XML 112 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last five completed calendar years. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2020, 2021, 2022, 2023 and 2024 calendar years. Note that compensation for our NEOs other than our principal executive officer (“PEO”) is reported as an average.
​
Year
​ ​
Summary
Compensation
Table Total for
PEO(1)
​ ​
Compensation
Actually Paid
to PEO(2)
​ ​
Average
Summary
Compensation
Table Total for
non-PEO
NEOs(1)
​ ​
Average
Compensation
Actually Paid to
non-PEO
NEOs(2)
​ ​
Value of initial fixed $100
Investment based on:
​ ​
Net
Income
($mm)
​ ​
Comparable
Hotel
EBITDA
($mm)(4)
​
​
Total
Shareholder
Return(3)
​ ​
Peer Group
Total
Shareholder
Return(3)
​
​ 2024 ​ ​ ​ $ 9,358,847 ​ ​ ​ ​ $ 5,864,813 ​ ​ ​ ​ $ 2,655,673 ​ ​ ​ ​ $ 1,956,017 ​ ​ ​ ​ $ 63.80 ​ ​ ​ ​ $ 85.80 ​ ​ ​ ​ $ 68 ​ ​ ​ ​ $ 398 ​ ​
​ 2023 ​ ​ ​ $ 9,128,901 ​ ​ ​ ​ $ 9,360,617 ​ ​ ​ ​ $ 2,629,543 ​ ​ ​ ​ $ 2,712,581 ​ ​ ​ ​ $ 69.69 ​ ​ ​ ​ $ 89.79 ​ ​ ​ ​ $ 77 ​ ​ ​ ​ $ 402 ​ ​
​ 2022 ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 2,711,175 ​ ​ ​ ​ $ 1,162,789 ​ ​ ​ ​ $ 60.86 ​ ​ ​ ​ $ 72.15 ​ ​ ​ ​ $ 42 ​ ​ ​ ​ $ 371 ​ ​
​ 2021 ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 79.15 ​ ​ ​ ​ $ 85.25 ​ ​ ​ ​ $ (311) ​ ​ ​ ​ $ 203 ​ ​
​ 2020 ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 80.19 ​ ​ ​ ​ $ 74.09 ​ ​ ​ ​ $ (409) ​ ​ ​ ​ $ 3 ​ ​
​
(1)
For each fiscal year, our PEO and other NEOs included the individuals indicated in the table below:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2024
​
​ PEO ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​
​ Other NEO ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​
​ Other NEO ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​
​ Other NEO ​ ​
N/A
 ​ ​
N/A
 ​ ​ Mr. Bardenett ​ ​ Mr. Bardenett ​ ​ Mr. Bardenett ​
​ Other NEO ​ ​
N/A
 ​ ​
N/A
 ​ ​
N/A
 ​ ​ Mr. Perry ​ ​ Mr. Perry ​
(2)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2024
​
​ ​ ​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​ ​ ​ $ 9,128,901 ​ ​ ​ ​ $ 2,629,543 ​ ​ ​ ​ $ 9,358,847 ​ ​ ​ ​ $ 2,655,673 ​ ​
​ Deduct equity award value reported in the SCT ​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​ ​ ​ $ (6,510,572) ​ ​ ​ ​ $ (1,517,090) ​ ​ ​ ​ $ (6,889,568) ​ ​ ​ ​ $ (1,550,734) ​ ​
​
Add year-end fair
value (FV) of
awards granted
during the FY that
remain unvested
as of FY end
​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​ ​ ​ $ 6,435,620 ​ ​ ​ ​ $ 1,563,706 ​ ​ ​ ​ $ 5,646,724 ​ ​ ​ ​ $ 1,270,989 ​ ​
​
Change in year-end FV of prior year awards remaining unvested at FY end
​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​ ​ ​ $ (63,330) ​ ​ ​ ​ $ (34,939) ​ ​ ​ ​ $ (2,058,887) ​ ​ ​ ​ $ (407,286) ​ ​
​
Change in FV from
prior FY end of
prior-year awards
that vested during
FY
​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​ ​ ​ $ 111,356 ​ ​ ​ ​ $ 25,809 ​ ​ ​ ​ $ (525,204) ​ ​ ​ ​ $ (82,315) ​ ​
​
Add dividends or other earnings paid during FY prior to vesting date
​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​ ​ ​ $ 258,642 ​ ​ ​ ​ $ 45,552 ​ ​ ​ ​ $ 332,901 ​ ​ ​ ​ $ 69,690 ​ ​
​
Total adjustments
​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​ ​ ​ $ 231,716 ​ ​ ​ ​ $ 83,038 ​ ​ ​ ​ $ (3,494,034) ​ ​ ​ ​ $ (699,656) ​ ​
​
Compensation Actually Paid Total
​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​ ​ ​ $ 9,360,617 ​ ​ ​ ​ $ 2,712,581 ​ ​ ​ ​ $ 5,864,813 ​ ​ ​ ​ $ 1,956,017 ​ ​
​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2024 and prior fiscal years.
