SUMMIT HOTEL PROPERTIES, INC., 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-35074  
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  
Entity Address, Address Line Two 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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   108,808,785
Entity Central Index Key 0001497645  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol INN  
Security Exchange Name NYSE  
Series E Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Series E Cumulative Redeemable Preferred Stock, $0.01 par value  
Trading Symbol INN-PE  
Security Exchange Name NYSE  
Series F Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security Series F Cumulative Redeemable Preferred Stock, $0.01 par value  
Trading Symbol INN-PF  
Security Exchange Name NYSE  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Investments in lodging property, net $ 2,722,459 $ 2,746,765
Investment in lodging property under development 0 7,617
Assets held for sale, net 0 1,225
Cash and cash equivalents 39,490 40,637
Restricted cash 8,734 7,721
Right-of-use assets, net 32,933 33,309
Trade receivables, net 22,554 18,625
Prepaid expenses and other 14,197 9,580
Deferred charges, net 10,468 6,460
Other assets 17,335 24,291
Total assets 2,868,170 2,896,230
Liabilities:    
Debt, net of debt issuance costs 1,425,799 1,396,710
Lease liabilities, net 24,763 24,871
Accounts payable 7,285 7,450
Accrued expenses and other 81,142 82,153
Total liabilities 1,538,989 1,511,184
Commitments and contingencies (Note 11) 0 0
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, 108,811,508 and 108,435,663 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 1,088 1,084
Additional paid-in capital 1,260,433 1,246,225
Accumulated other comprehensive income 4,400 9,173
Accumulated deficit and distributions in excess of retained earnings (370,879) (347,041)
Total stockholders’ equity 895,146 909,545
Non-controlling interests 383,816 425,282
Total equity 1,278,962 1,334,827
Total liabilities, redeemable non-controlling interests and equity 2,868,170 2,896,230
6.25% Series E Preferred Stock    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:    
Preferred stock 64 64
5.875% Series F Preferred Stock    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:    
Preferred stock $ 40 $ 40
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares outstanding (in shares) 108,811,508 108,435,663
Common stock, shares issued (in shares) 108,811,508 108,435,663
6.25% Series E Preferred Stock    
Preferred stock, dividend rate 6.25% 6.25%
Preferred stock, shares issued (in shares) 6,400,000 6,400,000
Preferred stock, shares outstanding (in shares) 6,400,000 6,400,000
Preferred stock, aggregate liquidation preference $ 160,861 $ 160,861
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 (in shares) 4,000,000 4,000,000
Preferred stock, aggregate liquidation preference $ 100,506 $ 100,506
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 192,917 $ 193,903 $ 377,395 $ 382,045
Expenses:        
Property taxes, insurance and other 13,706 13,287 27,017 27,572
Management fees 4,411 4,434 8,906 9,331
Depreciation and amortization 37,259 36,458 74,489 73,257
Corporate general and administrative 8,280 8,704 16,851 17,015
Total expenses 170,153 166,036 334,805 330,764
(Loss) gain on disposal of assets, net (80) 28,342 (79) 28,417
Operating income 22,684 56,209 42,511 79,698
Other income (expense):        
Interest expense (20,628) (20,830) (40,584) (42,412)
Interest income 301 565 577 1,023
Gain on extinguishment of debt 0 3,000 0 3,000
Other income, net 858 2,129 2,088 2,814
Total other expense, net (19,469) (15,136) (37,919) (35,575)
Income from continuing operations before income taxes 3,215 41,073 4,592 44,123
Income tax expense (Note 13) (1,178) (2,375) (1,932) (2,592)
Net income 2,037 38,698 2,660 41,531
Less - (Loss) income attributable to non-controlling interests (976) 3,224 (296) 3,546
Net income attributable to Summit Hotel Properties, Inc. before preferred dividends 3,013 35,474 2,956 37,985
Less - Distributions to and accretion of redeemable non-controlling interests (657) (657) (1,314) (1,314)
Less - Preferred dividends (3,968) (3,968) (7,938) (7,938)
Net (loss) income attributable to common stockholders $ (1,612) $ 30,849 $ (6,296) $ 28,733
(Loss) income per common share:        
Basic (in dollars per share) $ (0.02) $ 0.29 $ (0.06) $ 0.27
Diluted (in dollars per share) $ (0.02) $ 0.23 $ (0.06) $ 0.21
Weighted-average common shares outstanding:        
Basic (in shares) 107,633 105,918 107,820 105,819
Diluted (in shares) 107,633 149,451 107,820 149,112
Room        
Revenues:        
Total revenues $ 170,599 $ 173,025 $ 334,330 $ 340,456
Expenses:        
Cost of goods and services sold 39,166 38,044 75,298 74,017
Food and beverage        
Revenues:        
Total revenues 11,195 10,069 22,185 20,902
Expenses:        
Cost of goods and services sold 8,388 7,639 16,379 15,841
Other        
Revenues:        
Total revenues 11,123 10,809 20,880 20,687
Expenses:        
Cost of goods and services sold $ 58,943 $ 57,470 $ 115,865 $ 113,731
v3.25.2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 2,037 $ 38,698 $ 2,660 $ 41,531
Other comprehensive (loss) income, net of tax:        
Changes in fair value of derivative financial instruments (2,418) (563) (6,085) 5,133
Comprehensive (loss) income (381) 38,135 (3,425) 46,664
Comprehensive loss (income) attributable to non-controlling interests 1,341 (3,198) 1,349 (5,214)
Comprehensive income (loss) attributable to Summit Hotel Properties, Inc. 960 34,937 (2,076) 41,450
Distributions to and accretion on redeemable non-controlling interests (657) (657) (1,314) (1,314)
Preferred dividends and distributions (3,968) (3,968) (7,938) (7,938)
Comprehensive (loss) income attributable to common stockholders $ (3,665) $ 30,312 $ (11,328) $ 32,198
v3.25.2
Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests - USD ($)
$ in Thousands
Total
Stockholders’ Equity
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Comprehensive Income (Loss)
Accumulated Deficit and Distributions
Non-controlling Interests
Beginning balance at Dec. 31, 2023 $ 50,219              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value 1,314              
Preferred dividends and distributions (1,314)              
Ending balance at Jun. 30, 2024 $ 50,219              
Beginning preferred shares outstanding (in shares) at Dec. 31, 2023     10,400,000          
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2023 107,593,373     107,593,373        
Beginning balance at Dec. 31, 2023 $ 1,346,477 $ 911,195 $ 104 $ 1,076 $ 1,238,896 $ 10,967 $ (339,848) $ 435,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value (1,314) (1,314)         (1,314)  
Contributions by non-controlling interest in joint venture $ 222             222
Repurchases of Common Shares (in shares) 0              
Common stock redemption of common units (in shares) 310     310        
Common stock redemption of common units $ 0 3   $ 0 3     (3)
Dividends and distributions on common stock and common units (17,225) (14,993)         (14,993) (2,232)
Preferred dividends and distributions (8,088) (7,938)         (7,938) (150)
Joint venture partner distributions (10,963)             (10,963)
Equity-based compensation (in shares)       827,214        
Equity-based compensation $ 4,483 4,483   $ 8 4,475      
Shares 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 5,133 3,465       3,465   1,668
Net income (loss) $ 41,531 37,985         37,985 3,546
Ending preferred shares outstanding (in shares) at Jun. 30, 2024     10,400,000          
Ending shares of Common Stock outstanding (in shares) at Jun. 30, 2024 108,276,243     108,276,243        
Ending balance at Jun. 30, 2024 $ 1,359,317 931,947 $ 104 $ 1,083 1,242,436 14,432 (326,108) 427,370
Beginning balance at Mar. 31, 2024 50,219              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value 657              
Preferred dividends and distributions (657)              
Ending balance at Jun. 30, 2024 50,219              
Beginning preferred shares outstanding (in shares) at Mar. 31, 2024     10,400,000          
Beginning shares of Common Stock outstanding (in shares) at Mar. 31, 2024       108,198,141        
Beginning balance at Mar. 31, 2024 1,344,176 907,758 $ 104 $ 1,082 1,239,905 14,969 (348,302) 436,418
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value (657) (657)         (657)  
Contributions by non-controlling interest in joint venture 146             146
Common stock redemption of common units (in shares)       310        
Common stock redemption of common units 0 3     3     (3)
Dividends and distributions on common stock and common units (9,931) (8,655)         (8,655) (1,276)
Preferred dividends and distributions (4,118) (3,968)         (3,968) (150)
Joint venture partner distributions (10,963)             (10,963)
Equity-based compensation (in shares)       95,600        
Equity-based compensation 2,635 2,635   $ 1 2,634      
Shares acquired for employee withholding requirements (in shares)       (17,808)        
Shares of common stock acquired for employee withholding requirements (106) (106)     (106)      
Other comprehensive (loss) income (563) (537)       (537)   (26)
Net income (loss) $ 38,698 35,474         35,474 3,224
Ending preferred shares outstanding (in shares) at Jun. 30, 2024     10,400,000          
Ending shares of Common Stock outstanding (in shares) at Jun. 30, 2024 108,276,243     108,276,243        
Ending balance at Jun. 30, 2024 $ 1,359,317 931,947 $ 104 $ 1,083 1,242,436 14,432 (326,108) 427,370
Beginning balance at Dec. 31, 2024 50,219              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value 1,314              
Preferred dividends and distributions (1,314)              
Ending balance at Jun. 30, 2025 $ 50,219              
Beginning preferred shares outstanding (in shares) at Dec. 31, 2024     10,400,000          
Beginning shares of Common Stock outstanding (in shares) at Dec. 31, 2024 108,435,663     108,435,663        
Beginning balance at Dec. 31, 2024 $ 1,334,827 909,545 $ 104 $ 1,084 1,246,225 9,173 (347,041) 425,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value (1,314) (1,314)         (1,314)  
Contributions by non-controlling interest in joint venture $ 754             754
Repurchases of Common Shares (in shares) (3,585,179)     (3,585,179)        
Repurchase of common shares $ (15,402) (15,402)   $ (36) (15,366)      
Common stock redemption of common units (in shares) 2,923,797     2,923,797        
Common stock redemption of common units $ 0 26,906   $ 29 26,618 259   (26,906)
Dividends and distributions on common stock and common units (19,752) (17,542)         (17,542) (2,210)
Preferred dividends and distributions (8,088) (7,938)         (7,938) (150)
Joint venture partner distributions (11,605)             (11,605)
Equity-based compensation (in shares)       1,276,610        
Equity-based compensation $ 4,705 4,705   $ 13 4,692      
Shares acquired for employee withholding requirements (in shares) (239,383)     (239,383)        
Shares of common stock acquired for employee withholding requirements $ (1,586) (1,586)   $ (2) (1,584)      
Other (152) (152)     (152) 0 0  
Other comprehensive (loss) income (6,085) (5,032)       (5,032)   (1,053)
Net income (loss) $ 2,660 2,956         2,956 (296)
Ending preferred shares outstanding (in shares) at Jun. 30, 2025     10,400,000          
Ending shares of Common Stock outstanding (in shares) at Jun. 30, 2025 108,811,508     108,811,508        
Ending balance at Jun. 30, 2025 $ 1,278,962 895,146 $ 104 $ 1,088 1,260,433 4,400 (370,879) 383,816
Beginning balance at Mar. 31, 2025 50,219              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value 657              
Preferred dividends and distributions (657)              
Ending balance at Jun. 30, 2025 50,219              
Beginning preferred shares outstanding (in shares) at Mar. 31, 2025     10,400,000          
Beginning shares of Common Stock outstanding (in shares) at Mar. 31, 2025       112,221,768        
Beginning balance at Mar. 31, 2025 1,317,618 920,439 $ 104 $ 1,122 1,273,164 6,453 (360,404) 397,179
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adjustment of redeemable non-controlling interests to redemption value (657) (657)         (657)  
Contributions by non-controlling interest in joint venture $ 343             343
Repurchases of Common Shares (in shares) (3,585,179)     (3,585,179)        
Repurchase of common shares $ (15,402) (15,402)   $ (36) (15,366)      
Dividends and distributions on common stock and common units (9,904) (8,863)         (8,863) (1,041)
Preferred dividends and distributions (4,118) (3,968)         (3,968) (150)
Joint venture partner distributions (11,174)             (11,174)
Equity-based compensation (in shares)       175,154        
Equity-based compensation 2,789 2,789   $ 2 2,787      
Shares acquired for employee withholding requirements (in shares)       (235)        
Shares of common stock acquired for employee withholding requirements 0 0   $ 0 0      
Other (152) (152)   $ 0 (152) 0 0 0
Other comprehensive (loss) income (2,418) (2,053)       (2,053)   (365)
Net income (loss) $ 2,037 3,013         3,013 (976)
Ending preferred shares outstanding (in shares) at Jun. 30, 2025     10,400,000          
Ending shares of Common Stock outstanding (in shares) at Jun. 30, 2025 108,811,508     108,811,508        
Ending balance at Jun. 30, 2025 $ 1,278,962 $ 895,146 $ 104 $ 1,088 $ 1,260,433 $ 4,400 $ (370,879) $ 383,816
v3.25.2
Condensed Consolidated Statements Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 2,660 $ 41,531
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74,489 73,257
Amortization of debt issuance costs 3,350 3,240
Equity-based compensation 4,705 4,483
Deferred tax expense 1,168 0
Loss (gain) on disposal of assets, net 79 (28,417)
Gain on extinguishment of debt 0 (3,000)
Non-cash interest income 0 (266)
Debt transaction costs 15 581
Other 445 6
Changes in operating assets and liabilities:    
Trade receivables, net (4,054) (6,619)
Prepaid expenses and other (4,669) (5,255)
Accounts payable (1,441) (63)
Accrued expenses and other (2,061) (1,003)
NET CASH PROVIDED BY OPERATING ACTIVITIES 74,686 78,475
INVESTING ACTIVITIES    
Improvements to lodging properties (34,570) (39,007)
Investment in lodging property under development (5,647) (2,503)
Proceeds from asset dispositions, net 1,243 92,168
Other (128) 0
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (39,102) 50,658
FINANCING ACTIVITIES    
Proceeds from borrowings on revolving line of credit 55,000 90,000
Repayments of revolving line of credit borrowings (40,000) (80,000)
Proceeds from mortgage loan 58,000 0
Principal payments on debt (46,305) (93,497)
Repurchases of common shares (15,402) 0
Common dividends and distributions paid (19,740) (17,181)
Preferred dividends and distributions paid (9,402) (9,402)
Contributions by non-controlling interests in joint venture 754 221
Distributions to joint venture partners (11,605) (10,963)
Financing fees, debt transaction costs and other issuance costs (5,432) (2,501)
Repurchase of common stock for tax withholding requirements (1,586) (939)
NET CASH USED IN FINANCING ACTIVITIES (35,718) (124,262)
Net change in cash, cash equivalents and restricted cash (134) 4,871
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 48,358 47,768
End of period 48,224 52,639
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE:    
Cash and cash equivalents 39,490 45,873
Restricted cash 8,734 6,766
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 48,224 $ 52,639
v3.25.2
DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS DESCRIPTION OF BUSINESS
 
General

Summit Hotel Properties, Inc. (the “Company”) is a self-managed lodging property investment company that was organized in June 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 in June 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 June 30, 2025, our portfolio consisted of 97 lodging properties with a total of 14,577 guestrooms located in 25 states of the United States of America (“USA”). At June 30, 2025, we own 100% of the outstanding equity interests in 53 of the 97 lodging properties. We own a 51% controlling interest in 41 lodging properties through a joint venture that was formed in July 2019 with USFI G-Peak, Ltd. (“GIC”), a private limited company incorporated in the Republic of Singapore (the “GIC Joint Venture”). We also own 90% equity interests in two 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 June 30, 2025, 86% of our guestrooms were located in the top 50 metropolitan statistical areas (“MSAs”), 91% were located within the top 100 MSAs, and over 99% of our guestrooms operate under premium franchise brands owned by Marriott® International, Inc. (“Marriott”), Hilton® Worldwide (“Hilton”), Hyatt® Hotels Corporation (“Hyatt”), and InterContinental® Hotels Group (“IHG”).

