$

467

​

$

481

​

(1)The Company capitalizes compensation costs related to restricted shares granted to certain employees whose work is directly related to the Company’s capital investment in its hotels.

​
Schedule of share based payment award performance awards valuation assumptions

The grant date fair values of the performance awards were determined based on a Monte Carlo simulation method with the following assumptions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Performance Award Grant Date

​

Expected Volatility

​

Dividend Yield (1)

​

Risk-Free Rate

​

Expected Term

February 12, 2024

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

31.0

%

​

—

​

​

4.34

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 9, 2023

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

38.0

%

​

—

​

​

4.18

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 10, 2022

​

​

​

​

​

​

​

​

​

​

​

TSR Three-Year Performance Period Shares

​

41.0

%

​

—

​

​

1.78

%

​

3 years

TSR Two-Year Performance Period Shares

​

41.0

%

​

—

​

​

1.56

%

​

2 years

​

​

​

​

​

​

​

​

​

​

​

​

March 7, 2022

​

​

​

​

​

​

​

​

​

​

​

Stock Price Target Five-Year Performance Period Shares

​

40.0

%

​

—

​

​

1.72

%

​

5 years

(1)Dividend equivalents are assumed to be reinvested in shares of the Company’s common stock and dividend equivalents will only be paid to the extent the award vests.
Restricted Stock [Member]  
Schedule of non-vested restricted stock grant activity

The Company’s restricted stock awards are time-based restricted shares that generally vest over periods ranging from three years to five years from the date of grant. The following is a summary of non-vested restricted stock award activity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

 

​

    

​

    

Weighted

    

​

    

Weighted

    

​

    

Weighted

 

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

 

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

 

Outstanding at beginning of year

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

 

1,463,315

​

$

12.15

​

Granted

 

444,077

​

$

10.66

 

450,964

​

$

10.58

 

555,501

​

$

11.41

​

Vested

 

(719,924)

​

$

11.25

 

(699,652)

​

$

11.76

 

(694,863)

​

$

12.50

​

Forfeited

 

(68,131)

​

$

10.89

 

(8,192)

​

$

11.12

 

(34,807)

​

$

11.79

​

Outstanding at end of year

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

​
Performance Shares [Member]  
Schedule of non-vested restricted stock grant activity

The following is a summary of non-vested restricted stock unit activity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

    

​

    

Weighted

    

​

    

Weighted

    

​

    

Weighted

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

Outstanding at beginning of year

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40

 

—

​

$

—

Granted (at target performance)

 

475,746

​

$

11.50

 

463,576

​

$

11.07

 

612,584

​

$

10.40

Vested

 

(119,732)

​

$

11.21

 

—

​

$

—

 

—

​

$

—

Forfeited

​

(50,100)

​

$

11.21

​

—

​

$

—

​

—

​

$

—

Outstanding at end of year

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40
v3.25.0.1
Disclosure - Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reconciliation [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDAre for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations, which the CODM uses to manage its business, such as how to allocate capital to its hotels and how to determine the Company’s acquisition and disposition strategies (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Revenues

​

​

​

​

​

​

​

​

​

Hotel revenues

​

$

905,809

​

$

986,425

​

$

901,991

Business interruption insurance proceeds (1)

​

​

—

​

​

—

​

​

9,987

Other revenues (2)

​

​

—

​

​

55

​

​

75

Total consolidated revenues

​

$

905,809

​

$

986,480

​

$

912,053

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

Room

​

$

146,369

​

$

158,002

​

$

145,285

Food and beverage

​

​

182,840

​

​

193,820

​

​

174,146

Other operating

​

​

23,323

​

​

23,721

​

​

23,345

Advertising and promotion

​

​

52,180

​

​

51,958

​

​

46,979

Repairs and maintenance

​

​

35,927

​

​

38,308

​

​

36,801

Utilities

​

​

26,576

​

​

27,622

​

​

26,357

Franchise costs

​

​

18,391

​

​

16,876

​

​

15,839

Property tax, ground lease and insurance

​

​

77,221

​

​

78,796

​

​

68,979

Other property-level expenses (3)

​

​

110,833

​

​

120,247

​

​

113,336

​

​

$

673,660

​

$

709,350

​

$

651,067

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

233,861

​

$

276,756

​

$

250,481

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

Reconciliation of Hotel Adjusted EBITDAre to Net Income

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

233,861

​

$

276,756

​

$

250,481

Business interruption insurance proceeds (1)

​

​

—

​

​

—

​

​

9,987

Other revenues (2)

​

​

—

​

​

55

​

​

75

Non-hotel operating expenses, net (4)

​

​

82

​

​

11

​

​

2,578

Property-level hurricane-related restoration expenses and legal fees (5)

​

​

—

​

​

—

​

​

(2,257)

Property-level COVID-19 relief grant (5)

​

​

1,343

​

​

—

​

​

—

Pre-opening expenses (5)

​

​

(2,633)

​

​

—

​

​

—

Property-level legal settlements (5)

​

​

(1,182)

​

​

—

​

​

—

Property-level severance (5)

​

​

—

​

​

(297)

​

​

(974)

Taxes assessed on commercial rents (5)

​

​

(480)

​

​

(553)

​

​

(176)

Amortization of right-of use assets and obligations

​

​

1,158

​

​

1,158

​

​

1,272

Corporate overhead

​

​

(29,050)

​

​

(31,412)

​

​

(35,246)

Depreciation and amortization

​

​

(124,507)

​

​

(127,062)

​

​

(126,396)

Impairment losses

​

​

—

​

​

—

​

​

(3,466)

Interest and other income

​

​

13,179

​

​

10,535

​

​

5,242

Interest expense

​

​

(50,125)

​

​

(51,679)

​

​

(32,005)

Gain on sale of assets, net

​

​

457

​

​

123,820

​

​

22,946

Gain (loss) on extinguishment of debt, net

​

​

59

​

​

9,938

​

​

(936)

Income tax benefit (provision), net

​

​

1,100

​

​

(4,562)

​

​

(359)

Net income

​

$

43,262

​

$

206,708

​

$

90,766

(1)Includes business interruption insurance proceeds received by the Company in 2022 related to COVID-19 disruption at the Company’s hotels. The CODM excludes business interruption proceeds because they are non-recurring and not indicative of the performance of the Company’s hotels for the applicable period.
(2)Other revenues include the amortization of any favorable or unfavorable contract intangibles recorded in conjunction with the Company’s hotel acquisitions. The CODM excludes the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating the performance of the Company’s hotels.
(3)Other property-level expenses include property-level general and administrative expenses, such as payroll, benefits and other employee-related expenses, contract and professional fees, credit and collection expenses, employee recruitment, relocation and training expenses, labor dispute expenses, consulting fees, management fees, and other expenses.
(4)Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for 2024, 2023, and 2022, and include corporate-level current year property taxes, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.
(5)When assessing a hotel’s operating performance, the CODM excludes certain items that are not indicative of the ongoing operating performance of the Company’s hotels, such as hurricane-related restoration expenses and legal fees, property-level grants, pre-opening expenses associated with extensive renovation projects such as the work being performed at the Confidante Miami Beach, property-level legal settlements and severance, and taxes assessed on commercial rents.
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Schedule of basic and incentive management fees

​

Total basic management and incentive management fees were included in other property-level expenses on the Company’s consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Basic management fees

​

$

24,356

​

$

27,122

​

$

24,858

​

Incentive management fees

​

 

2,463

​

 

7,534

​

 

6,696

​

Total basic and incentive management fees

​

$

26,819

​

$

34,656

​

$

31,554

​
Schedule of license and franchise costs

Total license and franchise fees were included in franchise costs on the Company’s consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Franchise assessments (1)

​

$

17,099

​

$

15,674

​

$

14,690

​

Franchise royalties (2)

​

 

1,292

​

 

1,202

​

 

