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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Investment in hotel properties, net $ 4,250,524 $ 4,136,216
Investment in unconsolidated joint ventures 7,457 7,398
Cash and cash equivalents 409,809 516,675
Restricted cash reserves 23,516 38,652
Hotel and other receivables, net of allowance of $169 and $265, respectively 25,494 26,163
Lease right-of-use assets 128,111 136,140
Prepaid expense and other assets 38,968 58,051
Total assets 4,883,879 4,919,295
Liabilities and Equity    
Debt, net 2,220,081 2,220,778
Accounts payable and other liabilities 154,643 147,819
Advance deposits and deferred revenue 40,242 32,281
Lease liabilities 119,102 122,588
Accrued interest 20,900 22,539
Distributions payable 30,634 22,500
Total liabilities 2,585,602 2,568,505
Commitments and Contingencies (Note 10)
Shareholders’ equity:    
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2024 and 2023 366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 153,295,577 and 155,297,829 shares issued and outstanding at December 31, 2024 and 2023, respectively 1,533 1,553
Additional paid-in capital 2,992,487 3,000,894
Accumulated other comprehensive income 13,788 22,662
Distributions in excess of net earnings (1,090,186) (1,055,183)
Total shareholders’ equity 2,284,558 2,336,862
Noncontrolling interest:    
Noncontrolling interest in consolidated joint ventures 7,589 7,634
Noncontrolling interest in the Operating Partnership 6,130 6,294
Total noncontrolling interest 13,719 13,928
Total equity 2,298,277 2,350,790
Total liabilities and equity $ 4,883,879 $ 4,919,295