Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35074
Entity Registrant Name	SUMMIT HOTEL PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2962512
Entity Address, Address Line One	13215 Bee Cave Parkway, Suite B-300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
City Area Code	512
Local Phone Number	538-2300
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 530,950,829
Entity Common Stock, Shares Outstanding		108,798,686
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2026 annual meeting of stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001497645
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INN
Security Exchange Name	NYSE
6.25% Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	6.25% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PE
Security Exchange Name	NYSE
5.875% Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.875% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	INN-PF
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Austin, Texas

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Investments in lodging property, net	$ 2,640,367	$ 2,746,765
Investment in lodging property under development	0	7,617
Assets held for sale, net	11,967	1,225
Cash and cash equivalents	36,110	40,637
Restricted cash	5,102	7,721
Right-of-use assets, net	32,028	33,309
Trade receivables, net	17,347	18,625
Prepaid expenses and other	7,104	9,580
Deferred charges, net	10,051	6,460
Other assets	15,954	24,291
Total assets	2,776,030	2,896,230
Liabilities:
Debt, net of debt issuance costs	1,394,014	1,396,710
Lease liabilities, net	24,091	24,871
Accounts payable	7,537	7,450
Accrued expenses and other	76,417	82,153
Total liabilities	1,502,059	1,511,184
Commitments and contingencies (Note 12)
Redeemable non-controlling interests	50,219	50,219
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 108,798,686 and 108,435,663 shares issued and outstanding at December 31, 2025 and 2024 respectively	1,088	1,084
Additional paid-in capital	1,264,470	1,246,225
Accumulated other comprehensive income	2,115	9,173
Accumulated deficit and distributions in excess of retained earnings	(405,622)	(347,041)
Total stockholders’ equity	862,155	909,545
Non-controlling interests	361,597	425,282
Total equity	1,223,752	1,334,827
Total liabilities, redeemable non-controlling interests and equity	2,776,030	2,896,230
6.25% Series E Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	64	64
5.875% Series F Preferred Stock
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
Preferred stock	$ 40	$ 40

Consolidated Balance Sheets (Parenthetical) - USD ($)	12 Months Ended
Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	108,798,686	108,435,663
Common stock, shares outstanding (in shares)	108,798,686	108,435,663
6.25% Series E Preferred Stock
Preferred stock, dividend rate	6.25%	6.25%
Preferred stock, shares issued (in shares)	6,400,000	6,400,000
Preferred stock, shares outstanding	6,400,000	6,400,000
Preferred stock, aggregate liquidation preference	$ 160,861,000	$ 160,861,000
5.875% Series F Preferred Stock
Preferred stock, dividend rate	5.875%	5.875%
Preferred stock, shares issued (in shares)	4,000,000	4,000,000
Preferred stock, shares outstanding	4,000,000	4,000,000
Preferred stock, aggregate liquidation preference	$ 100,506,000	$ 100,506,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 729,472	$ 731,783	$ 736,127
Expenses:
Property taxes, insurance and other	54,691	54,116	55,167
Management fees	15,760	15,866	18,452
Depreciation and amortization	149,610	146,436	150,924
Corporate general and administrative	32,816	31,891	32,530
Transaction costs	0	10	13
Loss on impairment and write-down of assets	1,833	6,723	16,661
Recovery of credit losses	0	0	(1,230)
Total expenses	670,366	657,205	677,003
Gain (loss) on disposal of assets, net	6,579	28,912	(337)
Operating income	65,685	103,490	58,787
Other income (expense):
Interest expense	(80,692)	(82,632)	(86,798)
Interest income	1,178	1,906	1,688
Gain on extinguishment of debt	0	3,000	0
Other income, net	2,994	4,384	1,005
Total other expense, net	(76,520)	(73,342)	(84,105)
(Loss) income from continuing operations before income taxes	(10,835)	30,148	(25,318)
Income tax (expense) benefit	(842)	8,743	(2,798)
Net (loss) income	(11,677)	38,891	(28,116)
Less - Loss attributable to non-controlling interests	(6,610)	(4,751)	(18,627)
Net (loss) income attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions	(5,067)	43,642	(9,489)
Less - Distributions to and accretion of redeemable non-controlling interests	(2,626)	(2,626)	(2,626)
Less - Preferred dividends	(15,875)	(15,875)	(15,875)
Net (loss) income attributable to common stockholders	$ (23,568)	$ 25,141	$ (27,990)
(Loss) income per common share:
Basic (in usd per shares)	$ (0.22)	$ 0.23	$ (0.27)
Diluted (in usd per shares)	$ (0.22)	$ 0.22	$ (0.27)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	106,850	105,927	105,548
Weighted average common shares outstanding - diluted (in shares)	106,850	132,365	105,548
Dividends per common share (in dollars per share)	$ 0.32	$ 0.30	$ 0.22
Room
Revenues:
Total revenues	$ 643,795	$ 650,713	$ 656,063
Expenses:
Cost of goods and services sold	151,441	146,790	148,005
Food and beverage
Revenues:
Total revenues	43,213	40,865	41,513
Expenses:
Cost of goods and services sold	32,933	30,964	31,580
Other
Revenues:
Total revenues	42,464	40,205	38,551
Expenses:
Cost of goods and services sold	$ 231,282	$ 224,409	$ 224,901

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,677)	$ 38,891	$ (28,116)
Other comprehensive (loss) income, net of tax:
Changes in fair value of derivative financial instruments	(9,108)	(2,384)	(2,884)
Comprehensive (loss) income	(20,785)	36,507	(31,000)
Comprehensive loss attributable to non-controlling interests	8,401	5,341	17,940
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc.	(12,384)	41,848	(13,060)
Distributions to and accretion on redeemable non-controlling interests	(2,626)	(2,626)	(2,626)
Preferred dividends and distributions	(15,875)	(15,875)	(15,875)
Comprehensive (loss) income attributable to common stockholders	$ (30,885)	$ 23,347	$ (31,561)

Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests - USD ($) $ in Thousands	Total	Stockholders’ Equity	Shares of Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit and Distributions	Non-Controlling Interests
Beginning balance at Dec. 31, 2022	$ 50,219
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	2,626
Preferred dividends and distributions	(2,626)
Ending balance at Dec. 31, 2023	50,219
Beginning preferred shares outstanding (in shares) at Dec. 31, 2022			(10,400,000)
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2022	(1,407,950)	$ (959,813)	$ (104)	$ (1,069)	$ (1,232,302)	$ (14,538)	$ 288,200	$ (448,137)
Beginning balance at Dec. 31, 2022				(106,901,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(2,626)	(2,626)					(2,626)
Sale of non-controlling interests in joint venture	1,353							1,353
Redemption of subsidiary preferred stock	(412)	(37)					(37)	(375)
Contributions by non-controlling interest in joint venture	20,792							20,792
Common stock redemption of common units (in shares)				28,179
Common stock redemption of common units	0	272		$ 0	272			(272)
Contributions by non-controlling interest in joint venture	(27,128)	(23,616)					(23,616)	(3,512)
Preferred dividends and distributions	(16,205)	(15,875)					(15,875)	(330)
Joint venture partner distributions	(12,426)							(12,426)
Equity-based compensation (in shares)				847,647
Equity-based compensation	7,742	7,742		$ 8	7,734
Shares of common stock acquired for employee withholding requirements (in shares)				(184,029)
Shares of common stock acquired for employee withholding requirements	(1,388)	(1,388)		$ (1)	(1,387)
Other comprehensive loss	(2,884)	(3,571)				(3,571)		687
Other	(175)	(30)			(25)		(5)	(145)
Net (loss) income	(28,116)	(9,489)					(9,489)	(18,627)
Ending preferred shares outstanding (in shares) at Dec. 31, 2023			(10,400,000)
Ending shares of Common Stock outstanding (in shares) at Dec. 31, 2023	$ (1,346,477)	(911,195)	$ (104)	$ (1,076)	(1,238,896)	(10,967)	339,848	(435,282)
Ending balance at Dec. 31, 2023	(107,593,373)			(107,593,373)
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	$ 2,626
Preferred dividends and distributions	(2,626)
Ending balance at Dec. 31, 2024	50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(2,626)	(2,626)					(2,626)
Contributions by non-controlling interest in joint venture	$ 22,497							22,497
Common stock redemption of common units (in shares)	15,555			15,555
Common stock redemption of common units	$ 0	144			144			(144)
Contributions by non-controlling interest in joint venture	$ (37,116)	(32,334)					(32,334)	(4,782)
Repurchase of common shares (in shares)	0
Preferred dividends and distributions	$ (16,175)	(15,875)					(15,875)	(300)
Joint venture partner distributions	(21,930)							(21,930)
Equity-based compensation (in shares)				971,389
Equity-based compensation	$ 8,132	8,132		$ 9	8,123
Shares of common stock acquired for employee withholding requirements (in shares)	(144,654)			(144,654)
Shares of common stock acquired for employee withholding requirements	$ (939)	(939)		$ (1)	(938)
Other comprehensive loss	(2,384)	(1,794)				(1,794)		(590)
Net (loss) income	38,891	43,642					43,642	(4,751)
Ending preferred shares outstanding (in shares) at Dec. 31, 2024			(10,400,000)
Ending shares of Common Stock outstanding (in shares) at Dec. 31, 2024	$ (1,334,827)	(909,545)	$ (104)	$ (1,084)	(1,246,225)	(9,173)	347,041	(425,282)
Ending balance at Dec. 31, 2024	(108,435,663)			(108,435,663)
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	$ 2,626
Preferred dividends and distributions	(2,626)
Ending balance at Dec. 31, 2025	50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	(2,626)	(2,626)					(2,626)
Redemption of subsidiary preferred stock	(625)	(62)					(62)	(563)
Contributions by non-controlling interest in joint venture	$ 944							944
Common stock redemption of common units (in shares)	2,923,797			2,923,797
Common stock redemption of common units	$ 0	26,906		$ 29	26,618	259		(26,906)
Contributions by non-controlling interest in joint venture	$ (39,243)	(34,951)					(34,951)	(4,292)
Repurchase of common shares (in shares)	(3,585,179)			(3,585,179)
Repurchase of common shares	$ (15,402)	(15,402)		$ (36)	(15,366)
Preferred dividends and distributions	(16,175)	(15,875)					(15,875)	(300)
Joint venture partner distributions	(24,167)							(24,167)
Equity-based compensation (in shares)				1,269,157
Equity-based compensation	$ 8,793	8,793		$ 13	8,780
Shares of common stock acquired for employee withholding requirements (in shares)	(244,752)			(244,752)
Shares of common stock acquired for employee withholding requirements	$ (1,617)	(1,617)		$ (2)	(1,615)
Other comprehensive loss	(9,108)	(7,317)				(7,317)		(1,791)
Other	(172)	(172)			(172)		0	0
Net (loss) income	(11,677)	(5,067)					(5,067)	(6,610)
Ending preferred shares outstanding (in shares) at Dec. 31, 2025			(10,400,000)
Ending shares of Common Stock outstanding (in shares) at Dec. 31, 2025	$ (1,223,752)	$ (862,155)	$ (104)	$ (1,088)	$ (1,264,470)	$ (2,115)	$ 405,622	$ (361,597)
Ending balance at Dec. 31, 2025	(108,798,686)			(108,798,686)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES:
Net (loss) income	$ (11,677)	$ 38,891	$ (28,116)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	149,610	146,436	150,924
Amortization of debt issuance costs	6,884	6,582	5,910
Loss on impairment and write-down of assets	1,833	6,723	16,661
Recovery of credit losses	0	0	(1,230)
Equity-based compensation	8,793	8,132	7,742
Deferred tax (benefit) expense	(331)	762	84
Reversal of valuation allowance on deferred tax assets	0	(12,061)	0
(Gain) loss on disposal of assets, net	(6,579)	(28,912)	337
Gain on extinguishment of debt	0	(3,000)	0
Non-cash interest income	0	(400)	(531)
Debt transaction costs	0	647	395
Other	939	450	793
Changes in operating assets and liabilities:
Trade receivables, net	1,024	2,724	(334)
Prepaid expenses and other	2,151	(1,034)	(636)
Accounts payable	225	2,513	(380)
Accrued expenses and other	(3,842)	(2,130)	2,022
NET CASH PROVIDED BY OPERATING ACTIVITIES	149,030	166,323	153,641
INVESTING ACTIVITIES:
Acquisitions of lodging properties	0	(96,329)	(44,614)
Improvements to lodging properties	(75,479)	(89,306)	(89,580)
Investment in property under development	(7,507)	(5,150)	(826)
Proceeds from tax incentive payment	0	9,896	0
Proceeds from asset dispositions, net	39,675	109,442	35,176
Funding of real estate loans and related expenses	0	0	(4,576)
Proceeds from principal payments on real estate loans	0	0	1,462
Transaction escrow activity and other	(76)	(52)	1,000
NET CASH USED IN INVESTING ACTIVITIES	(43,387)	(71,499)	(101,958)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving line of credit	70,000	115,000	75,000
Repayments of revolving line of credit borrowings	(80,000)	(105,000)	(90,000)
Proceeds from mortgage loan	58,000	0	0
Repayment of mortgage loan	(45,433)	0	0
Scheduled principal payments on mortgage loans	(1,124)	(1,408)	(2,284)
Proceeds from term loans	95,000	50,000	0
Repayment of term loans	(100,308)	(93,267)	0
Financing fees, debt transactions costs and other issuance costs	(10,267)	(3,511)	(10,381)
Repurchases of common shares	(15,402)	0	0
Redemption of subsidiary preferred stock	(625)	0	(413)
Common dividends and distributions paid	(38,989)	(36,875)	(26,945)
Preferred dividends and distributions paid	(18,801)	(18,801)	(18,831)
Proceeds from contributions by non-controlling interests in joint venture	944	22,497	20,592
Distributions to joint venture partner	(24,167)	(21,930)	(12,426)
Repurchase of common shares for employee tax withholding requirements	(1,617)	(939)	(1,388)
Proceeds from the sale of subsidiary preferred stock	0	0	1,353
NET CASH USED IN FINANCING ACTIVITIES	(112,789)	(94,234)	(65,723)
Net change in cash, cash equivalents and restricted cash	(7,146)	590	(14,040)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	48,358	47,768	61,808
End of period	41,212	48,358	47,768
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE:
Cash and cash equivalents	36,110	40,637	37,837
Restricted cash	5,102	7,721	9,931
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 41,212	$ 48,358	$ 47,768

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS General Summit Hotel Properties, Inc. (the “Company”) is a self-managed lodging property investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the “Operating Partnership”), a Delaware limited partnership also organized on June 30, 2010. Unless the context otherwise requires, “we,” “us,” and “our” refer to the Company and its consolidated subsidiaries. We focus on owning lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2025, our portfolio consisted of 95 lodging properties with a total of 14,347 guestrooms located in 24 states. At December 31, 2025, we own 100% of the outstanding equity interests in 52 of 95 of our lodging properties. We own a 51% controlling interest in 40 hotels through a joint venture with USFI G-Peak Pte. Ltd. (“GIC”), a private limited company incorporated in the Republic of Singapore (the “GIC Joint Venture”), and two 90% equity interests in separate joint ventures (the “Brickell Joint Venture” and the “Onera Joint Venture”). The Brickell Joint Venture owns two lodging properties, and the Onera Joint Venture owns one lodging property. At December 31, 2025, 86% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 91% were located within the top 100 MSAs and over 99% of our guestrooms operated under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”), and InterContinental® Hotels Group (“IHG”). We have elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. To qualify as a REIT, we cannot operate or manage our lodging properties. Accordingly, all of our lodging properties are leased to our taxable REIT subsidiaries (“TRS Lessees” or “TRSs”) and managed by professional third-party lodging property management companies.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements.

We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements.

Acquisitions of Lodging Property

We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values.

When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgments related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods.

Investments in Lodging Property, net

The Company allocates the purchase price of acquired lodging properties based on the relative fair values of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property, or an interest in real property, are inseparable from that real property or interest in real property, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals.

Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred.

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:


Classification						Estimated Useful Lives
Buildings and improvements						6 to 40 years
Furniture, fixtures and equipment						2 to 15 years

We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.

When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.

On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets.

We monitor events and changes in circumstances for indicators that the carrying value of a lodging property or undeveloped land may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Our evaluation process includes a quantitative analysis utilizing metrics to assess the operating performance of our lodging properties relative to historical results and profitability, and a qualitative analysis of other factors to assess if a potential impairment exists. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated net fair value.

Intangible Assets

We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.

Assets Held for Sale

We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or expected selling price less estimated costs of disposition (fair value). We record a write-down when the carrying amounts of Assets held for sale exceed their fair value.

If we subsequently decide not to sell a long-lived asset (disposal group) classified in Assets held for sale, or if a long-lived asset (disposal group) no longer meets the Assets held for sale criteria, a long-lived asset (disposal group) is reclassified as Investments in lodging property, net, after taking into effect the required catch-up depreciation, in the period in which the Assets held for sale criteria are no longer met. A long-lived asset that is reclassified from Assets held for sale to Investments in lodging property, net is measured individually at the lower of either its:

i.) Carrying amount before it was classified as Assets held for sale, adjusted for any depreciation (amortization) expense or impairment losses that would have been recognized had the asset (group) been continuously classified as Investments in lodging property, net; or

ii.) Fair value at the date of the subsequent decision not to sell.

Variable Interest Entities

We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.

Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.

Restricted Cash

Restricted cash generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Trade Receivables and Credit Policies

We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions. Our allowance for doubtful accounts was $0.1 million at both December 31, 2025 and 2024. Bad debt expense was $0.3 million, during each of the years ended December 31, 2025, 2024, and $0.4 million for the year ended December 31, 2023.

Leases

In accordance with Accounting Standards Codification (“ASC”) No. 842 — Leases, we record the financial liability and right-of-use assets that are inherent to leasing an asset on our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification.

Notes Receivables

We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Consolidated Statements of Operations. When we place notes receivable on non-accrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current, and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.

Deferred Charges, net

Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Additionally, unamortized debt issuance costs related to our $275 million delayed draw term loan closed in March 2025 (the “2025 Delayed Draw Term Loan”), as discussed in detail in Note 6 - Debt, are included in Deferred charges, net as we had not yet drawn any amounts on this loan as of December 31, 2025.

Debt Issuance Costs

Debt issuance costs related to our long-term debt generally are recorded at cost as a reduction to the related debt, and are amortized as interest expense on a straight-line basis, which approximates the interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument.

Non-controlling Interests

Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations.

Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures.

Redeemable Non-controlling Interests

Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership (“Redeemable Preferred Units”) in connection with the NCI Transaction (described in Note 6 - Debt to the Consolidated Financial Statements). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of Redeemable non-controlling Interests (see “Note 9 - Equity” for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date.

Revenue Recognition

Revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statements of Operations.

Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy.

Government Grants

Government grants whose primary condition is for the purchase, construction or acquisition of long-term assets are accounted for in accordance with ASU No. 2021-10, Government Assistance. We record government grants in profit or loss on a systematic basis over the periods in which we recognize as expenses the related costs for which the grants are intended to compensate. Government grants related to assets are presented in our Consolidated Balance Sheets by deducting the grant in arriving at the carrying amount of the asset. Therefore, the grant is recognized in profit or loss over the life of the depreciable asset as a credit to depreciation expense.

Sales and Other Taxes

We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.

Equity-Based Compensation

Our 2024 Equity Incentive Plan, which became effective May 22, 2024, and previously, the 2011 Equity Incentive Plan (collectively, the “Equity Plan”), provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation. We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards.

Exchange or Modification of Debt

We consider modifications or exchanges of debt as extinguishments in accordance with ASC No. 470, Debt, with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different. If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. Under an exchange or modification accounted for as a debt extinguishment, fees paid to the lenders are included in the gain or loss on extinguishment of debt. Costs incurred with third parties, such as legal fees, directly related to the exchange or modification are capitalized as deferred financing costs and amortized over the initial term of the new debt. Previously deferred fees and costs for existing debt are included in the calculation of gain or loss. Under an exchange or modification not accounted for as a debt extinguishment, fees paid to the lenders are reflected as additional debt discount and amortized as interest expense over the remaining initial term of the exchanged or modified debt. Furthermore, costs incurred with third parties, such as legal fees, directly related to the exchange or modification are expensed as incurred. Additionally, previously deferred fees and costs are amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt.

Derivative Financial Instruments and Hedging

All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.

Insurance Recoveries

Insurance recoveries from casualty losses are recorded when all contingencies are resolved. Proceeds from these insurable events are netted with the related costs and are recorded in Other income, net on our Consolidated Statements of Operations.

The Company may also be entitled to business interruption proceeds for losses occurred at certain properties. Business interruption insurance recoveries are recorded when a final agreed-upon settlement has been reached with the insurance carrier. During the year ended December 31, 2024, the Company recorded $1.2 million of business interruption recoveries, which is included as an offset to the related expenses recorded in Other lodging property expenses on our Consolidated Statements of Operations.

Income Taxes

We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we qualify for certain relief provisions.

Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership.

Taxable income related to our TRSs is subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.

Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed.

We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements.

Fair Value Measurement

Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:


Level 1:						Observable inputs such as quoted prices in active markets.
Level 2:						Directly or indirectly observable inputs, other than quoted prices in active markets.
Level 3:						Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis are based on one or more of the following valuation techniques:


Market approach:						Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach:						Amount required to replace the service capacity of an asset (replacement cost).
Income approach:						Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).

Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

We have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any.

Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets held for sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2).

Earnings Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Segment Disclosure

ASC No. 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment for activities related to investing in lodging properties. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”) in order to allocate resources and assess performance. Our investments in lodging properties are geographically diversified and the CODM allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single reportable segment.

Use of Estimates

Our Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our consolidated financial position and results of operations.

New Accounting Standards

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740). ASU No. 2023-09 provides for changes to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with SEC Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. We adopted ASU No. 2023-09 during the year ended December 31, 2025, and the disclosures required by this standard are presented in Note 15 - Income Taxes.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, that will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. ASU No, 2024-03 is intended to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the consolidated statement of operations. ASU No. 2024-03 does not change the requirements for the presentation of expenses on the face of the consolidated statement of operations. Under ASU No. 2024-03, entities are required to disaggregate, in tabular format, expense captions presented on the face of the income statement - excluding earnings or losses from equity method investments - if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. While the adoption of ASU 2024-03 is not expected to have an effect on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our Consolidated Financial Statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The amendments are intended to simplify the application of hedge accounting and better align accounting outcomes with an entity’s risk management strategies. The ASU expands the scope of eligible hedged risks and forecasted transactions, modifies certain hedge effectiveness requirements, and provides additional guidance on the accounting for variable-rate debt instruments with multiple reference rate options. The guidance is effective for fiscal years beginning after December 15, 2026 for public business entities, with early adoption permitted. The adoption of ASU 2025-09 is not expected to have an effect on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants. The amendments are intended to reduce diversity in practice and align U.S. GAAP more closely with international accounting standards. The ASU is effective for fiscal years beginning after December 15, 2028 for public business entities, with early adoption permitted. The adoption of ASU 2025-10 is not expected to have an effect on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Interim Disclosure Improvements, which expands interim disclosure requirements to provide more timely and decision-useful information to investors. The ASU is effective for interim periods beginning after December 15, 2026 for public business entities, with early adoption permitted. The adoption of ASU 2025-11 is not expected to have a material effect on our consolidated financial statements.

Reclassifications

A parcel of land with a carrying amount of approximately $0.4 million that was classified as Assets held for sale at December 31, 2024 has been reclassified to Investments in lodging property, net during the year ended December 31, 2025 as the lodging property no longer met the Assets held for sale criteria. In addition, in the prior period presentation of Cash Flows from Financing Activities on the Consolidated Statement of Cash Flows, we combined mortgage and term loan principal payments into a single line item totaling $94.7 million. Principal payments on mortgages and term loans have been separately reported in the current year presentation. As such, the prior period amounts are presented in the current presentation as Scheduled principal payments on mortgage loans totaling $1.4 million and Repayment of term loans totaling $93.3 million.

INVESTMENTS IN LODGING PROPERTY, NET

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

INVESTMENTS IN LODGING PROPERTY, NET

Investments in Lodging Property, net

Investments in lodging property, net include the following (in thousands):


	December 31,
	2025		2024
Lodging buildings and improvements	$	2,885,464	$	2,867,256
Land	410,692		415,574
Furniture, fixtures and equipment	308,621		296,476
Construction in progress	26,111		35,294
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,667,731		3,651,443
Less - accumulated depreciation and amortization	(1,027,364)		(904,678)
	$	2,640,367	$	2,746,765

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $148.9 million, $145.8 million, and $150.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2024, the GIC Joint Venture received a $9.9 million tax incentive payment from the City of Dallas related to the NCI Transaction. We recorded the payment as a reduction to the accounting basis of the related depreciable assets during the year ended December 31, 2024.

During the years ended December 31, 2025 and 2024, the GIC Joint Venture recorded a write-down and a loss on impairment related to lodging properties of $1.8 million and $6.7 million, respectively, to reduce the carrying amount of the properties to their estimated fair values.

Lodging Property Acquisitions

Hampton Inn Boston-Logan Airport - Revere (Boston), MA and the Hilton Garden Inn Tysons Corner - Tysons Corner (Vienna), VA

In December 2024, the GIC Joint Venture acquired the Hampton Inn located in Revere (Boston), MA and the Hilton Garden Inn located in Tysons Corner (Vienna), VA containing an aggregate total of 399 guestrooms for an aggregate purchase price of $96.0 million and transaction costs of approximately $0.3 million. The purchase price was funded through a combination of a $2.9 million escrow deposit, capital contributions from our GIC Joint Venture partner totaling $21.5 million, $49.5 million of borrowings (net of deferred financing costs) on our expanded GIC Joint Venture Credit Facility (as defined below in Note 6 - Debt), and our capital contribution of $22.4 million from proceeds from the sale of the Four Points by Marriott San Francisco Airport, and cash on hand.

The acquisition completed during the year ended December 31, 2024 was recorded as an asset acquisition. As such, we allocated the aggregate purchase price paid to the net assets acquired based on their relative fair values. In determining relative fair values, we made significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, and judgments related to certain financial assumptions. Acquisition costs related to the transaction were capitalized as part of the recorded amounts of the acquired net assets.

The allocation of the aggregate purchase price to the fair value of assets and liabilities acquired for the above acquisition is as follows (in thousands):



	2024
Land	$	40,936
Lodging buildings and improvements	51,891
Furniture, fixtures and equipment	3,502


Total assets acquired (1)	$	96,329

(1) Total assets acquired during the year ended December 31, 2024 is based on an aggregate purchase price of $96.0 million plus transaction costs of $0.3 million.

Lodging Property Sales

The properties sold during the years ended December 31, 2025 and 2024 were as follows:

Courtyard by Marriott - Amarillo, TX

In October 2025, the GIC Joint Venture completed the sale of the 107-guestroom Courtyard by Marriott, Amarillo, TX for a selling price of $20.0 million, which resulted in a gain on sale of approximately $4.2 million.

Courtyard by Marriott - Kansas City, MO

In October 2025, we completed the sale of the 123-guestroom Courtyard by Marriott in Kansas City, MO for a selling price of $19.0 million, which resulted in a gain on sale of approximately $2.5 million.

Undeveloped Parcel of Land - San Antonio, TX

We owned a 5.99-acre parcel of undeveloped land in San Antonio, TX that was classified as Assets held for sale at December 31, 2024. In February 2025, we closed on the sale of the parcel of undeveloped land for $1.3 million, which approximated its carrying amount.

Four Points by Marriott San Francisco Airport - San Francisco, CA

In October 2024, we completed the sale of the 101-guestroom Four Points by Marriott San Francisco Airport in San Francisco, CA for a selling price of $17.7 million, which resulted in a gain on sale of approximately $0.4 million.

Portfolio of Two Lodging Properties - New Orleans, LA

In April 2024, we completed the sale of the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites by Marriott, both located in New Orleans, LA, for an aggregate selling price of $73.0 million, which resulted in a gain on sale of approximately $28.3 million.

Hilton Garden Inn - Bryan (College Station), TX

In April 2024, the GIC Joint Venture completed the sale of the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. The net selling price of the lodging property approximated its net book value on the closing date.

Hyatt Place - Dallas (Plano), TX

In February 2024, the GIC Joint Venture completed the sale of the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. The net selling price of the lodging property approximated its net carrying amount on the closing date.

Pending Lodging Property Sales

In November 2025, The GIC Joint Venture entered into a purchase and sale agreement to sell the 122-guestroom Hilton Garden Inn, Longview, TX for a selling price of $12.3 million. We reclassified the carrying value of the property to Assets held for sale, net at December 31, 2025 and recorded a write-down of $1.8 million for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 20, 2026 under the terms described above.

Assets Held for Sale, net

Assets held for sale, net are as follows (in thousands):


	December 31,
	2025		2024
Hilton Garden Inn - Longview, TX	$	11,967	$	—
Parcel of undeveloped land - San Antonio, TX	—		1,225
	$	11,967	$	1,225

Intangible Assets

Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):


	Weighted Average Amortization Period (in Years)	December 31,
		2025		2024
Indefinite-lived Intangible assets:
Air rights	N/A	$	10,754	$	10,754
Other	N/A	80		80
		10,834		10,834
Finite-lived intangible assets:

Tax incentives(1)	9.2	12,063		12,063
Key money(1)	17.8	9,370		9,370


		21,433		21,433
Total intangible assets		32,267		32,267
Less - accumulated amortization		(7,255)		(5,691)
Intangible assets, net		$	25,012	$	26,576

(1) Finite-lived intangible assets were primarily acquired in the NCI Transaction.