​
(3)
For the relevant fiscal year, represents the cumulative TSR of the Company and of the Dow Jones U.S. Select Real Estate Hotels Index (the “Peer Group TSR”).
​
(4)
Comparable Hotel Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is a non-GAAP measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax benefit or expense; (3) depreciation and amortization expense; (4) certain items considered outside the normal course of operations; (5) corporate-level expenses; and (6) certain non-cash items to provide a more complete understanding of the operating results over which individual hotels and operators have direct control. Comparable Hotel EBITDA adjusts Hotel EBITDA to include the operating results for all hotels owned as of the last day of the reporting period, which includes operating results derived from information provided by the sellers of the hotels for periods prior to our ownership and excludes the operating results from sold hotels that were not owned as of December 31, 2024. The Comparable Hotel EBITDA reported in the prior year for the years 2023, 2022, 2021, and 2020 were $401.4 million, $370.0 million, $202.7 million, and $4.4 million, respectively, and were recast as of December 31, 2024 to reflect the adjustments noted above. The following table provides a reconciliation of GAAP net income (loss) to Comparable Hotel EBITDA for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 (in thousands):
​
​
​ ​ ​ ​
For the year ended December 31,
​
​ ​ ​ ​
2024
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Net income (loss) ​ ​ ​ $ 68,191 ​ ​ ​ ​ $ 76,617 ​ ​ ​ ​ $ 42,215 ​ ​ ​ ​ $ (311,088) ​ ​ ​ ​ $ (408,802) ​ ​
​ Depreciation and amortization ​ ​ ​ ​ 179,431 ​ ​ ​ ​ ​ 179,103 ​ ​ ​ ​ ​ 184,875 ​ ​ ​ ​ ​ 187,778 ​ ​ ​ ​ ​ 194,168 ​ ​
​ Interest expense, net ​ ​ ​ ​ 94,044 ​ ​ ​ ​ ​ 79,064 ​ ​ ​ ​ ​ 88,596 ​ ​ ​ ​ ​ 105,370 ​ ​ ​ ​ ​ 95,932 ​ ​
​ Income tax expense ​ ​ ​ ​ 1,599 ​ ​ ​ ​ ​ 1,256 ​ ​ ​ ​ ​ 1,518 ​ ​ ​ ​ ​ 1,188 ​ ​ ​ ​ ​ 51,970 ​ ​
​ Adjustments related to unconsolidated joint ventures(a) ​ ​ ​ ​ 1,390 ​ ​ ​ ​ ​ 1,374 ​ ​ ​ ​ ​ 1,519 ​ ​ ​ ​ ​ 1,633 ​ ​ ​ ​ ​ 2,237 ​ ​
​
EBITDA
​ ​ ​ ​ 344,655 ​ ​ ​ ​ ​ 337,414 ​ ​ ​ ​ ​ 318,723 ​ ​ ​ ​ ​ (15,119) ​ ​ ​ ​ ​ (64,495) ​ ​
​ Loss (gain) on sale of hotel properties, net ​ ​ ​ ​ (8,262) ​ ​ ​ ​ ​ 34 ​ ​ ​ ​ ​ (1,017) ​ ​ ​ ​ ​ 2,378 ​ ​ ​ ​ ​ (2,703) ​ ​