1,149

​

Total franchise costs

​

$

18,391

​

$

16,876

​

$

15,839

​

(1)Includes advertising, reservation and frequent guest program assessments.
(2)Prior to the sale of the Hyatt Centric Chicago Magnificent Mile in February 2022 (see Note 4), franchise royalties included key money received from the hotel’s franchisor, which the Company was amortizing over the term of the hotel’s franchise agreement.
Schedule of hotel geographic concentration of risk

As of December 31, 2024, our hotels were geographically concentrated as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of Total

​

​

Number of Hotels

​

Total Rooms (unaudited)

​

Consolidated Revenue

Northern California

​

3

​

14

%

​

21

%

Southern California

​

2

​

22

%

​

22

%

Florida

​

3

​

17

%

​

13

%

Hawaii

​

1

​

8

%

​

15

%

Washington DC

​

1

​

11

%

​

10

%
v3.25.0.1
Organization and Description of Business (Details)
 12 Months Ended
Dec. 31, 2024
property
Sunstone Hotel Partnership, LLC  
Organization and Description of Business  
Controlling interest owned (as a percent) 100.00%
Hotel, Owned [Member]  
Organization and Description of Business  
Number of hotels owned by the Company 15
Number of hotels managed by third parties 15
Hotel, Owned [Member] | Marriott  
Organization and Description of Business  
Number of hotels managed by third parties 6
Hotel, Owned [Member] | Hyatt Corporation  
Organization and Description of Business  
Number of hotels managed by third parties 3
Hotel, Owned [Member] | Four Seasons Hotels Limited  
Organization and Description of Business  
Number of hotels managed by third parties 1
Hotel, Owned [Member] | Hilton Worldwide  
Organization and Description of Business  
Number of hotels managed by third parties 1
Hotel, Owned [Member] | Interstate Hotels & Resorts, Inc  
Organization and Description of Business  
Number of hotels managed by third parties 1
Hotel, Owned [Member] | Montage North America, LLC  
Organization and Description of Business  
Number of hotels managed by third parties 1
Hotel, Owned [Member] | Sage Hospitality Group  
Organization and Description of Business  
Number of hotels managed by third parties 1
Hotel, Owned [Member] | Singh Hospitality, LLC  
Organization and Description of Business  
Number of hotels managed by third parties 1
v3.25.0.1
Summary of Significant Accounting Policies - (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
property
segment
Dec. 31, 2023
USD ($)
property
segment
Dec. 31, 2022
USD ($)
property
segment
Restricted Cash          
Restricted Cash     $ 73,078,000 $ 67,295,000  
Investments in Hotel Properties          
Impairment of Real Estate         $ 3,466,000
Assets Held for Sale          
Maximum time period for sale for classification of asset as held for sale     12 months    
Number of hotels and/or other assets held for sale | property     0 0  
Leases [Abstract]          
Leases Initial Maximum Term Not Recorded On Balance Sheet     12 months    
Leases Initial Minimum Term Recorded Right Of Use Assets     12 months    
Operating Lease, Impairment Loss     $ 0 $ 0  
Revenue Recognition [Abstract]          
Contract with Customer, Asset, after Allowance for Credit Loss     18,693,000 14,431,000  
Contract with Customer, Liability     48,635,000 45,432,000  
Deferred revenue recognized     $ 39,200,000 $ 43,700,000  
Segment Reporting          
Number of reportable segments     1 1 1
Financial Standby Letter of Credit [Member]          
Restricted Cash          
Restricted Cash     $ 200,000 $ 200,000  
Minimum [Member]          
Real Estate Investment Trust, Distribution, Tax Status [Abstract]          
Percentage of taxable income required to be distributed     90.00%    
Franchise Rights [Member] | Minimum [Member]          
Investments in Hotel Properties          
Estimated useful life     15 years    
Franchise Rights [Member] | Maximum [Member]          
Investments in Hotel Properties          
Estimated useful life     21 years    
Building and Building Improvements [Member] | Minimum [Member]          
Investments in Hotel Properties          
Estimated useful life for property, plant and equipment     5 years    
Building and Building Improvements [Member] | Maximum [Member]          
Investments in Hotel Properties          
Estimated useful life for property, plant and equipment     40 years    
Furniture and Fixtures [Member] | Minimum [Member]          
Investments in Hotel Properties          
Estimated useful life for property, plant and equipment     3 years    
Furniture and Fixtures [Member] | Maximum [Member]          
Investments in Hotel Properties          
Estimated useful life for property, plant and equipment     12 years    
Impaired hotels          
Investments in Hotel Properties          
Number of hotels impaired | property     0 0 0
Hilton Times Square          
Restricted Cash          
Restricted Cash       $ 200,000  
Loss Contingency Accrual, Period Increase (Decrease) $ (100,000) $ (9,800,000)      
Former corporate headquarters          
Leases [Abstract]          
Operating Lease, Impairment Loss         $ 2,100,000
v3.25.0.1
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net Income $ 43,262 $ 206,708 $ 90,766
(Income) loss from consolidated joint venture attributable to noncontrolling interest     (3,477)
Preferred stock dividends (15,228) (13,988) (14,247)
Distributions paid to participating securities (273) (310) (128)
Undistributed income allocated to participating securities   (683) (323)
Numerator for basic and diluted income attributable to common stockholders $ 27,761 $ 191,727 $ 72,591
Denominator:      
Weighted average basic common shares outstanding (in shares) 201,739,000 205,590,000 212,613,000
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends 903,000 275,000 40,000
Weighted average diluted common shares outstanding (in shares) 202,642,000 205,865,000 212,653,000
Basic income attributable to common stockholders per common share (in dollars per share) $ 0.14 $ 0.93 $ 0.34
Diluted income attributable to common stockholders per common share (in dollars per share) $ 0.14 $ 0.93 $ 0.34
Restricted Stock [Member]      
Denominator:      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 688,288 1,032,266 1,289,146
Performance Shares [Member]      
Denominator:      
Earnings Per Share, Potentially Dilutive Securities 1,382,074 1,076,160 612,584
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 188,004 188,004 188,004
Performance Shares [Member]      
Denominator:      
Outstanding at the end of the period (in shares) 1,382,074 1,076,160 612,584
v3.25.0.1
Investment in Hotel Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investment in Hotel Properties    
Land $ 645,884 $ 614,112
Buildings and improvements 2,824,364 2,587,278
Furniture, fixtures and equipment 445,696 407,861
Intangible assets 44,063 42,187
Construction in progress 147,250 61,247
Investment in hotel properties, gross 4,107,257 3,712,685
Accumulated depreciation and amortization (1,251,225) (1,127,406)
Investment in hotel properties, net $ 2,856,032 $ 2,585,279
v3.25.0.1
Investment in Hotel Properties - Acquisitions (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 30, 2024
USD ($)
room
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Asset Acquisition [Line Items]      
Acquisition of noncontrolling interest, including transaction costs   $ 299 $ 104,261
Acquisition of noncontrolling interest   299 104,261
Additional Paid-in Capital [Member]      
Asset Acquisition [Line Items]      
Acquisition of noncontrolling interest   $ 299 65,477
Noncontrolling Interest [Member]      
Asset Acquisition [Line Items]      
Acquisition of noncontrolling interest     $ 38,784
Hyatt Regency San Antonio Riverwalk      
Asset Acquisition [Line Items]      
Number of rooms in acquired hotel | room 630    
Asset Acquisition, Consideration Transferred $ 230,000    
Future proceeds from previous acquisition $ 8,000    
v3.25.0.1
Investment in Hotel Properties - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets      
Intangible assets $ 44,063 $ 42,187  
Amortization of Intangible Assets 1,357 464 $ 492
Intangible assets included in hotel properties      
Intangible Assets      
Amortization of Intangible Assets 1,357 517 565
Intangible assets included in hotel properties | Leases, Acquired-in-Place [Member]      
Intangible Assets      
Amortization of Intangible Assets 202 99 58
Intangible assets included in hotel properties      
