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Segment Information
 6 Months Ended
Jun. 30, 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 June 30,For the six months ended June 30,
2025202420252024
Revenues      
Room revenue$296,101 $303,652 $563,755 $570,282 
Food and beverage revenue41,934 40,843 79,447 76,532 
Other revenue25,068 24,802 48,020 46,893 
Total revenues363,103 369,297 691,222 693,707 
Operating expenses      
Room expense74,565 73,941 145,416 143,327 
Food and beverage expense30,375 30,304 59,664 58,931 
Management and franchise fee expense28,393 29,789 53,595 55,444 
Other operating expenses92,787 90,792 184,498 180,601 
Total operating expenses226,120 224,826 443,173 438,303 
Property tax, insurance and other26,490 28,753 53,693 56,587 
Other, net (1)(2,895)(2,609)(4,943)(8,441)
Hotel EBITDA$113,388 $118,327 $199,299 $207,258 

(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 three months ended June 30,For the six months ended June 30,
2025202420252024
Income before income tax expense$28,970 $37,684 $32,436 $42,739 
Depreciation and amortization46,363 44,474 92,151 89,153 
Interest expense, net of interest income24,515 23,931 48,812 45,602 
General and administrative11,138 13,940 23,784 29,045 
Loss (gain) on sale of hotel properties, net378 (3,546)(943)(3,546)
Other, net2,024 1,844 3,059 4,265 
Hotel EBITDA$113,388 $118,327 $199,299 $207,258 

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