​ Impairment losses ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 144,845 ​ ​ ​ ​ ​ — ​ ​
​ Impairment losses of unconsolidated joint ventures(b) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,546 ​ ​
​
EBITDAre
​ ​ ​ ​ 336,393 ​ ​ ​ ​ ​ 337,448 ​ ​ ​ ​ ​ 317,706 ​ ​ ​ ​ ​ 132,104 ​ ​ ​ ​ ​ (60,652) ​ ​
​ Transaction costs ​ ​ ​ ​ 320 ​ ​ ​ ​ ​ 223 ​ ​ ​ ​ ​ (345) ​ ​ ​ ​ ​ 94 ​ ​ ​ ​ ​ (158) ​ ​
​ Pre-opening costs ​ ​ ​ ​ 1,335 ​ ​ ​ ​ ​ 1,351 ​ ​ ​ ​ ​ 2,258 ​ ​ ​ ​ ​ 144 ​ ​ ​ ​ ​ — ​ ​
​ Loss (gain) on extinguishment of indebtedness, net ​ ​ ​ ​ 129 ​ ​ ​ ​ ​ 169 ​ ​ ​ ​ ​ 39 ​ ​ ​ ​ ​ (893) ​ ​ ​ ​ ​ — ​ ​
​ Amortization of share-based compensation ​ ​ ​ ​ 20,804 ​ ​ ​ ​ ​ 24,285 ​ ​ ​ ​ ​ 21,664 ​ ​ ​ ​ ​ 17,054 ​ ​ ​ ​ ​ 12,200 ​ ​
​ Corporate and property-level severance(c) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 904 ​ ​ ​ ​ ​ 8,653 ​ ​
​ Derivative (gains) losses in accumulated other comprehensive loss (income) reclassified to earnings(d) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,866) ​ ​ ​ ​ ​ 10,658 ​ ​ ​ ​ ​ — ​ ​
​ Other expenses (income)(e) ​ ​ ​ ​ 2,641 ​ ​ ​ ​ ​ 996 ​ ​ ​ ​ ​ 1,067 ​ ​ ​ ​ ​ 1,942 ​ ​ ​ ​ ​ (1,125) ​ ​
​
Adjusted EBITDA
​ ​ ​ ​ 361,622 ​ ​ ​ ​ ​ 364,472 ​ ​ ​ ​ ​ 336,523 ​ ​ ​ ​ ​ 162,007 ​ ​ ​ ​ ​ (41,082) ​ ​
​ General and administrative(f) ​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 34,713 ​ ​ ​ ​ ​ 34,666 ​ ​ ​ ​ ​ 30,472 ​ ​ ​ ​ ​ 28,941 ​ ​
​ Other corporate adjustments(g) ​ ​ ​ ​ 3,133 ​ ​ ​ ​ ​ 3,031 ​ ​ ​ ​ ​ (569) ​ ​ ​ ​ ​ (784) ​ ​ ​ ​ ​ 682 ​ ​
​
Consolidated Hotel EBITDA
​ ​ ​ ​ 398,755 ​ ​ ​ ​ ​ 402,216 ​ ​ ​ ​ ​ 370,620 ​ ​ ​ ​ ​ 191,695 ​ ​ ​ ​ ​ (11,459) ​ ​
​ Comparable adjustments—(income) loss from sold hotels ​ ​ ​ ​ (1,279) ​ ​ ​ ​ ​ (2,626) ​ ​ ​ ​ ​ (3,064) ​ ​ ​ ​ ​ 5,815 ​ ​ ​ ​ ​ 18,624 ​ ​
​ Comparable adjustments-income (loss) from acquired hotels ​ ​ ​ ​ 525 ​ ​ ​ ​ ​ 2,551 ​ ​ ​ ​ ​ 3,181 ​ ​ ​ ​ ​ 5,272 ​ ​ ​ ​ ​ (4,093) ​ ​
​
Comparable Hotel EBITDA
​ ​ ​ $ 398,001 ​ ​ ​ ​ $ 402,141 ​ ​ ​ ​ $ 370,737 ​ ​ ​ ​ $ 202,782 ​ ​ ​ ​ $ 3,072 ​ ​
Note:
(a)
Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
​
(b)
Includes our ownership interest in the impairment loss of one of our unconsolidated joint ventures.
