PEBBLEBROOK HOTEL TRUST, 10-Q filed on 7/29/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-34571  
Entity Registrant Name PEBBLEBROOK HOTEL TRUST  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 27-1055421  
Entity Address, Address Line One 4747 Bethesda Avenue  
Entity Address, Address Line Two Suite 1100  
Entity Address, City or Town Bethesda  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 20814  
City Area Code (240)  
Local Phone Number 507-1300  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   118,574,301
Entity Central Index Key 0001474098  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Shares, $0.01 par value per share    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, $0.01 par value per share  
Trading Symbol PEB  
Security Exchange Name NYSE  
Series E Cumulative Redeemable Preferred Shares, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security Series E Cumulative Redeemable Preferred Shares, $0.01 par value  
Trading Symbol PEB-PE  
Security Exchange Name NYSE  
Series F Cumulative Redeemable Preferred Shares, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security Series F Cumulative Redeemable Preferred Shares, $0.01 par value  
Trading Symbol PEB-PF  
Security Exchange Name NYSE  
Series G Cumulative Redeemable Preferred Shares, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security Series G Cumulative Redeemable Preferred Shares, $0.01 par value  
Trading Symbol PEB-PG  
Security Exchange Name NYSE  
Series H Cumulative Redeemable Preferred Shares, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security Series H Cumulative Redeemable Preferred Shares, $0.01 par value  
Trading Symbol PEB-PH  
Security Exchange Name NYSE  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Investment in hotel properties, net $ 5,249,485 $ 5,319,029
Cash and cash equivalents 256,130 206,650
Restricted cash 11,008 10,941
Hotel receivables (net of allowance for doubtful accounts of $311 and $439, respectively) 49,691 39,125
Prepaid expenses and other assets 86,996 117,593
Total assets 5,653,310 5,693,338
LIABILITIES AND EQUITY    
Debt 2,248,135 2,246,732
Accounts payable, accrued expenses and other liabilities 232,139 222,230
Lease liabilities - operating leases 320,749 320,741
Deferred revenues 99,109 92,347
Accrued interest 10,221 11,549
Distribution payable 11,856 11,865
Total liabilities 2,922,209 2,905,464
Commitments and contingencies (Note 11)
Shareholders’ equity:    
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at June 30, 2025 and December 31, 2024), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at June 30, 2025 and December 31, 2024 276 276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 118,166,806 and 119,285,394 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 1,182 1,193
Additional paid-in capital 4,061,670 4,072,265
Accumulated other comprehensive income (loss) 6,870 16,550
Distributions in excess of retained earnings (1,431,394) (1,392,860)
Total shareholders’ equity 2,638,604 2,697,424
Non-controlling interests 92,497 90,450
Total equity 2,731,101 2,787,874
Total liabilities and equity $ 5,653,310 $ 5,693,338
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 311,000 $ 439,000
Preferred shares of beneficial interest, par value (in usd per share) $ 0.01 $ 0.01
Preferred shares of beneficial interest, liquidation preference value $ 690,000,000 $ 690,000,000
Preferred shares of beneficial interest, authorized (in shares) 100,000,000 100,000,000
Preferred shares of beneficial interest, issued (in shares) 27,600,000 27,600,000
Preferred shares of beneficial interest, outstanding (in shares) 27,600,000 27,600,000
Common shares of beneficial interest, par value (in usd per share) $ 0.01 $ 0.01
Common shares of beneficial interest, authorized (in shares) 500,000,000 500,000,000
Common shares of beneficial interest, issued (in shares) 118,166,806 119,285,394
Common shares of beneficial interest, outstanding (in shares) 118,166,806 119,285,394
v3.25.2
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 407,537 $ 397,110 $ 727,803 $ 711,179
Hotel operating expenses:        
Total hotel operating expenses 253,786 247,657 481,000 463,713
Depreciation and amortization 57,645 57,296 115,188 114,505
Real estate taxes, personal property taxes, property insurance, and ground rent 33,978 25,002 67,251 57,407
General and administrative 12,504 11,946 25,730 24,123
Business interruption insurance income (3,242) (7,301) (7,545) (11,281)
Other operating expenses 478 1,539 1,028 3,120
Total operating expenses 355,149 336,139 682,652 651,587
Operating income (loss) 52,388 60,971 45,151 59,592
Interest expense (27,282) (27,939) (54,415) (54,360)
Other, net 1,991 217 1,019 543
Income (loss) before income taxes 27,097 33,249 (8,245) 5,775
Income tax (expense) benefit (7,812) (1,010) (4,650) (1,056)
Net income (loss) 19,285 32,239 (12,895) 4,719
Net income (loss) attributable to non-controlling interests 1,229 1,303 1,996 2,133
Net income (loss) attributable to the Company 18,056 30,936 (14,891) 2,586
Distributions to preferred shareholders (10,632) (10,632) (21,263) (21,263)
Net income (loss) attributable to common shareholders $ 7,424 $ 20,304 $ (36,154) $ (18,677)
Net income (loss) per share available to common shareholders, basic (in usd per share) $ 0.06 $ 0.17 $ (0.30) $ (0.16)
Net income (loss) per share available to common shareholders, diluted (in usd per share) $ 0.06 $ 0.16 $ (0.30) $ (0.16)
Weighted-average number of common shares, basic (in shares) 118,172,417 120,094,380 118,685,483 120,089,803
Weighted-average number of common shares, diluted (in shares) 118,383,446 149,744,864 118,685,483 120,089,803
Room        
Revenues:        
Total revenues $ 257,600 $ 253,778 $ 454,610 $ 451,878
Hotel operating expenses:        
Total hotel operating expenses 67,732 65,003 126,255 120,026
Food and beverage        
Revenues:        
Total revenues 105,994 101,520 192,304 182,615
Hotel operating expenses:        
Total hotel operating expenses 72,658 70,921 137,226 131,935
Other operating        
Revenues:        
Total revenues 43,943 41,812 80,889 76,686
Hotel operating expenses:        
Total hotel operating expenses $ 113,396 $ 111,733 $ 217,519 $ 211,752
v3.25.2
Consolidated Statements of Operations and Comprehensive Income - Continued - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Comprehensive Income:        
Net income (loss) $ 19,285 $ 32,239 $ (12,895) $ 4,719
Other comprehensive income (loss):        
Change in fair value of derivative instruments (122) 4,168 (1,962) 17,244
Amounts reclassified from other comprehensive income (3,939) (5,969) (7,739) (12,304)
Comprehensive income (loss) 15,224 30,438 (22,596) 9,659
Comprehensive income (loss) attributable to non-controlling interests 1,190 1,288 2,011 2,166
Comprehensive income (loss) attributable to the Company $ 14,034 $ 29,150 $ (24,607) $ 7,493
v3.25.2
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Total Shareholders' Equity
Preferred Shares
Common Shares
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Distributions in Excess of Retained Earnings
Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2023     27,600,000 120,191,349        
Beginning balance at Dec. 31, 2023 $ 2,850,345 $ 2,763,500 $ 276 $ 1,202 $ 4,078,912 $ 24,374 $ (1,341,264) $ 86,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common shares for Board of Trustees compensation (in shares)       47,497        
Issuance of common shares for Board of Trustees compensation 745 745   $ 1 744      
Repurchase of common shares (in shares)       (387,651)        
Repurchase of common shares (6,851) (6,851)   $ (4) (6,847)      
Share-based compensation (in shares)       243,185        
Share-based compensation 6,583 4,553   $ 2 4,551     2,030
Distributions on common shares/units (2,455) (2,418)         (2,418) (37)
Distributions on preferred shares/units (23,591) (21,263)         (21,263) (2,328)
Other comprehensive income (loss):                
Change in fair value of derivative instruments 17,244 17,211       17,211   33
Amounts reclassified from other comprehensive income (12,304) (12,304)       (12,304)    
Net income (loss) 4,719 2,586         2,586 2,133
Ending balance (in shares) at Jun. 30, 2024     27,600,000 120,094,380        
Ending balance at Jun. 30, 2024 2,834,435 2,745,759 $ 276 $ 1,201 4,077,360 29,281 (1,362,359) 88,676
Beginning balance (in shares) at Mar. 31, 2024     27,600,000 120,094,380        
Beginning balance at Mar. 31, 2024 2,813,509 2,725,992 $ 276 $ 1,201 4,074,898 31,067 (1,381,450) 87,517
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation 3,523 2,462     2,462     1,061
Distributions on common shares/units (1,239) (1,213)         (1,213) (26)
Distributions on preferred shares/units (11,796) (10,632)         (10,632) (1,164)
Other comprehensive income (loss):                
Change in fair value of derivative instruments 4,168 4,183       4,183   (15)
Amounts reclassified from other comprehensive income (5,969) (5,969)       (5,969)    
Net income (loss) 32,239 30,936         30,936 1,303
Ending balance (in shares) at Jun. 30, 2024     27,600,000 120,094,380        
Ending balance at Jun. 30, 2024 2,834,435 2,745,759 $ 276 $ 1,201 4,077,360 29,281 (1,362,359) 88,676
Beginning balance (in shares) at Dec. 31, 2024     27,600,000 119,285,394        
Beginning balance at Dec. 31, 2024 2,787,874 2,697,424 $ 276 $ 1,193 4,072,265 16,550 (1,392,860) 90,450
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares, net of offering costs (41) (41)     (41)      
Issuance of common shares for Board of Trustees compensation (in shares)       54,451        
Issuance of common shares for Board of Trustees compensation 745 745   $ 1 744      
Repurchase of common shares (in shares)       (1,394,220)        
Repurchase of common shares (15,612) (15,612)   $ (14) (15,598)      
Share-based compensation (in shares)       221,181        
Share-based compensation 6,742 4,338   $ 2 4,336     2,404
Distributions on common shares/units (2,420) (2,380)         (2,380) (40)
Distributions on preferred shares/units (23,591) (21,263)         (21,263) (2,328)
Other comprehensive income (loss):                
Change in fair value of derivative instruments (1,962) (1,977)     (36) (1,941)   15
Amounts reclassified from other comprehensive income (7,739) (7,739)       (7,739)    
Net income (loss) (12,895) (14,891)         (14,891) 1,996
Ending balance (in shares) at Jun. 30, 2025     27,600,000 118,166,806        
Ending balance at Jun. 30, 2025 2,731,101 2,638,604 $ 276 $ 1,182 4,061,670 6,870 (1,431,394) 92,497
Beginning balance (in shares) at Mar. 31, 2025     27,600,000 118,278,405        
Beginning balance at Mar. 31, 2025 2,726,416 2,635,155 $ 276 $ 1,183 4,060,426 10,892 (1,437,622) 91,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares, net of offering costs (41) (41)     (41)      
Repurchase of common shares (in shares)       (111,599)        
Repurchase of common shares (1,000) (1,000)   $ (1) (999)      
Share-based compensation 3,522 2,284     2,284     1,238
Distributions on common shares/units (1,224) (1,196)         (1,196) (28)
Distributions on preferred shares/units (11,796) (10,632)         (10,632) (1,164)
Other comprehensive income (loss):                
Change in fair value of derivative instruments (122) (83)       (83)   (39)
Amounts reclassified from other comprehensive income (3,939) (3,939)       (3,939)    
Net income (loss) 19,285 18,056         18,056 1,229
Ending balance (in shares) at Jun. 30, 2025     27,600,000 118,166,806        
Ending balance at Jun. 30, 2025 $ 2,731,101 $ 2,638,604 $ 276 $ 1,182 $ 4,061,670 $ 6,870 $ (1,431,394) $ 92,497
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income (loss) $ (12,895) $ 4,719
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 115,188 114,505
Provision for deferred income taxes 3,334 0
Share-based compensation 6,742 6,583
Amortization of deferred financing costs, non-cash interest and other amortization 5,889 6,685
Non-cash ground rent 4,881 4,924
Other adjustments (230) (2,783)
Changes in assets and liabilities:    
Hotel receivables (10,438) (19,297)
Prepaid expenses and other assets 10,552 10,419
Accounts payable and accrued expenses 9,242 (5,843)
Deferred revenues 8,618 9,759
Net cash provided by (used in) operating activities 140,883 129,671
Investing activities:    
Improvements and additions to hotel properties (49,508) (82,672)
Property insurance proceeds 2,386 21,529
Other investing activities (382) (560)
Net cash provided by (used in) investing activities (47,504) (61,703)
Financing activities:    
Payment of deferred financing costs (78) (5,509)
Repayments of debt (1,098) (110,859)
Repurchases of common shares (15,612) (6,851)
Distributions — common shares/units (2,412) (2,444)
Distributions — preferred shares/units (23,591) (23,591)
Other financing activities (1,041) (1,177)
Net cash provided by (used in) financing activities (43,832) (150,431)
Net change in cash and cash equivalents and restricted cash 49,547 (82,463)
Cash and cash equivalents and restricted cash, beginning of year 217,591 193,641
Cash and cash equivalents and restricted cash, end of period $ 267,138 $ 111,178
v3.25.2
Organization
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Pebblebrook Hotel Trust (the "Company") is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major U.S. cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets.
