SUNSTONE HOTEL INVESTORS, INC., 10-K filed on 2/27/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document and Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 1.6
Entity Common Stock, Shares Outstanding   189,519,492  
Documents Incorporated by Reference [Text Block]

Part III of this Report incorporates by reference information from the definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders.

    
Entity Central Index Key 0001295810    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
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 and Entity Information      
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol SHO    
Security Exchange Name NYSE    
Series H Preferred Stock [Member]      
Document and Entity Information      
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 Preferred Stock [Member]      
Document and Entity Information      
Title of 12(b) Security Series I Cumulative Redeemable Preferred Stock, $0.01 par value    
Trading Symbol SHO.PRI    
Security Exchange Name NYSE    
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Investment in hotel properties, net $ 2,771,180 $ 2,856,032
Operating lease right-of-use assets, net 4,418 8,464
Cash and cash equivalents 109,189 107,199
Restricted Cash 76,531 73,078
Accounts receivable, net 33,662 34,109
Prepaid expenses and other assets, net 34,025 27,757
Total assets 3,029,005 3,106,639
LIABILITIES    
Debt, net of unamortized deferred financing costs 918,086 841,047
Operating lease obligations 7,348 12,019
Accounts payable and accrued expenses 63,146 52,722
Dividends and distributions payable 22,975 24,137
Other Liabilities 72,832 72,694
Total liabilities 1,084,387 1,002,619
Commitments and contingencies (Note 15)
Stockholders' equity:    
Common stock, $0.01 par value, 500,000,000 shares authorized, 189,709,516 shares issued and outstanding at December 31, 2025 and 200,824,993 shares issued and outstanding at December 31, 2024 1,897 2,008
Additional paid in capital 2,298,398 2,395,702
Distributions in excess of retained earnings (635,349) (574,940)
Total stockholders' equity 1,944,618 2,104,020
Total equity 1,944,618 2,104,020
Total liabilities and stockholders' equity 3,029,005 3,106,639
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 113,648 115,000
Series I Preferred Stock [Member]    
Stockholders' equity:    
Cumulative Redeemable Preferred Stock $ 99,774 $ 100,000
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
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) 189,709,516 200,824,993
Common stock, shares outstanding (in shares) 189,709,516 200,824,993
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) 4,545,903 4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 4,545,903 4,600,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
Series I Preferred Stock [Member]    
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) 3,990,973 4,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares) 3,990,973 4,000,000
Preferred stock, Cumulative Redeemable Preferred Stock, liquidation preference (in dollars per share) $ 25 $ 25
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Total revenues $ 960,126 $ 905,809 $ 986,480
Operating Expenses      
Advertising and promotion 54,283 52,180 51,958
Repairs and maintenance 39,723 35,927 38,308
Utilities 28,514 26,576 27,622
Franchise costs 18,499 18,391 16,876
Property tax, ground lease and insurance 76,461 77,221 78,796
Other property-level expenses 117,348 110,833 120,247
Corporate overhead 31,590 29,050 31,412
Depreciation and amortization 134,508 124,507 127,062
Total operating expenses 884,410 827,217 867,824
Interest and other income 10,964 13,179 10,535
Interest expense (52,965) (50,125) (51,679)
(Loss) gain on sale of assets, net (8,751) 457 123,820
(Loss) gain on extinguishment of debt (180) 59 9,938
Income before income taxes 24,784 42,162 211,270
Income tax (provision) benefit , net (216) 1,100 (4,562)
Net Income 24,568 43,262 206,708
Preferred stock dividends, net of gain on repurchases (16,110) (15,228) (13,988)
Income attributable to common stockholders $ 8,458 $ 28,034 $ 192,720
Basic and diluted income per share      
Basic income attributable to common stockholders per common share (in dollars per share) $ 0.04 $ 0.14 $ 0.93
Diluted income attributable to common stockholders per common share (in dollars per share) $ 0.04 $ 0.14 $ 0.93
Basic weighted average common shares outstanding (in shares) 193,613 201,739 205,590
Diluted weighted average common shares outstanding (in shares) 194,316 202,642 205,865
Room [Member]      
REVENUES      
Total revenues $ 582,669 $ 559,061 $ 619,277
Operating Expenses      
Cost of goods and services sold 158,694 146,369 158,002
Food and Beverage [Member]      
REVENUES      
Total revenues 278,680 256,222 277,514
Operating Expenses      
Cost of goods and services sold 199,654 182,840 193,820
Other Operating [Member]      
REVENUES      
Total revenues 98,777 90,526 89,689
Operating Expenses      
Cost of goods and services sold $ 25,136 $ 23,323 $ 23,721
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Series G Preferred Stock [Member]
Distributions in Excess of Retained Earnings [Member]
Series G Preferred Stock [Member]
Series H Preferred Stock [Member]
Preferred Stock [Member]
Series H Preferred Stock [Member]
Additional Paid-in Capital [Member]
Series H Preferred Stock [Member]
Distributions in Excess of Retained Earnings [Member]
Series H Preferred Stock [Member]
Series I Preferred Stock [Member]
Preferred Stock [Member]
Series I Preferred Stock [Member]
Additional Paid-in Capital [Member]
Series I Preferred Stock [Member]
Distributions in Excess of Retained Earnings [Member]
Series I Preferred Stock [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Distributions in Excess of Retained Earnings [Member]
Total
Beginning Balance at Dec. 31, 2022                     $ 281,250 $ 2,093 $ 2,465,595 $ (663,977) $ 2,084,961
Beginning 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
Issuance of restricted common stock, net                       $ 2 (3,778)   (3,776)
Issuance of restricted common stock, net (in shares)                       138,522      
Forfeiture of restricted common stock (in shares)                       (8,192)      
Common stock distributions and distributions payable                           (61,807) (61,807)
Preferred stock dividends and dividends payable $ (1,244) $ (1,244)     $ (7,044) $ (7,044)     $ (5,700) $ (5,700)          
Repurchases of common stock                       $ (60) (56,343)   (56,403)
Repurchases of 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
Issuance of restricted common stock, net                       $ 1 (4,161)   (4,160)
Issuance of restricted common stock, net (in shares)                       178,376      
Forfeiture of restricted common stock                       $ (1) 1    
Forfeiture of restricted common stock (in shares)                       (68,131)      
Common stock distributions and distributions payable                           (69,910) (69,910)
Preferred stock dividends and dividends payable (2,484) (2,484)     (7,044) (7,044)     (5,700) (5,700)          
Repurchases of common stock                       $ (27) (27,211)   (27,238)
Repurchases of 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      
Increase (Decrease) in Stockholders' Equity                              
Amortization of deferred stock compensation                         9,402   9,402
Issuance of restricted common stock, net                       $ 5 (4,283)   (4,278)
Issuance of restricted common stock, net (in shares)                       475,106      
Forfeiture of restricted common stock (in shares)                       (861)      
Common stock distributions and distributions payable                           (68,867) (68,867)
Preferred stock dividends and dividends payable $ (3,644) $ (3,644)     (7,023) (7,023)     (5,697) (5,697)          
Repurchases of common stock     $ (1,352) $ 44 $ 210 $ (1,098) $ (226) $ 8 $ 44 $ (174)   $ (116) (102,475)   (102,591)
Repurchases of common stock (in shares)     (54,097)       (9,027)         (11,589,722)      
Net income                           24,568 24,568
Ending Balance at Dec. 31, 2025                     $ 279,672 $ 1,897 $ 2,298,398 $ (635,349) $ 1,944,618
Ending Balance (in shares) at Dec. 31, 2025                     11,186,876 189,709,516      
v3.25.4
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common stock distributions declared per share (in dollars per share) $ 0.36 $ 0.34 $ 0.3
Series G Preferred Stock [Member]      
Preferred stock dividends declared per share (in dollars per share) 1.375 0.9375 0.469437
Series H Preferred Stock [Member]      
Preferred stock dividends declared per share (in dollars per share) 1.531252 1.531252 1.531252
Series I Preferred Stock [Member]      
Preferred stock dividends declared per share (in dollars per share) $ 1.425 $ 1.425 $ 1.425
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 24,568 $ 43,262 $ 206,708
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense 445 474 372
Loss (gain) on sale of assets, net 8,751 (457) (123,820)
Loss (gain) on extinguishment of debt 180 (59) (9,938)
Noncash interest on derivatives, net 878 (540) 252
Depreciation 132,989 123,150 126,543
Amortization of franchise fees and other intangibles 1,519 1,357 464
Amortization of deferred financing costs 3,797 3,047 2,700
Amortization of deferred stock compensation 8,699 10,456 10,775
Gain on insurance recoveries, net (1,050) (430) (3,722)
Changes in operating assets and liabilities:      
Accounts receivable, net 2 (171) 10,609
Prepaid expenses and other assets (754) (2,630) (1,871)
Accounts payable and other liabilities 2,361 (6,658) (20,839)
Operating lease right-of-use assets and obligations (625) (425) (102)
Net cash provided by operating activities 181,760 170,376 198,131
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from sales of assets 46,348   364,491
Acquisitions of hotel properties and other assets (1,269) (229,330)  
Acquisition-related key money proceeds 8,000    
Proceeds from property insurance 1,165 430 3,722
Renovations and additions to hotel properties and other assets (103,046) (157,378) (110,131)
Net cash (used in) provided by investing activities (48,802) (386,278) 258,082
CASH FLOWS FROM FINANCING ACTIVITIES      
Acquisition of noncontrolling interest, including transaction costs     (299)
Payment of common stock offering costs     (428)
Repurchases of common stock (102,591) (27,238) (56,403)
Repurchases of common stock for employee tax obligations (4,278) (4,160) (3,348)
Repurchases of preferred stock (1,272)    
Proceeds from credit facility 50,000    
Payments on credit facility (50,000)    
Proceeds from notes payable 149,600 100,000 225,000
Payments on notes payable (64,600) (74,050) (222,086)
Payments of deferred financing costs (17,981) (1,105) (2,332)
Dividends and distributions paid (86,393) (90,966) (59,825)
Net cash used in financing activities (127,515) (97,519) (119,721)
Net increase (decrease) in cash and cash equivalents and restricted cash 5,443 (313,421) 336,492
Cash and cash equivalents and restricted cash, beginning of year 180,277 493,698 157,206
Cash and cash equivalents and restricted cash, end of year 185,720 180,277 493,698
Supplemental Disclosure of Cash Flow Information      
Cash and cash equivalents 109,189 107,199 426,403
Restricted cash 76,531 73,078 67,295
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows 185,720 180,277 493,698
Cash paid for interest, net of capitalized interest 48,824 48,859 49,296
Cash (refunded) paid for income taxes, net (1,397) 3,140 1,731
Changes in operating lease right-of-use assets 4,898 4,599 4,433
Changes in operating lease obligations (5,523) (5,024) (4,535)
Changes in operating lease right-of-use assets and lease obligations, net (625) (425) (102)
Supplemental Disclosure of Noncash Investing and Financing Activities      
Accrued renovations and additions to hotel properties and other assets 24,102 16,701 9,812
Gain on repurchases of preferred stock 306    
Operating lease right-of-use assets obtained in exchange for operating lease obligations 852 308 2,163
Amortization of deferred stock compensation - construction activities 703 200 467
Dividends and distributions payable $ 22,975 $ 24,137 $ 29,965
v3.25.4
Organization and Description of Business
 12 Months Ended
Dec. 31, 2025
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.

​

As of December 31, 2025, the Company owned 14 hotels, which were managed by the following third-party managers:

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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

​

Montage North America, LLC

​

1

​

Sage Hospitality Group

​

1

​

Singh Hospitality, LLC

​

1

​

​

​

​

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Total hotels owned as of December 31, 2025

 

14

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v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, 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.

​

Certain prior year amounts in these notes to consolidated financial statements have been reclassified to conform to the presentation for the year ended December 31, 2025.

​

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, 2025 and 2024, the Company had amounts in banks that were in excess of federally insured amounts.

​

Restricted Cash

​

Restricted cash primarily includes reserves for operating expenses and capital expenditures required by certain of the Company’s management and franchise agreements, as well as cash held as collateral for certain letters of credit. At times, restricted cash also includes hotel acquisition or disposition-related earnest money held in escrow reserves pending completion of the associated transaction.

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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.

​

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. 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 recoverability assessment includes subjective assumptions such as determining the discount rate, terminal capitalization rate, the estimated growth of revenues and expenses, revenue per available room and margins, specific market and economic conditions, the estimated holding period, as well as the probability assigned to each future cash flow scenario. Based on the Company’s review, no hotels were impaired in 2025, 2024, or 2023.

​

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, 2025 or 2024.

​

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 in 2025, 2024 or 2023.

​

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,

​

​

2025

​

2024

​

​

​

​

​

​

Trade receivables, net (1)

​

$

16,645

​

$

18,693

Contract liabilities (2)

​

$

47,035

​

$

48,635

(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 2025 and 2024, the Company recognized approximately $45.6 million and $39.2 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 (see Note 13).

​

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 14).

​

New Accounting Standards and Accounting Changes

​

In December 2023, the Financial Accounting Standards Board (“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. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. The adoption of ASU 2023-09 did not have a material impact to the Company’s financial statements, however ASU 2023-09’s additional disclosure requirements are included in Note 10.

​

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.

​

In December 2025, the FASB issued Accounting Standards Update No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”), which clarifies the scope and requirements for interim financial statement disclosures under U.S. GAAP. The guidance creates a comprehensive list of required interim disclosures and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on the entity has occurred since the previous year-end. ASU 2025-11 may be applied prospectively or retrospectively and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its consolidated financial statements.
v3.25.4
Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2025
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,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Land

​

$

641,358

​

$

645,884

​

Buildings and improvements

​

 

2,909,921

​

 

2,824,364

​

Furniture, fixtures and equipment

​

 

481,457

​

 

445,696

​

Intangible assets

​

 

43,937

​

 

44,063

​

Construction in progress

​

 

48,486

​

 

147,250

​

Investment in hotel properties, gross

​

 

4,125,159

​

 

4,107,257

​

Accumulated depreciation and amortization

​

 

(1,353,979)

​

 

(1,251,225)

​

Investment in hotel properties, net

​

$

2,771,180

​

$

2,856,032

​

​

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, of which $4.0 million was received in November 2025. 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,

 

​

​

​

2025

​

​

2024

​

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

​

​

1,344

​

Trade names (5)

​

​

121

​

​

121

​

Franchise agreements (6)

​

​

4

​

​

130

​

In-place lease agreements (7)

​

​

1,047

​

​

1,047

​

​

​

 

43,937

​

 

44,063

​

Accumulated amortization

​

 

(3,712)

​

 

(2,306)

​

​

​

$

40,225

​

$

41,757

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Residential program agreements (3)

​

$

923

​

$

923

​

$

411

​

Advance bookings (4)

​

​

336

​

​

224

​

​

—

​

Franchise agreements (6)

​

​

7

​

​

8

​

​

7

​

In-place lease agreements (7)

​

​

254

​

​

202

​

​

99

​

​

​

$

1,520

​

$

1,357

​

$

517

​

(1)The Element agreement as of both December 31, 2025 and 2024 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, 2025 and 2024 consisted of dry slip agreements at Oceans Edge Resort & Marina. The dry slips at Oceans Edge Resort & Marina have indefinite useful lives and are not amortized.
(3)Residential program agreements as of both December 31, 2025 and 2024 included $13.7 million and $7.3 million at Montage Healdsburg and Four Seasons Resort Napa Valley, respectively. The values 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 Montage Healdsburg consist of two components, a residential program agreement and a social membership program, which are both amortized using the straight-line method over the life of the related remaining 25-year Montage Healdsburg management agreement, which expires in 2048. The
residential program agreement at Four Seasons Resort Napa Valley is amortized using the straight-line method over the life of the related remaining 20-year management agreement, which expires in 2041. The amortization expense for both Montage Healdsburg and 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 both December 31, 2025 and 2024 consisted of advance deposits related to our acquisition of 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, 2025 and 2024 consisted of trademarks and bottle labeling used by Elusa Winery at 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, 2025 and 2024 consisted of an agreement at The Bidwell Marriott Portland. In addition, franchise agreements as of December 31, 2024 included an agreement at Hilton New Orleans St. Charles, which was sold by the Company in June 2025 (see Note 4). In June 2025, the Company entered into an agreement to extend the term of The Bidwell Marriott Portland’s franchise agreement by one year. The Company amortized both agreements using the straight-line method over the lives of the franchise agreements and The Bidwell Marriott Portland agreement will be fully amortized in October 2026. 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 both December 31, 2025 and 2024 included agreements at Andaz Miami Beach and Hyatt Regency San Antonio Riverwalk. 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.