Substantially all of our assets are held by, and all of our operations are conducted through, the Operating Partnership. Through a wholly-owned subsidiary, we are the sole general partner of the Operating Partnership. At June 30, 2025, we owned, directly and indirectly, approximately 89% of the Operating Partnership’s issued and outstanding common units of limited partnership interest (“Common Units”), and all of the Operating Partnership’s issued and outstanding 6.25% Series E and 5.875% Series F preferred units of limited partnership interest. NewcrestImage (as defined in Note 5 - Debt to the Condensed Consolidated Financial Statements) owns all of the issued and outstanding 5.25% Series Z Cumulative Perpetual Preferred Units (liquidation preference $25 per unit) of the Operating Partnership (“Series Z Preferred Units”) as a result of the NCI Transaction (described in Note 5 - Debt to the Condensed Consolidated Financial Statements). We collectively refer to preferred units of limited partnership interests of our Operating Partnership as “Preferred Units.”

Pursuant to the Operating Partnership’s partnership agreement, we have full, exclusive and complete responsibility and discretion in the management and control of the Operating Partnership, including the ability to cause the Operating Partnership to enter into certain major transactions including acquisitions, dispositions, refinancings, to make distributions to partners, and to cause changes in the Operating Partnership’s business activities.

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.
v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation
 
We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of consolidated revenues and expenses in the reporting period. Actual results could differ from those estimates. As interim statements, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and six months ended June 30, 2025 may not be indicative of the results that may be expected for the full year of 2025. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying Condensed 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 on the Condensed 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 venture partnerships on the accompanying Condensed Consolidated Financial Statements.

Use of Estimates

Our Condensed 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 on our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could significantly differ from our expectations, which could materially affect our consolidated financial position and results of operations.

Trade Receivables and Current Estimate of Credit Losses

We grant credit to qualified guests, 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 guest and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined based on previous loss experience and current economic conditions. Our allowance for doubtful accounts was nominal at both June 30, 2025 and December 31, 2024. We recorded no bad debt expense for the three months ended June 30, 2025 and bad debt expense was $0.1 million for the three months ended June 30, 2024. Bad debt expense was $0.1 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively.

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 property being acquired as part of the 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 on our Condensed 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 and amortization. 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 on our Condensed 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 an annual evaluation to monitor the factors that could trigger an impairment. Our evaluation process includes a quantitative analysis utilizing metrics to assess the operating performance of our lodging properties relative to historical results and profitability, and a qualitative analysis of other factors to assess if a potential impairment exists. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and vii) 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 fair value.
 
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 net book value or its fair value calculated as the expected selling price less estimated costs of disposition. 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 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.
Segment Information
 
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.

Exchange or Modification of Debt

We consider modifications or exchanges of debt as extinguishments in accordance with Accounting Standards Codification ("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.

Debt Issuance Costs

Debt issuance costs related to our long-term debt generally are recorded at cost as a discount to the related debt, and are amortized as interest expense on a straight-line basis, which approximates the interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Unamortized debt issuance costs related to our $275 million delayed draw term loan closed in March 2025 (the "$275 Million 2025 Delayed Draw Term Loan"), as discussed in detail in Note 5 - Debt, are included in Deferred charges, net as we have not yet drawn any amounts on this loan. Unamortized debt issuance costs related to all other debt are presented as a reduction to the related debt on the Condensed Consolidated Balance Sheets.

Income Taxes

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 reversed 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.

For the three and six months ended June 30, 2025, we have utilized the discrete effective tax rate method, as provided by ASC No. 740, Income Taxes—Interim Reporting, to calculate our interim income tax provision. The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) for the reporting period. We determined that since small changes in estimated ordinary income (loss) would result in significant changes in the estimated annual effective tax rate, the annual effective tax rate method would not provide a reliable estimate of income tax expense for the three and six months ended June 30, 2025.
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 shares of common stock outstanding for the period. We apply the two-class method of computing EPS, which requires the calculation of separate EPS amounts for participating securities. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. 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 shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, shares of common stock issuable upon conversion of convertible debt and shares of common stock issuable upon conversion of Common Units of our Operating Partnership.

New Accounting Standards

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2024-03, Disaggregation of Income Statement Expenses, that will require entities to provide enhanced disclosures related to certain expense categories included on the Consolidated Statement of Operations. 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, expenses presented on the face of the Consolidated Statement of Operations - 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 Notes to our Consolidated Financial Statements.
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
INVESTMENTS IN LODGING PROPERTY, NET INVESTMENTS IN LODGING PROPERTY, NET
 
Investments in Lodging Property, net

Investments in lodging property, net is as follows (in thousands):
June 30, 2025December 31, 2024
Lodging buildings and improvements$2,898,939 $2,867,256 
Land416,200 415,574 
Furniture, fixtures and equipment302,061 296,476 
Construction in progress43,328 35,294 
Intangible assets32,267 32,267 
Real estate development loan4,576 4,576 
3,697,371 3,651,443 
Less accumulated depreciation and amortization(974,912)(904,678)
$2,722,459 $2,746,765 

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $37.0 million and $36.3 million for the three months ended June 30, 2025 and 2024, respectively, and $74.1 million and $72.9 million for the six months ended June 30, 2025 and 2024, respectively.
Lodging Property Sales

Undeveloped Parcel of Land - San Antonio, TX

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

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 million, which resulted in a gain of approximately $28.3 million that was recorded in the six months ended June 30, 2024.

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 million. The net selling price of the lodging property approximated its carrying amount 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. We recorded a nominal gain on the sale during the six months ended June 30, 2024 upon closing the transaction.

Intangible Assets

Intangible assets, net is as follows (in thousands):
June 30, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,473)(5,691)
Intangible assets, net$25,794 $26,576 

We recorded amortization expense related to intangible assets of approximately $0.4 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $0.8 million and $2.1 million for the six months ended June 30, 2025 and 2024, respectively.
Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$782 
20261,564 
20271,510 
20281,016 
20291,016 
Thereafter9,072 
$14,960 
v3.25.2
INVESTMENT IN REAL ESTATE LOANS
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
INVESTMENT IN REAL ESTATE LOANS INVESTMENT IN REAL ESTATE LOANS
Real Estate Development Loans

Onera Mezzanine Financing Loan

In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP (“Onera”) to provide a mezzanine financing loan of $4.6 million (the “Onera Mezzanine Loan”) for the development of a glamping property. 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 June 30, 2025, we have funded our entire $4.6 million commitment under the Onera Mezzanine Loan. The original maturity date of the loan was January 2025; however, the borrower 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 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 because it currently is not probable that we will be required to make any payment related to this guarantee. In the event that we are required to pay any amount under this guarantee, we would have the right to recover any amount paid under a guarantee from Onera.

We also have an option to purchase 90% of the equity of the entity that owns the 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. For the three and six months ended June 30, 2024, we amortized $0.1 million and $0.3 million, respectively of the carrying amount of the Onera Purchase Option as non-cash interest income.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 
At June 30, 2025, our indebtedness was comprised of borrowings under our 2023 Senior Credit Facility, the 2024 Term Loan, the GIC Joint Venture Credit Facility, the GIC Joint Venture Term Loan, the PACE loan, the Convertible Notes (each of such credit facilities and loans are defined below), and two loans secured by first priority mortgage liens on three lodging properties. In March 2025, we closed the $275 Million 2025 Delayed Draw Term Loan to refinance a significant portion of our outstanding $287.5 million convertible notes when they mature in February 2026. As of June 30, 2025, we have not drawn any amounts under the 2025 Delayed Drawn Term Loan.

We have entered into interest rate swaps to fix the interest rates on a portion of our variable interest rate indebtedness. The weighted-average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 5.03% at June 30, 2025 and 5.01% at December 31, 2024. There are currently no defaults under any of the Company's loan agreements.
Debt, net of debt issuance costs, is as follows (in thousands):

June 30, 2025December 31, 2024
Revolving debt$150,000 $135,000 
Term loans921,037 921,037 
Convertible notes287,500 287,500 
Mortgage loans76,166 64,470 
 1,434,703 1,408,007 
Unamortized debt issuance costs (1)
(8,904)(11,297)
    Debt, net of debt issuance costs$1,425,799 $1,396,710 

(1)    During the six months ended June 30, 2025, we paid $4.3 million in bank, legal and other fees related to the $275 million 2025 Delayed Draw Term Loan (as described in further detail below) that are included in Deferred charges, net on our Condensed Consolidated Balance Sheet. Those costs will be reclassified to Debt, net of debt issuance costs at the time the funds are drawn upon, which is expected to coincide with the repayment of the Convertible Notes upon their maturity in February 2026.

Our total fixed-rate and variable-rate debt, after consideration of our interest rate derivative agreements that are currently in effect, is as follows (in thousands):
 
June 30, 2025PercentageDecember 31, 2024Percentage
Fixed-rate debt (1)
$988,666 69%$930,910 66%
Variable-rate debt446,037 31%477,097 34%
$1,434,703 $1,408,007 

(1) At June 30, 2025, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect.

Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands):
 
June 30, 2025December 31, 2024 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $278,337 $287,500 $278,766 Level 1 - Market approach
Mortgage loans18,166 17,851 18,410 17,344 Level 2 - Market approach
$305,666 $296,188 $305,910 $296,110 
 
Detailed information about our debt at June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered Properties		June 30, 2025December 31, 2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
6.37% Variable
6/21/20276/21/2028n/a$25,000 $10,000 
$200 Million Term Loan (1)
6.33% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit Facility225,000 210,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a287,500 287,500 
Term Loans
Regions Bank 2024 Term Loan Facility (1)
6.33% Variable
2/26/20272/26/2029n/a200,000 200,000 
$275 Million 2025 Delayed Draw Term Loan
6.32% Variable
3/27/20283/27/2030n/a— — 
200,000 200,000 
Total Operating Partnership Debt
712,500 697,500 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
n/a
6/9/20256/9/2025n/a— 46,060 
Wells Fargo Bank, N.A.
6.92% Variable
5/15/20285/15/20302 58,000 — 
58,000 46,060 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (2)
6.58% Variable
9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan (2)
6.53% Variable
9/15/20279/15/2028n/a125,000 125,000 
Bank of America, N.A. Term Loan (3)
7.19% Variable
1/13/20261/13/2027n/a396,037 396,037 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,391 12,526 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,775 5,884 
Total GIC Joint Venture Credit Facility and Term Loans1664,203 664,447 
Total Joint Venture Debt3 722,203 710,507 
Total Debt3 $1,434,703 $1,408,007 

(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 and their affiliates.
(2) The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities that own 15 lodging properties.
(3) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities that own 25 lodging properties and two parking garages and their affiliates.

$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 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 million revolver (the “$400 Million Revolver”) and a $200 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 million.
At June 30, 2025, our $200 Million Term Loan was fully funded, and we had $25 million in outstanding borrowings under our $400 Million Revolver.

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 Million Term Loan has a maturity date of June 2026, which may be extended by the Company for up to two consecutive 12-month periods, subject to certain conditions.

The 2023 Senior Credit Facility bears interest at the Secured Overnight Funding Rate (“SOFR”) plus a SOFR adjustment of 10 basis points and a margin that is 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.

The $200 Million Term Loan bears interest at the Secured Overnight Funding Rate (“SOFR”) plus a SOFR adjustment of 10 basis points and a margin that is 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.

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

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

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.

2024 Term Loan

In February 2024, our Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the term loan document as a subsidiary guarantor, entered into a $200 million senior unsecured term loan financing (the “2024 Term Loan”) with Regions Bank. Proceeds from the 2024 Term Loan financing and advances on our $400 Million Revolver were used to repay in full a similar term loan that was scheduled to mature in February 2025.

The 2024 Term Loan has an initial maturity date of February 2027 and can be extended for two 12-month periods by the Company, subject to certain conditions. At June 30, 2025, the 2024 Term Loan was fully funded.

We pay interest on advances at varying rates, based upon, at our option, either 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 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% during 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 (as defined in the loan agreements).

Convertible Senior Notes and Capped Call Options

In January 2021, we entered into an underwriting agreement (the “Convertible Notes Offering”) pursuant to which the Company agreed to offer and sell an aggregate of $287.5 million of 1.50% convertible senior notes due in 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 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 our senior credit facility that was replaced by the 2023 Senior Credit Facility and another 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, unless the Convertible Notes have been previously purchased or redeemed by the Company. The Company recorded interest expense of $1.1 million for each of the three-month periods ended June 30, 2025 and 2024, and $2.2 million for each of the six-month periods ended June 30, 2025 and 2024. The Company incurred debt issuance costs related to the Convertible Notes Offering of $7.6 million, of which $0.4 million was amortized as non-cash interest expense for each of the three-month periods ended June 30, 2025 and 2024, respectively, and $0.7 million for each of the six-month periods ended June 30, 2025 and 2024. Including the amortization of the debt issuance costs, the effective interest rate on the Convertible Notes was approximately 2.00% for the three and six-month periods ended June 30, 2025 and 2024. The unamortized discount related to the Convertible Notes was $1.0 million and $1.7 million at June 30, 2025 and December 31, 2024, respectively.

The initial conversion rate of the Convertible Notes was 83.4028 shares of common stock per $1,000 principal amount of Convertible Notes, which was 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 and distributions on our common stock and Common Units, respectively, in April 2025, the conversion rate of the Convertible Notes was adjusted to 94.15 shares of common stock per $1,000 principal amount of Convertible Notes.

In January 2021, 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 was initially $15.26, which represented a premium of 75.0% over the last reported sale price of our 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 current strike price is $13.52 due to the adjustments related to the dividends paid during the period that the Capped Call securities have been outstanding.
$275 Million 2025 Delayed Draw Term Loan

In March 2025, the Operating Partnership, as borrower, the Company, as parent guarantor, and each party executing the loan documentation as a subsidiary guarantor, entered into the $275 Million 2025 Delayed Draw Term Loan with Bank of America, N.A., as administrative agent. The $275 Million 2025 Delayed Draw Term Loan will be used to refinance a significant portion of our Convertible Notes which mature in February 2026. The $275 Million 2025 Delayed Draw Term Loan has a delayed draw feature through March 1, 2026, to ensure the funds are available through the maturity date of the Convertible Notes, and has an accordion feature which allows the Company to increase the total commitments to $325 million.

