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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2024
(amounts in thousands)
Initial CostsCosts Capitalized Subsequent to Acquisition
Gross Amount at December 31, 2024
DescriptionDebtLand &
Improvements		Building &
Improvements		Land, Building &
Improvements		Land &
Improvements		Buildings &
Improvements		Total (1)Accumulated
Depreciation		Date
Acquired		Depreciation
Life
Marriott Denver South @ Park Meadows$— $5,385 $39,488 $4,641 $5,393 $44,121 $49,514 $20,740 2006
15 - 40 years
Marriott Louisville Downtown— — 89,541 25,423 147 114,817 114,964 50,900 2006
15 - 40 years
Marriott Chicago Midway— 4,464 32,736 3,628 4,496 36,332 40,828 16,803 2006
15 - 40 years
Renaissance Boulder Flatiron Hotel— 4,440 32,557 10,256 4,847 42,406 47,253 17,463 2006
15 - 40 years
Renaissance Fort Lauderdale West Hotel— 4,842 35,517 9,919 4,940 45,338 50,278 19,080 2006
15 - 40 years
Courtyard Chicago Downtown Magnificent Mile— 8,140 59,696 10,239 8,148 69,927 78,075 32,174 2006
15 - 40 years
Courtyard Indianapolis @ The Capitol— 2,482 18,207 4,300 2,647 22,342 24,989 9,841 2006
15 - 40 years
Courtyard Midway Airport— 2,172 15,927 3,736 2,211 19,624 21,835 9,526 2006
15 - 40 years
Courtyard Austin Downtown Convention Center— 6,049 44,361 6,309 6,058 50,661 56,719 21,012 2007
15 - 40 years
Residence Inn Houston By The Galleria— 2,665 19,549 3,645 2,686 23,173 25,859 11,112 2006
15 - 40 years
Residence Inn Indianapolis Downtown On The Canal— 2,670 19,588 5,329 2,679 24,908 27,587 10,771 2006
15 - 40 years
Residence Inn Louisville Downtown— 1,815 13,308 3,479 1,822 16,780 18,602 6,949 2007
15 - 40 years
Residence Inn Austin Downtown Convention Center— 3,767 27,626 4,842 3,804 32,431 36,235 13,207 2007
15 - 40 years
Fairfield Inn & Suites Key West— 1,803 19,325 4,243 1,890 23,481 25,371 11,200 2006
15 - 40 years
Fairfield Inn & Suites Chicago Midway Airport— 1,425 10,449 2,117 1,447 12,544 13,991 6,034 2006
15 - 40 years
Hampton Inn Chicago Midway Airport— 2,747 20,143 3,608 2,793 23,705 26,498 11,107 2006
15 - 40 years
Hilton Garden Inn Chicago Midway Airport— 2,978 21,842 1,779 3,006 23,593 26,599 11,117 2006
15 - 40 years
Sleep Inn Midway Airport— 1,189 8,718 1,955 1,225 10,637 11,862 5,389 2006
15 - 40 years
Holiday Inn Express & Suites Midway Airport— 1,874 13,742 3,222 1,927 16,911 18,838 7,825 2006
15 - 40 years
TGI Friday's Chicago Midway— 829 6,139 1,085 860 7,193 8,053 3,287 2006
15 - 40 years
Hampton Inn Garden City— 5,691 22,764 3,962 5,742 26,675 32,417 11,314 2007
15 - 40 years
Courtyard Houston By The Galleria19,000 3,069 22,508 2,780 3,090 25,267 28,357 10,842 2007
15 - 40 years
Embassy Suites Los Angeles Downey31,000 4,857 29,943 12,325 5,037 42,088 47,125 17,781 2008
15 - 40 years
Embassy Suites Tampa Downtown Convention Center— 2,161 71,017 16,498 2,444 87,232 89,676 32,195 2010
15 - 40 years
Fairfield Inn & Suites Washington DC Downtown— 16,214 22,265 7,935 16,447 29,967 46,414 13,133 2010
15 - 40 years
Embassy Suites Fort Myers Estero— 2,816 7,862 4,356 2,976 12,058 15,034 4,634 2010