​

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

​

​

​

​

​

​

2026

  ​ ​ ​

$

1,516

​

2027

​

$

1,365

​

2028

​

$

1,075

​

2029

​

$

959

​

2030

​

$

923

​

​
v3.25.4
Disposals
 12 Months Ended
Dec. 31, 2025
Disposals  
Disposals

4. Disposals

​

Disposals – 2025

​

In June 2025, the Company sold Hilton New Orleans St. Charles, located in Louisiana, for net proceeds of $46.3 million and a loss of $8.8 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 – 2024

​

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

​

Disposals – 2023

​

In October 2023, the Company sold 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.

​

​

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Total revenues

​

$

7,448

​

$

14,135

​

$

110,529

​

​

​

​

​

​

​

​

​

​

Income before income taxes (1)

​

$

2,041

​

$

2,236

​

$

21,656

​

​

​

​

​

​

​

​

​

​

(Loss) gain on sale of assets, net

​

$

(8,751)

​

$

457

​

$

123,820

(1)Income before income taxes does not include the (loss) gain recognized on the hotel sales.
v3.25.4
Fair Value Measurements and Interest Rate Derivatives
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024, 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, 2025 and 2024, 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.

​

Fair Value of Debt

​

As of December 31, 2025 and 2024, 70.4% and 40.8%, 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, 2025

​

December 31, 2024

​

​

​

Carrying Amount (1)

​

Fair Value (2)

​

Carrying Amount (1)

​

Fair Value (2)

​

Debt

​

$

930,000

​

$

929,162

​

$

845,000

​

$

841,027

​

(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 swap 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 (2)

LIBOR Rate

Date

Date

​

Amount

​

2025

​

2024

​

Term Loan 2

3.675

%

March 17, 2023

March 17, 2026

​

$

75,000

​

$

—

​

$

370

​

Term Loan 2

3.931

%

September 14, 2023

September 14, 2026

​

$

100,000

​

​

(311)

​

​

186

​

Term Loan 2

4.020

%

January 31, 2025

November 7, 2026

​

$

100,000

​

​

(491)

​

​

—

​

Term Loans 1 and 3

3.226

%

September 9, 2025

September 9, 2028

​

$

210,000

(3)

​

395

​

​

—

​

Term Loan 1

3.206

%

January 10, 2026

January 10, 2028

​

$

65,000

(4)

​

85

​

​

—

​

​

​

​

​

​

​

​

​

​

$

(322)

​

$

556

​

(1)All of the Company’s swap agreements are indexed to CME Term SOFR. 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, 2025 and 2024. The fair values of the swap derivative liabilities were included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2025.
(2)In September 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which, among other things, consolidated its four previous term loans into three new term loans (see Note 7).
(3)In September 2025, the Company entered into an interest rate swap, which was effective September 9, 2025 and expires September 9, 2028. The swap fixes the SOFR rate on a portion of Term Loans 1 and 3 to 3.226% (see Note 7).
(4)In August 2025, the Company entered into an interest rate swap, which is effective January 10, 2026 and expires January 10, 2028. The Company intends to use the swap to fix a portion of the interest rate on Term Loan 1 to 3.206% upon exercising the available $90.0 million delayed draw (see Note 7 and Note 16).

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Noncash interest on derivatives, net

​

$

878

​

$

(540)

​

$

252

​

​
v3.25.4
Prepaid Expenses and Other Assets
 12 Months Ended
Dec. 31, 2025
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,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Prepaid expenses

​

$

10,617

​

$

10,488

​

Inventory

​

 

11,580

​

 

10,497

​

Deferred financing costs

​

​

8,266

​

​

2,223

​

Property and equipment, net

​

​

1,572

​

​

2,267

​

Interest rate derivatives

​

​

480

​

​

556

​

Deferred rent on straight-lined third-party tenant leases

​

​

145

​

​

369

​

Liquor licenses

​

 

930

​

 

930

​

Other

​

 

435

​

 

427

​

Total prepaid expenses and other assets, net

​

$

34,025

​

$

27,757

​

​
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt  
Debt

7. Debt

​

Debt Transactions – 2025

​

Unsecured Debt. In April 2025, the Company exercised its option to extend the maturity of its previous Term Loan 3 from May 2025 to May 2026. Additionally, in April 2025 and July 2025, the Company drew down $27.0 million and $23.0 million, respectively, on its $500.0 million credit facility.

​

In September 2025, the Company entered into the Amended Credit Agreement, which expanded its unsecured debt borrowing capacity and extended the maturity of its term loans. The Amended Credit Agreement continues to provide for a $500.0 million revolving credit facility and increases the aggregate amount of the Company’s term loan facilities from $675.0 million (on four existing term loans) to $850.0 million (on three new term loans). The following includes the details of the Amended Credit Agreement:

●The maturity of the revolving credit facility was extended from July 25, 2026, with two six-month options to extend, to September 24, 2029, with two six-month options to extend;
●The new term loan facilities include a $275.0 million term loan, of which $185.0 million was funded in September 2025 and the remaining $90.0 million is available as a one-time delayed draw which was funded in January 2026 (“New Term Loan 1”) (see Note 16), a $275.0 million term loan funded in September 2025 (“New Term Loan 2”), and a $300.0 million term loan funded in September 2025 (“New Term Loan 3”) (together the “New Term Loans”);
●The Company utilized the $760.0 million in proceeds received from the New Term Loans to consolidate its previous four term loans into the three New Term Loans and to repay the $50.0 million outstanding on its revolving credit facility;
●The revolving credit facility and the New Term Loans bear interest pursuant to a leverage-based pricing grid ranging from 1.40% to 2.25% and 1.35% to 2.20%, respectively, over the applicable term SOFR;
●New Term Loan 1 has an initial maturity of January 24, 2029, with two twelve-month extension options (subject to customary fees), which would result in an extended maturity of January 24, 2031;
●New Term Loan 2 has an initial maturity of January 24, 2030, with one twelve-month extension option (subject to customary fees), which would result in an extended maturity of January 24, 2031;
●New Term Loan 3 has a maturity of January 24, 2031, with no available extension options; and
●The New Term Loans are available to be prepaid at any time with no prepayment penalty.

​

As of December 31, 2025, 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 financial covenants.

​

Debt 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 was 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 had 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; however, in conjunction with the Amended Credit Agreement in September 2025, Term Loan 4 was consolidated into the New Term Loans.

​

Debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Outstanding as of

​

​

December 31, 2025

​

​

​

December 31,

​

December 31,

​

​

Rate Type

​

Interest Rate

​

Maturity Date

​

2025

​

2024

Unsecured Corporate Credit Facilities (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan 1

​

Fixed

(2)

4.68

%

​

January 24, 2029

​

$

185,000

​

$

175,000

Term Loan 2

​

Fixed

(3)

5.34

%

​

January 24, 2030

​

​

275,000

​

​

175,000

Term Loan 3

​

Floating

(4)

5.14

%

​

January 24, 2031

​

​

300,000

​

​

225,000

Term Loan 4

​

N/A

(5)

N/A

​

​

N/A

​

​

—

​

​

100,000

Total unsecured corporate credit facilities

​

​

​

​

​

​

​

​

$

760,000

​

$

675,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

$

930,000

​

$

845,000

Unamortized deferred financing costs

​

​

​

​

​

​

​

​

​

(11,914)

​

​

(3,953)

Debt, net of unamortized deferred financing costs

​

​

​

​

​

​

​

​

$

918,086

​

$

841,047

(1)The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid depending on the Company’s leverage ratios plus SOFR.
(2)New Term Loan 1 is currently subject to one interest rate swap derivative (see Note 5). New Term Loan 1 has an initial maturity of January 24, 2029 with two twelve-month options to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon payment of applicable fees and the satisfaction of certain customary conditions. The effective interest rates on the loan were 4.68% and 5.27% at December 31, 2025 and 2024, respectively.
(3)New Term Loan 2 is subject to three interest rate swap derivatives (see Note 5). New Term Loan 2 has an initial maturity of January 24, 2030 with one twelve-month option to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon the payment of applicable fees and satisfaction of certain customary conditions. The effective interest rates on the loan were 5.34% and 6.02% at December 31, 2025 and 2024, respectively.
(4)New Term Loan 3 is subject to one interest rate swap derivative (see Note 5) covering a partial balance of $25.0 million. The effective interest rates on the loan were 5.14% and 5.83% at December 31, 2025 and 2024, respectively.
(5)Term Loan 4 was consolidated into the New Term Loans in conjunction with the Company’s Amended Credit Agreement. The effective interest rate on the loan was 5.93% at December 31, 2024.

​

Aggregate future principal maturities of debt at December 31, 2025, were as follows (in thousands):

​

​

​

​

​

​

2026

  ​ ​ ​

$

65,000

​

2027

​

 

—

​

2028

​

 

105,000

​

2029

​

 

—

​

2030

​

 

—

​

Thereafter

​

 

760,000

(1)

Total

​

$

930,000

​

(1)Includes New Term Loan 1 and New Term Loan 2 assuming the Company has exercised its options to extend the maturity of the loans from January 24, 2029 and January 24, 2030, respectively, to January 24, 2031, upon the payment of applicable fees and satisfaction of certain customary conditions.

​

Deferred Financing Costs and (Loss) Gain on Extinguishment of Debt

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025 (1)

​

2024 (2)

​

2023 (3)

​

Payments of deferred financing costs

​

$

17,981

​

$

1,105

​

$

2,332

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) gain on extinguishment of debt

​

$

(180)

​

$

59

​

$

9,938

​

(1)In connection with the Amended Credit Agreement, the Company paid a total of $18.0 million in deferred financing costs, of which $7.7 million was allocated to the revolving credit facility and the delayed draw portion of New Term Loan 1 and included in prepaid expenses and other assets on the Company’s consolidated balance sheet as of December 31, 2025, and $10.3 million was allocated to the funded New Terms Loans and included in debt, net of unamortized deferred financing costs on the Company’s consolidated balance sheet as of December 31, 2025. In addition, the Company recorded a $0.2 million loss on extinguishment of debt related to the accelerated amortization of deferred financing costs.
(2)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.
(3)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.

​

Interest Expense

​

Total interest incurred and expensed on the Company’s debt was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Interest expense on debt

​

$

49,691

​

$

49,003

​

$

48,727

​

Noncash interest on derivatives, net

​

 

878

​

 

(540)

​

 

252

​

Amortization of deferred financing costs

​

 

3,797

​

 

3,047

​

 

2,700

​

Capitalized interest

​

 

(1,401)

​

 

(1,385)

​

 

—

​

Total interest expense

​

$

52,965

​

$

50,125

​

$

51,679

​

​
v3.25.4
Other Liabilities
 12 Months Ended
Dec. 31, 2025
Other Liabilities.  
Other Liabilities

8. Other Liabilities

​

Other liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Advance deposits

​

$

47,035

​

$

48,635

​

Property, sales and use taxes payable

​

​

11,565

​

​

10,088

​

Accrued interest

​

​

4,572

​

​

5,105

​

Deferred rent

​

​

905

​

​

1,433

​

Interest rate derivatives

​

​

802

​

​

—

​

Management fees payable

​

​

1,875

​

​

1,168

​

Other

​

 

6,078

​

 

6,265

​

Total other liabilities

​

$

72,832

​

$

72,694

​

​
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases  
Leases

9. Leases

​

As of both December 31, 2025 and 2024, the Company had operating leases for ground, office, equipment, and airspace leases with maturity dates ranging from 2026 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,

​

​

​

2025

​

2024

​

Right-of-use assets, net

​

$

4,418

​

$

8,464

​

​

​

​

​

​

​

​

​

Lease obligations

​

$

7,348

​

$

12,019

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term

​

​

5 years

​

​

​

​

Weighted average discount rate

​

​

5.8

%

​

​

​

​

Lease Expense

​

The components of lease expense, as well as supplemental cash flow information for operating leases, were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Operating lease cost

​

$

5,497

​

$

5,368

​

$

5,427

Variable lease cost (1)

​

​

8,134

​

​

7,824

​

​

8,438

Sublease income (2)

​

​

(1,187)

​

​

(1,187)

​

​

(1,187)

Total lease cost

​

$

12,444

​

$

12,005

​

$

12,678

Operating cash flows for operating leases

​

$

6,099

​

$

5,783

​

$

5,527

(1)Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.
(2)Sublease income is included in corporate overhead in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023.

​

At December 31, 2025, future maturities of the Company’s operating lease obligations were as follows (in thousands):

​

​

​

​

​

2026

​

$

2,563

2027

​

​

2,628

2028

​

​

2,077

2029

​

​

450

2030

​

​

53

Thereafter

​

​

961

Total lease payments (1)

​

​

8,732

Less: interest (2)

​

​

(1,384)

Present value of lease obligations

​

$

7,348

(1)Total lease payments do not include a total of $3.3 million in sublease income the Company expects to recognize in 2026 through August 2028. Operating lease obligations also do not 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. The reassessment was not finalized as of December 31, 2025.
(2)Calculated using the respective discount rate for each lease.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
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,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred Tax Assets:

​

​

​

​

​

​

Net operating loss carryforward

​

$

23,859

​

$

22,129

Other reserves

​

 

980

​

 

885

State taxes and other

​

 

803

​

 

1,371

Depreciation

​

​

1,513

​

​

1,695

Total gross deferred tax assets

​

​

27,155

​

​

26,080

​

​

​

​

​

​

​

Deferred Tax Liabilities:

​

​

​

​

​

​

Amortization

​

​

(70)

​

​

(55)

Deferred revenue

​

​

(13)

​

​

(22)

Total gross deferred tax liabilities

​

​

(83)

​

​

(77)

​

​

​

​

​

​

​

Less: valuation allowance

​

​

(27,072)

​

​

(26,003)

​

​

​

​

​

​

​

Deferred tax assets, net

​

$

—

​

$

—

​

At December 31, 2025 and 2024, the net operating loss carryforwards for federal income tax purposes totaled approximately $108.9 million and $102.0 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 (provision) benefit, net was included in the consolidated statements of operations as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

(1)

​

$

(5)

​

$

(14)

​

State

​

 

(215)

​

 

1,105

​

 

(4,548)

​

Current income tax (provision) benefit, net

​

​

(216)

​

​

1,100

​

​

(4,562)

​

​

​

​

​

​

​

​

​

​

​

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

​

965

​

​

(734)

​

​

(123)

​

State

​

 

104

​

 

(450)

​

 

(208)

​

Change in valuation allowance

​

 

(1,069)

​

 

1,184

​

 

331

​

Deferred income tax (provision) benefit, net

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

Income tax (provision) benefit, net

​

$

(216)

​

$

1,100

​

$

(4,562)

​

​

A reconciliation of the income tax provision, net to the amount computed by applying the statutory U.S. federal income tax rate of 21% to income before income taxes after the adoption of ASU 2023-09 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

2025

​

​

Amount

​

%

​

​

​

​

​

​

​

U.S. federal statutory tax rate

​

$

(1,774)

​

21.0

%  

Tax impact of REIT election

​

​

4,979

​

(58.9)

%  

State income tax provision, net of federal income tax effect (1)

​

​

(215)

​

2.5

%  

Change in valuation allowance

​

​

(926)

​

11.0

%  

Key money permanent difference

​

​

(1,680)

​

19.9

%  

Corporate overhead allocation permanent difference

​

​

(528)

​

6.2

%  

Other permanent differences

​

​

(49)

​

0.6

%  

Other deferred adjustments

​

​

(23)

​

0.3

%  

Effective tax rate

​

$

(216)

​

2.6

%  

(1)State taxes in Massachusetts made up the majority (greater than 50 percent) of the tax effect in this category.

​

The following table presents the required disclosures prior to the Company’s adoption of ASU 2023-09 and reconciles 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 for the years ended December 31, 2024 and December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

2024

​

2023

Expected federal tax expense at statutory rate

​

$

(5,887)

​

$

(45,033)

Tax impact of REIT election

​

​

6,004

​

​

40,767

Expected tax benefit (provision) of TRS

​

​

117

​

​

(4,266)

​

​

​

​

​

​

​

State income tax benefit, net of federal (provision)

​

​

685

​

​

(164)

Change in valuation allowance

​

​

1,184

​

​

331

Other permanent differences

​

​

(886)

​

​

(463)

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)

​

The Company’s tax years from 2022 to 2025 will remain open to examination by the federal and state authorities for three and four years, respectively.