The $275 Million 2025 Delayed Draw Term Loan has an initial maturity date of March 27, 2028 and can be extended for two 12-month periods by the Company, subject to certain conditions, resulting in a fully extended maturity of March 2030. At June 30, 2025, we had not yet drawn any amounts on this loan.

Advances under the $275 Million 2025 Delayed Draw Term Loan will bear interest at varying rates based upon, at our option, either (i) Daily SOFR or Term SOFR (1-month, 3-month or 6-month), plus a SOFR adjustment of 10 basis points, plus a margin ranging from 135 basis points to 235 basis points depending on our leverage ratio, or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, the federal funds rate plus 50 basis points, and 1-month Term SOFR plus 100 basis points, plus a base rate margin ranging from 35 basis points to 135 basis points, depending on our leverage ratio.

We are also required to pay a fee on the unused portion of the $275 Million 2025 Delayed Draw Term Loan equal to the undrawn amount multiplied by an annual rate of 0.25% of the average unused amount of the $275 Million 2025 Delayed Draw Term Loan.

During the six months ended June 30, 2025, we incurred debt issuance costs related to the $275 Million 2025 Delayed Draw Term Loan of $4.3 million. The debt issuance costs are recorded as deferred financing costs and are included in Deferred charges, net on our Condensed Consolidated Balance Sheet at June 30, 2025. Amortization of the deferred financing costs will commence when we draw on the $275 Million 2025 Delayed Draw Term 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 that is currently $250 million (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 comprised of a $125 million revolving credit facility (the “$125 Million Revolver”) and a $125 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 borrowings of up to $500 million. At June 30, 2025, we had $125 million outstanding under the $125 Million Revolver and the $125 Million Term Loan was fully funded.

The interest rate on the $125 Million Revolver is based on the higher of the following:

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 greater 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.

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 undrawn 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 Credit Facility requires the GIC Joint Venture and certain subsidiaries to pledge to the secured parties all of the equity interests in the entities that own the 15 properties included in the borrowing base assets, the related TRS entities that lease each of the borrowing base assets, and all other subsidiaries of the borrower and the subsidiary guarantors, subject to certain exceptions.

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 and NewcrestImage Holdings II, LLC (together, “NewcrestImage”), to acquire a portfolio of 27 lodging properties, containing an aggregate of 3,709 guestrooms, and two parking structures containing 1,002 spaces, and various financial incentives, for an aggregate purchase price of $822 million (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 “Term Loan Borrower”), the GIC Joint Venture, as parent guarantor, and each party executing the credit facility documentation as a subsidiary guarantor, entered into a $410 million senior secured term loan facility (the “GIC Joint Venture Term Loan”) with Bank of America, N.A., as administrative agent.

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 Term Loan Borrower's existing and future subsidiaries, subject to certain exceptions.

The GIC Joint Venture Term Loan has an accordion feature that permits an increase in the total commitments by up to $190 million, for aggregate potential borrowings of up to $600 million. The GIC Joint Venture Term Loan will mature on January 13, 2026 and can be extended for one 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.

At June 30, 2025, we had $396 million outstanding on the GIC Joint Venture Term Loan bearing interest at a floating rate of SOFR plus a SOFR adjustment of 10 basis points and a margin of 2.75%.

The GIC Joint Venture Term Loan is secured primarily by a first priority pledge of the Term Loan Borrower's equity interests in the subsidiaries that hold a direct or indirect interest in the remaining 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.

In July 2025, the Company closed on a new $400 million senior unsecured term loan (the "2025 GIC Joint Venture Term Loan") that refinanced and replaced the GIC Joint Venture Term Loan. The 2025 GIC Joint Venture Term Loan has an initial maturity date of July 2028 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of July 2030.

The 2025 GIC Joint Venture Term Loan provides for an interest rate equal to SOFR plus 235 basis points. Proceeds from the 2025 GIC Joint Venture Term Loan financing were used to repay in full the GIC Joint Venture Term Loan that was scheduled to mature in January 2026. Other terms of the agreement are similar to the GIC Joint Venture Term Loan.

PACE Loan

As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a Property Assessed Clean Energy (“PACE”) loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, TX for the benefit of the lender. At June 30, 2025, the outstanding balance of the PACE loan was $5.8 million.
Brickell Mortgage Loan

In June 2022, the Company entered into a joint venture (the “Brickell Joint Venture”) with C-F Brickell, LLC (“C-F Brickell”) that was the developer of the dual-branded 264-guestroom AC Hotel by Marriott and Element Hotel in Miami, FL (together the "AC/Element Hotel"), to facilitate the exercise of a purchase option to acquire a 90% equity interest in the Brickell Joint Venture (the "Initial Purchase Option"), which owned a 100% interest in the AC/Element Hotel. The Brickell Joint Venture entered into a $47 million mortgage loan and non-recourse guarantee with City National Bank of Florida to fund a portion of the Initial Purchase Option.

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

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

Mortgage Loan Repayment
In June 2017, Summit Meta 2017, LLC, a subsidiary of our Operating Partnership, entered into a $47.6 million secured, non-recourse loan with MetaBank (the "MetaBank Loan"). In June 2024, the outstanding balance of the loan was $42.3 million at which time we repaid the MetaBank Loan for $39.1 million prior to its scheduled maturity date, which represented a discount of $3.2 million and resulted in a gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office, and miscellaneous office equipment. These leases have remaining terms of one year to 73 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. At June 30, 2025 and December 31, 2024, the weighted-average operating lease term was approximately 31.4 years and 31.8 years, respectively, and our weighted-average incremental borrowing rate for leases was 4.8%.

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 lease certain owned real estate to third parties. We recorded gross third-party tenant income of $1.3 million and $0.6 million during the three months ended June 30, 2025 and 2024, respectively, and $2.4 million and $1.4 million during the six months ended June 30, 2025 and 2024, respectively, in Other income, net on our Condensed Consolidated Statements of Operations.

For each of the three months ended June 30, 2025 and 2024, the Company's total operating lease cost was $1.1 million, and the cash payments on operating leases were $1.1 million and $1.0 million during the three months ended June 30, 2025 and 2024, respectively.

For each of the six months ended June 30, 2025 and 2024, the Company's total operating lease cost was $2.3 million and the cash payments on operating leases were $2.1 million and $2.0 million, respectively.
Operating lease maturities at June 30, 2025 are as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$1,248 
20262,417 
20272,460 
20282,278 
20292,058 
Thereafter33,803 
Total lease payments (1)
44,264 
Less: Imputed interest(19,501)
Total$24,763 

(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.
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING
 
Information about our derivative financial instruments at June 30, 2025 and December 31, 2024 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract DateEffective DateExpiration DateAverage Annual Effective Fixed RateJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Operating Partnership:
June 11, 2018December 31, 2018December 31, 20252.92 %$125,000 $125,000 $807 $1,582 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 1,455 2,824 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 2,638 5,325 
June 5, 2025June 2, 2025May 15, 20283.57 %58,000 — (347)— 
Total Operating Partnership383,000 325,000 4,553 9,731 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 385 754 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 385 754 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 100,000 165 334 
Total GIC Joint Venture
300,000 300,000 935 1,842 
Total
3.13 %(1)$683,000 $625,000 $5,488 $11,573 
 (1) Represents the weighted-average effective interest rate of our current interest rate swaps at June 30, 2025.

At June 30, 2025, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect.

At June 30, 2025 and December 31, 2024, we had $683 million and $625 million, respectively, 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.

In June 2025, the Operating Partnership entered into a $58 million interest rate swap related to the Brickell Mortgage Loan to fix one-month term SOFR until May 2028. The interest rate swap has an effective date of June 2, 2025 and a termination date of May 15, 2028.
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 June 30, 2025, all except for one of our interest rate swaps were in an asset position, and at December 31, 2024, all of our interest rate swaps were in an asset position. Derivative assets related to our interest rate swaps are recorded in Other assets and derivative liabilities are recorded in Accrued expenses on our Condensed 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 Accumulated other comprehensive income on our Condensed Consolidated Balance Sheets and are reclassified to Interest expense on our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings. In the next 12 months, we estimate that $4.3 million will be reclassified from Accumulated other comprehensive income and recorded as a decrease to Interest expense.
 
We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$(395)$3,097 $(2,093)$12,473 
Gain reclassified from Accumulated other comprehensive income to Interest expense$2,023 $3,660 $3,992 $7,340 
Total interest expense and other finance expense presented on the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$20,628 $20,830 $40,584 $42,412 
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
 
Common Stock
 
The Company is authorized to issue up to 500,000,000 shares of common stock, $0.01 par value per share (“Common Stock”). Each outstanding share of our Common Stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors and, except as may be provided with respect to any other class or series of stock, the holders of such shares possess the exclusive voting power.

Changes in Common Stock during the six months ended June 30, 2025 and 2024 were as follows:

20252024
Beginning shares of Common Stock outstanding108,435,663 107,593,373 
Common Unit redemptions2,923,797 310 
Repurchases of Common Stock(3,585,179)— 
Grants under the Equity Plan (as defined below in Note 12 - Equity-Based Compensation)
1,269,495 1,055,544 
Annual grants to independent directors189,826 127,491 
Performance and time-based share forfeitures(182,711)(355,821)
Shares acquired for employee withholding requirements(239,383)(144,654)
Ending shares of Common Stock outstanding108,811,508 108,276,243 

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 Stock”) and 4,000,000 shares have been designated as 5.875% Series F Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”).
The Company's outstanding shares of preferred stock (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 maturity dates and are not subject to mandatory redemption or sinking fund requirements. The Series E Preferred Stock is redeemable by the Company at its election. The Company may not redeem the Series F Preferred Stock prior to August 12, 2026, except in limited circumstances relating to the Company’s continuing qualification as a REIT or in connection with certain changes in control. When redeemable, 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 dividends 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 Stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series E Preferred Stock and Series F Preferred Stock is 3.1686 and 5.8275 shares of Common Stock, respectively, all subject to certain adjustments.
 
The Company pays dividends at an annual rate of $1.5625 for each share of Series E Preferred Stock and $1.46875 for each share of Series F Preferred Stock. Dividend payments are made quarterly in arrears on or about the last day of February, May, August, and November of each year.

2025 Share Repurchase Program

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

During the three and six months ended June 30, 2025 the Company repurchased 3,585,179 shares of our Common Stock under the 2025 Share Repurchase Program for an aggregate purchase price and commissions of $15.4 million, or an average of approximately $4.30 per share. As of June 30, 2025, approximately $34.6 million remained available for repurchase under the 2025 Stock Repurchase Program.
v3.25.2
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS
Non-controlling Interests in Operating Partnership

Pursuant to the limited partnership agreement of our Operating Partnership, the unaffiliated third parties who hold Common Units have the right to request that we 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 Common Units 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.

During the six months ended June 30, 2025, 2.9 million Common Units were converted to shares of our Common Stock. The conversion was recorded based on the average value per Common Unit on the original issuance dates. NewcrestImage and other unaffiliated third parties collectively owned 13,009,276 and 15,933,073 of Common Units at June 30, 2025 and December 31, 2024, respectively, which represents approximately 11% and 13% of the outstanding Common Units, respectively.
 
We classify outstanding Common Units held by unaffiliated third parties as Non-controlling interests, a component of equity on our Condensed Consolidated Balance Sheets. The portion of net income (loss) allocated to these Common Units is included on the Company’s Condensed Consolidated Statements of Operations as Net income (loss) attributable to non-controlling interests.

Non-controlling Interests in Consolidated Joint Ventures

At June 30, 2025, the Company is a partner with a majority equity interest in the three joint ventures described below, which are consolidated on our Condensed Consolidated Financial Statements. The portion of net income (loss) allocated to these non-controlling interests is included on the Company’s Condensed Consolidated Statements of Operations as Income attributable to non-controlling interests.
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 has historically and in the future intends to invest 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. At June 30, 2025, the GIC Joint Venture owns 41 lodging properties containing 5,732 guestrooms in 11 states.

The GIC Joint Venture owns the lodging properties through master REITs (the “Master REIT”) and subsidiary REITs (the “Subsidiary REIT”). All of the lodging properties owned by the GIC Joint Venture are leased to taxable REIT subsidiaries of the Subsidiary REITs (the “Subsidiary REIT TRSs”). To qualify as a REIT, the Master REIT and each Subsidiary REIT must meet all of the REIT requirements provided in the Internal Revenue Code, as amended. Taxable income related to the Subsidiary REIT TRSs is subject to federal, state and local income taxes at applicable tax rates.

Brickell Joint Venture

In June 2022, the Company entered into the Brickell Joint Venture to complete the exercise of the Initial Purchase Option. Our joint venture partner, C-F Brickell, owns the remaining 10% equity interest in the Brickell Joint Venture. The Company has a second option to purchase the remaining 10% equity interest in the Brickell Joint Venture from C-F Brickell in December 2026 at its market value on the exercise date. The Company serves as the managing member of the Brickell Joint Venture.

Onera Joint Venture

In October 2022, the Company entered into the Onera Joint Venture with the acquisition of a 90% equity interest in the Onera Joint Venture. Our joint venture partner, Onera Opportunity Fund I, LP, a developer of alternative accommodation properties, owns the remaining 10% equity interest in the Onera Joint Venture. The Company serves as the managing member of the Onera Joint Venture. The Onera Joint Venture owns a 100% fee simple interest in real property and improvements located in Fredericksburg, TX.

The Onera Joint Venture recently completed development of the second phase of the property in Fredericksburg, TX. As of June 30, 2025, the property consists of 35 units.

Redeemable Non-controlling Interests

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, on January 13, 2022, 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 6.25% Series E and 5.875% 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 cash or shares of the Company’s 5.25% Series Z Cumulative Perpetual Preferred Stock (which will be designated and authorized following receipt of notice of redemption by the holder of the Series Z Preferred Units) at the Company’s election, on a one-for-one basis. After the fifth anniversary of 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 June 30, 2025, the redeemable Series Z Preferred Units issued in connection with the NCI Transaction are recorded as temporary equity and reflected as Redeemable non-controlling interests on our Condensed Consolidated Balance Sheets.
v3.25.2
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
 
The following table presents information about our financial instruments measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
 
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurements at June 30, 2025 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $5,835 $— $5,835 
Onera Purchase Option— — 931 931 
Liabilities:    
Interest rate swaps— 347 — 347 
 
Fair Value Measurements at December 31, 2024 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $11,573 $— $11,573 
Onera Purchase Option— — 931 931 

The Onera Purchase Option does not have a readily determinable fair value. The fair value was estimated using the Black-Scholes model and was based on unobservable inputs for which there is little or no market information available. As such, we were required to develop assumptions to estimate the fair value of the Onera Purchase Option as follows (dollars in thousands):
Exercise price$8,206 
First option exercise date (1)
10/1/2024
Expected volatility52.20 %
Risk free rate4.15 %
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 became exercisable in September 2024 when construction of the lodging development was complete, and the property was open for business.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 
Franchise Agreements
 
All of our lodging properties (with the exception of the Onera Joint Venture property and the Nordic Lodge - Steamboat Springs, CO) operate under franchise agreements with major hotel franchisors. The initial 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 lodging property’s room revenue, 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 room revenue 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. We expensed fees related to our franchise agreements of $15.0 million and $14.2 million for the three months ended June 30, 2025 and 2024, respectively, and $28.8 million and $27.6 million for the six months ended June 30, 2025 and 2024, 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, which is 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 Earnings Before Interest, Taxes, Depreciation and Amortization 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. Generally, there are also incentive fees payable to our property managers based on attaining certain financial thresholds at lodging properties under their management. Management fee expenses were $4.4 million for each of the three months ended June 30, 2025 and 2024, respectively, and $8.9 million and $9.3 million for the six months ended June 30, 2025 and 2024, respectively.

