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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We have one reportable segment, which is hotel ownership. The hotel ownership segment is mostly comprised of upper upscale and luxury chain scale hotels that offer hotel rooms, food and beverage and other ancillary guest services. The Company’s chief operating decision maker (“CODM”) is the Executive Committee which includes: 1) the Chief Executive Officer, 2) the President and Chief Operating Officer, 3) the Executive Vice President, Chief Financial Officer & Treasurer, and 4) the Senior Vice President, General Counsel & Corporate Secretary. The CODM evaluates the hotel ownership segment primarily based on hotel adjusted earnings (loss) before interest income and expense, taxes and depreciation and amortization (“Hotel Adjusted EBITDA”). The CODM uses Hotel Adjusted EBITDA to evaluate the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis, in order to make informed decisions on how to allocate resources. Hotel Adjusted EBITDA is also used to monitor budget versus actual results. The monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from the CODM’s analysis in making day-to-day operating decisions: ▪Non-cash lease expense and other amortization ▪Cumulative effect of a change in accounting principles ▪Gains or losses from early extinguishment of debt ▪Hotel acquisition costs ▪Severance costs ▪Hotel manager transition items ▪Hotel pre-opening costs ▪Impairment losses, gains or losses on asset sales and casualty gains or losses; and ▪Other items that we believe are not representative of our current or future operating performance. The following table presents revenues for our hotel ownership segment reconciled to our consolidated amounts and Hotel Adjusted EBITDA reconciled to consolidated net income (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024 |  |
Revenues: |  |  |  |  |
Hotel ownership revenue | $ | 254,853 |  |  | $ | 256,423 |  |  |
Total consolidated revenue | 254,853 |  |  | 256,423 |  |  |
Significant expenses: |  |  |  |  |
Rooms expense | 43,843 |  |  | 43,968 |  |  |
Food and beverage expense | 46,417 |  |  | 47,239 |  |  |
Other departmental and support expenses | 65,286 |  |  | 64,600 |  |  |
Management fees | 5,415 |  |  | 5,708 |  |  |
Franchise fees | 9,048 |  |  | 9,026 |  |  |
Property taxes | 14,281 |  |  | 13,022 |  |  |
Total significant expenses | 184,290 |  |  | 183,563 |  |  |
Other segment expenses: |  |  |  |  |
Other hotel expenses(1) | 8,899 |  |  | 11,446 |  |  |
Hotel adjusted EBITDA: | 61,664 |  |  | 61,414 |  |  |
Non-cash lease expense and other amortization | 1,299 |  |  | 1,518 |  |  |
Hotel pre-opening and manager transition items | 23 |  |  | 234 |  |  |
Depreciation and amortization | 27,892 |  |  | 28,313 |  |  |
Corporate expenses | 7,683 |  |  | 8,904 |  |  |
Interest expense | 15,158 |  |  | 16,246 |  |  |
Interest income | (781) |  |  | (1,050) |  |  |
Other (income) expense, net | (683) |  |  | (19) |  |  |
Income tax benefit | (842) |  |  | (1,090) |  |  |
Consolidated net income: | $ | 11,915 |  |  | $ | 8,358 |  |  |
_____________________________ (1)Other hotel expenses is principally comprised of cash payments for leases and property insurance. The following table presents total assets for our hotel ownership segment, reconciled to total consolidated assets (in thousands):
| March 31, 2025 |  | December 31, 2024
Hotel ownership | $ | 2,986,278 |  |  | $ | 3,063,835 |
All other | 115,319 |  |  | 108,416 |
Total assets | $ | 3,101,597 |  |  | $ | 3,172,251 |
Total capital expenditures related to our hotel ownership segment were $25.6 million and $18.9 million for the three months ended March 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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