Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 13, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 628,912,796
Entity Common Stock, Shares Outstanding		109,781,527
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement on Schedule 14A for its 2025 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	2024
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, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Austin, Texas

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investments in lodging property, net	$ 2,746,340	$ 2,736,975
Investment in lodging property under development	7,617	1,451
Assets held for sale, net	1,650	65,736
Cash and cash equivalents	40,637	37,837
Restricted cash	7,721	9,931
Right-of-use assets, net	33,309	34,814
Trade receivables, net	18,625	21,348
Prepaid expenses and other	9,580	8,865
Deferred charges, net	6,460	6,659
Other assets	24,291	15,632
Total assets	2,896,230	2,939,248
Liabilities:
Debt, net of debt issuance costs	1,396,710	1,430,668
Lease liabilities, net	24,871	25,842
Accounts payable	7,450	4,827
Accrued expenses and other	82,153	81,215
Total liabilities	1,511,184	1,542,552
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, 108,435,663 and 107,593,373 shares issued and outstanding at December 31, 2024 and 2023 respectively	1,084	1,076
Additional paid-in capital	1,246,225	1,238,896
Accumulated other comprehensive income	9,173	10,967
Accumulated deficit and distributions in excess of retained earnings	(347,041)	(339,848)
Total stockholders’ equity	909,545	911,195
Non-controlling interests	425,282	435,282
Total equity	1,334,827	1,346,477
Total liabilities, redeemable non-controlling interests and equity	2,896,230	2,939,248
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, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	108,435,663	107,593,373
Common stock, shares outstanding (in shares)	108,435,663	107,593,373
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 731,783	$ 736,127	$ 675,695
Expenses:
Property taxes, insurance and other	54,116	55,167	49,921
Management fees	15,866	18,452	17,442
Depreciation and amortization	146,436	150,924	150,160
Corporate general and administrative	31,891	32,530	30,765
Transaction costs	10	13	749
Loss on impairment and write-down of assets	6,723	16,661	10,420
Recovery of credit losses	0	(1,230)	(1,100)
Total expenses	657,205	677,003	628,228
Gain (loss) on disposal of assets, net	28,912	(337)	20,315
Operating income	103,490	58,787	67,782
Other income (expense):
Interest expense	(82,632)	(86,798)	(65,581)
Interest income	1,906	1,688	1,544
Gain on extinguishment of debt	3,000	0	0
Other income, net	4,384	1,005	1,083
Total other expense, net	(73,342)	(84,105)	(62,954)
Income (loss) from continuing operations before income taxes	30,148	(25,318)	4,828
Income tax benefit (expense) (Note 15)	8,743	(2,798)	(3,611)
Net income (loss)	38,891	(28,116)	1,217
Less - Loss attributable to non-controlling interests	(4,751)	(18,627)	(249)
Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions	43,642	(9,489)	1,466
Less - Distributions to and accretion of redeemable non-controlling interests	(2,626)	(2,626)	(2,520)
Less - Preferred dividends	(15,875)	(15,875)	(15,875)
Net income (loss) attributable to common stockholders	$ 25,141	$ (27,990)	$ (16,929)
Income (loss) per common share:
Basic (in usd per shares)	$ 0.23	$ (0.27)	$ (0.16)
Diluted (in usd per shares)	$ 0.22	$ (0.27)	$ (0.16)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	105,927	105,548	105,142
Weighted average common shares outstanding - diluted (in shares)	132,365	105,548	105,142
Dividends per common share (in dollars per share)	$ 0.30	$ 0.22	$ 0.08
Room
Revenues:
Total revenues	$ 650,713	$ 656,063	$ 609,370
Expenses:
Cost of goods and services sold	146,790	148,005	136,999
Food and beverage
Revenues:
Total revenues	40,865	41,513	32,117
Expenses:
Cost of goods and services sold	30,964	31,580	24,897
Other
Revenues:
Total revenues	40,205	38,551	34,208
Expenses:
Cost of goods and services sold	$ 224,409	$ 224,901	$ 207,975

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 38,891	$ (28,116)	$ 1,217
Other comprehensive income (loss), net of tax:
Changes in fair value of derivative financial instruments	(2,384)	(2,884)	32,564
Comprehensive income (loss)	36,507	(31,000)	33,781
Comprehensive loss (income) attributable to non-controlling interests	5,341	17,940	(2,138)
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc.	41,848	(13,060)	31,643
Distributions to and accretion on redeemable non-controlling interests	(2,626)	(2,626)	(2,520)
Preferred dividends and distributions	(15,875)	(15,875)	(15,875)
Comprehensive income (loss) attributable to common stockholders	$ 23,347	$ (31,561)	$ 13,248

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
Temporary equity, beginning balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties	50,000
Adjustment of redeemable non-controlling interests to redemption value	2,520
Preferred dividends and distributions	(2,301)
Temporary equity, ending balance at Dec. 31, 2022	50,219
Beginning preferred shares outstanding (in shares) at Dec. 31, 2021			(10,400,000)
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2021	(1,107,192)	$ (948,073)	$ (104)	$ (1,063)	$ (1,225,184)	$ 15,639	$ 262,639	$ (159,119)
Beginning balance at Dec. 31, 2021				(106,337,724)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties (in shares)				12,664
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties	0	127		$ 1	126			(127)
Adjustment of redeemable non-controlling interests to redemption value	(2,520)	(2,520)					(2,520)
Adjustment of redeemable non-controlling interests to redemption value	157,513							157,513
Sale of non-controlling interests in joint venture	674							674
Contributions by non-controlling interest in joint venture	211,877	1,219			1,219			210,658
Contributions by non-controlling interest in joint venture	(9,911)	(8,632)					(8,632)	(1,279)
Preferred dividends and distributions	(16,040)	(15,875)					(15,875)	(165)
Joint venture partner distributions	(80,353)							(80,353)
Equity-based compensation (in shares)				811,988
Equity-based compensation	8,446	8,446		$ 8	8,438
Shares of common stock acquired for employee withholding requirements (in shares)				(260,800)
Shares of common stock acquired for employee withholding requirements	(2,456)	(2,456)		$ (3)	(2,453)
Other	(253)	(212)			(212)			(41)
Other comprehensive (loss) income	32,564	30,177				30,177		2,387
Net income (loss)	1,217	1,466					1,466	(249)
Ending preferred shares outstanding (in shares) at Dec. 31, 2022			(10,400,000)
Ending 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)
Ending balance at Dec. 31, 2022	(106,901,576)			(106,901,576)
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment of redeemable non-controlling interests to redemption value	$ 2,626
Preferred dividends and distributions	(2,626)
Temporary equity, ending balance at Dec. 31, 2023	$ 50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties (in shares)	28,179			28,179
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties	$ 0	272			272			(272)
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 preferred non-controlling interests	(412)	(37)					(37)	(375)
Contributions by non-controlling interest in joint venture	20,792							20,792
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)			(184,029)
Shares of common stock acquired for employee withholding requirements	$ (1,388)	(1,388)		$ (1)	(1,387)
Other	(175)	(30)			(25)		(5)	(145)
Other comprehensive (loss) income	(2,884)	(3,571)				(3,571)		687
Net income (loss)	(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)
Temporary equity, ending balance at Dec. 31, 2024	$ 50,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties (in shares)	15,555			15,555
Redeemable non-controlling interests in operating partnership issued for the acquisition of a portfolio of lodging properties	$ 0	144			144			(144)
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
Contributions by non-controlling interest in joint venture	(37,116)	(32,334)					(32,334)	(4,782)
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) income	(2,384)	(1,794)				(1,794)		(590)
Net income (loss)	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)

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OPERATING ACTIVITIES:
Net income (loss)	$ 38,891	$ (28,116)	$ 1,217
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	146,436	150,924	150,160
Amortization of debt issuance costs	6,582	5,910	5,708
Loss on impairment and write-down of assets	6,723	16,661	10,420
Recovery of credit losses	0	(1,230)	(1,100)
Equity-based compensation	8,132	7,742	8,446
Deferred tax expense (benefit)	762	84	(59)
Reversal of valuation allowance on deferred tax assets	(12,061)	0	0
(Gain) loss on disposal of assets, net	(28,912)	337	(20,315)
Gain on extinguishment of debt	(3,000)	0	0
Non-cash interest income	(400)	(531)	(113)
Debt transaction costs	647	395	1,528
Other	450	793	232
Changes in operating assets and liabilities:
Trade receivables, net	2,724	(334)	(7,257)
Prepaid expenses and other	(1,034)	(636)	1,845
Accounts payable	2,513	(380)	(438)
Accrued expenses and other	(2,130)	2,022	19,341
NET CASH PROVIDED BY OPERATING ACTIVITIES	166,323	153,641	169,615
INVESTING ACTIVITIES:
Acquisitions of lodging properties	(96,329)	(44,614)	(286,731)
Improvements to lodging properties	(89,306)	(89,580)	(76,469)
Investment in property under development	(5,150)	(826)	0
Proceeds from tax incentive payment	9,896	0	0
Proceeds from asset dispositions, net	109,442	35,176	73,758
Funding of real estate loans and related expenses	0	(4,576)	(2,167)
Proceeds from principal payments on real estate loans	0	1,462	1,096
Escrow (deposits) receipts	(52)	1,000	0
NET CASH USED IN INVESTING ACTIVITIES	(71,499)	(101,958)	(290,513)
FINANCING ACTIVITIES:
Proceeds from borrowings on revolving line of credit	115,000	75,000	531,500
Repayments of revolving line of credit borrowings	(105,000)	(90,000)	(25,000)
Proceeds from term-loan borrowings	50,000	0	0
Principal payments on debt	(94,675)	(2,284)	(506,898)
Proceeds from the sale of non-controlling interests	0	1,353	674
Redemption of preferred stock	0	(413)	0
Common dividends and distributions paid	(36,875)	(26,945)	(10,048)
Preferred dividends and distributions paid	(18,801)	(18,831)	(18,341)
Proceeds from contributions by non-controlling interests in joint venture	22,497	20,592	204,125
Distributions to joint venture partner	(21,930)	(12,426)	(80,353)
Financing fees, debt transactions costs and other issuance costs	(3,511)	(10,381)	(7,441)
Repurchase of common stock for tax withholding requirements	(939)	(1,388)	(2,456)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(94,234)	(65,723)	85,762
Net change in cash, cash equivalents and restricted cash	590	(14,040)	(35,136)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	47,768	61,808	96,944
End of period	48,358	47,768	61,808
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	40,637	37,837	51,255
Restricted cash	7,721	9,931	10,553
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 48,358	$ 47,768	$ 61,808

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2024
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, 2024, our portfolio consisted of 97 lodging properties with a total of 14,553 guestrooms located in 25 states. At December 31, 2024, we own 100% of the outstanding equity interests in 53 of 97 of our lodging properties. We own a 51% controlling interest in 41 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, 2024, 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, 2024

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 judgements 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. 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, 2024 and 2023. Bad debt expense was $0.3 million, $0.4 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Leases

In accordance with Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), 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.

Deferred Financing Fees

Debt issuance costs are generally capitalized based on the debt transaction and presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method.

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 Accounting Standards Codification (“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 non-cash 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.

We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions.

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 are 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 Financial Accounting Standards Board ("FASB") issued 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 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 will not have a material effect on our Consolidated Financial Statements.

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.

Reclassifications

A lodging property with a carrying amount of approximately $8.0 million that was classified as Assets held for sale at December 31, 2023 has been reclassified to Investments in lodging property, net during the year ended December 31, 2024 as the lodging property no longer meets the Assets held for sale criteria as of that date.

INVESTMENTS IN LODGING PROPERTY, NET

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

INVESTMENTS IN LODGING PROPERTY, NET

Investments in Lodging Property, net

Investments in lodging property, net at December 31, 2024 and 2023 include (in thousands):


	2024		2023
Lodging buildings and improvements	$	2,867,256	$	2,798,667
Land	415,149		375,413
Furniture, fixtures and equipment	296,476		269,682
Construction in progress	35,294		41,359
Intangible assets	32,267		39,954
Real estate development loan	4,576		4,176
	3,651,018		3,529,251
Less - accumulated depreciation and amortization	(904,678)		(792,276)
	$	2,746,340	$	2,736,975

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $145.8 million, $150.3 million, and $149.5 million for the years ended December 31, 2024, 2023 and 2022, 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 year ended December 31, 2024, the GIC Joint Venture recorded a loss on impairment related to a lodging property of $6.7 million to reduce the carrying amount of the property to its estimated fair value.

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.

Residence Inn by Marriott - Scottsdale, AZ

In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the cash paid at closing, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the cash paid at closing to the GIC Joint Venture, along with $1.0 million of earnest money that was paid from available cash of the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.

Nordic Lodge - Steamboat Springs, CO

In June 2023, the GIC Joint Venture acquired the Nordic Lodge located in Steamboat Springs, CO containing 47 guestrooms for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.

Lodging property acquisitions during the years ended December 31, 2024 and 2023 were as follows (dollar amounts in thousands):


Date Acquired	Brand/Hotel Name	Location	Guestrooms	Purchase Price
2024 Acquisitions:
December 2024	Hampton Inn and Hilton Garden Inn	Revere (Boston), MA; Tysons Corner (Vienna), VA	399	$	96,000

2023 Acquisitions:
June 2023	Residence Inn by Marriott	Scottsdale, AZ	120	$	29,000
June 2023	Nordic Lodge	Steamboat Springs, CO	47	13,700
			167	$	42,700

All of the acquisitions completed during the years ended December 31, 2024 and 2023 were recorded as asset acquisitions. As such, we allocated the aggregate purchase price paid for each transaction 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 transactions have been capitalized as part of the recorded amounts of the acquired net assets.

The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):



	2024		2023
Land	$	40,936	$	12,258
Lodging buildings and improvements	51,891		29,225
Furniture, fixtures and equipment	3,502		1,331


Total assets acquired (1)	$	96,329	$	42,814

(1) Total assets acquired during the year ended December 31, 2024 is based on an aggregate purchase price of $96,000 plus transaction costs of $0.3 million.

Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million. Additionally, during the year ended December 31, 2023, we capitalized $2.0 million related to contingent consideration paid to the seller of the Onera property in Fredericksburg, TX. See Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests for details related to the Onera Joint Venture.

Lodging Property Sales

The properties sold during the years ended December 31, 2024 and 2023 were as follows:

Four Points by Marriott San Francisco Airport

In October 2024, we completed the sale of the 101-guestroom Four Points by Marriott San Francisco Airport for $17.7 million, which resulted in a gain 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 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. At December 31, 2023, we reclassified the property in Assets held for sale and recorded a write-down of $4.0 million to reduce the carrying amount of the lodging property to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing.

Hyatt Place - Baltimore (Owings Mills), MD

In December 2023, we completed the sale of the 123-guestroom Hyatt Place Baltimore/Owings Mills in Owings Mills, MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023.

Portfolio of Four Lodging Properties

In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows:

Franchise/Brand

Location

Guestrooms

Hilton Garden Inn

Minneapolis (Eden Prairie), MN

97

Holiday Inn Express & Suites

Minneapolis (Minnetonka), MN

93

Hyatt Place

Chicago (Hoffman Estates), IL

126

Hyatt Place

Chicago (Lombard/Oak Brook), IL

151

467

At December 31, 2022, we classified the Sale Portfolio as Assets held for sale and recorded a write-down of $2.9 million to reduce the carrying amount of the net assets to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing.

Assets Held for Sale

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


	December 31,
	2024		2023
Under Contract for Sale:
Courtyard by Marriott and SpringHill Suites - New Orleans, LA	$	—	$	43,504
Hilton Garden Inn - Bryan (College Station), TX	—		10,642
Hyatt Place - Dallas (Plano), TX	—		9,940
Parcel of undeveloped land - San Antonio, TX	1,225		1,225
	1,225		65,311
Marketed for Sale:

Parcel of undeveloped land - Flagstaff, AZ	425		425
	$	1,650	$	65,736

During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. The sale of the parcel of land closed in February 2025.

A lodging property with a carrying amount of approximately $8.0 million that was previously classified as Assets held for sale at December 31, 2023 has been reclassified at both December 31, 2024 and 2023 to Investments in lodging property, net as the lodging property no longer meets the Assets held for sale criteria.

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,
		2024		2023
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		19,750
Key money(1)	17.8	9,370		9,370


		21,433		29,120
Total intangible assets		32,267		39,954
Less - accumulated amortization		(5,691)		(9,251)
Intangible assets, net		$	26,576	$	30,703

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

We recorded amortization expense related to intangible assets of approximately $3.3 million and $4.1 million for the years ended December 31, 2024 and 2023, respectively. There was no amortization expense related to intangible assets for the year ended December 31, 2022.

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


For the Year Ended December 31,	Amount
2025	$	1,564
2026	1,564
2027	1,511
2028	1,016
2029	1,016
Thereafter	9,071
	$	15,742

INVESTMENT IN REAL ESTATE LOANS	12 Months Ended
INVESTMENT IN REAL ESTATE LOANS	Dec. 31, 2024
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. 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, 2024, we have funded our entire $4.6 million commitment under the mezzanine financing loan. The loan matures 24 months from the closing date of the transaction and may be extended for an additional 12 months at the borrower's option. The borrower has exercised its option to extend the Onera Mezzanine Loan for an additional 12 months. The development of the property was completed and operations commenced in September 2024. 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. We have not recorded a liability for this guarantee as we believe the likelihood of having to make any payment under this guarantee is unlikely. In the event that we fund any amount under this guarantee, we would have the right to recover any amount paid under the guarantee from Onera. 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 later of the first anniversary of the opening of the property or the date 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 non-cash 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. Seller-Financed Loans During the year ended December 31, 2022, we received $0.6 million from the borrower of two seller-financed loans with a combined original principal of $3.6 million to repay one of the two loans in full and $0.5 million of principal payments on the remaining loan. The loans were fully reserved when the payments were received. As such, we recorded Recoveries of credit losses of $1.1 million during the year ended December 31, 2022. During the year ended December 31, 2023, we received $1.5 million from the borrower to repay approximately $0.3 million of accrued and unpaid interest and the outstanding principal balance of the remaining loan. As a result, we recorded Recoveries of credit losses of $1.2 million during the year ended December 31, 2023 related to the repayment in full of the seller-financing loan.

