Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2023 (in thousands)


							Costs
			Initial Cost				Capitalized		Gross Amount at End of Year
					Building and		Subsequent to				Building and				Accumulated		Net Book		Year of	Depreciation
Description	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Value		Acquisition	Life
Atlanta Marriott Alpharetta	$	—	$	3,623	$	33,503	$	5,576	$	3,623	$	39,079	$	42,702	$	(16,783)	$	25,919	2005	10 - 40 Years
Bourbon Orleans Hotel			20,644		60,969		2,623		20,645		63,591		84,236		(3,780)		80,456		2021	10 - 40 Years
Cavallo Point, The Lodge at Golden Gate			—		123,100		8,360		—		131,460		131,460		(22,483)		108,977		2018	10 - 40 Years
Chicago Marriott Downtown, Magnificent Mile	—		36,900		347,921		98,124		36,900		446,045		482,945		(177,735)		305,210		2006	10 - 40 Years
Chico Hot Springs Resort & Day Spa	—		11,291		20,595		382		11,291		20,977		32,268		(445)		31,823		2023	10 - 20 Years
Embassy Suites by Hilton Bethesda	—		—		45,656		10,626		—		56,282		56,282		(23,901)		32,381		2004	10 - 40 Years
The Gwen Hotel	—		31,650		76,961		25,036		31,650		101,997		133,647		(37,760)		95,887		2006	10 - 40 Years
Courtyard Denver Downtown	—		9,400		36,180		6,653		9,400		42,833		52,233		(13,212)		39,021		2011	10 - 40 Years
Courtyard New York Manhattan/Fifth Avenue	—		—		34,685		8,831		—		43,516		43,516		(18,872)		24,644		2004	10 - 40 Years
Courtyard New York Manhattan/Midtown East	(74,346)		16,500		54,812		9,972		16,500		64,784		81,284		(28,305)		52,979		2004	10 - 40 Years
Havana Cabana Key West	—		32,888		13,371		6,408		32,888		19,779		52,667		(4,456)		48,211		2014	10 - 40 Years
Henderson Beach Resort			10,118		93,176		3,709		10,645		96,358		107,003		(4,980)		102,023		2021	10 - 40 Years
Henderson Park Inn			8,395		17,462		1,895		8,539		19,213		27,752		(1,309)		26,443		2021	10 - 40 Years
Hilton Burlington Lake Champlain	—		9,197		40,644		10,554		9,197		51,198		60,395		(13,182)		47,213		2012	10 - 40 Years
Hilton Garden Inn New York/Times Square Central	—		60,300		88,896		2,175		60,300		91,071		151,371		(21,217)		130,154		2014	10 - 40 Years
Hotel Clio	(56,091)		9,200		63,183		14,693		9,200		77,876		87,076		(21,714)		65,362		2011	10 - 40 Years
Hotel Emblem San Francisco	—		7,856		21,085		9,042		7,856		30,127		37,983		(6,975)		31,008		2012	10 - 40 Years
Hotel Palomar Phoenix	—		—		59,703		2,979		—		62,682		62,682		(8,899)		53,783		2018	10 - 40 Years
The Hythe Vail	—		5,800		52,463		37,390		5,800		89,853		95,653		(29,502)		66,151		2005	10 - 40 Years
Kimpton Shorebreak Fort Lauderdale Beach Resort	—		3,436		29,206		893		3,436		30,099		33,535		(1,301)		32,234		2022	10 - 40 Years
Kimpton Shorebreak Huntington Beach Resort	—		19,908		37,525		5,128		20,423		42,138		62,561		(9,368)		53,193		2015	10 - 40 Years
Margaritaville Beach House Key West	—		49,592		42,958		17,788		49,592		60,746		110,338		(11,746)		98,592		2015	10 - 40 Years
Lake Austin Spa Resort	—		25,089		43,879		295		25,089		44,174		69,263		(1,457)		67,806		2022	10 - 40 Years
The Landing Lake Tahoe Resort & Spa	—		14,816		24,351		1,756		14,816		26,107		40,923		(3,916)		37,007		2018	10 - 40 Years
L'Auberge de Sedona	—		39,384		22,204		8,201		39,384		30,405		69,789		(4,713)		65,076		2017	10 - 40 Years
Orchards Inn Sedona	—		9,726		10,180		690		9,726		10,870		20,596		(1,971)		18,625		2017	10 - 40 Years
Salt Lake City Marriott Downtown at City Creek	—		—		45,815		19,204		—		65,019		65,019		(24,864)		40,155		2004	10 - 40 Years
The Dagny Boston (formerly Hilton Boston Downtown/Faneuil Hall)	—		23,262		128,628		41,714		23,262		170,342		193,604		(41,153)		152,451		2012	10 - 40 Years
The Lindy Renaissance Charleston Hotel	—		5,900		32,511		10,833		5,900		43,344		49,244		(12,647)		36,597		2010	10 - 40 Years
The Lodge at Sonoma Resort	—		3,951		22,720		23,229		3,951		45,949		49,900		(17,868)		32,032		2004	10 - 40 Years
Tranquility Bay Beachfront Resort	—		1,865		19,357		34		1,865		19,391		21,256		(997)		20,259		2022	10 - 40 Years
Westin Boston Seaport District	(174,025)		—		273,696		39,172		—		312,868		312,868		(128,190)		184,678		2007	10 - 40 Years


Westin Fort Lauderdale Beach Resort	—		54,293		83,227		15,169		54,293		98,396		152,689		(21,576)		131,113		2014	10 - 40 Years
Westin San Diego Bayview	—		22,902		95,617		13,188		22,902		108,805		131,707		(30,542)		101,165		2012	10 - 40 Years
Westin Washington D.C City Center	—		24,579		122,229		16,277		24,579		138,506		163,085		(39,089)		123,996		2012	10 - 40 Years
Worthington Renaissance Fort Worth Hotel	(73,727)		15,500		63,428		28,866		17,172		90,622		107,794		(34,392)		73,402		2005	10 - 40 Years
Total	$	(378,189)	$	587,965	$	2,381,896	$	507,465	$	590,824	$	2,886,502	$	3,477,326	$	(841,300)	$	2,636,026

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


Balance at December 31, 2020	$	3,350,481
Additions:
Acquisitions	210,764
Capital expenditures	41,482
Deductions:
Impairment losses	(175,551)
Dispositions and other	(205,358)
Balance at December 31, 2021	3,221,818
Additions:
Acquisitions	122,832
Capital expenditures	39,859



Balance at December 31, 2022	3,384,509
Additions:
Acquisitions	31,886
Capital expenditures	60,931



Balance at December 31, 2023	$	3,477,326

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):


Balance at December 31, 2020	$	683,543
Depreciation and amortization	70,765
Impairment losses	(61,002)

Balance at December 31, 2021	693,306
Depreciation and amortization	75,328


Balance at December 31, 2022	768,634
Depreciation and amortization	72,666


Balance at December 31, 2023	$	841,300

C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,371,023 as of December 31, 2023.