We recorded amortization expense related to intangible assets of approximately $1.6 million, $3.3 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Future amortization expense related to intangible assets is as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	1,564
2027	1,510
2028	1,016
2029	1,016
2030	1,016
Thereafter	8,056
	$	14,178

INVESTMENT IN REAL ESTATE LOANS	12 Months Ended
INVESTMENT IN REAL ESTATE LOANS	Dec. 31, 2025
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE LOANS	INVESTMENT IN REAL ESTATE LOANS Real Estate Development Loans Onera Mezzanine Financing Loan In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP (“Onera”) to provide a mezzanine financing loan of $4.6 million (the “Onera Mezzanine Loan”) for the development of a glamping property. Additionally, we issued a $3.0 million letter of credit to the senior lender of the project as additional support for Onera's construction loan. The letter of credit was terminated in January 2026. The Onera Mezzanine Loan is secured by a second mortgage on the property and is subordinate to the senior lender for the development project. As of December 31, 2025, we have funded our entire $4.6 million commitment under the mezzanine financing loan. The development of the property was completed and operations commenced in September 2024. We also have an option to purchase 90% of the equity of the entity that owns the development property that became exercisable upon completion of construction in September 2024 (the “Onera Purchase Option”). The Onera Purchase Option is exercisable until the date in which the Onera Mezzanine Loan is paid in full. We recorded the estimated fair value of the Onera Purchase Option in Other assets and as a contra-asset to Investments in lodging property, net at its estimated fair value of $0.9 million on the transaction date using the Black-Scholes model. Our estimate of the fair value of the Onera Purchase Option under the Black-Scholes model requires judgment and estimates primarily related to the volatility of our stock price and expected levels of future dividends on our common stock. The recorded amount of the Onera Purchase Option was amortized as interest income beginning in January 2023 using the straight-line method, which approximates the interest method, and through September 2024 when the Onera Purchase Option became exercisable. We amortized $0.4 million and $0.5 million of the carrying amount of the Onera Purchase Option as non-cash interest income for each of the years ended December 31, 2024 and 2023, respectively. Subsequent to December 31, 2025, the agreement with Onera was amended to extend the maturity of the Onera Mezzanine loan to June 30, 2027 ( the “Onera Amendment”). In addition, the Onera Amendment extended the exercise date of the Onera Purchase Option through March 1, 2027.

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

Restricted Cash

Restricted cash was as follows (in thousands):


	December 31,
	2025		2024
FF&E reserves	$	4,728	$	7,357
Property taxes and other	374		364


	$	5,102	$	7,721

The Company maintains reserve funds for property taxes, insurance, capital expenditures and replacement or refurbishment of furniture, fixtures and equipment at some of our lodging properties in accordance with management, franchise or mortgage loan agreements. These agreements generally require us to reserve cash ranging from 2% to 5% of the revenues of the individual lodging property in restricted cash escrow accounts. Any unused restricted cash balances revert to us upon the termination of the underlying agreement or may be released to us from the restricted cash escrow accounts upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Prepaid Expenses and Other

Prepaid expenses and other included the following (in thousands):


	December 31,
	2025		2024

Prepaid insurance	$	1,697	$	2,112

Prepaid taxes	2,135		2,403
Insurance receivable	—		1,159
Other	3,272		3,906


	$	7,104	$	9,580

Deferred Charges, net

Deferred charges were as follows (in thousands):


	December 31,
	2025		2024
Deferred financing fees - 2025 Delayed Draw Term Loan (1)	$	4,306	$	—
Franchise fees	10,376		10,619
Less - accumulated amortization	(4,631)		(4,159)
	$	10,051	$	6,460

(1) In March 2025, we incurred debt issuance costs related to the 2025 Delayed Draw Term Loan of $4.3 million. These costs were reclassified as a reduction to the related debt at the time the funds are drawn in February 2026 to repay the Convertible Notes at maturity. Amortization of the deferred financing costs will commence in February 2026.

Amortization expense for each of the years ended December 31, 2025 and 2024 amounted to $0.7 million, and was $0.6 million for the year ended December 31, 2023.

Other Assets

Other assets included the following (in thousands):


	December 31,
	2025		2024
Derivative financial instrument	$	3,001	$	11,573
Purchase option related to real estate loan	931		931
Deferred tax asset, net	11,627		11,295
Other	395		492


	$	15,954	$	24,291

Accrued Expenses and Other

Accrued expenses and other included the following (in thousands):


	December 31,
	2025		2024
Accrued property, sales and income taxes	$	27,244	$	26,568
Derivative financial instruments	536		—
Accrued salaries and benefits	12,774		14,254
Other accrued expenses at lodging properties	24,082		25,904
Accrued renovation costs	3,140		4,805
Advance room deposits	5,782		6,847
Accrued interest	2,097		3,266
Other	762		509






	$	76,417	$	82,153

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

At December 31, 2025, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility, the 2024 Term Loan, the GIC Joint Venture Credit Facility, the GIC Joint Venture Term Loan, the PACE Loan, the Convertible Notes (each of such credit facilities and loans are defined below), and two loans secured by first priority mortgage liens on three lodging properties. In March 2025, we closed the 2025 Delayed Draw Term Loan to refinance a significant portion of our outstanding $287.5 million convertible notes when they matured in February 2026. As of December 31, 2025, we had not drawn any amounts under the 2025 Delayed Drawn Term Loan.

We have entered into interest rate swaps to fix the interest rates on a portion of our variable interest rate indebtedness. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 4.83% and 5.01% at December 31, 2025 and 2024, respectively. We are in compliance with all financial covenants in the loan agreements.

In December 2025, we executed amendments to the $600 million Senior Credit and Term Loan Facility, the 2024 Term Loan, the 2025 Delayed Draw Term Loan, and the GIC Joint Venture Credit Facility to reduce the interest payable pursuant to each respective credit agreement by removing the 10 basis point credit spread adjustment to the term SOFR rate therein.

$600 Million Senior Credit and Term Loan Facility

In June 2023, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into an amended and restated $600.0 million senior credit facility (the “2023 Senior Credit Facility”) with Bank of America, N.A., as successor administrative agent, and a syndicate of lenders. The 2023 Senior Credit Facility is comprised of a $400.0 million revolver (the “$400 Million Revolver”) and a $200.0 million term loan facility (the “$200 Million Term Loan”). The 2023 Senior Credit Facility has an accordion feature which allows the Company to increase the total commitments by an aggregate of up to $300.0 million.

At December 31, 2025, the $200 Million Term Loan was fully funded, and we had no outstanding borrowings on our $400 Million Revolver. Borrowings under the 2023 Senior Credit Facility are limited by the value of the Unencumbered Assets.

The $400 Million Revolver has a maturity date of June 2027, which may be extended by the Company for up to two consecutive six-month periods, subject to certain conditions, and the $200 Term Loan has a maturity date of June 2026, which may be extended by the Company for up to two consecutive 12-month periods, subject to certain conditions.

The $400 Million Revolver bears interest, at our option, at either (i) the Secured Overnight Financing Rate (“SOFR”) or term SOFR plus a margin ranging from 140 basis points to 240 basis points, depending on the Company's leverage ratio (as defined in the loan documents) or (ii) an applicable base rate (which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 50 basis points, and 1-month term SOFR plus 100 basis points) (the “base rate”) plus a margin ranging from 40 basis points to 140 basis points, depending on the Company's leverage ratio (as defined in the loan documents).

The $200 Million Term Loan bears interest, at our option, at either (i) daily SOFR or term SOFR plus a margin ranging from 135 basis points to 235 basis points, depending on the Company's leverage ratio (as defined in the loan documents) or (ii) the base rate plus a margin ranging from 35 basis points to 135 basis points, depending on the Company's leverage ratio (as defined in the loan documents).

We are also required to pay an unused fee (“Unused Fee”) on the undrawn portion of the $400 Million Revolver. The Unused Fee shall be calculated on a daily basis on the unused amount of the $400 Million Revolver multiplied by (i) 0.25% per annum in the event that the unused amount is greater than 50% of the maximum aggregate amount of the $400 Million Revolver, or, (ii) 0.20% per annum in the event that unused amount is equal to or less than 50% of the maximum aggregate amount of the $400 Million Revolver. The Unused Fee is payable quarterly in arrears and on the final maturity date of the $400 Million Revolver.

We are required to comply with various financial and other covenants to draw and maintain borrowings under the $400 Million Revolver.

Amendments to the 2023 Senior Credit Facility

In September 2024, we executed an amendment to the 2023 Senior Credit Facility. Under the amendment, we may elect at our sole discretion that the Unsecured Leverage Ratio (as defined in the loan documents) may exceed 60% but shall in no event exceed 65% for such fiscal quarter and the next three succeeding fiscal quarters (the “Unsecured Leverage Increase Period”). Once this one-time right has been exercised and after the Unsecured Leverage Increase Period expires, the 2023 Senior Credit Facility will revert back to the prior Unsecured Leverage Ratio pursuant to which the credit availability under the 2023 Senior Credit Facility will be limited to the 60% Unsecured Leverage Ratio for the remainder of the term of the 2023 Senior Credit Facility. We have not yet made the election under the amendment.

In March 2025, we executed an amendment to the 2023 Senior Credit Facility to, among other things, permit the 2025 Delayed Draw Term Loan.

Term Loans

2024 Term Loan

In February 2024, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan documentation as a subsidiary guarantor, entered into a $200.0 million senior unsecured term loan financing (the “2024 Term Loan”) with Regions Bank. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full a similar term loan that was scheduled to mature in February 2025.

The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods by the Company, subject to certain conditions. At December 31, 2025, the 2024 Term Loan was fully funded.

We pay interest on advances at varying rates, based upon, at our option, either (i) the daily SOFR or term SOFR (subject to a floor of zero basis points), plus a margin ranging between 135 and 235 basis points, depending upon our leverage ratio (as defined in the loan documents) or (ii) the base rate plus a margin ranging between 35 and 135 basis points, depending on our leverage ratio (as defined in the loan documents). We are required to pay other fees, including arrangement and administrative fees.

We are required to comply with various financial and other covenants to maintain borrowings under the 2024 Term Loan.

Amendment to 2024 Term Loan

In September 2024, we executed an amendment to the 2024 Term Loan. Under the amendment, we may elect at our sole discretion that the Unsecured Term Loan Leverage Ratio (as defined in the loan documents) may exceed 60% but shall in no event exceed 65% for such fiscal quarter and the next three succeeding fiscal quarters (the “Unsecured Term Loan Leverage Increase Period”). Once this one-time right has been exercised and after the Unsecured Term Loan Leverage Increase Period expires, the 2024 Term Loan will revert back to the prior Unsecured Term Loan Leverage Ratio pursuant to which the credit availability under the 2024 Term Loan will be limited to the 60% Unsecured Term Loan Leverage Ratio for the remainder of the term of the 2024 Term Loan. We have not yet made the election under the amendment.

In March 2025, we executed an amendment to the 2024 Term Loan to, among other things, permit the 2025 Delayed Draw Term Loan.

Borrowings under the 2023 Senior Credit Facility and the 2024 Term Loan are limited by the value of the Unencumbered Assets (as defined in the loan agreements).

Convertible Senior Notes and Capped Call Options

In January 2021, we entered into an underwriting agreement (the “Convertible Notes Offering”) pursuant to which the Company agreed to offer and sell $287.5 million aggregate principal amount of 1.50% convertible senior notes due 2026 (the “Convertible Notes"). The net proceeds from the Convertible Notes Offering, after deducting underwriting discounts and commissions and offering expenses payable by the Company (including net proceeds from the full exercise by the underwriters of their over-allotment option to purchase additional Convertible Notes), were approximately $280.0 million before consideration of the Capped Call Transactions (as described below). These proceeds were used to pay the cost of the Capped Call Transactions and to partially repay outstanding obligations under the Company's prior senior credit facility and a $62.0 million term loan.

The Convertible Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021. The Convertible Notes matured on February 15, 2026 and were repaid using amounts available on the 2025 Delayed Drawn Term Loan and borrowings on our $400 Million Revolver.

During each of the years ended December 31, 2025, 2024 and 2023, the Company recorded coupon interest expense of $4.3 million and amortized $1.5 million of the $7.6 million debt issuance costs related to the Convertible Notes Offering during each of the years ended December 31, 2025, 2024, and 2023. Including the amortization of the debt issuance costs, the effective interest rate on the Convertible Notes at December 31, 2025 was approximately 2.02%. The unamortized discount related to the Convertible Notes was $0.2 million and $1.7 million at December 31, 2025 and 2024, respectively.

In January 2021, in connection with the pricing of the Convertible Notes and the full exercise by the Underwriters of their option to purchase additional Convertible Notes pursuant to the Underwriting Agreement, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters or their respective affiliates and another financial institution to reduce the potential dilution to holders of shares of common stock upon the conversion of the Convertible Notes or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted notes upon conversion thereof, with such reduction or offset subject to a cap. The Capped Call options expired unexercised upon repayment of the Convertible Notes in February 2026.

2025 Delayed Draw Term Loan

In March 2025, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into the 2025 Delayed Draw Term Loan with Bank of America, N.A., as administrative agent. The 2025 Delayed Draw Term Loan was used in February 2026 to refinance a significant portion of our Convertible Notes upon maturity. The 2025 Delayed Draw Term Loan has an accordion feature which allows the Company to increase the total commitments to $325 million.

The 2025 Delayed Draw Term Loan has an initial maturity date of March 27, 2028, and can be extended for two 12-month periods by the Company, subject to certain conditions, resulting in a fully extended maturity of March 2030. Advances under the 2025 Delayed Draw Term Loan will bear interest at varying rates based upon, at our option, either (i) daily SOFR or term SOFR, plus a margin ranging from 135 basis points to 235 basis points depending on our leverage ratio, or (ii) the base rate, plus a base rate margin ranging from 35 basis points to 135 basis points, depending on our leverage ratio.

We are also required to pay a fee on the unused portion of the 2025 Delayed Draw Term Loan equal to the undrawn amount multiplied by an annual rate of 0.25% of the average unused amount of the 2025 Delayed Draw Term Loan.

During the year ended December 31, 2025, we incurred debt issuance costs related to the 2025 Delayed Draw Term Loan of $4.3 million. The debt issuance costs are recorded as deferred financing costs and are included in Deferred charges, net on our Consolidated Balance Sheet at December 31, 2025. Amortization of the deferred financing costs commenced in February 2026 when we drew on the 2025 Delayed Draw Term Loan.

At December 31, 2025, we had not yet drawn any amounts on this loan. In February 2026, we borrowed $275 million under the 2025 Delayed Draw Term Loan to repay the Convertible Notes upon maturity.

We are required to comply with various financial and other covenants to maintain borrowings under the 2025 Delayed Draw Term Loan.

Borrowings under the 2025 Delayed Draw Term Loan are limited by the value of the Unencumbered Assets (as defined in the loan agreements).

GIC Joint Venture Credit Facility

In September 2023, Summit JV MR 1, LLC (the “Borrower”), as borrower, and Summit Hospitality JV, LP (the “Parent” or “GIC Joint Venture”), as parent of the Borrower, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a credit facility (the “GIC Joint Venture Credit Facility”) with Bank of America, N.A., as administrative agent and sole initial lender, and BofA Securities, Inc., as sole lead arranger and sole bookrunner. The Operating Partnership and the Company are not borrowers or guarantors of the GIC Joint Venture Credit Facility. The GIC Joint Venture Credit Facility is guaranteed by all of the Borrower’s existing and future subsidiaries, subject to certain exceptions.

The GIC Joint Venture Credit Facility is currently comprised of a $125.0 million revolving credit facility (the “$125 Million Revolver”) and, after giving effect to a December 2024 increase to the term loan, a $125.0 million term loan (the “$125 Million Term Loan”). The GIC Joint Venture Credit Facility has an accordion feature which allows the GIC Joint Venture to further increase the total commitments for aggregate potential borrowings of up to $500.0 million. The December 2024 increase to the $125 Million Term Loan funded a portion of the purchase price for the acquisition of two lodging properties (see Note 3 - Investments in Lodging Property, net).

At December 31, 2025, the GIC Joint Venture had $125.0 million outstanding under the $125 Million Revolver. The $125 Million Revolver and the $125 Million Term Loan have an initial maturity date of September 2027 and can be extended for a single 12-month period at the option of the GIC Joint Venture, subject to certain conditions. As such, the $125 Million Revolver and the $125 Million Term Loan have a fully extended maturity date of September 2028.

The interest rate on the $125 Million Revolver is based on the higher of (i) daily SOFR or term SOFR, plus a margin of 215 basis points, or, (ii) the base rate, plus a base rate margin of 115 basis points.

The interest rate on the $125 Million Term Loan is based on the higher of (i) Daily SOFR or term SOFR, plus a margin of 210 basis points, or, (ii) the base rate, plus a base rate margin of 110 basis points.

In addition, on a quarterly basis, the GIC Joint Venture will be required to pay a fee on the unused portion of the GIC Joint Venture Credit Facility equal to the unused amount multiplied by an annual rate of 0.25% of the average unused amount of the GIC Joint Venture Credit Facility. The GIC Joint Venture will also be required to pay other fees, including customary arrangement and administrative fees.

Borrowing Base Assets. The GIC Joint Venture Credit Facility is secured primarily by a first priority pledge of the Borrower's equity interests in the subsidiaries that hold 15 lodging properties financed by the facility, and the related TRS entities, which wholly own the TRS Lessees that lease each of the borrowing base assets. There are currently 15 lodging properties deemed borrowing base assets.

We are required to comply with various financial and other covenants to maintain borrowings under the GIC Joint Venture Credit Facility.

GIC Joint Venture Term Loan

In January and March 2022, the Operating Partnership and the GIC Joint Venture closed on a transaction with NewcrestImage Holdings, LLC, a Delaware limited liability company, and NewcrestImage Holdings II, LLC, a Delaware limited liability company (together, “NewcrestImage”), to acquire a portfolio of 27 lodging properties, two parking structures, and various financial incentives (the “NCI Transaction”). In connection with the NCI Transaction, in January 2022, Summit JV MR 2, LLC, Summit JV MR 3, LLC and Summit NCI NOLA BR 184, LLC (each of which is a subsidiary of the GIC Joint Venture, and are collectively, the “JV Borrowers”), the GIC Joint Venture, as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $410 million senior secured term loan facility (the “2022 GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent, to finance a portion of the NCI transaction.

In July 2025, the GIC Joint Venture entered into a $400 million term loan (the “2025 GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent, and a syndicate of lenders to refinance and replace the 2022 GIC Joint Venture Term Loan. As part of the transaction, we incurred costs of $4.7 million, which are recorded as a discount on the related debt on our Consolidated Balance Sheet at December 31, 2025. These costs and $0.5 million of unamortized debt issuance costs from the 2022 GIC Joint Venture Term Loan will be amortized over the term of the 2025 GIC Joint Venture Term Loan. In addition, we expensed $0.2 million of third-party costs and $0.1 million of unamortized debt issuance costs related to the 2022 GIC Joint Venture Term Loan, which are included in Other income, net on our Consolidated Statements of Operations for the year ended December 31, 2025.

The 2025 GIC Joint Venture Term Loan has an accordion feature that permits an increase in the total commitments by up to $200 million, for aggregate potential borrowings of up to $600 million. The 2025 GIC Joint Venture Term Loan will mature on July 24, 2028 and can be extended for two 12-month periods at the option of the GIC Joint Venture, subject to certain conditions. As such, the 2025 GIC Joint Venture Term Loan has a fully extended maturity date of July 2030. At December 31, 2025, we had $390.7 million outstanding on the 2025 GIC Joint Venture Term Loan.

The interest rate on the 2025 GIC Joint Venture Term Loan is based upon, at our option, (i) daily SOFR or Term SOFR (1-month or 3-month) plus a margin of 235 basis points, or (ii) the base rate plus a base rate margin of 135 basis points.

We are also required to pay other fees, including customary arrangement and administrative fees.

Neither the Operating Partnership nor the Company are borrowers or guarantors of the 2025 GIC Joint Venture Term Loan. The 2025 GIC Joint Venture Term Loan is guaranteed by the GIC Joint Venture and all of the Term Loan Borrower's existing and future subsidiaries, subject to certain exceptions.

The 2025 GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the Term Loan Borrower's equity interests in the subsidiaries that hold a direct or indirect interest in the remaining 24 lodging properties and two parking facilities purchased in the NCI Transaction that constitute borrowing base assets.

We are required to comply with various financial and other covenants to maintain borrowings under the 2025 GIC Joint Venture Term Loan.

PACE Loan

As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a Property Assessed Clean Energy (“PACE”) loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender. At December 31, 2025, the outstanding balance of the PACE loan is $5.7 million.

Brickell Mortgage Loan

In June 2022, the Company entered into a joint venture (the “Brickell Joint Venture”) with C-F Brickell, LLC (“C-F Brickell”) that was the developer of the dual-branded 264-guestroom AC Hotel by Marriott and Element Hotel in Miami, FL (together the “AC/Element Hotel”), to facilitate the exercise of a purchase option to acquire a 90% equity interest in the Brickell Joint Venture (the “Initial Purchase Option”), which owned a 100% interest in the AC/Element Hotel. The Brickell Joint Venture entered into a $47.0 million mortgage loan and non-recourse guarantee with City National Bank of Florida to fund a portion of the Initial Purchase Option.

In May 2025, the Brickell Joint Venture closed on a $58 million mortgage loan (the “Brickell Mortgage Loan”) with Wells Fargo Bank, N.A., as administrative agent, the proceeds of which were primarily used to repay the $45.4 million outstanding balance of the mortgage loan with City National Bank of Florida that was scheduled to mature in June 2025.

The Brickell Mortgage Loan provides for an interest rate equal to one-month term SOFR plus 260 basis points. Payments on the Brickell Mortgage Loan are interest-only during the term of the loan, subject to certain financial requirements. The Brickell Mortgage Loan will mature in May 2028, and can be extended for two 12-month periods at the option of the Brickell Joint Venture, subject to certain conditions.

Mortgage Loan Repayment

In June 2017, Summit Meta 2017, LLC, a subsidiary of our Operating Partnership, entered into a $47.6 million secured, non-recourse loan with MetaBank (the “MetaBank Loan”). In June 2024, the outstanding balance of the loan was $42.3 million at which time we repaid the MetaBank Loan for $39.1 million prior to its scheduled maturity date, which represented a discount of $3.2 million and resulted in a gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date. As a result of this repayment, the three lodging properties previously held as collateral for the MetaBank Loan were released.

At December 31, 2025 and 2024 our outstanding indebtedness was as follows (dollar amounts in thousands):


Lender	Reference	Interest Rate	Amortization Period (Years)	Initial Maturity Date	Fully Extended Maturity Date	Number of Properties Encumbered
							December 31,
							2025		2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver	(1)	5.84% Variable	n/a	6/21/2027	6/21/2028	n/a	$	—	$	10,000
$200 Million Term Loan	(1)	6.02% Variable	n/a	6/21/2026	6/21/2028	n/a	200,000		200,000
Total Senior Credit and Term Loan Facility							200,000		210,000

Convertible Notes	(2)	1.50% Fixed	n/a	2/15/2026	2/15/2026	n/a	287,500		287,500

Term Loans
Regions Bank 2024 Term Loan Facility	(1)	5.92% Variable	n/a	2/26/2027	2/26/2029	n/a	200,000		200,000
2025 Delayed Draw Term Loan	(1) (2)	5.79% Variable	n/a	3/27/2028	3/27/2030	n/a	—		—
							200,000		200,000
Total Operating Partnership Debt							687,500		697,500

JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida		n/a	n/a	n/a	n/a	n/a	—		46,060
Wells Fargo Bank, N.A.		6.47% Variable	n/a	5/15/2028	5/15/2030	2	58,000		—
							58,000		46,060

GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver	(3)	6.07% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
$125 Million Term Loan	(3)	6.02% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
Bank of America, N.A. 2022 Term Loan		n/a	n/a	n/a	n/a	n/a	—		396,037
Bank of America, N.A. 2025 Term Loan	(4)	6.27% Variable	n/a	7/24/2028	7/24/2030	n/a	390,730		—
Wells Fargo		4.99% Fixed	30	6/6/2028	6/6/2028	1	12,253		12,526
PACE loan	(5)	6.10% Fixed	20	7/31/2040	7/31/2040	n/a	5,660		5,884
Total GIC Joint Venture Credit Facility and Term Loans						1	658,643		664,447
Total Joint Venture Debt						3	716,643		710,507
Total Debt						3	1,404,143		1,408,007
Unamortized debt issuance costs							(10,129)		(11,297)
Debt, net of issuance costs							$	1,394,014	$	1,396,710

(1) The 2023 Senior Credit Facility, the Regions Bank 2024 Term Loan Facility, and the 2025 Delayed Draw Term Loan are supported by a borrowing base of 52 unencumbered hotel properties and their affiliates.

(2) The $287.5 million of Convertible Notes were repaid in February 2026 using amounts available on the 2025 Delayed Drawn Term Loan and borrowings on our $400 Million Revolver.

(3) The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities (and affiliated entities) that own 15 lodging properties.

(4) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities (and affiliated entities) that own 24 lodging properties and two parking garages.

(5) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.

Our total fixed-rate and variable-rate debt at December 31, 2025 and 2024, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands):


	2025		Percentage		2024		Percentage
Fixed-rate debt(1)	$	988,413	70	%	$	930,910	66	%
Variable-rate debt	415,730		30	%	477,097		34	%
	$	1,404,143			$	1,408,007

(1) At December 31, 2025, debt related to our wholly owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 77% of our total pro rata indebtedness when including the effect of interest rate swaps. See “Note 8 - Derivative Financial Instruments and Hedging.”

Contractual principal payments, taking into consideration our maturity date extension options, at December 31, 2025, for each of the next five years are as follows (in thousands):


For the Year Ended December 31,	Amount
2026 (1)	$	288,032
2027	562
2028	461,938
2029	200,293
2030	449,042
Thereafter	4,276
	$	1,404,143

(1) Virtually all of our debt maturities for the year ended December 31, 2026 relate to our Convertible Notes totaling $287.5 million, which matured in February 2026. Upon maturity, we repaid our Convertible Notes with proceeds from the 2025 Delayed Draw Term Loan and borrowings on our $400 Million Revolver.

Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands):


	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Convertible notes	$	287,500	$	287,500	$	287,500	$	278,766	Level 1 - Market approach
Mortgage loans	17,913		17,849		18,410		17,344		Level 2 - Market approach
	$	305,413	$	305,349	$	305,910	$	296,110

At December 31, 2025 and 2024, we had $683.0 million and $625.0 million of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date.

For additional information on our use of derivatives as interest rate hedges, see “Note 8 - Derivative Financial Instruments and Hedging.”

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office and other miscellaneous office equipment. These leases have remaining terms of one year to 72.5 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize rental expense for these leases on a straight-line basis over the lease term.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business.

Our right-of-use assets and related liabilities include renewal options reasonably certain to be exercised. We base our lease calculations on our estimated incremental borrowing rate. As of December 31, 2025 and 2024 our weighted average incremental borrowing rate was 4.8%.

During the years ended December 31, 2025, 2024, and 2023, the Company's total operating lease cost was $4.6 million, $4.5 million, and $4.6 million, respectively, and the operating cash outflows from operating leases were $4.1 million, $4.0 million, and $4.0 million, respectively. As of December 31, 2025 and 2024, the weighted average operating lease term was 31.4 and 31.8 years, respectively.

Operating lease maturities as of December 31, 2025 are as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	2,417
2027	2,460
2028	2,278
2029	2,058
2030	1,387
Thereafter	32,415
Total lease payments (1)	43,015
Less interest	(18,924)
Total	$	24,091

(1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

In addition, we rent or lease commercial space in certain of our lodging properties to third parties. During the years ended December 31, 2025, 2024 and 2023, we recorded gross third-party tenant income of $4.6 million, $2.7 million, and $2.6 million, respectively, which were recorded in Other income, net in the Consolidated Statements of Operations.

As of December 31, 2025, non-cancelable commercial operating leases provide for future minimum rental income as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	3,315
2027	2,745
2028	1,013
2029	724
2030	462
Thereafter	1,624
Total lease payments	$	9,883

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

We are exposed to interest rate risk through our variable-rate debt. We manage this risk primarily by managing the amount, sources, and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage our exposure to known or expected cash payments related to our variable-rate debt. The maximum length of time over which we have hedged our exposure to variable interest rates with our existing derivative financial instruments is approximately seven years.

Our objectives in using derivative financial instruments are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Our interest rate swaps are designated as cash flow hedges and involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Our agreements with our derivative counterparties contain provisions such that if we default, or can be declared in default, on any of our indebtedness, then we could also be declared in default on our derivative financial instruments.

Information about our derivative financial instruments at December 31, 2025 and 2024 is as follows (dollar amounts in thousands):


				Average
				Annual			Notional Amount				Fair Value
				Effective			December 31,				December 31,
Contract Date		Effective Date	Expiration Date	Fixed Rate			2025		2024		2025		2024
Operating Partnership:

	June 11, 2018	December 31, 2018	December 31, 2025	2.92	%		$	—	$	125,000	$	—	$	1,582
	July 26, 2022	January 31, 2023	January 31, 2027	2.60	%		100,000		100,000		816		2,824
	July 26, 2022	January 31, 2023	January 31, 2029	2.56	%		100,000		100,000		2,161		5,325
	June 5, 2025	June 2, 2025	May 15, 2028	3.57	%		58,000		—		(404)		—
	November 17, 2025	December 31, 2025	December 31, 2027	3.31	%		125,000		—		(109)		—
	Total Operating Partnership						383,000		325,000		2,464		9,731
GIC Joint Venture:
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		12		754
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		12		754
	January 19, 2024	October 1, 2024	January 13, 2026	3.77	%		100,000		100,000		(2)		334
	August 25, 2025	January 13, 2026	January 13, 2028	3.26	%		150,000		—		(4)		—
	August 25, 2025	January 13, 2026	January 13, 2028	3.27	%		150,000		—		(17)		—
	Total GIC Joint Venture						600,000		300,000		1		1,842
	Total			3.22	%	(1)	$	983,000	$	625,000	$	2,465	$	11,573

(1) Represents the weighted-average effective interest rate of our current interest rate swaps at December 31, 2025.

Our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At December 31, 2025, four of our interest rate swaps were in an asset position and five were in a liability position. At December 31, 2024, all our interest rate swaps were in an asset position. Derivative assets related to our interest rate swaps are recorded in Other assets, and other and derivative liabilities (when applicable) are included in Accrued expenses and other in our Consolidated Balance Sheets. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements.

Changes in the fair value of the hedging instruments are deferred in Other comprehensive income (loss) and are reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings. In 2026, we estimate that an additional $1.9 million will be reclassified from Other comprehensive income and recorded as a decrease to Interest expense.