The table below represents the changes to the Company's valuation allowance (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Valuation allowance beginning of the period

​

$

26,003

​

$

27,187

​

$

27,518

​

Increases (decreases) charged to income taxes

​

​

1,069

​

​

(1,184)

​

​

(331)

​

Valuation allowance end of period

​

$

27,072

​

$

26,003

​

$

27,187

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash (refunded) paid for income taxes, net, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands):

​

​

​

​

​

​

​

2025

Federal

​

$

3

State:

​

​

​

California

​

 

(255)

Massachusetts

​

​

(1,140)

Other States

​

​

(5)

State total

​

​

(1,400)

​

​

​

​

Cash (refunded) paid for income taxes, net

​

$

(1,397)

​

Characterization of Distributions

​

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. Distributions per share for the years ended December 31, 2025, 2024, and 2023, were characterized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

​

  ​ ​ ​

Amount

  ​ ​ ​

%

  ​ ​ ​

Amount

  ​ ​ ​

%

  ​ ​ ​

Amount

  ​ ​ ​

%

 

Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.327

(2)

90.7

%  

$

0.340

(3)

100

%  

$

—

​

—

%  

Capital gain

​

 

0.033

(2)

9.3

​

 

—

​

—

​

 

0.300

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.360

 

100

%  

$

0.340

 

100

%  

$

0.300

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series G

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.248

​

90.7

%  

$

0.998

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.127

​

9.3

​

 

—

​

—

​

 

0.469

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.375

 

100

%  

$

0.998

 

100

%  

$

0.469

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series H

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.390

​

90.7

%  

$

1.531

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.141

​

9.3

​

 

—

​

—

​

 

1.531

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.531

 

100

%  

$

1.531

 

100

%  

$

1.531

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.293

​

90.7

%  

$

1.425

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.132

​

9.3

​

 

—

​

—

​

 

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 2025 common stock distribution is treated as paid in two tax years for income tax purposes, with approximately $0.33 per share taxable in 2025 and $0.03 per share taxable in 2026.
(3)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.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
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. The dividend rate subsequently increased to the greater of the rate equal to the Montage Healdsburg’s annual net operating income yield on the Company’s total investment in the resort or 3.0%, 4.5%, and 6.5% in January 2024, July 2024, and July 2025, respectively, resulting in the following annual dividend rates:

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Series G preferred stock annual dividend rate

5.500

%

​

3.750

%

​

1.878

%

​

​

​

​

​

​

​

​

​

​

Beginning in the third quarter of 2026, the annual dividend rate will increase to the greater of 7.5% 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. In accordance with the Company’s stock repurchase program, the Company repurchased 54,097 shares of its Series H preferred stock in December 2025 at an average repurchase price of $20.28 per share. As the Series H preferred stock was repurchased at a discount to the stock’s carrying value, the Company recorded a $0.2 million net gain on the repurchases, which was included in preferred stock dividends, net of gain on repurchases on the accompanying consolidated statement of operations for the year ended December 31, 2025.

​

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. In accordance with the Company’s stock repurchase program, the Company repurchased 9,027 shares of its Series I preferred stock in December 2025 at an average repurchase price of $19.25 per share. As the Series I preferred stock was repurchased at a discount to the stock’s carrying value, the Company recorded a $0.1 million net gain on the repurchases, which was included in preferred stock dividends, net of gain on repurchases on the accompanying consolidated statement of operations for the year ended December 31, 2025.

​

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.

​

Stock Repurchase Program

​

In February 2023, 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.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Number of common shares

​

​

11,589,722

​

​

2,764,837

​

​

5,971,192

​

Number of preferred shares

​

​

63,124

​

​

—

​

​

—

​

Total cost, including fees and commissions

​

$

103,863

​

$

27,238

​

$

56,403

​

​

As of December 31, 2025, $323.9 million remains available for repurchase under the stock repurchase program (see Note 16). 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 March 2023, the Company entered into separate “At the Market” Agreements (the “ATM Agreements”) with several financial institutions. In accordance with the terms of the 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 2025, 2024, or 2023 under the ATM Agreements, leaving $300.0 million available for sale as of December 31, 2025.

​

Dividends and Distributions

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Series G preferred stock

​

$

1.375000

​

$

0.937500

​

$

0.469437

​

Series H preferred stock

​

$

1.531252

​

$

1.531252

​

$

1.531252

​

Series I preferred stock

​

$

1.425000

​

$

1.425000

​

$

1.425000

​

Common stock

​

$

0.360000

​

$

0.340000

​

$

0.300000

​

​
v3.25.4
Incentive Award Plan
 12 Months Ended
Dec. 31, 2025
Incentive Award Plan  
Incentive Award Plan

12. Incentive Award Plan

​

The Company’s 2022 Incentive Award Plan (the “2022 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. In May 2025, the Company’s stockholders approved the first amendment to the 2022 Plan (the “Amended Plan” and together with the 2022 Plan, the “Plan”), which increased the number of shares of common stock available for issuance under the Plan from 3,750,000 common shares to 9,250,000 common shares. As of December 31, 2025, 6,247,280 shares remain available for future issuance under the Plan, and 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, 2025, 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Amortization expense, including forfeitures

​

$

8,699

​

$

10,456

​

$

10,775

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized compensation cost (1)

​

$

703

​

$

200

​

$

467

​

(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, 2025, $9.3 million in compensation expense related to non-vested restricted stock grants remained to be recognized over a weighted-average period of 20 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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

 

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

 

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

 

Outstanding at beginning of year

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

​

Granted

 

417,522

​

$

10.55

 

444,077

​

$

10.66

 

450,964

​

$

10.58

​

Vested

 

(419,884)

​

$

10.32

 

(719,924)

​

$

11.25

 

(699,652)

​

$

11.76

​

Forfeited

 

(861)

​

$

11.27

 

(68,131)

​

$

10.89

 

(8,192)

​

$

11.12

​

Outstanding at end of year

 

685,065

​

$

10.84

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

​

​

Restricted Stock Units

​

In February 2025, 2024 and 2023, 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 “RSR Three-Year Performance Period Shares”). The number of RSR 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.

​

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 at target performance:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

Outstanding at beginning of year

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40

Granted

 

429,587

​

$

11.48

 

475,746

​

$

11.50

 

463,576

​

$

11.07

Vested (1)

 

(257,911)

​

$

12.44

 

(119,732)

​

$

11.21

 

—

​

$

—

Forfeited

​

(118,018)

​

$

11.29

​

(50,100)

​

$

11.21

​

—

​

$

—

Outstanding at end of year

 

1,435,732

​

$

10.77

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

(1)Includes vested shares at target performance. In January 2025, the 2022 RSR Three-Year Performance Period restricted stock units vested between the target and maximum levels at 169.2% of target, resulting in the additional vesting of 176,286 shares of the Company’s common stock with a grant date fair value of $12.46.

​

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 10, 2025

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

30.0

%

​

—

​

​

4.47

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 12, 2024

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

31.0

%

​

—

​

​

4.34

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 9, 2023

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

38.0

%

​

—

​

​

4.18

%

​

3 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.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share  
Earnings Per Share

13. Earnings Per 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, 2025

​

December 31, 2024

​

December 31, 2023

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net income

​

$

24,568

​

$

43,262

​

$

206,708

​

Preferred stock dividends, net of gain on repurchases

​

 

(16,110)

​

 

(15,228)

​

 

(13,988)

​

Distributions paid to participating securities

​

​

(247)

​

​

(273)

​

​

(310)

​

Undistributed income allocated to participating securities

​

 

—

​

 

—

​

 

(683)

​

Numerator for basic and diluted income attributable to common stockholders

​

$

8,211

​

$

27,761

​

$

191,727

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

Weighted average basic common shares outstanding

​

 

193,613

​

 

201,739

​

 

205,590

​

Unvested restricted stock units

​

​

703

​

​

903

​

​

275

​

Weighted average diluted common shares outstanding

​

 

194,316

​

 

202,642

​

 

205,865

​

​

​

​

​

​

​

​

​

​

​

​

Basic income attributable to common stockholders per common share

​

$

0.04

​

$

0.14

​

$

0.93

​

Diluted income attributable to common stockholders per common share

​

$

0.04

​

$

0.14

​

$

0.93

​

​

In its calculation of diluted earnings per share, the Company excluded 685,065, 688,288, and 1,032,266 anti-dilutive unvested time-based restricted stock awards for the years ended December 31, 2025, 2024 and 2023, respectively (see Note 12).

​

The Company also had 1,435,732, 1,382,074, and 1,076,160 unvested performance-based restricted stock units as of December 31, 2025, 2024, and 2023, 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 (see Note 12). Based on the Company’s total relative shareholder return and the Company’s common stock performance, the Company excluded 617,591 anti-dilutive performance-based restricted stock units from its calculations of diluted earnings per share for the year ended December 31, 2025 and 188,004 anti-dilutive performance-based restricted stock units from its calculations of diluted earnings per share for both of the years ended December 31, 2024 and 2023.

​
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information.  
Segment Information

14. 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Revenues

​

​

​

​

​

​

​

​

​

Hotel revenues

​

$

960,126

​

$

905,809

​

$

986,425

Other revenues (1)

​

​

—

​

​

—

​

​

55

Total consolidated revenues

​

$

960,126

​

$

905,809

​

$

986,480

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

Room

​

$

156,755

​

$

145,984

​

$

157,839

Food and beverage

​

​

197,819

​

​

182,423

​

​

193,713

Other operating

​

​

24,859

​

​

23,241

​

​

23,721

Advertising and promotion

​

​

53,118

​

​

51,407

​

​

51,958

Repairs and maintenance

​

​

39,412

​

​

35,908

​

​

38,281

Utilities

​

​

28,514

​

​

26,576

​

​

27,622

Franchise costs

​

​

18,499

​

​

18,391

​

​

16,876

Property tax, ground lease and insurance

​

​

77,105

​

​

77,981

​

​

79,412

Other property-level expenses (2)

​

​

116,404

​

​

110,037

​

​

120,247

​

​

$

712,485

​

$

671,948

​

$

709,669

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

247,641

​

$

233,861

​

$

276,756

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Reconciliation of Hotel Adjusted EBITDAre to Net Income

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

247,641

​

$

233,861

​

$

276,756

Other revenues (1)

​

​

—

​

​

—

​

​

55

Non-hotel operating expenses, net (3)

​

​

103

​

​

82

​

​

11

Property-level COVID-19 relief grant (4)

​

​

—

​

​

1,343

​

​

—

Pre-opening expenses (4)

​

​

(6,471)

​

​

(2,633)

​

​

—

Property-level legal settlements (4)

​

​

—

​

​

(1,182)

​

​

—

Property-level severance (4)

​

​

—

​

​

—

​

​

(297)

Taxes assessed on commercial rents (4)

​

​

(617)

​

​

(480)

​

​

(553)

Amortization of right-of use assets and obligations

​

​

1,158

​

​

1,158

​

​

1,158

Corporate overhead

​

​

(31,590)

​

​

(29,050)

​

​

(31,412)

Depreciation and amortization

​

​

(134,508)

​

​

(124,507)

​

​

(127,062)

Interest and other income

​

​

10,964

​

​

13,179

​

​

10,535

Interest expense

​

​

(52,965)

​

​

(50,125)

​

​

(51,679)

(Loss) gain on sale of assets, net

​

​

(8,751)

​

​

457

​

​

123,820

(Loss) gain on extinguishment of debt

​

​

(180)

​

​

59

​

​

9,938

Income tax (provision) benefit, net

​

​

(216)

​

​

1,100

​

​

(4,562)

Net income

​

$

24,568

​

$

43,262

​

$

206,708

(1)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.
(2)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.
(3)Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for 2025, 2024, and 2023, and include corporate-level current year property taxes and insurance, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.
(4)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, including property-level grants, pre-opening expenses associated with extensive renovation projects such as the work performed at Andaz 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.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies.  
Commitments and Contingencies

15. Commitments and Contingencies

​

Management Agreements

​

Management agreements with the Company’s third-party hotel managers currently require the Company to pay between 2.5% 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Basic management fees

​

$

26,434

​

$

24,356

​

$

27,122

​

Incentive management fees

​

 

2,495

​

 

2,463

​

 

7,534

​

Total basic and incentive management fees

​

$

28,929

​

$

26,819

​

$

34,656

​

​

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Franchise assessments (1)

​

$

17,416

​

$

17,099

​

$

15,674

​

Franchise royalties

​

 

1,083

​

 

1,292

​

 

1,202

​

Total franchise costs

​

$

18,499

​

$

18,391

​

$

16,876

​

(1)Includes advertising, reservation, and frequent guest program assessments.

​

Renovation and Construction Commitments

​

At December 31, 2025, 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, 2025 totaled $38.9 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 2025, 2024, and 2023, 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 $2.5 million, $2.0 million, and $1.6 million in 2025, 2024, and 2023, 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, 2025, approximately 25.7% 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, 2025, the Company’s hotels were geographically concentrated as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of Total

​

​

Number of Hotels

​

Total Rooms (unaudited)

​

Consolidated Revenue

Northern California

​

3

​

15

%

​

22

%

Southern California

​

2

​

22

%

​

22

%

Florida

​

3

​

18

%

​

13

%

Hawaii

​

1

​

8

%

​

14

%

Washington, DC

​

1

​

12

%

​

10

%

​

Other

​

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.

​

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.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events  
Subsequent Events

16. Subsequent Events

​

In January 2026, the Company drew down the $90.0 million available under the New Term Loan 1 delayed draw and used the proceeds to repay the $65.0 million Series A Senior Notes at their scheduled maturity in January 2026 and for general corporate purposes.

​

Subsequent to the year ending December 31, 2025 and through the date of issuance of these financial statements, the Company repurchased 639,355 shares and 90,465 shares of its common and preferred stock, respectively, for $5.7 million and $1.9 million, respectively, including fees and commissions.

​

In February 2026, the Company’s board of directors reauthorized the Company’s stock repurchase program which allows the Company to acquire up to $500.0 million of its common and preferred stock. Including repurchase activity completed subsequent to the reauthorization, the Company currently has nearly $500.0 million remaining under the new authorization.
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
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, 2025

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost Capitalized

​

Gross Amount at

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

Initial costs

​

Subsequent to Acquisition

​

December 31, 2025 (1)

​

​

​

​

​

​

​

​

​

​

 

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Bldg. and

  ​ ​ ​

​

​

  ​ ​ ​

Bldg. and

  ​ ​ ​

​

​

  ​ ​ ​

Bldg. and

  ​ ​ ​

​

​

  ​ ​ ​

Accum.

  ​ ​ ​

Date

  ​ ​ ​

Depr.

 

​

​

Encmbr. (2)

​

Land

​

Impr.

​

Land

​

Impr.

​

Land

​

Impr.

​

Totals

​

Depr.

​

Acq./Constr.