​
(c)
The year ended December 31, 2021 includes severance for associates at hotels operating under collective bargaining agreements. The year ended December 31, 2020 includes $6.7 million related to severance for associates at our New York City hotels operating under collective bargaining agreement.
​
(d)
Reclassification of interest rate swap (gains) losses from accumulated other comprehensive income (loss) to earnings for discontinued interest rate hedges.
​
(e)
Represents expenses and income outside of the normal course of operations including debt modification costs, legal and other costs, and hurricane-related costs that were not reimbursed by insurance. Other expense for the year ended December 31, 2023 includes one-time management company transition costs. Other income for the year ended December 31, 2020 includes a benefit of $1.8 million due to the reversal of an excess accrued liability related to a labor matter.
​
(f)
Excludes amortization of share-based compensation costs reflected in Adjusted EBITDA.
​
(g)
Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
​
        
Company Selected Measure Name Comparable Hotel EBITDA        
Named Executive Officers, Footnote
(1)
For each fiscal year, our PEO and other NEOs included the individuals indicated in the table below:
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2024
​
​ PEO ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​ ​ Ms. Hale ​
​ Other NEO ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​ ​ Mr. Johnson ​
​ Other NEO ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​ ​ Mr. Mahoney ​
​ Other NEO ​ ​
N/A
 ​ ​
N/A
 ​ ​ Mr. Bardenett ​ ​ Mr. Bardenett ​ ​ Mr. Bardenett ​
​ Other NEO ​ ​
N/A
 ​ ​
N/A
 ​ ​
N/A
 ​ ​ Mr. Perry ​ ​ Mr. Perry ​
       
Peer Group Issuers, Footnote
(3)
For the relevant fiscal year, represents the cumulative TSR of the Company and of the Dow Jones U.S. Select Real Estate Hotels Index (the “Peer Group TSR”).
       
PEO Total Compensation Amount $ 9,358,847 $ 9,128,901 $ 8,354,370 $ 16,300,593 $ 6,993,771
PEO Actually Paid Compensation Amount $ 5,864,813 9,360,617 1,305,337 12,578,908 8,012,927
Adjustment To PEO Compensation, Footnote
(2)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2024
​
​ ​ ​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​ ​ ​ $ 9,128,901 ​ ​ ​ ​ $ 2,629,543 ​ ​ ​ ​ $ 9,358,847 ​ ​ ​ ​ $ 2,655,673 ​ ​
​ Deduct equity award value reported in the SCT ​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​ ​ ​ $ (6,510,572) ​ ​ ​ ​ $ (1,517,090) ​ ​ ​ ​ $ (6,889,568) ​ ​ ​ ​ $ (1,550,734) ​ ​
​
Add year-end fair
value (FV) of
awards granted
during the FY that
remain unvested
as of FY end
​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​ ​ ​ $ 6,435,620 ​ ​ ​ ​ $ 1,563,706 ​ ​ ​ ​ $ 5,646,724 ​ ​ ​ ​ $ 1,270,989 ​ ​
​
Change in year-end FV of prior year awards remaining unvested at FY end
​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​ ​ ​ $ (63,330) ​ ​ ​ ​ $ (34,939) ​ ​ ​ ​ $ (2,058,887) ​ ​ ​ ​ $ (407,286) ​ ​
​
Change in FV from
prior FY end of
prior-year awards
that vested during
FY
​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​ ​ ​ $ 111,356 ​ ​ ​ ​ $ 25,809 ​ ​ ​ ​ $ (525,204) ​ ​ ​ ​ $ (82,315) ​ ​
​
Add dividends or other earnings paid during FY prior to vesting date
​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​ ​ ​ $ 258,642 ​ ​ ​ ​ $ 45,552 ​ ​ ​ ​ $ 332,901 ​ ​ ​ ​ $ 69,690 ​ ​
​
Total adjustments
​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​ ​ ​ $ 231,716 ​ ​ ​ ​ $ 83,038 ​ ​ ​ ​ $ (3,494,034) ​ ​ ​ ​ $ (699,656) ​ ​
​
Compensation Actually Paid Total
​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​ ​ ​ $ 9,360,617 ​ ​ ​ ​ $ 2,712,581 ​ ​ ​ ​ $ 5,864,813 ​ ​ ​ ​ $ 1,956,017 ​ ​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2024 and prior fiscal years.
