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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer.

The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment.

The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at the Company’s hotel properties.

The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense, adjusted for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table presents information about profit or loss for the hotel segment:
For the Years Ended December 31,
202420232022
Revenues         
Room revenue$1,121,586 $1,095,028 $1,002,454 
Food and beverage revenue153,108 141,625 117,027 
Other revenue94,746 88,924 74,181 
Total revenues1,369,440 1,325,577 1,193,662 
Operating expenses         
Room expense288,567 277,058 253,441 
Food and beverage expense117,766 109,707 87,402 
Management and franchise fee expense107,978 107,417 95,565 
Other operating expenses363,631 340,485 308,000 
Total operating expenses877,942 834,667 744,408 
Property tax, insurance and other107,043 100,229 86,996 
Other, net (1)(14,300)(11,535)(8,470)
Hotel EBITDA$398,755 $402,216 $370,728 
(1)    Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.

The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals:
For the Years Ended December 31,
202420232022
Income before income tax expense $69,790 $77,873 $43,733 
Depreciation and amortization179,431 179,103 184,875 
Interest expense, net of interest income94,044 79,064 88,596 
General and administrative54,804 58,998 56,330 
(Gain) loss on sale of hotel properties, net(8,262)34 (1,017)
Other, net8,948 7,144 (1,789)
Hotel EBITDA$398,755 $402,216 $370,728 

A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.