The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$	(1,442)	$	11,218	$	8,677
Gain reclassified from Accumulated other comprehensive income to Interest Expense	$	7,666	$	13,602	$	11,561

Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	80,692	$	82,632	$	86,798

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
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-Section 50
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-Subparagraph (f)
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-Topic 815
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+ Details

EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

EQUITY

Common Stock

The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share (the "Common Stock"). Each outstanding share of our Common Stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power.

Changes in Common Stock during the years ended December 31, 2025 and 2024 were as follows:


	2025	2024
Beginning shares of Common Stock outstanding	108,435,663	107,593,373

Common Unit redemptions	2,923,797	15,555
Repurchases of Common Stock	(3,585,179)	—
Grants under the Equity Plan (as defined below in Note 12 - Equity-Based Compensation)	1,269,495	1,242,868
Annual grants to independent directors	189,826	127,491


Performance and time-based share forfeitures	(190,164)	(398,970)
Shares acquired for employee withholding requirements	(244,752)	(144,654)
Ending shares of Common Stock outstanding	108,798,686	108,435,663

At December 31, 2025 and 2024, the Company had reserved 48,975,993 and 52,924,195 shares of Common Stock, respectively, for the issuance of Common Stock (i) upon the exercise of stock options, issuance of time-based restricted stock awards, issuance of performance-based restricted stock awards, grants of director stock awards, or other awards issued pursuant to our Equity Plan, or (ii) upon redemption of Common Units.

Preferred Stock

The Company is authorized to issue up to 100,000,000 shares of preferred stock, $0.01 par value per share, of which 89,600,000 is currently undesignated, 6,400,000 shares have been designated as 6.25% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Shares”) and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the “Series F Preferred Shares”).

The Company's preferred shares (collectively, “Preferred Shares”) rank senior to our Common Stock and on parity with each other with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption or sinking fund requirements. The Company may not redeem the Series E Preferred Shares or Series F Preferred Shares prior to November 13, 2022 and August 12, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. After those dates, the Company may, at its option, redeem the applicable Preferred Shares, in whole or from time to time in part, by payment of $25 per share, plus any accumulated, accrued and unpaid distributions up to, but not including, the date of redemption. If the Company does not exercise its rights to redeem the Preferred Shares upon certain changes in control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each Series E preferred share is 3.1686 shares of Common Stock and each Series F preferred share is 5.8275 shares of Common Stock, all subject to certain adjustments.

The Company pays dividends at an annual rate of $1.5625 for each Series E Preferred Share and $1.46875 for each Series F Preferred Share. Dividend payments are made quarterly in arrears on or about the last day of February, May, August and November of each year.

2025 Share Repurchase Program

On April 29, 2025, our Board of Directors authorized the repurchase of up to $50 million of our Common Stock (the “2025 Share Repurchase Program”). Repurchases may be made from time to time at management’s discretion, at prices management considers to be attractive, through open market purchases, subject to availability. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. We have no obligation to repurchase any shares under the program, and the timing, actual number and value of the shares that are repurchased, if any, are at the discretion of management. The 2025 Share Repurchase Program does not have an expiration date.

During the year ended December 31, 2025, the Company repurchased 3,585,179 shares of our Common Stock under the 2025 Share Repurchase Program for an aggregate purchase price and commissions of $15.4 million, or an average of approximately $4.30 per share. As of December 31, 2025, approximately $34.6 million remained available for repurchase under the 2025 Stock Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2025
Equity [Abstract]
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS Non-controlling Interests in Operating Partnership Pursuant to the limited partnership agreement of our Operating Partnership, the unaffiliated third parties who hold Common Units in our Operating Partnership have the right to cause us to redeem their Common Units in exchange for cash based upon the fair value of an equivalent number of our shares of Common Stock at the time of redemption; however, the Company has the option to redeem with shares of our Common Stock on a one-for-one basis. The number of shares of our Common Stock issuable upon redemption of Common Units may be adjusted upon the occurrence of certain events such as share dividend payments, share subdivisions or combinations. In January 2022 and March 2022, in connection with the NCI Transaction, the Company issued an aggregate of 15,864,674 Common Units as partial consideration for the purchase. During the year ended December 31, 2025, 2.9 million Common Units were converted to shares of our Common Stock. The conversion was recorded based on the average value per Common Unit on the original issuance dates. NewcrestImage and unaffiliated third parties owned 13,009,276 and 15,933,073 of Common Units at December 31, 2025 and 2024, respectively, which represents virtually all of the Common Units owned by unaffiliated third parties. We classify outstanding Common Units held by unaffiliated third parties as non-controlling interests in the Operating Partnership, a component of equity in the Company’s Consolidated Balance Sheets. The portion of net income allocated to these Common Units is reported on the Company’s Consolidated Statements of Operations as net income attributable to non-controlling interests of the Operating Partnership. Non-controlling Interests in Joint Ventures At December 31, 2025, the Company is a partner with a majority controlling equity interest in three consolidated joint ventures as described below. GIC Joint Venture In July 2019, the Company entered into the GIC Joint Venture to acquire assets that align with the Company’s current investment strategy and criteria. The Company serves as general partner and asset manager of the GIC Joint Venture and invests 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees based on the GIC Joint Venture achieving certain return thresholds. During the year ended December 31, 2025, 2024, and 2023 Summit earned $0.2 million, $0.6 million, and $0.1 million, respectively under incentive fee agreements. As of December 31, 2025, the GIC Joint Venture owns 40 hotel properties containing 5,625 guestrooms in eleven states. The GIC Joint Venture owns the properties through master real estate investment trusts (“Master REIT”) and subsidiary REITs (“Subsidiary REIT”). All of the hotel properties owned by the GIC Joint Venture are leased to taxable REIT subsidiaries of the Subsidiary REITs (“Subsidiary REIT TRSs”). To qualify as a REIT, the Master REIT and each Subsidiary REIT must meet all REIT requirements provided in the IRC. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable corporate tax rates. Brickell Joint Venture In June 2022, the Company entered into the Brickell Joint Venture to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the AC/Element Hotel. Our joint venture partner, C-F Brickell, owns the remaining 10% equity interest in the Brickell Joint Venture. The Company has an option to purchase the remaining 10% equity interest in the Brickell Joint Venture from C-F Brickell in December 2026 pursuant to the exercise of a second purchase option at its market value on the exercise date. The Company serves as the managing member of the Brickell Joint Venture. Onera Joint Venture In October 2022, the Company entered into the Onera Joint Venture with the acquisition of a 90% equity interest in the Onera Joint Venture. Our joint venture partner, Onera Opportunity Fund I, LP, a developer of alternative accommodation properties, owns the remaining 10% equity interest in the Onera Joint Venture. The Company serves as the managing member of the Onera Joint Venture. The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, TX. In June of 2025, the Onera Joint Venture completed Phase II of its Fredericksburg, TX property, adding 23 new units to increase the total number of units for the property to 35. Redeemable Non-controlling Interests In January 2022, in connection with the NCI Transaction, Summit Hotel GP, LLC, a wholly owned subsidiary of the Company and the sole general partner of the Operating Partnership, on its own behalf as general partner of the Operating Partnership and on behalf of the limited partners of the Operating Partnership, entered into the Tenth Amendment (the “Tenth Amendment”) to the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership, to provide for the issuance of up to 2,000,000 Series Z Preferred Units. The Series Z Preferred Units rank on a parity with the Operating Partnership’s Series E and Series F Preferred Units and holders will receive quarterly distributions at a rate of 5.25% per year. From issuance until the tenth anniversary of their issuance, the Series Z Preferred Units will be redeemable at the holder’s request at any time, or in connection with a change of control of the Company, for, at the Company’s election, cash or shares of the Company’s 5.25% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following notice of redemption by holder of the Series Z Preferred Units) on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash at a redemption amount of $25 per unit. For a 90-day period immediately following both the tenth and the eleventh anniversaries of their issuance or in connection with a change of control of the Company, the Series Z Preferred Units will be redeemable at the holder’s request for cash at a redemption amount of $25 per unit. In January 2022 and March 2022, in connection with the NCI Transaction, the Operating Partnership issued an aggregate of 2,000,000 Series Z Preferred Units as partial consideration for the purchase. At December 31, 2025, the redeemable Series Z Preferred Units issued in connection with the NCI Transaction are recorded as temporary equity and reflected as Redeemable non-controlling interests on our Consolidated Balance Sheets.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2025 and 2024. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Disclosures concerning financial instruments measured at fair value are as follows (in thousands):


	Fair Value Measurement at December 31, 2025 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	3,001	$	—	$	3,001
Onera Purchase Option	—		—		931		931

Liabilities:
Interest rate swaps	—		536		—		536

	Fair Value Measurement at December 31, 2024 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	11,573	$	—	$	11,573
Onera Purchase Option	—		—		931		931

The Onera Purchase Option does not have a readily determinable fair value. The fair value was estimated using the Black-Scholes model and was based on unobservable inputs for which there is little or no market information available. As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands):



Exercise price	$	8,206
First option exercise date (1)	10/1/2024
Expected volatility	52.20		%
Risk free rate	4.15		%
Expected annualized equity dividend yield	—		%

(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2025 or 2024.

Nonrecurring Fair Value Measurements

During the year ended December 31, 2025, the Company recorded a loss on write-down of a lodging property classified as Assets held for sale of $1.8 million to reduce the carrying amount of the Hilton Garden Inn, Longview, TX to its expected net selling price less estimated cost to sell (Level 2 of the fair value hierarchy).

During the year ended December 31, 2024, the Company recorded a loss on impairment related to a lodging property totaling $6.7 million to reduce the carrying amount of the property to its estimated fair value (Level 2 of the fair value hierarchy).

During the year ended December 31, 2023, the Company recorded a loss on write-down of lodging properties classified as Assets held for sale of $16.7 million to reduce the carrying amounts of the Hyatt Place - Dallas (Plano), TX and two additional lodging properties to their expected net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Franchise Agreements All of our lodging properties (with the exception of the Onera Property and the Nordic Lodge - Steamboat Springs, CO) operate under franchise agreements with major hotel franchisors. The terms of our franchise agreements generally range from 10 to 30 years with various extension provisions. Each franchisor receives franchise fees ranging from 3% to 6% of each hotel property’s room revenues, and some agreements require that we pay marketing fees of up to 4.3% of room revenue. In addition, some of these franchise agreements require that we deposit into a reserve fund for capital expenditures up to 5% of the lodging property's gross or room revenues, depending on the franchisor, to ensure that we comply with the franchisor's standards and requirements. We also pay fees to our franchisors for services related to reservation and information systems. In 2025, 2024, and 2023, we expensed fees related to our franchise agreements of $56.3 million, $53.8 million, and $52.6 million, respectively. Management Agreements Our lodging properties operate pursuant to management agreements with various professional third-party management companies. The remaining terms of our management agreements range from month-to-month to eight years and have various extension provisions. Each management company receives a base management fee, generally a percentage of total lodging property revenues. In addition, our lodging property management agreements generally provide that the lodging property manager can earn an incentive fee for hotel-level EBITDA over certain thresholds of a required investment return. In some cases, there are also monthly fees for certain services, such as accounting and shared services, based on the number of guestrooms. During the years ended December 31, 2025, 2024, and 2023, we expensed fees related to our lodging property management agreements of $15.8 million, $15.9 million, and $18.5 million, respectively. During the year ended December 31, 2025, we recorded a termination fee related to property management transition activities of approximately $0.9 million that is included in Other (expense) income, net on our Consolidated Statement of Operations. Litigation We are involved from time to time in litigation arising in the ordinary course of business. We are not currently aware of any actions against us that would have a material effect on our consolidated financial position or results of operations.

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Our currently outstanding equity-based awards were issued under the Equity Plan which provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other equity-based awards or incentive awards.

Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant, and stock option terms are generally five to ten years. We currently have no outstanding stock options. We have outstanding equity-based awards in the form of restricted stock awards. All of our outstanding equity-based awards are classified as equity.

Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes time-based restricted stock activity under our Equity Plan for 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value (in thousands)
Non-vested December 31, 2022	654,804	$	9.85
Granted	449,148	7.71
Vested	(238,883)	8.04
Forfeited	(3,356)	8.20
Non-vested December 31, 2023	861,713	8.79
Granted	735,462	6.49
Vested	(369,312)	9.24
Forfeited	(75,040)	7.26
Non-vested December 31, 2024	1,152,823	7.28
Granted	693,020	6.63
Vested	(421,535)	8.06
Forfeited	(38,126)	6.67
Non-vested December 31, 2025	1,386,182	$	6.73	$	6,751

The awards granted to our non-executive employees prior to 2022 vested over a four-year period based on continuous service (20% on the first, second and third anniversary of the grant date and 40% on the fourth anniversary of the grant date). The awards granted to our non-executive employees in 2022 and thereafter vest over a three-year period based on continuous service (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date).

The awards granted to our executive officers vest over a three-year period based (25% on the first and second anniversary of the grant date and 50% on the third anniversary of the grant date), subject to continued service through the applicable vesting date, except in the case of certain terminations of employment or in certain circumstances upon a change in control and are subject to the other conditions described in the Equity Plan or award document.

The holders of these awards have the right to vote the related shares of Common Stock and receive all dividends declared and paid whether or not vested. The fair value of time-based restricted stock awards granted is calculated based on the market value of our Common Stock on the date of grant.

During the years ended December 31, 2025, 2024, and 2023, the total fair value of time-based restricted stock awards that vested was $2.8 million, $2.4 million and $3.6 million, respectively.

Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2022	1,006,974	$	11.76
Granted	425,907	10.08
Vested	(239,416)	9.38
Forfeited	(137,193)	9.38
Non-vested December 31, 2023	1,056,272	11.93
Granted	507,406	7.41

Forfeited	(323,930)	14.05
Non-vested December 31, 2024	1,239,748	9.53
Granted	576,475	7.66
Vested	(154,397)	12.26
Forfeited	(152,038)	12.26
Non-vested December 31, 2025	1,509,788	$	8.26	$	7,353

Our performance-based restricted stock awards are market-based awards and are accounted for based on the fair value of our Common Stock on the grant date. The fair value of the performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model. These awards generally vest over a three-year period based on our total shareholder return relative to the total shareholder return of certain companies within the Dow Jones U.S. Hotels Index (or in the event such index is discontinued, or its methodology significantly changed, a comparable index selected by the Compensation Committee of the Board) at the end of the period or upon a change in control. The awards require continued service during the measurement period, except in the case of certain terminations of employment or in the case of a change in control and are subject to the other conditions described in the Equity Plan or award document.

The number of shares the executive officers may earn under these awards range from zero shares to twice the number of shares granted based on our percentile ranking within the index at the end of the measurement period. In addition, a portion of the performance-based shares may be earned based on the Company's absolute total shareholder return calculated during the performance period.

The holders of these grants have the right to vote the granted shares of Common Stock, and any dividends declared will be accumulated and will be subject to the same vesting conditions as the awards. Further, if additional shares are earned based on our percentile ranking within the index, dividend payments will be issued as if the additional shares had been held throughout the measurement period.

The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:


	For the Years Ended December 31,
	2025			2024			2023
Expected dividend yield	4.71		%	4.86		%	3.90		%
Expected stock price volatility	35.4		%	37.2		%	67.6		%
Risk-free interest rate	3.97		%	4.21		%	4.66		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.66		$	7.41		$	10.08

The expected dividend yield was calculated based on our annual expected dividend payments at the time of grant. The expected volatility was based on historical price changes of our Common Stock for a period comparable to the performance period. The risk-free interest rates were interpolated from the Federal Reserve Bond Equivalent Yield rates for “on-the-run” U.S. Treasury securities.

Director Stock Awards Made Pursuant to Our Equity Plan

During the years ended December 31, 2025, 2024, and 2023 we granted 189,826, 127,491 and 113,141 shares of Common Stock, respectively, to our non-employee directors as a part of our director compensation program. These grants were made pursuant to our Equity Plan and vest immediately upon grant.

Equity-Based Compensation Expense

Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Time-based restricted stock	$	3,907	$	3,424	$	3,260
Performance-based restricted stock	4,110		3,941		3,727
Director stock	776		767		755
	$	8,793	$	8,132	$	7,742

We recognize equity-based compensation expense ratably over the vesting terms. The amount of expense may be subject to adjustment in future periods due to a change in the forfeiture assumptions.

Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $10.2 million at December 31, 2025 as follows (in thousands):


	Total		2026		2027		2028
Time-based restricted stock	$	5,294	$	3,155	$	1,879	$	260
Performance-based restricted stock	4,952		2,982		1,697		273
	$	10,246	$	6,137	$	3,576	$	533

Our restricted stock awards are expected to be recognized over a remaining weighted-average period of 1.42 years.

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Dec. 31, 2025
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS In August 2011, we initiated a qualified contributory retirement plan (the Summit Hotel Properties, Inc. 401(k) Profit Sharing Plan or the “Plan”) under Section 401(k) of the IRC, which covers all full-time employees who meet certain eligibility requirements. Voluntary contributions may be made to the Plan by employees. The Plan is a Safe Harbor Plan and requires a mandatory employer contribution. The employer contribution for the years ended December 31, 2025 and 2024 was $0.5 million in each year, and $0.4 million for the year ended December 31, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

We have elected to be taxed as a REIT. As a REIT, we are generally not subject to corporate level income taxes on taxable income we distribute to our stockholders. We have met the annual REIT distribution requirement by distribution of at least 90% of our taxable income to our stockholders.

Income related to our TRSs is subject to federal, state and local taxes at applicable corporate tax rates. Our consolidated tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.

The components of income tax expense (benefit) are as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	989	$	1,151
State and local	1,173		1,567		1,563
Deferred:
Federal	(322)		(8,879)		84
State and local	(9)		(2,420)		—

Income tax expense (benefit)	$	842	$	(8,743)	$	2,798

We have prospectively adopted the disclosure requirements as required after the adoption of ASU 2023-09. Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands) for the year ended December 31, 2025:




	Amount		Percent
US federal statutory tax rate	$	(2,276)	21.0	%
State and local income taxes, net of federal income tax effect (1)	920		(8.5)
Effect of changes in tax laws or rates enacted in current period	512		(4.7)
Changes in valuation allowance	96		(0.9)
Nontaxable or nondeductible items:
Nontaxable loss of the REITs	644		(5.9)
Share based compensation	155		(1.4)

Other permanent differences	68		(0.6)
Other adjustments:
Capital contribution from consolidated entity to a TRS	723		(6.7)

Income tax expense and effective tax rate	$	842	(7.8)	%

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

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):


	For the Years Ended December 31,
	2024		2023
Statutory federal income tax provision	$	6,331	$	(5,317)
Nontaxable (income) loss of the REITs	(6,260)		4,563

State income taxes, net of federal tax benefit	1,467		1,158
Provision to return and deferred adjustment	20		50
Effect of permanent differences and other	431		235



Reversal of federal deferred tax valuation allowance	(9,905)		—
Reversal of state deferred tax valuation allowance, net of federal benefit	(2,156)		—
Other change in valuation allowance	1,329		2,109
Income tax (benefit) expense	$	(8,743)	$	2,798

The Company evaluates its deferred tax assets each reporting period to determine if it is more-likely-than-not that those assets will be realized. In its evaluation, the Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the Company’s existing deferred tax assets.

At December 31, 2025 and 2024, we had valuation allowances of $2.7 million and $2.6 million, respectively. In the fourth quarter of 2024, we determined that it was probable that we would realize the carrying amount of most of our deferred tax assets. As such, we released a substantial portion of our valuation allowance totaling $12.1 million, which resulted in a benefit for income taxes for the year ended December 31, 2024.

Deferred tax assets are included in Other assets and deferred tax liabilities are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets.

Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands):


	December 31,
	2025		2024
Tax carryforwards	$	12,786	$	11,916

Accrued expenses	1,040		1,515
Other	479		445
Total	14,305		13,876
Valuation allowance	(2,678)		(2,581)
Net deferred tax asset	$	11,627	$	11,295

Gross deferred tax assets	$	14,310	$	13,881
Gross deferred tax liabilities	(5)		(5)
Valuation allowance	(2,678)		(2,581)
Net deferred tax asset	$	11,627	$	11,295

At December 31, 2025, our TRSs had federal net operating losses of $52.5 million which are not subject to expiration and state net operating losses of $35.3 million, which expire beginning in 2028. At December 31, 2025, Summit Hotel Properties Inc. and our Subsidiary REITs had federal net operating loss carryforwards of $40.9 million and $8.6 million, respectively, which are not subject to expiration.

In the normal course of business, we are subject to examination by federal, state, and local jurisdictions where applicable. We had no unrecognized tax benefits at December 31, 2025 or in the three-year period then ended. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2025. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 or 2023 or in the Consolidated Balance Sheets as of December 31, 2025 or 2024.

We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. In general, we are not subject to tax examinations by tax authorities for years before 2022.

Income taxes paid by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):


	Amount
Federal refunds, net of payments	$	(138)
States, net of refunds (1)	1,229
Total cash payments for income taxes, net of refunds	$	1,091

(1) Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include Texas at $1.0 million, and Oregon at $0.2 million.

Characterization of Dividends and Distributions (Unaudited)

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


	For the Years Ended December 31,
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
Common Stock
Ordinary non-qualified dividend income	$	0.1272	39.74	%	$	0.2879	95.96	%	$	0.1940	88.19	%
Ordinary qualified dividend income	—		—	%	0.0121		4.04	%	0.0078		3.54	%

Return of capital	0.1928		60.26	%	—		—	%	0.0182		8.27	%
Total	$	0.3200	100.00	%	$	0.3000	100.00	%	$	0.2200	100.00	%

















Preferred Stock - Series E
Ordinary non-qualified dividend income	$	0.6210	39.74	%	$	1.4994	95.96	%	$	1.3779	88.19	%
Ordinary qualified dividend income	—		—	%	0.0631		4.04	%	0.0553		3.54	%

Return of capital	0.9415		60.26	%	—		—	%	0.1293		8.27	%
Total	$	1.5625	100.00	%	$	1.5625	100.00	%	$	1.5625	100.00	%

Preferred Stock - Series F
Ordinary non-qualified dividend income	$	0.5837	39.74	%	$	1.4095	95.96	%	$	1.2952	88.19	%
Ordinary qualified dividend income	—		—	%	0.0593		4.04	%	0.0520		3.54	%

Return of capital	0.8850		60.26	%	—		—	%	0.1215		8.27	%
Total	$	1.4687	100.00	%	$	1.4688	100.00	%	$	1.4687	100.00	%

Ordinary non-qualified dividends are eligible for the 20% deduction provided by Section 199A of the IRC.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):


	For the Years Ended December 31,
	2025		2024		2023
Numerator:
Net (loss) income	$	(11,677)	$	38,891	$	(28,116)
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests	(2,626)		(2,626)		(2,626)
Preferred dividends	(15,875)		(15,875)		(15,875)
Loss related to non-controlling interests in consolidated joint ventures	3,721		8,499		14,824
Dividends paid on unvested time-based restricted stock	(435)		(317)		(184)
Allocation of loss (income) to participating securities (¹)	2,938		(3,739)		3,987
Numerator for (loss) income per common stockholder - basic	(23,954)		24,833		(27,990)
Adjusted for:
Interest rate effect on assumed conversion of convertible debt	—		4,323		—

Numerator for (loss) income per common stockholder - diluted	$	(23,954)	$	29,156	$	(27,990)

Denominator:
Weighted average common shares outstanding - basic	106,850		105,927		105,548
Adjusted for:
Dilutive effect of equity-based compensation awards (2)	—		660		—
Effect of assumed conversion of convertible debt	—		25,778		—

Weighted average common shares outstanding - diluted (3)	106,850		132,365		105,548
Net (loss) income per share available to common stockholders:
Basic	$	(0.22)	$	0.23	$	(0.27)
Diluted	$	(0.22)	$	0.22	$	(0.27)

(1) Balances include amounts allocated to Common Units, and for the year ended December 31, 2024, amounts allocated to unvested time-based restricted stock awards that have non-forfeitable rights to participate in dividends declared on Common Stock are accounted for under the two-class method as participating securities.

(2) Balance reflects potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock using the treasury stock method and assuming that the reporting date is the vesting date. These shares were not included for the years ending December 31, 2025 and 2023 since their inclusion would have been anti-dilutive.

(3) Common stock issuable upon the potential conversion of Common Units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for common shares on a one-for-one basis. Income is allocated to the Common Units on the same basis as Common Stock and is reflected as non-controlling interests in the accompanying Consolidated Financial Statements. As such, the assumed conversion of the Common Units would have no net effect on diluted earnings per share.

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Supplemental cash flow information is as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Cash payments for interest	$	74,978	$	78,920	$	78,886
Accrued acquisition costs and improvements to lodging properties	$	4,264	$	7,082	$	4,219
Cash payments for income taxes, net of refunds	$	1,091	$	2,027	$	2,674
Accrued and unpaid dividends on unvested performance-based restricted stock	$	763	$	241	$	185




Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$	—	$	—	$	200

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

We have investments in lodging properties located in 25 states across the United States of America. Our lodging properties derive revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. Our President and Chief Executive Officer, who serves as our CODM, evaluates the performance, makes capital allocation decisions, and manages the overall operating and investing strategy of each hotel individually. As such, we consider each lodging property to be an operating segment. Each of our properties has similar economic characteristics and risks, facilities, and services and distribute their products and services in the same manner through third-party management companies. Therefore, all of our lodging properties are aggregated into a single reportable segment. The accounting policies of the lodging property segment are the same as those described in Note 2 - “Basis of Presentation and Significant Accounting Policies” to the Consolidated Financial Statements.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.

Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Lodging property revenues:
Room	$	643,795	$	650,713	$	656,063
Food and beverage	43,213		40,865		41,513
Other	42,464		40,205		38,551
Total revenues	729,472		731,783		736,127
Lodging property expenses:
Room	151,441		146,790		148,005
Sales and marketing	95,602		93,083		93,053
Administrative and general	58,191		57,678		58,269
Property taxes, insurance and other	54,691		54,116		55,167
Food and beverage	32,933		30,964		31,580
Property operations & maintenance	32,602		30,582		30,416
Utility costs	28,572		26,917		26,989
Management fees	15,760		15,866		18,452
Other lodging property expenses	16,315		16,149		16,174
Total lodging property expenses	486,107		472,145		478,105
Hotel EBITDA	$	243,365	$	259,638	$	258,022

A reconciliation of (Loss) income from continuing operations before income taxes as shown on our Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
(Loss) income from continuing operations before income taxes	$	(10,835)	$	30,148	$	(25,318)
Adjusted for:
Depreciation and amortization	149,610		146,436		150,924
Corporate general and administrative	32,816		31,891		32,530
Transaction costs	—		10		13
Loss on impairment and write-down of assets	1,833		6,723		16,661
Recovery of credit losses	—		—		(1,230)
(Gain) loss on disposal of assets, net	(6,579)		(28,912)		337
Interest expense	80,692		82,632		86,798
Interest income	(1,178)		(1,906)		(1,688)
Gain on extinguishment of debt	—		(3,000)		—
Other expense, net	(2,994)		(4,384)		(1,005)
Hotel EBITDA	$	243,365	$	259,638	$	258,022

Our measure of segment assets is total assets as reported on our Consolidated Balance Sheets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated significant matters subsequent to our year end date of December 31, 2025 and through the filing date of our Annual Report on Form 10-K on February 25, 2026 as follows: Equity Transactions In January 2026, our Board declared cash dividends of $0.390625 per share of Series E Preferred Stock and $0.3671875 per share of Series F Preferred Stock. The Board also declared on behalf of the Operating Partnership, a cash dividend of $0.328125 per share of the Operating Partnership's Series Z Preferred Units. Our Board also declared a quarterly cash dividend of $0.08 per share on our Common Stock and per Common Unit of the Operating Partnership. These dividends are payable February 27, 2026 to stockholders and unitholders of record on February 13, 2026. Disposition of Lodging Property In November 2025, the GIC Joint Venture entered into a purchase and sale agreement to sell the 122-guestroom Hilton Garden Inn, Longview, TX for a selling price of $12.3 million. We reclassified the carrying value of the property to Assets held for sale, net at December 31, 2025 and recorded a write-down of $1.8 million in the fourth quarter of 2025 for the excess of the net carrying amount of the lodging property over the net selling price less estimated costs to sell. We completed the sale of the property on February 20, 2026 under the terms described above. Modification of Onera Mezzanine Financing Loan In January 2026, the agreement with Onera was amended, whereby the Onera Mezzanine Loan maturity was extended to June 2027 and the Onera Purchase Option was extended to March 2027 (see Note 4 - Investment in Real Estate Loans for details). Repayment of Convertible Notes On February 17, 2026, we used the availability on our 2025 Delayed Draw Term Loan of $275.0 million along with borrowings on our $400 Million Revolver to repay our outstanding Convertible Notes totaling $287.5 million (see Note 6 - Debt for details).