       
Non-PEO NEO Average Total Compensation Amount $ 2,655,673 2,629,543 2,711,175 3,921,652 2,396,123
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,956,017 2,712,581 1,162,789 2,958,736 2,476,082
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Compensation actually paid to our PEO and other NEOs represents the “Total” compensation reported in the SCT for the applicable fiscal year, adjusted as follows:
​ ​ ​ ​
2020
​ ​
2021
​ ​
2022
​ ​
2023
​ ​
2024
​
​ ​ ​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​ ​
PEO
​ ​
Avg.
Other
NEOs
​
​ Summary Compensation Table Total(a) ​ ​ ​ $ 6,993,771 ​ ​ ​ ​ $ 2,396,123 ​ ​ ​ ​ $ 16,300,593 ​ ​ ​ ​ $ 3,921,652 ​ ​ ​ ​ $ 8,354,370 ​ ​ ​ ​ $ 2,711,175 ​ ​ ​ ​ $ 9,128,901 ​ ​ ​ ​ $ 2,629,543 ​ ​ ​ ​ $ 9,358,847 ​ ​ ​ ​ $ 2,655,673 ​ ​
​ Deduct equity award value reported in the SCT ​ ​ ​ $ (4,782,580) ​ ​ ​ ​ $ (1,314,152) ​ ​ ​ ​ $ (13,904,935) ​ ​ ​ ​ $ (2,782,664) ​ ​ ​ ​ $ (5,801,717) ​ ​ ​ ​ $ (1,499,005) ​ ​ ​ ​ $ (6,510,572) ​ ​ ​ ​ $ (1,517,090) ​ ​ ​ ​ $ (6,889,568) ​ ​ ​ ​ $ (1,550,734) ​ ​
​
Add year-end fair
value (FV) of
awards granted
during the FY that
remain unvested
as of FY end
​ ​ ​ $ 6,383,205 ​ ​ ​ ​ $ 1,753,969 ​ ​ ​ ​ $ 12,109,960 ​ ​ ​ ​ $ 2,418,637 ​ ​ ​ ​ $ 3,856,627 ​ ​ ​ ​ $ 997,491 ​ ​ ​ ​ $ 6,435,620 ​ ​ ​ ​ $ 1,563,706 ​ ​ ​ ​ $ 5,646,724 ​ ​ ​ ​ $ 1,270,989 ​ ​
​
Change in year-end FV of prior year awards remaining unvested at FY end
​ ​ ​ $ (447,801) ​ ​ ​ ​ $ (201,186) ​ ​ ​ ​ $ (2,009,371) ​ ​ ​ ​ $ (625,069) ​ ​ ​ ​ $ (5,344,802) ​ ​ ​ ​ $ (1,110,460) ​ ​ ​ ​ $ (63,330) ​ ​ ​ ​ $ (34,939) ​ ​ ​ ​ $ (2,058,887) ​ ​ ​ ​ $ (407,286) ​ ​
​
Change in FV from
prior FY end of
prior-year awards
that vested during
FY
​ ​ ​ $ (190,352) ​ ​ ​ ​ $ (186,479) ​ ​ ​ ​ $ 39,270 ​ ​ ​ ​ $ 14,648 ​ ​ ​ ​ $ 98,371 ​ ​ ​ ​ $ 29,130 ​ ​ ​ ​ $ 111,356 ​ ​ ​ ​ $ 25,809 ​ ​ ​ ​ $ (525,204) ​ ​ ​ ​ $ (82,315) ​ ​
​
Add dividends or other earnings paid during FY prior to vesting date
​ ​ ​ $ 56,684 ​ ​ ​ ​ $ 27,807 ​ ​ ​ ​ $ 43,391 ​ ​ ​ ​ $ 11,532 ​ ​ ​ ​ $ 142,488 ​ ​ ​ ​ $ 34,458 ​ ​ ​ ​ $ 258,642 ​ ​ ​ ​ $ 45,552 ​ ​ ​ ​ $ 332,901 ​ ​ ​ ​ $ 69,690 ​ ​
​
Total adjustments
​ ​ ​ $ 1,019,156 ​ ​ ​ ​ $ 79,959 ​ ​ ​ ​ $ (3,721,685) ​ ​ ​ ​ $ (962,916) ​ ​ ​ ​ $ (7,049,033) ​ ​ ​ ​ $ (1,548,386) ​ ​ ​ ​ $ 231,716 ​ ​ ​ ​ $ 83,038 ​ ​ ​ ​ $ (3,494,034) ​ ​ ​ ​ $ (699,656) ​ ​
​
Compensation Actually Paid Total
​ ​ ​ $ 8,012,927 ​ ​ ​ ​ $ 2,476,082 ​ ​ ​ ​ $ 12,578,908 ​ ​ ​ ​ $ 2,958,736 ​ ​ ​ ​ $ 1,305,337 ​ ​ ​ ​ $ 1,162,789 ​ ​ ​ ​ $ 9,360,617 ​ ​ ​ ​ $ 2,712,581 ​ ​ ​ ​ $ 5,864,813 ​ ​ ​ ​ $ 1,956,017 ​ ​
(a)