​

Life

 

Andaz Miami Beach

​

$

—

​

$

87,791

​

$

140,725

​

$

(1,537)

​

$

96,811

​

$

86,254

​

$

237,536

​

$

323,790

​

$

16,428

 

6/1/2022

​

5-40

​

Four Seasons Resort Napa Valley

​

 

—

​

 

23,514

​

 

128,645

​

 

—

​

 

9,665

​

 

23,514

​

 

138,310

​

 

161,824

​

 

16,331

 

12/1/2021

 

5-40

​

Hilton San Diego Bayfront

​

 

—

​

 

—

​

 

424,992

​

 

—

​

 

37,559

​

 

—

​

 

462,551

​

 

462,551

​

 

128,303

 

4/15/2011

 

5-57

​

Hyatt Regency San Antonio Riverwalk

​

 

—

​

 

31,772

​

 

178,393

​

 

(560)

​

 

2,775

​

 

31,212

​

 

181,168

​

 

212,380

​

 

8,067

 

4/23/2024

 

5-40

​

Hyatt Regency San Francisco

​

 

—

​

 

116,140

​

 

131,430

​

 

—

​

 

109,903

​

 

116,140

​

 

241,333

​

 

357,473

​

 

121,009

 

12/2/2013

 

5-35

​

JW Marriott New Orleans

​

 

—

​

 

—

​

 

73,420

​

 

15,147

​

 

52,475

​

 

15,147

​

 

125,895

​

 

141,042

​

 

51,522

 

2/15/2011

 

5-35

​

Marriott Boston Long Wharf

​

 

—

​

 

51,598

​

 

170,238

​

 

—

​

 

86,277

​

 

51,598

​

 

256,515

​

 

308,113

​

 

146,341

 

3/23/2007

 

5-35

​

Marriott Long Beach Downtown

​

​

—

​

 

10,437

​

 

37,300

​

 

—

​

 

56,114

​

 

10,437

​

 

93,414

​

 

103,851

​

 

43,558

 

6/23/2005

 

5-35

​

Montage Healdsburg

​

​

—

​

​

40,326

​

​

194,589

​

​

108

​

​

9,383

​

​

40,434

​

​

203,972

​

​

244,406

​

​

28,532

​

4/22/2021

​

5-40

​

Oceans Edge Resort & Marina

​

​

—

​

​

92,510

​

​

74,361

​

​

3,784

​

​

8,365

​

​

96,294

​

​

82,726

​

​

179,020

​

​

20,246

​

7/25/2017

​

5-40

​

Renaissance Orlando at SeaWorld®

​

 

—

​

 

—

​

 

119,733

​

 

30,717

​

 

79,722

​

 

30,717

​

 

199,455

​

 

230,172

​

 

119,555

 

6/23/2005

 

5-35

​

The Bidwell Marriott Portland

​

​

—

​

 

5,341

​

 

20,705

​

 

—

​

 

28,555

​

 

5,341

​

 

49,260

​

 

54,601

​

 

28,116

 

8/11/2000

 

5-35

​

The Westin Washington, DC Downtown

​

 

—

​

 

14,563

​

 

132,800

​

 

—

​

 

147,641

​

 

14,563

​

 

280,441

​

 

295,004

​

 

134,532

 

7/13/2005

 

5-35

​

Wailea Beach Resort

​

​

—

​

​

119,707

​

​

194,137

​

​

—

​

​

163,208

​

​

119,707

​

​

357,345

​

​

477,052

​

​

121,822

​

7/14/2014

​

5-40

​

​

​

$

—

​

$

593,699

​

$

2,021,468

​

$

47,659

​

$

888,453

​

$

641,358

​

$

2,909,921

​

$

3,551,279

​

$

984,362

​

​

​

​

​

(1)The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion (unaudited) at December 31, 2025.
(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

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of land and buildings and improvements:

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the year

​

$

3,470,248

​

$

3,201,390

​

$

3,466,302

​

Activity during year:

​

​

​

​

​

​

​

​

​

​

Acquisitions, net of key money proceeds (1)

​

 

(6,411)

​

 

210,165

​

 

—

​

Improvements

​

 

161,475

​

 

58,693

​

 

92,437

​

Dispositions

​

 

(74,033)

​

 

—

​

 

(357,349)

​

Balance at the end of the year

​

$

3,551,279

​

$

3,470,248

​

$

3,201,390

​

Reconciliation of accumulated depreciation:

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the year

​

$

904,098

​

$

811,045

​

$

835,961

​

Depreciation

​

 

99,839

​

 

93,053

​

 

96,771

​

Dispositions

​

 

(19,575)

​

 

—

​

 

(121,687)

​

Balance at the end of the year

​

$

984,362

​

$

904,098

​

$

811,045

​

(1)Acquisitions are net of key money proceeds received from two of the Company’s third-party hotel managers.

​
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 cybersecurity 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 cybersecurity 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
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Summary of Significant Accounting Policies  
Basis of Presentation

Basis of Presentation

​

The accompanying consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, 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.

​

Certain prior year amounts in these notes to consolidated financial statements have been reclassified to conform to the presentation for the year ended December 31, 2025.
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, 2025 and 2024, 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, as well as cash held as collateral for certain letters of credit. At times, restricted cash also includes hotel acquisition or disposition-related earnest money held in escrow reserves pending completion of the associated transaction.

​
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. 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 recoverability assessment includes subjective assumptions such as determining the discount rate, terminal capitalization rate, the estimated growth of revenues and expenses, revenue per available room and margins, specific market and economic conditions, the estimated holding period, as well as the probability assigned to each future cash flow scenario. Based on the Company’s review, no hotels were impaired in 2025, 2024, or 2023.

​

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, 2025 or 2024.

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 in 2025, 2024 or 2023.
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,

​

​

2025

​

2024

​

​

​

​

​

​

Trade receivables, net (1)

​

$

16,645

​

$

18,693

Contract liabilities (2)

​

$

47,035

​

$

48,635

(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 2025 and 2024, the Company recognized approximately $45.6 million and $39.2 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 (see Note 13).
Segment Reporting

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 14).
New Accounting Standards and Accounting Changes

New Accounting Standards and Accounting Changes

​

In December 2023, the Financial Accounting Standards Board (“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. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. The adoption of ASU 2023-09 did not have a material impact to the Company’s financial statements, however ASU 2023-09’s additional disclosure requirements are included in Note 10.

​

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.

​

In December 2025, the FASB issued Accounting Standards Update No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”), which clarifies the scope and requirements for interim financial statement disclosures under U.S. GAAP. The guidance creates a comprehensive list of required interim disclosures and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on the entity has occurred since the previous year-end. ASU 2025-11 may be applied prospectively or retrospectively and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its consolidated financial statements.
v3.25.4
Organization and Description of Business (Tables)
 12 Months Ended
Dec. 31, 2025
Organization and Description of Business  
Schedule of number of hotels managed by each third-party manager

As of December 31, 2025, the Company owned 14 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

​

Montage North America, LLC

​

1

​

Sage Hospitality Group

​

1

​

Singh Hospitality, LLC

​

1

​

​

​

​

​

Total hotels owned as of December 31, 2025

 

14

​

​
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Significant Accounting Policies  
Schedule of trade receivables and contract liabilities

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2025

​

2024

​

​

​

​

​

​

Trade receivables, net (1)

​

$

16,645

​

$

18,693

Contract liabilities (2)

​

$

47,035

​

$

48,635

(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.
v3.25.4
Investment in Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2025
Investment in Hotel Properties  
Schedule of investment in hotel properties

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

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Land

​

$

641,358

​

$

645,884

​

Buildings and improvements

​

 

2,909,921

​

 

2,824,364

​

Furniture, fixtures and equipment

​

 

481,457

​

 

445,696

​

Intangible assets

​

 

43,937

​

 

44,063

​

Construction in progress

​

 

48,486

​

 

147,250

​

Investment in hotel properties, gross

​

 

4,125,159

​

 

4,107,257

​

Accumulated depreciation and amortization

​

 

(1,353,979)

​

 

(1,251,225)

​

Investment in hotel properties, net

​

$

2,771,180

​

$

2,856,032

​
Schedule of intangible assets and goodwill

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

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31,

 

​

​

​

2025

​

​

2024

​

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

​

​

1,344

​

Trade names (5)

​

​

121

​

​

121

​

Franchise agreements (6)

​

​

4

​

​

130

​

In-place lease agreements (7)

​

​

1,047

​

​

1,047

​

​

​

 

43,937

​

 

44,063

​

Accumulated amortization

​

 

(3,712)

​

 

(2,306)

​

​

​

$

40,225

​

$

41,757

​
Schedule of amortization expense related to acquisitions

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

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Residential program agreements (3)

​

$

923

​

$

923

​

$

411

​

Advance bookings (4)

​

​

336

​

​

224

​

​

—

​

Franchise agreements (6)

​

​

7

​

​

8

​

​

7

​

In-place lease agreements (7)

​

​

254

​

​

202

​

​

99

​

​

​

$

1,520

​

$

1,357

​

$

517

​

(1)The Element agreement as of both December 31, 2025 and 2024 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, 2025 and 2024 consisted of dry slip agreements at Oceans Edge Resort & Marina. The dry slips at Oceans Edge Resort & Marina have indefinite useful lives and are not amortized.
(3)Residential program agreements as of both December 31, 2025 and 2024 included $13.7 million and $7.3 million at Montage Healdsburg and Four Seasons Resort Napa Valley, respectively. The values 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 Montage Healdsburg consist of two components, a residential program agreement and a social membership program, which are both amortized using the straight-line method over the life of the related remaining 25-year Montage Healdsburg management agreement, which expires in 2048. The
residential program agreement at Four Seasons Resort Napa Valley is amortized using the straight-line method over the life of the related remaining 20-year management agreement, which expires in 2041. The amortization expense for both Montage Healdsburg and 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 both December 31, 2025 and 2024 consisted of advance deposits related to our acquisition of 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, 2025 and 2024 consisted of trademarks and bottle labeling used by Elusa Winery at 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, 2025 and 2024 consisted of an agreement at The Bidwell Marriott Portland. In addition, franchise agreements as of December 31, 2024 included an agreement at Hilton New Orleans St. Charles, which was sold by the Company in June 2025 (see Note 4). In June 2025, the Company entered into an agreement to extend the term of The Bidwell Marriott Portland’s franchise agreement by one year. The Company amortized both agreements using the straight-line method over the lives of the franchise agreements and The Bidwell Marriott Portland agreement will be fully amortized in October 2026. 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 both December 31, 2025 and 2024 included agreements at Andaz Miami Beach and Hyatt Regency San Antonio Riverwalk. 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.
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):

​

​

​

​

​

​

2026

  ​ ​ ​

$

1,516

​

2027

​

$

1,365

​

2028

​

$

1,075

​

2029

​

$

959

​

2030

​

$

923

​

​
v3.25.4
Disposals (Tables)
 12 Months Ended
Dec. 31, 2025
Disposals  
Schedule of operating results of discontinued operations

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Total revenues

​

$

7,448

​

$

14,135

​

$

110,529

​

​

​

​

​

​

​

​

​

​

Income before income taxes (1)

​

$

2,041

​

$

2,236

​

$

21,656

​

​

​

​

​

​

​

​

​

​

(Loss) gain on sale of assets, net

​

$

(8,751)

​

$

457

​

$

123,820

(1)Income before income taxes does not include the (loss) gain recognized on the hotel sales.
v3.25.4
Fair Value Measurements and Interest Rate Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Measurements and Interest Rate Derivatives  
Schedule of principal balances and fair market values of debt

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

​

​

Carrying Amount (1)

​

Fair Value (2)

​

Carrying Amount (1)

​

Fair Value (2)

​

Debt

​

$

930,000

​

$

929,162

​

$

845,000

​

$

841,027

​

(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

The Company’s interest rate swap 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 (2)

LIBOR Rate

Date

Date

​

Amount

​

2025

​

2024

​

Term Loan 2

3.675

%

March 17, 2023

March 17, 2026

​

$

75,000

​

$

—

​

$

370

​

Term Loan 2

3.931

%

September 14, 2023

September 14, 2026

​

$

100,000

​

​

(311)

​

​

186

​

Term Loan 2

4.020

%

January 31, 2025

November 7, 2026

​

$

100,000

​

​

(491)

​

​

—

​

Term Loans 1 and 3

3.226

%

September 9, 2025

September 9, 2028

​

$

210,000

(3)

​

395

​

​

—

​

Term Loan 1

3.206

%

January 10, 2026

January 10, 2028

​

$

65,000

(4)

​

85

​

​

—

​

​

​

​

​

​

​

​

​

​

$

(322)

​

$

556

​

(1)All of the Company’s swap agreements are indexed to CME Term SOFR. 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, 2025 and 2024. The fair values of the swap derivative liabilities were included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2025.
(2)In September 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which, among other things, consolidated its four previous term loans into three new term loans (see Note 7).
(3)In September 2025, the Company entered into an interest rate swap, which was effective September 9, 2025 and expires September 9, 2028. The swap fixes the SOFR rate on a portion of Term Loans 1 and 3 to 3.226% (see Note 7).
(4)In August 2025, the Company entered into an interest rate swap, which is effective January 10, 2026 and expires January 10, 2028. The Company intends to use the swap to fix a portion of the interest rate on Term Loan 1 to 3.206% upon exercising the available $90.0 million delayed draw (see Note 7 and Note 16).
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 increases (decreases) to interest expense as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Noncash interest on derivatives, net

​

$

878

​

$

(540)

​

$

252

​

​
v3.25.4
Prepaid Expenses and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Prepaid Expenses and Other Assets.  
Schedule of prepaid expenses and other assets

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

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Prepaid expenses

​

$

10,617

​

$

10,488

​

Inventory

​

 

11,580

​

 

10,497

​

Deferred financing costs

​

​

8,266

​

​

2,223

​

Property and equipment, net

​

​

1,572

​

​

2,267

​

Interest rate derivatives

​

​

480

​

​

556

​

Deferred rent on straight-lined third-party tenant leases

​

​

145

​

​

369

​

Liquor licenses

​

 

930

​

 

930

​

Other

​

 

435

​

 

427

​

Total prepaid expenses and other assets, net

​

$

34,025

​

$

27,757

​

​
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt  
Schedule of debt

Debt consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Outstanding as of

​

​

December 31, 2025

​

​

​

December 31,

​

December 31,

​

​

Rate Type

​

Interest Rate

​

Maturity Date

​

2025

​

2024

Unsecured Corporate Credit Facilities (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

Term Loan 1

​

Fixed

(2)

4.68

%

​

January 24, 2029

​

$

185,000

​

$

175,000

Term Loan 2

​

Fixed

(3)

5.34

%

​

January 24, 2030

​

​

275,000

​

​

175,000

Term Loan 3

​

Floating

(4)

5.14

%

​

January 24, 2031

​

​

300,000

​

​

225,000

Term Loan 4

​

N/A

(5)

N/A

​

​

N/A

​

​

—

​

​

100,000

Total unsecured corporate credit facilities

​

​

​

​

​

​

​

​

$

760,000

​

$

675,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

$

930,000

​

$

845,000

Unamortized deferred financing costs

​

​

​

​

​

​

​

​

​

(11,914)

​

​

(3,953)

Debt, net of unamortized deferred financing costs

​

​

​

​

​

​

​

​

$

918,086

​

$

841,047

(1)The variable interest rates on the Company’s unsecured corporate credit facilities are based on a pricing grid depending on the Company’s leverage ratios plus SOFR.
(2)New Term Loan 1 is currently subject to one interest rate swap derivative (see Note 5). New Term Loan 1 has an initial maturity of January 24, 2029 with two twelve-month options to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon payment of applicable fees and the satisfaction of certain customary conditions. The effective interest rates on the loan were 4.68% and 5.27% at December 31, 2025 and 2024, respectively.
(3)New Term Loan 2 is subject to three interest rate swap derivatives (see Note 5). New Term Loan 2 has an initial maturity of January 24, 2030 with one twelve-month option to extend at the Company’s election, which would result in an extended maturity of January 24, 2031, upon the payment of applicable fees and satisfaction of certain customary conditions. The effective interest rates on the loan were 5.34% and 6.02% at December 31, 2025 and 2024, respectively.
(4)New Term Loan 3 is subject to one interest rate swap derivative (see Note 5) covering a partial balance of $25.0 million. The effective interest rates on the loan were 5.14% and 5.83% at December 31, 2025 and 2024, respectively.
(5)Term Loan 4 was consolidated into the New Term Loans in conjunction with the Company’s Amended Credit Agreement. The effective interest rate on the loan was 5.93% at December 31, 2024.

