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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of 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 
Schedule of 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.
Schedule Of Debt Instrument Covenants
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
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.
Schedule of Revolver and 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.
Schedule of 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.
Schedule of Interest Expense Components
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