Litigation
 
We are involved from time to time in litigation arising in the ordinary course of business. There are currently no pending legal actions that we believe would have a material effect on our consolidated financial position or results of operations.
v3.25.2
EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION 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.

Stock options granted may be either incentive stock options or non-qualified stock options. Vesting terms may vary with each grant. At June 30, 2025, we only have outstanding restricted stock awards. All of our outstanding equity-based awards are classified as equity awards.

Time-Based Restricted Stock Awards Made Pursuant to Our Equity Plan
 
The following table summarizes time-based restricted stock award activity under our Equity Plan:

 
 Number
 of Shares		Weighted-Average
Grant Date 
Fair Value		Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,152,823 $7.28 $7,897 
Granted693,020 6.63 
Vested(399,938)8.14 
Forfeited(30,673)6.67 
Non-vested at June 30, 20251,415,232 $6.73 $7,204 

The awards 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 generally 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) or in certain circumstances upon a change in control.

The holders of these time-based restricted stock awards have the right to vote their unvested restricted 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.
Performance-Based Restricted Stock Awards Made Pursuant to Our Equity Plan

The following table summarizes performance-based restricted stock activity under the Equity Plan: 
 Number 
of Shares
Weighted-Average
Grant Date 
Fair Value (1)
Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,239,748 $9.53 $8,492 
Granted576,475 7.66 
Vested(154,397)12.26 
Forfeited(152,038)12.26 
Non-vested at June 30, 20251,509,788 $8.26 $7,685 

(1)    Amounts represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.

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 of Directors) 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 performance 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 performance-based restricted stock awards have the right to vote their unvested restricted shares of Common Stock, and any dividends declared accrue and will be subject to the same vesting conditions as the performance awards. Further, if additional shares are earned based on our percentile ranking within the index, dividends will be paid as if the additional shares had been held throughout the entire performance period.

Equity-Based Compensation Expense
 
Equity-based compensation expense included in Corporate general and administrative expenses on the Condensed Consolidated Statements of Operations is as follows (in thousands): 
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025202420252024
Time-based restricted stock$982 $618 $1,909 $1,488 
Performance-based restricted stock1,031 1,250 2,020 2,228 
Director stock (1)
776 767 776 767 
$2,789 $2,635 $4,705 $4,483 

(1)    Represents annual stock awards to members of our Board of Directors that vest immediately upon grant.

We recognize equity-based compensation expense ratably over the vesting periods. The amount of expense may be subject to adjustment in future periods due to forfeitures of time-based restricted stock.
Unrecognized equity-based compensation expense for all non-vested awards pursuant to our Equity Plan was $14.4 million at June 30, 2025 and will be recorded as follows (in thousands):
 Total2025202620272028
Time-based restricted stock$7,341 $2,028 $3,166 $1,886 $261 
Performance-based restricted stock7,043 2,091 2,982 1,697 273 
 $14,384 $4,119 $6,148 $3,583 $534 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES 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.

Income related to our TRS Lessees 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 TRS Lessees as well as state and local income taxes related to the Operating Partnership. For the three and six months ended June 30, 2025, we have utilized the discrete effective tax rate method under ASC No. 740, Income Taxes—Interim Reporting to calculate our interim income tax provision. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) for the reporting period.

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. Certain of our TRS Lessees have incurred operating losses in the past and the realizability of certain of our deferred tax assets as of June 30, 2025 is not reasonably assured. Therefore, we have recorded a valuation allowance of $2.2 million against a portion of our deferred tax assets at June 30, 2025. We may reverse the valuation allowance in the future as additional evidence becomes available to support the realizability of the deferred tax assets.

We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. In general, we are not subject to tax examinations by tax authorities for years before 2022. 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 June 30, 2025. We expect no significant increase or decrease in unrecognized tax benefits due to changes in tax positions within the next year.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE 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):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income$2,037 $38,698 $2,660 $41,531 
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests(657)(657)(1,314)(1,314)
Preferred dividends(3,968)(3,968)(7,938)(7,938)
(Income) loss from non-controlling interests in joint ventures769 1,375 (514)737 
Dividends paid on unvested time-based restricted stock(117)(88)(210)(140)
Allocation of loss (income) to participating securities210 (4,822)782 (4,412)
Numerator for (loss) income per common stockholder - basic(1,726)30,538 (6,534)28,464 
Adjusted for:
Allocation of income to participating securities (1)— 3,533 — 2,180 
Numerator for (loss) income per common stockholder - diluted$(1,726)$34,071 $(6,534)$30,644 
Denominator:
Weighted average common shares outstanding - basic107,633 105,918 107,820 105,819 
Adjusted for:
Dilutive effect of equity-based compensation awards— 1,968 — 1,896 
Effect of assumed conversion of convertible debt— 25,617 — 25,448 
Effect of assumed conversion of Operating Partnership units— 15,948 — 15,949 
Weighted average common shares outstanding - diluted107,633 149,451 107,820 149,112 
Net (loss) income per share available to common stockholders:
Basic$(0.02)$0.29 $(0.06)$0.27 
Diluted$(0.02)$0.23 $(0.06)$0.21 

(1)    Balances reflect potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock assuming that the reporting date is the vesting date and unvested time-based restricted stock using the treasury stock method. These shares were not included for the three and six months ending June 30, 2025 since their inclusion would have been anti-dilutive.
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
We consider all highly liquid investments 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):
Six Months Ended
June 30,
20252024
Cash payments for interest$37,908 $42,619 
Accrued improvements to lodging properties$8,101 $10,054 
Cash payments for income taxes, net of refunds$1,099 $1,377 
Accrued and unpaid dividends on unvested performance-based restricted stock$522 $44 
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have investments in lodging properties located in 25 states of the USA. 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, 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 Condensed Consolidated Financial Statements. Our measure of segment assets is total assets as reported on our Condensed Consolidated Balance Sheets.

On a regular basis, the segment's performance is assessed, and decisions are made related to the allocation of resources primarily based on lodging property earnings before interest, taxes, depreciation and amortization (“Hotel EBITDA”) by comparing Hotel EBITDA results to budgets and forecasts, prior period results, and industry or peer group benchmarks. Additionally, the CODM considers other performance metrics such as total revenue, revenue per available room (“RevPAR”), average daily rate (“ADR”), occupancy, and hotel gross operating profit to assess operating performance.
Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Lodging property revenues:
Room$170,599 $173,025 $334,330 $340,456 
Food and beverage11,195 10,069 22,185 20,902 
Other11,123 10,809 20,880 20,687 
Total revenues192,917 193,903 377,395 382,045 
Lodging property expenses:
Room39,166 38,044 75,298 74,017 
Sales and marketing24,807 24,738 48,557 48,241 
Administrative and general14,833 14,707 29,328 29,156 
Property taxes, insurance and other13,706 13,287 27,017 27,572 
Food and beverage8,388 7,639 16,379 15,841 
Property operations & maintenance8,256 7,410 16,077 15,040 
Utility costs6,931 6,309 13,969 12,941 
Management fees4,411 4,434 8,906 9,331 
Other lodging property expenses4,116 4,306 7,934 8,353 
Total lodging property expenses
124,614 120,874 243,465 240,492 
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553 

A reconciliation of Income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income from continuing operations before income taxes$3,215 $41,073 $4,592 $44,123 
Adjusted for:
Depreciation and amortization37,259 36,458 74,489 73,257 
Corporate general and administrative8,280 8,704 16,851 17,015 
Loss (gain) on disposal of assets, net80 (28,342)79 (28,417)
Interest expense20,628 20,830 40,584 42,412 
Interest income(301)(565)(577)(1,023)
Gain on extinguishment of debt— (3,000)— (3,000)
Other income, net(858)(2,129)(2,088)(2,814)
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Dividends
 
On August 1, 2025, our Board of Directors declared quarterly cash dividends and distributions of $0.08 per share on our Common Stock and per Common Unit of the Operating Partnership and cash dividends of $0.390625 per share of 6.25% Series E Preferred Stock and $0.3671875 per share of 5.875% Series F Preferred Stock. The Board of Directors also declared on behalf of the Operating Partnership, a cash distribution of $0.328125 per share of the Operating Partnership's unregistered 5.250% Series Z Cumulative Perpetual Preferred Units. The dividends and distributions are payable on August 29, 2025 to holders of record as of August 15, 2025.
Debt Refinancing

In July 2025, the Company closed on a new $400 million senior unsecured term loan (the "2025 GIC Joint Venture Term Loan") that refinanced and replaced the GIC Joint Venture Term Loan. The 2025 GIC Joint Venture Term Loan has an initial maturity date of July 2028 and can be extended for two 12-month periods at the Company’s option, subject to certain conditions, for a fully extended maturity date of July 2030.

The 2025 GIC Joint Venture Term Loan provides for an interest rate equal to SOFR plus 235 basis points. Proceeds from the 2025 GIC Joint Venture Term Loan financing were used to repay in full the GIC Joint Venture Term Loan that was scheduled to mature in January 2026. Other terms of the agreement are similar to the GIC Joint Venture Term Loan.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
 
We prepare our Condensed Consolidated Financial Statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of consolidated revenues and expenses in the reporting period. Actual results could differ from those estimates. As interim statements, the Condensed Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation in accordance with GAAP have been included. Results for the three and six months ended June 30, 2025 may not be indicative of the results that may be expected for the full year of 2025. For further information, please read the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying Condensed 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 on the Condensed 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 venture partnerships on the accompanying Condensed Consolidated Financial Statements.
Consolidation
The accompanying Condensed 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 on the Condensed 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 venture partnerships on the accompanying Condensed Consolidated Financial Statements.
Use of Estimates
Use of Estimates

Our Condensed 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 on our Condensed Consolidated Financial Statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could significantly differ from our expectations, which could materially affect our consolidated financial position and results of operations.
Trade Receivables
Trade Receivables and Current Estimate of Credit Losses
We grant credit to qualified guests, 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 guest and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined based on previous loss experience and current economic conditions.
Current Estimate of Credit Losses
Trade Receivables and Current Estimate of Credit Losses
We grant credit to qualified guests, 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 guest and do not accrue interest. We regularly review the collectability of our trade receivables. A provision for losses is determined based on previous loss experience and current economic conditions.
Investments in Lodging Property, net
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 property being acquired as part of the 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 on our Condensed 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 and amortization. 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 on our Condensed 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 an annual evaluation to monitor the factors that could trigger an impairment. Our evaluation process includes a quantitative analysis utilizing metrics to assess the operating performance of our lodging properties relative to historical results and profitability, and a qualitative analysis of other factors to assess if a potential impairment exists. Factors that we consider for an impairment analysis include, among others: i) significant underperformance relative to historical or anticipated operating results, ii) significant changes in the manner of use of a property or the strategy of our overall business, including changes in the estimated holding periods for lodging properties and land parcels, iii) a significant increase in competition, iv) a significant adverse change in legal factors or regulations, v) changes in values of comparable land or lodging property sales, vi) significant negative industry or economic trends, and vii) 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 fair value.
Assets Held for Sale
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 net book value or its fair value calculated as the expected selling price less estimated costs of disposition. 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 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.
Segment Information
Segment Information
 
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.
Exchange or Modification of Debt and Debt Issuance Costs
Exchange or Modification of Debt

We consider modifications or exchanges of debt as extinguishments in accordance with Accounting Standards Codification ("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.

Debt Issuance Costs
Debt issuance costs related to our long-term debt generally are recorded at cost as a discount to the related debt, and are amortized as interest expense on a straight-line basis, which approximates the interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Unamortized debt issuance costs related to our $275 million delayed draw term loan closed in March 2025 (the "$275 Million 2025 Delayed Draw Term Loan"), as discussed in detail in Note 5 - Debt, are included in Deferred charges, net as we have not yet drawn any amounts on this loan. Unamortized debt issuance costs related to all other debt are presented as a reduction to the related debt on the Condensed Consolidated Balance Sheets.
Income Taxes
Income Taxes

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 reversed 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.
For the three and six months ended June 30, 2025, we have utilized the discrete effective tax rate method, as provided by ASC No. 740, Income Taxes—Interim Reporting, to calculate our interim income tax provision. The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to ordinary income (loss) for the reporting period. We determined that since small changes in estimated ordinary income (loss) would result in significant changes in the estimated annual effective tax rate, the annual effective tax rate method would not provide a reliable estimate of income tax expense for the three and six months ended June 30, 2025.
Earnings Per Share
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 shares of common stock outstanding for the period. We apply the two-class method of computing EPS, which requires the calculation of separate EPS amounts for participating securities. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. 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 shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive shares include unvested restricted share grants, unvested performance share grants, shares of common stock issuable upon conversion of convertible debt and shares of common stock issuable upon conversion of Common Units of our Operating Partnership.
New Accounting Standards
New Accounting Standards

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2024-03, Disaggregation of Income Statement Expenses, that will require entities to provide enhanced disclosures related to certain expense categories included on the Consolidated Statement of Operations. 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, expenses presented on the face of the Consolidated Statement of Operations - 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 Notes to our Consolidated Financial Statements.
v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Hotel Properties and Related Assets
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:

Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
Investments in lodging property, net is as follows (in thousands):
June 30, 2025December 31, 2024
Lodging buildings and improvements$2,898,939 $2,867,256 
Land416,200 415,574 
Furniture, fixtures and equipment302,061 296,476 
Construction in progress43,328 35,294 
Intangible assets32,267 32,267 
Real estate development loan4,576 4,576 
3,697,371 3,651,443 
Less accumulated depreciation and amortization(974,912)(904,678)
$2,722,459 $2,746,765 
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Investment in Lodging Properties, 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 is as follows (in thousands):
June 30, 2025December 31, 2024
Lodging buildings and improvements$2,898,939 $2,867,256 
Land416,200 415,574 
Furniture, fixtures and equipment302,061 296,476 
Construction in progress43,328 35,294 
Intangible assets32,267 32,267 
Real estate development loan4,576 4,576 
3,697,371 3,651,443 
Less accumulated depreciation and amortization(974,912)(904,678)
$2,722,459 $2,746,765 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
June 30, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,473)(5,691)
Intangible assets, net$25,794 $26,576 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
June 30, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,473)(5,691)
Intangible assets, net$25,794 $26,576 
Schedule of Future Amortization Expenses
Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$782 
20261,564 
20271,510 
20281,016 
20291,016 
Thereafter9,072 
$14,960 
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Debt, net of debt issuance costs, is as follows (in thousands):

June 30, 2025December 31, 2024
Revolving debt$150,000 $135,000 
Term loans921,037 921,037 
Convertible notes287,500 287,500 
Mortgage loans76,166 64,470 
 1,434,703 1,408,007 
Unamortized debt issuance costs (1)
(8,904)(11,297)
    Debt, net of debt issuance costs$1,425,799 $1,396,710 