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION


				Initial Cost				Costs Subsequent		Gross Amount at December 31, 2025
Description	Mortgage Debt/ Encumbrances			Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment			Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Aliso Viejo, CA - Homewood Suites	$	—		$	5,599	$	32,367	$	1,169		$	5,599	$	33,536	$	39,135	$	(11,482)	2017
Amarillo, TX - Embassy Suites	—		(2)	657		38,456		1,264			657		39,720		40,377		(10,713)		2022
Arlington, TX - Courtyard	—			1,497		15,573		859			1,497		16,432		17,929		(7,050)		2012
Arlington, TX - Residence Inn	—			1,646		15,440		1,557			1,646		16,997		18,643		(7,257)		2012
Asheville, NC - Hotel Indigo	—			2,100		34,755		8,191			2,100		42,946		45,046		(14,203)		2015
Atlanta, GA - AC Hotel	—			5,670		51,922		4,587			5,670		56,509		62,179		(17,141)		2017
Atlanta, GA - Courtyard	—			2,050		27,969		4,879			2,050		32,848		34,898		(14,250)		2012
Atlanta, GA - Residence Inn	—		(3)	3,381		34,820		12,994			3,381		47,814		51,195		(11,814)		2016
Austin, TX - Hampton Inn & Suites	—		(2)	—		56,394		8,151			—		64,545		64,545		(23,201)		2014
Baltimore, MD - Hampton Inn & Suites	—			2,205		16,013		6,511			2,205		22,524		24,729		(9,716)		2017
Baltimore, MD - Residence Inn	—			1,986		37,016		8,246			1,986		45,262		47,248		(16,946)		2017
Boulder, CO - Marriott	—			11,115		49,204		14,983			11,115		64,187		75,302		(23,283)		2016
Branchburg, NJ - Residence Inn	—		(3)	2,374		24,411		(10,265)			2,374		14,146		16,520		(8,548)		2015
Brisbane, CA - DoubleTree	—			3,300		39,686		2,402			3,300		42,088		45,388		(22,244)		2014
Camarillo, CA - Hampton Inn & Suites	—			2,200		17,366		1,588			2,200		18,954		21,154		(10,023)		2013
Charlotte, NC - Courtyard	—			—		41,094		5,556			—		46,650		46,650		(11,898)		2017
Chicago, IL - Hyatt Place	—			5,395		68,355		1,316			5,395		69,671		75,066		(22,619)		2016
Cleveland, OH - Residence Inn	—			10,075		33,340		5,487			10,075		38,827		48,902		(13,385)		2017
Dallas, TX - AC Hotel	—			1,330		31,379		(2,475)			1,330		28,904		30,234		(5,881)		2022
Dallas, TX - Hampton Inn & Suites	—			1,834		47,069		5,899			1,834		52,968		54,802		(8,104)		2022
Dallas, TX - Parking Garage	—			3,131		9,252		(1,082)			3,131		8,170		11,301		(945)		2022
Dallas, TX - Residence Inn	—			1,372		32,351		(2,291)			1,372		30,060		31,432		(6,249)		2022
Dallas, TX - SpringHill Suites	—			2,447		23,746		7,690			2,447		31,436		33,883		(5,594)		2022
Decatur, GA - Courtyard	—			4,046		34,151		5,234			4,046		39,385		43,431		(14,571)		2015
Englewood, CO - Hyatt House	—			2,700		16,267		4,066			2,700		20,333		23,033		(8,754)		2012
Englewood, CO - Hyatt Place	—			2,000		11,950		6,081			2,000		18,031		20,031		(8,155)		2012
Fort Lauderdale, FL - Courtyard	—			37,950		47,002		31,857			37,950		78,859		116,809		(17,949)		2017
Fort Lauderdale, FL - New Builds	—			—		—		3,300			—		3,300		3,300		—		2017
Fort Worth, TX - Courtyard	—			1,920		38,070		12,138			1,920		50,208		52,128		(20,575)		2017
Fredericksburg, TX - Onera Escapes	—			1,251		5,209		16,531			1,638		21,353		22,991		(2,106)		2022
Frisco, TX - AC Hotel	—			1,246		38,390		484			1,246		38,874		40,120		(8,598)		2022
Frisco, TX - Canopy Hotel	—			1,109		38,531		352			1,109		38,883		39,992		(7,785)		2022
Frisco, TX - Parking Garage	—			2,470		6,563		38			2,470		6,601		9,071		(720)		2022
Frisco, TX - Residence Inn	—			1,246		38,390		319			1,246		38,709		39,955		(8,431)		2022
Garden City, NY - Hyatt Place	—			4,200		27,775		1,234			4,282		28,927		33,209		(10,805)		2012
Glendale, CO - Staybridge Suites	—			2,100		10,151		8,246			2,100		18,397		20,497		(8,010)		2011
Grapevine, TX - Courtyard	—			2,542		34,872		6,671			2,542		41,543		44,085		(8,928)		2022


			Initial Cost		Costs Subsequent	Gross Amount at December 31, 2025
Description	Mortgage Debt/ Encumbrances		Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Buildings, Improvements and Furniture, Fixtures and Equipment		Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Total	Accumulated Depreciation	Date Acquired
Grapevine, TX - Hilton Garden Inn	5,660		986	33,137	214		986	33,351	34,337	(7,194)	2022
Grapevine, TX - Holiday Inn Express & Suites	—		1,419	13,810	1,218		1,419	15,028	16,447	(3,528)	2022
Grapevine, TX - Hyatt Place	—		1,318	18,740	1,140		1,318	19,880	21,198	(4,283)	2022
Grapevine, TX - TownePlace Suites	—		1,686	23,119	1,035		1,686	24,154	25,840	(5,750)	2022
Greenville, SC - Hilton Garden Inn	—		1,200	14,566	3,644		1,200	18,210	19,410	(9,137)	2013
Hillsboro, OR - Residence Inn	—		4,943	42,541	7,195		4,943	49,736	54,679	(11,245)	2019
Houston, TX - AC Hotel	—		4,796	52,268	1,940		4,796	54,208	59,004	(10,389)	2022
Houston, TX - Hilton Garden Inn	—	(2)	—	41,838	5,483		—	47,321	47,321	(21,726)	2014
Houston, TX - Hilton Garden Inn	—		2,800	33,777	8,968		2,800	42,745	45,545	(15,321)	2014
Hunt Valley, MD - Residence Inn	—		—	35,436	4,088		1,076	38,448	39,524	(13,228)	2015
Indianapolis, IN - Courtyard	—		7,788	54,384	(715)		7,788	53,669	61,457	(20,768)	2013
Indianapolis, IN - SpringHill Suites	—		4,012	27,910	(117)		4,012	27,793	31,805	(11,067)	2013
Lone Tree, CO - Hyatt Place	—		1,300	11,704	5,876		1,314	17,566	18,880	(7,884)	2012
Longview, TX - Hilton Garden Inn	—	(3)	1,284	13,281	467		1,284	13,748	15,032	(3,194)	2022
Louisville, KY - Fairfield Inn & Suites	—		3,120	24,231	1,149		3,120	25,380	28,500	(10,376)	2013
Louisville, KY - SpringHill Suites	—		4,880	37,361	1,298		4,880	38,659	43,539	(16,246)	2013
Lubbock, TX - Hyatt Place	—		896	20,182	1,064		896	21,246	22,142	(4,583)	2022
Mesa, AZ - Hyatt Place	—		2,400	19,848	2,520		2,400	22,368	24,768	(8,248)	2017
Metairie, LA - Courtyard	—		1,860	25,168	9,716		1,860	34,884	36,744	(15,838)	2013
Metairie, LA - Residence Inn	—		1,791	23,386	3,352		1,791	26,738	28,529	(12,337)	2013
Miami, FL - AC Hotel	58,000	(1)	8,496	46,839	784		8,496	47,623	56,119	(7,539)	2022
Miami, FL - Element	58,000	(1)	5,882	32,427	903		5,882	33,330	39,212	(5,413)	2022
Miami, FL - Hyatt House	—		4,926	40,087	3,459		4,926	43,546	48,472	(19,167)	2015
Miami, FL - Sky Lounge	—		—	1,473	209		—	1,682	1,682	(540)	2022
Midland, TX - Homewood Suites	—		1,717	22,326	4,077		1,717	26,403	28,120	(4,538)	2022
Milpitas, CA - Hilton Garden Inn	—	(3)	7,921	46,141	162		7,921	46,303	54,224	(10,552)	2019
Minneapolis, MN - Hampton Inn & Suites	—		3,502	35,433	1,062		3,502	36,495	39,997	(13,892)	2015
Minneapolis, MN - Hyatt Place	—		—	34,026	3,321		—	37,347	37,347	(14,342)	2013
Nashville, TN - Courtyard	—		8,792	62,759	9,110		8,792	71,869	80,661	(25,264)	2016
Nashville, TN - SpringHill Suites	—		777	5,598	2,204		777	7,802	8,579	(4,376)	2004
New Haven, CT - Courtyard	—		11,990	51,497	11,809		11,990	63,306	75,296	(15,683)	2017
New Orleans, LA - Canopy Hotel	—	(2)	4,262	51,406	645		4,262	52,051	56,313	(9,906)	2022
New Orleans, LA - Courtyard	—		1,944	25,120	5,793		1,944	30,913	32,857	(18,460)	2013
New Orleans, LA - SpringHill Suites	—		963	12,763	496		963	13,259	14,222	(2,558)	2022
New Orleans, LA - TownePlace Suites	—		1,366	18,110	400		1,366	18,510	19,876	(3,432)	2022
Oklahoma City, OK - AC Hotel	—		2,769	29,389	539		2,769	29,928	32,697	(7,119)	2022
Oklahoma City, OK - Holiday Inn Express & Suites	—		2,542	21,574	1,002		2,542	22,576	25,118	(4,448)	2022


			Initial Cost				Costs Subsequent		Gross Amount at December 31, 2025
Description	Mortgage Debt/ Encumbrances		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment			Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Oklahoma City, OK - Hyatt Place	—		2,822		25,311		620			2,822		25,931		28,753		(4,943)		2022
Orlando, FL - Hyatt House	—		2,800		34,423		1,223			2,800		35,646		38,446		(14,865)		2018
Orlando, FL - Hyatt Place	—		3,100		11,343		8,173			3,100		19,516		22,616		(8,600)		2013
Orlando, FL - Hyatt Place	—		2,716		11,221		7,983			2,716		19,204		21,920		(9,769)		2013
Pittsburgh, PA - Courtyard	—		1,652		40,749		7,160			1,652		47,909		49,561		(16,176)		2017
Portland, OR - Hyatt Place	—	(2)	—		14,700		1,326			—		16,026		16,026		(7,841)		2009
Portland, OR - Residence Inn	—		—		15,629		1,309			—		16,938		16,938		(8,359)		2009
Portland, OR - Residence Inn	—	(2)	12,813		76,868		11,132			12,813		88,000		100,813		(20,207)		2019
Poway, CA - Hampton Inn & Suites	—		2,300		14,728		1,860			2,300		16,588		18,888		(7,852)		2013
Revere, MA - Hampton Inn & Suites	—		32,237		33,912		670			32,237		34,582		66,819		(3,511)		2024
San Francisco, CA - Holiday Inn Express & Suites	—		15,545		49,469		5,829			15,545		55,298		70,843		(28,487)		2013
Scottsdale, AZ - Courtyard	—		3,225		12,571		4,837			3,225		17,408		20,633		(12,416)		2003
Scottsdale, AZ - Hyatt Place	—		1,500		10,171		5,774			1,500		15,945		17,445		(5,378)		2012
Scottsdale, AZ - Residence Inn	—		7,503		21,545		2,144			7,503		23,689		31,192		(3,392)		2023
Scottsdale, AZ - SpringHill Suites	—		2,195		9,496		2,037			2,195		11,533		13,728		(8,135)		2003
Silverthorne, CO - Hampton Inn & Suites	—		4,441		21,125		2,688			4,441		23,813		28,254		(5,026)		2019
Silverthorne, CO - Parking Garage	—		2,404		—		4,603			2,404		4,603		7,007		—		2019
Steamboat Springs, CO - Nordic Lodge	—		4,754		9,001		949			4,754		9,950		14,704		(1,370)		2023
Steamboat Springs, CO - Residence Inn	—		1,832		31,214		1,066			1,832		32,280		34,112		(6,345)		2021
Tampa, FL - Hampton Inn & Suites	—		3,600		20,366		5,354			3,600		25,720		29,320		(13,607)		2012
Tucson, AZ - Embassy Suites	12,253		1,841		23,958		6,876			1,841		30,834		32,675		(5,784)		2021
Tucson, AZ - Homewood Suites	—		2,570		22,802		3,483			2,570		26,285		28,855		(9,271)		2017
Tyler, TX - Residence Inn	—		1,243		15,323		1,055			1,243		16,378		17,621		(4,387)		2022
Vienna, VA - Hilton Garden Inn	—		8,699		21,481		771			8,699		22,252		30,951		(2,081)		2024
Waltham, MA - Hilton Garden Inn	—		10,644		21,713		7,571			10,644		29,284		39,928		(12,278)		2017
Watertown, MA - Residence Inn	—		25,083		45,917		516			25,083		46,433		71,516		(12,692)		2018
Land Parcels - Land Parcels	—	(3)	4,645		—		(4,220)			425		—		425		—		—
			$	414,636	$	2,843,990	$	382,066		$	411,975	$	3,228,717	$	3,640,692	$	(1,020,276)

(1) Properties cross-collateralize the related loan, refer to “Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt” in the Consolidated Financial Statements.

(2) Properties subject to ground lease, refer to “Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases” in the Consolidated Financial Statements.

(3) Property accounting basis includes an impairment charge, based on the difference between its estimated fair value and net carrying amount at December 31, 2025.

(a) ASSET BASIS


	2025		2024		2023
Reconciliation of land, buildings and improvements and furniture, fixtures and equipment:
Balance at beginning of period as adjusted	$	3,610,680	$	3,586,899	$	3,548,184
Additions to land, buildings, improvements and furniture, fixtures and equipment	87,495		179,229		131,153
Disposition of land, buildings, improvements and furniture, fixtures and equipment	(55,650)		(148,725)		(75,777)
Write-down of assets	(1,833)		(6,723)		(16,661)
Balance at end of period	$	3,640,692	$	3,610,680	$	3,586,899

(b)ACCUMULATED DEPRECIATION


	2025		2024		2023
Reconciliation of accumulated depreciation:
Balance at beginning of period	$	896,444	$	821,924	$	716,646
Depreciation	146,856		141,945		146,083
Depreciation on assets sold or disposed	(23,024)		(67,425)		(40,805)
Balance at end of period	$	1,020,276	$	896,444	$	821,924

(c)The aggregate cost of real estate for Federal income tax purposes was approximately $3,402 million (unaudited).

(d)Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years.

(e)We have mortgages payable on the properties as noted. Additional mortgage information can be found in “Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt” to the Consolidated Financial Statements.

(f)Amounts under the column heading “Costs Subsequent” include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain properties.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. As part of our approach, we work with third-party cybersecurity and information technology experts, including a managed services provider (“MSP”) that manages and maintains all of our corporate information technology systems (“IT”), and a virtual Chief Information Security Officer (“vCISO”). The vCISO collaborates closely with our internal teams to oversee and enhance our cybersecurity strategy, ensuring alignment with industry best practices such as the National Institute of Standards and Technology (“NIST”) 2.0 framework and regulatory requirements. Our MSP and vCISO work closely under the primary responsibility of our Chief Risk Officer (“CRO”) to review and test our IT environment, and to identify potential risks from cybersecurity threats and proactively mitigate their potential effect; the results of which are regularly presented to management and the Audit Committee of our Board of Directors. Our team of IT experts hold various relevant certifications and have extensive experience in assessing, detecting, responding to and mitigating cybersecurity risks. Our cybersecurity risk management program is integrated with our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key Elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes and internal IT and risk management professionals principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents; •cybersecurity awareness training of employees with access to our IT systems, including incident response personnel and senior management; •a cybersecurity incident response plan to respond to cybersecurity incidents; and •a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents that have materially affected us, including our operations, business strategy, consolidated financial position, or consolidated results of operations. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, consolidated financial position, or consolidated results of operations. See “Risk Factors – Risks Related to Our Business.” Cybersecurity Governance Our Board of Directors (the “Board”) considers cybersecurity risk as critical to the enterprise and manages the cybersecurity risk oversight function through the Audit Committee. The Audit Committee oversees management’s design, implementation and enforcement of our cybersecurity risk management program. Our CRO regularly reports to the Audit Committee and has primary responsibility for the Company’s overall cybersecurity function working in tandem with our vCISO and MSP, which have extensive expertise in cybersecurity and information technology. The Audit Committee receives regular reports from our CRO on our cybersecurity risks, including briefings on our cyber risk management program. A potentially material cybersecurity incident would be immediately reported to the Audit Committee and management would continue to brief the Audit Committee on management's response to the cybersecurity incident. Audit Committee members also receive periodic presentations on cybersecurity topics from our CRO, supported by our information technology staff, or external experts as part of the Board’s continuing education on topics that may affect public companies. Our CRO supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal personnel; threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated with our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors (the “Board”) considers cybersecurity risk as critical to the enterprise and manages the cybersecurity risk oversight function through the Audit Committee. The Audit Committee oversees management’s design, implementation and enforcement of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CRO regularly reports to the Audit Committee and has primary responsibility for the Company’s overall cybersecurity function working in tandem with our vCISO and MSP, which have extensive expertise in cybersecurity and information technology. The Audit Committee receives regular reports from our CRO on our cybersecurity risks, including briefings on our cyber risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CRO regularly reports to the Audit Committee and has primary responsibility for the Company’s overall cybersecurity function working in tandem with our vCISO and MSP, which have extensive expertise in cybersecurity and information technology. The Audit Committee receives regular reports from our CRO on our cybersecurity risks, including briefings on our cyber risk management program. A potentially material cybersecurity incident would be immediately reported to the Audit Committee and management would continue to brief the Audit Committee on management's response to the cybersecurity incident. Audit Committee members also receive periodic presentations on cybersecurity topics from our CRO, supported by our information technology staff, or external experts as part of the Board’s continuing education on topics that may affect public companies.
Cybersecurity Risk Role of Management [Text Block]	A potentially material cybersecurity incident would be immediately reported to the Audit Committee and management would continue to brief the Audit Committee on management's response to the cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CRO regularly reports to the Audit Committee and has primary responsibility for the Company’s overall cybersecurity function working in tandem with our vCISO and MSP, which have extensive expertise in cybersecurity and information technology. The Audit Committee receives regular reports from our CRO on our cybersecurity risks, including briefings on our cyber risk management program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our team of IT experts hold various relevant certifications and have extensive experience in assessing, detecting, responding to and mitigating cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CRO regularly reports to the Audit Committee and has primary responsibility for the Company’s overall cybersecurity function working in tandem with our vCISO and MSP, which have extensive expertise in cybersecurity and information technology. The Audit Committee receives regular reports from our CRO on our cybersecurity risks, including briefings on our cyber risk management program. A potentially material cybersecurity incident would be immediately reported to the Audit Committee and management would continue to brief the Audit Committee on management's response to the cybersecurity incident. Audit Committee members also receive periodic presentations on cybersecurity topics from our CRO, supported by our information technology staff, or external experts as part of the Board’s continuing education on topics that may affect public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

We prepare our Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses in the reporting period. Actual results could differ from those estimates.

Consolidation

The accompanying Consolidated Financial Statements consolidate the accounts of all entities in which we have a controlling financial interest, as well as variable interest entities, if any, for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in the Consolidated Financial Statements.

We evaluate joint venture partnerships to determine if they should be consolidated based on whether the partners exercise joint control. For a joint venture where we exercise primary control and we also own a majority of the equity interests, we consolidate the joint venture partnership. We have consolidated the accounts of all of our joint ventures in our Consolidated Financial Statements.

Acquisitions of Lodging Property

We analyze the acquisition of a lodging property to determine if it qualifies as the purchase of a business or an asset acquisition. If substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, the asset or asset group is not considered a business and we would record the transaction as an asset acquisition, which includes the capitalization of acquisition costs. For an asset acquisition, we allocate the purchase price paid to the assets acquired and the liabilities assumed in the transaction based on their relative fair values. For a business combination, we would record the assets and liabilities acquired at their respective estimated fair values.

When we acquire a lodging property, we use all available information to make these fair value determinations, including discounted cash flow analyses and market comparable data. In addition, we make significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, including estimated useful lives and judgments related to certain market assumptions. We also engage independent valuation specialists to assist in the fair value determinations of the assets acquired and the liabilities assumed. The determination of fair value is subjective and is based on assumptions and estimates that could differ materially from actual results in future periods.

Investments in Lodging Property, net

The Company allocates the purchase price of acquired lodging properties based on the relative fair values of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Intangible assets may include certain value associated with the on-going operations of the lodging business being acquired as part of the property acquisition. Acquired intangible assets that derive their values from real property, or an interest in real property, are inseparable from that real property or interest in real property, do not produce or contribute to the production of income other than consideration for the use or occupancy of space, and are recorded as a component of the related real estate asset in our Consolidated Financial Statements. We allocate the purchase price of acquired lodging properties to land, building and furniture, fixtures and equipment based on independent third-party appraisals.

Our lodging properties and related assets are recorded at cost, less accumulated depreciation. We capitalize development costs and the costs of significant additions and improvements that materially upgrade, increase the value or extend the useful life of the property. These costs may include development, refurbishment, renovation, and remodeling expenditures, as well as certain indirect internal costs related to construction projects. If an asset requires a period of time in which to carry out the activities necessary to bring it to the condition necessary for its intended use, the interest cost incurred during that period as a result of expenditures for the asset is capitalized as part of the cost of the asset. We expense the cost of repairs and maintenance as incurred.

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:


Classification						Estimated Useful Lives
Buildings and improvements						6 to 40 years
Furniture, fixtures and equipment						2 to 15 years

We periodically re-evaluate asset lives based on current assessments of remaining utilization, which may result in changes in estimated useful lives. Such changes are accounted for prospectively and will increase or decrease future depreciation expense.

When depreciable property and equipment is retired or disposed, the related costs and accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in current operations.

On a limited basis, we provide financing to developers of lodging properties for development projects. We evaluate these arrangements to determine if we participate in residual profits of the lodging property through the loan provisions or other agreements. Where we conclude that these arrangements are more appropriately treated as an investment in the real property, we reflect the loan in Investments in lodging property, net in our Consolidated Balance Sheets.

We monitor events and changes in circumstances for indicators that the carrying value of a lodging property or undeveloped land may be impaired. Additionally, we perform at least annual reviews to monitor the factors that could trigger an impairment. Our evaluation process includes a quantitative analysis utilizing metrics to assess the operating performance of our lodging properties relative to historical results and profitability, and a qualitative analysis of other factors to assess if a potential impairment exists. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and fair value less costs to sell of lodging properties held for sale relative to the contractual selling price. When such factors are identified, we prepare an estimate of the undiscounted future cash flows of the specific property and determine if the carrying amount of the asset is recoverable. If the carrying amount of the asset is not recoverable, we estimate the fair value of the property based on discounted cash flows or sales price if the property is under contract and an adjustment is made to reduce the carrying value of the property to its estimated net fair value.

Intangible Assets

We amortize intangible assets with determined finite useful lives using the straight-line method. We do not amortize intangible assets with indefinite useful lives, but we evaluate these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.

Assets Held for Sale

We classify assets as Assets held for sale in the period in which certain criteria are met, including when the sale of the asset within one year is probable. Assets classified as Assets held for sale are no longer depreciated and are carried at the lower of carrying amount or expected selling price less estimated costs of disposition (fair value). We record a write-down when the carrying amounts of Assets held for sale exceed their fair value.

If we subsequently decide not to sell a long-lived asset (disposal group) classified in Assets held for sale, or if a long-lived asset (disposal group) no longer meets the Assets held for sale criteria, a long-lived asset (disposal group) is reclassified as Investments in lodging property, net, after taking into effect the required catch-up depreciation, in the period in which the Assets held for sale criteria are no longer met. A long-lived asset that is reclassified from Assets held for sale to Investments in lodging property, net is measured individually at the lower of either its:

i.) Carrying amount before it was classified as Assets held for sale, adjusted for any depreciation (amortization) expense or impairment losses that would have been recognized had the asset (group) been continuously classified as Investments in lodging property, net; or

ii.) Fair value at the date of the subsequent decision not to sell.

Variable Interest Entities

We consolidate variable interest entities (each a “VIE”) if we determine that we are the primary beneficiary of the entity. When evaluating the accounting for a VIE, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity’s economic performance relative to other economic interest holders. We determine our rights, if any, to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE by considering the economic interest in the entity, regardless of form, which may include debt, equity, management and servicing fees, or other contractual arrangements. We consider other relevant factors including each entity’s capital structure, contractual rights to earnings or obligations for losses, subordination of our interests relative to those of other investors, contingent payments, and other contractual arrangements that may be economically significant.

Additionally, we have in the past and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (“IRC”), for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). For reverse transactions under a 1031 Exchange in which we purchase a new property prior to selling the property to be matched in the like-kind exchange (we refer to a new property being acquired by us in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by a qualified intermediary engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange is completed. We retain essentially all of the legal and economic benefits and obligations related to a Parked Asset prior to completion of a 1031 Exchange. As such, a Parked Asset is included in our Consolidated Balance Sheets and Consolidated Statements of Operations as a consolidated VIE until legal title is transferred to us upon completion of the 1031 Exchange.

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At times, cash on deposit may exceed the federally insured limit. We maintain our cash with high credit quality financial institutions.

Restricted Cash

Restricted cash generally consists of certain funds maintained in escrow for property taxes, insurance, and certain capital expenditures. Funds may be disbursed from the account upon proof of expenditures and approval from the lender or other party requiring the restricted cash reserves.

Trade Receivables

Trade Receivables and Credit Policies

We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions.

Credit Policies & Notes Receivables

Trade Receivables and Credit Policies

We grant credit to qualified customers, generally without collateral, in the form of trade accounts receivable. Trade receivables result from the rental of guestrooms and the sales of food, beverage, and banquet services and are payable under normal trade terms. Trade receivables also include credit and debit card transactions that are in the process of being settled. Trade receivables are stated at the amount billed to the customer and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined on the basis of previous loss experience and current economic conditions.

Notes Receivables

We selectively provide mezzanine financing to developers, where we also have the opportunity to acquire the lodging property at or after the completion of the development project, and we also may provide seller financing in connection with a lodging property disposition under limited circumstances. We classify notes receivable as held-to-maturity and carry the notes receivable at cost less the unamortized discount, if any. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We routinely evaluate our notes receivable and interest receivables for collectability. Probable losses on notes receivable are recognized in a valuation account that is deducted from the amortized cost basis of the notes receivable and recorded as Provision for credit losses in our Consolidated Statements of Operations. When we place notes receivable on non-accrual status, we suspend the recognition of interest income until cash interest payments are received. Generally, we return notes receivable to accrual status when all delinquent interest becomes current, and collectability of interest is reasonably assured. We do not measure an allowance for credit losses for accrued interest receivable. Accrued interest receivable is written-off to bad debt expense when collection is not reasonably assured.

Leases

In accordance with Accounting Standards Codification (“ASC”) No. 842 — Leases, we record the financial liability and right-of-use assets that are inherent to leasing an asset on our Consolidated Balance Sheets for all leases with a term of greater than 12 months regardless of their classification.

Deferred Charges, net

Initial franchise fees are capitalized and amortized over the term of the franchise agreement using the straight-line method. Additionally, unamortized debt issuance costs related to our $275 million delayed draw term loan closed in March 2025 (the “2025 Delayed Draw Term Loan”), as discussed in detail in Note 6 - Debt, are included in Deferred charges, net as we had not yet drawn any amounts on this loan as of December 31, 2025.

Debt Issuance Costs

Debt issuance costs related to our long-term debt generally are recorded at cost as a reduction to the related debt, and are amortized as interest expense on a straight-line basis, which approximates the interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument.

Non-controlling Interests and Redeemable Non-controlling Interests

Non-controlling Interests

Non-controlling interests represent the portion of equity in a consolidated entity held by owners other than the consolidating parent. Non-controlling interests are reported in the Consolidated Balance Sheets within equity, separately from stockholders’ equity. Revenue, expenses and net income attributable to both the Company and the non-controlling interests are reported in the Consolidated Statements of Operations.

Our Consolidated Financial Statements include non-controlling interests related to common units of limited partnership interests (“Common Units”) in the Operating Partnership held by unaffiliated third parties and third-party ownership of our consolidated joint ventures.

Redeemable Non-controlling Interests

Redeemable non-controlling interests represent redeemable preferred units issued by our Operating Partnership (“Redeemable Preferred Units”) in connection with the NCI Transaction (described in Note 6 - Debt to the Consolidated Financial Statements). The Redeemable Preferred Units are presented as temporary equity related to our Operating Partnership on our Consolidated Balance Sheets under the caption of Redeemable non-controlling Interests (see “Note 9 - Equity” for further information). We record Redeemable non-controlling interests at fair value on the issuance date of the securities. When the carrying value (the acquisition date fair value adjusted for the non-controlling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable non-controlling interest to equal the redemption value with changes recognized as an adjustment to Accumulated deficit and distributions in excess of retained earnings. Any such adjustment, when necessary, is recorded as of the applicable Consolidated Balance Sheet date.

Revenue Recognition, Sales and Other Taxes

Revenue Recognition

Revenues from the operation of our lodging properties are recognized when guestrooms are occupied, services have been rendered or fees have been earned. Revenues are recorded net of any discounts and sales and other taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other lodging property revenues and are presented on a disaggregated basis on our Consolidated Statements of Operations.

Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy lodging rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night.

Food and beverage revenues are generated when customers purchase food and beverage at a lodging property's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers.

Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services such as parking at certain lodging properties are provided by third parties and we assess whether we are the principal or agent in such arrangements. If we are determined to be the agent, revenue is recognized based upon the commission paid to us by the third-party for the services rendered to our customers. If we are determined to be the principal, revenues are recognized based upon the gross contract price of the service provided. Certain of our lodging properties have retail spaces, restaurants or other spaces that we lease to third parties. Lease revenues are recognized on a straight line basis over the respective lease terms and are included in Other income on our Consolidated Statements of Operations.

Cash received prior to customer arrival is recorded as an advance deposit from the customer and is recognized as revenue at the time of occupancy.

Sales and Other Taxes

We have operations in states and municipalities that impose sales or other taxes on certain sales. We collect these taxes from our customers and remit the entire amount to the various governmental units. The taxes collected and remitted are excluded from revenues and are included in accrued expenses until remitted.

Government Grants

Government grants whose primary condition is for the purchase, construction or acquisition of long-term assets are accounted for in accordance with ASU No. 2021-10, Government Assistance. We record government grants in profit or loss on a systematic basis over the periods in which we recognize as expenses the related costs for which the grants are intended to compensate. Government grants related to assets are presented in our Consolidated Balance Sheets by deducting the grant in arriving at the carrying amount of the asset. Therefore, the grant is recognized in profit or loss over the life of the depreciable asset as a credit to depreciation expense.

