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Acquisition of Hotel Properties
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisition of Hotel Properties Acquisitions
On January 29, 2024, the Company acquired the fee simple interest in its Wyndham Boston Beacon Hill hotel property in Boston, Massachusetts, which was previously owned via a leasehold interest that was subject to a ground lease, for a purchase price of approximately $125.0 million. The acquisition was accounted for as an asset acquisition, whereby approximately $0.2 million of transaction costs were capitalized as part of the cost of the acquisition. The existing right-of-use asset of $1.3 million, lease liability of $0.1 million and $125.2 million cost of the acquisition were recorded as land in the accompanying consolidated balance sheet.

Also during the year ended December 31, 2024, the Company acquired a 100% interest in the following property:
PropertyLocationAcquisition DateManagement CompanyRoomsPurchase Price (in thousands)
Hotel TeatroDenver, COJune 13, 2024Sage Hospitality110 $35,500 

The acquisition of Hotel Teatro was accounted for as an asset acquisition, whereby approximately $0.6 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands):
December 31, 2024
Land and improvements$3,433 
Buildings and improvements29,718 
Furniture, fixtures and equipment2,996 
Total purchase price $36,147 

During the year ended December 31, 2022, the Company acquired a 100% interest in the following property:
Property (1)LocationAcquisition DateManagement Company (1)RoomsPurchase Price (in thousands)
21c Hotel NashvilleNashville, TNJuly 29, 2022Accor Hotels124 $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.

The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.1 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands):
December 31, 2022
Land and improvements$19,807 
Buildings and improvements36,223 
Furniture, fixtures and equipment4,081 
Total purchase price $60,111 
In connection with the acquisitions of Hotel Teatro and the 21c Hotel Nashville, the value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach used inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets.