Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

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

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2024 (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
AC Hotel Minneapolis Downtown	—		4,141		24,549		—		4,141		24,549		28,690		(103)		28,587		2024	10 - 40 Years
Atlanta Marriott Alpharetta	$	—	$	3,623	$	33,503	$	6,071	$	3,623	$	39,574	$	43,197	$	(17,896)	$	25,301	2005	10 - 40 Years
Bourbon Orleans Hotel			20,644		60,969		4,680		20,645		65,648		86,293		(5,459)		80,834		2021	10 - 40 Years
Cavallo Point, The Lodge at Golden Gate			—		123,100		9,870		—		132,970		132,970		(27,131)		105,839		2018	10 - 40 Years
Chicago Marriott Downtown, Magnificent Mile	—		36,900		347,921		99,974		36,900		447,895		484,795		(188,562)		296,233		2006	10 - 40 Years
Chico Hot Springs Resort & Day Spa	—		11,291		20,595		1,245		11,291		21,840		33,131		(1,563)		31,568		2023	10 - 20 Years
Embassy Suites by Hilton Bethesda	—		—		45,656		10,683		—		56,339		56,339		(25,260)		31,079		2004	10 - 40 Years
The Gwen Hotel	—		31,650		76,961		25,374		31,650		102,335		133,985		(40,394)		93,591		2006	10 - 40 Years
Courtyard Denver Downtown	—		9,400		36,180		6,806		9,400		42,986		52,386		(14,482)		37,904		2011	10 - 40 Years
Courtyard New York Manhattan/Fifth Avenue	—		—		34,685		10,008		—		44,693		44,693		(20,041)		24,652		2004	10 - 40 Years
Courtyard New York Manhattan/Midtown East	—		16,500		54,812		11,338		16,500		66,150		82,650		(29,958)		52,692		2004	10 - 40 Years
Havana Cabana Key West	—		32,888		13,371		7,268		32,888		20,639		53,527		(4,359)		49,168		2014	10 - 40 Years
Henderson Beach Resort			10,118		93,176		5,466		10,645		98,115		108,760		(7,599)		101,161		2021	10 - 40 Years
Henderson Park Inn			8,395		17,462		2,221		8,539		19,539		28,078		(1,906)		26,172		2021	10 - 40 Years
Hotel Champlain Burlington	—		9,197		40,644		17,927		9,197		58,571		67,768		(14,607)		53,161		2012	10 - 40 Years
Hilton Garden Inn New York/Times Square Central	—		60,300		88,896		2,538		60,300		91,434		151,734		(23,602)		128,132		2014	10 - 40 Years
Hotel Clio	(54,657)		9,200		63,183		15,576		9,200		78,759		87,959		(23,671)		64,288		2011	10 - 40 Years
Hotel Emblem San Francisco	—		7,856		21,085		9,081		7,856		30,166		38,022		(7,759)		30,263		2012	10 - 40 Years
Hotel Palomar Phoenix	—		—		59,703		3,139		—		62,842		62,842		(10,465)		52,377		2018	10 - 40 Years
The Hythe Vail	—		5,800		52,463		38,342		5,800		90,805		96,605		(31,834)		64,771		2005	10 - 40 Years
Kimpton Shorebreak Fort Lauderdale Beach Resort	—		3,436		29,206		1,309		3,436		30,515		33,951		(2,137)		31,814		2022	10 - 40 Years
Kimpton Shorebreak Huntington Beach Resort	—		19,908		37,525		5,446		20,423		42,456		62,879		(10,516)		52,363		2015	10 - 40 Years
Margaritaville Beach House Key West	—		49,592		42,958		18,980		49,592		61,938		111,530		(12,870)		98,660		2015	10 - 40 Years
Lake Austin Spa Resort	—		25,089		43,879		804		25,089		44,683		69,772		(2,850)		66,922		2022	10 - 40 Years
The Landing Lake Tahoe Resort & Spa	—		14,816		24,351		2,623		14,816		26,974		41,790		(4,634)		37,156		2018	10 - 40 Years
L'Auberge de Sedona	—		39,384		22,204		10,120		39,384		32,324		71,708		(5,670)		66,038		2017	10 - 40 Years
Orchards Inn Sedona	—		9,726		10,180		924		9,726		11,104		20,830		(2,290)		18,540		2017	10 - 40 Years
Salt Lake City Marriott Downtown at City Creek	—		—		45,815		21,687		—		67,502		67,502		(26,811)		40,691		2004	10 - 40 Years
The Dagny Boston	—		23,262		128,628		43,467		23,262		172,095		195,357		(45,775)		149,582		2012	10 - 40 Years
The Lindy Renaissance Charleston Hotel	—		5,900		32,511		11,099		5,900		43,610		49,510		(13,857)		35,653		2010	10 - 40 Years
The Lodge at Sonoma Resort	—		3,951		22,720		17,383		3,951		40,103		44,054		(13,124)		30,930		2004	10 - 40 Years
Tranquility Bay Beachfront Resort	—		1,865		19,357		256		1,865		19,613		21,478		(1,520)		19,958		2022	10 - 40 Years


Westin Boston Seaport District	(169,385)		—		273,696		39,009		—		312,705		312,705		(134,847)		177,858		2007	10 - 40 Years
Westin Fort Lauderdale Beach Resort	—		54,293		83,227		18,723		54,293		101,950		156,243		(24,360)		131,883		2014	10 - 40 Years
Westin San Diego Bayview	—		22,902		95,617		21,693		22,902		117,310		140,212		(34,008)		106,204		2012	10 - 40 Years
Westin Washington D.C City Center	—		24,579		122,229		(146,808)		17,699		102,754		120,453		(31,624)		88,829		2012	10 - 40 Years
Worthington Renaissance Fort Worth Hotel	(71,766)		15,500		63,428		32,612		17,172		94,368		111,540		(36,423)		75,117		2005	10 - 40 Years
Total	$	(295,808)	$	592,106	$	2,406,445	$	507,387	$	588,085	$	2,917,853	$	3,505,938	$	(899,967)	$	2,605,971

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


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
Additions:
Acquisitions	28,690
Capital expenditures	50,846
Deductions:
Impairment losses	(43,920)
Dispositions and other	(7,004)
Balance at December 31, 2024	$	3,505,938

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):


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
Depreciation and amortization	77,018
Impairment losses	(11,347)
Dispositions and other	(7,004)
Balance at December 31, 2024	$	899,967

C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,443,554 as of December 31, 2024.