As of June 30, 2025, the Company owned interests in 46 hotels with a total of 11,937 guest rooms. The hotel properties are located in: Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Newport, Rhode Island; Portland, Oregon; San Diego, California; San Francisco, California; Santa Cruz, California; Stevenson, Washington; and Washington, D.C.
Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of June 30, 2025, the Company owned 99.0% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 1.0% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to maintain its qualification as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), a taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in conformity with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method.
Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation.
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties
The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. Global events, as well as national and local events, may adversely impact travel trends and the operations of the Company's hotels. In addition, inflation and changing interest rates may impact the overall economy and the availability of debt, which may impact the Company's financial position. A decline in travel or a significant increase in costs may also adversely impact the Company's cash flow and ability to service debt or meet other financial obligations.
New Accounting Pronouncements
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with the option to apply retrospectively. The Company's adoption of ASU 2023-09 in its Annual Report on Form 10-K for the year ended December 31, 2025 will not have a material impact on its consolidated financial statements and disclosures.
Stock Compensation
In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation—Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation—General, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interest and similar awards granted or modified on or after the adoption date. The Company's adoption of ASU 2024-01 on January 1, 2025 had no impact on its consolidated financial statements and disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The amendments should be applied either prospectively or retrospectively. The Company is currently assessing the impacts of adopting ASU 2024-04 on its consolidated financial statements and disclosures.
v3.25.2
Acquisition and Disposition of Hotel Properties
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition and Disposition of Hotel Properties Acquisition and Disposition of Hotel Properties
Acquisitions
The Company did not acquire any hotel properties during the six months ended June 30, 2025 or 2024.
Dispositions
The Company did not dispose of any hotel properties during the six months ended June 30, 2025 or 2024.
v3.25.2
Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
Investment in hotel properties as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
June 30, 2025December 31, 2024
Land$800,517 $800,143 
Buildings and improvements5,101,506 5,062,727 
Furniture, fixtures and equipment550,096 539,616 
Finance lease asset91,181 91,181 
Construction in progress5,396 5,066 
$6,548,696 $6,498,733 
Operating lease, right-of-use asset346,348 351,150 
Investment in hotel properties$6,895,044 $6,849,883 
Less: Accumulated depreciation(1,645,559)(1,530,854)
Investment in hotel properties, net$5,249,485 $5,319,029 
Hurricane Helene and Hurricane Milton
On September 26, 2024, LaPlaya Beach Resort & Club ("LaPlaya") in Naples, FL was impacted by Hurricane Helene and, on October 9, 2024, was also impacted by Hurricane Milton. The damage primarily impacted the ground floor of the Beach House, the pool complex and landscaping. LaPlaya closed following Hurricane Milton to undertake clean-up, repairs and a full assessment of damages. The resort is now substantially open.
The Company’s insurance policies provide coverage for property damage, business interruption and other costs that are incurred relating to damages sustained in excess of the applicable deductibles. For the six months ended June 30, 2025, the Company recognized $7.5 million of business interruption insurance income. The Company recorded an insurance receivable for the remediation costs incurred and the estimate of the book value of the property and equipment written off in excess of the applicable deductibles. Through June 30, 2025, the Company received a total of $18.2 million in preliminary advances from the insurance providers. The Company is continuing to evaluate the financial impact of Hurricanes Helene and Milton and its ability to recover, through insurance policies, any loss due to business interruption or damage to LaPlaya.
Impairment
The Company reviews its investment in hotel properties for impairment whenever events or circumstances indicate potential impairment. The Company periodically adjusts its estimate of future operating cash flows and estimated hold periods for certain properties. As a result of this review, the Company may identify an impairment trigger has occurred and assess its investment in hotel properties for recoverability.
During the six months ended June 30, 2025 and 2024, no impairment losses were incurred.
Lease Assets and Lease Liabilities
The Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. The Company recognized finance lease assets and related finance lease liabilities for properties subject to finance leases. When the rate implicit in the lease could not be determined, the Company used incremental borrowing rates, which ranged from 4.7% to 7.6%. In addition, the term used includes any options to exercise extensions when it is reasonably certain the Company will exercise such option. See Note 11. Commitments and Contingencies for additional information about the ground leases.
The operating lease right-of-use assets and liabilities are amortized to ground rent expense over the term of the underlying lease agreements. As of June 30, 2025, the Company's lease liabilities consisted of operating lease liabilities of $320.7 million and financing lease liabilities of $44.3 million. As of December 31, 2024, the Company's lease liabilities consisted of operating lease liabilities of $320.7 million and financing lease liabilities of $44.0 million. The financing lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company's accompanying consolidated balance sheets.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
On October 13, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain other agents and lenders ("Credit Agreement"). The Credit Agreement provides for a $650.0 million senior unsecured revolving credit facility and three $460.0 million unsecured term loan facilities totaling $1.38 billion. The Company may request additional lender commitments to increase the aggregate borrowing capacity under the Credit Agreement up to an additional $970.0 million.
On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. This extended indebtedness is referred to as Term Loan 2028. In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 and $50.0 million of its borrowings under Term Loan 2025 with available cash.
On October 3, 2024, the Company issued $400.0 million aggregate principal amount of its 6.375% senior notes due October 15, 2029. These notes are referred to as Senior Notes 2029. The net proceeds from the issuance were approximately $390.0 million after deducting discounts and offering expenses paid by the Company, of which $353.3 million was used to repay all $43.3 million of its borrowings under Term Loan 2024, $210.0 million of its borrowings under Term Loan 2025 and $100.0 million of its borrowings under Term Loan 2027.
On November 1, 2024, the Company entered into the Third Amendment to the Credit Agreement which extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is referred to as Term Loan 2029. The Company also extended the maturity date of $602.0 million of its senior unsecured revolving credit facility from October 2026 to October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
The Company's debt consisted of the following as of June 30, 2025 and December 31, 2024 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at June 30, 2025
Maturity DateJune 30, 2025December 31, 2024
Unsecured revolving credit facilities
Senior unsecured credit facility—
(1)(2)
October 2026 /
October 2028		$— $— 
PHL unsecured credit facility—
(1)
October 2028— — 
Unsecured revolving credit facilities$— $— 
Unsecured term loans
Term Loan 20255.16%
(1)
October 202514,783 14,783 
Term Loan 20275.29%
(1)
October 2027360,000 360,000 
Term Loan 20283.86%
(1)
January 2028356,652 356,652 
Term Loan 20295.16%
(1)
January 2029185,217 185,217 
Unsecured term loans principal$916,652 $916,652 
Convertible senior notes principal1.75%December 2026$750,000 $750,000 
Unsecured senior notes
Series B Notes4.93%December 20252,400 2,400 
Senior Notes 20296.38%October 2029400,000 400,000 
Unsecured senior notes principal$402,400 $402,400 
Mortgage loans
Margaritaville Hollywood Beach Resort7.04%
(3)
September 2026140,000 140,000 
Estancia La Jolla Hotel & Spa5.07%September 202854,315 55,413 
Mortgage loans principal$194,315 $195,413 
Total debt principal$2,263,367 $2,264,465 
Unamortized debt premium and deferred financing costs, net(15,232)(17,733)
Debt, net$2,248,135 $2,246,732 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at June 30, 2025 gives effect to interest rate hedges.
(2)    $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
(3)    This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at June 30, 2025 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, subject to certain terms and conditions and payment of an extension fee.
Unsecured Revolving Credit Facilities
The $650.0 million senior unsecured revolving credit facility provided for in the Credit Agreement matures as follows: $48.0 million in October 2026, with no option to extend the maturity date, and $602.0 million in October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee. All borrowings under this senior unsecured revolving credit facility bear interest at a rate per annum equal to, at the option of the Company, (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10% (the "SOFR Adjustment") plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for revolving credit facility loans range in amount from 1.45% to 2.50% for SOFR-based loans and 0.45% to 1.50% for Base Rate-based loans, depending on the Company’s leverage ratio. As of June 30, 2025, the Company had no outstanding borrowings, $7.9 million of outstanding letters of credit and a borrowing capacity of $642.1 million remaining on the senior unsecured revolving credit facility. The Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the senior unsecured revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio and a maximum percentage of secured debt to total asset value. 
Under the terms of the Credit Agreement, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million, may be issued on behalf of the Company by the lenders under the senior unsecured revolving facility. The Company pays a fee for outstanding standby letters of credit at a rate per annum equal to the applicable margin based upon the Company's leverage ratio. Any outstanding standby letters of credit reduce the available borrowings on the senior unsecured revolving credit facility by a corresponding amount. Standby letters of credit of $7.9 million and $7.4 million were outstanding as of June 30, 2025 and December 31, 2024, respectively.
As of June 30, 2025, the Company also has a $20.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On November 27, 2024, PHL amended the agreement governing the PHL Credit Facility to extend the maturity to October 2028. The PHL Credit Facility has substantially similar terms as the Company's senior unsecured revolving credit facility. Borrowings on the PHL Credit Facility bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Credit Agreement, which governs the Company's senior unsecured revolving credit facility. As of June 30, 2025, the Company had no borrowings under the PHL Credit Facility and had $20.0 million borrowing capacity remaining available under the PHL Credit Facility.
As of June 30, 2025, the Company was in compliance with all debt covenants of the credit agreements that govern the unsecured revolving credit facilities.