Intangible Assets      
Intangible assets 44,063 42,187  
Accumulated amortization (2,306) (949)  
Intangible assets, net 41,757 41,238  
Intangible assets included in hotel properties | Leases, Acquired-in-Place [Member]      
Intangible Assets      
Finite-Lived Intangible Asset, Acquired-in-Place Leases 1,047 519  
The Westin Washington, DC Downtown | Intangible assets included in hotel properties | Indefinite-Lived Intangible Assets [Member]      
Intangible Assets      
Indefinite-Lived Intangible Assets (Excluding Goodwill) 18,436 18,436  
Oceans Edge Resort & Marina | Intangible assets included in hotel properties | Lease Agreements [Member]      
Intangible Assets      
Other Indefinite-Lived Intangible Assets 1,947 1,947  
Napa/Sonoma Hotels Member | Intangible assets included in hotel properties | Customer Relationships [Member]      
Intangible Assets      
Amortization of Intangible Assets 923 411 $ 282
Napa/Sonoma Hotels Member | Intangible assets included in hotel properties | Customer Relationships [Member]      
Intangible Assets      
Finite-Lived Contractual Rights, Gross 21,038 21,038  
Four Seasons Resort Napa Valley | Customer Relationships [Member]      
Intangible Assets      
Finite-Lived Contractual Rights, Gross $ 7,300 $ 7,300  
Finite-Lived Intangible Asset, Useful Life 20 years 20 years 20 years
Four Seasons Resort Napa Valley | Intangible assets included in hotel properties | Trade Names [Member]      
Intangible Assets      
Indefinite-Lived Trade Names $ 121 $ 121  
Montage Healdsburg | Customer Relationships [Member]      
Intangible Assets      
Finite-Lived Contractual Rights, Gross $ 13,700 $ 13,700  
Finite-Lived Intangible Asset, Useful Life 25 years 25 years 25 years
Hyatt Regency San Antonio Riverwalk | Intangible assets included in hotel properties | Customer Contracts [Member]      
Intangible Assets      
Amortization of Intangible Assets $ 224   $ 199
Hyatt Regency San Antonio Riverwalk | Intangible assets included in hotel properties | Customer Contracts [Member]      
Intangible Assets      
Other Finite-Lived Intangible Assets, Gross 1,344    
Franchised Hotels Member | Intangible assets included in hotel properties | Franchise agreements      
Intangible Assets      
Amortization of Intangible Assets 8 $ 7 11
Franchised Hotels Member | Intangible assets included in hotel properties | Franchise agreements      
Intangible Assets      
Finite-Lived License Agreements, Gross $ 130 $ 126  
Hilton Garden Inn Chicago Downtown/Magnificent Mile | Intangible assets included in hotel properties | Below-market management agreement      
Intangible Assets      
Amortization of Intangible Assets     $ 15
v3.25.0.1
Investment in Hotel Properties - Future Amortization of Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Investment in Hotel Properties  
2025 $ 1,522
2026 1,518
2027 1,370
2028 1,077
2029 $ 959
v3.25.0.1
Disposals (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2023
Mar. 31, 2022
Feb. 28, 2022
Dec. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Proceeds from sale of assets           $ 364,491 $ 191,291
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal         $ 457 123,820 22,946
Impairment of Real Estate             3,466
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]              
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal         457 123,820 22,946
Total revenues           96,713 97,915
Income (Loss) from Individually Significant Component Disposed of or Held-for-Sale, Excluding Discontinued Operations, before Income Tax           $ 19,231 3,801
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Boston Park Plaza              
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Proceeds from sale of assets $ 364,500            
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $ 123,800       $ 500    
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Disposals - 2022 [Member]              
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Proceeds from sale of assets             195,291
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal             $ 22,946
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hyatt Centric Chicago Magnificent Mile              
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Proceeds from sale of assets     $ 67,231        
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal     $ 11,336        
Escrow Deposits Related to Property Sales       $ 4,000      
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Chicago Two Pack              
Property, Plant and Equipment Impairment or Disposal [Abstract]              
Proceeds from sale of assets   $ 128,060          
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal   $ 11,610          
v3.25.0.1
Fair Value Measurements and Interest Rate Derivatives - Fair Value Measurements (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Asset Impairment Charges [Abstract]      
Impairment of Real Estate     $ 3,466,000
Operating Lease, Impairment Loss $ 0 $ 0  
Assets:      
Interest rate derivative assets $ 556,000 $ 417,000  
Former corporate headquarters      
Asset Impairment Charges [Abstract]      
Operating Lease, Impairment Loss     2,100,000
Fair Value, Inputs, Level 2 [Member] | Former corporate headquarters      
Asset Impairment Charges [Abstract]      
Impairment of Real Estate     1,400,000
Impairment charges     3,500,000
Operating Lease, Impairment Loss     $ 2,100,000
v3.25.0.1
Fair Value Measurements and Interest Rate Derivatives - Fair Value of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Percentage of Debt Bearing Fixed Interest Rates 40.80% 51.20%
Debt, Long-Term and Short-Term, Combined Amount $ 845,000 $ 819,050
Fair Value, Inputs, Level 3 [Member]    
Fair value of debt $ 841,027 $ 805,212
v3.25.0.1
Fair Value Measurements and Interest Rate Derivatives - Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Rate Derivatives      
Fair values of derivative assets $ 556 $ 417  
Noncash interest on derivatives, net (540) 252 $ (2,194)
Interest Rate Contract [Member]      
Interest Rate Derivatives      
Interest Rate Derivatives, at Fair Value, Net $ 556 16  
Interest Rate Swap Derivative TL1 Swap1 Member | Not Designated as Hedging Instrument [Member] | Term loan #1      
Interest Rate Derivatives      
Fixed rate under interest rate swap agreement 3.675%    
Interest rate, description of reference rate CME Term SOFR    
Derivative, Inception Date Mar. 17, 2023    
Derivative, Contract End Date Mar. 17, 2026    
Notional amount $ 75,000    
Interest Rate Derivatives, at Fair Value, Net $ 370 417  
Interest Rate Swap Derivative TL1 Swap2 Member | Not Designated as Hedging Instrument [Member] | Term loan #1      
Interest Rate Derivatives      
Fixed rate under interest rate swap agreement 3.931%    
Interest rate, description of reference rate CME Term SOFR    
Derivative, Inception Date Sep. 14, 2023    
Derivative, Contract End Date Sep. 14, 2026    
Notional amount $ 100,000    
Interest Rate Derivatives, at Fair Value, Net $ 186 $ (401)  
v3.25.0.1
Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Assets, Unclassified [Abstract]    
Prepaid Expense $ 10,488 $ 8,123
Inventory, Gross 10,497 9,185
Debt Issuance Costs, Line of Credit Arrangements, Net 2,223 3,627
Property and equipment, net 2,267 3,120
Interest rate derivative assets 556 417
Deferred Rent Receivables, Net 369 552
Indefinite-Lived License Agreements 930 930
Other Assets, Miscellaneous 427 429
Prepaid expenses and other assets, net $ 27,757 $ 26,383
v3.25.0.1
Notes Payable (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 01, 2023
May 31, 2024
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Notes Payable        
Debt, Long-Term and Short-Term, Combined Amount     $ 845,000 $ 819,050
Unamortized deferred financing costs     (3,953) (4,491)
Debt, net of unamortized deferred financing costs     841,047 814,559
Aggregate Future Principal Maturities and Amortization of Notes Payable        
2026     390,000  
2027     175,000  
2028     $ 280,000  
JW Marriott New Orleans Mortgage        
Notes Payable        
Debt Instrument, Maturity Date     Dec. 11, 2024  
Fixed interest rate (as a percent)     4.15%  
Secured Debt       $ 74,050
Unsecured Term Loans        
Notes Payable        
Interest rate, description of reference rate     SOFR SOFR
Interest rate added to base rate (as a percent)     0.10% 0.10%
Unsecured Debt     $ 675,000 $ 575,000