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

Aggregate future principal maturities of debt at December 31, 2025, were as follows (in thousands):

​

​

​

​

​

​

2026

  ​ ​ ​

$

65,000

​

2027

​

 

—

​

2028

​

 

105,000

​

2029

​

 

—

​

2030

​

 

—

​

Thereafter

​

 

760,000

(1)

Total

​

$

930,000

​

(1)Includes New Term Loan 1 and New Term Loan 2 assuming the Company has exercised its options to extend the maturity of the loans from January 24, 2029 and January 24, 2030, respectively, to January 24, 2031, upon the payment of applicable fees and satisfaction of certain customary conditions.
Schedule of deferred financing costs and (loss) gain on extinguishment of debt

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025 (1)

​

2024 (2)

​

2023 (3)

​

Payments of deferred financing costs

​

$

17,981

​

$

1,105

​

$

2,332

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) gain on extinguishment of debt

​

$

(180)

​

$

59

​

$

9,938

​

(1)In connection with the Amended Credit Agreement, the Company paid a total of $18.0 million in deferred financing costs, of which $7.7 million was allocated to the revolving credit facility and the delayed draw portion of New Term Loan 1 and included in prepaid expenses and other assets on the Company’s consolidated balance sheet as of December 31, 2025, and $10.3 million was allocated to the funded New Terms Loans and included in debt, net of unamortized deferred financing costs on the Company’s consolidated balance sheet as of December 31, 2025. In addition, the Company recorded a $0.2 million loss on extinguishment of debt related to the accelerated amortization of deferred financing costs.
(2)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.
(3)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.
Schedule of interest expense

Total interest incurred and expensed on the Company’s debt was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Interest expense on debt

​

$

49,691

​

$

49,003

​

$

48,727

​

Noncash interest on derivatives, net

​

 

878

​

 

(540)

​

 

252

​

Amortization of deferred financing costs

​

 

3,797

​

 

3,047

​

 

2,700

​

Capitalized interest

​

 

(1,401)

​

 

(1,385)

​

 

—

​

Total interest expense

​

$

52,965

​

$

50,125

​

$

51,679

​

​
v3.25.4
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities.  
Schedule of other liabilities

Other liabilities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

December 31,

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Advance deposits

​

$

47,035

​

$

48,635

​

Property, sales and use taxes payable

​

​

11,565

​

​

10,088

​

Accrued interest

​

​

4,572

​

​

5,105

​

Deferred rent

​

​

905

​

​

1,433

​

Interest rate derivatives

​

​

802

​

​

—

​

Management fees payable

​

​

1,875

​

​

1,168

​

Other

​

 

6,078

​

 

6,265

​

Total other liabilities

​

$

72,832

​

$

72,694

​

​
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases  
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,

​

​

​

2025

​

2024

​

Right-of-use assets, net

​

$

4,418

​

$

8,464

​

​

​

​

​

​

​

​

​

Lease obligations

​

$

7,348

​

$

12,019

​

​

​

​

​

​

​

​

​

Weighted average remaining lease term

​

​

5 years

​

​

​

​

Weighted average discount rate

​

​

5.8

%

​

​

​
Schedule of components of lease expense

The components of lease expense, as well as supplemental cash flow information for operating leases, were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Operating lease cost

​

$

5,497

​

$

5,368

​

$

5,427

Variable lease cost (1)

​

​

8,134

​

​

7,824

​

​

8,438

Sublease income (2)

​

​

(1,187)

​

​

(1,187)

​

​

(1,187)

Total lease cost

​

$

12,444

​

$

12,005

​

$

12,678

Operating cash flows for operating leases

​

$

6,099

​

$

5,783

​

$

5,527

(1)Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.
(2)Sublease income is included in corporate overhead in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023.
Summary of Future payments on leases, Operating lease

At December 31, 2025, future maturities of the Company’s operating lease obligations were as follows (in thousands):

​

​

​

​

​

2026

​

$

2,563

2027

​

​

2,628

2028

​

​

2,077

2029

​

​

450

2030

​

​

53

Thereafter

​

​

961

Total lease payments (1)

​

​

8,732

Less: interest (2)

​

​

(1,384)

Present value of lease obligations

​

$

7,348

(1)Total lease payments do not include a total of $3.3 million in sublease income the Company expects to recognize in 2026 through August 2028. Operating lease obligations also do not 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. The reassessment was not finalized as of December 31, 2025.
(2)Calculated using the respective discount rate for each lease.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
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,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred Tax Assets:

​

​

​

​

​

​

Net operating loss carryforward

​

$

23,859

​

$

22,129

Other reserves

​

 

980

​

 

885

State taxes and other

​

 

803

​

 

1,371

Depreciation

​

​

1,513

​

​

1,695

Total gross deferred tax assets

​

​

27,155

​

​

26,080

​

​

​

​

​

​

​

Deferred Tax Liabilities:

​

​

​

​

​

​

Amortization

​

​

(70)

​

​

(55)

Deferred revenue

​

​

(13)

​

​

(22)

Total gross deferred tax liabilities

​

​

(83)

​

​

(77)

​

​

​

​

​

​

​

Less: valuation allowance

​

​

(27,072)

​

​

(26,003)

​

​

​

​

​

​

​

Deferred tax assets, net

​

$

—

​

$

—

​
Schedule of income tax (provision) benefit, net

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

(1)

​

$

(5)

​

$

(14)

​

State

​

 

(215)

​

 

1,105

​

 

(4,548)

​

Current income tax (provision) benefit, net

​

​

(216)

​

​

1,100

​

​

(4,562)

​

​

​

​

​

​

​

​

​

​

​

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

​

965

​

​

(734)

​

​

(123)

​

State

​

 

104

​

 

(450)

​

 

(208)

​

Change in valuation allowance

​

 

(1,069)

​

 

1,184

​

 

331

​

Deferred income tax (provision) benefit, net

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

Income tax (provision) benefit, net

​

$

(216)

​

$

1,100

​

$

(4,562)

​
Schedule of reconciliation of the income tax provision

A reconciliation of the income tax provision, net to the amount computed by applying the statutory U.S. federal income tax rate of 21% to income before income taxes after the adoption of ASU 2023-09 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

2025

​

​

Amount

​

%

​

​

​

​

​

​

​

U.S. federal statutory tax rate

​

$

(1,774)

​

21.0

%  

Tax impact of REIT election

​

​

4,979

​

(58.9)

%  

State income tax provision, net of federal income tax effect (1)

​

​

(215)

​

2.5

%  

Change in valuation allowance

​

​

(926)

​

11.0

%  

Key money permanent difference

​

​

(1,680)

​

19.9

%  

Corporate overhead allocation permanent difference

​

​

(528)

​

6.2

%  

Other permanent differences

​

​

(49)

​

0.6

%  

Other deferred adjustments

​

​

(23)

​

0.3

%  

Effective tax rate

​

$

(216)

​

2.6

%  

(1)State taxes in Massachusetts made up the majority (greater than 50 percent) of the tax effect in this category.

​

The following table presents the required disclosures prior to the Company’s adoption of ASU 2023-09 and reconciles 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 for the years ended December 31, 2024 and December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

2024

​

2023

Expected federal tax expense at statutory rate

​

$

(5,887)

​

$

(45,033)

Tax impact of REIT election

​

​

6,004

​

​

40,767

Expected tax benefit (provision) of TRS

​

​

117

​

​

(4,266)

​

​

​

​

​

​

​

State income tax benefit, net of federal (provision)

​

​

685

​

​

(164)

Change in valuation allowance

​

​

1,184

​

​

331

Other permanent differences

​

​

(886)

​

​

(463)

Income tax benefit (provision), net

​

$

1,100

​

$

(4,562)
Schedule of valuation allowance

The table below represents the changes to the Company's valuation allowance (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Valuation allowance beginning of the period

​

$

26,003

​

$

27,187

​

$

27,518

​

Increases (decreases) charged to income taxes

​

​

1,069

​

​

(1,184)

​

​

(331)

​

Valuation allowance end of period

​

$

27,072

​

$

26,003

​

$

27,187

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of cash (refunded) paid for income taxes

Cash (refunded) paid for income taxes, net, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands):

​

​

​

​

​

​

​

2025

Federal

​

$

3

State:

​

​

​

California

​

 

(255)

Massachusetts

​

​

(1,140)

Other States

​

​

(5)

State total

​

​

(1,400)

​

​

​

​

Cash (refunded) paid for income taxes, net

​

$

(1,397)
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 per share for the years ended December 31, 2025, 2024, and 2023, were characterized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

​

  ​ ​ ​

Amount

  ​ ​ ​

%

  ​ ​ ​

Amount

  ​ ​ ​

%

  ​ ​ ​

Amount

  ​ ​ ​

%

 

Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

0.327

(2)

90.7

%  

$

0.340

(3)

100

%  

$

—

​

—

%  

Capital gain

​

 

0.033

(2)

9.3

​

 

—

​

—

​

 

0.300

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

0.360

 

100

%  

$

0.340

 

100

%  

$

0.300

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series G

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.248

​

90.7

%  

$

0.998

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.127

​

9.3

​

 

—

​

—

​

 

0.469

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.375

 

100

%  

$

0.998

 

100

%  

$

0.469

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series H

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.390

​

90.7

%  

$

1.531

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.141

​

9.3

​

 

—

​

—

​

 

1.531

​

100

​

Return of capital

​

 

—

 

—

​

 

—

 

—

​

 

—

 

—

​

Total

​

$

1.531

 

100

%  

$

1.531

 

100

%  

$

1.531

 

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Preferred Stock — Series I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ordinary income (1)

​

$

1.293

​

90.7

%  

$

1.425

​

100

%  

$

—

​

—

%  

Capital gain

​

 

0.132

​

9.3

​

 

—

​

—

​

 

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 2025 common stock distribution is treated as paid in two tax years for income tax purposes, with approximately $0.33 per share taxable in 2025 and $0.03 per share taxable in 2026.
(3)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.
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity  
Schedule of repurchases of common and preferred stock

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

Number of common shares

​

​

11,589,722

​

​

2,764,837

​

​

5,971,192

​

Number of preferred shares

​

​

63,124

​

​

—

​

​

—

​

Total cost, including fees and commissions

​

$

103,863

​

$

27,238

​

$

56,403

​
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:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Series G preferred stock

​

$

1.375000

​

$

0.937500

​

$

0.469437

​

Series H preferred stock

​

$

1.531252

​

$

1.531252

​

$

1.531252

​

Series I preferred stock

​

$

1.425000

​

$

1.425000

​

$

1.425000

​

Common stock

​

$

0.360000

​

$

0.340000

​

$

0.300000

​

​
Series G Preferred Stock [Member]  
Stockholders' Equity  
Schedule of annual dividend rates

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Series G preferred stock annual dividend rate

5.500

%

​

3.750

%

​

1.878

%

​

​

​

​

​

​

​

​

​
v3.25.4
Incentive Award Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Incentive Award Plan  
Schedule of amortization expense and forfeitures related to restricted shares

As of December 31, 2025, 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Amortization expense, including forfeitures

​

$

8,699

​

$

10,456

​

$

10,775

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized compensation cost (1)

​

$

703

​

$

200

​

$

467

​

(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 10, 2025

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

30.0

%

​

—

​

​

4.47

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 12, 2024

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

31.0

%

​

—

​

​

4.34

%

​

3 years

​

​

​

​

​

​

​

​

​

​

​

​

February 9, 2023

​

​

​

​

​

​

​

​

​

​

​

RSR Three-Year Performance Period Shares

​

38.0

%

​

—

​

​

4.18

%

​

3 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]  
Incentive Award Plan  
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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

 

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

 

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

 

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

 

Outstanding at beginning of year

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

 

1,289,146

​

$

11.65

​

Granted

 

417,522

​

$

10.55

 

444,077

​

$

10.66

 

450,964

​

$

10.58

​

Vested

 

(419,884)

​

$

10.32

 

(719,924)

​

$

11.25

 

(699,652)

​

$

11.76

​

Forfeited

 

(861)

​

$

11.27

 

(68,131)

​

$

10.89

 

(8,192)

​

$

11.12

​

Outstanding at end of year

 

685,065

​

$

10.84

 

688,288

​

$

10.70

 

1,032,266

​

$

11.11

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

Weighted

​

​

​

​

Average

​

​

​

Average

​

​

​

Average

​

​

Shares

​

Price

​

Shares

​

Price

​

Shares

​

Price

Outstanding at beginning of year

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

 

612,584

​

$

10.40

Granted

 

429,587

​

$

11.48

 

475,746

​

$

11.50

 

463,576

​

$

11.07

Vested (1)

 

(257,911)

​

$

12.44

 

(119,732)

​

$

11.21

 

—

​

$

—

Forfeited

​

(118,018)

​

$

11.29

​

(50,100)

​

$

11.21

​

—

​

$

—

Outstanding at end of year

 

1,435,732

​

$

10.77

 

1,382,074

​

$

10.90

 

1,076,160

​

$

10.69

(1)Includes vested shares at target performance. In January 2025, the 2022 RSR Three-Year Performance Period restricted stock units vested between the target and maximum levels at 169.2% of target, resulting in the additional vesting of 176,286 shares of the Company’s common stock with a grant date fair value of $12.46.
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share  
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, 2025

​

December 31, 2024

​

December 31, 2023

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net income

​

$

24,568

​

$

43,262

​

$

206,708

​

Preferred stock dividends, net of gain on repurchases

​

 

(16,110)

​

 

(15,228)

​

 

(13,988)

​

Distributions paid to participating securities

​

​

(247)

​

​

(273)

​

​

(310)

​

Undistributed income allocated to participating securities

​

 

—

​

 

—

​

 

(683)

​

Numerator for basic and diluted income attributable to common stockholders

​

$

8,211

​

$

27,761

​

$

191,727

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

Weighted average basic common shares outstanding

​

 

193,613

​

 

201,739

​

 

205,590

​

Unvested restricted stock units

​

​

703

​

​

903

​

​

275

​

Weighted average diluted common shares outstanding

​

 

194,316

​

 

202,642

​

 

205,865

​

​

​

​

​

​

​

​

​

​

​

​

Basic income attributable to common stockholders per common share

​

$

0.04

​

$

0.14

​

$

0.93

​

Diluted income attributable to common stockholders per common share

​

$

0.04

​

$

0.14

​

$

0.93

​
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Information  
Schedule of revenues, significant hotel operating expenses, and Hotel Adjusted EBITDAre for the Company's hotels

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Revenues

​

​

​

​

​

​

​

​

​

Hotel revenues

​

$

960,126

​

$

905,809

​

$

986,425

Other revenues (1)

​

​

—

​

​

—

​

​

55

Total consolidated revenues

​

$

960,126

​

$

905,809

​

$

986,480

​

​

​

​

​

​

​

​

​

​

Expenses

​

​

​

​

​

​

​

​

​

Room

​

$

156,755

​

$

145,984

​

$

157,839

Food and beverage

​

​

197,819

​

​

182,423

​

​

193,713

Other operating

​

​

24,859

​

​

23,241

​

​

23,721

Advertising and promotion

​

​

53,118

​

​

51,407

​

​

51,958

Repairs and maintenance

​

​

39,412

​

​

35,908

​

​

38,281

Utilities

​

​

28,514

​

​

26,576

​

​

27,622

Franchise costs

​

​

18,499

​

​

18,391

​

​

16,876

Property tax, ground lease and insurance

​

​

77,105

​

​

77,981

​

​

79,412

Other property-level expenses (2)

​

​

116,404

​

​

110,037

​

​

120,247

​

​

$

712,485

​

$

671,948

​

$

709,669

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

247,641

​

$

233,861

​

$

276,756

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

2023

Reconciliation of Hotel Adjusted EBITDAre to Net Income

​

​

​

​

​

​

​

​

​

Hotel Adjusted EBITDAre

​

$

247,641

​

$

233,861

​

$

276,756

Other revenues (1)

​

​

—

​

​

—

​

​

55

Non-hotel operating expenses, net (3)

​

​

103

​

​

82

​

​

11

Property-level COVID-19 relief grant (4)

​

​

—

​

​

1,343

​

​

—

Pre-opening expenses (4)

​

​

(6,471)

​

​

(2,633)

​

​

—

Property-level legal settlements (4)

​

​

—

​

​

(1,182)

​

​

—

Property-level severance (4)

​

​

—

​

​

—

​

​

(297)

Taxes assessed on commercial rents (4)

​

​

(617)

​

​

(480)

​

​

(553)

Amortization of right-of use assets and obligations

​

​

1,158

​

​

1,158

​

​

1,158

Corporate overhead

​

​

(31,590)

​

​

(29,050)

​

​

(31,412)

Depreciation and amortization

​

​

(134,508)

​

​

(124,507)

​

​

(127,062)

Interest and other income

​

​

10,964

​

​

13,179

​

​

10,535

Interest expense

​

​

(52,965)

​

​

(50,125)

​

​

(51,679)

(Loss) gain on sale of assets, net

​

​

(8,751)

​

​

457

​

​

123,820

(Loss) gain on extinguishment of debt

​

​

(180)

​

​

59

​

​

9,938

Income tax (provision) benefit, net

​

​

(216)

​

​

1,100

​

​

(4,562)