Unsecured Term Loan Facilities
The term loan facilities provided for in the Credit Agreement bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans and 0.40% to 1.45% for Base Rate-based loans, depending on the Company's leverage ratio. The term loans are subject to the debt covenants in the Credit Agreement. As of June 30, 2025, the Company was in compliance with all debt covenants of its term loans.
The Company entered into interest rate swap agreements to fix the SOFR rate on a portion of these unsecured term loan facilities. See Derivative and Hedging Activities for further discussion on the interest rate swaps.
Convertible Senior Notes
In December 2020, the Company issued $500.0 million aggregate principal amount of 1.75% Convertible Senior Notes due December 2026 (the "Convertible Notes"). The net proceeds from the offering of the Convertible Notes were approximately $487.3 million after deducting the underwriting fees and other expenses paid by the Company.
In February 2021, the Company issued an additional $250.0 million aggregate principal amount of Convertible Notes. These additional Convertible Notes were sold at a 5.5% premium to par and generated net proceeds of approximately $257.2 million after deducting the underwriting fees and other expenses paid by the Company of $6.5 million, which was offset by a premium received in the amount of $13.8 million.
The Convertible Notes are governed by an indenture (the "Base Indenture") between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Convertible Notes bear interest at a rate of 1.75% per annum, payable semi-annually in arrears on June 15th and December 15th of each year, beginning on June 15, 2021. The Convertible Notes will mature on December 15, 2026.
Prior to June 15, 2026, the Convertible Notes will be convertible upon certain circumstances. On and after June 15, 2026, holders may convert any of their Convertible Notes into the Company’s common shares of beneficial interest ("common shares") at the applicable conversion rate at any time at their election two days prior to the maturity date. The initial conversion rate is 39.2549 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $25.47 per share. The conversion rate is subject to adjustment in certain circumstances. As of June 30, 2025 and December 31, 2024, the if-converted value of the Convertible Notes did not exceed the principal amount.
The Company may redeem for cash all or a portion of the Convertible Notes, at its option, upon certain circumstances. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes may be increased.
In connection with the Convertible Notes issuances, the Company entered into privately negotiated capped call transactions (the "Capped Call Transactions") with certain of the underwriters of the offerings of the Convertible Notes or their respective affiliates and other financial institutions. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares underlying the Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the Convertible Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction and/or offset subject to a cap. The upper strike price of the Capped Call Transactions is $33.0225 per share.
Unsecured Senior Notes
The Company has $2.4 million of unsecured senior notes outstanding bearing a fixed interest rate of 4.93% per annum maturing in December 2025 (the "Series B Notes") and $400.0 million of unsecured senior notes outstanding bearing a fixed interest rate of 6.375% per annum and maturing in October 2029 (the "Senior Notes 2029"). The debt covenants of the Series B Notes are substantially similar to those of the Company's senior unsecured revolving credit facility. The indenture governing the Senior Notes 2029 contains covenants that are customary for similar securities and require the Company to maintain total unencumbered assets as of the end of each fiscal quarter of not less than 150% of total unsecured indebtedness calculated on a consolidated basis. As of June 30, 2025, the Company was in compliance with all such covenants.
Mortgage Loans
On December 1, 2021, the Company assumed a $61.7 million loan secured by a first-lien mortgage on the leasehold interest of Estancia La Jolla Hotel & Spa ("Estancia"). The loan requires both principal and interest monthly payments based on a fixed interest rate of 5.07%. The loan matures on September 1, 2028.
On September 7, 2023, the Company entered into a $140.0 million first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville"), which requires interest-only payments based on a floating rate equal to daily SOFR plus a spread of 3.75%. This loan matures on September 7, 2026 and may be extended for up to two one-year periods, subject to certain terms and conditions and payment of extension fees. The Company entered into an interest rate swap agreement to fix the SOFR rate on this mortgage loan. See Derivative and Hedging Activities for further discussion on the interest rate swaps.
The Company's mortgage loans associated with Margaritaville and Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability. The loans contain customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions. Cash trap provisions are triggered if the hotel's performance is below a certain threshold. Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of the lender. These properties are not in a cash trap and no event of default has occurred under the loan documents.
Interest Expense
The components of the Company's interest expense consisted of the following for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Unsecured revolving credit facilities$502 $497 $999 $995 
Unsecured term loans10,956 19,215 21,927 38,127 
Convertible senior notes3,282 3,282 6,563 6,563 
Unsecured senior notes
6,405 29 12,597 59 
Mortgage loans3,191 3,218 6,354 6,443 
Amortization of debt (premiums) and deferred financing fees1,911 1,537 3,821 4,608 
Other1,035 161 2,154 (2,435)
Total interest expense$27,282 $27,939 $54,415 $54,360 
Fair Value
The Company estimates the fair value of its fixed rate mortgage loans and unsecured senior notes by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms, and is classified within Level 2 of the fair value hierarchy. The Company estimates the fair value of its fixed rate convertible senior notes using public market prices and is classified within Level 1 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes, convertible senior notes and the Estancia mortgage loan) as of June 30, 2025 and December 31, 2024 was $1.2 billion and $1.1 billion, respectively. The fair value of the Company's variable rate debt approximates its carrying value.
Derivative and Hedging Activities
The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are designated as cash flow hedges. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
The Company's interest rate swaps at June 30, 2025 and December 31, 2024 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturityJune 30, 2025December 31, 2024
Swap-cash flow
3.22% - 3.25%
October 2025$200,000 $200,000 
Swap-cash flow
1.33% - 1.36%
February 2026290,000 290,000 
Swap-cash flow
3.02% - 3.03%
October 2026200,000 200,000 
Swap-cash flow
3.29%
October 2027165,000 165,000 
Swap-cash flow
3.54% - 3.55%
May 2028100,000 — 
Total$955,000 $855,000 
The Company records all derivative instruments at fair value in the accompanying consolidated balance sheets. Fair values of interest rate swaps and caps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions.
As of June 30, 2025 and December 31, 2024, the Company's interest rate swap assets had an aggregate fair value of $7.4 million and $16.6 million, respectively. As of June 30, 2025 and December 31, 2024, the Company's interest rate swap liabilities had an aggregate fair value of $0.5 million and zero, respectively. Interest rate swap assets are included in prepaid expenses and other assets and interest rate swap liabilities are included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The Company expects approximately $8.1 million will be reclassified from accumulated other comprehensive income (loss) to interest expense within the next 12 months.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company presents revenue on a disaggregated basis in the accompanying consolidated statements of operations and comprehensive income. The following table presents revenues by geographic location for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
San Diego, CA$86,700 $84,983 $161,911 $156,478 
Southern Florida/Georgia70,951 68,934 156,406 149,891 
Boston, MA80,956 79,958 127,729 125,878 
Los Angeles, CA44,630 48,599 78,927 92,808 
San Francisco, CA37,309 32,874 71,050 63,419 
Washington, D.C.20,425 22,102 35,425 36,904 
Portland, OR21,581 21,528 34,378 34,527 
Chicago, IL24,748 23,172 33,621 31,520 
Other(1)
20,237 14,960 28,356 19,754 
Total Revenues$407,537 $397,110 $727,803 $711,179 
______________________
(1)     Other includes: Newport, RI and Santa Cruz, CA.
Payments from customers are primarily made when services are provided. Due to the short-term nature of the Company's contracts and the almost simultaneous receipt of payment, almost all of the contract liability balance at the beginning of the period is expected to be recognized as revenue over the following 12 months.
v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity Equity
Common Shares
The Company is authorized to issue up to 500,000,000 common shares. Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of common shares are entitled to receive dividends when authorized by the Board of Trustees.
Common Share Repurchase Programs
On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $150.0 million of common shares. Under this program, the Company may repurchase common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Common shares repurchased by the Company cease to be outstanding and become authorized but unissued common shares.
During the six months ended June 30, 2025, the Company repurchased 1,298,396 common shares for an aggregate purchase price of $14.3 million, or an average of approximately $11.04 per share. As of June 30, 2025, $116.6 million of common shares remained available for repurchase under this program.
Common Dividends
The Company declared the following dividends on common shares/units for the six months ended June 30, 2025:
Dividend per Share/UnitFor the Quarter EndedRecord DatePayable Date
$0.01 March 31, 2025March 31, 2025April 15, 2025
$0.01 June 30, 2025June 30, 2025July 15, 2025
Preferred Shares
The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share ("preferred shares").
The following preferred shares were outstanding as of June 30, 2025 and December 31, 2024:
Security TypeJune 30, 2025December 31, 2024
6.375% Series E
4,400,000 4,400,000 
6.30% Series F
6,000,000 6,000,000 
6.375% Series G
9,200,000 9,200,000 
5.70% Series H
8,000,000 8,000,000 
27,600,000 27,600,000 
The Series E, Series F, Series G and Series H Cumulative Redeemable Preferred Shares (collectively, the "Preferred Shares") rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption. The Company may redeem the Series E and Series F Preferred Shares at any time. The Series G and Series H Preferred Shares may not be redeemed prior to May 13, 2026 and July 27, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after such dates, the Company may, at its option, redeem the Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American or Nasdaq, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of common shares based on defined formulas subject to share caps. The share cap on each Series E Preferred Share is 1.9372 common shares, on each Series F Preferred Share is 2.0649 common shares, on each Series G Preferred Share is 2.1231 common shares, and on each Series H Preferred Share is 2.2311 common shares.
Preferred Share Repurchase Program
On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $100.0 million of the Preferred Shares. Under the terms of the program, the Company may repurchase up to an aggregate of $100.0 million of its 6.375% Series E Cumulative Redeemable Preferred Shares, 6.30% Series F Cumulative Redeemable Preferred Shares, 6.375% Series G Cumulative Redeemable Preferred Shares and 5.70% Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement.
During the six months ended June 30, 2025, no Preferred Shares were repurchased under this program. As of June 30, 2025, $84.2 million of Preferred Shares remained available for repurchase under this program.
The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require the Company to repurchase any specific number of Preferred Shares. The program does not have an expiration date and may be suspended, modified or discontinued at any time.
Preferred Dividends
The Company declared the following dividends on preferred shares for the six months ended June 30, 2025:
Security TypeDividend per Share/UnitFor the Quarter EndedRecord DatePayable Date
6.375% Series E
$0.40 March 31, 2025March 31, 2025April 15, 2025
6.375% Series E
$0.40 June 30, 2025June 30, 2025July 15, 2025
6.30% Series F
$0.39 March 31, 2025March 31, 2025April 15, 2025
6.30% Series F
$0.39 June 30, 2025June 30, 2025July 15, 2025
6.375% Series G
$0.40 March 31, 2025March 31, 2025April 15, 2025
6.375% Series G
$0.40 June 30, 2025June 30, 2025July 15, 2025
5.70% Series H
$0.36 March 31, 2025March 31, 2025April 15, 2025
5.70% Series H
$0.36 June 30, 2025June 30, 2025July 15, 2025
Non-controlling Interest of Common Units in Operating Partnership
Holders of Operating Partnership units ("OP units") have certain redemption rights that enable OP unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of common shares at the time of redemption or common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders.
On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 16,291 OP units.