15 - 40 years
Initial CostsCosts Capitalized Subsequent to Acquisition
Gross Amount at December 31, 2024
DescriptionDebtLand &
Improvements		Building &
Improvements		Land, Building &
Improvements		Land &
Improvements		Buildings &
Improvements		Total (1)Accumulated
Depreciation		Date
Acquired		Depreciation
Life
Homewood Suites Washington DC Downtown— 23,139 34,188 8,648 23,758 42,217 65,975 15,367 2010
15 - 40 years
Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel— 1,901 2,793 16,704 2,155 19,243 21,398 11,060 2010
15 - 40 years
Residence Inn National Harbor Washington DC— 7,457 37,046 2,666 7,505 39,664 47,169 14,462 2010
15 - 40 years
Hilton Garden Inn New Orleans Convention Center— 3,405 20,750 10,512 3,509 31,158 34,667 12,555 2010
15 - 40 years
Hilton Garden Inn Los Angeles Hollywood— 5,303 19,136 11,137 5,702 29,874 35,576 13,210 2010
15 - 40 years
Renaissance Pittsburgh Hotel— 3,274 39,934 12,003 3,397 51,814 55,211 19,360 2011
15 - 40 years
Courtyard Atlanta Buckhead— 2,860 21,668 6,660 2,978 28,210 31,188 10,090 2011
15 - 40 years
Embassy Suites West Palm Beach Central— 3,656 9,614 10,623 3,923 19,970 23,893 9,348 2011
15 - 40 years
Hilton Garden Inn Pittsburgh University Place— 1,975 18,490 9,484 2,382 27,567 29,949 13,092 2011
15 - 40 years
Courtyard Charleston Historic District— 2,714 35,828 5,493 3,613 40,422 44,035 13,990 2011
15 - 40 years
Residence Inn Bethesda Downtown— 8,154 52,749 11,652 8,991 63,564 72,555 20,898 2012
15 - 40 years
Courtyard New York Manhattan Upper East Side— 20,655 60,222 9,181 21,282 68,776 90,058 23,766 2012
15 - 40 years
Hilton Garden Inn San Francisco Oakland Bay Bridge— 11,903 22,757 18,116 12,534 40,242 52,776 12,850 2012
15 - 40 years
Embassy Suites Boston Waltham— 6,268 56,024 5,900 6,386 61,806 68,192 20,570 2012
15 - 40 years
Courtyard Houston Downtown Convention Center— 5,799 28,953 6,068 6,106 34,714 40,820 11,322 2013
15 - 40 years
Residence Inn Houston Downtown Convention Center— 4,674 24,913 5,204 4,882 29,909 34,791 9,713 2013
15 - 40 years
SpringHill Suites Houston Downtown Convention Center— 2,382 12,756 12,539 2,574 25,103 27,677 11,434 2013
15 - 40 years
Courtyard Waikiki Beach— 557 79,033 17,360 855 96,095 96,950 29,925 2013
15 - 40 years
Courtyard San Francisco— 11,277 18,198 31,022 11,291 49,206 60,497 19,816 2013
15 - 40 years
Residence Inn Atlanta Midtown Historic— 2,812 6,044 8,507 2,982 14,381 17,363 5,229 2013
15 - 40 years
SpringHill Suites Portland Hillsboro— 3,488 18,283 1,864 3,544 20,091 23,635 6,178 2013
15 - 40 years
Hilton Cabana Miami Beach— 25,083 40,707 13,390 25,629 53,551 79,180 14,073 2014
15 - 40 years
Hyatt House Charlotte Center City— 3,029 26,193 2,395 3,054 28,563 31,617 8,048 2014
15 - 40 years
Hyatt House Cypress Anaheim16,000 3,995 9,164 4,067 4,378 12,848 17,226 5,161 2014
15 - 40 years
Hyatt House Emeryville San Francisco Bay Area— 7,425 29,137 8,537 7,517 37,582 45,099 12,110 2014
15 - 40 years
Hyatt House San Diego Sorrento Mesa— 10,420 21,288 4,421 10,752 25,377 36,129 7,278 2014
15 - 40 years
