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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
 
The Company's debt consisted of the following (in thousands):
September 30, 2025December 31, 2024
Senior Notes, net$995,810 $994,037 
Revolver Outstanding— 100,000 
Term Loans, net1,019,267 918,707 
Mortgage loans, net207,034 207,337 
Debt, net$2,222,111 $2,220,081 

Senior Notes

The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):
Carrying Value at
Interest RateMaturity DateSeptember 30, 2025December 31, 2024
2029 Senior Notes (1)4.00%September 2029$500,000 $500,000 
2026 Senior Notes (1)3.75%July 2026500,000 500,000 
1,000,000 1,000,000 
Deferred financing costs, net(4,190)(5,963)
Total senior notes, net$995,810 $994,037 
(1)Requires payment of interest only through maturity.

The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership’s ability and,
in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay
dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These
limitations are subject to a number of exceptions and qualifications set forth in the indentures.

A summary of the various restrictive covenants for the Senior Notes are as follows:
Covenant
Compliance
September 30, 2025
Maintenance Covenant
Unencumbered Asset to Unencumbered Debt Ratio
> 150.0%
Yes
Incurrence Covenants
Consolidated Indebtedness less than Adjusted Total Assets
< .65x
Yes
Consolidated Secured Indebtedness less than Adjusted Total Assets
< .45x
Yes
Interest Coverage Ratio
> 1.5x
Yes

Revolver and Term Loans
 
The Company has the following unsecured credit agreements in place:

•$600.0 million revolving credit facility with a scheduled maturity date of May 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver");
•$500.0 million term loan with a scheduled maturity date of September 24, 2027 and up to two one-year extension options if certain conditions are satisfied (the "$500 Million Term Loan Maturing 2027");
•$300.0 million term loan with a scheduled maturity date of April 3, 2028 and up to two one-year extension options if certain conditions are satisfied (the "$300 Million Term Loan Maturing 2028"); and
•$225.0 million term loan with a scheduled maturity date of May 10, 2026 and up to two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026").
The $500 Million Term Loan Maturing 2027, the $300 Million Term Loan Maturing 2028, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans."
The Company's unsecured credit agreements consisted of the following (dollars in thousands):
Carrying Value at
Interest Rate at September 30, 2025 (1)Maturity DateSeptember 30, 2025December 31, 2024
Revolver (2)—%May 2027$— $100,000 
$500 Million Term Loan Maturing 2027
4.86%September 2027 (3)500,000 500,000 
$300 Million Term Loan Maturing 2028 (4)
5.83%April 2028 (3)300,000 200,000 
$225 Million Term Loan Maturing 2026
5.16%May 2026 (3)225,000 225,000 
1,025,000 1,025,000 
Deferred financing costs, net (5)(5,733)(6,293)
Total Revolver and Term Loans, net$1,019,267 $1,018,707 
 
(1)Interest rate at September 30, 2025 gives effect to interest rate hedges.
(2)At September 30, 2025 and December 31, 2024, there was $600.0 million and $500.0 million, respectively, of remaining capacity on the Revolver. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied.
(3)This term loan includes two one-year extension options at the Company's discretion, subject to certain conditions.
(4)In April 2025, the Company refinanced this term loan to increase the term loan to $300.0 million and extend the initial maturity to April 2028, with two additional one-year extension options at the Company's discretion, subject to certain conditions.
(5)Excludes $2.6 million and $3.9 million as of September 30, 2025 and December 31, 2024, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.


In April 2025, the Company refinanced a $200.0 million term loan with a scheduled maturity date of January 31, 2026 (the "$200 Million Term Loan Maturing 2026") to upsize the term loan to $300.0 million and extend the initial maturity to April 2028, with two additional one-year extension options at the Company's discretion, subject to certain conditions. Borrowings under the term loan bear interest at a variable rate under the same pricing grid as the $200 Million Term Loan Maturing 2026. The Company paid approximately $1.9 million in lender fees and legal costs related to the financing. In April 2025, the Company utilized the incremental $100.0 million in proceeds to pay off the full outstanding balance on the Revolver.

The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows:
Covenant
Compliance
September 30, 2025
Leverage ratio (1)
<= 7.25x
Yes
Fixed charge coverage ratio (2)
>= 1.50x
Yes
Secured indebtedness ratio
<= 45.0%
Yes
Unencumbered indebtedness ratio
<= 60.0%
Yes
Unencumbered debt service coverage ratio
>= 2.00x
Yes

(1)Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements.
(2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Mortgage Loans 

The Company's mortgage loans consisted of the following (dollars in thousands):
Carrying Value at
Number of Assets EncumberedInterest Rate at September 30, 2025 Maturity DateSeptember 30, 2025December 31, 2024
Mortgage loan (1)35.83%(3)April 2026(4)$96,000 $96,000 
Mortgage loan (1)45.83%(3)April 2026(4)85,000 85,000 
Mortgage loan (2)15.06%January 202926,202 26,472 
8207,202 207,472 
Deferred financing costs, net(168)(135)
Total mortgage loans, net$207,034 $207,337 

(1)The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity.
(2)Includes $1.2 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity.
(3)Interest rate at September 30, 2025 gives effect to interest rate hedges.
(4)In April 2025, the Company exercised the final option to extend the maturity to April 2026.
 
Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At September 30, 2025, all mortgage loans exceeded the minimum debt yield or DSCR thresholds.

Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
Senior Notes$9,695 $9,695 $29,070 $29,070 
Revolver and Term Loans13,551 14,228 40,841 37,075 
Mortgage loans3,019 2,671 7,761 10,939 
Amortization of deferred financing costs1,900 1,663 5,632 4,779 
Non-cash interest expense related to interest rate hedges144 386 433 1,287 
Total interest expense$28,309 $28,643 $83,737 $83,150