As of June 30, 2025 and December 31, 2024, the Operating Partnership had 16,291 OP units held by third parties, excluding LTIP units.
As of June 30, 2025, the Operating Partnership had two classes of long-term incentive partnership units ("LTIP units"), LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company.
On February 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to executive officers.
On February 7, 2025, the Board of Trustees granted 159,594 LTIP Class B units to executive officers.
As of June 30, 2025, the Operating Partnership had 1,154,431 LTIP units outstanding, of which 710,156 LTIP units have vested. As of December 31, 2024, the Operating Partnership had 994,837 LTIP units outstanding, of which 470,920 LTIP units have vested. Only vested LTIP units may be converted to OP units, which in turn can be tendered for redemption as described above.
Non-controlling Interest of Preferred Units in Operating Partnership
On May 11, 2022, in connection with the acquisition of Inn on Fifth, the Company issued 3,104,400 preferred units in the Operating Partnership, designated as 6.0% Series Z Cumulative Perpetual Preferred Units ("Series Z Preferred Units"). The Series Z Preferred Units rank senior to the OP units and on parity with the Operating Partnership's Series E, Series F, Series G and Series H Preferred Units. Holders of Series Z Preferred Units are entitled to receive quarterly distributions at an annual rate of 6.0% of the liquidation preference value of $25.00 per share.
At any time, holders of Series Z Preferred Units may elect to convert some or all of their units into any other series of the Operating Partnership’s preferred units outstanding at that time. After the second anniversary of the issuance of the Series Z Preferred Units, holders may elect to redeem some or all of their units for, at the Company’s election, cash, common shares having an equivalent value or preferred shares on a one-for-one basis. After May 11, 2027, the Company may redeem the Series Z Preferred Units for cash, common shares having an equivalent value or preferred shares on a one-for-one basis. At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company’s election, cash or common shares having an equivalent value.
As of June 30, 2025 and December 31, 2024, the Operating Partnership had 3,104,400 Series Z Preferred Units outstanding.
v3.25.2
Share-Based Compensation Plan
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Plan Share-Based Compensation Plan
Available Shares
The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years. The Company pays or accrues for dividends on share-based awards. All outstanding share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements.
On May 23, 2025, shareholders of the Company approved an amendment to the Plan which increased the aggregate number of equity-based awards that may be issued under the Plan by 3,000,000 shares and extended the time period during which awards may be granted until June 30, 2036.
As of June 30, 2025, there were 3,838,871 common shares available for issuance under the Plan.
Service Condition Share Awards
From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity during the six months ended June 30, 2025:
SharesWeighted-Average
Grant Date
 Fair Value
Unvested at December 31, 2024
408,048 $18.07 
Granted165,098 $12.81 
Vested(166,135)$19.70 
Unvested at June 30, 2025
407,011 $15.27 
For the three and six months ended June 30, 2025, the Company recognized approximately $0.8 million and $1.5 million, respectively, of share-based compensation expense related to these awards as presented in the accompanying consolidated statements of operations and comprehensive income.
For the three and six months ended June 30, 2024, the Company recognized approximately $0.9 million and $1.7 million, respectively, of share-based compensation expense related to these awards as presented in the accompanying consolidated statements of operations and comprehensive income.
Performance-Based Equity Awards
On February 7, 2025, the Board of Trustees approved a target award of 348,332 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2028. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2028 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2025 through December 31, 2027.
For the three and six months ended June 30, 2025, the Company recognized approximately $1.5 million and $2.8 million, respectively, of share-based compensation expense related to these performance-based equity awards as presented in the accompanying consolidated statements of operations and comprehensive income.
For the three and six months ended June 30, 2024, the Company recognized approximately $1.6 million and $2.9 million, respectively, of share-based compensation expense related to these performance-based equity awards as presented in the accompanying consolidated statements of operations and comprehensive income.
Long-Term Incentive Partnership Units
As of June 30, 2025, the Operating Partnership had two classes of LTIP units, LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company.
On February 7, 2025, the Board of Trustees granted 159,594 LTIP Class B units to executive officers. These LTIP units will vest ratably on January 1, 2026, 2027 and 2028, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $12.81 per unit with an aggregate grant date fair value of $2.0 million.
As of June 30, 2025, the Operating Partnership had 1,154,431 LTIP units outstanding, of which 710,156 LTIP units have vested. As of December 31, 2024, the Operating Partnership had 994,837 LTIP units outstanding, of which 470,920 LTIP units have vested. Only vested LTIP units may be converted to OP units, which in turn can be tendered for redemption as described in Note 7. Equity.
For the three and six months ended June 30, 2025, the Company recognized approximately $1.2 million and $2.4 million, respectively, in expense related to these LTIP units. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s accompanying consolidated balance sheets.
For the three and six months ended June 30, 2024, the Company recognized approximately $1.0 million and $2.0 million, respectively, in expense related to these LTIP units. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s accompanying consolidated balance sheets.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As a REIT, the Company generally is not subject to federal corporate income taxes on the portion of its taxable income that is distributed to shareholders. However, the Company is still subject to certain state and local taxes on its revenues, income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs, including PHL, is subject to federal, state and local corporate income taxes at statutory tax rates. A valuation allowance on deferred tax assets is recorded when the Company has determined it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets for each jurisdiction.
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. Due to the net operating loss carryforward, tax years 2020 through 2024 remain open to examination by the major taxing jurisdictions to which the Company is subject.
v3.25.2
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):
 For the three months ended June 30,For the six months ended June 30,
 2025202420252024
Numerator:
Net income (loss) attributable to common shareholders$7,424 $20,304 $(36,154)$(18,677)
Less: Dividends paid on unvested share-based compensation(8)(10)(17)(19)
Less: Undistributed earnings attributable to share-based compensation(45)(147)— — 
Net income (loss) available to common shareholders — basic$7,371 $20,147 $(36,171)$(18,696)
Plus: Interest expense on convertible notes— 3,281 — — 
Net income (loss) available to common shareholders — diluted$7,371 $23,428 $(36,171)$(18,696)
Denominator:
Weighted-average number of common shares — basic118,172,417 120,094,380 118,685,483 120,089,803 
Effect of dilutive share-based compensation211,029 209,309 — — 
Effect of dilutive convertible notes— 29,441,175 — — 
Weighted-average number of common shares — diluted118,383,446 149,744,864 118,685,483 120,089,803 
Net income (loss) per share available to common shareholders — basic$0.06 $0.17 $(0.30)$(0.16)
Net income (loss) per share available to common shareholders — diluted$0.06 $0.16 $(0.30)$(0.16)
For the three and six months ended June 30, 2025, 998,501 and 1,390,978, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2024, 617,561 and 1,217,668, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive.
For the three and six months ended June 30, 2025, 29,441,175 of common shares underlying the Convertible Notes were excluded from diluted shares as their effect would have been anti-dilutive. For the three and six months ended June 30, 2024, zero and 29,441,175, respectively, of common shares underlying the Convertible Notes were excluded from diluted shares as their effect would have been anti-dilutive.
The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Hotel Management Agreements
The Company’s hotel properties are operated pursuant to management agreements with various management companies. The remaining terms of these management agreements are up to nine years, not including renewals, and up to 27 years, including renewals. The majority of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to three times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement.
The management agreements require the payment of a base management fee generally between 1% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel.
For the three and six months ended June 30, 2025, combined base and incentive management fees were $11.2 million and $18.8 million, respectively. For the three and six months ended June 30, 2024, combined base and incentive management fees were $11.2 million and $19.2 million, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's accompanying consolidated statements of operations and comprehensive income.
Reserve Funds
Certain of the Company’s agreements with its hotel managers, franchisors, ground lessors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment.
Restricted Cash
At June 30, 2025 and December 31, 2024, the Company had $11.0 million and $10.9 million, respectively, in restricted cash, which consisted of funds held in cash management accounts held by a lender, reserves for replacement of furniture and fixtures, and reserves to pay for real estate taxes, ground rent or property insurance under certain hotel management agreements or loan agreements.
Long-Term Property Operating and Finance Leases
As of June 30, 2025, the following hotels were subject to leases as follows:
Lease PropertiesLease TypeLease Expiration Date
Restaurant at Southernmost Beach Resort
Operating leaseApril 2029
Paradise Point Resort & SpaOperating leaseMay 2050
Harbor Court Hotel San FranciscoFinance leaseAugust 2052
Hotel Monaco Washington DCOperating leaseNovember 2059
Argonaut HotelOperating leaseDecember 2059
Hotel Zephyr Fisherman's Wharf and Retail
Operating leaseFebruary 2062
Viceroy Santa Monica HotelOperating leaseSeptember 2065
Estancia La Jolla Hotel & SpaOperating leaseJanuary 2066
San Diego Mission Bay ResortOperating leaseJuly 2068
1 Hotel San FranciscoOperating leaseMarch 2070
(1)
Hyatt Regency Boston HarborOperating leaseApril 2077
The Westin Copley Place, BostonOperating leaseDecember 2077
(2)
The Liberty, a Luxury Collection Hotel, BostonOperating leaseMay 2080
Jekyll Island Club Resort and Restaurant
Operating leaseJanuary 2089
80 Rooms at Hotel Zeppelin San Francisco
Operating and finance leaseJune 2089
(4)
Hotel Zelos San FranciscoOperating leaseJune 2097
Hotel Palomar Los Angeles Beverly HillsOperating leaseJanuary 2107
(3)
Margaritaville Hollywood Beach ResortOperating leaseJuly 2112
______________________
(1)     The expiration date assumes the exercise of a 14-year extension option.
(2)     No payments are required through maturity.
(3)     The expiration date assumes the exercise of all 19 five-year extension options.
(4)     Property is owned, with the exception of 80 rooms in an adjoining building that are subject to a lease agreement. The expiration date assumes the exercise of a 30-year extension option.
The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in the consumer price index and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as national historic landmarks.
The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's accompanying consolidated statements of operations and comprehensive income.
The components of ground rent expense for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Fixed ground rent $4,825 $4,796 $9,635 $9,592 
Variable ground rent5,128 5,057 9,314 9,063 
Total ground rent$9,953 $9,853 $18,949 $18,655 
Litigation
The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.
v3.25.2
Supplemental Information to Statements of Cash Flows
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows Supplemental Information to Statements of Cash Flows (in thousands)
 For the six months ended June 30,
 20252024
Interest paid, net of capitalized interest$51,068 $53,709 
Interest capitalized$— $4,708 
Income taxes paid (refunded)$779 $370 
Non-Cash Investing and Financing Activities:
Distributions payable on common shares/units$1,255 $1,256 
Distributions payable on preferred shares/units$10,601 $10,601 
Issuance of common shares for Board of Trustees compensation$745 $745 
Accrued additions and improvements to hotel properties$455 $6,126 
Write-off of fully amortized deferred financing costs$— $682 
Write-down of investment$2,662 $— 
v3.25.2
Operating Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Operating Segment Information Operating Segment Information
The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to net income (loss) for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Revenues:
Total revenues$407,537 $397,110 $727,803 $711,179 
Less: Corporate and other revenues209 1,364 587 3,082 
Hotel revenues407,328 395,746 727,216 708,097 
Significant hotel expenses:
Room expenses67,732 65,003 126,255 120,026 
Food and beverage expenses72,658 70,921 137,226 131,935 
Hotel general and administrative31,579 31,224 60,690 58,796 
Hotel sales and marketing25,083 24,414 48,038 46,653 
Hotel operations and maintenance30,963 30,185 61,895 58,911 
Hotel management fee11,636 11,578 19,585 19,947 
Hotel real estate taxes, personal property taxes, property insurance and ground rent34,063 24,319 67,110 56,385 
Other segment items (1)
12,635 12,635 24,611 23,873 
Hotel EBITDA120,979 125,467 181,806 191,571 
Depreciation and amortization(57,645)(57,296)(115,188)(114,505)
Interest expense(27,282)(27,939)(54,415)(54,360)
Business interruption insurance income3,242 7,301 7,545 11,281 
Income tax (expense) benefit(7,812)(1,010)(4,650)(1,056)
Corporate and other (2)
(12,197)(14,284)(27,993)(28,212)
Net income (loss)$19,285 $32,239 $(12,895)$4,719 
______________________
(1)    Other segment items include expenses incurred for parking, spa, franchise fees and other hotel operating expenses.