(1)    During the six months ended June 30, 2025, we paid $4.3 million in bank, legal and other fees related to the $275 million 2025 Delayed Draw Term Loan (as described in further detail below) that are included in Deferred charges, net on our Condensed Consolidated Balance Sheet. Those costs will be reclassified to Debt, net of debt issuance costs at the time the funds are drawn upon, which is expected to coincide with the repayment of the Convertible Notes upon their maturity in February 2026.
Detailed information about our debt at June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered Properties		June 30, 2025December 31, 2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
6.37% Variable
6/21/20276/21/2028n/a$25,000 $10,000 
$200 Million Term Loan (1)
6.33% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit Facility225,000 210,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a287,500 287,500 
Term Loans
Regions Bank 2024 Term Loan Facility (1)
6.33% Variable
2/26/20272/26/2029n/a200,000 200,000 
$275 Million 2025 Delayed Draw Term Loan
6.32% Variable
3/27/20283/27/2030n/a— — 
200,000 200,000 
Total Operating Partnership Debt
712,500 697,500 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
n/a
6/9/20256/9/2025n/a— 46,060 
Wells Fargo Bank, N.A.
6.92% Variable
5/15/20285/15/20302 58,000 — 
58,000 46,060 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (2)
6.58% Variable
9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan (2)
6.53% Variable
9/15/20279/15/2028n/a125,000 125,000 
Bank of America, N.A. Term Loan (3)
7.19% Variable
1/13/20261/13/2027n/a396,037 396,037 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,391 12,526 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,775 5,884 
Total GIC Joint Venture Credit Facility and Term Loans1664,203 664,447 
Total Joint Venture Debt3 722,203 710,507 
Total Debt3 $1,434,703 $1,408,007 

(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 and their affiliates.
(2) The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities that own 15 lodging properties.
(3) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities that own 25 lodging properties and two parking garages and their affiliates.
Schedule of Fixed-rate and Variable-rate Debt, after Giving Effect to Interest Rate Derivative
Our total fixed-rate and variable-rate debt, after consideration of our interest rate derivative agreements that are currently in effect, is as follows (in thousands):
 
June 30, 2025PercentageDecember 31, 2024Percentage
Fixed-rate debt (1)
$988,666 69%$930,910 66%
Variable-rate debt446,037 31%477,097 34%
$1,434,703 $1,408,007 

(1) At June 30, 2025, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect.
Schedule of Fair Value of Fixed-rate that is Debt 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):
 
June 30, 2025December 31, 2024 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $278,337 $287,500 $278,766 Level 1 - Market approach
Mortgage loans18,166 17,851 18,410 17,344 Level 2 - Market approach
$305,666 $296,188 $305,910 $296,110 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Operating Lease Maturity
Operating lease maturities at June 30, 2025 are as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$1,248 
20262,417 
20272,460 
20282,278 
20292,058 
Thereafter33,803 
Total lease payments (1)
44,264 
Less: Imputed interest(19,501)
Total$24,763 

(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.
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments
Information about our derivative financial instruments at June 30, 2025 and December 31, 2024 is as follows (dollars in thousands): 
Notional AmountFair Value
Contract DateEffective DateExpiration DateAverage Annual Effective Fixed RateJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Operating Partnership:
June 11, 2018December 31, 2018December 31, 20252.92 %$125,000 $125,000 $807 $1,582 
July 26, 2022January 31, 2023January 31, 20272.60 %100,000 100,000 1,455 2,824 
July 26, 2022January 31, 2023January 31, 20292.56 %100,000 100,000 2,638 5,325 
June 5, 2025June 2, 2025May 15, 20283.57 %58,000 — (347)— 
Total Operating Partnership383,000 325,000 4,553 9,731 
GIC Joint Venture:
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 385 754 
March 24, 2023July 1, 2023January 13, 20263.35 %100,000 100,000 385 754 
January 19, 2024October 1, 2024January 13, 20263.77 %100,000 100,000 165 334 
Total GIC Joint Venture
300,000 300,000 935 1,842 
Total
3.13 %(1)$683,000 $625,000 $5,488 $11,573 
 (1) Represents the weighted-average effective interest rate of our current interest rate swaps at June 30, 2025.
Schedule of Location in Financial Statements of Gain or Loss Recognized on Derivative Financial Instruments Designated as Cash Flow Hedges
We characterize the realized and unrealized gain or loss related to derivative financial instruments designated as cash flow hedges as follows (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments$(395)$3,097 $(2,093)$12,473 
Gain reclassified from Accumulated other comprehensive income to Interest expense$2,023 $3,660 $3,992 $7,340 
Total interest expense and other finance expense presented on the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$20,628 $20,830 $40,584 $42,412 
v3.25.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Activity
Changes in Common Stock during the six months ended June 30, 2025 and 2024 were as follows:

20252024
Beginning shares of Common Stock outstanding108,435,663 107,593,373 
Common Unit redemptions2,923,797 310 
Repurchases of Common Stock(3,585,179)— 
Grants under the Equity Plan (as defined below in Note 12 - Equity-Based Compensation)
1,269,495 1,055,544 
Annual grants to independent directors189,826 127,491 
Performance and time-based share forfeitures(182,711)(355,821)
Shares acquired for employee withholding requirements(239,383)(144,654)
Ending shares of Common Stock outstanding108,811,508 108,276,243 
v3.25.2
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value
Disclosures concerning financial instruments measured at fair value are as follows (in thousands):
 
Fair Value Measurements at June 30, 2025 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $5,835 $— $5,835 
Onera Purchase Option— — 931 931 
Liabilities:    
Interest rate swaps— 347 — 347 
 
Fair Value Measurements at December 31, 2024 using
Level 1Level 2Level 3Total
Assets:
Interest rate swaps$— $11,573 $— $11,573 
Onera Purchase Option— — 931 931 
Schedule of Unobservable Inputs for Fair Values of Purchase Options As such, we were required to develop assumptions to estimate the fair value of the Onera Purchase Option as follows (dollars in thousands):
Exercise price$8,206 
First option exercise date (1)
10/1/2024
Expected volatility52.20 %
Risk free rate4.15 %
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 became exercisable in September 2024 when construction of the lodging development was complete, and the property was open for business.
v3.25.2
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards
The following table summarizes time-based restricted stock award activity under our Equity Plan:

 
 Number
 of Shares		Weighted-Average
Grant Date 
Fair Value		Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,152,823 $7.28 $7,897 
Granted693,020 6.63 
Vested(399,938)8.14 
Forfeited(30,673)6.67 
Non-vested at June 30, 20251,415,232 $6.73 $7,204 
The following table summarizes performance-based restricted stock activity under the Equity Plan: 
 Number 
of Shares
Weighted-Average
Grant Date 
Fair Value (1)
Aggregate
Current Value
  (per share)(in thousands)
Non-vested at December 31, 20241,239,748 $9.53 $8,492 
Granted576,475 7.66 
Vested(154,397)12.26 
Forfeited(152,038)12.26 
Non-vested at June 30, 20251,509,788 $8.26 $7,685 

(1)    Amounts represent the expected future value of the performance-based restricted stock awards calculated using the Monte Carlo simulation valuation model.
Schedule of Equity-based Compensation Expense
Equity-based compensation expense included in Corporate general and administrative expenses on the Condensed Consolidated Statements of Operations is as follows (in thousands): 
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025202420252024
Time-based restricted stock$982 $618 $1,909 $1,488 
Performance-based restricted stock1,031 1,250 2,020 2,228 
Director stock (1)
776 767 776 767 
$2,789 $2,635 $4,705 $4,483 

(1)    Represents annual stock awards to members of our Board of Directors that vest immediately upon grant.
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 $14.4 million at June 30, 2025 and will be recorded as follows (in thousands):
 Total2025202620272028
Time-based restricted stock$7,341 $2,028 $3,166 $1,886 $261 
Performance-based restricted stock7,043 2,091 2,982 1,697 273 
 $14,384 $4,119 $6,148 $3,583 $534 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Components used to Calculate Basic and Diluted Earnings Per Share
The following is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income$2,037 $38,698 $2,660 $41,531 
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests(657)(657)(1,314)(1,314)
Preferred dividends(3,968)(3,968)(7,938)(7,938)
(Income) loss from non-controlling interests in joint ventures769 1,375 (514)737 
Dividends paid on unvested time-based restricted stock(117)(88)(210)(140)
Allocation of loss (income) to participating securities210 (4,822)782 (4,412)
Numerator for (loss) income per common stockholder - basic(1,726)30,538 (6,534)28,464 
Adjusted for:
Allocation of income to participating securities (1)— 3,533 — 2,180 
Numerator for (loss) income per common stockholder - diluted$(1,726)$34,071 $(6,534)$30,644 
Denominator:
Weighted average common shares outstanding - basic107,633 105,918 107,820 105,819 
Adjusted for:
Dilutive effect of equity-based compensation awards— 1,968 — 1,896 
Effect of assumed conversion of convertible debt— 25,617 — 25,448 
Effect of assumed conversion of Operating Partnership units— 15,948 — 15,949 
Weighted average common shares outstanding - diluted107,633 149,451 107,820 149,112 
Net (loss) income per share available to common stockholders:
Basic$(0.02)$0.29 $(0.06)$0.27 
Diluted$(0.02)$0.23 $(0.06)$0.21 