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vested restricted shares awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting dates and (ii) for market-based performance share units, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended 2024 and prior fiscal years.
       
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_peopayvstsr-4clr.jpg]
[MISSING IMAGE: bc_avgnonpeoneovstsr-4clr.jpg]
       
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_peopayvsnetincome-4clr.jpg]
[MISSING IMAGE: bc_avgnonpeovsnetincome-4clr.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_peovsebitda-4clr.jpg]
[MISSING IMAGE: bc_avgnonpeoneovstsr-4clr.jpg]
       
Tabular List, Table
Pay Versus Performance Tabular List
The following performance measures represent the most important financial measures used by us to link compensation actually paid to our PEO and other NEOs for the fiscal year ended December 31, 2024:
•
Comparable Hotel EBITDA;
​
Revenue Per Available Room (“RevPAR”); and
​
Total Shareholder Return
       
Total Shareholder Return Amount $ 63.8 69.69 60.86 79.15 80.19
Peer Group Total Shareholder Return Amount 85.8 89.79 72.15 85.25 74.09
Net Income (Loss) $ 68,000,000 $ 77,000,000 $ 42,000,000 $ (311,000,000) $ (409,000,000)
Company Selected Measure Amount 398 402 371 203 3
PEO Name Ms. Hale        
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 68,191 $ 76,617 $ 42,215 $ (311,088) $ (408,802)
Depreciation, Depletion and Amortization 179,431 179,103 184,875 187,778 194,168
Interest Income (Expense), Operating 94,044 79,064 88,596 105,370 95,932
Income Tax Expense (Benefit) 1,599 1,256 1,518 1,188 51,970
Adjustments Related To Equity Method Investments 1,390 1,374 1,519 1,633 2,237
Earnings Before Interest, Taxes, Depreciation And Amortization 344,655 337,414 318,723 (15,119) (64,495)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property (8,262) 34 (1,017) 2,378 (2,703)
Impairment of Real Estate 144,845
Impairment (Losses) from Equity Method Investments 6,546
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate 336,393 337,448 317,706 132,104 (60,652)
Business Combination, Acquisition Related Costs 320 223 (345) 94 (158)
Pre-Opening Costs 1,335 1,351 2,258 144
Gain (Loss) on Extinguishment of Debt 129 169 39 (893)
Share-Based Payment Arrangement, Noncash Expense 20,804 24,285 21,664 17,054 12,200
Corporate and property-level severance 904 8,653
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax (5,866) 10,658
Other Nonoperating Income (Expense) 2,641 996 1,067 1,942 (1,125)
Adjusted Earnings Before Interest, Taxes, Depreciation And Amortization 361,622 364,472 336,523 162,007 (41,082)
General and Administrative Expense 34,000 34,713 34,666 30,472 28,941
Other Corporate Adjustments 3,133 3,031 (569) (784) 682