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

Restricted Cash

Restricted cash was as follows (in thousands):


	December 31,
	2024		2023
FF&E reserves	$	7,357	$	9,583
Property taxes and other	364		348


	$	7,721	$	9,931

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,
	2024		2023
Deferred acquisition costs	$	—	$	199
Prepaid insurance	2,112		1,945

Prepaid taxes	2,403		3,109
Insurance receivable	1,159		—
Other	3,906		3,612


	$	9,580	$	8,865

Deferred Charges

Deferred charges were as follows (in thousands):


	December 31,
	2024		2023
Franchise fees	$	10,619	$	10,106
Less - accumulated amortization	(4,159)		(3,447)
	$	6,460	$	6,659

Amortization expense for the years ended December 31, 2024, 2023, and 2022 was $0.7 million, $0.6 million and $0.7 million, respectively.

Other Assets

Other assets included the following (in thousands):


	December 31,
	2024		2023
Derivative financial instrument	$	11,573	$	13,958
Purchase option related to real estate loan	931		931
Deferred tax asset, net (1)	11,295		20
Other	492		723


	$	24,291	$	15,632

(1) The change in the Deferred tax asset, net from December 31, 2023 to December 31, 2024 is the result of the reversal of the majority of the valuation allowance recorded against our deferred tax assets based on our determination in the current year that it is probable that we will realize the carrying amount of a large portion of our deferred tax assets. During the year ended December 31, 2024, we recorded a reversal of the valuation allowance of $12.1 million, offset by an $0.8 million change in deferred tax assets for the period, resulting in a net change in our deferred tax assets of $11.3 million.

Accrued Expenses and Other

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


	December 31,
	2024		2023
Accrued property, sales and income taxes	$	26,568	$	26,590

Accrued salaries and benefits	14,254		13,307
Other accrued expenses at lodging properties	25,904		26,745
Accrued renovation costs	4,805		1,847
Advance room deposits	6,847		6,301
Accrued interest	3,266		6,136
Other	509		289






	$	82,153	$	81,215

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

At December 31, 2024, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility (as defined below), the 2024 Term Loan (as defined below), the GIC Joint Venture Credit Facility (as defined below), the GIC Joint Venture Term Loan (as defined below), the PACE Loan (as defined below), the Convertible Notes (as defined below), and two loans secured by first priority mortgage liens on three lodging properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 5.01% and 5.31% at December 31, 2024 and 2023, respectively. We are in compliance with all financial covenants in the loan agreements.

$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.

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. At December 31, 2024, the $200 Million Term Loan was fully funded, and we had $10.0 million in borrowings on our $400 Million Revolver. Borrowings under the 2023 Senior Credit Facility are limited by the value of the Unencumbered Assets.

The 2023 Senior Credit Facility bears interest at the Secured Overnight Financing Rate (“SOFR”). The interest rate on the $400 Million Revolver is based on the higher of (i) a pricing grid ranging from 140 basis points to 240 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 40 basis points to 140 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the loan documents).

The interest rate on the $200 Million Term Loan pursuant to the 2023 Senior Credit Facility is based on the higher of (i) a pricing grid ranging from 135 basis points to 235 basis points plus Adjusted Daily SOFR or Adjusted Term SOFR, depending on the Company's leverage ratio (as defined in the loan documents); and (ii) a pricing grid ranging from 35 basis points to 135 basis points over the Base Rate, depending on the Company's leverage ratio (as defined in the loan documents).

Term SOFR will be available for one, three and six-month interest periods. The Base Rate is a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced by Bank of America as its “prime rate,” (c) SOFR published on such day on the Federal Reserve Bank of New York’s website (or any successor source) plus 1.00% and (d) 1.00%. For purposes of the 2023 Senior Credit Facility, SOFR is subject to a floor of zero basis points.

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 Revolver usage is greater than 50%, and (ii) 0.20% per annum in the event that Revolver usage is equal to or less than 50%. The Unused Fee is payable quarterly in arrears and on the final maturity date of the $400 Million Revolver.

Amendment 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.

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 the Company's $225 million term loan that was scheduled to mature in February 2025. The 2024 Term Loan has substantially the same terms as the refinanced $225 million term loan, with the lender group remaining consistent for both loans.

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, 2024, the 2024 Term Loan was fully funded.

We pay interest on advances at varying rates, based upon, at our option, either (i) daily, 1-, 3-, or 6-month SOFR (subject to a floor of zero basis points), plus a SOFR adjustment equal to 10 basis points and an applicable margin between 135 and 235 basis points, depending upon 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.

Borrowings under the 2023 Senior Credit Facility and the 2024 Term Loan are limited by the value of the Unencumbered Assets.

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 will mature on February 15, 2026 (the “Maturity Date”), unless earlier converted, purchased or redeemed. Prior to August 15, 2025, the Convertible Notes will be convertible only upon certain circumstances and during certain periods. On or after August 15, 2025 and through the Maturity Date, holders may convert any of their Convertible Notes into shares of the Company’s common stock, at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day prior to the Maturity Date, unless the Convertible Notes have been previously purchased or redeemed by the Company. During each of the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023, and 2022. Including the amortization of the debt issuance costs, the current effective interest rate on the Convertible Notes is approximately 2.02%. The unamortized discount related to the Convertible Notes was $1.7 million and $3.2 million at December 31, 2024 and 2023, respectively.

The initial conversion rate of the Convertible Notes is 83.4028 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of $11.99 per share of common stock based on the 37.5% base conversion premium on the reference price of $8.72 per share. In no event will the conversion rate exceed 114.6788 shares of common stock per $1,000 principal amount of Convertible Notes, subject to certain adjustments defined in the Convertible Notes Offering. Commensurate with the declaration of dividends on our common stock and Common Units during the years ended December 31, 2024, 2023, and 2022 the conversion rate of the Convertible Notes was adjusted to 91.36 shares of common stock per $1,000 principal amount of Convertible Notes at December 31, 2024.

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 (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of shares of common stock underlying the Convertible Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to holders of shares of common stock upon 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 Convertible Notes upon conversion thereof, with such reduction or offset subject to a cap.

The effective strike price of the Capped Call Transactions is initially $15.26, which represents a premium of 75.0% over the last reported sale price of the common stock on the New York Stock Exchange on January 7, 2021, and is subject to certain adjustments under the terms of the Capped Call transactions. The strike price was $13.93 at December 31, 2024 due to the adjustments related to the dividends paid during the years ended December 31, 2024, 2023, and 2022.

MetaBank and Other Mortgage Loans

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.

In May 2024, we repaid the outstanding principal of the Bank of the Cascades loan that was scheduled to mature in December 2024 with no prepayment penalty. This repayment resulted in the release of the lodging property that was pledged as collateral for this mortgage loan.

GIC Joint Venture Credit Facility

In October 2019, 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, 2024, 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 (1-month or 3-month), plus a SOFR adjustment of 0.10%, plus a margin of 2.15%, or, (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 0.50%, and 1-month Term SOFR plus 1.00%, plus a base rate margin of 1.15%.

The interest rate on the $125 Million Term Loan is five basis points less than the interest rate on the $125 Million Revolver referenced above.

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.

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 senior secured term loan facility (the “GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent and initial lender, Wells Fargo Bank, National Association, as syndication agent and an initial lender, and BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners.

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

The GIC Joint Venture Term Loan currently provides for a $410.0 million term loan and has an accordion feature which permits an increase in the total commitments, for aggregate potential borrowings of up to $600.0 million.

The GIC Joint Venture Term Loan will mature in January 2026 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 GIC Joint Venture Term Loan has a fully extended maturity date of January 2027. In February 2023, the GIC Joint Venture entered into an amendment to the GIC Joint Venture Term Loan to amend certain definitions, revise the minimum borrowing base interest coverage ratio and make certain other changes.

As of December 31, 2024, we had $396.0 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus 2.75%. The interest rate at December 31, 2024 was 7.22%.

Borrowing Base Assets. The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the JV Borrowers’ equity interests in the subsidiaries that hold a direct or indirect interest in the 25 lodging properties and two parking facilities purchased in the NCI Transaction that constitute borrowing base assets. The GIC Joint Venture Term Loan contains terms, conditions and covenants typical for similar credit facilities.

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, 2024, the outstanding balance of the PACE loan is $5.9 million.

Brickell Mortgage Loan

In June 2022, the Company entered into a joint venture (the "Brickell Joint Venture") with C-F Brickell, LLC, a Delaware limited liability company that was the developer of the AC/Element Hotel ("C-F Brickell"), to facilitate the exercise of the Initial Purchase Option to acquire a 90% equity interest in the Brickell Joint Venture, which owned a 100% interest in the AC/Element Hotel. In June 2022, the Brickell Joint Venture entered into a $47.0 million mortgage loan and non-recourse guaranty with City National Bank of Florida to finance the dual-branded AC/Element Hotel. The City National Bank Loan provides for an interest rate equal to one-month term SOFR plus 300 basis points. Payment terms include an interest-only period through June 30, 2024 and the loan will amortize based on a 25-year schedule from July 1, 2024 through the maturity date of June, 2025. The City National Bank Loan is prepayable at any time without penalty. At December 31, 2024, the outstanding balance of the Brickell Mortgage Loan is $46.1 million.

At December 31, 2024 and 2023 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,
							2024		2023
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver	(1)	6.33% Variable	n/a	6/21/2027	6/21/2028	n/a	$	10,000	$	—
$200 Million Term Loan	(1)	6.16% Variable	n/a	6/21/2026	6/21/2028	n/a	200,000		200,000
Total Senior Credit and Term Loan Facility							210,000		200,000

Term Loans
KeyBank National Association Term Loan	(2)	n/a	n/a	2/14/2025	2/14/2025	n/a	—		225,000
Regions Bank 2024 Term Loan Facility	(1)	6.37% Variable	n/a	2/26/2027	2/26/2029	n/a	200,000		—
							200,000		225,000

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

Secured Mortgage Indebtedness




MetaBank	(2)	n/a	25	7/1/2027	7/1/2027	n/a	—		42,611









Bank of the Cascades	(2)	n/a	25	12/19/2024	12/19/2024	n/a	—		7,425
	(2)	n/a	25	12/19/2024	12/19/2024	n/a	—		7,425





Total Mortgage Loans						—	—		57,461
Total Operating Partnership Debt						—	697,500		769,961

JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida		7.45% Variable	25	6/9/2025	6/9/2025	2	46,060		47,000

GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver	(3)	6.61% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
$125 Million Term Loan	(3)	6.56% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		75,000
Bank of America, N.A.	(4)	7.22% Variable	n/a	1/13/2026	1/13/2027	n/a	396,037		410,000
Wells Fargo		4.99% Fixed	30	6/6/2028	6/6/2028	1	12,526		12,785
PACE loan		6.10% Fixed	20	7/31/2040	7/31/2040	n/a	5,884		6,093
Total GIC Joint Venture Credit Facility and Term Loans						1	664,447		628,878
Total Joint Venture Debt						3	710,507		675,878
Total Debt						3	1,408,007		1,445,839
Unamortized debt issuance costs							(11,297)		(15,171)
Debt, net of issuance costs							$	1,396,710	$	1,430,668

(1) The 2023 Senior Credit Facility and the Regions Bank 2024 Term Loan Facility are supported by a borrowing base of 53 unencumbered hotel properties.

(2) The KeyBank Term Loan was paid off with proceeds from the Regions Bank 2024 Term Loan. The Regions Bank 2024 Term Loan has substantially the same terms as the KeyBank Term Loan, with the lender group remaining consistent for both loans. The MetaBank loan was paid off in June 2024. The Bank of the Cascades mortgage loan was comprised of two promissory notes which were repaid in May 2024.

(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 25 lodging properties and two parking garages.

Our total fixed-rate and variable-rate debt at December 31, 2024 and 2023, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands):


	2024		Percentage		2023		Percentage
Fixed-rate debt(1)	$	930,910	66	%	$	956,414	66	%
Variable-rate debt	477,097		34	%	489,425		34	%
	$	1,408,007			$	1,445,839

(1) At December 31, 2024, 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 72% 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, 2024, for each of the next five years are as follows (in thousands):


For the Year Ended December 31,	Amount
2025	$	46,563
2026	288,032
2027	396,599
2028	471,937
2029	200,293
Thereafter	4,583
	$	1,408,007

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


	2024				2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Convertible notes	$	287,500	$	278,766	$	287,500	$	256,141	Level 1 - Market approach
Mortgage loans	18,410		17,344		68,915		60,883		Level 2 - Market approach
	$	305,910	$	296,110	$	356,415	$	317,024

At December 31, 2024 and 2023, we had $625.0 million and $600.0 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-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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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

LEASES

12 Months Ended

Dec. 31, 2024

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 73.5 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. In addition, we rent or sublease certain owned real estate to third parties. During the years ended December 31, 2024, 2023, and 2022, we recorded gross third-party tenant income of $2.7 million, $2.6 million, and $2.6 million, respectively, which were recorded in Other income, net in the Consolidated Statements of Operations.

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, 2024 and 2023 our weighted average incremental borrowing rate was 4.8%.

During the years ended December 31, 2024, 2023, and 2022, the Company's total operating lease cost was $4.5 million, $4.6 million, and $4.1 million, respectively, and the operating cash outflows from operating leases was $4.0 million, $4.0 million, and $3.7 million, respectively. As of December 31, 2024 and 2023, the weighted average operating lease term was 31.8 and 32.2 years, respectively.

Operating lease maturities as of December 31, 2024 are as follows (in thousands):


For the Year Ended December 31,	Amount
2025	$	2,331
2026	2,286
2027	2,328
2028	2,123
2029	2,015
Thereafter	33,802
Total lease payments (1)	44,885
Less interest	(20,014)
Total	$	24,871

(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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 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			2024		2023		2024		2023
Operating Partnership:
	June 11, 2018	September 28, 2018	September 30, 2024	2.86	%		$	—	$	75,000	$	—	$	1,170
	June 11, 2018	December 31, 2018	December 31, 2025	2.92	%		125,000		125,000		1,582		2,877
	July 26, 2022	January 31, 2023	January 31, 2027	2.60	%		100,000		100,000		2,824		3,134
	July 26, 2022	January 31, 2023	January 31, 2029	2.56	%		100,000		100,000		5,325		4,273
	Total Operating Partnership						325,000		400,000		9,731		11,454
GIC Joint Venture:
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		754		1,254
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		754		1,250
	January 19, 2024	October 1, 2024	January 13, 2026	3.77	%		100,000		—		334		—
	Total GIC Joint Venture						300,000		200,000		1,842		2,504
	Total			3.09	%	(1)	$	625,000	$	600,000	$	11,573	$	13,958

(1) Represents the weighted-average effective interest rate of our current interest rate swaps at December 31, 2024.

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, 2024 and 2023, 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 2025, we estimate that an additional $6.4 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,
	2024		2023		2022
Gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$	11,218	$	8,677	$	29,744
Gain (loss) reclassified from Accumulated other comprehensive income to Interest Expense	$	13,602	$	11,561	$	(2,820)

Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	82,632	$	86,798	$	65,581

EQUITY

12 Months Ended

Dec. 31, 2024

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.

In May 2022, the Company and the Operating Partnership entered into an equity distribution agreement (the “Equity Distribution Agreement”) with a group of underwriters as sales agents for the Company, principals and/or, with certain exceptions, forward sellers (collectively the “Managers”) and certain banks as forward purchasers, providing for the offer and sale of shares of the Company’s Common Stock, having a maximum aggregate offering price of up to $200.0 million through or to the Managers, as the Company’s sales agents or, if applicable, as forward sellers, or directly to the Managers, as principals (the “2022 ATM Program”). To date, we have not sold any shares of our Common Stock under the 2022 ATM Program.

Changes in Common Stock during the years ended December 31, 2024 and 2023 were as follows:


	2024	2023
Beginning shares of Common Stock outstanding	107,593,373	106,901,576

Common Unit redemptions	15,555	28,179
Grants under the Equity Plan (as defined below in Note 13 - Equity-Based Compensation)	1,242,868	875,055
Annual grants to independent directors	127,491	113,141


Performance share and other forfeitures	(398,970)	(140,549)
Shares acquired for employee withholding requirements	(144,654)	(184,029)
Ending shares of Common Stock outstanding	108,435,663	107,593,373

At December 31, 2024 and 2023, the Company had reserved 52,924,195 and 50,774,173 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, (ii) upon redemption of Common Units, or (iii) under the 2022 ATM Program.

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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: 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, 2024
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. At December 31, 2024 and 2023, unaffiliated third parties owned 15,933,073 and 15,948,628, respectively, of Common Units of the Operating Partnership, representing approximately 13% of the Common Units of the Operating Partnership for each period. 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, 2024, 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, 2024 and 2023, Summit earned $0.6 million and $0.1 million, respectively under incentive fee agreements. There were no such incentive fees earned during the year ended December 31, 2022. As of December 31, 2024, the GIC Joint Venture owns 41 hotel properties containing 5,733 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, developers of alternative accommodation properties, with the acquisition of a 90% equity interest in the Onera Joint Venture for $5.2 million in cash, plus additional contingent consideration of $1.8 million paid in September 2023. The $1.8 million contingent consideration paid represents our 90% pro rata share of the maximum increase in value of the property of $2.0 million as a result of the property outperforming a pre-established threshold over a 12-month period after the closing of the transaction. The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, Texas (the "Onera Property") consisting of an 11-unit glamping property and a 6.4-acre parcel of land. 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, 2024, 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, 2024

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, 2024 and 2023. 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, 2024 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	11,573	$	—	$	11,573
Onera Purchase Option	—		—		931		931




	Fair Value Measurement at December 31, 2023 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	13,958	$	—	$	13,958
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, 2024 or 2023.

Nonrecurring Fair Value Measurements

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).

During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets held for sale of $2.9 million to reduce the carrying amounts of the Hilton Garden Inn - Eden Prairie, MN, Holiday Inn Express & Suites - Minnetonka, MN, the Hyatt Place - Chicago (Hoffman Estates), IL and the Hyatt Place - Chicago (Lombard), IL to their net selling prices less estimated costs to sell (Level 2 of the fair value hierarchy).