(1)    Balances reflect potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock assuming that the reporting date is the vesting date and unvested time-based restricted stock using the treasury stock method. These shares were not included for the three and six months ending June 30, 2025 since their inclusion would have been anti-dilutive.
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information is as follows (in thousands):
Six Months Ended
June 30,
20252024
Cash payments for interest$37,908 $42,619 
Accrued improvements to lodging properties$8,101 $10,054 
Cash payments for income taxes, net of refunds$1,099 $1,377 
Accrued and unpaid dividends on unvested performance-based restricted stock$522 $44 
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Lodging revenues and Hotel EBITDA, including significant lodging expenses for our single reportable operating segment, are as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Lodging property revenues:
Room$170,599 $173,025 $334,330 $340,456 
Food and beverage11,195 10,069 22,185 20,902 
Other11,123 10,809 20,880 20,687 
Total revenues192,917 193,903 377,395 382,045 
Lodging property expenses:
Room39,166 38,044 75,298 74,017 
Sales and marketing24,807 24,738 48,557 48,241 
Administrative and general14,833 14,707 29,328 29,156 
Property taxes, insurance and other13,706 13,287 27,017 27,572 
Food and beverage8,388 7,639 16,379 15,841 
Property operations & maintenance8,256 7,410 16,077 15,040 
Utility costs6,931 6,309 13,969 12,941 
Management fees4,411 4,434 8,906 9,331 
Other lodging property expenses4,116 4,306 7,934 8,353 
Total lodging property expenses
124,614 120,874 243,465 240,492 
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553 
Schedule of Segment Reporting Information, by Segment
A reconciliation of Income from continuing operations before income taxes as shown on our Condensed Consolidated Statements of Operations to Hotel EBITDA is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income from continuing operations before income taxes$3,215 $41,073 $4,592 $44,123 
Adjusted for:
Depreciation and amortization37,259 36,458 74,489 73,257 
Corporate general and administrative8,280 8,704 16,851 17,015 
Loss (gain) on disposal of assets, net80 (28,342)79 (28,417)
Interest expense20,628 20,830 40,584 42,412 
Interest income(301)(565)(577)(1,023)
Gain on extinguishment of debt— (3,000)— (3,000)
Other income, net(858)(2,129)(2,088)(2,814)
Hotel EBITDA
$68,303 $73,029 $133,930 $141,553 
v3.25.2
DESCRIPTION OF BUSINESS (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
property
jointventure
hotel
state
room
Dec. 31, 2024
Jan. 13, 2022
$ / shares
Real Estate Properties [Line Items]      
Number of states in which hotel properties are located | state 25    
Number of separate joint ventures | 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%    
6.25% Series E Preferred Stock      
Real Estate Properties [Line Items]      
Preferred stock, dividend rate 6.25% 6.25%  
Series F Cumulative Redeemable Preferred Stock      
Real Estate Properties [Line Items]      
Preferred stock, dividend rate 5.875% 5.875%  
Series Z Preferred Units      
Real Estate Properties [Line Items]      
Preferred stock, liquidation preference (in dollars per share) | $ / shares     $ 25
Operating Partnership      
Real Estate Properties [Line Items]      
Ownership percentage of equity interests 89.00%    
Hotel      
Real Estate Properties [Line Items]      
Number of hotel properties 97    
Number of units in real estate property | room 14,577    
Hotel | Brickell Joint Venture      
Real Estate Properties [Line Items]      
Number of hotel properties 2    
Hotel | Onera Joint Venture      
Real Estate Properties [Line Items]      
Number of hotel properties 1    
Hotel | Wholly owned properties | Hotel Portfolio Other Than Ones Owned Through Joint Venture      
Real Estate Properties [Line Items]      
Number of hotel properties 53    
Ownership percentage of equity interests 100.00%    
Hotel | Partially Owned Properties | Hotels Owned Through Joint Venture      
Real Estate Properties [Line Items]      
Number of hotel properties | property 41    
Ownership percentage of equity interests 90.00%    
Hotel | Partially Owned Properties | Hotels Owned Through Joint Venture | GIC Joint Venture      
Real Estate Properties [Line Items]      
General partner, ownership interest 51.00%    
v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Property, Plant and Equipment [Line Items]          
Allowance for doubtful accounts   $ 0     $ 0
Bad debt expense $ 100,000 $ 100,000 $ 200,000    
Number of reportable segments | segment   1      
2025 Delayed Draw Term Loan | Unsecured debt          
Property, Plant and Equipment [Line Items]          
Debt instrument, face amount   $ 275,000,000   $ 275,000,000  
v3.25.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Hotel Properties and Related Assets (Details)
Jun. 30, 2025
Buildings and improvements | Minimum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Estimated Useful Lives 6 years
Buildings and improvements | Maximum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Estimated Useful Lives 40 years
Furniture, fixtures and equipment | Minimum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Estimated Useful Lives 2 years
Furniture, fixtures and equipment | Maximum  
INVESTMENT IN HOTEL PROPERTIES, NET  
Estimated Useful Lives 15 years
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Investment in Lodging Properties (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost $ 3,697,371 $ 3,651,443
Less accumulated depreciation and amortization (974,912) (904,678)
Investments in lodging property, net 2,722,459 2,746,765
Real estate development loan    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost 4,576 4,576
Lodging buildings and improvements    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost 2,898,939 2,867,256
Land    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost 416,200 415,574
Furniture, fixtures and equipment    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost 302,061 296,476
Construction in progress    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost 43,328 35,294
Intangible assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Investment in hotel properties at cost $ 32,267 $ 32,267
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Investments in Lodging Property, net Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Hotel        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Depreciation and amortization $ 37.0 $ 36.3 $ 74.1 $ 72.9
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Assets Held for Sale Narrative (Details) - San Antonio, TX - Purchase and Sale Agreement - Undeveloped Land
$ in Millions
Feb. 28, 2025
USD ($)
Dec. 31, 2024
a
Business Combination [Line Items]    
Sale of land (in acre) | a   5.99
Consideration for hotel property portfolio activity | $ $ 1.3  
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Portfolio of Two Lodging Properties - New Orleans, LA (Details) - New Orleans, LA
$ in Millions
 1 Months Ended 6 Months Ended
Apr. 30, 2024
USD ($)
room
Jun. 30, 2024
USD ($)
Marriott Hotel    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms sold | room 202  
SpringHill Suites    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Guestrooms sold | room 208  
Sale of real estate property | $ $ 73.0  
Gains on sales of investment real estate | $   $ 28.3
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Hilton Garden Inn - Bryan (College Station), TX (Details) - Hilton Garden Inn
$ 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
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Lodging Property Sales (Sale of Hyatt Place - Dallas (Plano), TX) (Details) - Hyatt Place - Dallas (Plano), TX
$ in Millions
 1 Months Ended
Feb. 29, 2024
USD ($)
room
Financing Receivable, Allowance for Credit Loss [Line Items]  
Guestrooms sold | room 127
Sale of real estate property | $ $ 10.3
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Indefinite-lived intangible assets: $ 10,834 $ 10,834
Finite-lived intangible assets: 21,433 21,433
Intangible assets 32,267 32,267
Less - accumulated amortization (6,473) (5,691)
Intangible assets, net 25,794 26,576
Tax incentives    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Finite-lived intangible assets: 12,063 12,063
Key money    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Finite-lived intangible assets: 9,370 9,370
Air rights    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Indefinite-lived intangible assets: 10,754 10,754
Other    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Indefinite-lived intangible assets: $ 80 $ 80
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Intangible Assets Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real Estate [Abstract]        
Amortization expenses $ 0.4 $ 1.0 $ 0.8 $ 2.1
v3.25.2
INVESTMENTS IN LODGING PROPERTY, NET - Schedule of Future Amortization Expense Related to Intangible Assets (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Real Estate [Abstract]  
2025 $ 782
2026 1,564
2027 1,510
2028 1,016
2029 1,016
Thereafter 9,072
Finite-lived intangible assets, net $ 14,960
v3.25.2
INVESTMENT IN REAL ESTATE LOANS (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jan. 31, 2023
Mezzanine Loans        
Investment Company, Financial Highlights [Line Items]        
Loans amount, total   $ 4.6    
Initial purchase option, ownership percentage   90.00%    
Mezzanine Loans | Affiliated Entity        
Investment Company, Financial Highlights [Line Items]        
Loans funded amount       $ 4.6
Onera Mezzanine Loan        
Investment Company, Financial Highlights [Line Items]        
Loan mature term additional at borrower's option       12 months
Onera purchase option   $ 0.9    
Amortization of discount $ (0.1)   $ (0.3)  
Construction Loans | Affiliated Entity | Letter of Credit        
Investment Company, Financial Highlights [Line Items]        
Letter of credit       $ 3.0
v3.25.2
DEBT - Narrative (Details)
Jun. 30, 2025
USD ($)
loan
property
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jan. 31, 2021
USD ($)
Debt Instrument [Line Items]        
Number of secured loans | loan 2      
Number of properties that served as collateral for loans | property 3      
Outstanding borrowings $ 1,434,703,000   $ 1,408,007,000  
Weighted average interest rate for all borrowings 5.03%   5.01%  
Convertible notes        
Debt Instrument [Line Items]        
Outstanding borrowings $ 287,500,000   $ 287,500,000  
2025 Delayed Draw Term Loan | Unsecured debt        
Debt Instrument [Line Items]        
Debt instrument, face amount 275,000,000 $ 275,000,000    
1.50% Convertible Senior Notes | Convertible notes        
Debt Instrument [Line Items]        
Debt instrument, face amount       $ 287,500,000
Outstanding borrowings $ 287,500,000   $ 287,500,000  
v3.25.2
DEBT - Schedule of Debt (Details) - USD ($)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Principal Balance Outstanding $ 1,434,703,000   $ 1,408,007,000
Unamortized debt issuance costs (8,904,000)   (11,297,000)
Debt, net of debt issuance costs 1,425,799,000   1,396,710,000
Convertible notes      
Debt Instrument [Line Items]      
Principal Balance Outstanding 287,500,000   287,500,000
Mortgage loans      
Debt Instrument [Line Items]      
Principal Balance Outstanding 76,166,000   64,470,000
Revolving debt | Unsecured debt      
Debt Instrument [Line Items]      
Principal Balance Outstanding 150,000,000   135,000,000
Term loans | Unsecured debt      
Debt Instrument [Line Items]      
Principal Balance Outstanding 921,037,000   $ 921,037,000
2025 Delayed Draw Term Loan      
Debt Instrument [Line Items]      
Debt issuance costs 4,300,000    
2025 Delayed Draw Term Loan | Unsecured debt      
Debt Instrument [Line Items]      
Debt instrument, face amount $ 275,000,000 $ 275,000,000  
v3.25.2
DEBT - Fixed-Rate and Variable-Rate Debt, after Giving Effect to Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Fixed rate debt $ 988,666 $ 930,910
Fixed rate debt, percentage 69.00% 66.00%
Variable-rate debt $ 446,037 $ 477,097
Variable-rate debt, percentage 31.00% 34.00%
Debt, gross $ 1,434,703 $ 1,408,007
Wholly Owned Properties and Joint Venture Debt    
Debt Instrument [Line Items]    
Fixed rate debt, percentage 75.00%  
v3.25.2
DEBT - Fair Value of Fixed-Rate Debt not Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt $ 305,666 $ 305,910
Carrying Value | Level 1 | Convertible notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt 287,500 287,500
Carrying Value | Level 2 | Mortgage loans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt 18,166 18,410
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt 296,188 296,110
Fair Value | Level 1 | Convertible notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt 278,337 278,766
Fair Value | Level 2 | Mortgage loans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt $ 17,851 $ 17,344
v3.25.2
DEBT - Schedule of Outstanding Indebtedness (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
hotel
property
parking_structure
room
May 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2022
room
Mar. 31, 2022
hotel
Mar. 31, 2022
parking_structure
Mar. 31, 2022
parkingSpace
Jan. 31, 2021
USD ($)
Oct. 31, 2019
USD ($)
Debt Instrument [Line Items]                      
Number of Encumbered Properties | property 3                    
Principal Balance Outstanding $ 1,434,703,000   $ 1,408,007,000                
Hotel                      
Debt Instrument [Line Items]                      
Properties | hotel 97                    
Number of units in real estate property | room 14,577                    
Joint Venture with GIC | Hotel | Portfolio Purchase Through Contribution And Purchase Agreement                      
Debt Instrument [Line Items]                      
Number of units in real estate property | parking_structure 2                    
Joint Venture with GIC | Hotel | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement                      
Debt Instrument [Line Items]                      
Properties 15           27        
Number of units in real estate property           3,709   2 1,002    
2018 Senior Credit Facility | Joint Venture with GIC | Hotel | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement                      
Debt Instrument [Line Items]                      
Properties | hotel 25                    
Term Loans                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 200,000,000   200,000,000                
$125 Million Revolving Credit Facility                      
Debt Instrument [Line Items]                      
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 Million Term Loan                      
Debt Instrument [Line Items]                      
Debt instrument, face amount $ 125,000,000                   $ 125,000,000
$125 Million Term Loan | Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Interest Rate 0.25%                    
Term Loans with Wells Fargo due June 6, 2028                      
Debt Instrument [Line Items]                      
Number of Encumbered Properties | property 1                    
PACE Loan | NCI Transaction                      
Debt Instrument [Line Items]                      
Interest Rate 6.10%                    
Principal Balance Outstanding $ 5,775,000                    
Debt instrument, face amount 6,500,000                    
Unsecured debt | 2018 Senior Credit Facility                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 225,000,000   210,000,000                
Credit facility, maximum borrowing capacity         $ 600,000,000            
Number of unencumbered hotel properties | hotel 53                    
Unsecured debt | $400 Million Revolver                      
Debt Instrument [Line Items]                      
Interest Rate 6.37%                    
Principal Balance Outstanding $ 25,000,000   10,000,000                
Credit facility, maximum borrowing capacity $ 400,000,000     $ 400,000,000 400,000,000            
Unsecured debt | $200 Million Term Loan                      
Debt Instrument [Line Items]                      
Interest Rate 6.33%                    
Principal Balance Outstanding $ 200,000,000   200,000,000                
Credit facility, maximum borrowing capacity 200,000,000                    
Debt instrument, face amount         $ 200,000,000            
Unsecured debt | Term Loans                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 0   0                
Unsecured debt | Regions Bank 2024 Term Loan Facility due February 14.2027                      
Debt Instrument [Line Items]                      
Interest Rate 6.33%                    
Principal Balance Outstanding $ 200,000,000   200,000,000                
Unsecured debt | 6.32% Delayed DrawTerm Loan Facility Due March 31, 2028                      
Debt Instrument [Line Items]                      
Interest Rate 6.32%                    
Principal Balance Outstanding $ 0   0                
Unsecured debt | Joint Venture Credit Facility                      
Debt Instrument [Line Items]                      
Number of Encumbered Properties | property 3                    
Principal Balance Outstanding $ 722,203,000   710,507,000                
Unsecured debt | $125 Million Revolving Credit Facility | Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Interest Rate 6.58%                    
Principal Balance Outstanding $ 125,000,000   125,000,000                
Credit facility, maximum borrowing capacity $ 125,000,000                    
Unsecured debt | $125 Million Term Loan                      
Debt Instrument [Line Items]                      
Interest Rate 6.53%                    
Principal Balance Outstanding $ 125,000,000   125,000,000                
Debt instrument, face amount $ 125,000,000                    
Unsecured debt | Bank of America, N.A, Variable due January 13, 2026                      
Debt Instrument [Line Items]                      
Interest Rate 7.19%                    
Principal Balance Outstanding $ 396,037,000   396,037,000                
Unsecured debt | Term Loans with Wells Fargo due June 6, 2028                      
Debt Instrument [Line Items]                      
Interest Rate 4.99%                    
Principal Balance Outstanding $ 12,391,000   12,526,000                
Unsecured debt | PACE Loan                      
Debt Instrument [Line Items]                      
Interest Rate 6.10%                    
Principal Balance Outstanding     5,884,000                
Unsecured debt | GIC Joint Venture Credit Facility and Term Loans                      
Debt Instrument [Line Items]                      
Number of Encumbered Properties | property 1                    
Principal Balance Outstanding $ 664,203,000   664,447,000                
Convertible notes                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 287,500,000   287,500,000                
Convertible notes | Convertible Notes                      
Debt Instrument [Line Items]                      
Interest Rate 1.50%                 1.50%  
Principal Balance Outstanding $ 287,500,000   287,500,000                
Debt instrument, face amount                   $ 287,500,000  
Loans Payable                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding 712,500,000   697,500,000                