Equity-Based Compensation

Our 2024 Equity Incentive Plan, which became effective May 22, 2024, and previously, the 2011 Equity Incentive Plan (collectively, the “Equity Plan”), provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, and other stock-based awards. We account for time-based and performance-based stock awards using the grant date fair value of those equity awards. We have elected to account for forfeitures as they occur. Restricted stock awards with performance-based vesting conditions are market-based awards tied to total stockholder return and are valued using a Monte Carlo simulation model in accordance with ASC No. 718, Compensation — Stock Compensation. We expense the fair value of awards under the Equity Plan ratably over the vesting period and market-based awards are not adjusted for performance. The amount of stock-based compensation expense may be subject to adjustment in future periods due to forfeitures or modification of previously granted awards.

Exchange or Modification of Debt

We consider modifications or exchanges of debt as extinguishments in accordance with ASC No. 470, Debt, with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different. If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt is initially recorded at fair value, with the difference recognized as an extinguishment gain or loss. Under an exchange or modification accounted for as a debt extinguishment, fees paid to the lenders are included in the gain or loss on extinguishment of debt. Costs incurred with third parties, such as legal fees, directly related to the exchange or modification are capitalized as deferred financing costs and amortized over the initial term of the new debt. Previously deferred fees and costs for existing debt are included in the calculation of gain or loss. Under an exchange or modification not accounted for as a debt extinguishment, fees paid to the lenders are reflected as additional debt discount and amortized as interest expense over the remaining initial term of the exchanged or modified debt. Furthermore, costs incurred with third parties, such as legal fees, directly related to the exchange or modification are expensed as incurred. Additionally, previously deferred fees and costs are amortized as non-cash interest expense over the remaining initial term of the exchanged or modified debt.

Derivative Financial Instruments and Hedging

All derivative financial instruments are recorded at fair value in our Consolidated Balance Sheets. We use interest rate derivatives to hedge our risks on variable-rate debt. Interest rate derivatives could include interest rate swaps, caps and collars. We assess the effectiveness of each hedging relationship by comparing changes in fair value or cash flows of the derivative financial instrument with the changes in fair value or cash flows of the designated hedged item or transaction. The change in the fair value of the hedging instruments is recorded in Other comprehensive income. Amounts in Other comprehensive income will be reclassified to Interest expense in our Consolidated Statements of Operations in the period in which the hedged item affects earnings.

Insurance Recoveries

Insurance recoveries from casualty losses are recorded when all contingencies are resolved. Proceeds from these insurable events are netted with the related costs and are recorded in Other income, net on our Consolidated Statements of Operations.

The Company may also be entitled to business interruption proceeds for losses occurred at certain properties. Business interruption insurance recoveries are recorded when a final agreed-upon settlement has been reached with the insurance carrier.

Income Taxes

We have elected to be taxed as a REIT under sections 856 through 859 of the IRC. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute annually to our stockholders at least 90% of our REIT taxable income, subject to certain adjustments and excluding any net capital gain. As a REIT, we generally will not be subject to federal income tax (other than taxes paid by our TRS Lessees at regular corporate income tax rates) to the extent we distribute 100% of our REIT taxable income to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT, unless we qualify for certain relief provisions.

Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership or our subsidiary REITs. Partnerships are not subject to U.S. federal income taxes as revenues and expenses pass through to and are taxed on the owners. Generally, the states and cities where partnerships operate follow the U.S. federal income tax treatment. However, there are a limited number of local and state jurisdictions that tax the taxable income of the Operating Partnership. Accordingly, we provide for income taxes in these jurisdictions for the Operating Partnership.

Taxable income related to our TRSs is subject to federal, state and local income taxes at applicable tax rates. Our consolidated income tax provision includes the income tax provision related to the operations of the TRSs as well as state and local income taxes related to the Operating Partnership.

Where required, we account for federal and state income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for: i) the future tax consequences attributable to differences between carrying amounts of existing assets and liabilities based on GAAP and the respective carrying amounts for tax purposes, and ii) operating losses and tax-credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rates. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized based on consideration of available evidence. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

We consider all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed.

We perform a review of any uncertain tax positions and if necessary, will record expected future tax consequences of uncertain tax positions in the financial statements.

Fair Value Measurement

Fair value measures are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:


Level 1:						Observable inputs such as quoted prices in active markets.
Level 2:						Directly or indirectly observable inputs, other than quoted prices in active markets.
Level 3:						Unobservable inputs in which there is little or no market information, which require a reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis are based on one or more of the following valuation techniques:


Market approach:						Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Cost approach:						Amount required to replace the service capacity of an asset (replacement cost).
Income approach:						Techniques used to convert future amounts to a single amount based on market expectations (including present-value, option-pricing, and excess-earnings models).

Our estimates of fair value were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

We have elected a measurement alternative for equity investments, such as our purchase option, that do not have readily determinable fair values. Under the alternative, our purchase option is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer, if any.

Assets measured at fair value on a nonrecurring basis consist of lodging properties classified as Assets held for sale that are recorded at the lower of historical cost or fair value, which is the selling price less estimated costs to sell (Level 2).

Earnings Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. We apply the two-class method of computing earnings (loss) per share, which requires the calculation of separate earnings (loss) per share amounts for participating securities. Any anti-dilutive securities are excluded from the basic per-share calculation. Diluted EPS is computed by dividing net income (loss) available to common stockholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.

Segment Disclosure

ASC No. 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. We have determined that we have one reportable segment for activities related to investing in lodging properties. An operating segment is defined as the component of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”) in order to allocate resources and assess performance. Our investments in lodging properties are geographically diversified and the CODM allocates resources and assesses performance based upon discrete financial information at the individual lodging property level. However, because each of our lodging properties have similar economic characteristics, facilities, and services, the lodging properties have been aggregated into a single reportable segment.

Use of Estimates

Our Consolidated Financial Statements are prepared in conformity with GAAP, which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions that affect reported amounts and related disclosures in our Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could materially differ from our expectations, which could materially affect our consolidated financial position and results of operations.

New Accounting Standards

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740). ASU No. 2023-09 provides for changes to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 also improves the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with SEC Regulation S-X 210.4-08(h), Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024. We adopted ASU No. 2023-09 during the year ended December 31, 2025, and the disclosures required by this standard are presented in Note 15 - Income Taxes.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, that will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. ASU No, 2024-03 is intended to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the consolidated statement of operations. ASU No. 2024-03 does not change the requirements for the presentation of expenses on the face of the consolidated statement of operations. Under ASU No. 2024-03, entities are required to disaggregate, in tabular format, expense captions presented on the face of the income statement - excluding earnings or losses from equity method investments - if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. While the adoption of ASU 2024-03 is not expected to have an effect on our consolidated financial statements, it is expected to result in incremental disclosures within the footnotes to our Consolidated Financial Statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The amendments are intended to simplify the application of hedge accounting and better align accounting outcomes with an entity’s risk management strategies. The ASU expands the scope of eligible hedged risks and forecasted transactions, modifies certain hedge effectiveness requirements, and provides additional guidance on the accounting for variable-rate debt instruments with multiple reference rate options. The guidance is effective for fiscal years beginning after December 15, 2026 for public business entities, with early adoption permitted. The adoption of ASU 2025-09 is not expected to have an effect on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants. The amendments are intended to reduce diversity in practice and align U.S. GAAP more closely with international accounting standards. The ASU is effective for fiscal years beginning after December 15, 2028 for public business entities, with early adoption permitted. The adoption of ASU 2025-10 is not expected to have an effect on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Interim Disclosure Improvements, which expands interim disclosure requirements to provide more timely and decision-useful information to investors. The ASU is effective for interim periods beginning after December 15, 2026 for public business entities, with early adoption permitted. The adoption of ASU 2025-11 is not expected to have a material effect on our consolidated financial statements.

Reclassifications

A parcel of land with a carrying amount of approximately $0.4 million that was classified as Assets held for sale at December 31, 2024 has been reclassified to Investments in lodging property, net during the year ended December 31, 2025 as the lodging property no longer met the Assets held for sale criteria. In addition, in the prior period presentation of Cash Flows from Financing Activities on the Consolidated Statement of Cash Flows, we combined mortgage and term loan principal payments into a single line item totaling $94.7 million. Principal payments on mortgages and term loans have been separately reported in the current year presentation. As such, the prior period amounts are presented in the current presentation as Scheduled principal payments on mortgage loans totaling $1.4 million and Repayment of term loans totaling $93.3 million.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Hotel Properties and Related Assets

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:


Classification						Estimated Useful Lives
Buildings and improvements						6 to 40 years
Furniture, fixtures and equipment						2 to 15 years

Investments in lodging property, net include the following (in thousands):


	December 31,
	2025		2024
Lodging buildings and improvements	$	2,885,464	$	2,867,256
Land	410,692		415,574
Furniture, fixtures and equipment	308,621		296,476
Construction in progress	26,111		35,294
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,667,731		3,651,443
Less - accumulated depreciation and amortization	(1,027,364)		(904,678)
	$	2,640,367	$	2,746,765

INVESTMENTS IN LODGING PROPERTY, NET (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Schedule of Investments in Lodging Property, net

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:


Classification						Estimated Useful Lives
Buildings and improvements						6 to 40 years
Furniture, fixtures and equipment						2 to 15 years

Investments in lodging property, net include the following (in thousands):


	December 31,
	2025		2024
Lodging buildings and improvements	$	2,885,464	$	2,867,256
Land	410,692		415,574
Furniture, fixtures and equipment	308,621		296,476
Construction in progress	26,111		35,294
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,667,731		3,651,443
Less - accumulated depreciation and amortization	(1,027,364)		(904,678)
	$	2,640,367	$	2,746,765

Schedule of Hotel Property Acquisitions

The allocation of the aggregate purchase price to the fair value of assets and liabilities acquired for the above acquisition is as follows (in thousands):



	2024
Land	$	40,936
Lodging buildings and improvements	51,891
Furniture, fixtures and equipment	3,502


Total assets acquired (1)	$	96,329

(1) Total assets acquired during the year ended December 31, 2024 is based on an aggregate purchase price of $96.0 million plus transaction costs of $0.3 million.

Schedule of Finite-Lived Intangible Assets

Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):


	Weighted Average Amortization Period (in Years)	December 31,
		2025		2024
Indefinite-lived Intangible assets:
Air rights	N/A	$	10,754	$	10,754
Other	N/A	80		80
		10,834		10,834
Finite-lived intangible assets:

Tax incentives(1)	9.2	12,063		12,063
Key money(1)	17.8	9,370		9,370


		21,433		21,433
Total intangible assets		32,267		32,267
Less - accumulated amortization		(7,255)		(5,691)
Intangible assets, net		$	25,012	$	26,576

(1) Finite-lived intangible assets were primarily acquired in the NCI Transaction.

Schedule of Assets Held for Sale

Assets held for sale, net are as follows (in thousands):


	December 31,
	2025		2024
Hilton Garden Inn - Longview, TX	$	11,967	$	—
Parcel of undeveloped land - San Antonio, TX	—		1,225
	$	11,967	$	1,225

Schedule of Indefinite-lived Intangible Assets

Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):


	Weighted Average Amortization Period (in Years)	December 31,
		2025		2024
Indefinite-lived Intangible assets:
Air rights	N/A	$	10,754	$	10,754
Other	N/A	80		80
		10,834		10,834
Finite-lived intangible assets:

Tax incentives(1)	9.2	12,063		12,063
Key money(1)	17.8	9,370		9,370


		21,433		21,433
Total intangible assets		32,267		32,267
Less - accumulated amortization		(7,255)		(5,691)
Intangible assets, net		$	25,012	$	26,576

(1) Finite-lived intangible assets were primarily acquired in the NCI Transaction.

Schedule of Future Amortization Expenses

Future amortization expense related to intangible assets is as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	1,564
2027	1,510
2028	1,016
2029	1,016
2030	1,016
Thereafter	8,056
	$	14,178

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Restricted Cash

Restricted cash was as follows (in thousands):


	December 31,
	2025		2024
FF&E reserves	$	4,728	$	7,357
Property taxes and other	374		364


	$	5,102	$	7,721

Schedule of Prepaid Expenses and Other

Prepaid expenses and other included the following (in thousands):


	December 31,
	2025		2024

Prepaid insurance	$	1,697	$	2,112

Prepaid taxes	2,135		2,403
Insurance receivable	—		1,159
Other	3,272		3,906


	$	7,104	$	9,580

Schedule of Deferred Charges

Deferred charges were as follows (in thousands):


	December 31,
	2025		2024
Deferred financing fees - 2025 Delayed Draw Term Loan (1)	$	4,306	$	—
Franchise fees	10,376		10,619
Less - accumulated amortization	(4,631)		(4,159)
	$	10,051	$	6,460

(1) In March 2025, we incurred debt issuance costs related to the 2025 Delayed Draw Term Loan of $4.3 million. These costs were reclassified as a reduction to the related debt at the time the funds are drawn in February 2026 to repay the Convertible Notes at maturity. Amortization of the deferred financing costs will commence in February 2026.

Schedule of Other Assets

Other assets included the following (in thousands):


	December 31,
	2025		2024
Derivative financial instrument	$	3,001	$	11,573
Purchase option related to real estate loan	931		931
Deferred tax asset, net	11,627		11,295
Other	395		492


	$	15,954	$	24,291

Schedule of Accrued Expenses

Accrued expenses and other included the following (in thousands):


	December 31,
	2025		2024
Accrued property, sales and income taxes	$	27,244	$	26,568
Derivative financial instruments	536		—
Accrued salaries and benefits	12,774		14,254
Other accrued expenses at lodging properties	24,082		25,904
Accrued renovation costs	3,140		4,805
Advance room deposits	5,782		6,847
Accrued interest	2,097		3,266
Other	762		509






	$	76,417	$	82,153

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Indebtedness

At December 31, 2025 and 2024 our outstanding indebtedness was as follows (dollar amounts in thousands):


Lender	Reference	Interest Rate	Amortization Period (Years)	Initial Maturity Date	Fully Extended Maturity Date	Number of Properties Encumbered
							December 31,
							2025		2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver	(1)	5.84% Variable	n/a	6/21/2027	6/21/2028	n/a	$	—	$	10,000
$200 Million Term Loan	(1)	6.02% Variable	n/a	6/21/2026	6/21/2028	n/a	200,000		200,000
Total Senior Credit and Term Loan Facility							200,000		210,000

Convertible Notes	(2)	1.50% Fixed	n/a	2/15/2026	2/15/2026	n/a	287,500		287,500

Term Loans
Regions Bank 2024 Term Loan Facility	(1)	5.92% Variable	n/a	2/26/2027	2/26/2029	n/a	200,000		200,000
2025 Delayed Draw Term Loan	(1) (2)	5.79% Variable	n/a	3/27/2028	3/27/2030	n/a	—		—
							200,000		200,000
Total Operating Partnership Debt							687,500		697,500

JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida		n/a	n/a	n/a	n/a	n/a	—		46,060
Wells Fargo Bank, N.A.		6.47% Variable	n/a	5/15/2028	5/15/2030	2	58,000		—
							58,000		46,060

GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver	(3)	6.07% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
$125 Million Term Loan	(3)	6.02% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
Bank of America, N.A. 2022 Term Loan		n/a	n/a	n/a	n/a	n/a	—		396,037
Bank of America, N.A. 2025 Term Loan	(4)	6.27% Variable	n/a	7/24/2028	7/24/2030	n/a	390,730		—
Wells Fargo		4.99% Fixed	30	6/6/2028	6/6/2028	1	12,253		12,526
PACE loan	(5)	6.10% Fixed	20	7/31/2040	7/31/2040	n/a	5,660		5,884
Total GIC Joint Venture Credit Facility and Term Loans						1	658,643		664,447
Total Joint Venture Debt						3	716,643		710,507
Total Debt						3	1,404,143		1,408,007
Unamortized debt issuance costs							(10,129)		(11,297)
Debt, net of issuance costs							$	1,394,014	$	1,396,710

(1) The 2023 Senior Credit Facility, the Regions Bank 2024 Term Loan Facility, and the 2025 Delayed Draw Term Loan are supported by a borrowing base of 52 unencumbered hotel properties and their affiliates.

(2) The $287.5 million of Convertible Notes were repaid in February 2026 using amounts available on the 2025 Delayed Drawn Term Loan and borrowings on our $400 Million Revolver.

(3) The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities (and affiliated entities) that own 15 lodging properties.

(4) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities (and affiliated entities) that own 24 lodging properties and two parking garages.

(5) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.

Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives

Our total fixed-rate and variable-rate debt at December 31, 2025 and 2024, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands):


	2025		Percentage		2024		Percentage
Fixed-rate debt(1)	$	988,413	70	%	$	930,910	66	%
Variable-rate debt	415,730		30	%	477,097		34	%
	$	1,404,143			$	1,408,007

(1) At December 31, 2025, debt related to our wholly owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 77% of our total pro rata indebtedness when including the effect of interest rate swaps. See “Note 8 - Derivative Financial Instruments and Hedging.”

Schedule of Principal Payments for Each of the Next Five Years

Contractual principal payments, taking into consideration our maturity date extension options, at December 31, 2025, for each of the next five years are as follows (in thousands):


For the Year Ended December 31,	Amount
2026 (1)	$	288,032
2027	562
2028	461,938
2029	200,293
2030	449,042
Thereafter	4,276
	$	1,404,143

(1) Virtually all of our debt maturities for the year ended December 31, 2026 relate to our Convertible Notes totaling $287.5 million, which matured in February 2026. Upon maturity, we repaid our Convertible Notes with proceeds from the 2025 Delayed Draw Term Loan and borrowings on our $400 Million Revolver.

Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value

Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands):


	2025				2024
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Convertible notes	$	287,500	$	287,500	$	287,500	$	278,766	Level 1 - Market approach
Mortgage loans	17,913		17,849		18,410		17,344		Level 2 - Market approach
	$	305,413	$	305,349	$	305,910	$	296,110

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Maturity

Operating lease maturities as of December 31, 2025 are as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	2,417
2027	2,460
2028	2,278
2029	2,058
2030	1,387
Thereafter	32,415
Total lease payments (1)	43,015
Less interest	(18,924)
Total	$	24,091

(1) Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.

Schedule of Non-Cancelable Commercial Operating Leases

As of December 31, 2025, non-cancelable commercial operating leases provide for future minimum rental income as follows (in thousands):


For the Year Ended December 31,	Amount
2026	$	3,315
2027	2,745
2028	1,013
2029	724
2030	462
Thereafter	1,624
Total lease payments	$	9,883

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments

Information about our derivative financial instruments at December 31, 2025 and 2024 is as follows (dollar amounts in thousands):


				Average
				Annual			Notional Amount				Fair Value
				Effective			December 31,				December 31,
Contract Date		Effective Date	Expiration Date	Fixed Rate			2025		2024		2025		2024
Operating Partnership:

	June 11, 2018	December 31, 2018	December 31, 2025	2.92	%		$	—	$	125,000	$	—	$	1,582
	July 26, 2022	January 31, 2023	January 31, 2027	2.60	%		100,000		100,000		816		2,824
	July 26, 2022	January 31, 2023	January 31, 2029	2.56	%		100,000		100,000		2,161		5,325
	June 5, 2025	June 2, 2025	May 15, 2028	3.57	%		58,000		—		(404)		—
	November 17, 2025	December 31, 2025	December 31, 2027	3.31	%		125,000		—		(109)		—
	Total Operating Partnership						383,000		325,000		2,464		9,731
GIC Joint Venture:
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		12		754
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		12		754
	January 19, 2024	October 1, 2024	January 13, 2026	3.77	%		100,000		100,000		(2)		334
	August 25, 2025	January 13, 2026	January 13, 2028	3.26	%		150,000		—		(4)		—
	August 25, 2025	January 13, 2026	January 13, 2028	3.27	%		150,000		—		(17)		—
	Total GIC Joint Venture						600,000		300,000		1		1,842
	Total			3.22	%	(1)	$	983,000	$	625,000	$	2,465	$	11,573

(1) Represents the weighted-average effective interest rate of our current interest rate swaps at December 31, 2025.

Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges

The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$	(1,442)	$	11,218	$	8,677
Gain reclassified from Accumulated other comprehensive income to Interest Expense	$	7,666	$	13,602	$	11,561

Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	80,692	$	82,632	$	86,798

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Activity

Changes in Common Stock during the years ended December 31, 2025 and 2024 were as follows:


	2025	2024
Beginning shares of Common Stock outstanding	108,435,663	107,593,373

Common Unit redemptions	2,923,797	15,555
Repurchases of Common Stock	(3,585,179)	—
Grants under the Equity Plan (as defined below in Note 12 - Equity-Based Compensation)	1,269,495	1,242,868
Annual grants to independent directors	189,826	127,491


Performance and time-based share forfeitures	(190,164)	(398,970)
Shares acquired for employee withholding requirements	(244,752)	(144,654)
Ending shares of Common Stock outstanding	108,798,686	108,435,663

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value

Disclosures concerning financial instruments measured at fair value are as follows (in thousands):


	Fair Value Measurement at December 31, 2025 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	3,001	$	—	$	3,001
Onera Purchase Option	—		—		931		931

Liabilities:
Interest rate swaps	—		536		—		536

	Fair Value Measurement at December 31, 2024 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	11,573	$	—	$	11,573
Onera Purchase Option	—		—		931		931

Schedule of Unobservable Inputs for Fair Values of Purchase Options

As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands):



Exercise price	$	8,206
First option exercise date (1)	10/1/2024
Expected volatility	52.20		%
Risk free rate	4.15		%
Expected annualized equity dividend yield	—		%

(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable.

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes time-based restricted stock activity under our Equity Plan for 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value (in thousands)
Non-vested December 31, 2022	654,804	$	9.85
Granted	449,148	7.71
Vested	(238,883)	8.04
Forfeited	(3,356)	8.20
Non-vested December 31, 2023	861,713	8.79
Granted	735,462	6.49
Vested	(369,312)	9.24
Forfeited	(75,040)	7.26
Non-vested December 31, 2024	1,152,823	7.28
Granted	693,020	6.63
Vested	(421,535)	8.06
Forfeited	(38,126)	6.67
Non-vested December 31, 2025	1,386,182	$	6.73	$	6,751

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2025, 2024 and 2023:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2022	1,006,974	$	11.76
Granted	425,907	10.08
Vested	(239,416)	9.38
Forfeited	(137,193)	9.38
Non-vested December 31, 2023	1,056,272	11.93
Granted	507,406	7.41

Forfeited	(323,930)	14.05
Non-vested December 31, 2024	1,239,748	9.53
Granted	576,475	7.66
Vested	(154,397)	12.26
Forfeited	(152,038)	12.26
Non-vested December 31, 2025	1,509,788	$	8.26	$	7,353

Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted

The fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model and the following assumptions:


	For the Years Ended December 31,
	2025			2024			2023
Expected dividend yield	4.71		%	4.86		%	3.90		%
Expected stock price volatility	35.4		%	37.2		%	67.6		%
Risk-free interest rate	3.97		%	4.21		%	4.66		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.66		$	7.41		$	10.08

Schedule of Equity-based Compensation Expense

Equity-based compensation expense included in Corporate General and Administrative expense in the Consolidated Statements of Operations was as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Time-based restricted stock	$	3,907	$	3,424	$	3,260
Performance-based restricted stock	4,110		3,941		3,727
Director stock	776		767		755
	$	8,793	$	8,132	$	7,742

Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards

Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $10.2 million at December 31, 2025 as follows (in thousands):


	Total		2026		2027		2028
Time-based restricted stock	$	5,294	$	3,155	$	1,879	$	260
Performance-based restricted stock	4,952		2,982		1,697		273
	$	10,246	$	6,137	$	3,576	$	533

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership

The components of income tax expense (benefit) are as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	989	$	1,151
State and local	1,173		1,567		1,563
Deferred:
Federal	(322)		(8,879)		84
State and local	(9)		(2,420)		—

Income tax expense (benefit)	$	842	$	(8,743)	$	2,798

Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS

We have prospectively adopted the disclosure requirements as required after the adoption of ASU 2023-09. Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands) for the year ended December 31, 2025:




	Amount		Percent
US federal statutory tax rate	$	(2,276)	21.0	%
State and local income taxes, net of federal income tax effect (1)	920		(8.5)
Effect of changes in tax laws or rates enacted in current period	512		(4.7)
Changes in valuation allowance	96		(0.9)
Nontaxable or nondeductible items:
Nontaxable loss of the REITs	644		(5.9)
Share based compensation	155		(1.4)

Other permanent differences	68		(0.6)
Other adjustments:
Capital contribution from consolidated entity to a TRS	723		(6.7)

Income tax expense and effective tax rate	$	842	(7.8)	%

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

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):


	For the Years Ended December 31,
	2024		2023
Statutory federal income tax provision	$	6,331	$	(5,317)
Nontaxable (income) loss of the REITs	(6,260)		4,563

State income taxes, net of federal tax benefit	1,467		1,158
Provision to return and deferred adjustment	20		50
Effect of permanent differences and other	431		235



Reversal of federal deferred tax valuation allowance	(9,905)		—
Reversal of state deferred tax valuation allowance, net of federal benefit	(2,156)		—
Other change in valuation allowance	1,329		2,109
Income tax (benefit) expense	$	(8,743)	$	2,798

Schedule of Significant Components of Deferred Tax Assets (Liabilities)

Significant components of our TRSs deferred tax assets (liabilities) are as follows (in thousands):


	December 31,
	2025		2024
Tax carryforwards	$	12,786	$	11,916

Accrued expenses	1,040		1,515
Other	479		445
Total	14,305		13,876
Valuation allowance	(2,678)		(2,581)
Net deferred tax asset	$	11,627	$	11,295

Gross deferred tax assets	$	14,310	$	13,881
Gross deferred tax liabilities	(5)		(5)
Valuation allowance	(2,678)		(2,581)
Net deferred tax asset	$	11,627	$	11,295

Schedule of Income Taxes Paid by Jurisdiction

Income taxes paid by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):


	Amount
Federal refunds, net of payments	$	(138)
States, net of refunds (1)	1,229
Total cash payments for income taxes, net of refunds	$	1,091

(1) Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include Texas at $1.0 million, and Oregon at $0.2 million.

Supplemental cash flow information is as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Cash payments for interest	$	74,978	$	78,920	$	78,886
Accrued acquisition costs and improvements to lodging properties	$	4,264	$	7,082	$	4,219
Cash payments for income taxes, net of refunds	$	1,091	$	2,027	$	2,674
Accrued and unpaid dividends on unvested performance-based restricted stock	$	763	$	241	$	185




Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$	—	$	—	$	200

Schedule of Characterization of Distributions

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


	For the Years Ended December 31,
	2025				2024				2023
	Amount		%		Amount		%		Amount		%
Common Stock
Ordinary non-qualified dividend income	$	0.1272	39.74	%	$	0.2879	95.96	%	$	0.1940	88.19	%
Ordinary qualified dividend income	—		—	%	0.0121		4.04	%	0.0078		3.54	%

Return of capital	0.1928		60.26	%	—		—	%	0.0182		8.27	%
Total	$	0.3200	100.00	%	$	0.3000	100.00	%	$	0.2200	100.00	%

















Preferred Stock - Series E
Ordinary non-qualified dividend income	$	0.6210	39.74	%	$	1.4994	95.96	%	$	1.3779	88.19	%
Ordinary qualified dividend income	—		—	%	0.0631		4.04	%	0.0553		3.54	%

Return of capital	0.9415		60.26	%	—		—	%	0.1293		8.27	%
Total	$	1.5625	100.00	%	$	1.5625	100.00	%	$	1.5625	100.00	%

Preferred Stock - Series F
Ordinary non-qualified dividend income	$	0.5837	39.74	%	$	1.4095	95.96	%	$	1.2952	88.19	%
Ordinary qualified dividend income	—		—	%	0.0593		4.04	%	0.0520		3.54	%

Return of capital	0.8850		60.26	%	—		—	%	0.1215		8.27	%
Total	$	1.4687	100.00	%	$	1.4688	100.00	%	$	1.4687	100.00	%

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share

The following is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):


	For the Years Ended December 31,
	2025		2024		2023
Numerator:
Net (loss) income	$	(11,677)	$	38,891	$	(28,116)
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests	(2,626)		(2,626)		(2,626)
Preferred dividends	(15,875)		(15,875)		(15,875)
Loss related to non-controlling interests in consolidated joint ventures	3,721		8,499		14,824
Dividends paid on unvested time-based restricted stock	(435)		(317)		(184)
Allocation of loss (income) to participating securities (¹)	2,938		(3,739)		3,987
Numerator for (loss) income per common stockholder - basic	(23,954)		24,833		(27,990)
Adjusted for:
Interest rate effect on assumed conversion of convertible debt	—		4,323		—

Numerator for (loss) income per common stockholder - diluted	$	(23,954)	$	29,156	$	(27,990)

Denominator:
Weighted average common shares outstanding - basic	106,850		105,927		105,548
Adjusted for:
Dilutive effect of equity-based compensation awards (2)	—		660		—
Effect of assumed conversion of convertible debt	—		25,778		—

Weighted average common shares outstanding - diluted (3)	106,850		132,365		105,548
Net (loss) income per share available to common stockholders:
Basic	$	(0.22)	$	0.23	$	(0.27)
Diluted	$	(0.22)	$	0.22	$	(0.27)

(1) Balances include amounts allocated to Common Units, and for the year ended December 31, 2024, amounts allocated to unvested time-based restricted stock awards that have non-forfeitable rights to participate in dividends declared on Common Stock are accounted for under the two-class method as participating securities.

(2) Balance reflects potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock using the treasury stock method and assuming that the reporting date is the vesting date. These shares were not included for the years ending December 31, 2025 and 2023 since their inclusion would have been anti-dilutive.

(3) Common stock issuable upon the potential conversion of Common Units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for common shares on a one-for-one basis. Income is allocated to the Common Units on the same basis as Common Stock and is reflected as non-controlling interests in the accompanying Consolidated Financial Statements. As such, the assumed conversion of the Common Units would have no net effect on diluted earnings per share.

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Information

Income taxes paid by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):


	Amount
Federal refunds, net of payments	$	(138)
States, net of refunds (1)	1,229
Total cash payments for income taxes, net of refunds	$	1,091

(1) Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include Texas at $1.0 million, and Oregon at $0.2 million.