During the year ended December 31, 2022, the Company recorded a loss on write-down of lodging properties classified as Assets held for sale of $7.2 million to reduce the carrying amounts of two lodging properties to their net selling prices less estimated costs to sell. The proposed sale of these two lodging properties was terminated during the year ended December 31, 2023 and the assets were reclassified to Investments in Lodging Property, net (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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
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% 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 2024, 2023, and 2022, we expensed fees related to our franchise agreements of $53.8 million, $52.6 million, and $47.9 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 12 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, 2024, 2023, and 2022, we expensed fees related to our lodging property management agreements of $15.9 million, $18.5 million, and $17.4 million, respectively. 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, 2024

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 2024, 2023 and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value (in thousands)
Non-vested December 31, 2021	605,470	$	9.98
Granted	316,643	9.83
Vested	(259,037)	10.14
Forfeited	(8,272)	10.01
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	$	7,897

The awards granted to our non-executive employees prior to 2022 vest 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, 2024, 2023, and 2022, the total fair value of time-based restricted stock awards that vested was $2.4 million, $3.6 million and $2.5 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 2024, 2023 and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2021	1,002,866	$	11.92
Granted	418,728	12.26
Vested	(414,620)	12.81

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	$	8,492

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,
	2024			2023			2022
Expected dividend yield	4.86		%	3.90		%	3.52		%
Expected stock price volatility	37.2		%	67.6		%	65.4		%
Risk-free interest rate	4.21		%	4.66		%	1.77		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.41		$	10.08		$	12.26

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, 2024, 2023, and 2022 we granted 127,491, 113,141 and 84,899 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 were vested 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,
	2024		2023		2022
Time-based restricted stock	$	3,424	$	3,260	$	2,860
Performance-based restricted stock	3,941		3,727		4,784
Director stock	767		755		802
	$	8,132	$	7,742	$	8,446

The Company's former Executive Vice President and Chief Operating Officer departed the Company in March 2022. The Company recorded $1.3 million of additional stock-based compensation expense during the period related to the modification of certain stock award agreements. This amount was comprised of $0.4 million related to time-based restricted stock awards and $0.9 million related to performance-based restricted stock awards.

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 $9.5 million at December 31, 2024 as follows (in thousands):


	Total		2025		2026		2027
Time-based restricted stock	$	4,859	$	2,731	$	1,700	$	428
Performance-based restricted stock	4,652		2,907		1,515		230
	$	9,511	$	5,638	$	3,215	$	658

Our restricted stock awards are expected to be recognized over a remaining weighted-average period of 1.53 years.

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Dec. 31, 2024
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 was $0.5 million, $0.4 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

INCOME TAXES

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Current:
Federal	$	989	$	1,151	$	1,953
State and local	1,567		1,563		1,717
Deferred:
Federal	(8,879)		84		(59)
State and local	(2,420)		—		—

Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

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 Years Ended December 31,
	2024		2023		2022
Statutory federal income tax provision	$	6,331	$	(5,317)	$	1,014
Nontaxable (income) loss of the REITs	(6,260)		4,563		1,124

State income taxes, net of federal tax benefit	1,467		1,158		1,644
Provision to return and deferred adjustment	20		50		81
Effect of permanent differences and other	431		235		246
Deferred assets transferred with REIT stock sale	—		—		730


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		(1,228)
Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

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, 2024 and 2023, we had valuation allowances of $2.6 million and $13.9 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,
	2024		2023
Tax carryforwards	$	11,916	$	12,098

Accrued expenses	1,515		1,634
Other	445		150
Total	13,876		13,882
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

Gross deferred tax assets	$	13,881	$	13,906
Gross deferred tax liabilities	(5)		(24)
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

At December 31, 2024, our TRSs had federal net operating losses of $48.8 million which are not subject to expiration and state net operating losses of $33.6 million, which expire beginning in 2025. At December 31, 2024, Summit Hotel Properties Inc. and our Subsidiary REITs had federal net operating loss carryforwards of $33.1 million and $7.6 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, 2024 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, 2024. We have no material interest or penalties relating to unrecognized tax benefits in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 or 2022 or in the Consolidated Balance Sheets as of December 31, 2024 or 2023.

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 2021.

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, 2024, 2023 and 2022 distributions paid per share were characterized as follows:


	For the Years Ended December 31,
	2024				2023				2022
	Amount		%		Amount		%		Amount		%
Common Stock
Ordinary non-qualified dividend income	$	0.2879	95.96	%	$	0.1940	88.19	%	$	0.0471	58.82	%
Ordinary qualified dividend income	0.0121		4.04	%	0.0078		3.54	%	0.0106		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.0223		27.92	%
Return of capital	—		—	%	0.0182		8.27	%	—		—	%
Total	$	0.3000	100.00	%	$	0.2200	100.00	%	$	0.0800	100.00	%

















Preferred Stock - Series E
Ordinary non-qualified dividend income	$	1.4994	95.96	%	$	1.3779	88.19	%	$	0.9191	58.82	%
Ordinary qualified dividend income	0.0631		4.04	%	0.0553		3.54	%	0.2072		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4363		27.92	%
Return of capital	—		—	%	0.1293		8.27	%	—		—	%
Total	$	1.5625	100.00	%	$	1.5625	100.00	%	$	1.5626	100.00	%

Preferred Stock - Series F
Ordinary non-qualified dividend income	$	1.4095	95.96	%	$	1.2952	88.19	%	$	0.8639	58.82	%
Ordinary qualified dividend income	0.0593		4.04	%	0.0520		3.54	%	0.1947		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4101		27.92	%
Return of capital	—		—	%	0.1215		8.27	%	—		—	%
Total	$	1.4688	100.00	%	$	1.4687	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

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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

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,
		2024		2023		2022
Numerator:
Net income (loss)		$	38,891	$	(28,116)	$	1,217
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests		(2,626)		(2,626)		(2,520)
Preferred dividends		(15,875)		(15,875)		(15,875)
Loss (income) related to non-controlling interests in consolidated joint ventures		8,499		14,824		(2,321)
Allocation of (income) loss to participating securities	(1)	(4,056)		3,803		2,570
Numerator for income (loss) per common stockholder - basic		24,833		(27,990)		(16,929)
Adjusted for:
Interest rate effect on assumed conversion of convertible debt		4,323		—		—

Numerator for income (loss) per common stockholder - diluted		$	29,156	$	(27,990)	$	(16,929)

Denominator:
Weighted average common shares outstanding - basic		105,927		105,548		105,142
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)	132,365		105,548		105,142
Net income (loss) per share available to common stockholders:
Basic		$	0.23	$	(0.27)	$	(0.16)
Diluted		$	0.22	$	(0.27)	$	(0.16)

(1) Balances include 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 and are reflected in the calculation of basic and diluted earnings per share using the treasury stock method.

(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, 2023 and 2022 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 this 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.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

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 Chief Operating Decision Maker (“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, is as follows (in thousands):


	For the Years Ended December 31,
	2024		2023		2022
Lodging property revenues:
Room	$	650,713	$	656,063	$	609,370
Food and beverage	40,865		41,513		32,117
Other	40,205		38,551		34,208
Total revenues	731,783		736,127		675,695
Lodging property expenses:
Room	146,790		148,005		136,999
Sales and marketing	93,083		93,053		84,752
Administrative and general	57,678		58,269		54,013
Property taxes, insurance and other	54,116		55,167		49,921
Food and beverage	30,964		31,580		24,897
Property operations & maintenance	30,582		30,416		27,713
Utility costs	26,917		26,989		25,488
Management fees	15,866		18,452		17,442
Other lodging property expenses	16,149		16,174		16,009
Total lodging property expenses	472,145		478,105		437,234
Hotel EBITDA	$	259,638	$	258,022	$	238,461

A reconciliation of Income (loss) 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,
	2024		2023		2022
Income (loss) from continuing operations before income taxes	$	30,148	$	(25,318)	$	4,828
Adjusted for:
Depreciation and amortization	146,436		150,924		150,160
Corporate general and administrative	31,891		32,530		30,765
Transaction costs	10		13		749
Loss on impairment and write-down of assets	6,723		16,661		10,420
Recovery of credit losses	—		(1,230)		(1,100)
(Gain) loss on disposal of assets, net	(28,912)		337		(20,315)
Interest expense	82,632		86,798		65,581
Interest income	(1,906)		(1,688)		(1,544)
Gain on extinguishment of debt	(3,000)		—		—
Other expense, net	(4,384)		(1,005)		(1,083)
Hotel EBITDA	$	259,638	$	258,022	$	238,461

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.

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+ Details

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Cash payments for interest	$	78,920	$	78,886	$	58,409
Accrued acquisition costs and improvements to lodging properties	$	7,082	$	4,219	$	8,233
Cash payments for income taxes, net of refunds	$	2,027	$	2,674	$	3,742
Accrued and unpaid dividends on unvested performance-based restricted stock	$	241	$	185	$	40
Mortgage debt assumed for acquisitions of lodging properties	$	—	$	—	$	382,205
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties	$	—	$	—	$	9,206
Conversion of a mezzanine loan to complete acquisition of lodging properties	$	—	$	—	$	29,875
Conversion of purchase option to complete acquisition of lodging properties	$	—	$	—	$	2,800
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$	—	$	200	$	7,724
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties	$	—	$	—	$	157,513
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties	$	—	$	—	$	50,000

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS We have evaluated significant matters subsequent to our year end date of December 31, 2024 and through the filing date of our Annual Report on Form 10-K on February 24, 2025 as follows: Equity Transactions In January 2025, 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 28, 2025 to stockholders and unitholders of record on February 14, 2025. Property Disposition During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. The property was recorded in Assets held for sale, net at December 31, 2024. The sale of the parcel of land was completed in February 2025.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

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, 2024
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	$	1,067		$	5,599	$	33,434	$	39,033	$	(10,476)	2017
Amarillo, TX - Courtyard	—			269		18,561		999			269		19,560		19,829		(3,972)		2022
Amarillo, TX - Embassy Suites	—		(2)	657		38,456		1,128			657		39,584		40,241		(8,033)		2022
Arlington, TX - Courtyard	—			1,497		15,573		697			1,497		16,270		17,767		(6,572)		2012
Arlington, TX - Residence Inn	—			1,646		15,440		1,418			1,646		16,858		18,504		(6,686)		2012
Asheville, NC - Hotel Indigo	—			2,100		34,755		7,686			2,100		42,441		44,541		(12,093)		2015
Atlanta, GA - AC Hotel	—			5,670		51,922		3,298			5,670		55,220		60,890		(15,523)		2017
Atlanta, GA - Courtyard	—			2,050		27,969		3,837			2,050		31,806		33,856		(12,749)		2012
Atlanta, GA - Residence Inn	—		(3)	3,381		34,820		5,742			3,381		40,562		43,943		(10,139)		2016
Austin, TX - Hampton Inn & Suites	—		(2)	—		56,394		6,883			—		63,277		63,277		(20,601)		2014
Baltimore, MD - Hampton Inn & Suites	—			2,205		16,013		6,412			2,205		22,425		24,630		(8,243)		2017
Baltimore, MD - Residence Inn	—			1,986		37,016		7,917			1,986		44,933		46,919		(15,652)		2017
Boulder, CO - Marriott	—			11,115		49,204		14,751			11,115		63,955		75,070		(21,224)		2016
Branchburg, NJ - Residence Inn	—		(3)	2,374		24,411		(10,552)			2,374		13,859		16,233		(8,259)		2015
Brisbane, CA - DoubleTree	—			3,300		39,686		2,366			3,300		42,052		45,352		(20,771)		2014

Camarillo, CA - Hampton Inn & Suites	—			2,200		17,366		1,234			2,200		18,600		20,800		(9,438)		2013
Charlotte, NC - Courtyard	—			—		41,094		6,490			—		47,584		47,584		(13,452)		2017
Chicago, IL - Hyatt Place	—			5,395		68,355		1,074			5,395		69,429		74,824		(20,710)		2016
Cleveland, OH - Residence Inn	—			10,075		33,340		4,489			10,075		37,829		47,904		(12,049)		2017
Dallas, TX - AC Hotel	—			1,330		31,379		(2,950)			1,330		28,429		29,759		(4,766)		2022
Dallas, TX - Hampton Inn & Suites	—			1,834		47,069		1,453			1,834		48,522		50,356		(6,358)		2022
Dallas, TX - Parking Garage	—			3,131		9,252		(1,310)			3,131		7,942		11,073		(717)		2022
Dallas, TX - Residence Inn	—			1,372		32,351		(2,379)			1,372		29,972		31,344		(4,947)		2022
Dallas, TX - SpringHill Suites	—			2,447		23,746		7,213			2,447		30,959		33,406		(3,558)		2022
Decatur, GA - Courtyard	—			4,046		34,151		4,858			4,046		39,009		43,055		(13,459)		2015

Englewood, CO - Hyatt House	—			2,700		16,267		3,440			2,700		19,707		22,407		(7,050)		2012
Englewood, CO - Hyatt Place	—			2,000		11,950		5,707			2,000		17,657		19,657		(6,528)		2012
Fort Lauderdale, FL - Courtyard	—			37,950		47,002		22,880			37,950		69,882		107,832		(12,948)		2017
Fort Lauderdale, FL - New Builds	—			—		—		3,065			—		3,065		3,065		—		2017
Fort Worth, TX - Courtyard	—			1,920		38,070		11,354			1,920		49,424		51,344		(17,720)		2017
Fredericksburg, TX - Onera Escapes	—			1,251		5,209		2,146			1,013		7,593		8,606		(886)		2022
Frisco, TX - AC Hotel	—			1,246		38,390		259			1,246		38,649		39,895		(6,416)		2022
Frisco, TX - Canopy Hotel	—			1,109		38,531		193			1,109		38,724		39,833		(5,817)		2022
Frisco, TX - Parking Garage	—			2,470		6,563		20			2,470		6,583		9,053		(537)		2022
Frisco, TX - Residence Inn	—			1,246		38,390		199			1,246		38,589		39,835		(6,306)		2022
Garden City, NY - Hyatt Place	—			4,200		27,775		878			4,282		28,571		32,853		(10,015)		2012
Glendale, CO - Staybridge Suites	—			2,100		10,151		8,093			2,100		18,244		20,344		(6,153)		2011


			Initial Cost		Costs Subsequent	Gross Amount at December 31, 2024
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 - Courtyard	—		2,542	34,872	6,277		2,542	41,149	43,691	(6,186)	2022
Grapevine, TX - Hilton Garden Inn	5,884		986	33,137	179		986	33,316	34,302	(5,383)	2022
Grapevine, TX - Holiday Inn Express & Suites	—		1,419	13,810	1,027		1,419	14,837	16,256	(2,840)	2022
Grapevine, TX - Hyatt Place	—		1,318	18,740	1,055		1,318	19,795	21,113	(3,611)	2022
Grapevine, TX - TownePlace Suites	—		1,686	23,119	437		1,686	23,556	25,242	(4,680)	2022
Greenville, SC - Hilton Garden Inn	—		1,200	14,566	3,503		1,200	18,069	19,269	(8,699)	2013
Hillsboro, OR - Residence Inn	—		4,943	42,541	7,067		4,943	49,608	54,551	(8,829)	2019

Houston, TX - AC Hotel	—		4,796	52,268	1,670		4,796	53,938	58,734	(7,694)	2022
Houston, TX - Hilton Garden Inn	—	(2)	—	41,838	5,282		—	47,120	47,120	(19,195)	2014
Houston, TX - Hilton Garden Inn	—		2,800	33,777	8,886		2,800	42,663	45,463	(13,106)	2014
Hunt Valley, MD - Residence Inn	—		—	35,436	3,324		1,076	37,684	38,760	(12,058)	2015
Indianapolis, IN - Courtyard	—		7,788	54,384	(977)		7,788	53,407	61,195	(19,349)	2013
Indianapolis, IN - SpringHill Suites	—		4,012	27,910	(159)		4,012	27,751	31,763	(10,372)	2013
Kansas City, MO - Courtyard	—	(3)	3,955	20,608	(1,065)		3,955	19,543	23,498	(7,039)	2017

Lone Tree, CO - Hyatt Place	—		1,300	11,704	5,712		1,314	17,402	18,716	(6,267)	2012
Longview, TX - Hilton Garden Inn	—		1,284	13,281	2,077		1,284	15,358	16,642	(2,447)	2022
Louisville, KY - Fairfield Inn & Suites	—		3,120	24,231	628		3,120	24,859	27,979	(9,652)	2013
Louisville, KY - SpringHill Suites	—		4,880	37,361	898		4,880	38,259	43,139	(15,108)	2013
Lubbock, TX - Hyatt Place	—		896	20,182	984		896	21,166	22,062	(3,640)	2022
Mesa, AZ - Hyatt Place	—		2,400	19,848	2,337		2,400	22,185	24,585	(7,537)	2017
Metairie, LA - Courtyard	—		1,860	25,168	8,838		1,860	34,006	35,866	(13,331)	2013
Metairie, LA - Residence Inn	—		1,791	23,386	1,119		1,791	24,505	26,296	(13,698)	2013
Miami, FL - AC Hotel	46,060	(1)	8,496	46,839	465		8,496	47,304	55,800	(5,409)	2022
Miami, FL - Element	46,060	(1)	5,882	32,427	741		5,882	33,168	39,050	(3,865)	2022
Miami, FL - Hyatt House	—		4,926	40,087	3,375		4,926	43,462	48,388	(18,025)	2015
Miami, FL - Sky Lounge	—		—	1,473	182		—	1,655	1,655	(372)	2022
Midland, TX - Homewood Suites	—		1,717	22,326	1,285		1,717	23,611	25,328	(4,243)	2022
Milpitas, CA - Hilton Garden Inn	—	(3)	7,921	46,141	(33)		7,921	46,108	54,029	(8,933)	2019
Minneapolis, MN - Hampton Inn & Suites	—		3,502	35,433	1,013		3,502	36,446	39,948	(12,956)	2015
Minneapolis, MN - Hyatt Place	—		—	34,026	2,846		—	36,872	36,872	(13,266)	2013

Nashville, TN - Courtyard	—		8,792	62,759	8,743		8,792	71,502	80,294	(22,959)	2016
Nashville, TN - SpringHill Suites	—		777	5,598	2,040		777	7,638	8,415	(3,645)	2004
New Haven, CT - Courtyard	—		11,990	51,497	11,207		11,990	62,704	74,694	(12,451)	2017
New Orleans, LA - Canopy Hotel	—	(2)	4,262	51,406	489		4,262	51,895	56,157	(7,235)	2022
New Orleans, LA - Courtyard	—		1,944	25,120	4,738		1,944	29,858	31,802	(17,121)	2013


New Orleans, LA - SpringHill Suites	—		963	12,763	321		963	13,084	14,047	(2,032)	2022
New Orleans, LA - TownePlace Suites	—		1,366	18,110	261		1,366	18,371	19,737	(2,699)	2022


			Initial Cost				Costs Subsequent		Gross Amount at December 31, 2024
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 - AC Hotel	—		2,769		29,389		385			2,769		29,774		32,543		(5,933)		2022
Oklahoma City, OK - Holiday Inn Express & Suites	—		2,542		21,574		933			2,542		22,507		25,049		(3,520)		2022
Oklahoma City, OK - Hyatt Place	—		2,822		25,311		520			2,822		25,831		28,653		(3,851)		2022
Orlando, FL - Hyatt House	—		2,800		34,423		883			2,800		35,306		38,106		(13,834)		2018
Orlando, FL - Hyatt Place	—		3,100		11,343		7,898			3,100		19,241		22,341		(6,737)		2013
Orlando, FL - Hyatt Place	—		2,716		11,221		7,594			2,716		18,815		21,531		(7,963)		2013