Unsecured Term Loans | Minimum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     1.35% 1.35%
Unsecured Term Loans | Maximum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     2.20% 2.20%
Term loan #1        
Notes Payable        
Derivative, Variable Interest Rate     5.27% 5.25%
Debt Instrument, Maturity Date     Jul. 25, 2027  
Debt Instrument, Interest Rate, Increase (Decrease)   0.02%    
Number of interest rate swap derivative agreements | item     2 2
Unsecured Debt     $ 175,000 $ 175,000
Term loan #1 | Minimum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     1.35%  
Term loan #1 | Maximum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     2.20%  
Term loan #2        
Notes Payable        
Debt Instrument, Maturity Date     Jan. 25, 2028  
Debt Instrument, Interest Rate, Increase (Decrease)   0.02%    
Unsecured Debt     $ 175,000 $ 175,000
Line of Credit Facility, Interest Rate at Period End     6.02% 6.77%
Term loan #2 | Minimum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     1.35%  
Term loan #2 | Maximum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)     2.20%  
Term loan #3        
Notes Payable        
Interest rate, description of reference rate SOFR      
Interest rate added to base rate (as a percent) 0.10%      
Debt Instrument, Maturity Date May 01, 2025   May 01, 2025  
Unsecured Debt     $ 225,000 $ 225,000
Line of Credit Facility, Interest Rate at Period End     5.83% 6.81%
Term loan #3 | Minimum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent) 1.35%      
Term loan #3 | Maximum [Member]        
Notes Payable        
Interest rate added to base rate (as a percent) 2.20%      
Term loan #4        
Notes Payable        
Debt Instrument, Maturity Date     Nov. 07, 2025  
Unsecured Debt     $ 100,000  
Line of Credit Facility, Interest Rate at Period End     5.93%  
Senior Notes        
Notes Payable        
Unsecured Debt     $ 170,000 $ 170,000
Series A Senior Notes        
Notes Payable        
Debt Instrument, Maturity Date     Jan. 10, 2026  
Fixed interest rate (as a percent)     4.69%  
Unsecured Debt     $ 65,000 65,000
Series B Senior Notes        
Notes Payable        
Debt Instrument, Maturity Date     Jan. 10, 2028  
Fixed interest rate (as a percent)     4.79%  
Unsecured Debt     $ 105,000 $ 105,000
v3.25.0.1
Notes Payable - 2024 Transactions (Details)
 12 Months Ended
Nov. 07, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Secured Debt [Abstract]        
Repayments of Debt   $ 74,050,000 $ 222,086,000 $ 38,916,000
Unsecured Debt        
Proceeds from Issuance of Debt   $ 100,000,000 $ 225,000,000 $ 243,615,000
JW Marriott New Orleans Mortgage        
Unsecured Debt        
Debt Instrument, Maturity Date   Dec. 11, 2024    
Unsecured Term Loans        
Unsecured Debt        
Debt Instrument, Basis Spread on Variable Rate   0.10% 0.10%  
Interest rate, description of reference rate   SOFR SOFR  
Term loan #4        
Unsecured Debt        
Debt Instrument, Maturity Date   Nov. 07, 2025    
Minimum [Member] | Unsecured Term Loans        
Unsecured Debt        
Debt Instrument, Basis Spread on Variable Rate   1.35% 1.35%  
Maximum [Member] | Unsecured Term Loans        
Unsecured Debt        
Debt Instrument, Basis Spread on Variable Rate   2.20% 2.20%  
Unsecured Debt [Member] | Term loan #4        
Unsecured Debt        
Proceeds from Issuance of Debt $ 100,000,000      
Debt Instrument, Basis Spread on Variable Rate 0.10%      
Interest rate, description of reference rate SOFR      
Long-Term Debt, Term 1 year      
Number of extension periods for unsecured debt 2      
Term of extension period for unsecured debt 6 months      
Debt Instrument, Maturity Date Nov. 07, 2026      
Unsecured Debt [Member] | Minimum [Member] | Term loan #4        
Unsecured Debt        
Debt Instrument, Basis Spread on Variable Rate 1.35%      
Unsecured Debt [Member] | Maximum [Member] | Term loan #4        
Unsecured Debt        
Debt Instrument, Basis Spread on Variable Rate 2.20%      
Revolving Credit Facility [Member]        
Unsecured Debt        
Long-Term Line of Credit   $ 0    
Line of Credit Facility, Maximum Borrowing Capacity   $ 500,000,000    
v3.25.0.1
Notes Payable - 2023 Transactions (Details)
$ in Thousands
 12 Months Ended
May 09, 2023
USD ($)
May 01, 2023
USD ($)
item
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Secured Debt [Abstract]          
Repayments of Debt     $ 74,050 $ 222,086 $ 38,916
Unsecured Debt          
Proceeds from Issuance of Debt     $ 100,000 $ 225,000 $ 243,615
Hilton San Diego Bayfront mortgage          
Secured Debt [Abstract]          
Repayments of Debt $ 220,000        
Unsecured Term Loans          
Unsecured Debt          
Debt Instrument, Basis Spread on Variable Rate     0.10% 0.10%  
Interest rate, description of reference rate     SOFR SOFR  
Term loan #3          
Unsecured Debt          
Proceeds from Issuance of Debt   $ 225,000      
Debt Instrument, Basis Spread on Variable Rate   0.10%      
Interest rate, description of reference rate   SOFR      
Debt Instrument, Maturity Date   May 01, 2025 May 01, 2025    
Number of extension periods for unsecured debt | item   1      
Term of extension period for unsecured debt   12 months      
Debt Instrument, Maturity Date Range, End   May 01, 2026      
Minimum [Member] | Unsecured Term Loans          
Unsecured Debt          
Debt Instrument, Basis Spread on Variable Rate     1.35% 1.35%  
Minimum [Member] | Term loan #3          
Unsecured Debt          
Debt Instrument, Basis Spread on Variable Rate   1.35%      
Maximum [Member] | Unsecured Term Loans          
Unsecured Debt          
Debt Instrument, Basis Spread on Variable Rate     2.20% 2.20%  
Maximum [Member] | Term loan #3          
Unsecured Debt          
Debt Instrument, Basis Spread on Variable Rate   2.20%      
v3.25.0.1
Notes Payable - Deferred Financing Costs, Gain/Loss on Extinguishment of Debt and Interest Expense (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended 36 Months Ended
Feb. 28, 2023
Jun. 30, 2024
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2021
Debt Transactions                
Payments of Financing Costs       $ 1,105 $ 2,332 $ 7,404    
Gain (loss) on extinguishment of debt, net       59 9,938 (936)    
Interest Expense                
Noncash interest on derivatives, net       (540) 252 (2,194)    
Amortization of deferred financing costs       3,047 2,700 2,486    
Total interest expense       50,125 51,679 32,005    
Loss Contingency Accrual, Disclosures [Abstract]                
Gain on extinguishment of debt, net       59 9,938 (936)    
Hilton Times Square                
Debt Transactions                
Gain (loss) on extinguishment of debt, net     $ 9,800 100 100 100    
Loss Contingency Accrual, Disclosures [Abstract]                
Loss Contingency Accrual               $ 10,500
Loss Contingency Accrual, Payments             $ 300  
Loss Contingency Accrual, Period Increase (Decrease)   $ (100) (9,800)          
Gain on extinguishment of debt, net     $ 9,800 100 100 100    
Hilton Times Square | Indemnification Agreement [Member]                
Debt Transactions                
Gain (loss) on extinguishment of debt, net       100 9,900      
Loss Contingency Accrual, Disclosures [Abstract]                
Loss Contingency Accrual, Period Increase (Decrease) $ (9,800)       (100) (100)    
Gain on extinguishment of debt, net       100 9,900      
Notes Payable, Other Payables [Member]                
Interest Expense                
Interest expense on debt and finance lease obligation       49,003 48,727 31,713    
Noncash interest on derivatives, net       (540) 252 (2,194)    
Amortization of deferred financing costs       3,047 2,700 2,486    
Capitalized interest       (1,385)        
Total interest expense       50,125 51,679 32,005    
Hilton Times Square Mortgage and Unsecured Debt                
Debt Transactions                
Gain (loss) on extinguishment of debt, net           (900)    
Loss Contingency Accrual, Disclosures [Abstract]                
Gain on extinguishment of debt, net           (900)    
Unsecured Debt [Member]                
Debt Transactions                
Payments of Financing Costs           7,400    
Unsecured Term Loans                
Debt Transactions                
Deferred Debt Issuance Cost, Writeoff           800    
Term loan #3                
Debt Transactions                
Payments of Financing Costs         $ 2,300      
Term loan #4                
Debt Transactions                