Net income

​

$

24,568

​

$

43,262

​

$

206,708

(1)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.
(2)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.
(3)Non-hotel operating expenses, net are included in property tax, ground lease and insurance on the Company’s consolidated statements of operations for 2025, 2024, and 2023, and include corporate-level current year property taxes and insurance, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.
(4)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, including property-level grants, pre-opening expenses associated with extensive renovation projects such as the work performed at Andaz Miami Beach, property-level legal settlements and severance, and taxes assessed on commercial rents.
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Basic management fees

​

$

26,434

​

$

24,356

​

$

27,122

​

Incentive management fees

​

 

2,495

​

 

2,463

​

 

7,534

​

Total basic and incentive management fees

​

$

28,929

​

$

26,819

​

$

34,656

​
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):

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Franchise assessments (1)

​

$

17,416

​

$

17,099

​

$

15,674

​

Franchise royalties

​

 

1,083

​

 

1,292

​

 

1,202

​

Total franchise costs

​

$

18,499

​

$

18,391

​

$

16,876

​

(1)Includes advertising, reservation, and frequent guest program assessments.
Schedule of hotel geographic concentration of risk

As of December 31, 2025, the Company’s hotels were geographically concentrated as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage of

​

Percentage of Total

​

​

Number of Hotels

​

Total Rooms (unaudited)