(2)    Corporate and other include corporate general and administrative and other operating income and expenses.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 18,056 $ 30,936 $ (14,891) $ 2,586
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in conformity with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method.
Reclassifications Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation.
Use of Estimates
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties
Risks and Uncertainties
The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. Global events, as well as national and local events, may adversely impact travel trends and the operations of the Company's hotels. In addition, inflation and changing interest rates may impact the overall economy and the availability of debt, which may impact the Company's financial position. A decline in travel or a significant increase in costs may also adversely impact the Company's cash flow and ability to service debt or meet other financial obligations.
New Accounting Pronouncements
New Accounting Pronouncements
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with the option to apply retrospectively. The Company's adoption of ASU 2023-09 in its Annual Report on Form 10-K for the year ended December 31, 2025 will not have a material impact on its consolidated financial statements and disclosures.
Stock Compensation
In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation—Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation—General, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interest and similar awards granted or modified on or after the adoption date. The Company's adoption of ASU 2024-01 on January 1, 2025 had no impact on its consolidated financial statements and disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The amendments should be applied either prospectively or retrospectively. The Company is currently assessing the impacts of adopting ASU 2024-04 on its consolidated financial statements and disclosures.
v3.25.2
Investment in Hotel Properties (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Investment in Hotel Properties
Investment in hotel properties as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
June 30, 2025December 31, 2024
Land$800,517 $800,143 
Buildings and improvements5,101,506 5,062,727 
Furniture, fixtures and equipment550,096 539,616 
Finance lease asset91,181 91,181 
Construction in progress5,396 5,066 
$6,548,696 $6,498,733 
Operating lease, right-of-use asset346,348 351,150 
Investment in hotel properties$6,895,044 $6,849,883 
Less: Accumulated depreciation(1,645,559)(1,530,854)
Investment in hotel properties, net$5,249,485 $5,319,029 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of June 30, 2025 and December 31, 2024 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at June 30, 2025
Maturity DateJune 30, 2025December 31, 2024
Unsecured revolving credit facilities
Senior unsecured credit facility—
(1)(2)
October 2026 /
October 2028		$— $— 
PHL unsecured credit facility—
(1)
October 2028— — 
Unsecured revolving credit facilities$— $— 
Unsecured term loans
Term Loan 20255.16%
(1)
October 202514,783 14,783 
Term Loan 20275.29%
(1)
October 2027360,000 360,000 
Term Loan 20283.86%
(1)
January 2028356,652 356,652 
Term Loan 20295.16%
(1)
January 2029185,217 185,217 
Unsecured term loans principal$916,652 $916,652 
Convertible senior notes principal1.75%December 2026$750,000 $750,000 
Unsecured senior notes
Series B Notes4.93%December 20252,400 2,400 
Senior Notes 20296.38%October 2029400,000 400,000 
Unsecured senior notes principal$402,400 $402,400 
Mortgage loans
Margaritaville Hollywood Beach Resort7.04%
(3)
September 2026140,000 140,000 
Estancia La Jolla Hotel & Spa5.07%September 202854,315 55,413 
Mortgage loans principal$194,315 $195,413 
Total debt principal$2,263,367 $2,264,465 
Unamortized debt premium and deferred financing costs, net(15,232)(17,733)
Debt, net$2,248,135 $2,246,732 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at June 30, 2025 gives effect to interest rate hedges.
(2)    $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, subject to certain terms and conditions and payment of an extension fee.
(3)    This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at June 30, 2025 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, subject to certain terms and conditions and payment of an extension fee.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Unsecured revolving credit facilities$502 $497 $999 $995 
Unsecured term loans10,956 19,215 21,927 38,127 
Convertible senior notes3,282 3,282 6,563 6,563 
Unsecured senior notes
6,405 29 12,597 59 
Mortgage loans3,191 3,218 6,354 6,443 
Amortization of debt (premiums) and deferred financing fees1,911 1,537 3,821 4,608 
Other1,035 161 2,154 (2,435)
Total interest expense$27,282 $27,939 $54,415 $54,360 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at June 30, 2025 and December 31, 2024 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturityJune 30, 2025December 31, 2024
Swap-cash flow
3.22% - 3.25%
October 2025$200,000 $200,000 
Swap-cash flow
1.33% - 1.36%
February 2026290,000 290,000 
Swap-cash flow
3.02% - 3.03%
October 2026200,000 200,000 
Swap-cash flow
3.29%
October 2027165,000 165,000 
Swap-cash flow
3.54% - 3.55%
May 2028100,000 — 
Total$955,000 $855,000 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following table presents revenues by geographic location for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
San Diego, CA$86,700 $84,983 $161,911 $156,478 
Southern Florida/Georgia70,951 68,934 156,406 149,891 
Boston, MA80,956 79,958 127,729 125,878 
Los Angeles, CA44,630 48,599 78,927 92,808 
San Francisco, CA37,309 32,874 71,050 63,419 
Washington, D.C.20,425 22,102 35,425 36,904 
Portland, OR21,581 21,528 34,378 34,527 
Chicago, IL24,748 23,172 33,621 31,520 
Other(1)
20,237 14,960 28,356 19,754 
Total Revenues$407,537 $397,110 $727,803 $711,179 
______________________
(1)     Other includes: Newport, RI and Santa Cruz, CA.
v3.25.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Dividends
The Company declared the following dividends on common shares/units for the six months ended June 30, 2025:
Dividend per Share/UnitFor the Quarter EndedRecord DatePayable Date
$0.01 March 31, 2025March 31, 2025April 15, 2025
$0.01 June 30, 2025June 30, 2025July 15, 2025
Schedule of Preferred Shares Outstanding
The following preferred shares were outstanding as of June 30, 2025 and December 31, 2024:
Security TypeJune 30, 2025December 31, 2024
6.375% Series E
4,400,000 4,400,000 
6.30% Series F
6,000,000 6,000,000 
6.375% Series G
9,200,000 9,200,000 
5.70% Series H
8,000,000 8,000,000 
27,600,000 27,600,000 
Schedule of Preferred Dividends
The Company declared the following dividends on preferred shares for the six months ended June 30, 2025:
Security TypeDividend per Share/UnitFor the Quarter EndedRecord DatePayable Date
6.375% Series E
$0.40 March 31, 2025March 31, 2025April 15, 2025
6.375% Series E
$0.40 June 30, 2025June 30, 2025July 15, 2025
6.30% Series F
$0.39 March 31, 2025March 31, 2025April 15, 2025
6.30% Series F
$0.39 June 30, 2025June 30, 2025July 15, 2025
6.375% Series G
$0.40 March 31, 2025March 31, 2025April 15, 2025
6.375% Series G
$0.40 June 30, 2025June 30, 2025July 15, 2025
5.70% Series H
$0.36 March 31, 2025March 31, 2025April 15, 2025
5.70% Series H
$0.36 June 30, 2025June 30, 2025July 15, 2025
v3.25.2
Share-Based Compensation Plan (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Service Condition Restricted Share Activity The following table provides a summary of service condition restricted share activity during the six months ended June 30, 2025:
SharesWeighted-Average
Grant Date
 Fair Value
Unvested at December 31, 2024
408,048 $18.07 
Granted165,098 $12.81 
Vested(166,135)$19.70 
Unvested at June 30, 2025
407,011 $15.27 
v3.25.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Basic and Diluted Earnings Per Common Share
The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):
 For the three months ended June 30,For the six months ended June 30,
 2025202420252024
Numerator:
Net income (loss) attributable to common shareholders$7,424 $20,304 $(36,154)$(18,677)
Less: Dividends paid on unvested share-based compensation(8)(10)(17)(19)
Less: Undistributed earnings attributable to share-based compensation(45)(147)— — 
Net income (loss) available to common shareholders — basic$7,371 $20,147 $(36,171)$(18,696)
Plus: Interest expense on convertible notes— 3,281 — — 
Net income (loss) available to common shareholders — diluted$7,371 $23,428 $(36,171)$(18,696)
Denominator:
Weighted-average number of common shares — basic118,172,417 120,094,380 118,685,483 120,089,803 
Effect of dilutive share-based compensation211,029 209,309 — — 
Effect of dilutive convertible notes— 29,441,175 — — 
Weighted-average number of common shares — diluted118,383,446 149,744,864 118,685,483 120,089,803 
Net income (loss) per share available to common shareholders — basic$0.06 $0.17 $(0.30)$(0.16)
Net income (loss) per share available to common shareholders — diluted$0.06 $0.16 $(0.30)$(0.16)
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Hotels Subject to Leases
As of June 30, 2025, the following hotels were subject to leases as follows:
Lease PropertiesLease TypeLease Expiration Date
Restaurant at Southernmost Beach Resort
Operating leaseApril 2029
Paradise Point Resort & SpaOperating leaseMay 2050
Harbor Court Hotel San FranciscoFinance leaseAugust 2052
Hotel Monaco Washington DCOperating leaseNovember 2059
Argonaut HotelOperating leaseDecember 2059
Hotel Zephyr Fisherman's Wharf and Retail
Operating leaseFebruary 2062
Viceroy Santa Monica HotelOperating leaseSeptember 2065
Estancia La Jolla Hotel & SpaOperating leaseJanuary 2066
San Diego Mission Bay ResortOperating leaseJuly 2068
1 Hotel San FranciscoOperating leaseMarch 2070
(1)
Hyatt Regency Boston HarborOperating leaseApril 2077
The Westin Copley Place, BostonOperating leaseDecember 2077
(2)
The Liberty, a Luxury Collection Hotel, BostonOperating leaseMay 2080
Jekyll Island Club Resort and Restaurant
Operating leaseJanuary 2089
80 Rooms at Hotel Zeppelin San Francisco
Operating and finance leaseJune 2089
(4)
Hotel Zelos San FranciscoOperating leaseJune 2097
Hotel Palomar Los Angeles Beverly HillsOperating leaseJanuary 2107
(3)
Margaritaville Hollywood Beach ResortOperating leaseJuly 2112
______________________
(1)     The expiration date assumes the exercise of a 14-year extension option.
(2)     No payments are required through maturity.