Supplemental cash flow information is as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Cash payments for interest	$	74,978	$	78,920	$	78,886
Accrued acquisition costs and improvements to lodging properties	$	4,264	$	7,082	$	4,219
Cash payments for income taxes, net of refunds	$	1,091	$	2,027	$	2,674
Accrued and unpaid dividends on unvested performance-based restricted stock	$	763	$	241	$	185




Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$	—	$	—	$	200

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
Lodging property revenues:
Room	$	643,795	$	650,713	$	656,063
Food and beverage	43,213		40,865		41,513
Other	42,464		40,205		38,551
Total revenues	729,472		731,783		736,127
Lodging property expenses:
Room	151,441		146,790		148,005
Sales and marketing	95,602		93,083		93,053
Administrative and general	58,191		57,678		58,269
Property taxes, insurance and other	54,691		54,116		55,167
Food and beverage	32,933		30,964		31,580
Property operations & maintenance	32,602		30,582		30,416
Utility costs	28,572		26,917		26,989
Management fees	15,760		15,866		18,452
Other lodging property expenses	16,315		16,149		16,174
Total lodging property expenses	486,107		472,145		478,105
Hotel EBITDA	$	243,365	$	259,638	$	258,022

Schedule of Segment Reporting Information, by Segment

A reconciliation of (Loss) income from continuing operations before income taxes as shown on our Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):


	For the Years Ended December 31,
	2025		2024		2023
(Loss) income from continuing operations before income taxes	$	(10,835)	$	30,148	$	(25,318)
Adjusted for:
Depreciation and amortization	149,610		146,436		150,924
Corporate general and administrative	32,816		31,891		32,530
Transaction costs	—		10		13
Loss on impairment and write-down of assets	1,833		6,723		16,661
Recovery of credit losses	—		—		(1,230)
(Gain) loss on disposal of assets, net	(6,579)		(28,912)		337
Interest expense	80,692		82,632		86,798
Interest income	(1,178)		(1,906)		(1,688)
Gain on extinguishment of debt	—		(3,000)		—
Other expense, net	(2,994)		(4,384)		(1,005)
Hotel EBITDA	$	243,365	$	259,638	$	258,022

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2025 hotel jointventure state property room	Apr. 30, 2024 hotel
Properties
Number of states in which hotel properties are located \| state	24
Number of joint venture \| jointventure	2
Percentage of guestrooms located in the top 50 metropolitan statistical areas	86.00%
Percentage of guestrooms located in the top 100 metropolitan statistical areas	91.00%
Percentage of guestrooms operated under premium franchise brands	99.00%
Hotels
Properties
Number of hotels	95	2
Number of units in real estate property \| room	14,347
Hotels \| Brickell Joint Venture
Properties
Number of hotels	2
Hotels \| Onera Joint Venture
Properties
Number of hotels	1
Hotels \| Hotel Portfolio Other Than Ones Owned Through Joint Venture \| Wholly Owned Properties
Properties
Number of hotels \| room	52
Ownership percentage of equity interests	100.00%
Hotels \| Hotels Owned Through Joint Venture \| Partially Owned Properties
Properties
Number of hotels \| property	40
Ownership percentage of equity interests	90.00%
Hotels \| Hotels Owned Through Joint Venture \| Partially Owned Properties \| GIC Joint Venture
Properties
General partner, ownership interest (as percent)	51.00%

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Hotel Properties and Related Assets (Details)	Dec. 31, 2025
Buildings and improvements \| Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	6 years
Buildings and improvements \| Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	40 years
Furniture, fixtures and equipment \| Minimum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	2 years
Furniture, fixtures and equipment \| Maximum
INVESTMENT IN HOTEL PROPERTIES, NET
Estimated Useful Lives	15 years

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Trade Receivables and Credit Policies Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.3	$ 0.3	$ 0.4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Fees (Details)	Dec. 31, 2025 USD ($)
2025 Delayed Draw Term Loan \| Unsecured debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument, face amount	$ 275,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Insurance Recoveries Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Gain on business interruption insurance recovery	$ 1.2
Gain on business interruption insurance recovery statement of income or comprehensive income extensible enumeration not disclosed flag	business interruption recoveries

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Segment Disclosure (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reclassifications Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in lodging property, net	$ 2,640,367	$ 2,746,765
Payments for loans	94,700
Principal payments on mortgage loans	1,400
Repayments of long-term debt	$ 93,300
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in lodging property, net		$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investments in Lodging Property, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate and accumulated depreciation
Investment in hotel properties at cost	$ 3,667,731	$ 3,651,443
Less - accumulated depreciation and amortization	(1,027,364)	(904,678)
Investment in hotel properties, net	2,640,367	2,746,765
Real Estate Loan
Real estate and accumulated depreciation
Investment in hotel properties at cost	4,576	4,576
Lodging buildings and improvements
Real estate and accumulated depreciation
Investment in hotel properties at cost	2,885,464	2,867,256
Land
Real estate and accumulated depreciation
Investment in hotel properties at cost	410,692	415,574
Furniture, fixtures and equipment
Real estate and accumulated depreciation
Investment in hotel properties at cost	308,621	296,476
Construction in progress
Real estate and accumulated depreciation
Investment in hotel properties at cost	26,111	35,294
Intangible assets
Real estate and accumulated depreciation
Investment in hotel properties at cost	$ 32,267	$ 32,267

INVESTMENTS IN LODGING PROPERTY, NET - Investments in Lodging Property, net Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on impairment and write-down of assets	$ 1,833	$ 6,723	$ 16,661
GIC Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from tax incentive payments	9,900
Loss on impairment and write-down of assets	1,800	6,700
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Depreciation and amortization	$ 148,900	$ 145,800	$ 150,300

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Hampton Inn - Boston (Logan Airport), MA and the Hilton Garden Inn - Vienna (Tysons Corner), VA) Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) room	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from borrowings on revolving line of credit		$ 70,000	$ 115,000	$ 75,000
Hampton Inn and Hilton Garden Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from borrowings on revolving line of credit	$ 49,500
Hampton Inn and Hilton Garden Inn \| Joint Venture with GIC \| Four Points Marriott
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of property	22,400
Hampton Inn and Hilton Garden Inn \| Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase price	$ 21,500
Escrow deposits		$ 2,900
Hotels \| Hampton Inn and Hilton Garden Inn \| Hampton Inn and Hilton Garden Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of guestrooms acquired \| room	399
Purchase price	$ 96,000
Asset acquisition, transaction costs	$ 300

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Allocation of Aggregate Purchase Price (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Real Estate [Abstract]
Land		$ 40,936
Lodging buildings and improvements		51,891
Furniture, fixtures and equipment		3,502
Total assets acquired		$ 96,329
Purchase price	$ 96,000

INVESTMENTS IN LODGING PROPERTY, NET - Courtyard by Marriott - Amarillo, TX Narrative (Details) - Marriott Hotel - Amarillo, Texas $ in Millions	1 Months Ended
	Oct. 31, 2025 USD ($) room
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	107
Sale of real estate property	$ 20.0
Gains on sales of investment real estate	$ 4.2

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

INVESTMENTS IN LODGING PROPERTY, NET - Courtyard by Marriott - Kansas City, MO Narrative (Details) - KANSAS $ in Millions	1 Months Ended
	Oct. 31, 2025 USD ($) room
Marriott Hotel
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	123
Sale of real estate property	$ 19.0
SpringHill Suites
Financing Receivable, Allowance for Credit Loss [Line Items]
Gains on sales of investment real estate	$ 2.5

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

INVESTMENTS IN LODGING PROPERTY, NET - Undeveloped Parcel of Land - San Antonio, TX Narrative (Details) - San Antonio, TX - Purchase and Sale Agreement - Undeveloped Land $ in Millions	Feb. 28, 2025 USD ($)	Dec. 31, 2024 a
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale of land (in acre) \| a		5.99
Consideration for hotel property portfolio activity \| $	$ 1.3

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Four Points by Marriott - San Francisco Airport) Narrative (Details) - Hotels $ in Millions	1 Months Ended
	Oct. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Oct. 31, 2024 room
Financing Receivable, Allowance for Credit Loss [Line Items]
Gains on sales of investment real estate		$ 28.3
Four Points by Marriott \| San Francisco, CA
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room			101
Sale of real estate property	$ 17.7
Gains on sales of investment real estate	$ 0.4

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Portfolio of Two Lodging Properties - New Orleans, LA) Narrative (Details) $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) hotel room	Dec. 31, 2025 hotel
New Orleans L A
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale of real estate property \| $	$ 73.0
Courtyard By Marriott \| New Orleans L A
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	202
SpringHill Suites \| New Orleans L A
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	208
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of hotels \| hotel	2	95
Gains on sales of investment real estate \| $	$ 28.3

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Hilton Garden Inn - Bryan (College Station), TX) Narrative (Details) - Hilton Garden Inn - Bryan (College Station), TX $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) room
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	119
Sale of real estate property \| $	$ 11.0

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Hyatt Place - Dallas (Plano), TX) Narrative (Details) - Hyatt Place - Dallas (Plano), TX $ in Millions	1 Months Ended
	Feb. 29, 2024 USD ($) room
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	127
Sale of real estate property \| $	$ 10.3

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales Pending Lodging Property Sales Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2025 USD ($) room	Dec. 31, 2025 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Tangible asset impairment charges		$ 1.8
Hilton Garden Inn \| Longview, TX
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	122
Sale of real estate property	$ 12.3

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Assets held for sale, net	$ 11,967	$ 1,225
Disposal Group, Held-for-Sale, Not Discontinued Operations
Business Combination [Line Items]
Assets held for sale, net	11,967	1,225
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Hilton Garden Inn - Longview, TX
Business Combination [Line Items]
Assets held for sale, net	11,967	0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Parcel of undeveloped land - San Antonio, TX
Business Combination [Line Items]
Assets held for sale, net	$ 0	$ 1,225

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible assets:	$ 10,834	$ 10,834
Finite-lived intangible assets:	21,433	21,433
Total intangible assets	32,267	32,267
Less - accumulated amortization	(7,255)	(5,691)
Intangible assets, net	$ 25,012	26,576
Tax incentives
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)	9 years 2 months 12 days
Finite-lived intangible assets:	$ 12,063	12,063
Key money
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (in Years)	17 years 9 months 18 days
Finite-lived intangible assets:	$ 9,370	9,370
Air rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible assets:	10,754	10,754
Other
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible assets:	$ 80	$ 80

INVESTMENTS IN LODGING PROPERTY, NET - Intangible Assets Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Amortization of intangible assets	$ 1.6	$ 3.3	$ 4.1

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
-Paragraph 28
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-Topic 230
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Amount
2026	$ 1,564
2027	1,510
2028	1,016
2029	1,016
2030	1,016
Thereafter	8,056
Finite lived intangible assets	$ 14,178

INVESTMENT IN REAL ESTATE LOANS - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2023
Mezzanine Loans
Investment Company, Financial Highlights [Line Items]
Loans amount, total	$ 4.6
Initial purchase option, ownership percentage	90.00%
Mezzanine Loans \| Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Loans funded amount				$ 4.6
Construction Loans \| Affiliated Entity \| Letter of credit
Investment Company, Financial Highlights [Line Items]
Letter of credit				$ 3.0
Onera Mezzanine Loan
Investment Company, Financial Highlights [Line Items]
Purchase options	$ 0.9
Amortization of discount		$ (0.4)	$ (0.5)

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted cash
Restricted cash	$ 5,102	$ 7,721
Minimum
Restricted cash
Restricted cash reserve as percentage of hotel revenues	2.00%
Maximum
Restricted cash
Restricted cash reserve as percentage of hotel revenues	5.00%
FF&E reserves
Restricted cash
Restricted cash	$ 4,728	7,357
Property taxes and other
Restricted cash
Restricted cash	$ 374	$ 364

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid expenses and other
Prepaid insurance	$ 1,697	$ 2,112
Prepaid taxes	2,135	2,403
Insurance receivable	0	1,159
Other	3,272	3,906
Prepaid expenses and other	$ 7,104	$ 9,580

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Deferred Charges, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025
Deferred charges
Franchise fees	$ 10,376	$ 10,619
Less - accumulated amortization	(4,631)	(4,159)
Deferred Costs, Net	10,051	6,460
Amortization expense	700	700	$ 600
2025 Delayed Draw Term Loan
Deferred charges
Debt instrument, fee amount	$ 4,306	$ 0
Debt issuance costs				$ 4,300

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Derivative financial instrument	$ 3,001	$ 11,573
Purchase option related to real estate loan	931	931
Deferred tax asset, net	11,627	11,295
Other	395	492
Total	$ 15,954	$ 24,291

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued expenses and other
Accrued property, sales and income taxes	$ 27,244	$ 26,568
Derivative financial instruments	536	0
Accrued salaries and benefits	12,774	14,254
Other accrued expenses at lodging properties	24,082	25,904
Accrued renovation costs	3,140	4,805
Advance room deposits	5,782	6,847
Accrued interest	2,097	3,266
Other	762	509
Total	$ 76,417	$ 82,153

DEBT - Narrative (Details)		1 Months Ended			12 Months Ended
DEBT - Narrative (Details)	Jan. 07, 2021	Dec. 31, 2025 USD ($) loan property	Mar. 31, 2025 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) loan property	Dec. 31, 2024 USD ($)	Jan. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of secured loans \| loan		2			2
Number of properties that served as collateral for loans \| property		3			3
Debt outstanding		$ 1,404,143,000			$ 1,404,143,000	$ 1,408,007,000
Weighted average interest rate for all borrowings		4.83%			4.83%	5.01%
Debt, basis spread on variable rate				1.00%
2025 Delayed Draw Term Loan \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate			2.35%
2025 Delayed Draw Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 275,000,000			$ 275,000,000
Line of credit outstanding		0			0
Credit facility, maximum borrowing capacity			$ 325,000,000
1.50% convertible senior notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 287,500,000
Debt outstanding		$ 287,500,000			$ 287,500,000	$ 287,500,000
Debt instrument, conversion ratio	0.0834028				0.09136
1.50% convertible senior notes due 2026 \| Convertible notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, conversion ratio	0.1146788
Joint Venture Term Loan
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.10%
Joint Venture Term Loan \| Interest rate swaps
Debt Instrument [Line Items]
Debt instrument, variable interest rates		$ 683,000,000.0			$ 683,000,000.0	625,000,000.0
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		200,000,000			200,000,000	$ 210,000,000
Credit facility, maximum borrowing capacity		$ 600,000,000		$ 600,000,000.0	$ 600,000,000

DEBT - $600 Million Senior Credit and Term Loan Facility Narrative (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) extension	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt, net of debt issuance costs			$ 1,394,014,000	$ 1,396,710,000
Debt, basis spread on variable rate		1.00%
Federal funds rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.50%
Minimum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.35%
Maximum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.35%
Line of Credit \| Minimum \| Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage			0.20%
Line of credit facility, commitment fee percentage, rate threshold			50.00%
Line of Credit \| Maximum \| Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage			0.25%
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 600,000,000.0	$ 600,000,000
Additional borrowing capacity		$ 300,000,000.0
$400 Million Revolver \| Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.40%
$400 Million Revolver \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.40%
$400 Million Revolver \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.40%
$400 Million Revolver \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.40%
$400 Million Revolver \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000.0	400,000,000
Debt, net of debt issuance costs			$ 0
Line of credit facility, extension periods \| extension			2
Line of credit facility, extension term			6 months
Fixed interest rate			5.84%
$200 Million Term Loan \| Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate			1.35%
$200 Million Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate			0.35%
$200 Million Term Loan \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate			2.35%
$200 Million Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate			1.35%
$200 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 200,000,000
Debt instrument, face amount		$ 200,000,000.0	$ 200,000,000
Line of credit facility, extension periods \| extension			2
Line of credit facility, extension term			12 months
Fixed interest rate			6.02%
2025 Delayed Draw Term Loan \| Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.35%
2025 Delayed Draw Term Loan \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.35%
2025 Delayed Draw Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 325,000,000
Debt instrument, face amount			$ 275,000,000
Line of credit facility, extension periods \| extension			2
Line of credit facility, extension term			12 months

Debt - Amendment to the 2023 Senior Credit Facility Narrative (Details) - 2018 Senior Credit Facility - Unsecured debt	Sep. 30, 2024
Debt Instrument [Line Items]
Leverage ratio	60.00%
Minimum
Debt Instrument [Line Items]
Leverage ratio	60.00%
Maximum
Debt Instrument [Line Items]
Leverage ratio	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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+ Details

DEBT - Term Loans Narrative (Details)	1 Months Ended		12 Months Ended
DEBT - Term Loans Narrative (Details)	Feb. 29, 2024 USD ($) extension	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.00%
2024 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor			0.00%
2024 Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000.0
Number of debt instrument extended \| extension	2
Debt instrument, extension period	12 months
2024 Term Loan \| Unsecured debt \| Minimum
Debt Instrument [Line Items]
Fixed interest rate			1.35%
Debt, basis spread on variable rate			0.35%
2024 Term Loan \| Unsecured debt \| Maximum
Debt Instrument [Line Items]
Fixed interest rate			2.35%
Debt, basis spread on variable rate			1.35%
$400 Million Revolver \| Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.40%
$400 Million Revolver \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.40%
$400 Million Revolver \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000.0	$ 400,000,000
Fixed interest rate			5.84%

Debt - Amendment to 2024 Term Loan Narrative (Details) - 2024 Term Loan - Unsecured debt	Dec. 31, 2025
Debt Instrument [Line Items]
Leverage ratio	60.00%
Minimum
Debt Instrument [Line Items]
Leverage ratio	60.00%
Maximum
Debt Instrument [Line Items]
Leverage ratio	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 815
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+ Details

DEBT - Convertible Senior Notes and Capped Call Options (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate effect on assumed conversion of convertible debt		$ 0	$ 4,323	$ 0
Amortization of debt issuance costs		$ 6,884	6,582	5,910
1.50% convertible senior notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 287,500
Debt Instrument, Interest Rate, Stated Percentage	1.50%	1.50%
Proceeds from convertible debt	$ 280,000
Interest rate effect on assumed conversion of convertible debt		$ 4,300	4,300	4,300
Amortization of debt issuance costs		1,500	1,500	1,500
Debt issuance costs		$ 7,600	7,600	$ 7,600
Debt instrument, effective interest rate		2.02%
Unamortized discount related to convertible notes		$ 200	$ 1,700
$62 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Repayments of mortgage loan	$ 62,000

DEBT - 2025 Delayed Draw Term Loan (Details)	1 Months Ended		12 Months Ended
DEBT - 2025 Delayed Draw Term Loan (Details)	Mar. 31, 2025 USD ($)	Jun. 30, 2023	Dec. 31, 2025 USD ($) extension	Feb. 28, 2026 USD ($)
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.00%
Federal funds rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.50%
Minimum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.35%
Maximum \| Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.35%
2025 Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt issuance costs	$ 4,300,000
2025 Delayed Draw Term Loan \| Subsequent Events
Debt Instrument [Line Items]
Debt instrument, face amount				$ 275,000,000
2025 Delayed Draw Term Loan \| Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.35%
2025 Delayed Draw Term Loan \| Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.35%
2025 Delayed Draw Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 325,000,000
Line of credit facility, extension periods \| extension			2
Line of credit facility, extension term			12 months
Debt instrument, face amount			$ 275,000,000
$125 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount			$ 125,000,000
$125 Million Term Loan \| Revolving credit facility
Debt Instrument [Line Items]
Fixed interest rate			0.25%
$125 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate			6.02%

DEBT - GIC Joint Venture Credit Facility (Details)	1 Months Ended	12 Months Ended
DEBT - GIC Joint Venture Credit Facility (Details)	Jun. 30, 2023	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 30, 2021 USD ($)	Oct. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 1,404,143,000	$ 1,408,007,000
Debt, basis spread on variable rate	1.00%
$125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 125,000,000.0
Debt, basis spread on variable rate		1.15%
$125 Million Revolving Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate		2.15%
Joint Venture Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		$ 716,643,000	710,507,000
Non-recourse loan \| GIC Joint Venture Credit Facility \| Secured debt
Debt Instrument [Line Items]
Number of real estate properties \| property		2
$125 Million Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 125,000,000
$125 Million Term Loan \| Secured debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.10%
$125 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		$ 125,000,000	125,000,000
Fixed interest rate		6.02%
Revolving credit facility \| $125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 125,000,000		$ 125,000,000.0	$ 125,000,000
Revolving credit facility \| $125 Million Revolving Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		$ 125,000,000.0	$ 125,000,000
Fixed interest rate		6.07%
Revolving credit facility \| $125 Million Term Loan
Debt Instrument [Line Items]
Fixed interest rate		0.25%
Line of Credit \| Joint Venture Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 500,000,000.0

DEBT - GIC Joint Venture Term Loan (Details)	1 Months Ended		12 Months Ended
DEBT - GIC Joint Venture Term Loan (Details)	Dec. 31, 2025 USD ($) parking_structure property hotel room	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) parking_structure property hotel extension_option room	Jul. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 30, 2024 hotel	Mar. 31, 2022 parking_structure hotel	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 10,129,000		$ 10,129,000		$ 11,297,000
Debt outstanding	$ 1,404,143,000		1,404,143,000		1,408,007,000
Debt, basis spread on variable rate		1.00%
Joint Venture Term Loan
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.10%
Joint Venture Term Loan \| Secured debt
Debt Instrument [Line Items]
Debt instrument, face amount								$ 410,000,000
Debt, increase of commitments amount	$ 200,000,000		200,000,000
Credit facility, maximum borrowing capacity	$ 600,000,000		$ 600,000,000
Number of extension options \| extension_option			2
Debt instrument, extension period			12 months
Debt, basis spread on variable rate			2.10%
Fixed interest rate	235.00%		235.00%
Debt instrument, effective interest rate	135.00%		135.00%
2025 GIC Joint Venture Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400,000,000
Unamortized discount related to convertible notes	$ 4,700,000		$ 4,700,000
Unamortized debt issuance costs				$ 500,000
$125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	125,000,000.0		$ 125,000,000.0
Debt, basis spread on variable rate			1.15%
$125 Million Revolving Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate			2.15%
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	600,000,000	$ 600,000,000.0	$ 600,000,000
Debt outstanding	200,000,000		200,000,000		$ 210,000,000
2022 GIC Joint Venture Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Unamortized debt issuance costs	100,000		100,000
Debt instrument, fee amount	$ 200,000		$ 200,000
Hotels
Debt Instrument [Line Items]
Number of real estate properties \| hotel	95		95			2
Number of units in real estate property \| room	14,347		14,347
Joint Venture with GIC \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of units in real estate property \| parking_structure	2		2
Joint Venture with GIC \| Hotels \| NCI Transaction \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of real estate properties	15		15				27
Number of units in real estate property \| parking_structure							2
Joint Venture with GIC \| Hotels \| NCI Transaction \| Portfolio Purchase Through Contribution And Purchase Agreement \| 2018 Senior Credit Facility
Debt Instrument [Line Items]
Number of real estate properties \| hotel	24		24

DEBT - PACE Loan (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - PACE Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt, net of debt issuance costs	$ 1,394,014	$ 1,396,710
NCI Transaction \| PACE Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,500
Fixed interest rate	6.10%
Debt instrument, amortization period	20 years
Debt, net of debt issuance costs	$ 5,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

DEBT - Brickell Mortgage Loan (Details) $ in Thousands	1 Months Ended	12 Months Ended
DEBT - Brickell Mortgage Loan (Details) $ in Thousands	Jun. 30, 2023	Dec. 31, 2025 USD ($) extension_option	May 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2022 USD ($) room
Debt Instrument [Line Items]
Debt outstanding		$ 1,404,143		$ 1,408,007
Debt, basis spread on variable rate	1.00%
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding		$ 58,000		$ 46,060
Brickell Joint Venture Mortgage Loans \| Mortgage loans
Debt Instrument [Line Items]
Debt outstanding			$ 58,000
Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans
Debt Instrument [Line Items]
Initial purchase option, ownership percentage					90.00%
Debt outstanding			$ 45,400		$ 47,000
AC/Element Hotel \| Brickell Joint Venture
Debt Instrument [Line Items]
Initial purchase option, ownership percentage					90.00%
AC/Element Hotel \| Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans
Debt Instrument [Line Items]
Number of units in real estate property \| room					264
Initial purchase option, ownership percentage					100.00%
Debt, basis spread on variable rate		2.60%
Number of extension options \| extension_option		2
Debt instrument, extension period		12 months

DEBT - Mortgage Loan Repayment (Details) $ in Thousands	1 Months Ended	12 Months Ended
DEBT - Mortgage Loan Repayment (Details) $ in Thousands	Jun. 30, 2024 USD ($) property	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Debt, net of debt issuance costs		$ 1,394,014	$ 1,396,710
Repayments of long-term debt		93,300
Gain on extinguishment of debt		$ 0	$ 3,000	$ 0
Non-recourse loan \| MetaBank \| Secured debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 47,600
Debt, net of debt issuance costs	$ 42,300
Repayments of long-term debt	39,100
Extinguishment of debt, discount	3,200
Gain on extinguishment of debt	$ 3,000
Number of real estate properties \| property	3

DEBT - Schedule of Outstanding Indebtedness (Details)	12 Months Ended
DEBT - Schedule of Outstanding Indebtedness (Details)	Dec. 31, 2025 USD ($) parking_structure property hotel room	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 30, 2024 hotel	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2022 parking_structure hotel	Apr. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt outstanding	$ 1,404,143,000		$ 1,408,007,000
Number of Properties Encumbered \| property	3
Unamortized debt issuance costs	$ (10,129,000)		(11,297,000)
Debt, net of debt issuance costs	$ 1,394,014,000		1,396,710,000
Hotels
Debt Instrument [Line Items]
Number of real estate properties \| hotel	95			2
Number of units in real estate property \| room	14,347
Joint Venture with GIC \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of units in real estate property \| parking_structure	2
NCI Transaction \| Joint Venture with GIC \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of real estate properties	15						27
Number of units in real estate property \| parking_structure							2
Loans Payable
Debt Instrument [Line Items]
Debt outstanding	$ 687,500,000		697,500,000
Mortgage loans
Debt Instrument [Line Items]
Debt outstanding	58,000,000		46,060,000
$400 Million Revolver \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000					$ 400,000,000.0
Fixed interest rate	5.84%
Debt outstanding	$ 0		10,000,000
Debt, net of debt issuance costs	0
$200 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 200,000,000
Fixed interest rate	6.02%
Debt outstanding	$ 200,000,000		200,000,000
Debt instrument, face amount	$ 200,000,000					200,000,000.0
1.50% convertible senior notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Fixed interest rate	1.50%								1.50%
Debt outstanding	$ 287,500,000		287,500,000
Debt instrument, face amount									$ 287,500,000
Regions Bank 2024 Term Loan Facility \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	5.92%
Debt outstanding	$ 200,000,000		200,000,000
6.13% Delayed Draw Term Loan Facility Due March 27, 2028 \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	5.79%
Debt outstanding	$ 0		0
Term Loans
Debt Instrument [Line Items]
Debt outstanding	200,000,000		200,000,000
Term Loans \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	0		0
City National Bank of Florida, Variable Due June 9, 2025 \| Mortgage loans
Debt Instrument [Line Items]
Debt outstanding	$ 0		46,060,000
Wells Fargo Bank, N.A., Variable Due May 15, 2028 \| Mortgage loans
Debt Instrument [Line Items]
Fixed interest rate	6.47%
Debt outstanding	$ 58,000,000		0
Number of Properties Encumbered \| property	2
$125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 125,000,000.0
$125 Million Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 125,000,000				$ 125,000,000.0			$ 125,000,000
$125 Million Revolving Credit Facility \| Unsecured debt \| Revolving credit facility
Debt Instrument [Line Items]
Fixed interest rate	6.07%
Debt outstanding	$ 125,000,000.0		125,000,000
$125 Million Term Loan September 15, 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 125,000,000
$125 Million Term Loan September 15, 2027 \| Revolving credit facility
Debt Instrument [Line Items]
Fixed interest rate	0.25%
$125 Million Term Loan September 15, 2027 \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	6.02%
Debt outstanding	$ 125,000,000		125,000,000
Bank of America, N.A, variable due January 13, 2026 \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 0		396,037,000
Bank of America, N.A, Variable due July 24, 2028 \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	6.27%
Debt outstanding	$ 390,730,000		0
Mortgage Loan With Wells Fargo Due June 6, 2028
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	1
Mortgage Loan With Wells Fargo Due June 6, 2028 \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	4.99%
Debt outstanding	$ 12,253,000		12,526,000
Amortization Period (Years)	30 years
PACE Loan \| NCI Transaction
Debt Instrument [Line Items]
Fixed interest rate	6.10%
Debt outstanding	$ 5,660,000
Debt instrument, face amount	6,500,000
Debt, net of debt issuance costs	$ 5,700,000
PACE Loan \| Unsecured debt
Debt Instrument [Line Items]
Fixed interest rate	6.10%
Debt outstanding			5,884,000
Amortization Period (Years)	20 years
GIC Joint Venture: \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 658,643,000		664,447,000
Number of Properties Encumbered \| property	1
Joint Venture Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 716,643,000		710,507,000
Number of Properties Encumbered \| property	3
2018 Senior Credit Facility \| NCI Transaction \| Joint Venture with GIC \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of real estate properties \| hotel	24
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 600,000,000					$ 600,000,000.0
Debt outstanding	$ 200,000,000		$ 210,000,000
Number of unencumbered hotel properties \| hotel	52
2025 Delayed Draw Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 325,000,000
Debt instrument, face amount	$ 275,000,000

DEBT - Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Debt
Debt	$ 305,413	$ 305,910
Carrying Value \| Level 1 \| Convertible notes
Debt
Debt	287,500	287,500
Carrying Value \| Level 2 \| Mortgage loans
Debt
Debt	17,913	18,410
Fair Value
Debt
Debt	305,349	296,110
Fair Value \| Level 1 \| Convertible notes
Debt
Debt	287,500	278,766
Fair Value \| Level 2 \| Mortgage loans
Debt
Debt	$ 17,849	$ 17,344

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Principal payments for each of the next five years
2026	$ 288,032
2027	562
2028	461,938
2029	200,293
2030	449,042
Thereafter	4,276
Debt, gross	1,404,143	$ 1,408,007
1.50% convertible senior notes due 2026 \| Convertible notes
Principal payments for each of the next five years
2026	287,500
Debt, gross	287,500	$ 287,500
2025 Delayed Draw Term Loan \| Unsecured debt
Principal payments for each of the next five years
2026	$ 400,000