​

Consolidated Revenue

Northern California

​

3

​

15

%

​

22

%

Southern California

​

2

​

22

%

​

22

%

Florida

​

3

​

18

%

​

13

%

Hawaii

​

1

​

8

%

​

14

%

Washington, DC

​

1

​

12

%

​

10

%
v3.25.4
Organization and Description of Business (Details)
 12 Months Ended
Dec. 31, 2025
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 14
Number of hotels managed by third parties 14
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] | 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
v3.25.4
Summary of Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
property
Dec. 31, 2024
USD ($)
property
segment
Dec. 31, 2023
USD ($)
property
segment
Restricted Cash      
Restricted Cash $ 76,531,000 $ 73,078,000  
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      
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 $ 0
Revenue Recognition [Abstract]      
Trade receivables, net 16,645,000 18,693,000  
Contract liabilities 47,035,000 48,635,000  
Deferred revenue recognized $ 45,600,000 $ 39,200,000  
Segment Information      
Number of reportable segments | segment 1 1 1
Minimum [Member]      
Real Estate Investment Trust, Distribution, Tax Status [Abstract]      
Percentage of taxable income required to be distributed 90.00%    
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
v3.25.4
Investment in Hotel Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investment in Hotel Properties    
Land $ 641,358 $ 645,884
Buildings and improvements 2,909,921 2,824,364
Furniture, fixtures and equipment 481,457 445,696
Intangible assets 43,937 44,063
Construction in progress 48,486 147,250
Investment in hotel properties, gross 4,125,159 4,107,257
Accumulated depreciation and amortization (1,353,979) (1,251,225)
Investment in hotel properties, net $ 2,771,180 $ 2,856,032
v3.25.4
Investment in Hotel Properties - Acquisitions (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2025
USD ($)
Apr. 30, 2024
USD ($)
room
Dec. 31, 2025
USD ($)
Asset Acquisition [Line Items]      
Acquisition-related key money proceeds     $ 8,000
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  
Acquisition-related key money proceeds $ 4,000    
v3.25.4
Investment in Hotel Properties - Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets      
Intangible assets $ 43,937 $ 44,063  
Amortization of Intangible Assets 1,519 1,357 $ 464
Intangible assets included in hotel properties      
Intangible Assets      
Amortization of Intangible Assets 1,520 1,357 517
Intangible assets included in hotel properties | Leases, Acquired-in-Place [Member]      
Intangible Assets      
Amortization of Intangible Assets 254 202 99
Intangible assets included in hotel properties      
Intangible Assets      
Intangible assets 43,937 44,063  
Accumulated amortization (3,712) (2,306)  
Intangible assets, net 40,225 41,757  
Intangible assets included in hotel properties | Leases, Acquired-in-Place [Member]      
Intangible Assets      
Finite-lived intangible asset, acquired-in-place leases 1,047 1,047  
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 923 923 $ 411
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 $ 336 $ 224  
Hyatt Regency San Antonio Riverwalk | Intangible assets included in hotel properties | Customer Contracts [Member]      
Intangible Assets      
Other Finite-Lived Intangible Assets, Gross 1,344 1,344  
Franchised Hotels Member | Intangible assets included in hotel properties | Franchise agreements      
Intangible Assets      
Amortization of Intangible Assets 7 8 $ 7
Franchised Hotels Member | Intangible assets included in hotel properties | Franchise agreements      
Intangible Assets      
Finite-Lived License Agreements, Gross $ 4 $ 130  
v3.25.4
Investment in Hotel Properties - Future Amortization of Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Investment in Hotel Properties  
2026 $ 1,516
2027 1,365
2028 1,075
2029 959
2030 $ 923
v3.25.4
Disposals (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
Oct. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment Impairment or Disposal [Abstract]          
Proceeds from sale of hotel property     $ 46,348   $ 364,491
(Loss) gain on sale of assets, net     (8,751) $ 457 123,820
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]          
Property, Plant and Equipment Impairment or Disposal [Abstract]          
Total revenues     7,448 14,135 110,529
Income before income taxes     2,041 2,236 21,656
(Loss) gain on sale of assets, net     $ (8,751) 457 $ 123,820
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hilton New Orleans St. Charles          
Property, Plant and Equipment Impairment or Disposal [Abstract]          
Proceeds from sale of hotel property $ 46,300        
(Loss) gain on sale of assets, net $ (8,800)        
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 hotel property   $ 364,500      
(Loss) gain on sale of assets, net   $ 123,800   $ 500  
v3.25.4
Fair Value Measurements and Interest Rate Derivatives - Fair Value of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Percentage of debt having fixed interest rates 70.40% 40.80%
Carrying Amount, Debt $ 930,000 $ 845,000
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Debt $ 929,162 $ 841,027
v3.25.4
Fair Value Measurements and Interest Rate Derivatives - Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Aug. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest Rate Derivatives            
Fair values of derivative assets $ 480     $ 480 $ 556  
Noncash interest on derivatives, net       878 (540) $ 252
Term Loan 1 Maturity Date 01242031 Delayed Draw [Member]            
Interest Rate Derivatives            
Debt Instrument, Unused Borrowing Capacity, Amount 90,000     90,000    
Term Loan 3 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Notional amount 25,000     25,000    
Interest Rate Contract [Member]            
Interest Rate Derivatives            
Estimated Fair Value of Assets (Liabilities) $ (322)     $ (322) $ 556  
Interest Rate Swap Derivatives All Member            
Interest Rate Derivatives            
Interest rate, description of reference rate SOFR          
Interest Rate Swap Derivative Maturing 3.17.26 [Member] | Not Designated as Hedging Instrument [Member] | Term Loan 2 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Fixed rate under interest rate swap agreement 3.675%     3.675% 3.675%  
Derivatives, Effective Date       Mar. 17, 2023 Mar. 17, 2023  
Derivatives, Maturity Date       Mar. 17, 2026 Mar. 17, 2026  
Notional amount $ 75,000     $ 75,000 $ 75,000  
Estimated Fair Value of Assets (Liabilities)         $ 370  
Interest Rate Swap Derivative Maturing 9.14.26 [Member] | Not Designated as Hedging Instrument [Member] | Term Loan 2 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Fixed rate under interest rate swap agreement 3.931%     3.931% 3.931%  
Derivatives, Effective Date       Sep. 14, 2023 Sep. 14, 2023  
Derivatives, Maturity Date       Sep. 14, 2026 Sep. 14, 2026  
Notional amount $ 100,000     $ 100,000 $ 100,000  
Estimated Fair Value of Assets (Liabilities) $ (311)     $ (311) $ 186  
Interest Rate Swap Derivative Maturing 11.7.26 [Member] | Not Designated as Hedging Instrument [Member] | Term Loan 2 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Fixed rate under interest rate swap agreement 4.02%     4.02%    
Derivatives, Effective Date       Jan. 31, 2025    
Derivatives, Maturity Date       Nov. 07, 2026    
Notional amount $ 100,000     $ 100,000    
Estimated Fair Value of Assets (Liabilities) $ (491)     $ (491)    
Interest Rate Swap Derivative Maturing 9.9.28 [Member] | Not Designated as Hedging Instrument [Member] | Term Loans 1 and 3 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Fixed rate under interest rate swap agreement 3.226% 3.226%   3.226%    
Derivatives, Effective Date   Sep. 09, 2025   Sep. 09, 2025    
Derivatives, Maturity Date   Sep. 09, 2028   Sep. 09, 2028    
Notional amount $ 210,000     $ 210,000    
Estimated Fair Value of Assets (Liabilities) $ 395     $ 395    
Interest Rate Swap Derivative Maturing 1.10.28 [Member] | Not Designated as Hedging Instrument [Member] | Term Loan 1 Maturity Date 01242031 [Member]            
Interest Rate Derivatives            
Fixed rate under interest rate swap agreement 3.206%   3.206% 3.206%    
Derivatives, Effective Date     Jan. 10, 2026 Jan. 10, 2026    
Derivatives, Maturity Date     Jan. 10, 2028 Jan. 10, 2028    
Notional amount $ 65,000     $ 65,000    
Estimated Fair Value of Assets (Liabilities) $ 85     $ 85    
v3.25.4
Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Assets, Unclassified [Abstract]    
Prepaid expenses $ 10,617 $ 10,488
Inventory 11,580 10,497
Deferred financing costs 8,266 2,223
Property and equipment, net 1,572 2,267
Interest rate derivatives 480 556
Deferred rent on straight-lined third-party tenant leases 145 369
Liquor licenses 930 930
Other 435 427
Total prepaid expenses and other assets, net $ 34,025 $ 27,757
v3.25.4
Debt - 2025 Transactions (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 24, 2025
Sep. 23, 2025
Jul. 31, 2025
Apr. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unsecured Debt                
Proceeds from Unsecured Lines of Credit           $ 50,000,000    
Debt, Long-Term and Short-Term, Combined Amount $ 930,000,000         930,000,000 $ 845,000,000  
Payment on credit facility           50,000,000    
Proceeds from Issuance of Debt           $ 149,600,000 $ 100,000,000 $ 225,000,000
Unsecured Term Loans                
Unsecured Debt                
Interest rate, description of reference rate           SOFR SOFR  
Term Loan 1 Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Maturity Date Jan. 24, 2029         Jan. 24, 2029    
Number of extension periods for unsecured debt 2         2    
Term of extension period for unsecured debt           12 months    
Debt Instrument, Maturity Date Range, End           Jan. 24, 2031    
Term Loan 1 Maturity Date 01242031 Delayed Draw [Member]                
Unsecured Debt                
Debt Instrument, Unused Borrowing Capacity, Amount $ 90,000,000         $ 90,000,000    
Term Loan 2 Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Maturity Date Jan. 24, 2030         Jan. 24, 2030    
Number of extension periods for unsecured debt 1         1    
Term of extension period for unsecured debt           12 months    
Debt Instrument, Maturity Date Range, End           Jan. 24, 2031    
Term Loan 3 Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Maturity Date Jan. 24, 2031              
Unsecured Debt [Member] | Unsecured Term Loans                
Unsecured Debt                
Debt, Long-Term and Short-Term, Combined Amount     $ 675,000,000          
Unsecured Debt [Member] | Unsecured Term Loans All Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt, Long-Term and Short-Term, Combined Amount   $ 850,000,000            
Debt Instrument, Maturity Date           Jan. 24, 2031    
Interest rate, description of reference rate   SOFR            
Proceeds from Issuance of Debt   $ 760,000,000            
Unsecured Debt [Member] | Term Loan 1 Maturity Date 01242031 [Member]                
Unsecured Debt                
Line of Credit Facility, Maximum Borrowing Capacity   $ 275,000,000            
Debt Instrument, Maturity Date   Jan. 24, 2029       Jan. 24, 2029    
Number of extension periods for unsecured debt   2            
Term of extension period for unsecured debt   12 months            
Debt Instrument, Maturity Date Range, End   Jan. 24, 2031            
Unsecured Debt [Member] | Term Loan1 Maturity Date 01242031 Initial Funding [Member]                
Unsecured Debt                
Proceeds from Issuance of Debt   $ 185,000,000            
Unsecured Debt [Member] | Term Loan 1 Maturity Date 01242031 Delayed Draw [Member]                
Unsecured Debt                
Debt Instrument, Unused Borrowing Capacity, Amount   $ 90,000,000            
Unsecured Debt [Member] | Term Loan 2 Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Maturity Date   Jan. 24, 2030       Jan. 24, 2030    
Number of extension periods for unsecured debt   1            
Term of extension period for unsecured debt   12 months            
Debt Instrument, Maturity Date Range, End   Jan. 24, 2031            
Proceeds from Issuance of Debt   $ 275,000,000            
Unsecured Debt [Member] | Term Loan 3 Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Maturity Date   Jan. 24, 2031            
Number of extension periods for unsecured debt   0            
Proceeds from Issuance of Debt   $ 300,000,000            
Unsecured Debt [Member] | Minimum [Member] | Unsecured Term Loans All Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Basis Spread on Variable Rate   1.35%            
Unsecured Debt [Member] | Maximum [Member] | Unsecured Term Loans All Maturity Date 01242031 [Member]                
Unsecured Debt                
Debt Instrument, Basis Spread on Variable Rate   2.20%            
Revolving Credit Facility [Member]                
Unsecured Debt                
Proceeds from Unsecured Lines of Credit       $ 23,000,000 $ 27,000,000      
Line of Credit Facility, Maximum Borrowing Capacity $ 500,000,000         $ 500,000,000    
Debt Instrument, Maturity Date   Sep. 24, 2029 Jul. 25, 2026          
Number of extension periods for unsecured debt   2 2          
Term of extension period for unsecured debt   6 months 6 months          
Payment on credit facility   $ 50,000,000            
Interest rate, description of reference rate   SOFR            
Draw on credit facility $ 0         $ 0    
Revolving Credit Facility [Member] | Minimum [Member]                
Unsecured Debt                
Debt Instrument, Basis Spread on Variable Rate   1.40%            
Revolving Credit Facility [Member] | Maximum [Member]                
Unsecured Debt                
Debt Instrument, Basis Spread on Variable Rate   2.25%            
v3.25.4
Debt - 2024 Transactions (Details)
 12 Months Ended
Sep. 24, 2025
USD ($)
Sep. 23, 2025
USD ($)
Nov. 07, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Secured Debt [Abstract]            
Repayments of Debt       $ 64,600,000 $ 74,050,000 $ 222,086,000
Unsecured Debt            
Proceeds from Issuance of Debt       $ 149,600,000 $ 100,000,000 $ 225,000,000
Unsecured Term Loans            
Unsecured Debt            
Interest rate, description of reference rate       SOFR SOFR  
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 Range, End     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            
Interest rate, description of reference rate SOFR          
Number of extension periods for unsecured debt 2 2        
Term of extension period for unsecured debt 6 months 6 months        
Debt Instrument, Maturity Date Sep. 24, 2029 Jul. 25, 2026        
Revolving Credit Facility [Member] | Minimum [Member]            
Unsecured Debt            
Debt Instrument, Basis Spread on Variable Rate 1.40%          
Revolving Credit Facility [Member] | Maximum [Member]            
Unsecured Debt            
Debt Instrument, Basis Spread on Variable Rate 2.25%          
v3.25.4
Debt (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
item
Dec. 31, 2025
USD ($)
item
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Notes Payable        
Debt, Long-Term and Short-Term, Combined Amount $ 930,000,000 $ 930,000,000 $ 845,000,000  
Unamortized deferred financing costs (11,914,000) (11,914,000) (3,953,000)  
Debt, net of unamortized deferred financing costs 918,086,000 918,086,000 841,047,000  
Proceeds from Unsecured Lines of Credit   50,000,000    
Interest Expense        
Noncash interest on derivatives, net   878,000 (540,000) $ 252,000
Amortization of deferred financing costs   3,797,000 3,047,000 2,700,000
Total interest expense   $ 52,965,000 $ 50,125,000 $ 51,679,000
Unsecured Term Loans        
Notes Payable        
Interest rate, description of reference rate   SOFR SOFR  
Unsecured Debt $ 760,000,000 $ 760,000,000 $ 675,000,000  
Term loan #4        
Notes Payable        
Unsecured Debt     $ 100,000,000  
Line of Credit Facility, Interest Rate at Period End     5.93%  
Term Loan 1 Maturity Date 01242031 [Member]        
Notes Payable        
Debt Instrument, Maturity Date Jan. 24, 2029 Jan. 24, 2029    
Number of interest rate swap derivative agreements | item 1 1    
Unsecured Debt $ 185,000,000 $ 185,000,000 $ 175,000,000  
Line of Credit Facility, Interest Rate at Period End 4.68% 4.68% 5.27%  
Number of extension periods for unsecured debt 2 2    
Term of extension period for unsecured debt   12 months    
Debt Instrument, Maturity Date Range, End   Jan. 24, 2031    
Term Loan 2 Maturity Date 01242031 [Member]        
Notes Payable        
Debt Instrument, Maturity Date Jan. 24, 2030 Jan. 24, 2030    
Number of interest rate swap derivative agreements 3 3    
Unsecured Debt $ 275,000,000 $ 275,000,000 $ 175,000,000  
Line of Credit Facility, Interest Rate at Period End 5.34% 5.34% 6.02%  
Number of extension periods for unsecured debt 1 1    
Term of extension period for unsecured debt   12 months    
Debt Instrument, Maturity Date Range, End   Jan. 24, 2031    
Term Loan 3 Maturity Date 01242031 [Member]        
Notes Payable        
Debt Instrument, Maturity Date Jan. 24, 2031      
Number of interest rate swap derivative agreements 1 1    
Unsecured Debt $ 300,000,000 $ 300,000,000 $ 225,000,000  
Line of Credit Facility, Interest Rate at Period End 5.14% 5.14% 5.83%  
Notional amount $ 25,000,000 $ 25,000,000    
Senior Notes        
Notes Payable        
Unsecured Debt $ 170,000,000 $ 170,000,000 $ 170,000,000  
Series A Senior Notes        
Notes Payable        
Debt Instrument, Maturity Date Jan. 10, 2026      
Fixed interest rate (as a percent) 4.69% 4.69%    
Unsecured Debt $ 65,000,000 $ 65,000,000 65,000,000  
Series B Senior Notes        
Notes Payable        
Debt Instrument, Maturity Date Jan. 10, 2028      
Fixed interest rate (as a percent) 4.79% 4.79%    
Unsecured Debt $ 105,000,000 $ 105,000,000 $ 105,000,000  
v3.25.4
Debt - Aggregate future principal maturities of debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt    
2026 $ 65,000  
2028 105,000  
Thereafter 760,000  
Total $ 918,086 $ 841,047
v3.25.4
Debt - Deferred Financing Costs and (Loss) Gain on Extinguishment of Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt        
Payments of Financing Costs   $ 17,981 $ 1,105 $ 2,332
(Loss) gain on extinguishment of debt   (180) 59 9,938
Loss Contingency Accrual, Disclosures [Abstract]        
(Loss) gain on extinguishment of debt, net   (180) 59 9,938
Hilton Times Square | Indemnification Agreement [Member]        
Debt        
(Loss) gain on extinguishment of debt     100 9,900
Loss Contingency Accrual, Disclosures [Abstract]        
Loss Contingency Accrual, Period Increase (Decrease) $ (9,800)     (100)
(Loss) gain on extinguishment of debt, net     100 9,900
Unsecured Debt [Member]        
Debt        
Payments of Financing Costs   18,000    
Unsecured Term Loans        
Debt        
Payments of Financing Costs   10,300    
(Loss) gain on extinguishment of debt   (200)    
Loss Contingency Accrual, Disclosures [Abstract]        
(Loss) gain on extinguishment of debt, net   (200)    
Term loan #3        
Debt        
Payments of Financing Costs       $ 2,300
Term loan #4        
Debt        
Payments of Financing Costs     $ 1,100  
Revolving Credit Facility [Member]        
Debt        
Payments of Financing Costs   $ 7,700    
v3.25.4
Debt - Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest Expense      
Noncash interest on derivatives, net $ 878 $ (540) $ 252
Amortization of deferred financing costs 3,797 3,047 2,700
Total interest expense 52,965 50,125 51,679
Notes Payable, Other Payables [Member]      
Interest Expense      
Interest expense on debt 49,691 49,003 48,727
Noncash interest on derivatives, net 878 (540) 252
Amortization of deferred financing costs 3,797 3,047 2,700
Capitalized interest (1,401) (1,385)  
Total interest expense $ 52,965 $ 50,125 $ 51,679
v3.25.4
Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other Liabilities    
Advance deposits $ 47,035 $ 48,635
Property, sales and use taxes payable 11,565 10,088
Accrued interest 4,572 5,105
Deferred rent 905 1,433
Interest rate derivatives 802  
Management fees payable 1,875 1,168
Other 6,078 6,265
Total other liabilities $ 72,832 $ 72,694
v3.25.4
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Operating Lease, Description [Abstract]      
Operating Lease, Right-of-Use Asset $ 4,418 $ 8,464  
Operating lease obligations $ 7,348 12,019  
Operating Lease, Weighted Average Remaining Lease Term 5 years    
Operating Lease, Weighted Average Discount Rate, Percent 5.80%    
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 852 $ 308 $ 2,163
v3.25.4
Leases - Components of Lease Cost and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2028
Leases        
Operating lease cost $ 5,497 $ 5,368 $ 5,427  
Variable lease cost 8,134 7,824 8,438  
Sublease income (1,187) (1,187) (1,187) $ (3,300)
Total lease cost 12,444 12,005 12,678  
Operating cash flows for operating leases $ 6,099 $ 5,783 $ 5,527  
v3.25.4
Leases - Future Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2028
Lessee, Operating Lease, Description [Abstract]        
2026 $ 2,563      
2027 2,628      
2028 2,077      
2029 450      
2030 53      
Thereafter 961      
Total lease payments 8,732      
Less: interest (1,384)      
Operating lease obligations 7,348 $ 12,019    
Sublease income $ 1,187 $ 1,187 $ 1,187 $ 3,300
v3.25.4
Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Income Taxes    
Net operating loss carryforwards for federal income tax purposes $ 108.9 $ 102.0
Net operating loss carryforwards expiration amount $ 8.2  
v3.25.4
Income Taxes - Deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets:    
Net operating loss carryforward $ 23,859 $ 22,129
Other reserves 980 885
State taxes and other 803 1,371
Depreciation 1,513 1,695
Total gross deferred tax assets 27,155 26,080
Deferred Tax Liabilities:    
Amortization (70) (55)
Deferred revenue (13) (22)
Total gross deferred tax liabilities (83) (77)
Less: valuation allowance (27,072) (26,003)
Deferred tax assets, net
v3.25.4
Income Taxes - Income tax (provision) benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ (1) $ (5) $ (14)
State (215) 1,105 (4,548)
Current income tax (provision) benefit, net (216) 1,100 (4,562)
Deferred:      
Federal 965 (734) (123)
State 104 (450) (208)
Change in valuation allowance (1,069) 1,184 331
Income tax (provision) benefit, net $ (216) $ 1,100 $ (4,562)
v3.25.4
Income Taxes - Reconciliation of the income tax provision, net to the amount computed by applying the statutory U.S. federal income tax rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (1,774) $ (5,887) $ (45,033)
Tax impact of REIT election 4,979 6,004 40,767
State income tax provision, net of federal income tax effect $ (215) 685 (164)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] stpr:MA    
Change in valuation allowance $ (926) 1,184 331
Key money permanent difference (1,680)    
Corporate overhead allocation permanent difference (528)    
Other permanent differences (49) (886) (463)
Other deferred adjustments (23)    
Income tax (provision) benefit, net $ (216) $ 1,100 $ (4,562)
Tax Jurisdiction of Domicile [Extensible Enumeration] country:US    
Percent      
U.S. federal statutory tax rate, percent 21.00% 21.00% 21.00%
Tax impact of REIT election, percent (58.90%)    
State income tax provision, net of federal income tax effect, percent 2.50%    
Change in valuation allowance, percent 11.00%    
Key money permanent difference, percent 19.90%    
Corporate overhead allocation permanent difference, percent 6.20%    
Other permanent differences, percent 0.60%    
Other deferred adjustments, percent 0.30%    
Effective tax rate, percent 2.60%    
v3.25.4
Income Taxes - Reconciles the differences between the income tax benefit (provision) calculated at the statutory U.S. federal income tax rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes      
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Expected federal tax expense at statutory rate $ (1,774) $ (5,887) $ (45,033)
Tax impact of REIT election 4,979 6,004 40,767
Expected tax (provision) benefit of TRS   117 (4,266)
State income tax benefit, net of federal (provision) (215) 685 (164)
Change in valuation allowance (926) 1,184 331
Other permanent differences (49) (886) (463)
Income tax (provision) benefit, net $ (216) $ 1,100 $ (4,562)
v3.25.4
Income Taxes - Changes to the Company's valuation allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Valuation allowance beginning of the period $ 26,003 $ 27,187 $ 27,518
Increases (decreases) charged to income taxes 1,069 (1,184) (331)
Valuation allowance end of period $ 27,072 $ 26,003 $ 27,187
v3.25.4
Income Taxes - Cash (refunded) paid for income taxes, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid, Net [Abstract]      
Income tax paid, Federal $ 3    
Income tax paid, State (1,400)    
Cash (refunded) paid for income taxes, net (1,397) $ 3,140 $ 1,731
California      
Income Taxes Paid, Net [Abstract]      
Income tax paid, State (255)    
Massachusetts      
Income Taxes Paid, Net [Abstract]      
Income tax paid, State (1,140)    
Other States      