(3)     The expiration date assumes the exercise of all 19 five-year extension options.
(4)     Property is owned, with the exception of 80 rooms in an adjoining building that are subject to a lease agreement. The expiration date assumes the exercise of a 30-year extension option.
Schedule of Components of Ground Rent Expense
The components of ground rent expense for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Fixed ground rent $4,825 $4,796 $9,635 $9,592 
Variable ground rent5,128 5,057 9,314 9,063 
Total ground rent$9,953 $9,853 $18,949 $18,655 
v3.25.2
Supplemental Information to Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information to Statements of Cash Flows
 For the six months ended June 30,
 20252024
Interest paid, net of capitalized interest$51,068 $53,709 
Interest capitalized$— $4,708 
Income taxes paid (refunded)$779 $370 
Non-Cash Investing and Financing Activities:
Distributions payable on common shares/units$1,255 $1,256 
Distributions payable on preferred shares/units$10,601 $10,601 
Issuance of common shares for Board of Trustees compensation$745 $745 
Accrued additions and improvements to hotel properties$455 $6,126 
Write-off of fully amortized deferred financing costs$— $682 
Write-down of investment$2,662 $— 
v3.25.2
Operating Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to net income (loss) for the three and six months ended June 30, 2025 and 2024 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
Revenues:
Total revenues$407,537 $397,110 $727,803 $711,179 
Less: Corporate and other revenues209 1,364 587 3,082 
Hotel revenues407,328 395,746 727,216 708,097 
Significant hotel expenses:
Room expenses67,732 65,003 126,255 120,026 
Food and beverage expenses72,658 70,921 137,226 131,935 
Hotel general and administrative31,579 31,224 60,690 58,796 
Hotel sales and marketing25,083 24,414 48,038 46,653 
Hotel operations and maintenance30,963 30,185 61,895 58,911 
Hotel management fee11,636 11,578 19,585 19,947 
Hotel real estate taxes, personal property taxes, property insurance and ground rent34,063 24,319 67,110 56,385 
Other segment items (1)
12,635 12,635 24,611 23,873 
Hotel EBITDA120,979 125,467 181,806 191,571 
Depreciation and amortization(57,645)(57,296)(115,188)(114,505)
Interest expense(27,282)(27,939)(54,415)(54,360)
Business interruption insurance income3,242 7,301 7,545 11,281 
Income tax (expense) benefit(7,812)(1,010)(4,650)(1,056)
Corporate and other (2)
(12,197)(14,284)(27,993)(28,212)
Net income (loss)$19,285 $32,239 $(12,895)$4,719 
______________________
(1)    Other segment items include expenses incurred for parking, spa, franchise fees and other hotel operating expenses.
(2)    Corporate and other include corporate general and administrative and other operating income and expenses.
v3.25.2
Organization (Details)
Jun. 30, 2025
property
hotelRoom
Noncontrolling Interest [Line Items]  
Number of hotels owned by the company | property 46
Total number of guest rooms | hotelRoom 11,937
Operating Partnership  
Noncontrolling Interest [Line Items]  
Percentage of operating partnership units owned by company 99.00%
Percentage of operating partnership units owned by other limited partners 1.00%
v3.25.2
Acquisition and Disposition of Hotel Properties (Details) - property
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Number of properties acquired 0 0
Number of properties sold during period 0 0
v3.25.2
Investment in Hotel Properties - Schedule of Investment in Hotel Properties (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investment in hotel properties    
Land $ 800,517 $ 800,143
Buildings and improvements 5,101,506 5,062,727
Furniture, fixtures and equipment 550,096 539,616
Finance lease asset 91,181 91,181
Construction in progress 5,396 5,066
Investment in hotel properties, before right-of-use asset, operating leases 6,548,696 6,498,733
Operating lease, right-of-use asset $ 346,348 $ 351,150
Operating lease, right-of-use asset, statement of financial position [extensible enumeration] Investment in hotel properties, net Investment in hotel properties, net
Investment in hotel properties $ 6,895,044 $ 6,849,883
Less: Accumulated depreciation (1,645,559) (1,530,854)
Investment in hotel properties, net $ 5,249,485 $ 5,319,029
v3.25.2
Investment in Hotel Properties - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Real Estate Properties [Line Items]            
Business interruption insurance income $ 3,242,000 $ 7,301,000 $ 7,545,000 $ 11,281,000    
Lease liabilities - operating leases 320,749,000   320,749,000   $ 320,749,000 $ 320,741,000
Lease liabilities - financing leases $ 44,300,000   $ 44,300,000   $ 44,300,000 $ 44,000,000
Finance lease, liability, statement of financial position [extensible enumeration] Accounts Payable and Accrued Liabilities   Accounts Payable and Accrued Liabilities   Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
Minimum            
Real Estate Properties [Line Items]            
Operating lease, incremental rate 4.70%   4.70%   4.70%  
Maximum            
Real Estate Properties [Line Items]            
Operating lease, incremental rate 7.60%   7.60%   7.60%  
Hotel            
Real Estate Properties [Line Items]            
Impairment     $ 0 $ 0    
Hurricane Helene And Hurricane Milton            
Real Estate Properties [Line Items]            
Insurance recoveries         $ 18,200,000  
v3.25.2
Debt - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 01, 2024
USD ($)
extension
Oct. 03, 2024
USD ($)
Jan. 03, 2024
USD ($)
Sep. 07, 2023
USD ($)
extension
Feb. 28, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
extensionOption
$ / shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Oct. 13, 2022
USD ($)
debtInstrument
Dec. 01, 2021
USD ($)
Line of Credit Facility [Line Items]                        
Debt             $ 2,263,367,000 $ 2,263,367,000   $ 2,264,465,000    
Repayments of long term debt               1,098,000 $ 110,859,000      
Letters of credit outstanding             7,900,000 7,900,000   7,400,000    
Interest Rate Swaps                        
Line of Credit Facility [Line Items]                        
Derivative instruments, asset position, fair value             7,400,000 7,400,000   16,600,000    
Derivative instruments, liability position, fair value             500,000 500,000   0    
Expected reclassifications in next 12 months             8,100,000 8,100,000        
Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Repayments of long term debt   $ 353,300,000                    
Unsecured senior notes                        
Line of Credit Facility [Line Items]                        
Debt             402,400,000 402,400,000   402,400,000    
Convertible senior notes                        
Line of Credit Facility [Line Items]                        
Debt issued         $ 250,000,000 $ 500,000,000.0            
Debt             $ 750,000,000 $ 750,000,000   750,000,000    
Stated interest rate           1.75% 1.75% 1.75%        
Proceeds from debt, net of issuance costs         $ 257,200,000 $ 487,300,000            
Premium to par percentage         5.50%              
Debt issuance costs         $ 6,500,000              
Premium received         $ 13,800,000              
Election period, prior to maturity date               2 days        
Convertible debt, conversion ratio             0.0392549          
Convertible debt, conversion price (in usd per share) | $ / shares             $ 25.47 $ 25.47        
Redemption price to principal amount, percentage             1 1        
Capped call transaction, upper strike price (in usd per share) | $ / shares             $ 33.0225 $ 33.0225        
Mortgage loans                        
Line of Credit Facility [Line Items]                        
Debt             $ 194,315,000 $ 194,315,000   195,413,000    
Mortgage loans | Margaritaville                        
Line of Credit Facility [Line Items]                        
Debt issued       $ 140,000,000.0                
Number of extensions | extension       2                
Extension term       1 year                
Basis spread on variable rate       3.75%       3.75%        
Mortgage loans | Estancia La Jolla Hotel & Spa                        
Line of Credit Facility [Line Items]                        
Debt issued                       $ 61,700,000
Debt             $ 54,315,000 $ 54,315,000   55,413,000    
Stated interest rate             5.07% 5.07%       5.07%
Term Loan 2024 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Repayments of long term debt   43,300,000                    
Term Loan 2025 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Repayments of long term debt   210,000,000                    
Term Loan 2027 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Repayments of long term debt   100,000,000                    
Series B Notes | Unsecured senior notes                        
Line of Credit Facility [Line Items]                        
Debt             $ 2,400,000 $ 2,400,000   2,400,000    
Stated interest rate             4.93% 4.93%        
Senior Notes 2029 | Unsecured senior notes                        
Line of Credit Facility [Line Items]                        
Debt issued   $ 400,000,000                    
Debt             $ 400,000,000 $ 400,000,000   400,000,000    
Stated interest rate   6.375%         6.375% 6.375%        
Proceeds from debt, net of issuance costs   $ 390,000,000                    
Unsecured indebtedness, percentage             1.50 1.50        
Fixed Rate Debt                        
Line of Credit Facility [Line Items]                        
Estimated fair value of debt             $ 1,200,000,000 $ 1,200,000,000   1,100,000,000    
Unsecured revolving credit facilities | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt             0 0   0    
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Maximum borrowing capacity             650,000,000.0 650,000,000.0     $ 650,000,000  
Maximum borrowing capacity potential increase (up to)                     970,000,000  
Debt             0 0   0    
Remaining borrowing capacity             642,100,000 $ 642,100,000        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Minimum                        
Line of Credit Facility [Line Items]                        
Commitment fee percentage               0.20%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Maximum                        
Line of Credit Facility [Line Items]                        
Commitment fee percentage               0.30%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Secured Overnight Financing Rate (SOFR)                        
Line of Credit Facility [Line Items]                        
SOFR adjustment               0.10%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Secured Overnight Financing Rate (SOFR) | Minimum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               1.45%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Secured Overnight Financing Rate (SOFR) | Maximum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               2.50%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Base Rate | Minimum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               0.45%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Base Rate | Maximum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               1.50%        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2028 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Maximum borrowing capacity $ 602,000,000           602,000,000 $ 602,000,000        
Number of extensions 2             2        
Extension term 6 months             6 months        
Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2026 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Maximum borrowing capacity             48,000,000 $ 48,000,000        
Unsecured revolving credit facilities | PHL unsecured credit facility | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Maximum borrowing capacity             20,000,000.0 20,000,000.0        
Debt             0 0   0    
Remaining borrowing capacity             20,000,000.0 $ 20,000,000.0        
Unsecured term loans | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt issued                     $ 1,380,000,000  
Unsecured term loans | Unsecured term loans | Secured Overnight Financing Rate (SOFR) | Minimum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               1.40%        
Unsecured term loans | Unsecured term loans | Secured Overnight Financing Rate (SOFR) | Maximum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               2.45%        
Unsecured term loans | Unsecured term loans | Base Rate | Minimum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               0.40%        
Unsecured term loans | Unsecured term loans | Base Rate | Maximum                        
Line of Credit Facility [Line Items]                        
Basis spread on variable rate               1.45%        