Pittsburgh, PA - Courtyard	—		1,652		40,749		6,866			1,652		47,615		49,267		(14,608)		2017

Portland, OR - Hyatt Place	—	(2)	—		14,700		1,012			—		15,712		15,712		(7,426)		2009
Portland, OR - Residence Inn	—		—		15,629		1,169			—		16,798		16,798		(7,960)		2009
Portland, OR - Residence Inn	—	(2)	12,813		76,868		11,001			12,813		87,869		100,682		(15,594)		2019
Poway, CA - Hampton Inn & Suites	—		2,300		14,728		1,686			2,300		16,414		18,714		(7,354)		2013
Revere, MA - Hampton Inn & Suites	—		32,237		33,912		9			32,237		33,921		66,158		(390)		2024


San Francisco, CA - Holiday Inn Express & Suites	—		15,545		49,469		5,467			15,545		54,936		70,481		(26,501)		2013
Scottsdale, AZ - Courtyard	—		3,225		12,571		4,287			3,225		16,858		20,083		(11,804)		2003
Scottsdale, AZ - Hyatt Place	—		1,500		10,171		640			1,500		10,811		12,311		(5,261)		2012
Scottsdale, AZ - Residence Inn	—		7,503		21,545		1,923			7,503		23,468		30,971		(1,933)		2023
Scottsdale, AZ - SpringHill Suites	—		2,195		9,496		2,083			2,195		11,579		13,774		(7,978)		2003
Silverthorne, CO - Hampton Inn & Suites	—		4,441		21,125		1,497			4,441		22,622		27,063		(4,732)		2019
Silverthorne, CO - Parking Garage	—		2,404		—		2,450			2,404		2,450		4,854		—		2019
Steamboat Springs, CO - Nordic Lodge	—		4,754		9,001		668			4,754		9,669		14,423		(780)		2023
Steamboat Springs, CO - Residence Inn	—		1,832		31,214		893			1,832		32,107		33,939		(4,883)		2021
Tampa, FL - Hampton Inn & Suites	—		3,600		20,366		5,066			3,600		25,432		29,032		(12,122)		2012
Tucson, AZ - Embassy Suites	12,526		1,841		23,958		6,358			1,841		30,316		32,157		(3,681)		2021
Tucson, AZ - Homewood Suites	—		2,570		22,802		2,650			2,570		25,452		28,022		(8,454)		2017
Tyler, TX - Residence Inn	—		1,243		15,323		872			1,243		16,195		17,438		(3,493)		2022
Vienna, VA - Hilton Garden Inn	—		8,699		21,481		—			8,699		21,481		30,180		(158)		2024
Waltham, MA - Hilton Garden Inn	—		10,644		21,713		7,302			10,644		29,015		39,659		(11,026)		2017
Watertown, MA - Residence Inn	—		25,083		45,917		717			25,083		46,634		71,717		(11,713)		2018
Land Parcels - Land Parcels	—	(3)	4,645		—		(2,995)			1,650		—		1,650		—		—
			$	418,860	$	2,883,159	$	308,661		$	416,799	$	3,193,881	$	3,610,680	$	(896,444)

(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, 2024.

(a) ASSET BASIS


	2024		2023		2022
Reconciliation of land, buildings and improvements and furniture, fixtures and equipment:
Balance at beginning of period as adjusted	$	3,586,899	$	3,548,184	$	2,638,549
Additions to land, buildings, improvements and furniture, fixtures and equipment	179,229		131,153		989,046
Disposition of land, buildings, improvements and furniture, fixtures and equipment	(148,725)		(75,777)		(68,991)
Write-down of assets	(6,723)		(16,661)		(10,420)
Balance at end of period	$	3,610,680	$	3,586,899	$	3,548,184

(b)ACCUMULATED DEPRECIATION


	2024		2023		2022
Reconciliation of accumulated depreciation:
Balance at beginning of period	$	821,924	$	716,646	$	583,080
Depreciation	141,945		146,083		145,491
Depreciation on assets sold or disposed	(67,425)		(40,805)		(11,925)
Balance at end of period	$	896,444	$	821,924	$	716,646

(c)The aggregate cost of real estate for Federal income tax purposes was approximately $3,499 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, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
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, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy 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. We engage third-party cybersecurity and information technology ("IT") experts who work with our Chief Risk Officer and Chief Accounting Officer 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 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 enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes the following key elements: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise IT environment; •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; •a cybersecurity incident response plan to respond to cybersecurity incidents; and •a third-party risk management process for service providers. 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 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 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 Chief Risk Officer ("CRO") periodically reports to the Audit Committee and leads the Company’s overall cybersecurity function. 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 enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
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 Chief Risk Officer ("CRO") periodically reports to the Audit Committee and leads the Company’s overall cybersecurity function. 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 Chief Risk Officer ("CRO") periodically reports to the Audit Committee and leads the Company’s overall cybersecurity function. 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 Chief Risk Officer ("CRO") periodically reports to the Audit Committee and leads the Company’s overall cybersecurity function. 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 Chief Risk Officer ("CRO") periodically reports to the Audit Committee and leads the Company’s overall cybersecurity function. 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, 2024

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.

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 judgements 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. 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 Update ("ASU") No. 2016-02, Leases (Topic 842), 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.

Deferred Financing Fees

Debt issuance costs are generally capitalized based on the debt transaction and presented as a direct deduction from the carrying value of the debt liability on the Consolidated Balance Sheets. Debt issuance costs are amortized as a component of interest expense over the term of the related debt using the straight-line method, which approximates the interest method.

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 Accounting Standards Codification (“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 non-cash 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.

We have adopted ASC No. 848, Rate Reference Reform, at December 31, 2022. Under ASC No. 848 we have elected to not reassess a previous accounting determination related to our derivative financial instruments. We have also made elections to not de-designate the hedging relationships with the change in critical terms. Finally, we made elections to not de-designate the hedging relationships due to changes in hedged instruments, hedged items or future forecasted hedged transactions.

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 are 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 Financial Accounting Standards Board ("FASB") issued 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 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The adoption of ASU 2023-09 will not have a material effect on our Consolidated Financial Statements.

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.

Reclassifications

A lodging property with a carrying amount of approximately $8.0 million that was classified as Assets held for sale at December 31, 2023 has been reclassified to Investments in lodging property, net during the year ended December 31, 2024 as the lodging property no longer meets the Assets held for sale criteria as of that date.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

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 at December 31, 2024 and 2023 include (in thousands):


	2024		2023
Lodging buildings and improvements	$	2,867,256	$	2,798,667
Land	415,149		375,413
Furniture, fixtures and equipment	296,476		269,682
Construction in progress	35,294		41,359
Intangible assets	32,267		39,954
Real estate development loan	4,576		4,176
	3,651,018		3,529,251
Less - accumulated depreciation and amortization	(904,678)		(792,276)
	$	2,746,340	$	2,736,975

INVESTMENTS IN LODGING PROPERTY, NET (Tables)

12 Months Ended

Dec. 31, 2024

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 at December 31, 2024 and 2023 include (in thousands):


	2024		2023
Lodging buildings and improvements	$	2,867,256	$	2,798,667
Land	415,149		375,413
Furniture, fixtures and equipment	296,476		269,682
Construction in progress	35,294		41,359
Intangible assets	32,267		39,954
Real estate development loan	4,576		4,176
	3,651,018		3,529,251
Less - accumulated depreciation and amortization	(904,678)		(792,276)
	$	2,746,340	$	2,736,975

Schedule of Hotel Property Acquisitions

Lodging property acquisitions during the years ended December 31, 2024 and 2023 were as follows (dollar amounts in thousands):


Date Acquired	Brand/Hotel Name	Location	Guestrooms	Purchase Price
2024 Acquisitions:
December 2024	Hampton Inn and Hilton Garden Inn	Revere (Boston), MA; Tysons Corner (Vienna), VA	399	$	96,000

2023 Acquisitions:
June 2023	Residence Inn by Marriott	Scottsdale, AZ	120	$	29,000
June 2023	Nordic Lodge	Steamboat Springs, CO	47	13,700
			167	$	42,700

The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):



	2024		2023
Land	$	40,936	$	12,258
Lodging buildings and improvements	51,891		29,225
Furniture, fixtures and equipment	3,502		1,331


Total assets acquired (1)	$	96,329	$	42,814

(1) Total assets acquired during the year ended December 31, 2024 is based on an aggregate purchase price of $96,000 plus transaction costs of $0.3 million.

Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million. Additionally, during the year ended December 31, 2023, we capitalized $2.0 million related to contingent consideration paid to the seller of the Onera property in Fredericksburg, TX. See Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests for details related to the Onera Joint Venture.

In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows:

Franchise/Brand

Location

Guestrooms

Hilton Garden Inn

Minneapolis (Eden Prairie), MN

97

Holiday Inn Express & Suites

Minneapolis (Minnetonka), MN

93

Hyatt Place

Chicago (Hoffman Estates), IL

126

Hyatt Place

Chicago (Lombard/Oak Brook), IL

151

467

Schedule of Assets Held for Sale

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


	December 31,
	2024		2023
Under Contract for Sale:
Courtyard by Marriott and SpringHill Suites - New Orleans, LA	$	—	$	43,504
Hilton Garden Inn - Bryan (College Station), TX	—		10,642
Hyatt Place - Dallas (Plano), TX	—		9,940
Parcel of undeveloped land - San Antonio, TX	1,225		1,225
	1,225		65,311
Marketed for Sale:

Parcel of undeveloped land - Flagstaff, AZ	425		425
	$	1,650	$	65,736

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,
		2024		2023
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		19,750
Key money(1)	17.8	9,370		9,370


		21,433		29,120
Total intangible assets		32,267		39,954
Less - accumulated amortization		(5,691)		(9,251)
Intangible assets, net		$	26,576	$	30,703

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

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,
		2024		2023
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		19,750
Key money(1)	17.8	9,370		9,370


		21,433		29,120
Total intangible assets		32,267		39,954
Less - accumulated amortization		(5,691)		(9,251)
Intangible assets, net		$	26,576	$	30,703

(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
2025	$	1,564
2026	1,564
2027	1,511
2028	1,016
2029	1,016
Thereafter	9,071
	$	15,742

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Restricted Cash

Restricted cash was as follows (in thousands):


	December 31,
	2024		2023
FF&E reserves	$	7,357	$	9,583
Property taxes and other	364		348


	$	7,721	$	9,931

Schedule of Prepaid Expenses and Other

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


	December 31,
	2024		2023
Deferred acquisition costs	$	—	$	199
Prepaid insurance	2,112		1,945

Prepaid taxes	2,403		3,109
Insurance receivable	1,159		—
Other	3,906		3,612


	$	9,580	$	8,865

Schedule of Deferred Charges

Deferred charges were as follows (in thousands):


	December 31,
	2024		2023
Franchise fees	$	10,619	$	10,106
Less - accumulated amortization	(4,159)		(3,447)
	$	6,460	$	6,659

Schedule of Other Assets

Other assets included the following (in thousands):


	December 31,
	2024		2023
Derivative financial instrument	$	11,573	$	13,958
Purchase option related to real estate loan	931		931
Deferred tax asset, net (1)	11,295		20
Other	492		723


	$	24,291	$	15,632

(1) The change in the Deferred tax asset, net from December 31, 2023 to December 31, 2024 is the result of the reversal of the majority of the valuation allowance recorded against our deferred tax assets based on our determination in the current year that it is probable that we will realize the carrying amount of a large portion of our deferred tax assets. During the year ended December 31, 2024, we recorded a reversal of the valuation allowance of $12.1 million, offset by an $0.8 million change in deferred tax assets for the period, resulting in a net change in our deferred tax assets of $11.3 million.

Schedule of Accrued Expenses

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


	December 31,
	2024		2023
Accrued property, sales and income taxes	$	26,568	$	26,590

Accrued salaries and benefits	14,254		13,307
Other accrued expenses at lodging properties	25,904		26,745
Accrued renovation costs	4,805		1,847
Advance room deposits	6,847		6,301
Accrued interest	3,266		6,136
Other	509		289






	$	82,153	$	81,215

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Indebtedness

At December 31, 2024 and 2023 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,
							2024		2023
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver	(1)	6.33% Variable	n/a	6/21/2027	6/21/2028	n/a	$	10,000	$	—
$200 Million Term Loan	(1)	6.16% Variable	n/a	6/21/2026	6/21/2028	n/a	200,000		200,000
Total Senior Credit and Term Loan Facility							210,000		200,000

Term Loans
KeyBank National Association Term Loan	(2)	n/a	n/a	2/14/2025	2/14/2025	n/a	—		225,000
Regions Bank 2024 Term Loan Facility	(1)	6.37% Variable	n/a	2/26/2027	2/26/2029	n/a	200,000		—
							200,000		225,000

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

Secured Mortgage Indebtedness




MetaBank	(2)	n/a	25	7/1/2027	7/1/2027	n/a	—		42,611









Bank of the Cascades	(2)	n/a	25	12/19/2024	12/19/2024	n/a	—		7,425
	(2)	n/a	25	12/19/2024	12/19/2024	n/a	—		7,425





Total Mortgage Loans						—	—		57,461
Total Operating Partnership Debt						—	697,500		769,961

JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida		7.45% Variable	25	6/9/2025	6/9/2025	2	46,060		47,000

GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver	(3)	6.61% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		125,000
$125 Million Term Loan	(3)	6.56% Variable	n/a	9/15/2027	9/15/2028	n/a	125,000		75,000
Bank of America, N.A.	(4)	7.22% Variable	n/a	1/13/2026	1/13/2027	n/a	396,037		410,000
Wells Fargo		4.99% Fixed	30	6/6/2028	6/6/2028	1	12,526		12,785
PACE loan		6.10% Fixed	20	7/31/2040	7/31/2040	n/a	5,884		6,093
Total GIC Joint Venture Credit Facility and Term Loans						1	664,447		628,878
Total Joint Venture Debt						3	710,507		675,878
Total Debt						3	1,408,007		1,445,839
Unamortized debt issuance costs							(11,297)		(15,171)
Debt, net of issuance costs							$	1,396,710	$	1,430,668

(1) The 2023 Senior Credit Facility and the Regions Bank 2024 Term Loan Facility are supported by a borrowing base of 53 unencumbered hotel properties.

(2) The KeyBank Term Loan was paid off with proceeds from the Regions Bank 2024 Term Loan. The Regions Bank 2024 Term Loan has substantially the same terms as the KeyBank Term Loan, with the lender group remaining consistent for both loans. The MetaBank loan was paid off in June 2024. The Bank of the Cascades mortgage loan was comprised of two promissory notes which were repaid in May 2024.

(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 25 lodging properties and two parking garages.

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, 2024 and 2023, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands):


	2024		Percentage		2023		Percentage
Fixed-rate debt(1)	$	930,910	66	%	$	956,414	66	%
Variable-rate debt	477,097		34	%	489,425		34	%
	$	1,408,007			$	1,445,839

(1) At December 31, 2024, 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 72% 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, 2024, for each of the next five years are as follows (in thousands):


For the Year Ended December 31,	Amount
2025	$	46,563
2026	288,032
2027	396,599
2028	471,937
2029	200,293
Thereafter	4,583
	$	1,408,007

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):


	2024				2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Convertible notes	$	287,500	$	278,766	$	287,500	$	256,141	Level 1 - Market approach
Mortgage loans	18,410		17,344		68,915		60,883		Level 2 - Market approach
	$	305,910	$	296,110	$	356,415	$	317,024

- 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

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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.5-02(22))
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-Topic 470
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating Lease Maturity

Operating lease maturities as of December 31, 2024 are as follows (in thousands):


For the Year Ended December 31,	Amount
2025	$	2,331
2026	2,286
2027	2,328
2028	2,123
2029	2,015
Thereafter	33,802
Total lease payments (1)	44,885
Less interest	(20,014)
Total	$	24,871

(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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments

Information about our derivative financial instruments at December 31, 2024 and 2023 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			2024		2023		2024		2023
Operating Partnership:
	June 11, 2018	September 28, 2018	September 30, 2024	2.86	%		$	—	$	75,000	$	—	$	1,170
	June 11, 2018	December 31, 2018	December 31, 2025	2.92	%		125,000		125,000		1,582		2,877
	July 26, 2022	January 31, 2023	January 31, 2027	2.60	%		100,000		100,000		2,824		3,134
	July 26, 2022	January 31, 2023	January 31, 2029	2.56	%		100,000		100,000		5,325		4,273
	Total Operating Partnership						325,000		400,000		9,731		11,454
GIC Joint Venture:
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		754		1,254
	March 24, 2023	July 1, 2023	January 13, 2026	3.35	%		100,000		100,000		754		1,250
	January 19, 2024	October 1, 2024	January 13, 2026	3.77	%		100,000		—		334		—
	Total GIC Joint Venture						300,000		200,000		1,842		2,504
	Total			3.09	%	(1)	$	625,000	$	600,000	$	11,573	$	13,958

(1) Represents the weighted-average effective interest rate of our current interest rate swaps at December 31, 2024.