Payments of Financing Costs       $ 1,100        
Senior Notes                
Debt Transactions                
Deferred Debt Issuance Cost, Writeoff           $ 200    
v3.25.0.1
Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities    
Advance deposits $ 48,635 $ 45,432
Accrual for Taxes Other than Income Taxes 10,088 6,903
Interest Payable 5,105 6,346
Deferred Rent Credit 1,433 2,711
Accrued Income Taxes   2,860
Derivative Liability   401
Management fees payable 1,168 1,321
Other 6,265 7,040
Total other liabilities $ 72,694 $ 73,014
v3.25.0.1
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Description [Abstract]        
Operating Lease, Right-of-Use Asset $ 8,464   $ 8,464 $ 12,755
Operating lease obligations $ 12,019   $ 12,019 16,735
Operating Lease, Weighted Average Remaining Lease Term 23 years   23 years  
Operating Lease, Weighted Average Discount Rate, Percent 5.50%   5.50%  
Operating lease right-of-use asset obtained in exchange for operating lease obligation   $ 2,200 $ 308 $ 2,163
Four Seasons Resort Napa Valley        
Lessee, Operating Lease, Description [Abstract]        
Operating lease right-of-use asset obtained in exchange for operating lease obligation $ 300      
v3.25.0.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2028
Lease, Cost [Abstract]        
Finance Lease, Interest Expense     $ 117  
Operating Lease, Cost $ 5,368 $ 5,427 5,367  
Variable Lease, Cost 7,824 8,438 6,853  
Sublease income (1,187) (1,187)   $ (3,300)
Total lease cost $ 12,005 $ 12,678 $ 12,337  
v3.25.0.1
Leases - Future Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2028
Lessee, Operating Lease, Description [Abstract]      
2025 $ 5,926    
2026 2,339    
2027 2,401    
2028 1,868    
2029 298    
Thereafter 981    
Total lease payments 13,813    
Less: interest (1,794)    
Operating lease obligations 12,019 $ 16,735  
Sublease income $ 1,187 $ 1,187 $ 3,300
v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of Deferred Tax Assets [Abstract]      
Net operating loss carryforward $ 22,129 $ 22,805  
Other reserves 885 1,095  
State taxes and other 1,371 1,657  
Depreciation 1,695 1,853  
Total gross deferred tax assets 26,080 27,410  
Components of Deferred Tax Liabilities [Abstract]      
Amortization (55) (34)  
Deferred revenue (22) (22)  
Other   (167)  
Total gross deferred tax liabilities (77) (223)  
Valuation allowance (26,003) (27,187)  
Deferred tax assets, net  
Net operating loss carryforwards for federal income tax purposes 102,000 103,800  
Net operating loss carryforwards expiration amount 8,200 8,200  
Current income tax provision, net:      
Current federal income tax benefit (provision), net (5) (14)  
Current state income tax benefit (provision), net 1,105 (4,548) $ (359)
Current income tax benefit (provision), net 1,100 (4,562) (359)
Deferred income tax provision, net:      
Federal (734) (123) 2,568
State (450) (208) 654
Change in valuation allowance 1,184 331 (3,222)
Income tax provision, net $ 1,100 $ (4,562) $ (359)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected federal tax expense at statutory rate $ (5,887) $ (45,033) $ (18,406)
Tax impact of REIT election 6,004 40,767 20,981
Expected tax (provision) benefit of TRS 117 (4,266) 2,575
State income tax benefit, net of federal (provision) 685 (164) 517
Change in valuation allowance 1,184 331 (3,222)
Other permanent items (886) (463) (729)
Tax refunds and credits     500
Income tax provision, net $ 1,100 $ (4,562) $ (359)
v3.25.0.1
Income Taxes - Characterization of Distributions (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Common Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 0.34   $ 0.1
Capital gain (in dollars per share)     $ 0.3  
Total (in dollars per share)   $ 0.34 $ 0.3 $ 0.1
Ordinary income (as a percent)   100.00%   100.00%
Capital gain (as a percent)     100.00%  
Total (as a percent)   100.00% 100.00% 100.00%
Number of Tax Years in Which Dividends are Taxable | $ 2      
Dividend Income, Securities, Operating, Taxable | $ $ 0.06 $ 0.28    
Series G Preferred Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 0.998   $ 0.567
Capital gain (in dollars per share)     $ 0.469  
Total (in dollars per share)   $ 0.998 $ 0.469 $ 0.567
Ordinary income (as a percent)   100.00%   100.00%
Capital gain (as a percent)     100.00%  
Total (as a percent)   100.00% 100.00% 100.00%
Series H Preferred Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 1.531   $ 1.531
Capital gain (in dollars per share)     $ 1.531  
Total (in dollars per share)   $ 1.531 $ 1.531 $ 1.531
Ordinary income (as a percent)   100.00%   100.00%
Capital gain (as a percent)     100.00%  
Total (as a percent)   100.00% 100.00% 100.00%
Series I Cumulative Redeemable Preferred Stock        
Income Taxes        
Ordinary income (in dollars per share)   $ 1.425   $ 1.425
Capital gain (in dollars per share)     $ 1.425  
Total (in dollars per share)   $ 1.425 $ 1.425 $ 1.425
Ordinary income (as a percent)   100.00%   100.00%
Capital gain (as a percent)     100.00%  
Total (as a percent)   100.00% 100.00% 100.00%
v3.25.0.1
Stockholders' Equity - Preferred Stock (Details) - $ / shares
 1 Months Ended 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2024
Jul. 31, 2021
May 31, 2021
Apr. 30, 2021
Sep. 30, 2024
Series G Preferred Stock [Member]              
Stockholders' equity              
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 2,650,000 2,650,000          
Liquidation preference (in dollars per share) $ 25 $ 25          
Series G Preferred Stock [Member] | Montage Healdsburg              
Stockholders' equity              
Preferred Stock, Redemption Price Per Share           $ 25  
Stock Issued During Period, Shares, Other           2,650,000  
Series G Preferred Stock [Member] | Maximum [Member] | Montage Healdsburg              
Stockholders' equity              
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)     3.00%       4.50%
Series H Preferred Stock [Member]              
Stockholders' equity              
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent) 6.125% 6.125%     6.125%    
Preferred Stock, Redemption Price Per Share         $ 25    
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 4,600,000 4,600,000          
Stock Issued During Period, Shares, Other         4,600,000    
Liquidation preference (in dollars per share) $ 25 $ 25     $ 25    
Series I Cumulative Redeemable Preferred Stock              
Stockholders' equity              
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent) 5.70% 5.70%   5.70%      
Preferred Stock, Redemption Price Per Share       $ 25      
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 4,000,000 4,000,000          
Stock Issued During Period, Shares, Other       4,000,000      
Liquidation preference (in dollars per share) $ 25 $ 25   $ 25      
v3.25.0.1
Stockholders' Equity - Common Stock (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Feb. 28, 2023
Feb. 28, 2021
Feb. 28, 2017
Share Repurchase Program              
Stockholders' equity              
Share Repurchase Program, Remaining Authorized, Amount $ 427,500            
At The Market              
Stockholders' equity              
ATM Program, remaining amount authorized for issuance $ 300,000            
Maximum [Member] | Share Repurchase Program              
Stockholders' equity              
Stock Repurchase Program, maximum amount authorized for repurchase         $ 500,000 $ 500,000  
Maximum [Member] | At The Market              
Stockholders' equity              
ATM Program, maximum amount authorized for issuance       $ 300,000 $ 300,000   $ 300,000
Common Stock [Member] | Share Repurchase Program              
Stockholders' equity              
Stock Repurchased and Retired During Period, Shares 2,764,837 5,971,192 10,245,324        
Stock Repurchased and Retired During Period, Value $ 27,238 $ 56,403 $ 108,442        
v3.25.0.1
Stockholders' Equity - Dividends (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends      
Common Stock, Dividends, Per Share, Declared $ 0.34 $ 0.3 $ 0.1
Series G Preferred Stock [Member]      
Dividends      
Preferred stock dividends declared per share (in dollars per share) 0.9375 0.469437 0.567112
Series H Preferred Stock [Member]      
Dividends      
Preferred stock dividends declared per share (in dollars per share) 1.531252 1.531252 1.531252
Series I Cumulative Redeemable Preferred Stock      
Dividends      
Preferred stock dividends declared per share (in dollars per share) $ 1.425 $ 1.425 $ 1.425