DEBT - Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Fixed-rate debt	$ 988,413	$ 930,910
Fixed-rate debt, percentage	70.00%	66.00%
Variable-rate debt	$ 415,730	$ 477,097
Variable-rate debt, percentage	30.00%	34.00%
Debt, gross	$ 1,404,143	$ 1,408,007
Wholly Owned Properties And Joint Venture Debt
Debt Instrument [Line Items]
Fixed-rate debt, percentage	77.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease weighted average discount rate	4.80%	4.80%
Operating lease, cost	$ 4.6	$ 4.5	$ 4.6
Operating cash outflows from operating leases	$ 4.1	$ 4.0	4.0
Operating lease weighted average remaining lease term	31 years 4 months 24 days	31 years 9 months 18 days
Tenant income	$ 4.6	$ 2.7	$ 2.6
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining term	72 years 6 months

LEASES - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amount
2026	$ 2,417
2027	2,460
2028	2,278
2029	2,058
2030	1,387
Thereafter	32,415
Total lease payments	43,015
Less interest	(18,924)
Total	$ 24,091	$ 24,871

LEASES - Schedule of Non-Cancelable Commercial Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Amount
2026	$ 3,315
2027	2,745
2028	1,013
2029	724
2030	462
Thereafter	1,624
Total lease payments	$ 9,883

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) derivative_instrument
Derivative [Line Items]
Maximum length of time over which instruments are hedged	7 years
Interest rate swaps
Derivative [Line Items]
Estimated reclassification from other comprehensive income as an decrease to interest expense \| $	$ 1.9
Interest rate swaps \| Designated as hedges
Derivative [Line Items]
Number of derivative instruments, liability position	5
Number of derivative instruments, asset position	4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.22%
Designated as hedges
Derivative [Line Items]
Notional Amount	$ 383,000	$ 325,000
Fair Value	2,464	9,731
Designated as hedges \| GIC Joint Venture:
Derivative [Line Items]
Notional Amount	600,000	300,000
Fair Value	1	1,842
Designated as hedges \| Interest rate swaps \| GIC Joint Venture:
Derivative [Line Items]
Notional Amount	983,000	625,000
Fair Value	$ 2,465	11,573
Designated as hedges \| Interest Rate Swap Expiring December 31, 2025
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.92%
Notional Amount	$ 0	125,000
Fair Value	$ 0	1,582
Designated as hedges \| Interest Rate Swap Expiring January 31, 2027
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.60%
Notional Amount	$ 100,000	100,000
Fair Value	$ 816	2,824
Designated as hedges \| Interest Rate Swap Expiring January 31, 2029
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.56%
Notional Amount	$ 100,000	100,000
Fair Value	$ 2,161	5,325
Designated as hedges \| Interest Rate Swap Expiring May 15, 2028
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.57%
Notional Amount	$ 58,000	0
Fair Value	$ (404)	0
Designated as hedges \| Interest Rate Swap Expiring December 31, 2027
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.31%
Notional Amount	$ 125,000	0
Fair Value	$ (109)	0
Designated as hedges \| Interest Rate Swap Expiring January 13, 2026 One \| GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.35%
Notional Amount	$ 100,000	100,000
Fair Value	$ 12	754
Designated as hedges \| Interest Rate Swap Expiring January 13, 2026 Two \| GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.35%
Notional Amount	$ 100,000	100,000
Fair Value	$ 12	754
Designated as hedges \| Interest Rate Swap Expiring January 13, 2026 Three \| GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.77%
Notional Amount	$ 100,000	100,000
Fair Value	$ (2)	334
Designated as hedges \| Interest Rate Swap Expiring January 13, 2028 One \| GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.26%
Notional Amount	$ 150,000	0
Fair Value	$ (4)	0
Designated as hedges \| Interest Rate Swap Expiring January 13, 2028 Two \| GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.27%
Notional Amount	$ 150,000	0
Fair Value	$ (17)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Gain or Loss Recognized on Derivative Financial Instruments (Details) - Cash flow hedges - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative instruments, gain (loss) recognized
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$ (1,442)	$ 11,218	$ 8,677
Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	80,692	82,632	86,798
Interest expense
Derivative instruments, gain (loss) recognized
Gain reclassified from Accumulated other comprehensive income to Interest Expense	$ 7,666	$ 13,602	$ 11,561

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Apr. 29, 2025 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of votes a share of outstanding common stock is entitled \| vote	1
Shares reserved for issuance (in shares)	48,975,993	52,924,195
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares	$ 25
Shares authorized \| $			$ 50.0
Repurchases of common stock (in shares)	3,585,179	0
Share repurchase, aggregate purchase price \| $	$ 15.4
Share repurchase, average cost (in usd per share) \| $ / shares	$ 4.30
Share repurchase, remaining authorized amount \| $	$ 34.6
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	89,600,000
6.25% Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	6,400,000	6,400,000
Preferred stock, dividend rate	6.25%	6.25%
Annual dividend rate per share (in dollars per share) \| $ / shares	$ 1.5625
5.875% Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	4,000,000	4,000,000
Preferred stock, dividend rate	5.875%	5.875%
Annual dividend rate per share (in dollars per share) \| $ / shares	$ 1.46875
Maximum \| 6.25% Series E Preferred Stock
Class of Stock [Line Items]
Ratio for conversion	3.1686
Maximum \| 5.875% Series F Preferred Stock
Class of Stock [Line Items]
Ratio for conversion	5.8275

EQUITY - Schedule of Common Stock Activity (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common shares outstanding, beginning balance (in shares)	108,435,663	107,593,373
Common stock redemption of common units (in shares)	2,923,797	15,555
Repurchases of Common Stock (in shares)	(3,585,179)	0
Grants under the Equity Plan (in shares)	1,269,495	1,242,868
Performance share and other forfeitures (in shares)	(190,164)	(398,970)
Shares of common stock acquired for employee withholding requirements (in shares)	(244,752)	(144,654)
Common shares outstanding, ending balance (in shares)	108,798,686	108,435,663
Annual grants to independent directors
Class of Stock [Line Items]
Grants under the Equity Plan (in shares)	189,826	127,491

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Jun. 30, 2025 unit	Jan. 31, 2022 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2025 USD ($) jointventure hotel state unit property room Rate shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Apr. 30, 2024 hotel	Oct. 31, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties (in shares)				2,923,797	15,555
Number of joint ventures entered into \| jointventure				3
Number of states in which hotel properties are located \| state				24
Redeemable common unit, conversion ratio \| Rate				100.00%
Onera Joint Venture
Class of Stock [Line Items]
Number of units in real estate property \| unit				35
Initial purchase option, ownership percentage								10.00%
Percentage of equity interest in a joint venture (as percent)								90.00%
Joint venture, fee simple interest (as percent)				100.00%
Onera Joint Venture \| Fredericksburg, Texas
Class of Stock [Line Items]
Number of Property Lodging Unit \| unit	23
Joint Venture with GIC \| Joint Venture with GIC
Class of Stock [Line Items]
General partner, ownership interest (as percent)				51.00%
Incentive fee earned \| $				$ 0.2	$ 0.6	$ 0.1
Common Stock
Class of Stock [Line Items]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties (in shares)				2,923,797	15,555	28,179
Series Z Preferred Units
Class of Stock [Line Items]
Preferred stock, dividend rate				5.25%
Preferred stock, redemption price (in dollars per share) \| $ / shares		$ 25
Preferred stock, redemption term, period		90 days
Hotels
Class of Stock [Line Items]
Number of real estate properties \| hotel				95			2
Number of units in real estate property \| room				14,347
Hotels \| Brickell Joint Venture
Class of Stock [Line Items]
Number of real estate properties \| hotel				2
Hotels \| Hotels Owned Through Joint Venture \| Partially Owned Properties
Class of Stock [Line Items]
Number of real estate properties \| property				40
AC/Element Hotel \| Brickell Joint Venture
Class of Stock [Line Items]
Initial purchase option, ownership percentage									90.00%
Summit Hotel OP, LP \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement \| Operating Partnership Units
Class of Stock [Line Items]
Number of shares issued in asset acquisition (in shares)			15,864,674
Summit Hotel OP, LP \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement \| Series Z Preferred Units
Class of Stock [Line Items]
Number of shares issued in asset acquisition (in shares)		2,000,000
Temporary equity, shares issued (in shares)				2,000,000
GIC \| Joint Venture with GIC \| Joint Venture with GIC
Class of Stock [Line Items]
Limited partner, ownership percentage				49.00%
Joint Venture with GIC \| Hotels \| Joint Venture with GIC
Class of Stock [Line Items]
Number of units in real estate property \| room				5,625
Number of states in which hotel properties are located \| state				11
Brickell Joint Venture \| Brickell Joint Venture
Class of Stock [Line Items]
Initial purchase option, ownership percentage									10.00%
Unaffiliated Third Parties \| Summit Hotel Operating Partnership
Class of Stock [Line Items]
Limited partner capital account units conversion ratio				1
Number of common units owned (in shares)				13,009,276	15,933,073

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Onera Purchase Option	$ 931	$ 931
Liabilities:
Interest rate swaps	536	0
Recurring basis
Assets:
Onera Purchase Option	931	931
Recurring basis \| Interest rate swaps
Assets:
Derivative asset	3,001	11,573
Liabilities:
Interest rate swaps	536
Recurring basis \| Level 1
Assets:
Onera Purchase Option	0	0
Recurring basis \| Level 1 \| Interest rate swaps
Assets:
Derivative asset	0	0
Liabilities:
Interest rate swaps	0
Recurring basis \| Level 2
Assets:
Onera Purchase Option	0	0
Recurring basis \| Level 2 \| Interest rate swaps
Assets:
Derivative asset	3,001	11,573
Liabilities:
Interest rate swaps	536
Recurring basis \| Level 3
Assets:
Onera Purchase Option	931	931
Recurring basis \| Level 3 \| Interest rate swaps
Assets:
Derivative asset	0	$ 0
Liabilities:
Interest rate swaps	$ 0

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3 $ in Thousands	Dec. 31, 2025 USD ($)
Exercise price
Fair value
Purchase options, exercise price	$ 8,206
Expected volatility
Fair value
Purchase options, measurement input	0.5220
Risk free rate
Fair value
Purchase options, measurement input	0.0415
Expected annualized equity dividend yield
Fair value
Purchase options, measurement input	0
Expected Term
Fair value
Purchase option, expiration term	1 year

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) hotel	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) hotel	Apr. 30, 2024 hotel
Fair value
Impairment of real estate		$ 6,700
Loss on impairment and write-down of assets	$ 1,833	$ 6,723	$ 16,661
Hotels
Fair value
Number of real estate properties \| hotel	95			2
Disposed of by Sale
Fair value
Loss on impairment and write-down of assets			$ 16,700
Disposed of by Sale \| Hotels
Fair value
Number of real estate properties \| hotel			2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 56.3	$ 53.8	$ 52.6
Franchise Agreements \| Minimum
Commitments and contingencies
Management agreement, term	10 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	3.00%
Franchise Agreements \| Maximum
Commitments and contingencies
Management agreement, term	30 years
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue	6.00%
Marketing fees payable as a percentage of gross revenue	4.30%
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures	5.00%
Management Agreements
Commitments and contingencies
Management agreement, term	8 years
Fees related to the agreement	$ 15.8	$ 15.9	$ 18.5
Termination fee	$ 0.9

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity-based compensation
Number of outstanding shares (in shares)	0
Grants under the Equity Plan (in shares)	1,269,495	1,242,868
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 5 months 1 day
Minimum
Equity-based compensation
Stock options term	5 years
Maximum
Equity-based compensation
Stock options term	10 years
Director stock
Equity-based compensation
Grants under the Equity Plan (in shares)	189,826	127,491
Director stock \| Common Stock
Equity-based compensation
Grants under the Equity Plan (in shares)	189,826	127,491	113,141
Restricted Stock Awards \| Executive officers \| Minimum
Equity-based compensation
Vesting percentage	0.00%
Restricted Stock Awards \| Executive officers \| Maximum
Equity-based compensation
Vesting percentage	200.00%
Restricted Stock Awards \| Time-based restricted stock
Equity-based compensation
Total fair value of awards vested	$ 2.8	$ 2.4	$ 3.6
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Prior To 2022
Equity-based compensation
Vesting period	4 years
Restricted Stock Awards \| Time-based restricted stock \| Employees \| In 2022 And Thereafter
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period one \| Prior To 2022
Equity-based compensation
Vesting percentage	20.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period one \| In 2022 And Thereafter
Equity-based compensation
Vesting percentage	25.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period two \| Prior To 2022
Equity-based compensation
Vesting percentage	20.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period two \| In 2022 And Thereafter
Equity-based compensation
Vesting percentage	25.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period three \| Prior To 2022
Equity-based compensation
Vesting percentage	20.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period three \| In 2022 And Thereafter
Equity-based compensation
Vesting percentage	50.00%
Restricted Stock Awards \| Time-based restricted stock \| Employees \| Period four \| Prior To 2022
Equity-based compensation
Vesting percentage	40.00%
Restricted Stock Awards \| Time-based restricted stock \| Executive officers
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards \| Time-based restricted stock \| Executive officers \| Period one
Equity-based compensation
Vesting percentage	25.00%
Restricted Stock Awards \| Time-based restricted stock \| Executive officers \| Period two
Equity-based compensation
Vesting percentage	25.00%
Restricted Stock Awards \| Time-based restricted stock \| Executive officers \| Period three
Equity-based compensation
Vesting percentage	50.00%
Restricted Stock Awards \| Performance-based restricted stock
Equity-based compensation
Vesting period	3 years

EQUITY-BASED COMPENSATION - Schedule of Time-based Restricted Stock Activity (Details) - Restricted Stock Awards - Time-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Non-vested at the beginning of year (in shares)	1,152,823	861,713	654,804
Granted (in shares)	693,020	735,462	449,148
Vested (in shares)	(421,535)	(369,312)	(238,883)
Forfeited (in shares)	(38,126)	(75,040)	(3,356)
Non-vested at end of year (in shares)	1,386,182	1,152,823	861,713
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 7.28	$ 8.79	$ 9.85
Granted (in dollars per share)	6.63	6.49	7.71
Vested (in dollars per share)	8.06	9.24	8.04
Forfeited (in dollars per share)	6.67	7.26	8.20
Non-vested at end of year (in dollars per share)	$ 6.73	$ 7.28	$ 8.79
Aggregate Current Value (in thousands)
Aggregate Current Value (in thousands)	$ 6,751

EQUITY-BASED COMPENSATION - Schedule of Performance-Based Restricted Stock Awards (Details) - Restricted Stock Awards - Performance-based restricted stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Non-vested at the beginning of year (in shares)	1,239,748	1,056,272	1,006,974
Granted (in shares)	576,475	507,406	425,907
Vested (in shares)	(154,397)		(239,416)
Forfeited (in shares)	(152,038)	(323,930)	(137,193)
Non-vested at end of year (in shares)	1,509,788	1,239,748	1,056,272
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 9.53	$ 11.93	$ 11.76
Granted (in dollars per share)	7.66	7.41	10.08
Vested (in dollars per share)	12.26		9.38
Forfeited (in dollars per share)	12.26	14.05	9.38
Non-vested at end of year (in dollars per share)	$ 8.26	$ 9.53	$ 11.93
Aggregate Current Value (in thousands)
Aggregate Current Value (in thousands)	$ 7,353

EQUITY-BASED COMPENSATION - Schedule of Assumptions Used Estimate Fair Value of Performance-based Restricted Stock Awards Granted (Details) - Performance-based restricted stock - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2025 Iteration $ / shares	Dec. 31, 2024 Iteration $ / shares	Dec. 31, 2023 Iteration $ / shares
Equity-based compensation
Expected dividend yield	4.71%	4.86%	3.90%
Expected stock price volatility	35.40%	37.20%	67.60%
Risk-free interest rate	3.97%	4.21%	4.66%
Monte Carlo iterations \| Iteration	100,000	100,000	100,000
Weighted average estimated fair value of performance-based restricted stock awards (in dollars per share) \| $ / shares	$ 7.66	$ 7.41	$ 10.08

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity-based compensation expense
Share based compensation expense	$ 8,793	$ 8,132	$ 7,742
Restricted Stock Awards \| Time-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,907	3,424	3,260
Restricted Stock Awards \| Performance-based restricted stock
Equity-based compensation expense
Share based compensation expense	4,110	3,941	3,727
Director stock \| Director stock
Equity-based compensation expense
Share based compensation expense	$ 776	$ 767	$ 755

EQUITY-BASED COMPENSATION - Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Equity-based compensation expense
Total	$ 10,246
2026	6,137
2027	3,576
2028	533
Time-based restricted stock \| Restricted Stock Awards
Equity-based compensation expense
Total	5,294
2026	3,155
2027	1,879
2028	260
Performance-based restricted stock \| Restricted Stock Awards
Equity-based compensation expense
Total	4,952
2026	2,982
2027	1,697
2028	$ 273

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer contribution expense	$ 0.5	$ 0.5	$ 0.4

INCOME TAXES - Schedule of Components of Income Tax Expense and Total Provision (Benefit) for TRS and Operating Partnership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 0	$ 989	$ 1,151
State and local	1,173	1,567	1,563
Deferred:
Federal	(322)	(8,879)	84
State and local	(9)	(2,420)	0
Income tax expense (benefit)	$ 842	$ (8,743)	$ 2,798

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

INCOME TAXES - Schedule of Reconciliation of Federal Statutory Rate to Effective Income Tax Rate for TRS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
US federal statutory tax rate	$ (2,276)	$ 6,331	$ (5,317)
State and local income taxes, net of federal income tax effect	920	1,467	1,158
Effect of changes in tax laws or rates enacted in current period	512
Changes in valuation allowance	96	1,329	2,109
Nontaxable (income) loss of the REITs	644	(6,260)	4,563
Share based compensation	155
Other permanent differences	68
Provision to return and deferred adjustment		20	50
Effect of permanent differences and other		431	235
Capital contribution from consolidated entity to a TRS	723
Income tax expense (benefit)	$ 842	(8,743)	2,798
US federal statutory tax rate, Percent	21.00%
State and local income taxes, net of federal income tax effect, Percent	(8.50%)
Effect of changes in tax laws or rates enacted in current period, Percent	(4.70%)
Changes in valuation allowance, Percent	(0.90%)
Nontaxable (income) loss of the REITs, Percent	5.90%
Share based compensation, Percent	(1.40%)
Other permanent differences, Percent	(0.60%)
Contribution to TRS, Percent	(6.70%)
Income tax (benefit) expense, Percent	(7.80%)
Federal
Valuation Allowance [Line Items]
Changes in valuation allowance		(9,905)	0
State
Valuation Allowance [Line Items]
Changes in valuation allowance		$ (2,156)	$ 0

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Income taxes
Valuation allowance	$ (2,678,000)	$ (2,581,000)
Decrease in valuation allowance	12,100,000
Unrecognized tax benefits	0
Federal
Income taxes
Operating loss carryforwards	40,900,000
Federal \| TRSs
Income taxes
Operating loss carryforwards	52,500,000
Federal \| REIT Subsidiaries
Income taxes
Operating loss carryforwards	8,600,000
State \| TRSs
Income taxes
Operating loss carryforwards	$ 35,300,000

INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 12,786	$ 11,916
Accrued expenses	1,040	1,515
Other	479	445
Total	14,305	13,876
Valuation allowance	(2,678)	(2,581)
Net deferred tax asset	11,627	11,295
Gross deferred tax assets	14,310	13,881
Gross deferred tax liabilities	(5)	(5)
Net deferred tax asset	$ 11,627	$ 11,295

INCOME TAXES - Schedule of Income Taxes Paid By Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Federal refunds, net of payments	$ (138)
States, net of refunds	1,229
Cash payments for income taxes, net of refunds	1,091	$ 2,027	$ 2,674
TEXAS
Valuation Allowance [Line Items]
Income taxes paid	1,000
OREGON
Valuation Allowance [Line Items]
Income taxes paid	$ 200

INCOME TAXES - Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Stock
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0.1272	$ 0.2879	$ 0.1940
Ordinary non-qualified dividend income (in percent)	39.74%	95.96%	88.19%
Ordinary qualified dividend income (in dollars per share)	$ 0	$ 0.0121	$ 0.0078
Ordinary qualified dividend income (in percent)	0.00%	4.04%	3.54%
Return of capital (in dollars per share)	$ 0.1928	$ 0	$ 0.0182
Return of capital (in percent)	60.26%	0.00%	8.27%
Distribution per share (in dollars per share)	$ 0.3200	$ 0.3000	$ 0.2200
Distribution paid (in percent)	100.00%	100.00%	100.00%
Preferred Stock - Series E
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0.6210	$ 1.4994	$ 1.3779
Ordinary non-qualified dividend income (in percent)	39.74%	95.96%	88.19%
Ordinary qualified dividend income (in dollars per share)	$ 0	$ 0.0631	$ 0.0553
Ordinary qualified dividend income (in percent)	0.00%	4.04%	3.54%
Return of capital (in dollars per share)	$ 0.9415	$ 0	$ 0.1293
Return of capital (in percent)	60.26%	0.00%	8.27%
Distribution per share (in dollars per share)	$ 1.5625	$ 1.5625	$ 1.5625
Distribution paid (in percent)	100.00%	100.00%	100.00%
Preferred Stock - Series F
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0.5837	$ 1.4095	$ 1.2952
Ordinary non-qualified dividend income (in percent)	39.74%	95.96%	88.19%
Ordinary qualified dividend income (in dollars per share)	$ 0	$ 0.0593	$ 0.0520
Ordinary qualified dividend income (in percent)	0.00%	4.04%	3.54%
Return of capital (in dollars per share)	$ 0.8850	$ 0	$ 0.1215
Return of capital (in percent)	60.26%	0.00%	8.27%
Distribution per share (in dollars per share)	$ 1.4687	$ 1.4688	$ 1.4687
Distribution paid (in percent)	100.00%	100.00%	100.00%

EARNINGS PER SHARE - Schedule of Components Used to Calculate Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net (loss) income	$ (11,677)	$ 38,891	$ (28,116)
Less - Distributions to and accretion of redeemable non-controlling interests	(2,626)	(2,626)	(2,626)
Preferred dividends	(15,875)	(15,875)	(15,875)
Loss related to non-controlling interests in consolidated joint ventures	3,721	8,499	14,824
Dividends paid on unvested time-based restricted stock	(435)	(317)	(184)
Allocation of (income) loss to participating securities	2,938	(3,739)	3,987
Numerator for (loss) income per common stockholder - basic	(23,954)	24,833	(27,990)
Interest rate effect on assumed conversion of convertible debt	0	4,323	0
Numerator for (loss) income per common stockholder - diluted	$ (23,954)	$ 29,156	$ (27,990)
Denominator:
Weighted average common shares outstanding - basic (in shares)	106,850	105,927	105,548
Dilutive effect of equity-based compensation awards (in shares)	0	660	0
Effect of assumed conversion of convertible debt (in shares)	0	25,778	0
Weighted average common shares outstanding - diluted (in shares)	106,850	132,365	105,548
Net (loss) income per share available to common stockholders:
Basic (in usd per shares)	$ (0.22)	$ 0.23	$ (0.27)
Diluted (in usd per shares)	$ (0.22)	$ 0.22	$ (0.27)

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash payments for interest	$ 74,978	$ 78,920	$ 78,886
Accrued acquisition costs and improvements to lodging properties	4,264	7,082	4,219
Cash payments for income taxes, net of refunds	1,091	2,027	2,674
Accrued and unpaid dividends on unvested performance-based restricted stock	763	241	185
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$ 0	$ 0	$ 200

SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lodging property revenues:
Total revenues	$ 729,472	$ 731,783	$ 736,127
Lodging property expenses:
Property taxes, insurance and other	54,691	54,116	55,167
Management fees	15,760	15,866	18,452
Reportable Segements
Lodging property revenues:
Total revenues	729,472	731,783	736,127
Lodging property expenses:
Sales and marketing	95,602	93,083	93,053
Administrative and general	58,191	57,678	58,269
Property taxes, insurance and other	54,691	54,116	55,167
Property operations & maintenance	32,602	30,582	30,416
Utility costs	28,572	26,917	26,989
Management fees	15,760	15,866	18,452
Other lodging property expenses	16,315	16,149	16,174
Total expenses	486,107	472,145	478,105
Hotel EBITDA	243,365	259,638	258,022
Room
Lodging property revenues:
Total revenues	643,795	650,713	656,063
Lodging property expenses:
Cost of goods and services sold	151,441	146,790	148,005
Room \| Reportable Segements
Lodging property revenues:
Total revenues	643,795	650,713	656,063
Lodging property expenses:
Cost of goods and services sold	151,441	146,790	148,005
Food and beverage
Lodging property revenues:
Total revenues	43,213	40,865	41,513
Lodging property expenses:
Cost of goods and services sold	32,933	30,964	31,580
Food and beverage \| Reportable Segements
Lodging property revenues:
Total revenues	43,213	40,865	41,513
Lodging property expenses:
Cost of goods and services sold	32,933	30,964	31,580
Other
Lodging property revenues:
Total revenues	42,464	40,205	38,551
Lodging property expenses:
Cost of goods and services sold	231,282	224,409	224,901
Other \| Reportable Segements
Lodging property revenues:
Total revenues	$ 42,464	$ 40,205	$ 38,551

SEGMENT INFORMATION - Schedule of reconciliation of Income from continuing operations before income taxes to Hotel EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
(Loss) income from continuing operations before income taxes	$ (10,835)	$ 30,148	$ (25,318)
Depreciation and amortization	149,610	146,436	150,924
Administrative and general	32,816	31,891	32,530
Transaction costs	0	10	13
Loss on impairment and write-down of assets	(1,833)	(6,723)	(16,661)
Recovery of credit losses	0	0	(1,230)
(Gain) loss on disposal of assets, net	(6,579)	(28,912)	337
Interest expense	80,692	82,632	86,798
Interest income	(1,178)	(1,906)	(1,688)
Gain on extinguishment of debt	0	(3,000)	0
Other expense, net	(2,994)	(4,384)	(1,005)
Reportable Segements
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
(Loss) income from continuing operations before income taxes	(10,835)	30,148	(25,318)
Depreciation and amortization	149,610	146,436	150,924
Administrative and general	32,816	31,891	32,530
Transaction costs	0	10	13
Loss on impairment and write-down of assets	(1,833)	(6,723)	(16,661)
Hotel EBITDA	$ 243,365	$ 259,638	$ 258,022

SUBSEQUENT EVENTS (Details)		1 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details)	Feb. 17, 2026 USD ($)	Jan. 31, 2026 $ / shares	Nov. 30, 2025 USD ($) room	Dec. 31, 2025 USD ($)	Jun. 30, 2023 USD ($)
Subsequent events
Tangible asset impairment charges				$ 1,800,000
Hilton Garden Inn \| Longview, TX
Subsequent events
Guestrooms sold \| room			122
Sale of real estate property			$ 12,300,000
$400 Million Revolver \| Unsecured debt
Subsequent events
Credit facility, maximum borrowing capacity				$ 400,000,000	$ 400,000,000.0
Subsequent Events
Subsequent events
Cash dividends declared, common stock (in dollars per share) \| $ / shares		$ 0.08
Subsequent Events \| Convertible notes
Subsequent events
Extinguishment of debt	$ 287,500,000
Subsequent Events \| Delayed Draw Term Loan (DDTL)
Subsequent events
Debt issuance costs	275,000,000.0
Subsequent Events \| $400 Million Revolver \| Unsecured debt
Subsequent events
Credit facility, maximum borrowing capacity	$ 400,000,000
6.25% Series E Preferred Stock \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) \| $ / shares		0.390625
5.875% Series F Preferred Stock \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) \| $ / shares		0.3671875
Series Z Preferred Units \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share) \| $ / shares		$ 0.328125