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,
	2024		2023		2022
Gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$	11,218	$	8,677	$	29,744
Gain (loss) reclassified from Accumulated other comprehensive income to Interest Expense	$	13,602	$	11,561	$	(2,820)

Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	82,632	$	86,798	$	65,581

EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Common Stock Activity

Changes in Common Stock during the years ended December 31, 2024 and 2023 were as follows:


	2024	2023
Beginning shares of Common Stock outstanding	107,593,373	106,901,576

Common Unit redemptions	15,555	28,179
Grants under the Equity Plan (as defined below in Note 13 - Equity-Based Compensation)	1,242,868	875,055
Annual grants to independent directors	127,491	113,141


Performance share and other forfeitures	(398,970)	(140,549)
Shares acquired for employee withholding requirements	(144,654)	(184,029)
Ending shares of Common Stock outstanding	108,435,663	107,593,373

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	11,573	$	—	$	11,573
Onera Purchase Option	—		—		931		931




	Fair Value Measurement at December 31, 2023 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	13,958	$	—	$	13,958
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, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes time-based restricted stock activity under our Equity Plan for 2024, 2023 and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value (in thousands)
Non-vested December 31, 2021	605,470	$	9.98
Granted	316,643	9.83
Vested	(259,037)	10.14
Forfeited	(8,272)	10.01
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	$	7,897

The following table summarizes performance-based restricted stock activity under our Equity Plan for 2024, 2023 and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value per Share		Aggregate Current Value
				(in thousands)
Non-vested December 31, 2021	1,002,866	$	11.92
Granted	418,728	12.26
Vested	(414,620)	12.81

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	$	8,492

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,
	2024			2023			2022
Expected dividend yield	4.86		%	3.90		%	3.52		%
Expected stock price volatility	37.2		%	67.6		%	65.4		%
Risk-free interest rate	4.21		%	4.66		%	1.77		%
Monte Carlo iterations	100,000			100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.41		$	10.08		$	12.26

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,
	2024		2023		2022
Time-based restricted stock	$	3,424	$	3,260	$	2,860
Performance-based restricted stock	3,941		3,727		4,784
Director stock	767		755		802
	$	8,132	$	7,742	$	8,446

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 $9.5 million at December 31, 2024 as follows (in thousands):


	Total		2025		2026		2027
Time-based restricted stock	$	4,859	$	2,731	$	1,700	$	428
Performance-based restricted stock	4,652		2,907		1,515		230
	$	9,511	$	5,638	$	3,215	$	658

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Current:
Federal	$	989	$	1,151	$	1,953
State and local	1,567		1,563		1,717
Deferred:
Federal	(8,879)		84		(59)
State and local	(2,420)		—		—

Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

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

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 Years Ended December 31,
	2024		2023		2022
Statutory federal income tax provision	$	6,331	$	(5,317)	$	1,014
Nontaxable (income) loss of the REITs	(6,260)		4,563		1,124

State income taxes, net of federal tax benefit	1,467		1,158		1,644
Provision to return and deferred adjustment	20		50		81
Effect of permanent differences and other	431		235		246
Deferred assets transferred with REIT stock sale	—		—		730


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		(1,228)
Income tax (benefit) expense	$	(8,743)	$	2,798	$	3,611

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,
	2024		2023
Tax carryforwards	$	11,916	$	12,098

Accrued expenses	1,515		1,634
Other	445		150
Total	13,876		13,882
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

Gross deferred tax assets	$	13,881	$	13,906
Gross deferred tax liabilities	(5)		(24)
Valuation allowance	(2,581)		(13,886)
Net deferred tax asset (liability)	$	11,295	$	(4)

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, 2024, 2023 and 2022 distributions paid per share were characterized as follows:


	For the Years Ended December 31,
	2024				2023				2022
	Amount		%		Amount		%		Amount		%
Common Stock
Ordinary non-qualified dividend income	$	0.2879	95.96	%	$	0.1940	88.19	%	$	0.0471	58.82	%
Ordinary qualified dividend income	0.0121		4.04	%	0.0078		3.54	%	0.0106		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.0223		27.92	%
Return of capital	—		—	%	0.0182		8.27	%	—		—	%
Total	$	0.3000	100.00	%	$	0.2200	100.00	%	$	0.0800	100.00	%

















Preferred Stock - Series E
Ordinary non-qualified dividend income	$	1.4994	95.96	%	$	1.3779	88.19	%	$	0.9191	58.82	%
Ordinary qualified dividend income	0.0631		4.04	%	0.0553		3.54	%	0.2072		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4363		27.92	%
Return of capital	—		—	%	0.1293		8.27	%	—		—	%
Total	$	1.5625	100.00	%	$	1.5625	100.00	%	$	1.5626	100.00	%

Preferred Stock - Series F
Ordinary non-qualified dividend income	$	1.4095	95.96	%	$	1.2952	88.19	%	$	0.8639	58.82	%
Ordinary qualified dividend income	0.0593		4.04	%	0.0520		3.54	%	0.1947		13.26	%
Capital gain distributions	—		—	%	—		—	%	0.4101		27.92	%
Return of capital	—		—	%	0.1215		8.27	%	—		—	%
Total	$	1.4688	100.00	%	$	1.4687	100.00	%	$	1.4687	100.00	%

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

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,
		2024		2023		2022
Numerator:
Net income (loss)		$	38,891	$	(28,116)	$	1,217
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests		(2,626)		(2,626)		(2,520)
Preferred dividends		(15,875)		(15,875)		(15,875)
Loss (income) related to non-controlling interests in consolidated joint ventures		8,499		14,824		(2,321)
Allocation of (income) loss to participating securities	(1)	(4,056)		3,803		2,570
Numerator for income (loss) per common stockholder - basic		24,833		(27,990)		(16,929)
Adjusted for:
Interest rate effect on assumed conversion of convertible debt		4,323		—		—

Numerator for income (loss) per common stockholder - diluted		$	29,156	$	(27,990)	$	(16,929)

Denominator:
Weighted average common shares outstanding - basic		105,927		105,548		105,142
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)	132,365		105,548		105,142
Net income (loss) per share available to common stockholders:
Basic		$	0.23	$	(0.27)	$	(0.16)
Diluted		$	0.22	$	(0.27)	$	(0.16)

(1) Balances include 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 and are reflected in the calculation of basic and diluted earnings per share using the treasury stock method.

(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, 2023 and 2022 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 this 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.

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

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, is as follows (in thousands):


	For the Years Ended December 31,
	2024		2023		2022
Lodging property revenues:
Room	$	650,713	$	656,063	$	609,370
Food and beverage	40,865		41,513		32,117
Other	40,205		38,551		34,208
Total revenues	731,783		736,127		675,695
Lodging property expenses:
Room	146,790		148,005		136,999
Sales and marketing	93,083		93,053		84,752
Administrative and general	57,678		58,269		54,013
Property taxes, insurance and other	54,116		55,167		49,921
Food and beverage	30,964		31,580		24,897
Property operations & maintenance	30,582		30,416		27,713
Utility costs	26,917		26,989		25,488
Management fees	15,866		18,452		17,442
Other lodging property expenses	16,149		16,174		16,009
Total lodging property expenses	472,145		478,105		437,234
Hotel EBITDA	$	259,638	$	258,022	$	238,461

Schedule of Segment Reporting Information, by Segment

A reconciliation of Income (loss) 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,
	2024		2023		2022
Income (loss) from continuing operations before income taxes	$	30,148	$	(25,318)	$	4,828
Adjusted for:
Depreciation and amortization	146,436		150,924		150,160
Corporate general and administrative	31,891		32,530		30,765
Transaction costs	10		13		749
Loss on impairment and write-down of assets	6,723		16,661		10,420
Recovery of credit losses	—		(1,230)		(1,100)
(Gain) loss on disposal of assets, net	(28,912)		337		(20,315)
Interest expense	82,632		86,798		65,581
Interest income	(1,906)		(1,688)		(1,544)
Gain on extinguishment of debt	(3,000)		—		—
Other expense, net	(4,384)		(1,005)		(1,083)
Hotel EBITDA	$	259,638	$	258,022	$	238,461

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Information

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


	For the Years Ended December 31,
	2024		2023		2022
Cash payments for interest	$	78,920	$	78,886	$	58,409
Accrued acquisition costs and improvements to lodging properties	$	7,082	$	4,219	$	8,233
Cash payments for income taxes, net of refunds	$	2,027	$	2,674	$	3,742
Accrued and unpaid dividends on unvested performance-based restricted stock	$	241	$	185	$	40
Mortgage debt assumed for acquisitions of lodging properties	$	—	$	—	$	382,205
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties	$	—	$	—	$	9,206
Conversion of a mezzanine loan to complete acquisition of lodging properties	$	—	$	—	$	29,875
Conversion of purchase option to complete acquisition of lodging properties	$	—	$	—	$	2,800
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	$	—	$	200	$	7,724
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties	$	—	$	—	$	157,513
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties	$	—	$	—	$	50,000

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2024 hotel room property jointventure state	Apr. 30, 2024 hotel	May 31, 2023 hotel room
Properties
Number of units in real estate property \| room			467
Number of states in which hotel properties are located \| state	25
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 \| hotel	97	2	4
Number of units in real estate property \| room	14,553
Hotels \| Brickell Joint Venture
Properties
Number of hotels \| hotel	2
Hotels \| Onera Joint Venture
Properties
Number of hotels \| hotel	1
Hotels \| Hotel Portfolio Other Than Ones Owned Through Joint Venture \| Wholly Owned Properties
Properties
Number of hotels \| room	53
Ownership percentage of equity interests	100.00%
Hotels \| Hotels Owned Through Joint Venture \| Partially Owned Properties
Properties
Number of hotels \| property	41
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, 2024
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.1	$ 0.1
Bad debt expense	$ 0.3	$ 0.4	$ 0.3

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, 2024 segment
Segment Disclosure
Number of reportable segments	1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reclassifications Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in lodging property, net	$ 2,746,340	$ 2,736,975
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in lodging property, net		$ 8,000

- 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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-Topic 280
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+ Details

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investments in Lodging Property, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate and accumulated depreciation
Investment in hotel properties at cost	$ 3,651,018	$ 3,529,251
Less - accumulated depreciation and amortization	(904,678)	(792,276)
Investment in hotel properties, net	2,746,340	2,736,975
Real Estate Loan
Real estate and accumulated depreciation
Investment in hotel properties at cost	4,576	4,176
Lodging buildings and improvements
Real estate and accumulated depreciation
Investment in hotel properties at cost	2,867,256	2,798,667
Land
Real estate and accumulated depreciation
Investment in hotel properties at cost	415,149	375,413
Furniture, fixtures and equipment
Real estate and accumulated depreciation
Investment in hotel properties at cost	296,476	269,682
Construction in progress
Real estate and accumulated depreciation
Investment in hotel properties at cost	35,294	41,359
Intangible assets
Real estate and accumulated depreciation
Investment in hotel properties at cost	$ 32,267	$ 39,954

INVESTMENTS IN LODGING PROPERTY, NET - Investments in Lodging Property, net Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Loss on impairment and write-down of assets	$ 6,723	$ 16,661	$ 10,420
GIC Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from tax incentive payments	9,900
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Depreciation and amortization	$ 145,800	$ 150,300	$ 149,500

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 ($) room	May 31, 2023 USD ($)	Dec. 31, 2024 USD ($) room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Asset acquisition, transaction costs				$ 100
Proceeds from borrowings on revolving line of credit			$ 115,000	$ 75,000	$ 531,500
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		$ 2,900
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of property		$ 28,100
Hotels \| Hampton Inn and Hilton Garden Inn \| Hampton Inn and Hilton Garden Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms \| room	399		399
Purchase price	$ 96,000
Asset acquisition, transaction costs	$ 300

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Residence Inn by Marriott - Scottsdale, AZ) Narrative (Details) - Scottsdale AZ Joint Venture $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($) room
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 13.7
Purchase price percent	49.00%
Cash payment by earnest money	$ 1.0
Operating Partnership Units
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment	$ 14.3
Purchase price percent	51.00%
Hotels \| Residency Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms \| room	120
Purchase Price	$ 29.0

INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Acquisitions (Nordic Lodge - Steamboat Springs, CO) Narrative (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2024 room	Jun. 30, 2023 USD ($)	Jun. 30, 2023 room
Steamboat Springs, CO Joint Venture
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment		$ 6,700
Purchase price percent		49.00%
Steamboat Springs, CO Joint Venture \| Operating Partnership Units
Financing Receivable, Allowance for Credit Loss [Line Items]
Cash payment		$ 7,000
Purchase price percent		51.00%
Hotels \| Nordic Lodge
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms \| room			47
Purchase Price		$ 13,700
Hotels \| Steamboat Springs, CO Joint Venture \| Nordic Lodge
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms \| room	47
Purchase Price		$ 13,700

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Lodging Property Acquisitions (Details) - Hotels $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) room	Jun. 30, 2023 USD ($)	Jun. 30, 2023 room	Dec. 31, 2024 room	Dec. 31, 2023 USD ($) room
Residence Inn by Marriott
Business Acquisition [Line Items]
Guestrooms \| room			120
Purchase Price \| $		$ 29,000
Nordic Lodge
Business Acquisition [Line Items]
Guestrooms \| room			47
Purchase Price \| $		$ 13,700
Acquisitions of 2023
Business Acquisition [Line Items]
Guestrooms \| room					167
Purchase Price \| $					$ 42,700
Revere (Boston), MA; Tysons Corner (Vienna), VA \| Hampton Inn and Hilton Garden Inn
Business Acquisition [Line Items]
Guestrooms \| room	399			399
Purchase Price \| $	$ 96,000

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Allocation of Aggregate Purchase Price (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 40,936	$ 12,258
Lodging buildings and improvements	51,891	29,225
Furniture, fixtures and equipment	3,502	1,331
Total assets acquired	96,329	42,814
Purchase price	$ 96,000	42,700
Asset acquisition, transaction costs		100
Asset acquisition, contingent consideration		$ 2,000

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, 2024 hotel	May 31, 2023 hotel
Courtyard by Marriott and SpringHill Suites - New Orleans, LA
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale of real estate property \| $	$ 73.0
Courtyard By Marriott \| Courtyard by Marriott and SpringHill Suites - New Orleans, LA
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	202
SpringHill Suites \| Courtyard by Marriott and SpringHill Suites - New Orleans, LA
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	208
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms \| hotel	2	97	4
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 - 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) $ in Millions	1 Months Ended
	Feb. 29, 2024 USD ($) room
Financing Receivable, Allowance for Credit Loss [Line Items]
Tangible asset impairment charges	$ 4.0
Hyatt Place \| Dallas (Plano), TX
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 (Hyatt Place - Baltimore (Owings Mills), MD) Narrative (Details) - Hyatt Place $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) room
Baltimore (Owings Mills), MD
Financing Receivable, Allowance for Credit Loss [Line Items]
Guestrooms sold \| room	123
Baltimore, MD \| Disposed of by Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Proceeds from sale of property \| $	$ 8.3

INVESTMENTS IN LODGING PROPERTY, NET - Portfolio of Four Lodging Properties Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	May 31, 2023 USD ($) hotel	Dec. 31, 2024 USD ($) hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2024 hotel
Business Acquisition [Line Items]
Loss on impairment and write-down of assets			$ 6,723	$ 16,661	$ 10,420
Hotels
Business Acquisition [Line Items]
Guestrooms \| hotel		4	97			2
Proceeds from sale of property		$ 28,100
Hotels \| Purchase Agreement Portfolio
Business Acquisition [Line Items]
Loss on impairment and write-down of assets	$ 2,900

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Lodging Property Acquisitions (Details) - room	Dec. 31, 2024	May 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property		467
Hotels
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property	14,553
Hotels \| Hilton Garden Inn
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property		97
Hotels \| Holiday Inn Express & Suites
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property		93
Hotels \| Hyatt Place
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property		126
Hotels \| Hyatt Place
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of units in real estate property		151

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Assets Held for Sale (Details) - Disposed of by Sale - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Under Contract for Sale:
Business Acquisition [Line Items]
Net carrying amount	$ 1,225	$ 65,311
Marketed for Sale:
Business Acquisition [Line Items]
Net carrying amount	1,650	65,736
Courtyard by Marriott and SpringHill Suites - New Orleans, LA \| Under Contract for Sale:
Business Acquisition [Line Items]
Net carrying amount	0	43,504
Hilton Garden Inn - Bryan (College Station), TX \| Under Contract for Sale:
Business Acquisition [Line Items]
Net carrying amount	0	10,642
Hyatt Place - Dallas (Plano), TX \| Under Contract for Sale:
Business Acquisition [Line Items]
Net carrying amount	0	9,940
Parcel of undeveloped land - San Antonio, TX \| Parcel of undeveloped land - San Antonio, TX
Business Acquisition [Line Items]
Net carrying amount	1,225	1,225
Parcel of undeveloped land - Flagstaff, AZ \| Marketed for Sale:
Business Acquisition [Line Items]
Net carrying amount	$ 425	$ 425

INVESTMENTS IN LODGING PROPERTY, NET - Assets Held for Sale Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) a
Business Acquisition [Line Items]
Investments in lodging property, net	$ 2,746,340	$ 2,736,975
Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Investments in lodging property, net		$ 8,000
Parcel of undeveloped land - San Antonio, TX \| Purchase and Sale Agreement \| Parcel of undeveloped land - San Antonio, TX
Business Acquisition [Line Items]
Sale of land (in acre) \| a			5.99
Consideration for hotel property portfolio activity			$ 1,300

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible assets:	$ 10,834	$ 10,834
Finite-lived intangible assets:	21,433	29,120
Total intangible assets	32,267	39,954
Less - accumulated amortization	(5,691)	(9,251)
Intangible assets, net	$ 26,576	30,703
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	19,750
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Amortization of intangible assets	$ 3.3	$ 4.1	$ 0.0

INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expenses (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 1,564
2026	1,564
2027	1,511
2028	1,016
2029	1,016
Thereafter	9,071
Finite lived intangible assets	$ 15,742

INVESTMENT IN REAL ESTATE LOANS - (Details) $ in Thousands	1 Months Ended	12 Months Ended
INVESTMENT IN REAL ESTATE LOANS - (Details) $ in Thousands	Jan. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Investment Company, Financial Highlights [Line Items]
Number of loans received \| loan				1
Number of loans receivable \| loan				2
Recovery of credit losses		$ 0	$ 1,230	$ 1,100
Mezzanine Loans
Investment Company, Financial Highlights [Line Items]
Loans amount, total		$ 4,600
Initial purchase option, ownership percentage		90.00%
Mezzanine Loans \| Affiliated Entity
Investment Company, Financial Highlights [Line Items]
Loans funded amount	$ 4,600
Onera Mezzanine Loan
Investment Company, Financial Highlights [Line Items]
Financing receivable, term (in years)	24 months
Loan mature term additional at borrower's option	12 months
Purchase options		$ 900
Amortization of discount		$ (400)	(500)
Construction Loans \| Affiliated Entity \| Letter of credit
Investment Company, Financial Highlights [Line Items]
Letter of credit	$ 3,000
Seller-Financing Loans
Investment Company, Financial Highlights [Line Items]
Recovery of credit losses			1,200	(1,100)
Seller-Financing Loans \| Disposed of by Sale
Investment Company, Financial Highlights [Line Items]
Proceeds from collection of loans receivable			1,500
Note receivable				3,600
Proceeds from collection of loans receivable, interest			$ 300
Seller-Financing Loans \| Loan One \| Disposed of by Sale
Investment Company, Financial Highlights [Line Items]
Proceeds from collection of loans receivable				600
Seller-Financing Loans \| Loan Two
Investment Company, Financial Highlights [Line Items]
Proceeds from collection of loans receivable				$ 500

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted cash
Restricted cash	$ 7,721	$ 9,931
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	$ 7,357	9,583
Property taxes and other
Restricted cash
Restricted cash	$ 364	$ 348