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt instrument, number of instruments | debtInstrument                     3  
Debt issued                     $ 460,000,000  
Unsecured term loans | Term Loan 2028 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt     $ 356,700,000       356,652,000 $ 356,652,000   356,652,000    
Unsecured term loans | Term Loan 2024 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Repayments of long term debt     60,000,000                  
Unsecured term loans | Term Loan 2025 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt             14,783,000 14,783,000   14,783,000    
Repayments of long term debt     $ 50,000,000                  
Unsecured term loans | Term Loan 2027 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt             360,000,000 360,000,000   360,000,000    
Unsecured term loans | Term Loan 2029 | Unsecured term loans                        
Line of Credit Facility [Line Items]                        
Debt $ 185,200,000           185,217,000 185,217,000   $ 185,217,000    
Letters of Credit                        
Line of Credit Facility [Line Items]                        
Maximum borrowing capacity             $ 30,000,000.0 $ 30,000,000.0        
v3.25.2
Debt - Schedule of Components of Debt (Details)
 6 Months Ended
Nov. 01, 2024
USD ($)
extension
Sep. 07, 2023
extension
Jun. 30, 2025
USD ($)
extensionOption
Dec. 31, 2024
USD ($)
Oct. 03, 2024
Jan. 03, 2024
USD ($)
Oct. 13, 2022
USD ($)
Dec. 01, 2021
Dec. 31, 2020
Debt Instrument [Line Items]                  
Debt     $ 2,263,367,000 $ 2,264,465,000          
Unamortized debt premium and deferred financing costs, net     (15,232,000) (17,733,000)          
Debt, net     2,248,135,000 2,246,732,000          
Unsecured term loans | Unsecured revolving credit facilities                  
Debt Instrument [Line Items]                  
Debt     $ 0 0          
Unsecured term loans | Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Interest rate     0.00%            
Debt     $ 0 0          
Maximum borrowing capacity     $ 650,000,000.0       $ 650,000,000    
Unsecured term loans | Unsecured revolving credit facilities | PHL unsecured credit facility                  
Debt Instrument [Line Items]                  
Interest rate     0.00%            
Debt     $ 0 0          
Maximum borrowing capacity     20,000,000.0            
Unsecured term loans | Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2026                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity     48,000,000            
Unsecured term loans | Unsecured revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2028                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity $ 602,000,000   $ 602,000,000            
Extension term 6 months   6 months            
Number of extensions 2   2            
Unsecured term loans | Unsecured term loans                  
Debt Instrument [Line Items]                  
Debt, net     $ 916,652,000 916,652,000          
Unsecured term loans | Unsecured term loans | Term Loan 2025                  
Debt Instrument [Line Items]                  
Interest rate     5.16%            
Debt     $ 14,783,000 14,783,000          
Unsecured term loans | Unsecured term loans | Term Loan 2027                  
Debt Instrument [Line Items]                  
Interest rate     5.29%            
Debt     $ 360,000,000 360,000,000          
Unsecured term loans | Unsecured term loans | Term Loan 2028                  
Debt Instrument [Line Items]                  
Interest rate     3.86%            
Debt     $ 356,652,000 356,652,000   $ 356,700,000      
Unsecured term loans | Unsecured term loans | Term Loan 2029                  
Debt Instrument [Line Items]                  
Interest rate     5.16%            
Debt $ 185,200,000   $ 185,217,000 185,217,000          
Convertible senior notes principal                  
Debt Instrument [Line Items]                  
Interest rate     1.75%           1.75%
Debt     $ 750,000,000 750,000,000          
Unsecured senior notes                  
Debt Instrument [Line Items]                  
Debt     $ 402,400,000 402,400,000          
Unsecured senior notes | Series B Notes                  
Debt Instrument [Line Items]                  
Interest rate     4.93%            
Debt     $ 2,400,000 2,400,000          
Unsecured senior notes | Senior Notes 2029                  
Debt Instrument [Line Items]                  
Interest rate     6.375%   6.375%        
Debt     $ 400,000,000 400,000,000          
Mortgage loans                  
Debt Instrument [Line Items]                  
Debt     $ 194,315,000 195,413,000          
Mortgage loans | Margaritaville                  
Debt Instrument [Line Items]                  
Extension term   1 year              
Basis spread on variable rate   3.75% 3.75%            
Number of extensions | extension   2              
Mortgage loans | Margaritaville Hollywood Beach Resort                  
Debt Instrument [Line Items]                  
Interest rate     7.04%            
Debt     $ 140,000,000 140,000,000          
Mortgage loans | Estancia La Jolla Hotel & Spa                  
Debt Instrument [Line Items]                  
Interest rate     5.07%         5.07%  
Debt     $ 54,315,000 $ 55,413,000          
v3.25.2
Debt - Schedule of Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]        
Amortization of debt (premiums) and deferred financing fees $ 1,911 $ 1,537 $ 3,821 $ 4,608
Other 1,035 161 2,154 (2,435)
Total interest expense 27,282 27,939 54,415 54,360
Convertible senior notes        
Debt Instrument [Line Items]        
Interest expense, debt 3,282 3,282 6,563 6,563
Unsecured senior notes        
Debt Instrument [Line Items]        
Interest expense, debt 6,405 29 12,597 59
Mortgage loans        
Debt Instrument [Line Items]        
Interest expense, debt 3,191 3,218 6,354 6,443
Unsecured revolving credit facilities | Unsecured term loans        
Debt Instrument [Line Items]        
Interest expense, debt 502 497 999 995
Unsecured term loans | Unsecured term loans        
Debt Instrument [Line Items]        
Interest expense, debt $ 10,956 $ 19,215 $ 21,927 $ 38,127
v3.25.2
Debt - Schedule of Interest Rate Swaps (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest Rate Swap - October 2025 | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.22%  
Interest Rate Swap - October 2025 | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.25%  
Interest Rate Swap - February 2026 | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 1.33%  
Interest Rate Swap - February 2026 | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 1.36%  
Interest Rate Swap - October 2026 | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.02%  
Interest Rate Swap - October 2026 | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.03%  
Interest Rate Swap - October 2027    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.29%  
Interest Rate Swap - May 2028 | Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.54%  
Interest Rate Swap - May 2028 | Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest rate 3.55%  
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swaps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value $ 955,000 $ 855,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - October 2025    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 200,000 200,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - February 2026    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 290,000 290,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - October 2026    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 200,000 200,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - October 2027    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value 165,000 165,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - May 2028    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional value $ 100,000 $ 0
v3.25.2
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Total revenues $ 407,537 $ 397,110 $ 727,803 $ 711,179
San Diego, CA        
Revenue from External Customer [Line Items]        
Total revenues 86,700 84,983 161,911 156,478
Southern Florida/Georgia        
Revenue from External Customer [Line Items]        
Total revenues 70,951 68,934 156,406 149,891
Boston, MA        
Revenue from External Customer [Line Items]        
Total revenues 80,956 79,958 127,729 125,878
Los Angeles, CA        
Revenue from External Customer [Line Items]        
Total revenues 44,630 48,599 78,927 92,808
San Francisco, CA        
Revenue from External Customer [Line Items]        
Total revenues 37,309 32,874 71,050 63,419
Washington, D.C.        
Revenue from External Customer [Line Items]        
Total revenues 20,425 22,102 35,425 36,904
Portland, OR        
Revenue from External Customer [Line Items]        
Total revenues 21,581 21,528 34,378 34,527
Chicago, IL        
Revenue from External Customer [Line Items]        
Total revenues 24,748 23,172 33,621 31,520
Other        
Revenue from External Customer [Line Items]        
Total revenues $ 20,237 $ 14,960 $ 28,356 $ 19,754
v3.25.2
Revenue - Narrative (Details)
Jun. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue from External Customer [Line Items]  
Expected timing of satisfaction, period 12 months
v3.25.2
Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Feb. 07, 2025
shares
Feb. 15, 2024
shares
May 11, 2022
$ / shares
shares
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
Jun. 30, 2025
USD ($)
class
vote
$ / shares
shares
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2024
$ / shares
shares
Feb. 17, 2023
USD ($)
Class of Stock [Line Items]                
Common shares of beneficial interest, authorized (in shares)       500,000,000 500,000,000   500,000,000  
Repurchase of common shares | $       $ 1,000 $ 15,612 $ 6,851    
Preferred shares of beneficial interest, authorized (in shares)       100,000,000 100,000,000   100,000,000  
Preferred shares of beneficial interest, par value (in usd per share) | $ / shares       $ 0.01 $ 0.01   $ 0.01  
Common unit redemption rights, redemption option, common share conversion basis       1 1      
Operating partnership units outstanding (in shares)       118,166,806 118,166,806   119,285,394  
LTIP units, outstanding (in shares)       1,154,431 1,154,431   994,837  
Preferred stock, outstanding (in shares)       27,600,000 27,600,000   27,600,000  
Long-Term Incentive Partnership ("LTIP") Units                
Class of Stock [Line Items]                
Classes of LTIP units | class         2      
Awards vested (in shares)       710,156 710,156   470,920  
Long-Term Incentive Partnership ("LTIP") Class B Units                
Class of Stock [Line Items]                
Awards granted (in shares) 159,594 136,353            
Operating Partnership                
Class of Stock [Line Items]                
Operating partnership units outstanding (in shares)       16,291 16,291   16,291  
Operating Partnership Units | Inn On Fifth                
Class of Stock [Line Items]                
Asset acquisition, equity interest issued or issuable (in shares)     16,291          
Common Shares                
Class of Stock [Line Items]                
Stock repurchased during period, shares (in shares)       111,599 1,394,220 387,651    
Repurchase of common shares | $       $ 1 $ 14 $ 4    
2023 Share Repurchase Program | Common Shares                
Class of Stock [Line Items]                
Stock repurchased during period, shares (in shares)         1,298,396      
Repurchase of common shares | $         $ 14,300      
Treasury stock acquired, average cost per share (in usd per share) | $ / shares         $ 11.04      
2023 Share Repurchase Program | Preferred Shares                
Class of Stock [Line Items]                
Remaining authorized repurchase amount | $       $ 84,200 $ 84,200      
Common Shares                
Class of Stock [Line Items]                
Number of vote per share | vote       1 1      
Common Shares | 2023 Share Repurchase Program                
Class of Stock [Line Items]                
Share repurchase program, authorized amount | $               $ 150,000
Remaining authorized repurchase amount | $       $ 116,600 $ 116,600      
Series F Preferred Stock                
Class of Stock [Line Items]                
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares       $ 25.00 $ 25.00      
Preferred stock, redemption after change in control         120 days      
Share cap ratio on preferred shares on conversion       2.0649 2.0649      
Preferred stock, dividend rate, percentage         6.30%      
Preferred stock, outstanding (in shares)       6,000,000 6,000,000   6,000,000  
Series H Cumulative Redeemable Preferred Shares, $0.01 par value                
Class of Stock [Line Items]                
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares       $ 25.00 $ 25.00      
