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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table sets forth information regarding the Company’s debt (dollars in thousands):
Principal Balance as of
LoanInterest RateMaturity DateSeptember 30, 2025December 31, 2024
Worthington Renaissance Fort Worth Hotel mortgage loan3.66%May 2025$— $71,766 
Hotel Clio mortgage loan4.33%July 2025— 54,657 
Westin Boston Seaport District mortgage loan4.36%November 2025— 169,385 
Unsecured term loan
SOFR + 1.35%
January 2026 (1)
— 300,000 
Unsecured term loan
 SOFR + 1.35% (2)
January 2028 (3)
500,000 500,000 
Unsecured term loan
SOFR + 1.35% (4)
January 2029 (3)
300,000 — 
Unsecured term loan
SOFR + 1.35% (4)
January 2030300,000 — 
Senior unsecured credit facility
SOFR + 1.40%
January 2030 (3)
— — 
Total debt1,100,000 1,095,808 
Unamortized debt issuance costs (5)
(1,244)(514)
Debt, net of unamortized debt issuance costs$1,098,756 $1,095,294 
Weighted-Average Interest Rate (6)
5.31% 
_______________________
(1)In connection with the Seventh Amended and Restated Credit Agreement, the existing $300.0 million unsecured term loan maturing in January 2026 was refinanced with two new $300.0 million unsecured term loans.
(2)Interest rate as of September 30, 2025 was 5.02%, which includes the effect of interest rate swaps.
(3)Maturity date may be extended for two additional six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.
(4)Interest rate as of September 30, 2025 was 5.47%.
(5)Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheets.
(6)Includes the effect of interest rate swaps. See Note 6 for additional disclosures on interest rate swaps.
Schedule of Line of Credit Facility Leverage and Applicable Margin The applicable margin is based upon our leverage ratio, as follows:
Leverage RatioApplicable Margin for Revolving LoansApplicable Margin for Term Loans
Less than 30%
1.40%
1.35%
Greater than or equal to 30% but less than 35%
1.45%
1.40%
Greater than or equal to 35% but less than 40%
1.50%
1.45%
Greater than or equal to 40% but less than 45%
1.60%
1.55%
Greater than or equal to 45% but less than 50%
1.80%
1.75%
Greater than or equal to 50% but less than 55%
1.95%
1.85%
Greater than or equal to 55%
2.25%
2.20%
Schedule of the Most Significant Covenants The Amended Credit Facility contains various financial covenants. A summary of the most significant covenants is as follows:
Actual at
Covenant September 30, 2025
Maximum leverage ratio (1)
60%
24.8%
Minimum fixed charge coverage ratio (2)
1.50x
3.24x
Secured recourse indebtedness
Less than 45% of Total Asset Value
0.0%
Maximum unencumbered leverage ratio
60%
32.1%
Minimum unencumbered implied debt service coverage ratio
1.20x
2.33x
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(1)Leverage ratio is net indebtedness, as defined in the Amended Credit Facility, divided by total asset value, defined in the Amended Credit Facility as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Amended Credit Facility as EBITDA less FF&E reserves, for the most recent trailing 12 month period, to fixed charges, which is defined in the Amended Credit Facility as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same 12 month period.
Schedule of Components of Interest Expense
The components of the Company's interest expense consist of the following (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Unsecured term loan interest$14,223 $12,665 $35,853 $35,419 
Mortgage debt interest1,414 3,527 7,205 11,572 
Credit facility interest and unused fees504 315 1,124 938 
Amortization of debt issuance costs494 479 1,550 1,505 
Finance lease expense(1)
476 — $1,405 $— 
$17,111 $16,986 $47,137 $49,434 
_____________
(1)In October 2024, we extended the term on one of our ground leases, and, as a result, the lease classification changed from an operating lease to a finance lease.