v3.25.0.1
Incentive Award Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Compensation Expense and Forfeitures        
Capitalized compensation cost   $ 200 $ 467 $ 481
Share-Based Payment Arrangement [Member]        
Incentive Award Plan        
Number of common shares reserved for issuance under the Incentive Award Plan (in shares) 3,750,000 3,750,000    
Number of shares available for future issuance (in shares) 1,332,223 1,332,223    
Compensation Expense and Forfeitures        
Amortization expense, including forfeitures   $ 10,456 10,775 10,891
Capitalized compensation cost   200 $ 467 $ 481
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount $ 9,700 $ 9,700    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 21 months      
v3.25.0.1
Incentive Award Plan Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-Vested Stock Grants, Number of Shares      
Outstanding at the beginning of the period (in shares) 1,032,266 1,289,146 1,463,315
Granted (in shares) 444,077 450,964 555,501
Vested (in shares) (719,924) (699,652) (694,863)
Forfeited (in shares) (68,131) (8,192) (34,807)
Outstanding at the end of the period (in shares) 688,288 1,032,266 1,289,146
Non-Vested Stock Grants, Weighted Average Price      
Outstanding at the beginning of the period (in dollars per share) $ 11.11 $ 11.65 $ 12.15
Granted (in dollars per share) 10.66 10.58 11.41
Vested (in dollars per share) 11.25 11.76 12.5
Forfeited (in dollars per share) 10.89 11.12 11.79
Outstanding at the end of the period (in dollars per share) $ 10.7 $ 11.11 $ 11.65
Minimum [Member]      
Incentive Award Plan      
Vesting period 3 years    
Maximum [Member]      
Incentive Award Plan      
Vesting period 5 years    
v3.25.0.1
Incentive Award Plan Restricted Stock Units (Details) - Performance Shares [Member] - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 12, 2024
Feb. 09, 2023
Mar. 07, 2022
Feb. 10, 2022
Feb. 28, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-Vested Stock Grants, Number of Shares                
Outstanding at the beginning of the period (in shares)           1,076,160 612,584  
Granted (in shares)           475,746 463,576 612,584
Vested (in shares)           (119,732)    
Forfeited (in shares)           (50,100)    
Outstanding at the end of the period (in shares)           1,382,074 1,076,160 612,584
Non-Vested Stock Grants, Weighted Average Price                
Outstanding at the beginning of the period (in dollars per share)           $ 10.69 $ 10.4  
Granted (in dollars per share)           11.5 11.07 $ 10.4
Vested (in dollars per share)           11.21    
Forfeited (in dollars per share)           11.21    
Outstanding at the end of the period (in dollars per share)           $ 10.9 $ 10.69 $ 10.4
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]                
Share-Based Payment Arrangement, Valuation Technique [Extensible Enumeration]           us-gaap:MonteCarloModelMember us-gaap:MonteCarloModelMember us-gaap:MonteCarloModelMember
Total Relative Shareholder Return Two Year Vest                
Incentive Award Plan                
Vesting period         2 years      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate       41.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate       1.56%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term       2 years        
Total Relative Shareholder Return Three Year Vest                
Incentive Award Plan                
Vesting period 3 years 3 years   3 years        
FTSE Nareit Lodging Resort Index Market Capitalization Minimum $ 500.0 $ 500.0   $ 500.0        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate 31.00% 38.00%   41.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 4.34% 4.18%   1.78%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term 3 years 3 years   3 years        
Total Relative Shareholder Return Three Year Vest | Minimum [Member]                
Incentive Award Plan                
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage           0.00% 0.00% 0.00%
Total Relative Shareholder Return Three Year Vest | Maximum [Member]                
Incentive Award Plan                
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage           200.00% 200.00% 200.00%
Stock Price Targets Five Year Vest                
Incentive Award Plan                
Number of stock price targets           5 5 5
Number Of Consecutive Trading Day Period           20 20 20
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]                
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate     40.00%          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate     1.72%          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term     5 years          
Period after the grant date for vesting (in years)           3 years 3 years 3 years
Stock Price Targets Five Year Vest | Minimum [Member]                
Incentive Award Plan                
Share based compensation average closing sales price per share (in dollars per share)           $ 13.5 $ 13.5 $ 13.5
Stock Price Targets Five Year Vest | Maximum [Member]                
Incentive Award Plan                
Share based compensation average closing sales price per share (in dollars per share)           $ 19.5 $ 19.5 $ 19.5
v3.25.0.1
Segment Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
segment
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 905,809,000 $ 986,480,000 $ 912,053,000
Number of reportable segments 1 1 1
Hotel Ownership | Hotel Ownership      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 905,809,000 $ 986,425,000 $ 901,991,000
Total consolidated revenues $ 905,809,000 986,480,000 912,053,000
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Hotel Ownership      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Gain on Business Interruption Insurance Recovery     9,987,000
Segment Reporting, Reconciling Item, Corporate Nonsegment | Hotel Ownership      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Amortization of Below Market Lease   $ 55,000 $ 75,000
v3.25.0.1
Segment Information - Significant Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Advertising and promotion $ 52,180 $ 51,958 $ 46,979
Repairs and maintenance 35,927 38,308 36,801
Utilities 26,576 27,622 26,357
Costs of Franchised Outlets 18,391 16,876 15,839
Property tax, ground lease and insurance 77,221 78,796 68,979
Other property-level expenses 110,833 120,247 113,336
Operating Expenses 827,217 867,824 816,175
Occupancy [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold 146,369 158,002 145,285
Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold 182,840 193,820 174,146
Hotel, Other [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold 23,323 23,721 23,345
Significant expense used by CODM consolidated member      
Segment Reporting Information [Line Items]      
Advertising and promotion 52,180 51,958 46,979
Repairs and maintenance 35,927 38,308 36,801
Utilities 26,576 27,622 26,357
Costs of Franchised Outlets 18,391 16,876 15,839
Property tax, ground lease and insurance 77,221 78,796 68,979
Other property-level expenses 110,833 120,247 113,336
Operating Expenses 673,660 709,350 651,067
Significant expense used by CODM consolidated member | Occupancy [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold 146,369 158,002 145,285
Significant expense used by CODM consolidated member | Food and Beverage [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold 182,840 193,820 174,146
Significant expense used by CODM consolidated member | Hotel, Other [Member]      
Segment Reporting Information [Line Items]      
Cost of Goods and Services Sold $ 23,323 $ 23,721 $ 23,345
v3.25.0.1
Segment Information - Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Corporate overhead $ 29,050 $ 31,412 $ 35,246
Depreciation and amortization 124,507 127,062 126,396
Impairment of Real Estate     3,466
Interest and other income (loss) 13,179 10,535 5,242
Interest expense (50,125) (51,679) (32,005)
Gain on sale of assets 457 123,820 22,946
Gain on extinguishment of debt, net 59 9,938 (936)
Current income tax benefit (provision), net 1,100 (4,562) (359)
Net income (43,262) (206,708) (90,766)
Hotel Ownership | Hotel Ownership      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Operating Income (Loss) 233,861 276,756 250,481
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Hotel Ownership      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Gain on Business Interruption Insurance Recovery     9,987
