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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity | Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On April 28, 2023, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2023 to May 8, 2024 (the "2023 Share Repurchase Program"). During the year ended December 31, 2023, the Company repurchased and retired 7,463,632 common shares for approximately $76.0 million, of which $39.9 million was repurchased under a share repurchase program authorized by the Company’s board of trustees in 2022, which expired May 8, 2023, and $36.1 million was repurchased under the 2023 Share Repurchase Program. Subsequent to December 31, 2023, the Company repurchased and retired 105,511 common shares for approximately $1.3 million. As of February 27, 2024, the 2023 Share Repurchase Program had a remaining capacity of $212.7 million. During the year ended December 31, 2022, the Company repurchased and retired 4,907,094 common shares for approximately $57.6 million. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the years ended December 31, 2023, 2022, and 2021, the Company declared a cash dividend of $0.36, $0.12, and $0.04, respectively, on each common share. Series A Preferred Shares Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. During each of the years ended December 31, 2023, 2022 and 2021, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2023, the Operating Partnership had 156,069,660 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2023, the limited partners owned 771,831 OP units. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

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- Definition This element may be used for entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable) and also includes disclosure for the formation, structure, control and ownership of the partnership. + References No definition available. + Details
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- References No definition available. + Details
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