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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Property and equipment, net $ 2,605,828 $ 2,631,221
Assets held for sale 0 93,400
Right-of-use assets 89,264 89,931
Restricted cash 50,081 47,408
Due from hotel managers 173,677 145,947
Prepaid and other assets 82,217 82,963
Cash and cash equivalents 145,336 81,381
Total assets 3,146,403 3,172,251
Liabilities:    
Debt, net of unamortized debt issuance costs 1,098,756 1,095,294
Lease liabilities 86,585 85,235
Due to hotel managers 132,574 121,734
Liabilities of assets held for sale 0 3,352
Deferred rent 76,680 73,535
Unfavorable contract liabilities, net 56,964 58,208
Accounts payable and accrued expenses 92,466 79,201
Distributions declared and unpaid 17,430 49,034
Deferred income related to key money, net 7,482 7,726
Total liabilities 1,568,937 1,573,319
Equity:    
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at September 30, 2025 and December 31, 2024 48 48
Common stock, $0.01 par value; 400,000,000 shares authorized; 203,903,882 and 207,592,210 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 2,039 2,076
Additional paid-in capital 2,233,400 2,268,521
Accumulated other comprehensive loss (5,934) (1,360)
Distributions in excess of earnings (661,187) (679,050)
Total stockholders’ equity 1,568,366 1,590,235
Noncontrolling interests 9,100 8,697
Total equity 1,577,466 1,598,932
Total liabilities and equity $ 3,146,403 $ 3,172,251