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid expenses and other
Deferred acquisition costs	$ 0	$ 199
Prepaid insurance	2,112	1,945
Prepaid taxes	2,403	3,109
Insurance receivable	1,159	0
Other	3,906	3,612
Prepaid expenses and other	$ 9,580	$ 8,865

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred charges
Franchise fees	$ 10,619	$ 10,106
Less - accumulated amortization	(4,159)	(3,447)
Deferred Costs, Net	6,460	6,659
Amortization expense	$ 700	$ 600	$ 700

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Derivative financial instrument	$ 11,573	$ 13,958
Purchase option related to real estate loan	931	931
Deferred tax asset, net	11,295	20
Other	492	723
Total	24,291	$ 15,632
Reversal of valuation allowance on deferred tax assets	12,100
Deferred tax assets, decrease from change in estimate	800
Deferred tax asset, increase (decrease), amount	$ 11,300

SUPPLEMENTAL BALANCE SHEET INFORMATION - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued expenses and other
Accrued property, sales and income taxes	$ 26,568	$ 26,590
Accrued salaries and benefits	14,254	13,307
Other accrued expenses at lodging properties	25,904	26,745
Accrued renovation costs	4,805	1,847
Advance room deposits	6,847	6,301
Accrued interest	3,266	6,136
Other	509	289
Total	$ 82,153	$ 81,215

DEBT - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) loan property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of secured loans \| loan	2
Number of properties that served as collateral for loans \| property	3
Weighted average interest rate for all borrowings	5.01%	5.31%
Designated as hedges
Debt Instrument [Line Items]
Fair value of derivative interest rate	$ 325,000	$ 400,000
Interest Rate Swaps Expiring Between 2023 and 2039 \| Designated as hedges
Debt Instrument [Line Items]
Fair value of derivative interest rate	$ 625,000	$ 600,000

- 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

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

DEBT - $600 Million Senior Credit and Term Loan Facility Narrative (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt, net of debt issuance costs		$ 1,396,710,000	$ 1,430,668,000
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
Additional borrowing capacity	$ 300,000,000
$400 Million Revolver
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor		0.00%
$400 Million Revolver \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Fixed interest rate		1.00%
$400 Million Revolver \| Federal funds rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate		0.50%
$400 Million Revolver \| Interest Rate Floor
Debt Instrument [Line Items]
Fixed interest rate		1.00%
$400 Million Revolver \| Minimum \| Secured Overnight Financing Rate (SOFR)
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 \| Secured Overnight Financing Rate (SOFR)
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	$ 400,000,000
Line of credit facility, extension periods \| extension		2
Line of credit facility, extension term		6 months
Debt, net of debt issuance costs		$ 10,000,000.0
Fixed interest rate		6.33%
$200 Million Term Loan \| Minimum \| Secured Overnight Financing Rate (SOFR)
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 \| Secured Overnight Financing Rate (SOFR)
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	$ 200,000,000
Line of credit facility, extension periods \| extension		2
Line of credit facility, extension term		12 months
Fixed interest rate		6.16%

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/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

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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 ($) extension	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Term loan refinanced		$ 1,396,710,000	$ 1,430,668,000
2018 Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
$400 Million Revolver
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, floor		0.00%
$400 Million Revolver \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000		$ 400,000,000
Repayments of lines of credit	225,000,000
Term loan refinanced		$ 10,000,000.0
Fixed interest rate		6.33%
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]
Term loan refinanced	$ 225,000,000
Number of debt instrument extended \| extension	2
Debt instrument, extension period	12 months
Debt, basis spread on variable rate		1000.00%
Leverage ratio		60.00%
2024 Term Loan \| Unsecured debt \| Minimum
Debt Instrument [Line Items]
Fixed interest rate		1.35%
Leverage ratio		60.00%
2024 Term Loan \| Unsecured debt \| Maximum
Debt Instrument [Line Items]
Fixed interest rate		2.35%
Leverage ratio		65.00%

DEBT - Convertible Senior Notes and Capped Call Options (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 07, 2021 $ / shares	Jan. 31, 2021 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of debt			$ 94,675	$ 2,284	$ 506,898
Interest rate effect on assumed conversion of convertible debt			4,323	0	0
Amortization of debt issuance costs			$ 6,582	5,910	5,708
Share price (in dollars per share) \| $ / shares			$ 8.72
1.50% convertible senior notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 287,500
Fixed interest rate		1.50%	1.50%
Proceeds from convertible debt		$ 280,000
Interest rate effect on assumed conversion of convertible debt			$ 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			$ (1,700)	$ (3,200)
Debt instrument, conversion ratio	0.0834028		0.09136
Debt instrument, conversion price (in dollars per share) \| $ / shares	$ 11.99
Conversion price, premium percentage	37.50%
Debt instrument convertible strike price of capped call transactions (in dollars per share) \| $ / shares	$ 15.26		$ 13.93
Convertible debt, strike price of capped call transactions, premium percentage	75.00%
1.50% convertible senior notes due 2026 \| Convertible notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, conversion ratio	0.1146788
$62 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Repayments of debt		$ 62,000

DEBT - MetaBank and other Mortgage Loans (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Debt, net of debt issuance costs		$ 1,396,710	$ 1,430,668
Gain on extinguishment of debt		$ 3,000	$ 0	$ 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
Guestrooms \| property	3

DEBT - GIC Joint Venture Credit Facility (Details)	12 Months Ended
DEBT - GIC Joint Venture Credit Facility (Details)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Apr. 30, 2021 USD ($)	Oct. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt outstanding	$ 1,408,007,000	$ 1,445,839,000
$125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 125,000,000
Debt, basis spread on variable rate	1.00%
Interest Rate	0.50%
Debt instrument, effective interest rate	1.15%
$125 Million Revolving Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate	0.10%
$125 Million Revolving Credit Facility \| Unsecured debt \| Minimum
Debt Instrument [Line Items]
Interest Rate	2.15%
Joint Venture Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 710,507,000	675,878,000
Debt, basis spread on variable rate	0.05%
Non-recourse loan \| GIC Joint Venture Credit Facility \| Secured debt
Debt Instrument [Line Items]
Guestrooms \| property	2
$75 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 125,000,000	75,000,000
Interest Rate	6.56%
Revolving credit facility \| $125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 125,000,000		$ 125,000,000	$ 125,000,000
Revolving credit facility \| $125 Million Revolving Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	125,000,000
Debt outstanding	$ 125,000,000	$ 125,000,000
Interest Rate	6.61%
Revolving credit facility \| $75 Million Term Loan
Debt Instrument [Line Items]
Interest Rate	0.25%
Line of Credit \| Joint Venture Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 500,000,000

DEBT - GIC Joint Venture Term Loan (Details)	1 Months Ended	12 Months Ended
DEBT - GIC Joint Venture Term Loan (Details)	Sep. 30, 2023	Dec. 31, 2024 USD ($) room hotel parking_structure property	Apr. 30, 2024 hotel	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 hotel room	Mar. 31, 2022 parking_structure hotel	Jan. 31, 2022 parking_structure hotel	Jan. 13, 2022 USD ($)
Debt Instrument [Line Items]
Number of units in real estate property \| room						467
Debt outstanding		$ 1,408,007,000		$ 1,445,839,000
Joint Venture Term Loan \| Secured debt
Debt Instrument [Line Items]
Debt instrument, face amount									$ 410,000,000
Credit facility, maximum borrowing capacity									$ 600,000,000
Debt instrument, extension period	12 months
Debt outstanding		$ 396,000,000
Debt, basis spread on variable rate		2.75%
Bank of America, N.A, variable due January 13, 2026 \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding		$ 396,037,000		410,000,000
Interest Rate		7.22%
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 600,000,000
Debt outstanding		$ 210,000,000		$ 200,000,000
Hotels
Debt Instrument [Line Items]
Guestrooms \| hotel		97	2			4
Number of units in real estate property \| room		14,553
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]
Guestrooms		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]
Guestrooms \| hotel								25

DEBT - PACE Loan (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - PACE Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, net of debt issuance costs	$ 1,396,710	$ 1,430,668
NCI Transaction \| PACE Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,500
Interest Rate	6.10%
Debt instrument, amortization period	20 years
Debt, net of debt issuance costs	$ 5,900

- 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/exampleRef
-Topic 835
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-Name Accounting Standards Codification
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-Paragraph 8
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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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

- Definition

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

+ References + Details

DEBT - Brickell Mortgage Loan (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Debt outstanding		$ 1,408,007	$ 1,445,839
Debt, net of debt issuance costs		$ 1,396,710	$ 1,430,668
Brickell Joint Venture \| AC/Element Hotel
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				90.00%
Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				90.00%
Debt outstanding				$ 47,000
Debt instrument, amortization period	25 years
Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans \| AC/Element Hotel
Debt Instrument [Line Items]
Initial purchase option, ownership percentage				100.00%
Debt, basis spread on variable rate	3.00%

DEBT - Schedule of Outstanding Indebtedness (Details)	12 Months Ended
DEBT - Schedule of Outstanding Indebtedness (Details)	Dec. 31, 2024 USD ($) hotel property room tradingday parking_structure	Apr. 30, 2024 hotel	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 hotel room	Mar. 31, 2022 parking_structure hotel	Jan. 31, 2022 parking_structure hotel	Apr. 30, 2021 USD ($)	Jan. 31, 2021 USD ($)	Oct. 31, 2019 USD ($)
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	3
Debt outstanding	$ 1,408,007,000		$ 1,445,839,000
Unamortized debt issuance costs	(11,297,000)		(15,171,000)
Debt, net of issuance costs	$ 1,396,710,000		1,430,668,000
Number of promissory notes \| tradingday	2
Number of parking units \| room					467
Hotels
Debt Instrument [Line Items]
Guestrooms \| hotel	97	2			4
Number of parking units \| room	14,553
Joint Venture with GIC \| Hotels \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Number of parking units \| parking_structure	2						2
Joint Venture with GIC \| Hotels \| NCI Transaction \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms	15					27
Number of parking units \| parking_structure						2
Loans Payable
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	0
Debt outstanding	$ 697,500,000		769,961,000
$400 Million Revolver \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000			$ 400,000,000
Interest Rate	6.33%
Debt outstanding	$ 10,000,000		0
Debt, net of issuance costs	10,000,000.0
$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			200,000,000
Interest Rate	6.16%
Debt outstanding	$ 200,000,000		200,000,000
2018 Senior Credit Facility \| Joint Venture with GIC \| Hotels \| NCI Transaction \| Portfolio Purchase Through Contribution And Purchase Agreement
Debt Instrument [Line Items]
Guestrooms \| hotel							25
2018 Senior Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 600,000,000
Debt outstanding	$ 210,000,000		200,000,000
Number of unencumbered hotel properties \| hotel	53
Keybank National Association Term Loan due February 14, 2025 \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 0		225,000,000
Regions Bank 2024 Term Loan Facility \| Unsecured debt
Debt Instrument [Line Items]
Interest Rate	6.37%
Debt outstanding	$ 200,000,000		0
Term Loans \| Unsecured debt
Debt Instrument [Line Items]
Debt outstanding	$ 200,000,000		225,000,000
1.50% convertible senior notes due 2026 \| Convertible notes
Debt Instrument [Line Items]
Debt instrument, face amount									$ 287,500,000
Interest Rate	1.50%								1.50%
Debt outstanding	$ 287,500,000		287,500,000
Meta Bank 4.44% Fixed due July 1, 2027 \| Mortgage loans
Debt Instrument [Line Items]
Amortization Period (Years)	25 years
Debt outstanding	$ 0		42,611,000
Bank Of Cascades Variable due December 19, 2024, Note A \| Mortgage loans
Debt Instrument [Line Items]
Amortization Period (Years)	25 years
Debt outstanding	$ 0		7,425,000
Bank Of Cascades 4.30% Fixed due December 19, 2024, Note B \| Mortgage loans
Debt Instrument [Line Items]
Amortization Period (Years)	25 years
Debt outstanding	$ 0		7,425,000
Secured Mortgage Indebtedness \| Mortgage loans
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	0
Debt outstanding	$ 0		57,461,000
City National Bank of Florida, Variable Due June 9, 2025 \| Mortgage loans
Debt Instrument [Line Items]
Interest Rate	7.45%
Amortization Period (Years)	25 years
Number of Properties Encumbered \| property	2
Debt outstanding	$ 46,060,000		47,000,000
$125 Million Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 125,000,000
Interest Rate	0.50%
$125 Million Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 125,000,000							$ 125,000,000		$ 125,000,000
$125 Million Revolving Credit Facility \| Unsecured debt \| Revolving credit facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 125,000,000
Interest Rate	6.61%
Debt outstanding	$ 125,000,000		125,000,000
$75 Million Term Loan \| Revolving credit facility
Debt Instrument [Line Items]
Interest Rate	0.25%
$75 Million Term Loan \| Unsecured debt
Debt Instrument [Line Items]
Interest Rate	6.56%
Debt outstanding	$ 125,000,000		75,000,000
Bank of America, N.A, variable due January 13, 2026 \| Unsecured debt
Debt Instrument [Line Items]
Interest Rate	7.22%
Debt outstanding	$ 396,037,000		410,000,000
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]
Interest Rate	4.99%
Amortization Period (Years)	30 years
Debt outstanding	$ 12,526,000		12,785,000
PACE Loan \| NCI Transaction
Debt Instrument [Line Items]
Debt instrument, face amount	$ 6,500,000
Interest Rate	6.10%
Debt outstanding	$ 5,884,000
Debt, net of issuance costs	$ 5,900,000
PACE Loan \| Unsecured debt
Debt Instrument [Line Items]
Interest Rate	6.10%
Amortization Period (Years)	20 years
Debt outstanding			6,093,000
GIC Joint Venture: \| Unsecured debt
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	1
Debt outstanding	$ 664,447,000		628,878,000
Joint Venture Credit Facility \| Unsecured debt
Debt Instrument [Line Items]
Number of Properties Encumbered \| property	3
Debt outstanding	$ 710,507,000		$ 675,878,000

DEBT - Schedule of Total Fixed-rate and Variable-rate Debt, After Giving Effect to Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fixed-rate debt	$ 930,910	$ 956,414
Fixed-rate debt, percentage	66.00%	66.00%
Variable-rate debt	$ 477,097	$ 489,425
Variable-rate debt, percentage	34.00%	34.00%
Debt, gross	$ 1,408,007	$ 1,445,839
Wholly Owned Properties And Joint Venture Debt
Debt Instrument [Line Items]
Fixed-rate debt, percentage	72.00%

- 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/exampleRef
-Topic 835
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

DEBT - Schedule of Principal Payments for Each of the Next Five Years (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Principal payments for each of the next five years
2025	$ 46,563
2026	288,032
2027	396,599
2028	471,937
2029	200,293
Thereafter	4,583
Debt, gross	$ 1,408,007	$ 1,445,839

DEBT - Schedule of the Fair Value of Fixed-rate Debt that is not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Value
Debt
Debt	$ 305,910	$ 356,415
Carrying Value \| Level 1 \| Convertible notes
Debt
Debt	287,500	287,500
Carrying Value \| Level 2 \| Mortgage loans
Debt
Debt	18,410	68,915
Fair Value
Debt
Debt	296,110	317,024
Fair Value \| Level 1 \| Convertible notes
Debt
Debt	278,766	256,141
Fair Value \| Level 2 \| Mortgage loans
Debt
Debt	$ 17,344	$ 60,883

- 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 2E
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Tenant income	$ 2.7	$ 2.6	$ 2.6
Operating lease weighted average discount rate	4.80%	4.80%
Operating lease, cost	$ 4.5	$ 4.6	4.1
Operating cash outflows from operating leases	$ 4.0	$ 4.0	$ 3.7
Operating lease weighted average remaining lease term	31 years 9 months 18 days	32 years 2 months 12 days
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining term	73 years 6 months

LEASES - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 2,331
2026	2,286
2027	2,328
2028	2,123
2029	2,015
Thereafter	33,802
Total lease payments	44,885
Less interest	(20,014)
Total	$ 24,871	$ 25,842

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
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	$ 6.4

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
GIC Joint Venture:
Derivative [Line Items]
Average Annual Effective Fixed Rate	3.09%
Designated as hedges
Derivative [Line Items]
Notional Amount	$ 325,000	$ 400,000
Fair Value	9,731	11,454
Designated as hedges \| GIC Joint Venture:
Derivative [Line Items]
Notional Amount	300,000	200,000
Fair Value	1,842	2,504
Designated as hedges \| Interest rate swaps \| GIC Joint Venture:
Derivative [Line Items]
Notional Amount	625,000	600,000
Fair Value	$ 11,573	13,958
Designated as hedges \| Interest Rate Swap Expiring September 30, 2024
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.86%
Notional Amount	$ 0	75,000
Fair Value	$ 0	1,170
Designated as hedges \| Interest Rate Swap Expiring December 31, 2025
Derivative [Line Items]
Average Annual Effective Fixed Rate	2.92%
Notional Amount	$ 125,000	125,000
Fair Value	$ 1,582	2,877
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	$ 2,824	3,134
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	$ 5,325	4,273
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	$ 754	1,254
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	$ 754	1,250
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	0
Fair Value	$ 334	$ 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative instruments, gain (loss) recognized
Gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments	$ 11,218	$ 8,677	$ 29,744
Total interest expense and other finance expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	82,632	86,798	65,581
Interest expense
Derivative instruments, gain (loss) recognized
Gain (loss) reclassified from Accumulated other comprehensive income to Interest Expense	$ 13,602	$ 11,561	$ (2,820)

- 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 + Details

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022 USD ($)	Dec. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
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)		52,924,195	50,774,173
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
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
Maximum \| 2022 ATM Program
Class of Stock [Line Items]
Sale of stock aggregate offering price \| $	$ 200.0

EQUITY - Schedule of Common Stock Activity (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common shares outstanding, beginning balance (in shares)	107,593,373	106,901,576
Common stock redemption of common units (in shares)	15,555	28,179
Grants under the Equity Plan (in shares)	1,242,868	875,055
Performance share and other forfeitures (in shares)	(398,970)	(140,549)
Shares of common stock acquired for employee withholding requirements (in shares)	(144,654)	(184,029)
Common shares outstanding, ending balance (in shares)	108,435,663	107,593,373
Director stock
Class of Stock [Line Items]
Grants under the Equity Plan (in shares)	127,491	113,141

- 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/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
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-Section 50
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+ Details

NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($)	Jan. 31, 2022 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2024 USD ($) a hotel jointventure state room property unit Rate shares	Dec. 31, 2023 USD ($) shares	Apr. 30, 2024 hotel	May 31, 2023 hotel room	Jun. 30, 2022
Class of Stock [Line Items]
Number of joint ventures entered into \| jointventure				3
Number of units in real estate property \| room							467
Number of states in which hotel properties are located \| state				25
Redeemable common unit, conversion ratio \| Rate				100.00%
Onera Joint Venture
Class of Stock [Line Items]
Number of units in real estate property \| unit				11
Percentage of equity interest in a joint venture (as percent)	90.00%
Cash payments to acquire businesses \| $	$ 5.2
Acquired property \| $	2.0
Joint venture, fee simple interest (as percent)				100.00%
Area of land acquired (in acre) \| a				6.4
Onera Joint Venture \| Maximum
Class of Stock [Line Items]
Contingent consideration, liability \| $	$ 1.8
Summit Hotel Operating Partnership \| Non-Controlling Interests
Class of Stock [Line Items]
Limited partner, ownership percentage				13.00%	13.00%
Joint Venture with GIC \| Joint Venture with GIC
Class of Stock [Line Items]
General partner, ownership interest (as percent)				51.00%
Incentive fee earned \| $				$ 0.6	$ 0.1
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]
Guestrooms \| hotel				97		2	4
Number of units in real estate property \| room				14,553
Hotels \| Brickell Joint Venture
Class of Stock [Line Items]
Guestrooms \| hotel				2
Hotels \| Hotels Owned Through Joint Venture \| Partially Owned Properties
Class of Stock [Line Items]
Guestrooms \| property				41
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) \| 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) \| shares		2,000,000
Temporary equity, shares issued (in shares) \| 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				5,733
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) \| shares				15,933,073	15,948,628

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Onera Purchase Option	$ 931	$ 931
Recurring basis
Assets:
Onera Purchase Option	931	931
Recurring basis \| Interest rate swaps
Assets:
Derivative asset	11,573	13,958
Recurring basis \| Level 1
Assets:
Onera Purchase Option	0	0
Recurring basis \| Level 1 \| Interest rate swaps
Assets:
Derivative asset	0	0
Recurring basis \| Level 2
Assets:
Onera Purchase Option	0	0
Recurring basis \| Level 2 \| Interest rate swaps
Assets:
Derivative asset	11,573	13,958
Recurring basis \| Level 3
Assets:
Onera Purchase Option	931	931
Recurring basis \| Level 3 \| Interest rate swaps
Assets:
Derivative asset	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

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, 2024 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, 2024 USD ($) hotel	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel	Apr. 30, 2024 hotel	May 31, 2023 hotel
Fair value
Impairment of real estate	$ 6,700
Loss on impairment and write-down of assets	$ 6,723	$ 16,661	$ 10,420
Hotels
Fair value
Guestrooms \| hotel	97			2	4
Disposed of by Sale
Fair value
Loss on impairment and write-down of assets		$ 16,700	2,900
Disposed of by Sale \| Hotels
Fair value
Loss on impairment and write-down of assets			$ 7,200
Guestrooms \| hotel		2	2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Franchise Agreements
Commitments and contingencies
Fees related to the agreement	$ 53.8	$ 52.6	$ 47.9
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	4.00%
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	12 years
Fees related to the agreement	$ 15.9	$ 18.5	$ 17.4

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity-based compensation
Number of outstanding shares (in shares)	0
Grants under the Equity Plan (in shares)	1,242,868	875,055
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	1 year 6 months 10 days
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)	127,491	113,141
Director stock \| Common Stock
Equity-based compensation
Grants under the Equity Plan (in shares)	127,491	113,141	84,899
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 \| Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 1.3
Restricted Stock Awards \| Time-based restricted stock
Equity-based compensation
Total fair value of awards vested	$ 2.4	$ 3.6	$ 2.5
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 \| Time-based restricted stock \| Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 0.4
Restricted Stock Awards \| Performance-based restricted stock
Equity-based compensation
Vesting period	3 years
Restricted Stock Awards \| Performance-based restricted stock \| Executive Vice President And Chief Operating Officer
Equity-based compensation
Additional stock-based compensation expense	$ 0.9

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Non-vested at the beginning of year (in shares)	861,713	654,804	605,470
Granted (in shares)	735,462	449,148	316,643
Vested (in shares)	(369,312)	(238,883)	(259,037)
Forfeited (in shares)	(75,040)	(3,356)	(8,272)
Non-vested at end of year (in shares)	1,152,823	861,713	654,804
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 8.79	$ 9.85	$ 9.98
Granted (in dollars per share)	6.49	7.71	9.83
Vested (in dollars per share)	9.24	8.04	10.14
Forfeited (in dollars per share)	7.26	8.20	10.01
Non-vested at end of year (in dollars per share)	$ 7.28	$ 8.79	$ 9.85
Aggregate Current Value (in thousands)
Aggregate Current Value (in thousands)	$ 7,897

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Non-vested at the beginning of year (in shares)	1,056,272	1,006,974	1,002,866
Granted (in shares)	507,406	425,907	418,728
Vested (in shares)		(239,416)	(414,620)
Forfeited (in shares)	(323,930)	(137,193)
Non-vested at end of year (in shares)	1,239,748	1,056,272	1,006,974
Weighted Average Grant Date Fair Value per Share
Non-vested at beginning of year (in dollars per share)	$ 11.93	$ 11.76	$ 11.92
Granted (in dollars per share)	7.41	10.08	12.26
Vested (in dollars per share)		9.38	12.81
Forfeited (in dollars per share)	14.05	9.38
Non-vested at end of year (in dollars per share)	$ 9.53	$ 11.93	$ 11.76
Aggregate Current Value (in thousands)
Aggregate Current Value (in thousands)	$ 8,492

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, 2024 Iteration $ / shares	Dec. 31, 2023 Iteration $ / shares	Dec. 31, 2022 Iteration $ / shares
Equity-based compensation
Expected dividend yield	4.86%	3.90%	3.52%
Expected stock price volatility	37.20%	67.60%	65.40%
Risk-free interest rate	4.21%	4.66%	1.77%
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	$ 7.41	$ 10.08	$ 12.26

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(i)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(1)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity-based compensation expense
Share based compensation expense	$ 8,132	$ 7,742	$ 8,446
Restricted Stock Awards \| Time-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,424	3,260	2,860
Restricted Stock Awards \| Performance-based restricted stock
Equity-based compensation expense
Share based compensation expense	3,941	3,727	4,784
Director stock \| Director stock
Equity-based compensation expense
Share based compensation expense	$ 767	$ 755	$ 802

EQUITY-BASED COMPENSATION - Schedule of Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Equity-based compensation expense
Total	$ 9,511
2025	5,638
2026	3,215
2027	658
Time-based restricted stock \| Restricted Stock Awards
Equity-based compensation expense
Total	4,859
2025	2,731
2026	1,700
2027	428
Performance-based restricted stock \| Restricted Stock Awards
Equity-based compensation expense
Total	4,652
2025	2,907
2026	1,515
2027	$ 230

BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer contribution expense	$ 0.5	$ 0.4	$ 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 989	$ 1,151	$ 1,953
State and local	1,567	1,563	1,717
Deferred:
Federal	(8,879)	84	(59)
State and local	(2,420)	0	0
Income tax (benefit) expense	$ (8,743)	$ 2,798	$ 3,611

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Statutory federal income tax provision	$ 6,331	$ (5,317)	$ 1,014
Nontaxable (income) loss of the REITs	(6,260)	4,563	1,124
State income taxes, net of federal tax benefit	1,467	1,158	1,644
Provision to return and deferred adjustment	20	50	81
Effect of permanent differences and other	431	235	246
Deferred assets transferred with REIT stock sale	0	0	730
Deferred tax valuation allowance	1,329	2,109	(1,228)
Income tax (benefit) expense	(8,743)	2,798	3,611
Federal
Valuation Allowance [Line Items]
Deferred tax valuation allowance	(9,905)	0	0
State
Valuation Allowance [Line Items]
Deferred tax valuation allowance	$ (2,156)	$ 0	$ 0

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Valuation allowance	$ (2,581,000)	$ (13,886,000)
Decrease in valuation allowance	12,100,000
Unrecognized tax benefits	0
Federal
Income taxes
Operating loss carryforwards	33,100,000
Federal \| TRSs
Income taxes
Operating loss carryforwards	48,800,000
Federal \| REIT Subsidiaries
Income taxes
Operating loss carryforwards	7,600,000
State \| TRSs
Income taxes
Operating loss carryforwards	$ 33,600,000

INCOME TAXES - Schedule of Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Significant components of the Company's deferred tax assets and liabilities
Tax carryforwards	$ 11,916	$ 12,098
Accrued expenses	1,515	1,634
Other	445	150
Total	13,876	13,882
Valuation allowance	(2,581)	(13,886)
Net deferred tax asset (liability)	11,295	(4)
Gross deferred tax assets	13,881	13,906
Gross deferred tax liabilities	(5)	(24)
Net deferred tax asset (liability)	$ 11,295
Net deferred tax asset (liability)		$ (4)

INCOME TAXES - Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Class of Stock [Line Items]
Ordinary non-qualified dividend income (in dollars per share)	$ 0.2879	$ 0.1940	$ 0.0471
Ordinary non-qualified dividend income (in percent)	95.96%	88.19%	58.82%
Ordinary qualified dividend income (in dollars per share)	$ 0.0121	$ 0.0078	$ 0.0106
Ordinary qualified dividend income (in percent)	4.04%	3.54%	13.26%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0.0223
Capital gain distributions (in percent)	0.00%	0.00%	27.92%
Return of capital (in dollars per share)	$ 0	$ 0.0182	$ 0
Return of capital (in percent)	0.00%	8.27%	0.00%
Distribution per share (in dollars per share)	$ 0.3000	$ 0.2200	$ 0.0800
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)	$ 1.4994	$ 1.3779	$ 0.9191
Ordinary non-qualified dividend income (in percent)	95.96%	88.19%	58.82%
Ordinary qualified dividend income (in dollars per share)	$ 0.0631	$ 0.0553	$ 0.2072
Ordinary qualified dividend income (in percent)	4.04%	3.54%	13.26%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0.4363
Capital gain distributions (in percent)	0.00%	0.00%	27.92%
Return of capital (in dollars per share)	$ 0	$ 0.1293	$ 0
Return of capital (in percent)	0.00%	8.27%	0.00%
Distribution per share (in dollars per share)	$ 1.5625	$ 1.5625	$ 1.5626
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)	$ 1.4095	$ 1.2952	$ 0.8639
Ordinary non-qualified dividend income (in percent)	95.96%	88.19%	58.82%
Ordinary qualified dividend income (in dollars per share)	$ 0.0593	$ 0.0520	$ 0.1947
Ordinary qualified dividend income (in percent)	4.04%	3.54%	13.26%
Capital gain distributions (in dollars per share)	$ 0	$ 0	$ 0.4101
Capital gain distributions (in percent)	0.00%	0.00%	27.92%
Return of capital (in dollars per share)	$ 0	$ 0.1215	$ 0
Return of capital (in percent)	0.00%	8.27%	0.00%
Distribution per share (in dollars per share)	$ 1.4688	$ 1.4687	$ 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss)	$ 38,891	$ (28,116)	$ 1,217
Less - Distributions to and accretion of redeemable non-controlling interests	(2,626)	(2,626)	(2,520)
Preferred dividends	(15,875)	(15,875)	(15,875)
Loss (income) related to non-controlling interests in consolidated joint ventures	8,499	14,824	(2,321)
Allocation of (income) loss to participating securities	(4,056)	3,803	2,570
Numerator for income (loss) per common stockholder - basic	24,833	(27,990)	(16,929)
Interest rate effect on assumed conversion of convertible debt	4,323	0	0
Numerator for income (loss) per common stockholder - diluted	$ 29,156	$ (27,990)	$ (16,929)
Denominator:
Weighted average common shares outstanding - basic (in shares)	105,927	105,548	105,142
Dilutive effect of equity-based compensation awards (in shares)	660	0	0
Effect of assumed conversion of convertible debt (in shares)	25,778	0	0
Weighted average common shares outstanding - diluted (in shares)	132,365	105,548	105,142
Net income (loss) per share available to common stockholders:
Basic (in usd per shares)	$ 0.23	$ (0.27)	$ (0.16)
Diluted (in usd per shares)	$ 0.22	$ (0.27)	$ (0.16)

SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lodging property revenues:
Total revenues	$ 731,783	$ 736,127	$ 675,695
Lodging property expenses:
Property taxes, insurance and other	54,116	55,167	49,921
Management fees	15,866	18,452	17,442
Reportable Segements
Lodging property expenses:
Sales and marketing	93,083	93,053	84,752
Administrative and general	57,678	58,269	54,013
Property taxes, insurance and other	54,116	55,167	49,921
Property operations & maintenance	30,582	30,416	27,713
Utility costs	26,917	26,989	25,488
Management fees	15,866	18,452	17,442
Other lodging property expenses	16,149	16,174	16,009
Total expenses	472,145	478,105	437,234
Hotel EBITDA	259,638	258,022	238,461
Room
Lodging property revenues:
Total revenues	650,713	656,063	609,370
Lodging property expenses:
Cost of goods and services sold	146,790	148,005	136,999
Room \| Reportable Segements
Lodging property revenues:
Total revenues	650,713	656,063	609,370
Lodging property expenses:
Cost of goods and services sold	146,790	148,005	136,999
Food and beverage
Lodging property revenues:
Total revenues	40,865	41,513	32,117
Lodging property expenses:
Cost of goods and services sold	30,964	31,580	24,897
Food and beverage \| Reportable Segements
Lodging property revenues:
Total revenues	40,865	41,513	32,117
Lodging property expenses:
Cost of goods and services sold	30,964	31,580	24,897
Other
Lodging property revenues:
Total revenues	40,205	38,551	34,208
Lodging property expenses:
Cost of goods and services sold	224,409	224,901	207,975
Other \| Reportable Segements
Lodging property revenues:
Total revenues	$ 40,205	$ 38,551	$ 34,208

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) from continuing operations before income taxes	$ 30,148	$ (25,318)	$ 4,828
Depreciation and amortization	146,436	150,924	150,160
Administrative and general	31,891	32,530	30,765
Transaction costs	10	13	749
Loss on impairment and write-down of assets	(6,723)	(16,661)	(10,420)
Recovery of credit losses	0	(1,230)	(1,100)
(Gain) loss on disposal of assets, net	(28,912)	337	(20,315)
Interest expense	82,632	86,798	65,581
Interest income	(1,906)	(1,688)	(1,544)
Gain on extinguishment of debt	(3,000)	0	0
Other expense, net	(4,384)	(1,005)	(1,083)
Reportable Segements
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) from continuing operations before income taxes	30,148	(25,318)	4,828
Depreciation and amortization	146,436	150,924	150,160
Administrative and general	31,891	32,530	30,765
Transaction costs	10	13	749
Loss on impairment and write-down of assets	(6,723)	(16,661)	(10,420)
Hotel EBITDA	$ 259,638	$ 258,022	$ 238,461

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash payments for interest	$ 78,920	$ 78,886	$ 58,409
Accrued acquisition costs and improvements to lodging properties	7,082	4,219	8,233
Cash payments for income taxes, net of refunds	2,027	2,674	3,742
Accrued and unpaid dividends on unvested performance-based restricted stock	241	185	40
Mortgage debt assumed for acquisitions of lodging properties	0	0	382,205
Assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties	0	0	9,206
Conversion of a mezzanine loan to complete acquisition of lodging properties	0	0	29,875
Conversion of purchase option to complete acquisition of lodging properties	0	0	2,800
Non-cash contributions of assets by non-controlling interests related to acquisition of lodging properties	0	200	7,724
Issuance of non-controlling interests in Operating Partnership to complete acquisition of a portfolio of properties	0	0	157,513
Redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties	$ 0	$ 0	$ 50,000

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2025 $ / shares	Mar. 31, 2023 USD ($) a
Parcel of undeveloped land - San Antonio, TX \| Purchase and Sale Agreement \| Parcel of undeveloped land - San Antonio, TX
Subsequent events
Consideration for hotel property portfolio activity \| $		$ 1.3
Sale of land (in acre) \| a		5.99
Subsequent Events
Subsequent events
Cash dividends declared, common stock (in dollars per share)	$ 0.08
6.25% Series E Preferred Stock \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.390625
5.875% Series F Preferred Stock \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	0.3671875
Series Z Preferred Units \| Subsequent Events
Subsequent events
Cash dividends declared, preferred stock (in dollars per share)	$ 0.328125