Income Taxes Paid, Net [Abstract]      
Income tax paid, State $ (5)    
v3.25.4
Income Taxes - Characterization of Distributions (Details)
 12 Months Ended
Dec. 31, 2026
USD ($)
Y
Dec. 31, 2025
USD ($)
Y
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
$ / shares
Common Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 0.327 $ 0.34  
Capital gain (in dollars per share)   0.033   $ 0.3
Total (in dollars per share)   $ 0.36 $ 0.34 $ 0.3
Ordinary income (as a percent)   90.70% 100.00%  
Capital gain (as a percent)   9.30%   100.00%
Total (as a percent)   100.00% 100.00% 100.00%
Number of Tax Years in Which Dividends are Taxable | Y 2 2    
Common Stock 2025 stock distribution [Member]        
Income Taxes        
Dividend Income, Securities, Operating, Taxable | $ $ 0.03 $ 0.33    
Common Stock 2024 stock distribution [Member]        
Income Taxes        
Dividend Income, Securities, Operating, Taxable | $   $ 0.06 $ 0.28  
Series G Preferred Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 1.248 $ 0.998  
Capital gain (in dollars per share)   0.127   $ 0.469
Total (in dollars per share)   $ 1.375 $ 0.998 $ 0.469
Ordinary income (as a percent)   90.70% 100.00%  
Capital gain (as a percent)   9.30%   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)   $ 1.39 $ 1.531  
Capital gain (in dollars per share)   0.141   $ 1.531
Total (in dollars per share)   $ 1.531 $ 1.531 $ 1.531
Ordinary income (as a percent)   90.70% 100.00%  
Capital gain (as a percent)   9.30%   100.00%
Total (as a percent)   100.00% 100.00% 100.00%
Series I Preferred Stock [Member]        
Income Taxes        
Ordinary income (in dollars per share)   $ 1.293 $ 1.425  
Capital gain (in dollars per share)   0.132   $ 1.425
Total (in dollars per share)   $ 1.425 $ 1.425 $ 1.425
Ordinary income (as a percent)   90.70% 100.00%  
Capital gain (as a percent)   9.30%   100.00%
Total (as a percent)   100.00% 100.00% 100.00%
v3.25.4
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 16, 2026
May 24, 2026
Dec. 31, 2025
Jul. 31, 2025
Jul. 31, 2024
Jan. 31, 2024
Jul. 31, 2021
May 31, 2021
Apr. 30, 2021
Sep. 30, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 27, 2026
Feb. 28, 2023
Stockholders' Equity                              
Preferred Stock Redemption Discount                     $ 306        
Share Repurchase Program                              
Stockholders' Equity                              
Share Repurchase Program, Remaining Authorized, Amount     $ 323,900               323,900     $ 500,000  
Maximum | Share Repurchase Program                              
Stockholders' Equity                              
Stock Repurchase Program, maximum amount authorized for repurchase                           $ 500,000 $ 500,000
Preferred and Common Stock [Member] | Share Repurchase Program                              
Stockholders' Equity                              
Payments for Repurchase of Equity                     $ 103,863 $ 27,238 $ 56,403    
Preferred Stock [Member] | Share Repurchase Program                              
Stockholders' Equity                              
Stock Repurchased and Retired During Period, Shares                     63,124        
Series G Preferred Stock [Member]                              
Stockholders' Equity                              
Preferred stock, Cumulative Redeemable Preferred Stock, shares outstanding (in shares)     2,650,000               2,650,000 2,650,000      
Liquidation preference (in dollars per share)     $ 25               $ 25 $ 25      
Series G Preferred Stock [Member] | Montage Healdsburg                              
Stockholders' Equity                              
Preferred stock, Cumulative Redeemable Preferred Stock, dividend rate (as a percent)       6.50% 4.50% 3.00%       7.50% 5.50% 3.75% 1.878%    
Preferred Stock, Redemption Price Per Share                 $ 25            
Stock issued during period, shares, other                 2,650,000            
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)     4,545,903               4,545,903 4,600,000      
Stock issued during period, shares, other               4,600,000              
Liquidation preference (in dollars per share)     $ 25         $ 25     $ 25 $ 25      
Preferred Stock, Redemption Date   May 24, 2026                          
Series H Preferred Stock [Member] | Share Repurchase Program                              
Stockholders' Equity                              
Stock Repurchased and Retired During Period, Shares     54,097                        
Shares Repurchased, Average Cost Per Share     $ 20.28                        
Preferred Stock Redemption Discount     $ 200                        
Series I Preferred Stock [Member]                              
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)     3,990,973               3,990,973 4,000,000      
Stock issued during period, shares, other             4,000,000                
Liquidation preference (in dollars per share)     $ 25       $ 25       $ 25 $ 25      
Preferred Stock, Redemption Date Jul. 16, 2026                            
Series I Preferred Stock [Member] | Share Repurchase Program                              
Stockholders' Equity                              
Stock Repurchased and Retired During Period, Shares     9,027                        
Shares Repurchased, Average Cost Per Share     $ 19.25                        
Preferred Stock Redemption Discount     $ 100                        
Common Stock [Member] | Share Repurchase Program                              
Stockholders' Equity                              
Stock Repurchased and Retired During Period, Shares                     11,589,722 2,764,837 5,971,192    
v3.25.4
Stockholders' Equity - Common Stock (Details) - At The Market - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Stockholders' Equity        
ATM Program, remaining amount authorized for issuance $ 300.0      
Maximum [Member]        
Stockholders' Equity        
ATM Program, maximum amount authorized for issuance       $ 300.0
Common Stock [Member]        
Stockholders' Equity        
Stock Issued During Period, Shares, New Issues 0 0 0  
v3.25.4
Stockholders' Equity - Dividends (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends      
Common Stock, Dividends, Per Share, Declared $ 0.36 $ 0.34 $ 0.3
Series G Preferred Stock [Member]      
Dividends      
Preferred stock dividends declared per share (in dollars per share) 1.375 0.9375 0.469437
Series H Preferred Stock [Member]      
Dividends      
Preferred stock dividends declared per share (in dollars per share) 1.531252 1.531252 1.531252
Series I Preferred Stock [Member]      
Dividends      
Preferred stock dividends declared per share (in dollars per share) $ 1.425 $ 1.425 $ 1.425
v3.25.4
Incentive Award Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2025
Apr. 30, 2025
Compensation Expense and Forfeitures            
Capitalized compensation cost   $ 703 $ 200 $ 467    
Share-Based Payment Arrangement [Member]            
Incentive Award Plan            
Number of common shares reserved for issuance under the Incentive Award Plan (in shares)         9,250,000 3,750,000
Number of shares available for future issuance (in shares) 6,247,280 6,247,280        
Compensation Expense and Forfeitures            
Amortization expense, including forfeitures   $ 8,699 10,456 10,775    
Capitalized compensation cost   703 $ 200 $ 467    
Share based compensation expense related to non-vested restricted stock grants remained to be recognized $ 9,300 $ 9,300        
Share based compensation expense related to non-vested restricted stock grants remained to be recognized, Period 20 months          
v3.25.4
Incentive Award Plan Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-Vested Stock Grants, Number of Shares      
Outstanding at the beginning of the period (in shares) 688,288 1,032,266 1,289,146
Granted (in shares) 417,522 444,077 450,964
Vested (in shares) (419,884) (719,924) (699,652)
Forfeited (in shares) (861) (68,131) (8,192)
Outstanding at the end of the period (in shares) 685,065 688,288 1,032,266
Non-Vested Stock Grants, Weighted Average Price      
Outstanding at the beginning of the period (in dollars per share) $ 10.7 $ 11.11 $ 11.65
Granted (in dollars per share) 10.55 10.66 10.58
Vested (in dollars per share) 10.32 11.25 11.76
Forfeited (in dollars per share) 11.27 10.89 11.12
Outstanding at the end of the period (in dollars per share) $ 10.84 $ 10.7 $ 11.11
Minimum [Member]      
Incentive Award Plan      
Vesting period 3 years    
Maximum [Member]      
Incentive Award Plan      
Vesting period 5 years    
v3.25.4
Incentive Award Plan Restricted Stock Units (Details) - Performance Shares [Member]
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 10, 2025
Feb. 12, 2024
Feb. 09, 2023
Feb. 28, 2025
USD ($)
Jan. 31, 2025
$ / shares
shares
Feb. 29, 2024
USD ($)
Feb. 28, 2023
USD ($)
Mar. 31, 2022
$ / shares
Dec. 31, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Incentive Award Plan                      
Vested (in shares) | shares                 257,911 119,732  
Vested (in dollars per share)                 $ 12.44 $ 11.21  
Non-Vested Stock Grants, Number of Shares                      
Outstanding at the beginning of the period (in shares) | shares         1,382,074       1,382,074 1,076,160 612,584
Granted (in shares) | shares                 429,587 475,746 463,576
Vested (in shares) | shares                 (257,911) (119,732)  
Forfeited (in shares) | shares                 (118,018) (50,100)  
Outstanding at the end of the period (in shares) | shares                 1,435,732 1,382,074 1,076,160
Non-Vested Stock Grants, Weighted Average Price                      
Outstanding at the beginning of the period (in dollars per share)         $ 10.9       $ 10.9 $ 10.69 $ 10.4
Granted (in dollars per share)                 11.48 11.5 11.07
Vested (in dollars per share)                 12.44 11.21  
Forfeited (in dollars per share)                 11.29 11.21  
Outstanding at the end of the period (in dollars per share)                 $ 10.77 $ 10.9 $ 10.69
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 Three Year Vest                      
Incentive Award Plan                      
Vesting period       3 years   3 years 3 years        
FTSE Nareit Lodging Resort Index Market Capitalization Minimum | $       $ 500   $ 500 $ 500        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage         169.20%            
Vested (in shares) | shares         176,286            
Vested (in dollars per share)         $ 12.46            
Non-Vested Stock Grants, Number of Shares                      
Vested (in shares) | shares         (176,286)            
Non-Vested Stock Grants, Weighted Average Price                      
Vested (in dollars per share)         $ 12.46            
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 30.00% 31.00% 38.00%                
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 4.47% 4.34% 4.18%                
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      
Number Of Consecutive Trading Day Period               20      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]                      
Period after the grant date for vesting (in 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      
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      
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income $ 24,568 $ 43,262 $ 206,708
Preferred stock dividends, net of gain on repurchases (16,110) (15,228) (13,988)
Distributions paid to participating securities (247) (273) (310)
Undistributed income allocated to participating securities     (683)
Numerator for basic and diluted income attributable to common stockholders $ 8,211 $ 27,761 $ 191,727
Denominator:      
Weighted average basic common shares outstanding (in shares) 193,613,000 201,739,000 205,590,000
Unvested restricted stock units 703,000 903,000 275,000
Weighted average diluted common shares outstanding (in shares) 194,316,000 202,642,000 205,865,000
Basic income attributable to common stockholders per common share (in dollars per share) $ 0.04 $ 0.14 $ 0.93
Diluted income attributable to common stockholders per common share (in dollars per share) $ 0.04 $ 0.14 $ 0.93
Restricted Stock [Member]      
Denominator:      
Anti-dilutive unvested restricted stock awards 685,065 688,288 1,032,266
Performance Shares [Member]      
Denominator:      
Earnings Per Share, Potentially Dilutive Securities 1,435,732 1,382,074 1,076,160
Anti-dilutive unvested restricted stock awards 617,591 188,004 188,004
v3.25.4
Segment Information (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Information.      
Number of reportable segments 1 1 1
v3.25.4
Segment Information - Significant Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Information      
Revenue from Contract with Customer, Excluding Assessed Tax $ 960,126 $ 905,809 $ 986,480
Advertising and promotion 54,283 52,180 51,958
Repairs and maintenance 39,723 35,927 38,308
Utilities 28,514 26,576 27,622
Franchise costs 18,499 18,391 16,876
Property tax, ground lease and insurance 76,461 77,221 78,796
Other property-level expenses 117,348 110,833 120,247
Total operating expenses 884,410 827,217 867,824
Room      
Segment Information      
Revenue from Contract with Customer, Excluding Assessed Tax 582,669 559,061 619,277
Cost of goods and services sold 158,694 146,369 158,002
Food and beverage      
Segment Information      
Revenue from Contract with Customer, Excluding Assessed Tax 278,680 256,222 277,514
Cost of goods and services sold 199,654 182,840 193,820
Other operating      
Segment Information      
Revenue from Contract with Customer, Excluding Assessed Tax 98,777 90,526 89,689
Cost of goods and services sold 25,136 23,323 23,721
Hotel Ownership | Significant expense used by CODM consolidated member      
Segment Information      
Advertising and promotion 53,118 51,407 51,958
Repairs and maintenance 39,412 35,908 38,281
Utilities 28,514 26,576 27,622
Franchise costs 18,499 18,391 16,876
Property tax, ground lease and insurance 77,105 77,981 79,412
Other property-level expenses 116,404 110,037 120,247
Total operating expenses 712,485 671,948 709,669
Hotel Ownership | Significant expense used by CODM consolidated member | Room      
Segment Information      
Cost of goods and services sold 156,755 145,984 157,839
Hotel Ownership | Significant expense used by CODM consolidated member | Food and beverage      
Segment Information      
Cost of goods and services sold 197,819 182,423 193,713
Hotel Ownership | Significant expense used by CODM consolidated member | Other operating      
Segment Information      
Cost of goods and services sold 24,859 23,241 23,721
Hotel Ownership | Hotel Ownership      
Segment Information      
Revenue from Contract with Customer, Excluding Assessed Tax 960,126 905,809 986,425
Revenues 960,126 905,809 986,480
Hotel Adjusted EBITDAre $ 247,641 $ 233,861 276,756
Segment Reporting, Reconciling Item, Corporate Nonsegment | Hotel Ownership      
Segment Information      
Other revenues     $ 55
v3.25.4
Segment Information - Operating Profit (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Information      
Corporate overhead $ 31,590 $ 29,050 $ 31,412
Depreciation and amortization 134,508 124,507 127,062
Interest and other income 10,964 13,179 10,535
Interest expense (52,965) (50,125) (51,679)
(Loss) gain on sale of assets, net (8,751) 457 123,820
(Loss) gain on extinguishment of debt, net (180) 59 9,938
Income tax (provision) benefit, net (216) 1,100 (4,562)
Net income 24,568 43,262 206,708
Hotel Ownership | Hotel Ownership      
Segment Information      
Hotel Adjusted EBITDAre 247,641 233,861 276,756
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Hotel Ownership      
Segment Information      
Pre-Opening Costs (6,471) (2,633)  
Other Nonoperating Income   1,343  
Litigation Settlement, Loss   (1,182)  
Taxes, Miscellaneous (617) (480) (553)
Severance Costs     (297)
Segment Reporting, Reconciling Item, Corporate Nonsegment | Hotel Ownership      
Segment Information      
Amortization of Below Market Lease     55
Other Nonoperating Expense 103 82 11
Amortization of right-of-use assets and obligations 1,158 1,158 1,158
Corporate overhead (31,590) (29,050) (31,412)
Depreciation and amortization (134,508) (124,507) (127,062)
Interest and other income 10,964 13,179 10,535
Interest expense (52,965) (50,125) (51,679)
(Loss) gain on sale of assets, net (8,751) 457 123,820
(Loss) gain on extinguishment of debt, net (180) 59 9,938
Income tax (provision) benefit, net $ (216) $ 1,100 $ (4,562)
v3.25.4
Commitments and Contingencies - Management Fees, Franchise Costs and Renovation Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic and incentive management fees incurred      
Basic management fees $ 26,434 $ 24,356 $ 27,122
Incentive management fees 2,495 2,463 7,534
Total basic and incentive management fees 28,929 26,819 34,656
License and Franchise Agreements      
Franchise assessments 17,416 17,099 15,674
Franchise royalties 1,083 1,292 1,202
Total franchise costs $ 18,499 $ 18,391 $ 16,876
Minimum [Member]      
Management Agreements      
Basic management fees (as a percent) 2.50%    
Maximum [Member]      
Management Agreements      
Basic management fees (as a percent) 3.00%    
Renovation and Construction Commitments      
Renovation and Construction Commitments      
Remaining construction commitments $ 38,900    
v3.25.4
Commitments and Contingencies - Other Commitments and Concentration of Risk (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Other        
Term of unsecured environmental indemnities   0 years    
Damage limitation of unsecured environmental indemnities | $   $ 0    
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 | $   $ 2,500 $ 2,000 $ 1,600
Workforce Subject to Collective-Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member]        
Concentration of Risk        
Concentration risk (as a percent)   25.70%    
Number of rooms | Geographic Concentration Risk [Member] | Northern California Member        
Concentration of Risk        
Concentration risk (as a percent) 15.00%      
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) 18.00%      
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) 12.00%      
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)   22.00%    
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)   14.00%    
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%    
Hotel, Owned [Member]        
Concentration of Risk        
Number of hotels owned by the Company 14 14    
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | Northern California Member        
Concentration of Risk        
Number of hotels owned by the Company 3 3    
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | Southern California Member        
Concentration of Risk        
Number of hotels owned by the Company 2 2    
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | FLORIDA        
Concentration of Risk        
Number of hotels owned by the Company 3 3    
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | HAWAII        
Concentration of Risk        
Number of hotels owned by the Company 1 1    
Hotel, Owned [Member] | Geographic Concentration Risk [Member] | DISTRICT OF COLUMBIA        
Concentration of Risk        
Number of hotels owned by the Company 1 1    
v3.25.4
Subsequent Events - Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 10, 2026
Jan. 07, 2026
Jul. 31, 2025
Apr. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unsecured Debt              
Proceeds from unsecured debt         $ 50,000    
Repayment of debt         $ 64,600 $ 74,050 $ 222,086
Revolving Credit Facility [Member]              
Unsecured Debt              
Proceeds from unsecured debt     $ 23,000 $ 27,000      
Subsequent Event | Term loan #1              
Unsecured Debt              
Proceeds from unsecured debt   $ 90,000          
Subsequent Event | Series A Senior Notes              
Unsecured Debt              
Repayment of debt $ 65,000            
v3.25.4
Subsequent Events - Share Repurchase (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Feb. 28, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 27, 2026
Feb. 28, 2023
Share Repurchase Program            
Stockholders' equity            
Remaining shares authorized, amount   $ 323.9     $ 500.0  
Share Repurchase Program | Maximum [Member]            
Stockholders' equity            
Stock Repurchase Program, maximum amount authorized for repurchase         500.0 $ 500.0
Common Stock [Member] | Share Repurchase Program            
Stockholders' equity            
Repurchase of shares   11,589,722 2,764,837 5,971,192    
Preferred Stock [Member] | Share Repurchase Program            
Stockholders' equity            
Repurchase of shares   63,124        
Subsequent Event [Member]            
Stockholders' equity            
Remaining shares authorized, amount         $ 500.0  
Subsequent Event [Member] | Common Stock [Member]            
Stockholders' equity            
Repurchase of shares 639,355          
Amount of shares repurchased $ 5.7          
Subsequent Event [Member] | Preferred Stock [Member]            
Stockholders' equity            
Repurchase of shares 90,465          
Amount of shares repurchased $ 1.9          
v3.25.4
Schedule III-Real Estate and Accumulated Depreciation (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Gross Amount at year end  
Aggregate cost of properties for federal income tax purposes $ 3,600,000
Hotel [Member]  
Initial costs  
Land 593,699
Bldg. and Impr 2,021,468
Cost Capitalized Subsequent to Acquisition  
Land 47,659
Bldg. and Impr 888,453
Gross Amount at year end  
Land 641,358
Bldg. and Impr 2,909,921
Totals 3,551,279
Accum. Depr. $ 984,362
Andaz Miami Beach | Minimum [Member]  
Gross Amount at year end  
Depr. Life 5 years
Andaz Miami Beach | Maximum [Member]  
Gross Amount at year end  
Depr. Life 40 years
Andaz Miami Beach | Hotel [Member]  
Initial costs  
Land $ 87,791
Bldg. and Impr 140,725
Cost Capitalized Subsequent to Acquisition  
Land (1,537)
Bldg. and Impr 96,811
Gross Amount at year end  
Land 86,254
Bldg. and Impr 237,536
Totals 323,790
Accum. Depr. $ 16,428
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jun. 01, 2022
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 9,665
Gross Amount at year end  
Land 23,514
Bldg. and Impr 138,310
Totals 161,824
Accum. Depr. $ 16,331
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Dec. 01, 2021
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 37,559
Gross Amount at year end  
Bldg. and Impr 462,551
Totals 462,551
Accum. Depr. $ 128,303
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  
Land (560)
Bldg. and Impr 2,775
Gross Amount at year end  
Land 31,212
Bldg. and Impr 181,168
Totals 212,380
Accum. Depr. $ 8,067
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 109,903
Gross Amount at year end  
Land 116,140
Bldg. and Impr 241,333
Totals 357,473
Accum. Depr. $ 121,009
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 52,475
Gross Amount at year end  
Land 15,147
Bldg. and Impr 125,895
Totals 141,042
Accum. Depr. $ 51,522
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 86,277
Gross Amount at year end  
Land 51,598
Bldg. and Impr 256,515
Totals 308,113
Accum. Depr. $ 146,341
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 56,114
Gross Amount at year end  
Land 10,437
Bldg. and Impr 93,414
Totals 103,851
Accum. Depr. $ 43,558
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 9,383
Gross Amount at year end  
Land 40,434
Bldg. and Impr 203,972
Totals 244,406
Accum. Depr. $ 28,532
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 3,784
Bldg. and Impr 8,365
Gross Amount at year end  
Land 96,294
Bldg. and Impr 82,726
Totals 179,020
Accum. Depr. $ 20,246
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 79,722
Gross Amount at year end  
Land 30,717
Bldg. and Impr 199,455
Totals 230,172
Accum. Depr. $ 119,555
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 28,555
Gross Amount at year end  
Land 5,341
Bldg. and Impr 49,260
Totals 54,601
Accum. Depr. $ 28,116
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Aug. 11, 2000
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 147,641
Gross Amount at year end  
Land 14,563
Bldg. and Impr 280,441
Totals 295,004
Accum. Depr. $ 134,532
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 163,208
Gross Amount at year end  
Land 119,707
Bldg. and Impr 357,345
Totals 477,052
Accum. Depr. $ 121,822
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date Acquired Jul. 14, 2014
v3.25.4
Schedule III-Reconciliation of Carrying Amounts and Accumulated Depreciation (Details) - Hotel properties [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of land and buildings and improvements      
Balance at the beginning of the year $ 3,470,248 $ 3,201,390 $ 3,466,302
Acquisitions, net of key money proceeds (6,411) 210,165  
Improvements 161,475 58,693 92,437
Dispositions (74,033)   (357,349)
Balance at the end of the year 3,551,279 3,470,248 3,201,390
Reconciliation of accumulated depreciation      
Balance at the beginning of the year 904,098 811,045 835,961
Depreciation 99,839 93,053 96,771
Dispositions (19,575)   (121,687)
Balance at the end of the year $ 984,362 $ 904,098 $ 811,045