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Segment Information
 3 Months Ended
Mar. 31, 2025
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 three months ended March 31,
20252024
Revenues      
Room revenue$267,654 $266,630 
Food and beverage revenue37,513 35,689 
Other revenue22,952 22,091 
Total revenues328,119 324,410 
Operating expenses      
Room expense70,851 69,386 
Food and beverage expense29,289 28,627 
Management and franchise fee expense25,202 25,655 
Other operating expenses91,711 89,809 
Total operating expenses217,053 213,477 
Property tax, insurance and other27,203 27,834 
Other, net (1)(2,048)(5,832)
Hotel EBITDA$85,911 $88,931 

(1)    Includes miscellaneous hotel segment income (including the receipt of certain one-time COVID-19 relief awards during the three months ended March 31, 2024), 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 three months ended March 31,
20252024
Income before income tax expense$3,466 $5,055 
Depreciation and amortization45,788 44,679 
Interest expense, net of interest income24,297 21,671 
General and administrative12,646 15,105 
Gain on sale of hotel property, net(1,321)— 
Other, net1,035 2,421 
Hotel EBITDA$85,911 $88,931 

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