Mortgage loans                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding 76,166,000   64,470,000                
Mortgage loans | City National Bank of Florida, Variable Due June 9, 2025                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 0   46,060,000                
Mortgage loans | Wells Fargo Bank, N.A., Variable Due May 15, 2028                      
Debt Instrument [Line Items]                      
Interest Rate 6.92%                    
Number of Encumbered Properties | property 2                    
Principal Balance Outstanding $ 58,000,000   0                
Mortgage loans | Brickell Joint Venture Mortgage Loans                      
Debt Instrument [Line Items]                      
Principal Balance Outstanding $ 58,000,000 $ 58,000,000 $ 46,060,000                
v3.25.2
DEBT - $600 Million Senior Credit and Term Loan Facility (Details)
 1 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2023
USD ($)
Jun. 30, 2025
USD ($)
extension
Dec. 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Debt Instrument [Line Items]          
Debt, net of debt issuance costs     $ 1,425,799,000 $ 1,396,710,000  
Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Debt basis spread on variable rate 1.00%        
Minimum | Base rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate 0.35%        
Maximum | Base rate          
Debt Instrument [Line Items]          
Debt basis spread on variable rate 1.35%        
Line of Credit | Minimum | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, commitment fee percentage     0.20%    
Line of credit facility, commitment fee percentage, rate threshold     50.00%    
Line of Credit | Maximum | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, commitment fee percentage     0.25%    
2018 Senior Credit Facility | Unsecured debt          
Debt Instrument [Line Items]          
Credit facility, maximum borrowing capacity   $ 600,000,000      
Additional borrowing capacity   $ 300,000,000      
Amount available for borrowing     $ 400,000,000    
$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   $ 400,000,000
Debt, net of debt issuance costs     $ 25,000,000    
Line of credit facility, extension periods | extension     2    
Line of credit facility, extension term     6 months    
$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      
Line of credit facility, extension periods | extension     2    
Line of credit facility, extension term     12 months    
v3.25.2
Debt - Amendment to the 2023 Senior Credit Facility (Details) - 2018 Senior Credit Facility - Unsecured debt
Jun. 30, 2025
Debt Instrument [Line Items]  
Leverage ratio 60.00%
Minimum  
Debt Instrument [Line Items]  
Leverage ratio 60.00%
Maximum  
Debt Instrument [Line Items]  
Leverage ratio 65.00%
v3.25.2
DEBT - 2024 Term Loans (Details)
 1 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Feb. 29, 2024
USD ($)
Jun. 30, 2025
USD ($)
extension
Jun. 30, 2023
USD ($)
2024 Term Loan        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate, floor     0.00%  
2024 Term Loan | Unsecured debt        
Debt Instrument [Line Items]        
Debt instrument, face amount   $ 200,000,000    
Debt extension period   12 months    
Debt basis spread on variable rate     0.10%  
2024 Term Loan | Unsecured debt | Minimum        
Debt Instrument [Line Items]        
Interest rate     1.35%  
2024 Term Loan | Unsecured debt | Maximum        
Debt Instrument [Line Items]        
Interest rate     2.35%  
$400 Million Revolver | Unsecured debt        
Debt Instrument [Line Items]        
Credit facility, maximum borrowing capacity   $ 400,000,000 $ 400,000,000 $ 400,000,000
Line of credit facility, extension periods | extension     2  
Interest rate     6.37%  
2025 Delayed Draw Term Loan        
Debt Instrument [Line Items]        
Debt basis spread on variable rate 0.10%      
2025 Delayed Draw Term Loan | Minimum        
Debt Instrument [Line Items]        
Debt basis spread on variable rate 1.35%      
2025 Delayed Draw Term Loan | Maximum        
Debt Instrument [Line Items]        
Debt basis spread on variable rate 2.35%      
2025 Delayed Draw Term Loan | Unsecured debt        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 275,000,000   $ 275,000,000  
Credit facility, maximum borrowing capacity $ 325,000,000      
Line of credit facility, extension periods | extension     2  
v3.25.2
DEBT - Amendment to 2024 Term Loan (Details) - 2024 Term Loan - Unsecured debt
Jun. 30, 2025
Debt Instrument [Line Items]  
Leverage ratio 60.00%
Minimum  
Debt Instrument [Line Items]  
Leverage ratio 60.00%
Maximum  
Debt Instrument [Line Items]  
Leverage ratio 65.00%
v3.25.2
DEBT - Convertible Senior Notes and Capped Call Options (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 07, 2021
$ / shares
Jan. 31, 2021
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]              
Amortization of debt issuance costs         $ 3,350 $ 3,240  
Share price (in dollars per share) | $ / shares     $ 8.72   $ 8.72    
1.50% Convertible Senior Notes | Convertible notes              
Debt Instrument [Line Items]              
Debt instrument, face amount   $ 287,500          
Interest rate   1.50% 1.50%   1.50%    
Proceeds from convertible debt   $ 280,000          
Interest rate effect on assumed conversion of convertible debt     $ 1,100 $ 1,100 $ 2,200 2,200  
Debt issuance costs   $ 7,600          
Amortization of debt issuance costs     $ 400 $ 400 $ 700 $ 700  
Debt instrument, effective interest rate     2.00% 2.00% 2.00% 2.00%  
Unamortized discount related to convertible notes     $ (1,000)   $ (1,000)   $ (1,700)
Debt instrument, conversion ratio 0.0834028   0.09415        
Conversion price, debt instruments (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   $ 13.52   $ 13.52    
Debt instrument convertible strike price of capped call transactions premium percentage 75.00%            
1.50% Convertible Senior Notes | Convertible notes | Maximum              
Debt Instrument [Line Items]              
Debt instrument, conversion ratio     0.01146788        
v3.25.2
DEBT - 2025 Delayed Draw Term Loan (Details)
 1 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
extension
Federal Funds Rate    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 0.50%  
Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 1.00%  
Minimum | Base rate    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 0.35%  
Maximum | Base rate    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 1.35%  
2025 Delayed Draw Term Loan    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 0.10%  
Debt issuance costs   $ 4,300,000
2025 Delayed Draw Term Loan | Minimum    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 1.35%  
2025 Delayed Draw Term Loan | Maximum    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 2.35%  
2025 Delayed Draw Term Loan | Unsecured debt    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 275,000,000 $ 275,000,000
Credit facility, maximum borrowing capacity $ 325,000,000  
Line of credit facility, extension periods | extension   2
Line of credit facility, extension term   12 months
v3.25.2
DEBT - GIC Joint Venture Credit Facility (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
property
hotel
Dec. 31, 2024
USD ($)
Mar. 31, 2022
hotel
Oct. 31, 2019
USD ($)
Debt Instrument [Line Items]        
Outstanding borrowings $ 1,434,703 $ 1,408,007    
Hotel        
Debt Instrument [Line Items]        
Properties | hotel 97      
Joint Venture with GIC | Hotel | NCI Transaction | Portfolio Purchase Through Contribution And Purchase Agreement        
Debt Instrument [Line Items]        
Properties 15   27  
Joint Venture Credit Facility | Unsecured debt        
Debt Instrument [Line Items]        
Outstanding borrowings $ 722,203 710,507    
Debt basis spread on variable rate 0.05%      
$125 Million Revolver        
Debt Instrument [Line Items]        
Debt basis spread on variable rate 1.00%      
Interest rate 0.50%      
Debt instrument, effective interest rate 1.15%      
$125 Million Revolver | Unsecured debt        
Debt Instrument [Line Items]        
Debt basis spread on variable rate 0.10%      
$125 Million Revolver | Minimum | Unsecured debt        
Debt Instrument [Line Items]        
Interest rate 2.15%      
$125 Million Term Loan        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 125,000     $ 125,000
$125 Million Term Loan | Unsecured debt        
Debt Instrument [Line Items]        
Debt instrument, face amount 125,000      
Outstanding borrowings $ 125,000 125,000    
Interest rate 6.53%      
Line of Credit | Joint Venture Credit Facility        
Debt Instrument [Line Items]        
Credit facility, current borrowing capacity       250,000
Credit facility, maximum borrowing capacity       500,000
Revolving Credit Facility | $125 Million Revolver        
Debt Instrument [Line Items]        
Credit facility, maximum borrowing capacity $ 125,000     $ 125,000
Revolving Credit Facility | $125 Million Revolver | Unsecured debt        
Debt Instrument [Line Items]        
Credit facility, maximum borrowing capacity 125,000      
Outstanding borrowings $ 125,000 $ 125,000    
Interest rate 6.58%      
Revolving Credit Facility | $125 Million Term Loan        
Debt Instrument [Line Items]        
Interest rate 0.25%      
v3.25.2
DEBT - GIC Joint Venture Term Loan (Details)
 1 Months Ended 6 Months Ended
Jul. 31, 2025
USD ($)
Mar. 31, 2022
USD ($)
room
Jun. 30, 2025
USD ($)
property
extension_option
parking_structure
hotel
room
Dec. 31, 2024
USD ($)
Mar. 31, 2022
hotel
Mar. 31, 2022
parking_structure
Mar. 31, 2022
parkingSpace
Jan. 13, 2022
USD ($)
Debt Instrument [Line Items]                
Outstanding borrowings     $ 1,434,703,000 $ 1,408,007,000        
Hotel                
Debt Instrument [Line Items]                
Properties | hotel     97          
Number of units in real estate property | room     14,577          
Joint Venture Term Loan | Secured debt                
Debt Instrument [Line Items]                
Debt instrument, face amount               $ 410,000,000
Debt, increase of commitments amount     $ 190,000,000          
Credit facility, maximum borrowing capacity     $ 600,000,000          
Number of extension options | extension_option     1          
Debt extension period     12 months          
Outstanding borrowings     $ 396,000,000          
Debt basis spread on variable rate     2.75%          
2025 GIC Joint Venture Term Loan | Unsecured debt | Subsequent Event                
Debt Instrument [Line Items]                
Debt instrument, face amount $ 400,000,000              
Debt extension period 12 months              
Debt basis spread on variable rate 2.35%              
Joint Venture with GIC | Hotel | Portfolio Purchase Through Contribution And Purchase Agreement                
Debt Instrument [Line Items]                
Number of units in real estate property | parking_structure     2          
Joint Venture with GIC | Hotel | Portfolio Purchase Through Contribution And Purchase Agreement | NCI Transaction                
Debt Instrument [Line Items]                
Properties     15   27      
Number of units in real estate property   3,709       2 1,002  
Consideration transferred to acquire hotel property   $ 822,000,000            
v3.25.2
DEBT - PACE Loan (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt, net of debt issuance costs $ 1,425,799 $ 1,396,710
PACE Loan | NCI Transaction    
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 $ 5,800  
v3.25.2
DEBT - Brickell Mortgage Loan (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
extension_option
May 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2022
USD ($)
room
Debt Instrument [Line Items]        
Principal Balance Outstanding $ 1,434,703   $ 1,408,007  
Debt, net of debt issuance costs 1,425,799   1,396,710  
Mortgage loans        
Debt Instrument [Line Items]        
Principal Balance Outstanding 76,166   64,470  
Brickell Joint Venture Mortgage Loans | Mortgage loans        
Debt Instrument [Line Items]        
Principal Balance Outstanding $ 58,000 $ 58,000 $ 46,060  
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans        
Debt Instrument [Line Items]        
Initial purchase option, ownership percentage       90.00%
Principal Balance Outstanding   $ 45,400   $ 47,000
Brickell Joint Venture | Brickell Mortgage Loan | Mortgage loans | AC/Element Hotel        
Debt Instrument [Line Items]        
Number of units in real estate property | room       264
Initial purchase option, ownership percentage       100.00%
Debt basis spread on variable rate 2.60%      
Number of extension options | extension_option 2      
Debt extension period 12 months      
v3.25.2
DEBT - Mortgage Loan Repayment (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Jun. 30, 2017
Debt Instrument [Line Items]              
Outstanding loan balance   $ 1,425,799   $ 1,425,799   $ 1,396,710  
Gain on extinguishment of debt   $ 0 $ 3,000 $ 0 $ 3,000    
Non-recourse Loan | MetaBank | Secured debt              
Debt Instrument [Line Items]              
Debt instrument, face amount             $ 47,600
Outstanding loan balance $ 42,300   $ 42,300   $ 42,300    
Repayment of outstanding balance 39,100            
Extinguishment of debt, discount 3,200            
Gain on extinguishment of debt $ 3,000            
v3.25.2
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]          
Operating lease weighted average remaining lease term 31 years 4 months 24 days   31 years 4 months 24 days   31 years 9 months 18 days
Operating lease weighted average discount rate 4.80%   4.80%   4.80%
Tenant income $ 1.3 $ 0.6 $ 2.4 $ 1.4  
Operating lease cost 1.1 1.1 2.3 2.3  
Operating cash outflows from operating leases $ 1.1 $ 1.0 $ 2.1 $ 2.0  
Minimum          
Lessee, Lease, Description [Line Items]          
Lease remaining term     1 year    
Maximum          
Lessee, Lease, Description [Line Items]          
Lease remaining term     73 years    
v3.25.2
LEASES - Operating Lease Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 $ 1,248  
2026 2,417  
2027 2,460  
2028 2,278  
2029 2,058  
Thereafter 33,803  
Total lease payments 44,264  
Less: Imputed interest (19,501)  
Total $ 24,763 $ 24,871
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Schedule of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 3.13%  
Designated as hedges    
Derivative financial instruments and hedging    
Notional Amount $ 383,000 $ 325,000
Fair Value 4,553 9,731
Designated as hedges | GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Notional Amount 300,000 300,000
Fair Value 935 1,842
Designated as hedges | Interest rate swaps | GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Notional Amount 683,000 625,000
Fair Value $ 5,488 11,573
Designated as hedges | Interest Rate Swap Expiring December 31, 2025    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 2.92%  
Notional Amount $ 125,000 125,000
Fair Value $ 807 1,582
Designated as hedges | Interest Rate Swap Expiring January 31, 2027    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 2.60%  
Notional Amount $ 100,000 100,000
Fair Value $ 1,455 2,824
Designated as hedges | Interest Rate Swap Expiring January 31, 2029    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 2.56%  
Notional Amount $ 100,000 100,000
Fair Value $ 2,638 5,325
Designated as hedges | Interest Rate Swap Expiring May 15, 2028    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 3.57%  
Notional Amount $ 58,000 0
Fair Value $ (347) 0
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 One | GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 3.35%  
Notional Amount $ 100,000 100,000
Fair Value $ 385 754
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 Two | GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 3.35%  
Notional Amount $ 100,000 100,000
Fair Value $ 385 754
Designated as hedges | Interest Rate Swap Expiring January 13, 2026 Three | GIC Joint Venture Credit Facility and Term Loans    
Derivative financial instruments and hedging    
Average Annual Effective Fixed Rate 3.77%  
Notional Amount $ 100,000 100,000
Fair Value $ 165 $ 334
v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative financial instruments and hedging    
Fixed rate debt, percentage 69.00% 66.00%
Designated as hedges    
Derivative financial instruments and hedging    
Fair value of derivative interest rate $ 383,000 $ 325,000
Interest rate swaps    
Derivative financial instruments and hedging    
Reclassification from other comprehensive income in next 12 months 4,300  
Interest Rate Swap Expiring May 15, 2028 | Designated as hedges    
Derivative financial instruments and hedging    
Fair value of derivative interest rate $ 58,000 0
Wholly Owned Properties and Joint Venture Debt    
Derivative financial instruments and hedging    
Fixed rate debt, percentage 75.00%  
Joint Venture Term Loan | Interest rate swaps    
Derivative financial instruments and hedging    
Debt instrument, variable interest rates $ 683,000 $ 625,000
v3.25.2
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
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative instruments, gain (loss) recognized        
Unrealized (loss) gain recognized in Accumulated other comprehensive income (loss) on derivative financial instruments $ (395) $ 3,097 $ (2,093) $ 12,473
Total interest expense and other finance expense presented on the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 20,628 20,830 40,584 42,412
Interest expense        
Derivative instruments, gain (loss) recognized        
Gain reclassified from Accumulated other comprehensive income to Interest expense $ 2,023 $ 3,660 $ 3,992 $ 7,340
v3.25.2
EQUITY - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 01, 2025
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
Jun. 30, 2024
shares
Dec. 31, 2024
$ / shares
shares
Apr. 29, 2025
USD ($)
Apr. 30, 2024
shares
Class of Stock [Line Items]              
Common stock, shares authorized (in shares) | shares   500,000,000 500,000,000   500,000,000    
Common stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01   $ 0.01    
Common stock, number of votes | vote     1        
Preferred stock, shares authorized (in shares) | shares   100,000,000 100,000,000   100,000,000    
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01   $ 0.01    
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares   $ 25 $ 25        
Shares authorized | $           $ 50.0  
Repurchases of common stock (in shares) | shares   3,585,179 3,585,179 0      
Share repurchase, aggregate purchase price | $   $ 15.4 $ 15.4        
Share repurchase, average cost (in usd per share) | $ / shares   $ 4.30 $ 4.30        
Share repurchase, remaining authorized amount | $   $ 34.6 $ 34.6        
Undesignated Preferred Stock              
Class of Stock [Line Items]              
Preferred stock, shares authorized (in shares) | shares   89,600,000 89,600,000        
6.25% Series E Preferred Stock              
Class of Stock [Line Items]              
Preferred stock, shares outstanding (in shares) | shares   6,400,000 6,400,000   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        
6.25% Series E Preferred Stock | Maximum              
Class of Stock [Line Items]              
Ratio for conversion     3.1686        
6.25% Series E Preferred Stock | Subsequent Event              
Class of Stock [Line Items]              