Hurricane-related restoration expenses     (2,257)
Other Nonoperating Income 1,343    
Pre-Opening Costs (2,633)    
Litigation Settlement, Loss (1,182)    
Severance Costs   (297) (974)
Taxes, Miscellaneous (480) (553) (176)
Segment Reporting, Reconciling Item, Corporate Nonsegment | Hotel Ownership      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Amortization of Below Market Lease   55 75
Nonoperating Income (Expense) 82 11 2,578
Operating Lease, Expense 1,158 1,158 1,272
Corporate overhead (29,050) (31,412) (35,246)
Depreciation and amortization (124,507) (127,062) (126,396)
Impairment of Real Estate     (3,466)
Interest and other income (loss) 13,179 10,535 5,242
Interest expense (50,125) (51,679) (32,005)
Gain on sale of assets 457 123,820 22,946
Gain on extinguishment of debt, net 59 9,938 (936)
Current income tax benefit (provision), net $ 1,100 $ (4,562) $ (359)
v3.25.0.1
Commitments and Contingencies - Management Fees, Franchise Costs and Renovation Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic and incentive management fees incurred      
Other property-level expenses $ 110,833 $ 120,247 $ 113,336
License and Franchise Agreements      
Franchise assessments 17,099 15,674 14,690
Franchise royalties 1,292 1,202 1,149
Franchise costs 18,391 16,876 15,839
Management Service, Base [Member]      
Basic and incentive management fees incurred      
Other property-level expenses 24,356 27,122 24,858
Management Service, Incentive [Member]      
Basic and incentive management fees incurred      
Other property-level expenses 2,463 7,534 6,696
Management Service [Member]      
Basic and incentive management fees incurred      
Other property-level expenses $ 26,819 $ 34,656 $ 31,554
Minimum [Member]      
Management Agreements      
Basic management fees (as a percent) 2.00%    
Maximum [Member]      
Management Agreements      
Basic management fees (as a percent) 3.00%    
Renovation and Construction Commitments      
Renovation and Construction Commitments      
Remaining construction commitments $ 58,100    
v3.25.0.1
Commitments and Contingencies - Other Commitments and Concentration of Risk (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended 36 Months Ended
Dec. 31, 2024
USD ($)
property
Feb. 28, 2023
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
property
Dec. 31, 2021
USD ($)
Loss Contingency Accrual, Disclosures [Abstract]                  
Proceeds from Insurance Settlement, Investing Activities         $ 430 $ 3,722 $ 4,369    
Impairment of Real Estate             3,466    
Restricted Cash $ 73,078       73,078 67,295   $ 73,078  
Gain on extinguishment of debt, net         $ 59 $ 9,938 (936)    
Term of unsecured environmental indemnities         0 years        
Damage limitation of unsecured environmental indemnities         $ 0        
Repayments of Long-Term Lines of Credit             $ 230,000    
Safe Harbor Plan                  
401(k) Savings and Hotel Retirement Plans                  
Age required for participating in 401(k) plan         21 years 21 years 21 years    
Employment period required for participating in 401(k) plan         6 months 6 months 6 months    
Percentage of eligible employee annual base earnings contributed by the company (as a percent)         3.00% 3.00% 3.00%    
Contributions to retirement plans         $ 200 $ 200 $ 200    
Pension Plan [Member]                  
401(k) Savings and Hotel Retirement Plans                  
Contributions to retirement plans         2,000 1,600 1,400    
Hilton Times Square                  
Loss Contingency Accrual, Disclosures [Abstract]                  
Loss Contingency Accrual                 $ 10,500
Loss Contingency Accrual, Payments               300  
Loss Contingency Accrual, Period Increase (Decrease)     $ (100) $ (9,800)          
Restricted Cash           200      
Gain on extinguishment of debt, net       $ 9,800 $ 100 100 100    
Workforce Subject to Collective-Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member]                  
Concentration of Risk                  
Concentration risk (as a percent)         28.00%        
Number of rooms | Geographic Concentration Risk [Member] | Northern California Member                  
Concentration of Risk                  
Concentration risk (as a percent) 14.00%                
Number of rooms | Geographic Concentration Risk [Member] | Southern California Member                  
Concentration of Risk                  
Concentration risk (as a percent) 22.00%                
Number of rooms | Geographic Concentration Risk [Member] | FLORIDA                  
Concentration of Risk                  
Concentration risk (as a percent) 17.00%                
Number of rooms | Geographic Concentration Risk [Member] | HAWAII                  
Concentration of Risk                  
Concentration risk (as a percent) 8.00%                
Number of rooms | Geographic Concentration Risk [Member] | DISTRICT OF COLUMBIA                  
Concentration of Risk                  
Concentration risk (as a percent) 11.00%                
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Geographic Concentration Risk [Member] | Northern California Member                  
Concentration of Risk                  
Concentration risk (as a percent)         21.00%        
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Geographic Concentration Risk [Member] | Southern California Member                  
Concentration of Risk                  
Concentration risk (as a percent)         22.00%        
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Geographic Concentration Risk [Member] | FLORIDA                  
Concentration of Risk                  
Concentration risk (as a percent)         13.00%        
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Geographic Concentration Risk [Member] | HAWAII                  
Concentration of Risk                  
Concentration risk (as a percent)         15.00%        
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Geographic Concentration Risk [Member] | DISTRICT OF COLUMBIA                  
Concentration of Risk                  
Concentration risk (as a percent)         10.00%        
Financial Standby Letter of Credit [Member]                  
Loss Contingency Accrual, Disclosures [Abstract]                  
Restricted Cash $ 200       $ 200 200   200  
Workers' compensation insurance programs                  
Loss Contingency Accrual, Disclosures [Abstract]                  
Outstanding irrevocable letters of credit $ 200       200     $ 200  
Repayments of Long-Term Lines of Credit         0        
Indemnification Agreement [Member] | Hilton Times Square                  
Loss Contingency Accrual, Disclosures [Abstract]                  
Loss Contingency Accrual, Period Increase (Decrease)   $ (9,800)       (100) $ (100)    
Gain on extinguishment of debt, net         $ 100 $ 9,900      
Hotel, Owned [Member]                  
Concentration of Risk                  
Number of Real Estate Properties | property 15       15     15  
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | Northern California Member                  
Concentration of Risk                  
Number of Real Estate Properties | property 3       3     3  
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | Southern California Member                  
Concentration of Risk                  
Number of Real Estate Properties | property 2       2     2  
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | FLORIDA                  
Concentration of Risk                  
Number of Real Estate Properties | property 3       3     3  
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | HAWAII                  
Concentration of Risk                  
Number of Real Estate Properties | property 1       1     1  
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | DISTRICT OF COLUMBIA                  
Concentration of Risk                  
Number of Real Estate Properties | property 1       1     1  
v3.25.0.1
Subsequent Events - Debt (Details) - Subsequent Event [Member] - Term loan #4
 1 Months Ended
Jan. 31, 2025
Unsecured Debt  
Interest rate, description of reference rate SOFR
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]  
Interest Rate Derivatives  
Derivative, Inception Date Jan. 31, 2025
Derivative, Contract End Date Nov. 07, 2026
Fixed rate under interest rate swap agreement 4.02%