Hyatt House San Jose Silicon Valley— 6,820 31,682 3,352 6,982 34,872 41,854 9,584 2014
15 - 40 years
Hyatt House San Ramon— 5,712 11,852 3,036 5,768 14,832 20,600 5,153 2014
15 - 40 years
Initial CostsCosts Capitalized Subsequent to Acquisition
Gross Amount at December 31, 2024
DescriptionDebtLand &
Improvements		Building &
Improvements		Land, Building &
Improvements		Land &
Improvements		Buildings &
Improvements		Total (1)Accumulated
Depreciation		Date
Acquired		Depreciation
Life
Hyatt House Santa Clara— 8,044 27,703 3,576 8,052 31,271 39,323 9,337 2014
15 - 40 years
Hyatt Centric The Woodlands— 5,950 16,882 2,984 5,979 19,837 25,816 5,377 2014
15 - 40 years
Hyatt Place Fremont Silicon Valley— 6,209 13,730 1,851 6,297 15,493 21,790 4,918 2014
15 - 40 years
Hyatt Place Madison Downtown— 6,701 25,478 1,677 6,753 27,103 33,856 7,396 2014
15 - 40 years
Embassy Suites Irvine Orange County— 15,062 33,048 9,463 15,247 42,326 57,573 13,716 2014
15 - 40 years
Courtyard Portland City Center— 8,019 53,024 1,714 8,021 54,736 62,757 14,957 2014
15 - 40 years
Hyatt Atlanta Midtown— 3,737 41,731 4,414 3,740 46,142 49,882 11,765 2014
15 - 40 years
DoubleTree Grand Key Resort— 48,192 27,770 10,101 48,451 37,612 86,063 11,989 2014
15 - 40 years
Hyatt Place Washington DC Downtown K Street— 10,763 55,225 2,200 10,763 57,425 68,188 13,986 2015
15 - 40 years
Homewood Suites Seattle Lynnwood19,000 3,933 30,949 1,806 4,018 32,670 36,688 7,750 2015
15 - 40 years
Residence Inn Palo Alto Los Altos— 16,996 45,786 3,006 17,222 48,566 65,788 11,891 2015
15 - 40 years
DoubleTree Suites by Hilton Austin— 7,072 50,827 6,275 7,522 56,652 64,174 10,220 2017
15 - 40 years
DoubleTree Suites by Hilton Orlando - Lake Buena Vista— 896 44,508 9,125 1,202 53,327 54,529 9,700 2017
15 - 40 years
Embassy Suites Atlanta - Buckhead— 31,279 46,015 18,631 31,544 64,381 95,925 13,264 2017
15 - 40 years
Embassy Suites Birmingham— 10,495 33,568 2,366 10,512 35,917 46,429 6,801 2017
15 - 40 years
Embassy Suites Dallas - Love Field25,000 6,408 34,694 2,885 6,418 37,569 43,987 7,070 2017
15 - 40 years
Embassy Suites Deerfield Beach - Resort & Spa— 7,527 56,128 20,196 8,028 75,823 83,851 13,279 2017
15 - 40 years
Embassy Suites Fort Lauderdale 17th Street— 30,933 54,592 17,338 31,347 71,516 102,863 12,274 2017
15 - 40 years
Embassy Suites Los Angeles - International Airport South50,000 13,110 94,733 15,853 14,225 109,471 123,696 19,406 2017
15 - 40 years
Embassy Suites Miami - International Airport— 14,765 18,099 9,646 15,277 27,233 42,510 5,542 2017
15 - 40 years
Embassy Suites Milpitas Silicon Valley— 43,157 26,399 13,727 43,370 39,913 83,283 9,777 2017
15 - 40 years
Embassy Suites Minneapolis - Airport— 7,248 41,202 18,243 9,787 56,906 66,693 14,553 2017
15 - 40 years
Embassy Suites Orlando - International Drive South/Convention Center— 4,743 37,687 2,424 5,035 39,819 44,854 7,764 2017
15 - 40 years
Embassy Suites Phoenix - Biltmore21,000 24,680 24,487 13,761 24,790 38,138 62,928 6,673 2017
15 - 40 years