Preferred stock, dividend rate 6.25%            
Series F Cumulative Redeemable Preferred Stock              
Class of Stock [Line Items]              
Preferred stock, shares outstanding (in shares) | shares   4,000,000 4,000,000   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        
Series F Cumulative Redeemable Preferred Stock | Maximum              
Class of Stock [Line Items]              
Ratio for conversion     5.8275        
Series F Cumulative Redeemable Preferred Stock | Subsequent Event              
Class of Stock [Line Items]              
Preferred stock, dividend rate 5.875%            
v3.25.2
EQUITY - Changes in Common Stock (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Changes in Common Stock [Roll Forward]      
Beginning shares of Common Stock outstanding (in shares)   108,435,663 107,593,373
Common Unit redemptions (in shares)   2,923,797 310
Repurchases of common stock (in shares) (3,585,179) (3,585,179) 0
Grants under the Equity Plan (in shares)   1,269,495 1,055,544
Performance and time-based share forfeitures (in shares)   (182,711) (355,821)
Shares acquired for employee withholding requirements (in shares)   (239,383) (144,654)
Ending shares of Common Stock outstanding (in shares) 108,811,508 108,811,508 108,276,243
Annual grants to independent directors      
Changes in Common Stock [Roll Forward]      
Grants under the Equity Plan (in shares)   189,826 127,491
v3.25.2
NON-CONTROLLING INTERESTS AND REDEEMABLE NON-CONTROLLING INTERESTS (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 01, 2025
Jan. 13, 2022
$ / shares
shares
Jun. 30, 2025
USD ($)
property
room
hotel
state
Rate
shares
Jun. 30, 2024
shares
Jun. 30, 2025
USD ($)
property
unit
room
hotel
state
jointventure
Rate
shares
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Oct. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
shares
Jan. 31, 2022
shares
Class of Stock [Line Items]                      
Common stock redemption of common units (in shares)         2,923,797 310          
Number of joint ventures entered into | jointventure         3            
Number of states in which hotel properties are located | state     25   25            
Investment in lodging property under development | $     $ 0   $ 0   $ 7,617        
Investment in lodging property under development | $         $ 5,647 $ 2,503          
Redeemable common unit, conversion ratio | Rate     100.00%   100.00%            
Series Z Preferred Units                      
Class of Stock [Line Items]                      
Preferred stock, liquidation preference (in dollars per share) | $ / shares   $ 25                  
Preferred stock, redemption term, period   90 days                  
Series Z Preferred Units | Subsequent Event                      
Class of Stock [Line Items]                      
Preferred stock, dividend rate 5.25%                    
6.25% Series E Preferred Stock                      
Class of Stock [Line Items]                      
Preferred stock, dividend rate         6.25%   6.25%        
6.25% Series E Preferred Stock | Subsequent Event                      
Class of Stock [Line Items]                      
Preferred stock, dividend rate 6.25%                    
Series F Cumulative Redeemable Preferred Stock                      
Class of Stock [Line Items]                      
Preferred stock, dividend rate         5.875%   5.875%        
Series F Cumulative Redeemable Preferred Stock | Subsequent Event                      
Class of Stock [Line Items]                      
Preferred stock, dividend rate 5.875%                    
Onera Joint Venture                      
Class of Stock [Line Items]                      
Initial purchase option, ownership percentage                 10.00%    
Percentage of equity interest in a joint venture               90.00%      
Joint venture, fee simple interest in property and investments         100.00%            
Number of property lodging unit | unit         35            
Hotel                      
Class of Stock [Line Items]                      
Number of Real Estate Properties | hotel     97   97            
Number of units in real estate property | room     14,577   14,577            
Brickell Joint Venture | Hotel                      
Class of Stock [Line Items]                      
Number of Real Estate Properties | hotel     2   2            
Joint Venture with GIC | Joint Venture with GIC                      
Class of Stock [Line Items]                      
General partner, ownership interest         51.00%            
Hotels Owned Through Joint Venture | Hotel | Partially Owned Properties                      
Class of Stock [Line Items]                      
Number of Real Estate Properties | property     41   41            
Common Stock                      
Class of Stock [Line Items]                      
Common stock redemption of common units (in shares)       310 2,923,797 310          
Non-controlling Interests | Summit Hotel Operating Partnership                      
Class of Stock [Line Items]                      
Limited partner, ownership percentage         11.00%   13.00%        
GIC | Joint Venture with GIC | Joint Venture with GIC                      
Class of Stock [Line Items]                      
Limited partner, ownership percentage         49.00%            
Joint Venture with GIC | Joint Venture with GIC | Hotel                      
Class of Stock [Line Items]                      
Number of units in real estate property | room     5,732   5,732            
Number of states in which hotel properties are located | state     11   11            
Brickell Joint Venture | Brickell Joint Venture                      
Class of Stock [Line Items]                      
Initial purchase option, ownership percentage                 10.00%    
Operating partnership | Hotel | Portfolio Purchase Through Contribution And Purchase Agreement | Series Z Preferred Units                      
Class of Stock [Line Items]                      
Number of shares issued in asset acquisition (in shares)   2,000,000                  
Temporary equity, shares issued (in shares)                   2,000,000 2,000,000
Unaffiliated Third Parties | Summit Hotel Operating Partnership                      
Class of Stock [Line Items]                      
Limited partner capital account units conversion ratio     1                
Number of common units owned (in shares)     13,009,276   13,009,276   15,933,073        
v3.25.2
FAIR VALUE MEASUREMENT - Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value (Details) - Recurring basis - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Onera Purchase Option $ 931 $ 931
Level 1    
Assets:    
Onera Purchase Option 0 0
Level 2    
Assets:    
Onera Purchase Option 0 0
Level 3    
Assets:    
Onera Purchase Option 931 931
Interest rate swaps    
Assets:    
Interest rate swaps 5,835 11,573
Liabilities:    
Interest rate swaps 347  
Interest rate swaps | Level 1    
Assets:    
Interest rate swaps 0 0
Liabilities:    
Interest rate swaps 0  
Interest rate swaps | Level 2    
Assets:    
Interest rate swaps 5,835 11,573
Liabilities:    
Interest rate swaps 347  
Interest rate swaps | Level 3    
Assets:    
Interest rate swaps 0 $ 0
Liabilities:    
Interest rate swaps $ 0  
v3.25.2
FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for Fair Values of Purchase Options (Details) - Recurring basis - Level 3
$ in Thousands
Jun. 30, 2025
USD ($)
Exercise price  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Purchase options, exercise price $ 8,206
Expected volatility  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Purchase options, measurement input 0.5220
Risk free rate  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Purchase options, measurement input 0.0415
Expected annualized equity dividend yield  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Purchase options, measurement input 0
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Franchise agreements        
Commitments and contingencies        
Deposits required under the agreement as a percentage of the hotel property's gross revenue, into a reserve fund for capital expenditures     5.00%  
Fees related to the agreement $ 15.0 $ 14.2 $ 28.8 $ 27.6
Franchise agreements | Minimum        
Commitments and contingencies        
Management agreement, term     10 years  
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue     3.00%  
Franchise agreements | Maximum        
Commitments and contingencies        
Management agreement, term     30 years  
Franchise fees received by each franchisor as a percentage of each hotel property's gross revenue     6.00%  
Marketing fees payable as a percentage of gross revenue     4.00%  
Management Agreements        
Commitments and contingencies        
Management agreement, term     12 years  
Fees related to the agreement $ 4.4 $ 4.4 $ 8.9 $ 9.3
v3.25.2
EQUITY-BASED COMPENSATION - Time-based Restricted Stock Activity (Details) - Restricted stock - Time-based restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Number  of Shares    
Non-vested at the beginning of period (in shares) 1,152,823  
Granted (in shares) 693,020  
Vested (in shares) (399,938)  
Forfeited (in shares) (30,673)  
Non-vested at the end of period (in shares) 1,415,232  
Weighted-Average Grant Date  Fair Value    
Non-vested at the beginning of period (in dollars per share) $ 7.28  
Granted (in dollars per share) 6.63  
Vested (in dollars per share) 8.14  
Forfeited (in dollars per share) 6.67  
Non-vested at the end of period (in dollars per share) $ 6.73  
Aggregate Current Value    
Aggregate Current Value $ 7,204 $ 7,897
v3.25.2
EQUITY-BASED COMPENSATION - Additional Information (Details) - Restricted stock
 6 Months Ended
Jun. 30, 2025
Executive officers | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 0.00%
Executive officers | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 200.00%
Time-based restricted stock | Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Time-based restricted stock | Employees | Period one  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 25.00%
Time-based restricted stock | Employees | Period two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 25.00%
Time-based restricted stock | Employees | Period three  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 50.00%
Time-based restricted stock | Executive officers  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Time-based restricted stock | Executive officers | Period one  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 25.00%
Time-based restricted stock | Executive officers | Period two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 25.00%
Time-based restricted stock | Executive officers | Period three  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 50.00%
v3.25.2
EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Restricted stock - Performance-based restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Number  of Shares    
Non-vested at the beginning of period (in shares) 1,239,748  
Granted (in shares) 576,475  
Vested (in shares) (154,397)  
Forfeited (in shares) (152,038)  
Non-vested at the end of period (in shares) 1,509,788  
Weighted Average Grant Date Fair Value    
Non-vested at the beginning of period (in dollars per share) $ 9.53  
Granted (in dollars per share) 7.66  
Vested (in dollars per share) 12.26  
Forfeited (in dollars per share) 12.26  
Non-vested at the end of period (in dollars per share) $ 8.26  
Aggregate Current Value    
Aggregate Current Value $ 7,685 $ 8,492
v3.25.2
EQUITY-BASED COMPENSATION - Equity-Based Compensation Expense (Details) - Corporate general and administrative - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation expense $ 2,789 $ 2,635 $ 4,705 $ 4,483
Direct Stock | Annual grants to independent directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation expense 776 767 776 767
Time-based restricted stock | Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation expense 982 618 1,909 1,488
Performance-based restricted stock | Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share based compensation expense $ 1,031 $ 1,250 $ 2,020 $ 2,228
v3.25.2
EQUITY-BASED COMPENSATION - Unrecognized Equity-based Compensation Expense for all Non-vested Awards (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Total $ 14,384
2025 4,119
2026 6,148
2027 3,583
2028 534
Time-based restricted stock | Restricted stock  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Total 7,341
2025 2,028
2026 3,166
2027 1,886
2028 261
Performance-based restricted stock | Restricted stock  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Total 7,043
2025 2,091
2026 2,982
2027 1,697
2028 $ 273
v3.25.2
INCOME TAXES (Details)
Jun. 30, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Valuation allowance $ 2,200,000
Unrecognized tax benefits $ 0
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income $ 2,037 $ 38,698 $ 2,660 $ 41,531
Distributions to and accretion on redeemable non-controlling interests (657) (657) (1,314) (1,314)
Preferred dividends (3,968) (3,968) (7,938) (7,938)
(Income) loss from non-controlling interests in joint ventures 769 1,375 (514) 737
Dividends paid on unvested time-based restricted stock (117) (88) (210) (140)
Allocation of loss (income) to participating securities 210 (4,822) 782 (4,412)
Numerator for (loss) income per common stockholder - basic (1,726) 30,538 (6,534) 28,464
Allocation of income to participating securities 0 3,533 0 2,180
Numerator for (loss) income per common stockholder - diluted $ (1,726) $ 34,071 $ (6,534) $ 30,644
Denominator:        
Weighted average common shares outstanding - basic (in shares) 107,633 105,918 107,820 105,819
Dilutive effect of equity-based compensation awards (in shares) 0 1,968 0 1,896
Effect of assumed conversion of convertible debt (in shares) 0 25,617 0 25,448
Effect of assumed conversion of Operating Partnership units (in shares) 0 15,948 0 15,949
Weighted average common shares outstanding - diluted (in shares) 107,633 149,451 107,820 149,112
Net (loss) income per share available to common stockholders:        
Basic (in dollars per share) $ (0.02) $ 0.29 $ (0.06) $ 0.27
Diluted (in dollars per share) $ (0.02) $ 0.23 $ (0.06) $ 0.21
v3.25.2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash payments for interest $ 37,908 $ 42,619
Accrued improvements to lodging properties 8,101 10,054
Cash payments for income taxes, net of refunds 1,099 1,377
Accrued and unpaid dividends on unvested performance-based restricted stock $ 522 $ 44
v3.25.2
SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
state
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
state
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]        
Number of states in which hotel properties are located | state 25   25  
Lodging property revenues:        
Total revenues $ 192,917 $ 193,903 $ 377,395 $ 382,045
Lodging property expenses:        
Property taxes, insurance and other 13,706 13,287 27,017 27,572
Management fees 4,411 4,434 8,906 9,331
Reportable Segments        
Lodging property revenues:        
Total revenues 192,917 193,903 377,395 382,045
Lodging property expenses:        
Sales and marketing 24,807 24,738 48,557 48,241
Administrative and general 14,833 14,707 29,328 29,156
Property taxes, insurance and other 13,706 13,287 27,017 27,572
Property operations & maintenance 8,256 7,410 16,077 15,040
Utility costs 6,931 6,309 13,969 12,941
Management fees 4,411 4,434 8,906 9,331
Other lodging property expenses 4,116 4,306 7,934 8,353
Total lodging property expenses 124,614 120,874 243,465 240,492
Hotel EBITDA 68,303 73,029 133,930 141,553
Room        
Lodging property revenues:        
Total revenues 170,599 173,025 334,330 340,456
Lodging property expenses:        
Cost of goods and services sold 39,166 38,044 75,298 74,017
Room | Reportable Segments        
Lodging property revenues:        
Total revenues 170,599 173,025 334,330 340,456
Lodging property expenses:        
Cost of goods and services sold 39,166 38,044 75,298 74,017
Food and beverage        
Lodging property revenues:        
Total revenues 11,195 10,069 22,185 20,902
Lodging property expenses:        
Cost of goods and services sold 8,388 7,639 16,379 15,841
Food and beverage | Reportable Segments        
Lodging property revenues:        
Total revenues 11,195 10,069 22,185 20,902
Lodging property expenses:        
Cost of goods and services sold 8,388 7,639 16,379 15,841
Other        
Lodging property revenues:        
Total revenues 11,123 10,809 20,880 20,687
Lodging property expenses:        
Cost of goods and services sold 58,943 57,470 115,865 113,731
Other | Reportable Segments        
Lodging property revenues:        
Total revenues $ 11,123 $ 10,809 $ 20,880 $ 20,687
v3.25.2
SEGMENT INFORMATION - Schedule of reconciliation of Income from continuing operations before income taxes to Hotel EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income from continuing operations before income taxes $ 3,215 $ 41,073 $ 4,592 $ 44,123
Depreciation and amortization 37,259 36,458 74,489 73,257
Corporate general and administrative 8,280 8,704 16,851 17,015
Loss (gain) on disposal of assets, net 80 (28,342) 79 (28,417)
Interest expense 20,628 20,830 40,584 42,412
Interest income (301) (565) (577) (1,023)
Gain on extinguishment of debt 0 (3,000) 0 (3,000)
Other income, net (858) (2,129) (2,088) (2,814)
Reportable Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income from continuing operations before income taxes 3,215 41,073 4,592 44,123
Depreciation and amortization 37,259 36,458 74,489 73,257
Corporate general and administrative 8,280 8,704 16,851 17,015
Loss (gain) on disposal of assets, net 80 (28,342) 79 (28,417)
Interest expense 20,628 20,830 40,584 42,412
Interest income (301) (565) (577) (1,023)
Other income, net (858) (2,129) (2,088) (2,814)
Hotel EBITDA $ 68,303 $ 73,029 $ 133,930 $ 141,553
v3.25.2
SUBSEQUENT EVENTS (Details)
 1 Months Ended 6 Months Ended 12 Months Ended
Aug. 01, 2025
$ / shares
Jul. 31, 2025
USD ($)
extension
Jun. 30, 2025
Dec. 31, 2024
Subsequent Event        
Subsequent Event [Line Items]        
Common stock cash dividend (in dollars per share) $ 0.08      
Subsequent Event | 2025 GIC Joint Venture Term Loan | Unsecured debt        
Subsequent Event [Line Items]        
Debt instrument, face amount | $   $ 400,000,000    
Line of credit facility, extension periods | extension   2    
Debt extension period   12 months    
Debt basis spread on variable rate   2.35%    
6.25% Series E Preferred Stock        
Subsequent Event [Line Items]        
Preferred stock, dividend rate     6.25% 6.25%
6.25% Series E Preferred Stock | Subsequent Event        
Subsequent Event [Line Items]        
Cash dividends declared, preferred stock (in dollars per share) $ 0.390625      
Preferred stock, dividend rate 6.25%      
5.875% Series F Preferred Stock        
Subsequent Event [Line Items]        
Preferred stock, dividend rate     5.875% 5.875%
5.875% Series F Preferred Stock | Subsequent Event        
Subsequent Event [Line Items]        
Cash dividends declared, preferred stock (in dollars per share) $ 0.3671875      
Preferred stock, dividend rate 5.875%      
5.250% Series Z Preferred Units | Subsequent Event        
Subsequent Event [Line Items]        
Cash dividends declared, preferred stock (in dollars per share) $ 0.328125      
Preferred stock, dividend rate 5.25%