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Initial Cost
Land	$ 418,860
Buildings, Improvements and Furniture, Fixtures and Equipment	2,883,159
Buildings, Improvements and Furniture, Fixtures and Equipment	308,661
Gross Amount
Land	416,799
Buildings, Improvements and Furniture, Fixtures and Equipment	3,193,881
Total	3,610,680	$ 3,586,899	$ 3,548,184		$ 2,638,549
Accumulated Depreciation	(896,444)	(821,924)	$ (716,646)		$ (583,080)
Debt outstanding	1,408,007	1,445,839
Debt, net of debt issuance costs	1,396,710	$ 1,430,668
NCI Transaction \| PACE Loan
Gross Amount
Debt outstanding	5,884
Debt, net of debt issuance costs	5,900
Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans
Gross Amount
Debt outstanding				$ 47,000
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	1,067
Gross Amount
Land	5,599
Buildings, Improvements and Furniture, Fixtures and Equipment	33,434
Total	39,033
Accumulated Depreciation	(10,476)
Amarillo, TX - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	269
Buildings, Improvements and Furniture, Fixtures and Equipment	18,561
Buildings, Improvements and Furniture, Fixtures and Equipment	999
Gross Amount
Land	269
Buildings, Improvements and Furniture, Fixtures and Equipment	19,560
Total	19,829
Accumulated Depreciation	(3,972)
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	1,128
Gross Amount
Land	657
Buildings, Improvements and Furniture, Fixtures and Equipment	39,584
Total	40,241
Accumulated Depreciation	(8,033)
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	697
Gross Amount
Land	1,497
Buildings, Improvements and Furniture, Fixtures and Equipment	16,270
Total	17,767
Accumulated Depreciation	(6,572)
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	1,418
Gross Amount
Land	1,646
Buildings, Improvements and Furniture, Fixtures and Equipment	16,858
Total	18,504
Accumulated Depreciation	(6,686)
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	7,686
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	42,441
Total	44,541
Accumulated Depreciation	(12,093)
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	3,298
Gross Amount
Land	5,670
Buildings, Improvements and Furniture, Fixtures and Equipment	55,220
Total	60,890
Accumulated Depreciation	(15,523)
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	3,837
Gross Amount
Land	2,050
Buildings, Improvements and Furniture, Fixtures and Equipment	31,806
Total	33,856
Accumulated Depreciation	(12,749)
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	5,742
Gross Amount
Land	3,381
Buildings, Improvements and Furniture, Fixtures and Equipment	40,562
Total	43,943
Accumulated Depreciation	(10,139)
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	6,883
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	63,277
Total	63,277
Accumulated Depreciation	(20,601)
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	6,412
Gross Amount
Land	2,205
Buildings, Improvements and Furniture, Fixtures and Equipment	22,425
Total	24,630
Accumulated Depreciation	(8,243)
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	7,917
Gross Amount
Land	1,986
Buildings, Improvements and Furniture, Fixtures and Equipment	44,933
Total	46,919
Accumulated Depreciation	(15,652)
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	14,751
Gross Amount
Land	11,115
Buildings, Improvements and Furniture, Fixtures and Equipment	63,955
Total	75,070
Accumulated Depreciation	(21,224)
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	(10,552)
Gross Amount
Land	2,374
Buildings, Improvements and Furniture, Fixtures and Equipment	13,859
Total	16,233
Accumulated Depreciation	(8,259)
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	2,366
Gross Amount
Land	3,300
Buildings, Improvements and Furniture, Fixtures and Equipment	42,052
Total	45,352
Accumulated Depreciation	(20,771)
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	1,234
Gross Amount
Land	2,200
Buildings, Improvements and Furniture, Fixtures and Equipment	18,600
Total	20,800
Accumulated Depreciation	(9,438)
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	6,490
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	47,584
Total	47,584
Accumulated Depreciation	(13,452)
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	1,074
Gross Amount
Land	5,395
Buildings, Improvements and Furniture, Fixtures and Equipment	69,429
Total	74,824
Accumulated Depreciation	(20,710)
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	4,489
Gross Amount
Land	10,075
Buildings, Improvements and Furniture, Fixtures and Equipment	37,829
Total	47,904
Accumulated Depreciation	(12,049)
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	(2,950)
Gross Amount
Land	1,330
Buildings, Improvements and Furniture, Fixtures and Equipment	28,429
Total	29,759
Accumulated Depreciation	(4,766)
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	1,453
Gross Amount
Land	1,834
Buildings, Improvements and Furniture, Fixtures and Equipment	48,522
Total	50,356
Accumulated Depreciation	(6,358)
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	(1,310)
Gross Amount
Land	3,131
Buildings, Improvements and Furniture, Fixtures and Equipment	7,942
Total	11,073
Accumulated Depreciation	(717)
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	(2,379)
Gross Amount
Land	1,372
Buildings, Improvements and Furniture, Fixtures and Equipment	29,972
Total	31,344
Accumulated Depreciation	(4,947)
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	7,213
Gross Amount
Land	2,447
Buildings, Improvements and Furniture, Fixtures and Equipment	30,959
Total	33,406
Accumulated Depreciation	(3,558)
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	4,858
Gross Amount
Land	4,046
Buildings, Improvements and Furniture, Fixtures and Equipment	39,009
Total	43,055
Accumulated Depreciation	(13,459)
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	3,440
Gross Amount
Land	2,700
Buildings, Improvements and Furniture, Fixtures and Equipment	19,707
Total	22,407
Accumulated Depreciation	(7,050)
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	5,707
Gross Amount
Land	2,000
Buildings, Improvements and Furniture, Fixtures and Equipment	17,657
Total	19,657
Accumulated Depreciation	(6,528)
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	22,880
Gross Amount
Land	37,950
Buildings, Improvements and Furniture, Fixtures and Equipment	69,882
Total	107,832
Accumulated Depreciation	(12,948)
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	3,065
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	3,065
Total	3,065
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	11,354
Gross Amount
Land	1,920
Buildings, Improvements and Furniture, Fixtures and Equipment	49,424
Total	51,344
Accumulated Depreciation	(17,720)
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	2,146
Gross Amount
Land	1,013
Buildings, Improvements and Furniture, Fixtures and Equipment	7,593
Total	8,606
Accumulated Depreciation	(886)
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	259
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,649
Total	39,895
Accumulated Depreciation	(6,416)
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	193
Gross Amount
Land	1,109
Buildings, Improvements and Furniture, Fixtures and Equipment	38,724
Total	39,833
Accumulated Depreciation	(5,817)
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	20
Gross Amount
Land	2,470
Buildings, Improvements and Furniture, Fixtures and Equipment	6,583
Total	9,053
Accumulated Depreciation	(537)
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	199
Gross Amount
Land	1,246
Buildings, Improvements and Furniture, Fixtures and Equipment	38,589
Total	39,835
Accumulated Depreciation	(6,306)
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	878
Gross Amount
Land	4,282
Buildings, Improvements and Furniture, Fixtures and Equipment	28,571
Total	32,853
Accumulated Depreciation	(10,015)
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	8,093
Gross Amount
Land	2,100
Buildings, Improvements and Furniture, Fixtures and Equipment	18,244
Total	20,344
Accumulated Depreciation	(6,153)
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	6,277
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	41,149
Total	43,691
Accumulated Depreciation	(6,186)
Grapevine, TX - Hilton Garden Inn
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	5,884
Initial Cost
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,137
Buildings, Improvements and Furniture, Fixtures and Equipment	179
Gross Amount
Land	986
Buildings, Improvements and Furniture, Fixtures and Equipment	33,316
Total	34,302
Accumulated Depreciation	(5,383)
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	1,027
Gross Amount
Land	1,419
Buildings, Improvements and Furniture, Fixtures and Equipment	14,837
Total	16,256
Accumulated Depreciation	(2,840)
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	1,055
Gross Amount
Land	1,318
Buildings, Improvements and Furniture, Fixtures and Equipment	19,795
Total	21,113
Accumulated Depreciation	(3,611)
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	437
Gross Amount
Land	1,686
Buildings, Improvements and Furniture, Fixtures and Equipment	23,556
Total	25,242
Accumulated Depreciation	(4,680)
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	3,503
Gross Amount
Land	1,200
Buildings, Improvements and Furniture, Fixtures and Equipment	18,069
Total	19,269
Accumulated Depreciation	(8,699)
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	7,067
Gross Amount
Land	4,943
Buildings, Improvements and Furniture, Fixtures and Equipment	49,608
Total	54,551
Accumulated Depreciation	(8,829)
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	1,670
Gross Amount
Land	4,796
Buildings, Improvements and Furniture, Fixtures and Equipment	53,938
Total	58,734
Accumulated Depreciation	(7,694)
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	5,282
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	47,120
Total	47,120
Accumulated Depreciation	(19,195)
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	8,886
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	42,663
Total	45,463
Accumulated Depreciation	(13,106)
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	3,324
Gross Amount
Land	1,076
Buildings, Improvements and Furniture, Fixtures and Equipment	37,684
Total	38,760
Accumulated Depreciation	(12,058)
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	(977)
Gross Amount
Land	7,788
Buildings, Improvements and Furniture, Fixtures and Equipment	53,407
Total	61,195
Accumulated Depreciation	(19,349)
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	(159)
Gross Amount
Land	4,012
Buildings, Improvements and Furniture, Fixtures and Equipment	27,751
Total	31,763
Accumulated Depreciation	(10,372)
Kansas City, MO - Courtyard
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	0
Initial Cost
Land	3,955
Buildings, Improvements and Furniture, Fixtures and Equipment	20,608
Buildings, Improvements and Furniture, Fixtures and Equipment	(1,065)
Gross Amount
Land	3,955
Buildings, Improvements and Furniture, Fixtures and Equipment	19,543
Total	23,498
Accumulated Depreciation	(7,039)
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	5,712
Gross Amount
Land	1,314
Buildings, Improvements and Furniture, Fixtures and Equipment	17,402
Total	18,716
Accumulated Depreciation	(6,267)
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	2,077
Gross Amount
Land	1,284
Buildings, Improvements and Furniture, Fixtures and Equipment	15,358
Total	16,642
Accumulated Depreciation	(2,447)
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	628
Gross Amount
Land	3,120
Buildings, Improvements and Furniture, Fixtures and Equipment	24,859
Total	27,979
Accumulated Depreciation	(9,652)
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	898
Gross Amount
Land	4,880
Buildings, Improvements and Furniture, Fixtures and Equipment	38,259
Total	43,139
Accumulated Depreciation	(15,108)
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	984
Gross Amount
Land	896
Buildings, Improvements and Furniture, Fixtures and Equipment	21,166
Total	22,062
Accumulated Depreciation	(3,640)
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	2,337
Gross Amount
Land	2,400
Buildings, Improvements and Furniture, Fixtures and Equipment	22,185
Total	24,585
Accumulated Depreciation	(7,537)
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	8,838
Gross Amount
Land	1,860
Buildings, Improvements and Furniture, Fixtures and Equipment	34,006
Total	35,866
Accumulated Depreciation	(13,331)
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	1,119
Gross Amount
Land	1,791
Buildings, Improvements and Furniture, Fixtures and Equipment	24,505
Total	26,296
Accumulated Depreciation	(13,698)
Miami, FL - AC Hotel
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	46,060
Initial Cost
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	46,839
Buildings, Improvements and Furniture, Fixtures and Equipment	465
Gross Amount
Land	8,496
Buildings, Improvements and Furniture, Fixtures and Equipment	47,304
Total	55,800
Accumulated Depreciation	(5,409)
Miami, FL - AC Hotel \| Brickell Joint Venture \| Brickell Mortgage Loan \| Mortgage loans
Gross Amount
Debt, net of debt issuance costs	46,100
Miami, FL - Element
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	46,060
Initial Cost
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	32,427
Buildings, Improvements and Furniture, Fixtures and Equipment	741
Gross Amount
Land	5,882
Buildings, Improvements and Furniture, Fixtures and Equipment	33,168
Total	39,050
Accumulated Depreciation	(3,865)
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	3,375
Gross Amount
Land	4,926
Buildings, Improvements and Furniture, Fixtures and Equipment	43,462
Total	48,388
Accumulated Depreciation	(18,025)
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	182
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	1,655
Total	1,655
Accumulated Depreciation	(372)
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	1,285
Gross Amount
Land	1,717
Buildings, Improvements and Furniture, Fixtures and Equipment	23,611
Total	25,328
Accumulated Depreciation	(4,243)
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	(33)
Gross Amount
Land	7,921
Buildings, Improvements and Furniture, Fixtures and Equipment	46,108
Total	54,029
Accumulated Depreciation	(8,933)
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	1,013
Gross Amount
Land	3,502
Buildings, Improvements and Furniture, Fixtures and Equipment	36,446
Total	39,948
Accumulated Depreciation	(12,956)
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	2,846
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	36,872
Total	36,872
Accumulated Depreciation	(13,266)
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	8,743
Gross Amount
Land	8,792
Buildings, Improvements and Furniture, Fixtures and Equipment	71,502
Total	80,294
Accumulated Depreciation	(22,959)
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	2,040
Gross Amount
Land	777
Buildings, Improvements and Furniture, Fixtures and Equipment	7,638
Total	8,415
Accumulated Depreciation	(3,645)
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	11,207
Gross Amount
Land	11,990
Buildings, Improvements and Furniture, Fixtures and Equipment	62,704
Total	74,694
Accumulated Depreciation	(12,451)
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	489
Gross Amount
Land	4,262
Buildings, Improvements and Furniture, Fixtures and Equipment	51,895
Total	56,157
Accumulated Depreciation	(7,235)
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	4,738
Gross Amount
Land	1,944
Buildings, Improvements and Furniture, Fixtures and Equipment	29,858
Total	31,802
Accumulated Depreciation	(17,121)
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	321
Gross Amount
Land	963
Buildings, Improvements and Furniture, Fixtures and Equipment	13,084
Total	14,047
Accumulated Depreciation	(2,032)
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	261
Gross Amount
Land	1,366
Buildings, Improvements and Furniture, Fixtures and Equipment	18,371
Total	19,737
Accumulated Depreciation	(2,699)
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	385
Gross Amount
Land	2,769
Buildings, Improvements and Furniture, Fixtures and Equipment	29,774
Total	32,543
Accumulated Depreciation	(5,933)
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	933
Gross Amount
Land	2,542
Buildings, Improvements and Furniture, Fixtures and Equipment	22,507
Total	25,049
Accumulated Depreciation	(3,520)
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	520
Gross Amount
Land	2,822
Buildings, Improvements and Furniture, Fixtures and Equipment	25,831
Total	28,653
Accumulated Depreciation	(3,851)
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	883
Gross Amount
Land	2,800
Buildings, Improvements and Furniture, Fixtures and Equipment	35,306
Total	38,106
Accumulated Depreciation	(13,834)
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	7,898
Gross Amount
Land	3,100
Buildings, Improvements and Furniture, Fixtures and Equipment	19,241
Total	22,341
Accumulated Depreciation	(6,737)
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	7,594
Gross Amount
Land	2,716
Buildings, Improvements and Furniture, Fixtures and Equipment	18,815
Total	21,531
Accumulated Depreciation	(7,963)
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	6,866
Gross Amount
Land	1,652
Buildings, Improvements and Furniture, Fixtures and Equipment	47,615
Total	49,267
Accumulated Depreciation	(14,608)
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	1,012
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	15,712
Total	15,712
Accumulated Depreciation	(7,426)
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	1,169
Gross Amount
Land	0
Buildings, Improvements and Furniture, Fixtures and Equipment	16,798
Total	16,798
Accumulated Depreciation	(7,960)
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	11,001
Gross Amount
Land	12,813
Buildings, Improvements and Furniture, Fixtures and Equipment	87,869
Total	100,682
Accumulated Depreciation	(15,594)
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	1,686
Gross Amount
Land	2,300
Buildings, Improvements and Furniture, Fixtures and Equipment	16,414
Total	18,714
Accumulated Depreciation	(7,354)
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	9
Gross Amount
Land	32,237
Buildings, Improvements and Furniture, Fixtures and Equipment	33,921
Total	66,158
Accumulated Depreciation	(390)
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	5,467
Gross Amount
Land	15,545
Buildings, Improvements and Furniture, Fixtures and Equipment	54,936
Total	70,481
Accumulated Depreciation	(26,501)
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	4,287
Gross Amount
Land	3,225
Buildings, Improvements and Furniture, Fixtures and Equipment	16,858
Total	20,083
Accumulated Depreciation	(11,804)
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	640
Gross Amount
Land	1,500
Buildings, Improvements and Furniture, Fixtures and Equipment	10,811
Total	12,311
Accumulated Depreciation	(5,261)
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	1,923
Gross Amount
Land	7,503
Buildings, Improvements and Furniture, Fixtures and Equipment	23,468
Total	30,971
Accumulated Depreciation	(1,933)
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	2,083
Gross Amount
Land	2,195
Buildings, Improvements and Furniture, Fixtures and Equipment	11,579
Total	13,774
Accumulated Depreciation	(7,978)
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	1,497
Gross Amount
Land	4,441
Buildings, Improvements and Furniture, Fixtures and Equipment	22,622
Total	27,063
Accumulated Depreciation	(4,732)
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	2,450
Gross Amount
Land	2,404
Buildings, Improvements and Furniture, Fixtures and Equipment	2,450
Total	4,854
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	668
Gross Amount
Land	4,754
Buildings, Improvements and Furniture, Fixtures and Equipment	9,669
Total	14,423
Accumulated Depreciation	(780)
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	893
Gross Amount
Land	1,832
Buildings, Improvements and Furniture, Fixtures and Equipment	32,107
Total	33,939
Accumulated Depreciation	(4,883)
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	5,066
Gross Amount
Land	3,600
Buildings, Improvements and Furniture, Fixtures and Equipment	25,432
Total	29,032
Accumulated Depreciation	(12,122)
Tucson, AZ - Embassy Suites
Real estate and accumulated depreciation
Mortgage Debt/ Encumbrances	12,526
Initial Cost
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	23,958
Buildings, Improvements and Furniture, Fixtures and Equipment	6,358
Gross Amount
Land	1,841
Buildings, Improvements and Furniture, Fixtures and Equipment	30,316
Total	32,157
Accumulated Depreciation	(3,681)
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	2,650
Gross Amount
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	25,452
Total	28,022
Accumulated Depreciation	(8,454)
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	872
Gross Amount
Land	1,243
Buildings, Improvements and Furniture, Fixtures and Equipment	16,195
Total	17,438
Accumulated Depreciation	(3,493)
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	0
Gross Amount
Land	8,699
Buildings, Improvements and Furniture, Fixtures and Equipment	21,481
Total	30,180
Accumulated Depreciation	(158)
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	7,302
Gross Amount
Land	10,644
Buildings, Improvements and Furniture, Fixtures and Equipment	29,015
Total	39,659
Accumulated Depreciation	(11,026)
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	717
Gross Amount
Land	25,083
Buildings, Improvements and Furniture, Fixtures and Equipment	46,634
Total	71,717
Accumulated Depreciation	(11,713)
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	(2,995)
Gross Amount
Land	1,650
Buildings, Improvements and Furniture, Fixtures and Equipment	0
Total	1,650
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, 2024	Dec. 31, 2023	Dec. 31, 2022
ASSET BASIS
Balance at beginning of period as adjusted	$ 3,586,899	$ 3,548,184	$ 2,638,549
Additions to land, buildings, improvements and furniture, fixtures and equipment	179,229	131,153	989,046
Disposition of land, buildings, improvements and furniture, fixtures and equipment	(148,725)	(75,777)	(68,991)
Write-down of assets	(6,723)	(16,661)	(10,420)
Balance at end of period	3,610,680	3,586,899	3,548,184
Land	418,860
Buildings, Improvements and Furniture, Fixtures and Equipment	2,883,159
Buildings, Improvements and Furniture, Fixtures and Equipment	308,661
Land	416,799
Buildings, Improvements and Furniture, Fixtures and Equipment	3,193,881
ACCUMULATED DEPRECIATION
Balance at beginning of period	821,924	716,646	583,080
Depreciation	141,945	146,083	145,491
Depreciation on assets sold or disposed	(67,425)	(40,805)	(11,925)
Balance at end of period	896,444	$ 821,924	$ 716,646
Aggregate cost of land, buildings, furniture and equipment for federal income tax purposes	3,499,000
Tucson, AZ - Homewood Suites
ASSET BASIS
Balance at end of period	28,022
Mortgage Debt/ Encumbrances	0
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	22,802
Buildings, Improvements and Furniture, Fixtures and Equipment	2,650
Land	2,570
Buildings, Improvements and Furniture, Fixtures and Equipment	25,452
ACCUMULATED DEPRECIATION
Balance at end of period	$ 8,454
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