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Gross Amount at year end  
Aggregate cost of properties for federal income tax purposes $ 4,000,000
Hotel [Member]  
Initial costs  
Land 597,397
Bldg. and Impr 2,075,046
Cost Capitalized Subsequent to Acquisition  
Land 48,487
Bldg. and Impr 749,318
Gross Amount at year end  
Land 645,884
Bldg. and Impr 2,824,364
Totals 3,470,248
Accum. Depr. $ 904,098
Four Seasons Resort Napa Valley | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Four Seasons Resort Napa Valley | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Four Seasons Resort Napa Valley | Hotel [Member]  
Initial costs  
Land $ 23,514
Bldg. and Impr 128,645
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 9,230
Gross Amount at year end  
Land 23,514
Bldg. and Impr 137,875
Totals 161,389
Accum. Depr. $ 12,049
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Dec. 01, 2021
Hilton New Orleans St. Charles | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Hilton New Orleans St. Charles | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
Hilton New Orleans St. Charles | Hotel [Member]  
Initial costs  
Land $ 3,698
Bldg. and Impr 53,578
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 16,413
Gross Amount at year end  
Land 3,698
Bldg. and Impr 69,991
Totals 73,689
Accum. Depr. $ 18,698
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired May 01, 2013
Hilton San Diego Bayfront | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Hilton San Diego Bayfront | Maximum [Member]  
Gross Amount at year end  
Depr. Life 57 years
Hilton San Diego Bayfront | Hotel [Member]  
Initial costs  
Bldg. and Impr $ 424,992
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 33,891
Gross Amount at year end  
Bldg. and Impr 458,883
Totals 458,883
Accum. Depr. $ 118,729
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Apr. 15, 2011
Hyatt Regency San Antonio Riverwalk | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Hyatt Regency San Antonio Riverwalk | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Hyatt Regency San Antonio Riverwalk | Hotel [Member]  
Initial costs  
Land $ 31,772
Bldg. and Impr 178,393
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 70
Gross Amount at year end  
Land 31,772
Bldg. and Impr 178,463
Totals 210,235
Accum. Depr. $ 3,352
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Apr. 23, 2024
Hyatt Regency San Francisco | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Hyatt Regency San Francisco | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
Hyatt Regency San Francisco | Hotel [Member]  
Initial costs  
Land $ 116,140
Bldg. and Impr 131,430
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 108,098
Gross Amount at year end  
Land 116,140
Bldg. and Impr 239,528
Totals 355,668
Accum. Depr. $ 108,224
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Dec. 02, 2013
JW Marriott New Orleans | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
JW Marriott New Orleans | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
JW Marriott New Orleans | Hotel [Member]  
Initial costs  
Bldg. and Impr $ 73,420
Cost Capitalized Subsequent to Acquisition  
Land 15,147
Bldg. and Impr 47,831
Gross Amount at year end  
Land 15,147
Bldg. and Impr 121,251
Totals 136,398
Accum. Depr. $ 46,663
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Feb. 15, 2011
Marriott Boston Long Wharf | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Marriott Boston Long Wharf | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
Marriott Boston Long Wharf | Hotel [Member]  
Initial costs  
Land $ 51,598
Bldg. and Impr 170,238
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 82,538
Gross Amount at year end  
Land 51,598
Bldg. and Impr 252,776
Totals 304,374
Accum. Depr. $ 137,402
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Mar. 23, 2007
Marriott Long Beach Downtown | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Marriott Long Beach Downtown | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
Marriott Long Beach Downtown | Hotel [Member]  
Initial costs  
Land $ 10,437
Bldg. and Impr 37,300
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 52,644
Gross Amount at year end  
Land 10,437
Bldg. and Impr 89,944
Totals 100,381
Accum. Depr. $ 39,523
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jun. 23, 2005
Montage Healdsburg | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Montage Healdsburg | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Montage Healdsburg | Hotel [Member]  
Initial costs  
Land $ 40,326
Bldg. and Impr 194,589
Cost Capitalized Subsequent to Acquisition  
Land 108
Bldg. and Impr 9,083
Gross Amount at year end  
Land 40,434
Bldg. and Impr 203,672
Totals 244,106
Accum. Depr. $ 22,248
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Apr. 22, 2021
Oceans Edge Resort & Marina | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Oceans Edge Resort & Marina | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Oceans Edge Resort & Marina | Hotel [Member]  
Initial costs  
Land $ 92,510
Bldg. and Impr 74,361
Cost Capitalized Subsequent to Acquisition  
Land 2,515
Bldg. and Impr 8,150
Gross Amount at year end  
Land 95,025
Bldg. and Impr 82,511
Totals 177,536
Accum. Depr. $ 17,640
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jul. 25, 2017
Renaissance Orlando at SeaWorld | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Renaissance Orlando at SeaWorld | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
Renaissance Orlando at SeaWorld | Hotel [Member]  
Initial costs  
Bldg. and Impr $ 119,733
Cost Capitalized Subsequent to Acquisition  
Land 30,717
Bldg. and Impr 79,191
Gross Amount at year end  
Land 30,717
Bldg. and Impr 198,924
Totals 229,641
Accum. Depr. $ 112,206
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jun. 23, 2005
The Bidwell Marriott Portland | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
The Bidwell Marriott Portland | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
The Bidwell Marriott Portland | Hotel [Member]  
Initial costs  
Land $ 5,341
Bldg. and Impr 20,705
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 28,420
Gross Amount at year end  
Land 5,341
Bldg. and Impr 49,125
Totals 54,466
Accum. Depr. $ 26,026
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Aug. 11, 2000
The Confidante Miami Beach | Minimum [Member]  
Gross Amount at year end  
Depr. Life 3 years
The Confidante Miami Beach | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
The Confidante Miami Beach | Hotel [Member]  
Initial costs  
Land $ 87,791
Bldg. and Impr 140,725
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 1,018
Gross Amount at year end  
Land 87,791
Bldg. and Impr 141,743
Totals 229,534
Accum. Depr. $ 9,274
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jun. 01, 2022
The Westin Washington, DC Downtown | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
The Westin Washington, DC Downtown | Maximum [Member]  
Gross Amount at year end  
Depr. Life 35 years
The Westin Washington, DC Downtown | Hotel [Member]  
Initial costs  
Land $ 14,563
Bldg. and Impr 132,800
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 143,414
Gross Amount at year end  
Land 14,563
Bldg. and Impr 276,214
Totals 290,777
Accum. Depr. $ 123,463
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jul. 13, 2005
Wailea Beach Resort | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Wailea Beach Resort | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Wailea Beach Resort | Hotel [Member]  
Initial costs  
Land $ 119,707
Bldg. and Impr 194,137
Cost Capitalized Subsequent to Acquisition  
Bldg. and Impr 129,327
Gross Amount at year end  
Land 119,707
Bldg. and Impr 323,464
Totals 443,171
Accum. Depr. $ 108,601
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jul. 14, 2014
v3.25.0.1
Schedule III-Reconciliation of Carrying Amounts and Accumulated Depreciation (Details) - Hotel properties [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of land and buildings and improvements      
Balance at the beginning of the year $ 3,201,390 $ 3,466,302 $ 3,334,153
Acquisitions 210,165   229,030
Improvements 58,693 92,437 76,230
Dispositions   (357,349) (173,111)
Balance at the end of the year 3,470,248 3,201,390 3,466,302
Reconciliation of accumulated depreciation      
Balance at the beginning of the year 811,045 835,961 799,641
Depreciation 93,053 96,771 95,495
Retirement   (121,687) (59,175)
Balance at the end of the year $ 904,098 $ 811,045 $ 835,961