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Acquisition of Hotel Properties (Tables) | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |  |
Hotel Acquisition | Also during the year ended December 31, 2024, the Company acquired a 100% interest in the following property:
Property |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Hotel Teatro |  | Denver, CO |  | June 13, 2024 |  | Sage Hospitality |  | 110 |  |  | $ | 35,500 |
| During the year ended December 31, 2022, the Company acquired a 100% interest in the following property:
Property (1) |  | Location |  | Acquisition Date |  | Management Company (1) |  | Rooms |  | Purchase Price (in thousands)
21c Hotel Nashville |  | Nashville, TN |  | July 29, 2022 |  | Accor Hotels |  | 124 |  |  | $ | 59,000 |
(1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton.
Asset Acquisition, Transaction Costs | The allocation of the costs for the property acquired was as follows (in thousands):
| December 31, 2024
Land and improvements | $ | 3,433 |  |  |
Buildings and improvements | 29,718 |  |  |
Furniture, fixtures and equipment | 2,996 |  |  |
Total purchase price | $ | 36,147 |  |  |
| The allocation of the costs for the property acquired was as follows (in thousands):
| December 31, 2022
Land and improvements | $ | 19,807 |  |  |
Buildings and improvements | 36,223 |  |  |
Furniture, fixtures and equipment | 4,081 |  |  |
Total purchase price | $ | 60,111 |  |  |

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