Embassy Suites San Francisco Airport - South San Francisco— 39,616 55,163 16,754 39,798 71,735 111,533 15,404 2017
15 - 40 years
Embassy Suites San Francisco Airport - Waterfront— 3,698 85,270 5,279 4,485 89,762 94,247 18,729 2017
15 - 40 years
Zachari Dunes on Mandalay Beach, Curio Collection by Hilton— 35,769 53,280 31,811 37,081 83,779 120,860 16,190 2017
15 - 40 years
DoubleTree by Hilton Houston Medical Center Hotel & Suites— 7,776 43,475 11,438 8,257 54,432 62,689 9,034 2017
15 - 40 years
Initial CostsCosts Capitalized Subsequent to Acquisition
Gross Amount at December 31, 2024
DescriptionDebtLand &
Improvements		Building &
Improvements		Land, Building &
Improvements		Land &
Improvements		Buildings &
Improvements		Total (1)Accumulated
Depreciation		Date
Acquired		Depreciation
Life
Mills House Charleston, Curio Collection by Hilton— 9,599 68,932 12,545 10,745 80,331 91,076 14,693 2017
15 - 40 years
San Francisco Marriott Union Square— 46,773 107,841 13,672 46,882 121,404 168,286 24,652 2017
15 - 40 years
The Knickerbocker New York— 113,613 119,453 5,781 114,950 123,897 238,847 22,682 2017
15 - 40 years
The Pierside Santa Monica— 27,054 45,866 16,583 27,722 61,781 89,503 10,570 2017
15 - 40 years
Wyndham Boston Beacon Hill— 126,606 51,934 2,736 126,610 54,666 181,276 31,854 2017
15 - 40 years
Wyndham New Orleans - French Quarter— 300 72,686 2,837 300 75,523 75,823 13,936 2017
15 - 40 years
Wyndham Philadelphia Historic District— 8,367 51,914 1,417 8,630 53,068 61,698 9,935 2017
15 - 40 years
Courtyard Pittsburgh University Center— 154 31,625 7,497 498 38,778 39,276 6,256 2017
15 - 40 years
Wyndham San Diego Bayside— 989 29,440 7,410 1,374 36,465 37,839 20,734 2017
6 years
AC Hotel Boston Downtown— 26,560 53,354 235 26,560 53,589 80,149 4,533 2021
15 - 40 years
Hampton Inn and Suites Atlanta Midtown— 5,990 48,321 56 5,993 48,374 54,367 4,144 2021
15 - 40 years
Moxy Denver Cherry Creek26,472 — 48,725 171 68 48,828 48,896 3,767 2021
15 - 40 years
The Bankers Alley Hotel, a Tapestry Collection by Hilton— 19,807 36,223 2,420 19,828 38,622 58,450 2,347 2022
15 - 40 years
Hotel Teatro - Denver— 3,433 29,718 55 3,433 29,773 33,206 432 2024
15 - 40 years
$207,472 $1,104,704 $3,481,705 $754,111 $1,130,005 $4,210,515 $5,340,520 $1,230,375 

(1) The aggregate cost of real estate for federal income tax purposes was approximately $5.2 billion at December 31, 2024.
The change in the total cost of the hotel properties is as follows:
202420232022
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period$5,115,627 $5,033,114 $4,977,563 
Add: Acquisitions159,493 — 56,030 
Add: Improvements83,903 82,513 68,012 
Less: Sale of hotel properties (18,503)— (68,491)
Balance at end of period$5,340,520 $5,115,627 $5,033,114 

The change in the accumulated depreciation of the real estate assets is as follows:
202420232022
Reconciliation of Accumulated Depreciation
Balance at beginning of period$(1,105,184)$(975,029)$(870,741)
Add: Depreciation for the period(132,718)(130,155)(125,203)
Less: Sale of hotel properties 7,527 — 20,915 
Balance at end of period$(1,230,375)$(1,105,184)$(975,029)