Preferred stock, redemption after change in control         120 days      
Share cap ratio on preferred shares on conversion       2.2311 2.2311      
Preferred stock, dividend rate, percentage         5.70%      
Preferred stock, outstanding (in shares)       8,000,000 8,000,000   8,000,000  
Series E Preferred Stock                
Class of Stock [Line Items]                
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares       $ 25.00 $ 25.00      
Preferred stock, redemption after change in control         120 days      
Share cap ratio on preferred shares on conversion       1.9372 1.9372      
Preferred stock, dividend rate, percentage         6.375%      
Preferred stock, outstanding (in shares)       4,400,000 4,400,000   4,400,000  
Series G Cumulative Redeemable Preferred Shares, $0.01 par value                
Class of Stock [Line Items]                
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares       $ 25.00 $ 25.00      
Preferred stock, redemption after change in control         120 days      
Share cap ratio on preferred shares on conversion       2.1231 2.1231      
Preferred stock, dividend rate, percentage         6.375%      
Preferred stock, outstanding (in shares)       9,200,000 9,200,000   9,200,000  
Preferred Shares | 2023 Share Repurchase Program                
Class of Stock [Line Items]                
Share repurchase program, authorized amount | $               $ 100,000
Stock repurchased during period, shares (in shares)         0      
Series Z Preferred Stock                
Class of Stock [Line Items]                
Preferred stock, dividend rate, percentage     6.00%          
Common unit redemption rights, redemption option, common share conversion basis     1          
Preferred stock, liquidation preference (in usd per share) | $ / shares     $ 25.00          
Series Z Preferred Stock | Operating Partnership                
Class of Stock [Line Items]                
Preferred stock, outstanding (in shares)       3,104,400 3,104,400   3,104,400  
Series Z Preferred Stock | Inn On Fifth                
Class of Stock [Line Items]                
Asset acquisition, equity interest issued or issuable (in shares)     3,104,400          
v3.25.2
Equity - Schedule of Common Dividends (Details) - $ / shares
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Equity [Abstract]    
Dividend (in usd per share) $ 0.01 $ 0.01
v3.25.2
Equity - Schedule of Preferred Stock Outstanding and Dividends (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]        
Preferred stock, outstanding (in shares) 27,600,000   27,600,000 27,600,000
6.375% Series E        
Class of Stock [Line Items]        
Preferred stock, dividend rate, percentage     6.375%  
Preferred stock, outstanding (in shares) 4,400,000   4,400,000 4,400,000
Dividend per share/unit (in usd per share) $ 0.40 $ 0.40    
6.30% Series F        
Class of Stock [Line Items]        
Preferred stock, dividend rate, percentage     6.30%  
Preferred stock, outstanding (in shares) 6,000,000   6,000,000 6,000,000
Dividend per share/unit (in usd per share) $ 0.39 0.39    
6.375% Series G        
Class of Stock [Line Items]        
Preferred stock, dividend rate, percentage     6.375%  
Preferred stock, outstanding (in shares) 9,200,000   9,200,000 9,200,000
Dividend per share/unit (in usd per share) $ 0.40 0.40    
5.70% Series H        
Class of Stock [Line Items]        
Preferred stock, dividend rate, percentage     5.70%  
Preferred stock, outstanding (in shares) 8,000,000   8,000,000 8,000,000
Dividend per share/unit (in usd per share) $ 0.36 $ 0.36    
v3.25.2
Share-Based Compensation Plan - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
May 23, 2025
shares
Feb. 07, 2025
USD ($)
$ / shares
shares
Feb. 15, 2024
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
class
$ / shares
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of additional shares authorized (in shares) 3,000,000              
Common shares available for issuance under the Plan (in shares)       3,838,871   3,838,871    
LTIP units, outstanding (in shares)       1,154,431   1,154,431   994,837
Service Condition Share Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Compensation expense | $       $ 0.8 $ 0.9 $ 1.5 $ 1.7  
Awards granted (in shares)           165,098    
Fair value of award on grant date (in usd per share) | $ / shares       $ 15.27   $ 15.27   $ 18.07
Performance-Based Equity Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Compensation expense | $       $ 1.5 1.6 $ 2.8 2.9  
Number of shares approved (in shares)   348,332            
Long-Term Incentive Partnership ("LTIP") Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Compensation expense | $       $ 1.2 $ 1.0 $ 2.4 $ 2.0  
Classes of LTIP units | class           2    
Awards vested (in shares)       710,156   710,156   470,920
Long-Term Incentive Partnership ("LTIP") Class B Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Awards granted (in shares)   159,594 136,353          
Fair value of award on grant date (in usd per share) | $ / shares   $ 12.81            
Aggregate grant date fair value | $   $ 2.0            
Minimum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period           3 years    
Minimum | Service Condition Share Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period           3 years    
Minimum | Performance-Based Equity Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Performance target percentage   0.00%            
Maximum                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period           5 years    
Maximum | Service Condition Share Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period           5 years    
Maximum | Performance-Based Equity Awards                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Performance target percentage   200.00%            
v3.25.2
Share-Based Compensation Plan - Schedule of Service Condition Restricted Share Activity (Details) - Service Condition Share Awards
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Shares  
Unvested beginning balance (in shares) | shares 408,048
Granted (in shares) | shares 165,098
Vested (in shares) | shares (166,135)
Unvested ending balance (in shares) | shares 407,011
Weighted-Average Grant Date Fair Value  
Unvested beginning balance (in usd per share) | $ / shares $ 18.07
Granted (in usd per share) | $ / shares 12.81
Vested (in usd per share) | $ / shares 19.70
Unvested ending balance (in usd per share) | $ / shares $ 15.27
v3.25.2
Earnings (Loss) Per Share - Schedule of Reconciliation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income (loss) attributable to common shareholders $ 7,424 $ 20,304 $ (36,154) $ (18,677)
Less: Dividends paid on unvested share-based compensation (8) (10) (17) (19)
Less: Undistributed earnings attributable to share-based compensation (45) (147) 0 0
Net income (loss) available to common shareholders - basic 7,371 20,147 (36,171) (18,696)
Plus: Interest expense on convertible notes 0 3,281 0  
Net income (loss) available to common shareholders, diluted $ 7,371 $ 23,428 $ (36,171) $ (18,696)
Denominator:        
Weighted-average number of common shares — basic (in shares) 118,172,417 120,094,380 118,685,483 120,089,803
Effect of dilutive share-based compensation (in shares) 211,029 209,309 0 0
Effect of dilutive convertible notes (in shares) 0 29,441,175 0 0
Weighted-average number of common shares — diluted (in shares) 118,383,446 149,744,864 118,685,483 120,089,803
Net income (loss) per share available to common shareholders — basic (in usd per share) $ 0.06 $ 0.17 $ (0.30) $ (0.16)
Net income (loss) per share available to common shareholders — diluted (in usd per share) $ 0.06 $ 0.16 $ (0.30) $ (0.16)
v3.25.2
Earnings (Loss) Per Share - Narrative (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restricted and Performance Based Shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 998,501 617,561 1,390,978 1,217,668
Convertible Debt Securities        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 29,441,175 0 29,441,175 29,441,175
v3.25.2
Commitments and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Management Agreements [Line Items]          
Combined base and incentive management fees $ 11,200 $ 11,200 $ 18,800 $ 19,200  
Reserve funds allowed for hotel maintenance from hotel revenue     4.00%    
Restricted cash $ 11,008   $ 11,008   $ 10,941
Maximum          
Management Agreements [Line Items]          
Terms of management agreements not including renewals     9 years    
Terms of management agreements including renewals     27 years    
Termination fees range     3    
Base management fee from hotel revenues     4.00%    
Minimum          
Management Agreements [Line Items]          
Termination fees range     0    
Base management fee from hotel revenues     1.00%    
v3.25.2
Commitments and Contingencies - Schedule of Hotel Subject to Leases (Details)
 6 Months Ended
Jun. 30, 2025
extensionOption
hotelRoom
1 Hotel San Francisco  
Management Agreements [Line Items]  
Term of extension option 14 years
Hotel Palomar Los Angeles Beverly Hills  
Management Agreements [Line Items]  
Term of extension option 5 years
Number of extension options | extensionOption 19
Hotel Zeppelin San Francisco  
Management Agreements [Line Items]  
Term of extension option 30 years
Number of rooms in adjoining building subject to lease agreement | hotelRoom 80
v3.25.2
Commitments and Contingencies - Schedule of Components of Ground Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]        
Fixed ground rent $ 4,825 $ 4,796 $ 9,635 $ 9,592
Variable ground rent 5,128 5,057 9,314 9,063
Total ground rent $ 9,953 $ 9,853 $ 18,949 $ 18,655
v3.25.2
Supplemental Information to Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Non Cash Investing and Financing Information [Line Items]      
Interest paid, net of capitalized interest $ 51,068 $ 53,709  
Interest capitalized 0 4,708  
Income taxes paid (refunded) 779 370  
Non-Cash Investing and Financing Activities:      
Distributions payable on shares/units 11,856   $ 11,865
Accrued additions and improvements to hotel properties 455 6,126  
Write-off of fully amortized deferred financing costs 0 682  
Write-down of investment 2,662 0  
Board of Trustees Compensation      
Non-Cash Investing and Financing Activities:      
Issuance of shares/units 745 745  
Common Shares/Units      
Non-Cash Investing and Financing Activities:      
Distributions payable on shares/units 1,255 1,256  
Preferred Shares/Units      
Non-Cash Investing and Financing Activities:      
Distributions payable on shares/units $ 10,601 $ 10,601  
v3.25.2
Operating Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 407,537 $ 397,110 $ 727,803 $ 711,179
Significant hotel expenses:        
Total hotel operating expenses 253,786 247,657 481,000 463,713
Hotel real estate taxes, personal property taxes, property insurance and ground rent 33,978 25,002 67,251 57,407
Depreciation and amortization (57,645) (57,296) (115,188) (114,505)
Interest expense (27,282) (27,939) (54,415) (54,360)
Business interruption insurance income 3,242 7,301 7,545 11,281
Income tax (expense) benefit (7,812) (1,010) (4,650) (1,056)
Net income (loss) 19,285 32,239 (12,895) 4,719
Corporate and other        
Segment Reporting Information [Line Items]        
Total revenues 209 1,364 587 3,082
Significant hotel expenses:        
Corporate and other (12,197) (14,284) (27,993) (28,212)
Room        
Segment Reporting Information [Line Items]        
Total revenues 257,600 253,778 454,610 451,878
Significant hotel expenses:        
Total hotel operating expenses 67,732 65,003 126,255 120,026
Food and beverage        
Segment Reporting Information [Line Items]        
Total revenues 105,994 101,520 192,304 182,615
Significant hotel expenses:        
Total hotel operating expenses 72,658 70,921 137,226 131,935
Reportable Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues 407,328 395,746 727,216 708,097
Significant hotel expenses:        
Corporate and other 31,579 31,224 60,690 58,796
Hotel general and administrative 25,083 24,414 48,038 46,653
Hotel operations and maintenance 30,963 30,185 61,895 58,911
Hotel management fee 11,636 11,578 19,585 19,947
Hotel real estate taxes, personal property taxes, property insurance and ground rent 34,063 24,319 67,110 56,385
Other segment items 12,635 12,635 24,611 23,873
Hotel EBITDA 120,979 125,467 181,806 191,571
Depreciation and amortization (57,645) (57,296) (115,188) (114,505)
Interest expense (27,282) (27,939) (54,415) (54,360)
Business interruption insurance income 3,242 7,301 7,545 11,281
Income tax (expense) benefit (7,812) (1,010) (4,650) (1,056)
Reportable Segment | Room | Operating Segments        
Significant hotel expenses:        
Total hotel operating expenses 67,732 65,003 126,255 120,026
Reportable Segment | Food and beverage | Operating Segments        
Significant hotel expenses:        
Total hotel operating expenses $ 72,658 $ 70,921 $ 137,226 $ 131,935