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Initial Cost
Land	$ 414,636
Buildings, Improvements and Furniture, Fixtures and Equipment	2,843,990
Buildings, Improvements and Furniture, Fixtures and Equipment	382,066
Gross Amount
Land	411,975
Buildings, Improvements and Furniture, Fixtures and Equipment	3,228,717
Total	3,640,692	$ 3,610,680	$ 3,586,899	$ 3,548,184
Accumulated Depreciation	(1,020,276)	$ (896,444)	$ (821,924)	$ (716,646)
Aliso Viejo, CA - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,599
Buildings, Improvements and Furniture, Fixtures and Equipment	32,367
Buildings, Improvements and Furniture, Fixtures and Equipment	1,169
Gross Amount
Land	5,599
Buildings, Improvements and Furniture, Fixtures and Equipment	33,536
Total	39,135
Accumulated Depreciation	(11,482)
Amarillo, TX - Embassy Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	657
Buildings, Improvements and Furniture, Fixtures and Equipment	38,456
Buildings, Improvements and Furniture, Fixtures and Equipment	1,264
Gross Amount
Land	657
Buildings, Improvements and Furniture, Fixtures and Equipment	39,720
Total	40,377
Accumulated Depreciation	(10,713)
Arlington, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,497
Buildings, Improvements and Furniture, Fixtures and Equipment	15,573
Buildings, Improvements and Furniture, Fixtures and Equipment	859
Gross Amount
Land	1,497
Buildings, Improvements and Furniture, Fixtures and Equipment	16,432
Total	17,929
Accumulated Depreciation	(7,050)
Arlington, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,646
Buildings, Improvements and Furniture, Fixtures and Equipment	15,440
Buildings, Improvements and Furniture, Fixtures and Equipment	1,557
Gross Amount
Land	1,646
Buildings, Improvements and Furniture, Fixtures and Equipment	16,997
Total	18,643
Accumulated Depreciation	(7,257)
Asheville, NC - Hotel Indigo
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	34,755
Buildings, Improvements and Furniture, Fixtures and Equipment	8,191
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	42,946
Total	45,046
Accumulated Depreciation	(14,203)
Atlanta, GA - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,670
Buildings, Improvements and Furniture, Fixtures and Equipment	51,922
Buildings, Improvements and Furniture, Fixtures and Equipment	4,587
Gross Amount
Land	5,670
Buildings, Improvements and Furniture, Fixtures and Equipment	56,509
Total	62,179
Accumulated Depreciation	(17,141)
Atlanta, GA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,050
Buildings, Improvements and Furniture, Fixtures and Equipment	27,969
Buildings, Improvements and Furniture, Fixtures and Equipment	4,879
Gross Amount
Land	2,050
Buildings, Improvements and Furniture, Fixtures and Equipment	32,848
Total	34,898
Accumulated Depreciation	(14,250)
Atlanta, GA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,381
Buildings, Improvements and Furniture, Fixtures and Equipment	34,820
Buildings, Improvements and Furniture, Fixtures and Equipment	12,994
Gross Amount
Land	3,381
Buildings, Improvements and Furniture, Fixtures and Equipment	47,814
Total	51,195
Accumulated Depreciation	(11,814)
Austin, TX - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	56,394
Buildings, Improvements and Furniture, Fixtures and Equipment	8,151
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	64,545
Total	64,545
Accumulated Depreciation	(23,201)
Baltimore, MD - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,205
Buildings, Improvements and Furniture, Fixtures and Equipment	16,013
Buildings, Improvements and Furniture, Fixtures and Equipment	6,511
Gross Amount
Land	2,205
Buildings, Improvements and Furniture, Fixtures and Equipment	22,524
Total	24,729
Accumulated Depreciation	(9,716)
Baltimore, MD - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,986
Buildings, Improvements and Furniture, Fixtures and Equipment	37,016
Buildings, Improvements and Furniture, Fixtures and Equipment	8,246
Gross Amount
Land	1,986
Buildings, Improvements and Furniture, Fixtures and Equipment	45,262
Total	47,248
Accumulated Depreciation	(16,946)
Boulder, CO - Marriott
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	11,115
Buildings, Improvements and Furniture, Fixtures and Equipment	49,204
Buildings, Improvements and Furniture, Fixtures and Equipment	14,983
Gross Amount
Land	11,115
Buildings, Improvements and Furniture, Fixtures and Equipment	64,187
Total	75,302
Accumulated Depreciation	(23,283)
Branchburg, NJ - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,374
Buildings, Improvements and Furniture, Fixtures and Equipment	24,411
Buildings, Improvements and Furniture, Fixtures and Equipment	(10,265)
Gross Amount
Land	2,374
Buildings, Improvements and Furniture, Fixtures and Equipment	14,146
Total	16,520
Accumulated Depreciation	(8,548)
Brisbane, CA - DoubleTree
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,300
Buildings, Improvements and Furniture, Fixtures and Equipment	39,686
Buildings, Improvements and Furniture, Fixtures and Equipment	2,402
Gross Amount
Land	3,300
Buildings, Improvements and Furniture, Fixtures and Equipment	42,088
Total	45,388
Accumulated Depreciation	(22,244)
Camarillo, CA - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,200
Buildings, Improvements and Furniture, Fixtures and Equipment	17,366
Buildings, Improvements and Furniture, Fixtures and Equipment	1,588
Gross Amount
Land	2,200
Buildings, Improvements and Furniture, Fixtures and Equipment	18,954
Total	21,154
Accumulated Depreciation	(10,023)
Charlotte, NC - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	41,094
Buildings, Improvements and Furniture, Fixtures and Equipment	5,556
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	46,650
Total	46,650
Accumulated Depreciation	(11,898)
Chicago, IL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	5,395
Buildings, Improvements and Furniture, Fixtures and Equipment	68,355
Buildings, Improvements and Furniture, Fixtures and Equipment	1,316
Gross Amount
Land	5,395
Buildings, Improvements and Furniture, Fixtures and Equipment	69,671
Total	75,066
Accumulated Depreciation	(22,619)
Cleveland, OH - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	10,075
Buildings, Improvements and Furniture, Fixtures and Equipment	33,340
Buildings, Improvements and Furniture, Fixtures and Equipment	5,487
Gross Amount
Land	10,075
Buildings, Improvements and Furniture, Fixtures and Equipment	38,827
Total	48,902
Accumulated Depreciation	(13,385)
Dallas, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,330
Buildings, Improvements and Furniture, Fixtures and Equipment	31,379
Buildings, Improvements and Furniture, Fixtures and Equipment	(2,475)
Gross Amount
Land	1,330
Buildings, Improvements and Furniture, Fixtures and Equipment	28,904
Total	30,234
Accumulated Depreciation	(5,881)
Dallas, TX - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,834
Buildings, Improvements and Furniture, Fixtures and Equipment	47,069
Buildings, Improvements and Furniture, Fixtures and Equipment	5,899
Gross Amount
Land	1,834
Buildings, Improvements and Furniture, Fixtures and Equipment	52,968
Total	54,802
Accumulated Depreciation	(8,104)
Dallas, TX - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,131
Buildings, Improvements and Furniture, Fixtures and Equipment	9,252
Buildings, Improvements and Furniture, Fixtures and Equipment	(1,082)
Gross Amount
Land	3,131
Buildings, Improvements and Furniture, Fixtures and Equipment	8,170
Total	11,301
Accumulated Depreciation	(945)
Dallas, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,372
Buildings, Improvements and Furniture, Fixtures and Equipment	32,351
Buildings, Improvements and Furniture, Fixtures and Equipment	(2,291)
Gross Amount
Land	1,372
Buildings, Improvements and Furniture, Fixtures and Equipment	30,060
Total	31,432
Accumulated Depreciation	(6,249)
Dallas, TX - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,447
Buildings, Improvements and Furniture, Fixtures and Equipment	23,746
Buildings, Improvements and Furniture, Fixtures and Equipment	7,690
Gross Amount
Land	2,447
Buildings, Improvements and Furniture, Fixtures and Equipment	31,436
Total	33,883
Accumulated Depreciation	(5,594)
Decatur, GA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,046
Buildings, Improvements and Furniture, Fixtures and Equipment	34,151
Buildings, Improvements and Furniture, Fixtures and Equipment	5,234
Gross Amount
Land	4,046
Buildings, Improvements and Furniture, Fixtures and Equipment	39,385
Total	43,431
Accumulated Depreciation	(14,571)
Englewood, CO - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,700
Buildings, Improvements and Furniture, Fixtures and Equipment	16,267
Buildings, Improvements and Furniture, Fixtures and Equipment	4,066
Gross Amount
Land	2,700
Buildings, Improvements and Furniture, Fixtures and Equipment	20,333
Total	23,033
Accumulated Depreciation	(8,754)
Englewood, CO - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,000
Buildings, Improvements and Furniture, Fixtures and Equipment	11,950
Buildings, Improvements and Furniture, Fixtures and Equipment	6,081
Gross Amount
Land	2,000
Buildings, Improvements and Furniture, Fixtures and Equipment	18,031
Total	20,031
Accumulated Depreciation	(8,155)
Fort Lauderdale, FL - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	37,950
Buildings, Improvements and Furniture, Fixtures and Equipment	47,002
Buildings, Improvements and Furniture, Fixtures and Equipment	31,857
Gross Amount
Land	37,950
Buildings, Improvements and Furniture, Fixtures and Equipment	78,859
Total	116,809
Accumulated Depreciation	(17,949)
Fort Lauderdale, FL - New Builds
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	3,300
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	3,300
Total	3,300
Accumulated Depreciation	0
Fort Worth, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,920
Buildings, Improvements and Furniture, Fixtures and Equipment	38,070
Buildings, Improvements and Furniture, Fixtures and Equipment	12,138
Gross Amount
Land	1,920
Buildings, Improvements and Furniture, Fixtures and Equipment	50,208
Total	52,128
Accumulated Depreciation	(20,575)
Fredericksburg, TX - Onera Escapes
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,251
Buildings, Improvements and Furniture, Fixtures and Equipment	5,209
Buildings, Improvements and Furniture, Fixtures and Equipment	16,531
Gross Amount
Land	1,638
Buildings, Improvements and Furniture, Fixtures and Equipment	21,353
Total	22,991
Accumulated Depreciation	(2,106)
Frisco, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,390
Buildings, Improvements and Furniture, Fixtures and Equipment	484
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,874
Total	40,120
Accumulated Depreciation	(8,598)
Frisco, TX - Canopy Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,109
Buildings, Improvements and Furniture, Fixtures and Equipment	38,531
Buildings, Improvements and Furniture, Fixtures and Equipment	352
Gross Amount
Land	1,109
Buildings, Improvements and Furniture, Fixtures and Equipment	38,883
Total	39,992
Accumulated Depreciation	(7,785)
Frisco, TX - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,470
Buildings, Improvements and Furniture, Fixtures and Equipment	6,563
Buildings, Improvements and Furniture, Fixtures and Equipment	38
Gross Amount
Land	2,470
Buildings, Improvements and Furniture, Fixtures and Equipment	6,601
Total	9,071
Accumulated Depreciation	(720)
Frisco, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,390
Buildings, Improvements and Furniture, Fixtures and Equipment	319
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,709
Total	39,955
Accumulated Depreciation	(8,431)
Garden City, NY - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,200
Buildings, Improvements and Furniture, Fixtures and Equipment	27,775
Buildings, Improvements and Furniture, Fixtures and Equipment	1,234
Gross Amount
Land	4,282
Buildings, Improvements and Furniture, Fixtures and Equipment	28,927
Total	33,209
Accumulated Depreciation	(10,805)
Glendale, CO - Staybridge Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	10,151
Buildings, Improvements and Furniture, Fixtures and Equipment	8,246
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	18,397
Total	20,497
Accumulated Depreciation	(8,010)
Grapevine, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	34,872
Buildings, Improvements and Furniture, Fixtures and Equipment	6,671
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	41,543
Total	44,085
Accumulated Depreciation	(8,928)
Grapevine, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	5,660
Initial Cost
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,137
Buildings, Improvements and Furniture, Fixtures and Equipment	214
Gross Amount
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,351
Total	34,337
Accumulated Depreciation	(7,194)
Grapevine, TX - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,419
Buildings, Improvements and Furniture, Fixtures and Equipment	13,810
Buildings, Improvements and Furniture, Fixtures and Equipment	1,218
Gross Amount
Land	1,419
Buildings, Improvements and Furniture, Fixtures and Equipment	15,028
Total	16,447
Accumulated Depreciation	(3,528)
Grapevine, TX - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,318
Buildings, Improvements and Furniture, Fixtures and Equipment	18,740
Buildings, Improvements and Furniture, Fixtures and Equipment	1,140
Gross Amount
Land	1,318
Buildings, Improvements and Furniture, Fixtures and Equipment	19,880
Total	21,198
Accumulated Depreciation	(4,283)
Grapevine, TX - TownePlace Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,686
Buildings, Improvements and Furniture, Fixtures and Equipment	23,119
Buildings, Improvements and Furniture, Fixtures and Equipment	1,035
Gross Amount
Land	1,686
Buildings, Improvements and Furniture, Fixtures and Equipment	24,154
Total	25,840
Accumulated Depreciation	(5,750)
Greenville, SC - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	14,566
Buildings, Improvements and Furniture, Fixtures and Equipment	3,644
Gross Amount
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	18,210
Total	19,410
Accumulated Depreciation	(9,137)
Hillsboro, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,943
Buildings, Improvements and Furniture, Fixtures and Equipment	42,541
Buildings, Improvements and Furniture, Fixtures and Equipment	7,195
Gross Amount
Land	4,943
Buildings, Improvements and Furniture, Fixtures and Equipment	49,736
Total	54,679
Accumulated Depreciation	(11,245)
Houston, TX - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,796
Buildings, Improvements and Furniture, Fixtures and Equipment	52,268
Buildings, Improvements and Furniture, Fixtures and Equipment	1,940
Gross Amount
Land	4,796
Buildings, Improvements and Furniture, Fixtures and Equipment	54,208
Total	59,004
Accumulated Depreciation	(10,389)
Houston, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	41,838
Buildings, Improvements and Furniture, Fixtures and Equipment	5,483
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	47,321
Total	47,321
Accumulated Depreciation	(21,726)
Houston, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	33,777
Buildings, Improvements and Furniture, Fixtures and Equipment	8,968
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	42,745
Total	45,545
Accumulated Depreciation	(15,321)
Hunt Valley, MD - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	35,436
Buildings, Improvements and Furniture, Fixtures and Equipment	4,088
Gross Amount
Land	1,076
Buildings, Improvements and Furniture, Fixtures and Equipment	38,448
Total	39,524
Accumulated Depreciation	(13,228)
Indianapolis, IN - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,788
Buildings, Improvements and Furniture, Fixtures and Equipment	54,384
Buildings, Improvements and Furniture, Fixtures and Equipment	(715)
Gross Amount
Land	7,788
Buildings, Improvements and Furniture, Fixtures and Equipment	53,669
Total	61,457
Accumulated Depreciation	(20,768)
Indianapolis, IN - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,012
Buildings, Improvements and Furniture, Fixtures and Equipment	27,910
Buildings, Improvements and Furniture, Fixtures and Equipment	(117)
Gross Amount
Land	4,012
Buildings, Improvements and Furniture, Fixtures and Equipment	27,793
Total	31,805
Accumulated Depreciation	(11,067)
Lone Tree, CO - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,300
Buildings, Improvements and Furniture, Fixtures and Equipment	11,704
Buildings, Improvements and Furniture, Fixtures and Equipment	5,876
Gross Amount
Land	1,314
Buildings, Improvements and Furniture, Fixtures and Equipment	17,566
Total	18,880
Accumulated Depreciation	(7,884)
Longview, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,284
Buildings, Improvements and Furniture, Fixtures and Equipment	13,281
Buildings, Improvements and Furniture, Fixtures and Equipment	467
Gross Amount
Land	1,284
Buildings, Improvements and Furniture, Fixtures and Equipment	13,748
Total	15,032
Accumulated Depreciation	(3,194)
Louisville, KY - Fairfield Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,120
Buildings, Improvements and Furniture, Fixtures and Equipment	24,231
Buildings, Improvements and Furniture, Fixtures and Equipment	1,149
Gross Amount
Land	3,120
Buildings, Improvements and Furniture, Fixtures and Equipment	25,380
Total	28,500
Accumulated Depreciation	(10,376)
Louisville, KY - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,880
Buildings, Improvements and Furniture, Fixtures and Equipment	37,361
Buildings, Improvements and Furniture, Fixtures and Equipment	1,298
Gross Amount
Land	4,880
Buildings, Improvements and Furniture, Fixtures and Equipment	38,659
Total	43,539
Accumulated Depreciation	(16,246)
Lubbock, TX - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	896
Buildings, Improvements and Furniture, Fixtures and Equipment	20,182
Buildings, Improvements and Furniture, Fixtures and Equipment	1,064
Gross Amount
Land	896
Buildings, Improvements and Furniture, Fixtures and Equipment	21,246
Total	22,142
Accumulated Depreciation	(4,583)
Mesa, AZ - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,400
Buildings, Improvements and Furniture, Fixtures and Equipment	19,848
Buildings, Improvements and Furniture, Fixtures and Equipment	2,520
Gross Amount
Land	2,400
Buildings, Improvements and Furniture, Fixtures and Equipment	22,368
Total	24,768
Accumulated Depreciation	(8,248)
Metairie, LA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,860
Buildings, Improvements and Furniture, Fixtures and Equipment	25,168
Buildings, Improvements and Furniture, Fixtures and Equipment	9,716
Gross Amount
Land	1,860
Buildings, Improvements and Furniture, Fixtures and Equipment	34,884
Total	36,744
Accumulated Depreciation	(15,838)
Metairie, LA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,791
Buildings, Improvements and Furniture, Fixtures and Equipment	23,386
Buildings, Improvements and Furniture, Fixtures and Equipment	3,352
Gross Amount
Land	1,791
Buildings, Improvements and Furniture, Fixtures and Equipment	26,738
Total	28,529
Accumulated Depreciation	(12,337)
Miami, FL - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	58,000
Initial Cost
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	46,839
Buildings, Improvements and Furniture, Fixtures and Equipment	784
Gross Amount
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	47,623
Total	56,119
Accumulated Depreciation	(7,539)
Miami, FL - Element
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	58,000
Initial Cost
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	32,427
Buildings, Improvements and Furniture, Fixtures and Equipment	903
Gross Amount
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	33,330
Total	39,212
Accumulated Depreciation	(5,413)
Miami, FL - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,926
Buildings, Improvements and Furniture, Fixtures and Equipment	40,087
Buildings, Improvements and Furniture, Fixtures and Equipment	3,459
Gross Amount
Land	4,926
Buildings, Improvements and Furniture, Fixtures and Equipment	43,546
Total	48,472
Accumulated Depreciation	(19,167)
Miami, FL - Sky Lounge
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	1,473
Buildings, Improvements and Furniture, Fixtures and Equipment	209
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	1,682
Total	1,682
Accumulated Depreciation	(540)
Midland, TX - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,717
Buildings, Improvements and Furniture, Fixtures and Equipment	22,326
Buildings, Improvements and Furniture, Fixtures and Equipment	4,077
Gross Amount
Land	1,717
Buildings, Improvements and Furniture, Fixtures and Equipment	26,403
Total	28,120
Accumulated Depreciation	(4,538)
Milpitas, CA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,921
Buildings, Improvements and Furniture, Fixtures and Equipment	46,141
Buildings, Improvements and Furniture, Fixtures and Equipment	162
Gross Amount
Land	7,921
Buildings, Improvements and Furniture, Fixtures and Equipment	46,303
Total	54,224
Accumulated Depreciation	(10,552)
Minneapolis, MN - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,502
Buildings, Improvements and Furniture, Fixtures and Equipment	35,433
Buildings, Improvements and Furniture, Fixtures and Equipment	1,062
Gross Amount
Land	3,502
Buildings, Improvements and Furniture, Fixtures and Equipment	36,495
Total	39,997
Accumulated Depreciation	(13,892)
Minneapolis, MN - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	34,026
Buildings, Improvements and Furniture, Fixtures and Equipment	3,321
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	37,347
Total	37,347
Accumulated Depreciation	(14,342)
Nashville, TN - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	8,792
Buildings, Improvements and Furniture, Fixtures and Equipment	62,759
Buildings, Improvements and Furniture, Fixtures and Equipment	9,110
Gross Amount
Land	8,792
Buildings, Improvements and Furniture, Fixtures and Equipment	71,869
Total	80,661
Accumulated Depreciation	(25,264)
Nashville, TN - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	777
Buildings, Improvements and Furniture, Fixtures and Equipment	5,598
Buildings, Improvements and Furniture, Fixtures and Equipment	2,204
Gross Amount
Land	777
Buildings, Improvements and Furniture, Fixtures and Equipment	7,802
Total	8,579
Accumulated Depreciation	(4,376)
New Haven, CT - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	11,990
Buildings, Improvements and Furniture, Fixtures and Equipment	51,497
Buildings, Improvements and Furniture, Fixtures and Equipment	11,809
Gross Amount
Land	11,990
Buildings, Improvements and Furniture, Fixtures and Equipment	63,306
Total	75,296
Accumulated Depreciation	(15,683)
New Orleans, LA - Canopy Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,262
Buildings, Improvements and Furniture, Fixtures and Equipment	51,406
Buildings, Improvements and Furniture, Fixtures and Equipment	645
Gross Amount
Land	4,262
Buildings, Improvements and Furniture, Fixtures and Equipment	52,051
Total	56,313
Accumulated Depreciation	(9,906)
New Orleans, LA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,944
Buildings, Improvements and Furniture, Fixtures and Equipment	25,120
Buildings, Improvements and Furniture, Fixtures and Equipment	5,793
Gross Amount
Land	1,944
Buildings, Improvements and Furniture, Fixtures and Equipment	30,913
Total	32,857
Accumulated Depreciation	(18,460)
New Orleans, LA - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	963
Buildings, Improvements and Furniture, Fixtures and Equipment	12,763
Buildings, Improvements and Furniture, Fixtures and Equipment	496
Gross Amount
Land	963
Buildings, Improvements and Furniture, Fixtures and Equipment	13,259
Total	14,222
Accumulated Depreciation	(2,558)
New Orleans, LA - TownePlace Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,366
Buildings, Improvements and Furniture, Fixtures and Equipment	18,110
Buildings, Improvements and Furniture, Fixtures and Equipment	400
Gross Amount
Land	1,366
Buildings, Improvements and Furniture, Fixtures and Equipment	18,510
Total	19,876
Accumulated Depreciation	(3,432)
Oklahoma City, OK - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,769
Buildings, Improvements and Furniture, Fixtures and Equipment	29,389
Buildings, Improvements and Furniture, Fixtures and Equipment	539
Gross Amount
Land	2,769
Buildings, Improvements and Furniture, Fixtures and Equipment	29,928
Total	32,697
Accumulated Depreciation	(7,119)
Oklahoma City, OK - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	21,574
Buildings, Improvements and Furniture, Fixtures and Equipment	1,002
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	22,576
Total	25,118
Accumulated Depreciation	(4,448)
Oklahoma City, OK - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,822
Buildings, Improvements and Furniture, Fixtures and Equipment	25,311
Buildings, Improvements and Furniture, Fixtures and Equipment	620
Gross Amount
Land	2,822
Buildings, Improvements and Furniture, Fixtures and Equipment	25,931
Total	28,753
Accumulated Depreciation	(4,943)
Orlando, FL - Hyatt House
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	34,423
Buildings, Improvements and Furniture, Fixtures and Equipment	1,223
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	35,646
Total	38,446
Accumulated Depreciation	(14,865)
Orlando, FL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,100
Buildings, Improvements and Furniture, Fixtures and Equipment	11,343
Buildings, Improvements and Furniture, Fixtures and Equipment	8,173
Gross Amount
Land	3,100
Buildings, Improvements and Furniture, Fixtures and Equipment	19,516
Total	22,616
Accumulated Depreciation	(8,600)
Orlando, FL - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,716
Buildings, Improvements and Furniture, Fixtures and Equipment	11,221
Buildings, Improvements and Furniture, Fixtures and Equipment	7,983
Gross Amount
Land	2,716
Buildings, Improvements and Furniture, Fixtures and Equipment	19,204
Total	21,920
Accumulated Depreciation	(9,769)
Pittsburgh, PA - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,652
Buildings, Improvements and Furniture, Fixtures and Equipment	40,749
Buildings, Improvements and Furniture, Fixtures and Equipment	7,160
Gross Amount
Land	1,652
Buildings, Improvements and Furniture, Fixtures and Equipment	47,909
Total	49,561
Accumulated Depreciation	(16,176)
Portland, OR - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	14,700
Buildings, Improvements and Furniture, Fixtures and Equipment	1,326
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	16,026
Total	16,026
Accumulated Depreciation	(7,841)
Portland, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	15,629
Buildings, Improvements and Furniture, Fixtures and Equipment	1,309
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	16,938
Total	16,938
Accumulated Depreciation	(8,359)
Portland, OR - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	12,813
Buildings, Improvements and Furniture, Fixtures and Equipment	76,868
Buildings, Improvements and Furniture, Fixtures and Equipment	11,132
Gross Amount
Land	12,813
Buildings, Improvements and Furniture, Fixtures and Equipment	88,000
Total	100,813
Accumulated Depreciation	(20,207)
Poway, CA - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,300
Buildings, Improvements and Furniture, Fixtures and Equipment	14,728
Buildings, Improvements and Furniture, Fixtures and Equipment	1,860
Gross Amount
Land	2,300
Buildings, Improvements and Furniture, Fixtures and Equipment	16,588
Total	18,888
Accumulated Depreciation	(7,852)
Revere, MA - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	32,237
Buildings, Improvements and Furniture, Fixtures and Equipment	33,912
Buildings, Improvements and Furniture, Fixtures and Equipment	670
Gross Amount
Land	32,237
Buildings, Improvements and Furniture, Fixtures and Equipment	34,582
Total	66,819
Accumulated Depreciation	(3,511)
San Francisco, CA - Holiday Inn Express & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	15,545
Buildings, Improvements and Furniture, Fixtures and Equipment	49,469
Buildings, Improvements and Furniture, Fixtures and Equipment	5,829
Gross Amount
Land	15,545
Buildings, Improvements and Furniture, Fixtures and Equipment	55,298
Total	70,843
Accumulated Depreciation	(28,487)
Scottsdale, AZ - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,225
Buildings, Improvements and Furniture, Fixtures and Equipment	12,571
Buildings, Improvements and Furniture, Fixtures and Equipment	4,837
Gross Amount
Land	3,225
Buildings, Improvements and Furniture, Fixtures and Equipment	17,408
Total	20,633
Accumulated Depreciation	(12,416)
Scottsdale, AZ - Hyatt Place
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,500
Buildings, Improvements and Furniture, Fixtures and Equipment	10,171
Buildings, Improvements and Furniture, Fixtures and Equipment	5,774
Gross Amount
Land	1,500
Buildings, Improvements and Furniture, Fixtures and Equipment	15,945
Total	17,445
Accumulated Depreciation	(5,378)
Scottsdale, AZ - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	7,503
Buildings, Improvements and Furniture, Fixtures and Equipment	21,545
Buildings, Improvements and Furniture, Fixtures and Equipment	2,144
Gross Amount
Land	7,503
Buildings, Improvements and Furniture, Fixtures and Equipment	23,689
Total	31,192
Accumulated Depreciation	(3,392)
Scottsdale, AZ - SpringHill Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,195
Buildings, Improvements and Furniture, Fixtures and Equipment	9,496
Buildings, Improvements and Furniture, Fixtures and Equipment	2,037
Gross Amount
Land	2,195
Buildings, Improvements and Furniture, Fixtures and Equipment	11,533
Total	13,728
Accumulated Depreciation	(8,135)
Silverthorne, CO - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,441
Buildings, Improvements and Furniture, Fixtures and Equipment	21,125
Buildings, Improvements and Furniture, Fixtures and Equipment	2,688
Gross Amount
Land	4,441
Buildings, Improvements and Furniture, Fixtures and Equipment	23,813
Total	28,254
Accumulated Depreciation	(5,026)
Silverthorne, CO - Parking Garage
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,404
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	4,603
Gross Amount
Land	2,404
Buildings, Improvements and Furniture, Fixtures and Equipment	4,603
Total	7,007
Accumulated Depreciation	0
Steamboat Springs, CO - Nordic Lodge
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,754
Buildings, Improvements and Furniture, Fixtures and Equipment	9,001
Buildings, Improvements and Furniture, Fixtures and Equipment	949
Gross Amount
Land	4,754
Buildings, Improvements and Furniture, Fixtures and Equipment	9,950
Total	14,704
Accumulated Depreciation	(1,370)
Steamboat Springs, CO - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,832
Buildings, Improvements and Furniture, Fixtures and Equipment	31,214
Buildings, Improvements and Furniture, Fixtures and Equipment	1,066
Gross Amount
Land	1,832
Buildings, Improvements and Furniture, Fixtures and Equipment	32,280
Total	34,112
Accumulated Depreciation	(6,345)
Tampa, FL - Hampton Inn & Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,600
Buildings, Improvements and Furniture, Fixtures and Equipment	20,366
Buildings, Improvements and Furniture, Fixtures and Equipment	5,354
Gross Amount
Land	3,600
Buildings, Improvements and Furniture, Fixtures and Equipment	25,720
Total	29,320
Accumulated Depreciation	(13,607)
Tucson, AZ - Embassy Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	12,253
Initial Cost
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	23,958
Buildings, Improvements and Furniture, Fixtures and Equipment	6,876
Gross Amount
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	30,834
Total	32,675
Accumulated Depreciation	(5,784)
Tucson, AZ - Homewood Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	22,802
Buildings, Improvements and Furniture, Fixtures and Equipment	3,483
Gross Amount
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	26,285
Total	28,855
Accumulated Depreciation	(9,271)
Tyler, TX - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	1,243
Buildings, Improvements and Furniture, Fixtures and Equipment	15,323
Buildings, Improvements and Furniture, Fixtures and Equipment	1,055
Gross Amount
Land	1,243
Buildings, Improvements and Furniture, Fixtures and Equipment	16,378
Total	17,621
Accumulated Depreciation	(4,387)
Vienna, VA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	8,699
Buildings, Improvements and Furniture, Fixtures and Equipment	21,481
Buildings, Improvements and Furniture, Fixtures and Equipment	771
Gross Amount
Land	8,699
Buildings, Improvements and Furniture, Fixtures and Equipment	22,252
Total	30,951
Accumulated Depreciation	(2,081)
Waltham, MA - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	10,644
Buildings, Improvements and Furniture, Fixtures and Equipment	21,713
Buildings, Improvements and Furniture, Fixtures and Equipment	7,571
Gross Amount
Land	10,644
Buildings, Improvements and Furniture, Fixtures and Equipment	29,284
Total	39,928
Accumulated Depreciation	(12,278)
Watertown, MA - Residence Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	25,083
Buildings, Improvements and Furniture, Fixtures and Equipment	45,917
Buildings, Improvements and Furniture, Fixtures and Equipment	516
Gross Amount
Land	25,083
Buildings, Improvements and Furniture, Fixtures and Equipment	46,433
Total	71,516
Accumulated Depreciation	(12,692)
Land Parcels - Land Parcels
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	4,645
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Buildings, Improvements and Furniture, Fixtures and Equipment	(4,220)
Gross Amount
Land	425
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	425
Accumulated Depreciation	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Land, Buildings and Improvements, and Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ASSET BASIS
Balance at beginning of period as adjusted	$ 3,610,680	$ 3,586,899	$ 3,548,184
Additions to land, buildings, improvements and furniture, fixtures and equipment	87,495	179,229	131,153
Disposition of land, buildings, improvements and furniture, fixtures and equipment	(55,650)	(148,725)	(75,777)
Write-down of assets	(1,833)	(6,723)	(16,661)
Balance at end of period	3,640,692	3,610,680	3,586,899
ACCUMULATED DEPRECIATION
Balance at beginning of period	896,444	821,924	716,646
Depreciation	146,856	141,945	146,083
Depreciation on assets sold or disposed	(23,024)	(67,425)	(40,805)
Balance at end of period	1,020,276	$ 896,444	$ 821,924
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	$ 3,402,000
Lodging buildings and improvements \| Minimum
ACCUMULATED DEPRECIATION
Useful life (in years)	2 years
Furniture and equipment \| Maximum
ACCUMULATED DEPRECIATION
Useful life (in years)	40 years