Consolidated Earnings Before Interest, Taxes, Depreciation And Amortization 398,755 402,216 370,620 191,695 (11,459)
Comparable Adjustments-(Income) Loss from Sold Hotels (1,279) (2,626) (3,064) 5,815 18,624
Comparable Adjustments-Income (Loss) from Acquired Hotels 525 2,551 3,181 5,272 (4,093)
Comparable Earnings Before Interest, Taxes, Depreciation And Amortization $ 398,001 402,141 370,737 202,782 3,072
Severance for Associates Under Collective Bargaining Agreement         6,700,000
Other Income         1,800,000
Measure:: 1          
Pay vs Performance Disclosure          
Name Comparable Hotel EBITDA        
Non-GAAP Measure Description
(4)
Comparable Hotel Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is a non-GAAP measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax benefit or expense; (3) depreciation and amortization expense; (4) certain items considered outside the normal course of operations; (5) corporate-level expenses; and (6) certain non-cash items to provide a more complete understanding of the operating results over which individual hotels and operators have direct control. Comparable Hotel EBITDA adjusts Hotel EBITDA to include the operating results for all hotels owned as of the last day of the reporting period, which includes operating results derived from information provided by the sellers of the hotels for periods prior to our ownership and excludes the operating results from sold hotels that were not owned as of December 31, 2024. The Comparable Hotel EBITDA reported in the prior year for the years 2023, 2022, 2021, and 2020 were $401.4 million, $370.0 million, $202.7 million, and $4.4 million, respectively, and were recast as of December 31, 2024 to reflect the adjustments noted above. The following table provides a reconciliation of GAAP net income (loss) to Comparable Hotel EBITDA for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 (in thousands):
​
​ ​ ​ ​
For the year ended December 31,
​
​ ​ ​ ​
2024
​ ​
2023
​ ​
2022
​ ​
2021
​ ​
2020
​
​ Net income (loss) ​ ​ ​ $ 68,191 ​ ​ ​ ​ $ 76,617 ​ ​ ​ ​ $ 42,215 ​ ​ ​ ​ $ (311,088) ​ ​ ​ ​ $ (408,802) ​ ​
​ Depreciation and amortization ​ ​ ​ ​ 179,431 ​ ​ ​ ​ ​ 179,103 ​ ​ ​ ​ ​ 184,875 ​ ​ ​ ​ ​ 187,778 ​ ​ ​ ​ ​ 194,168 ​ ​
​ Interest expense, net ​ ​ ​ ​ 94,044 ​ ​ ​ ​ ​ 79,064 ​ ​ ​ ​ ​ 88,596 ​ ​ ​ ​ ​ 105,370 ​ ​ ​ ​ ​ 95,932 ​ ​
​ Income tax expense ​ ​ ​ ​ 1,599 ​ ​ ​ ​ ​ 1,256 ​ ​ ​ ​ ​ 1,518 ​ ​ ​ ​ ​ 1,188 ​ ​ ​ ​ ​ 51,970 ​ ​
​ Adjustments related to unconsolidated joint ventures(a) ​ ​ ​ ​ 1,390 ​ ​ ​ ​ ​ 1,374 ​ ​ ​ ​ ​ 1,519 ​ ​ ​ ​ ​ 1,633 ​ ​ ​ ​ ​ 2,237 ​ ​
​
EBITDA
​ ​ ​ ​ 344,655 ​ ​ ​ ​ ​ 337,414 ​ ​ ​ ​ ​ 318,723 ​ ​ ​ ​ ​ (15,119) ​ ​ ​ ​ ​ (64,495) ​ ​
​ Loss (gain) on sale of hotel properties, net ​ ​ ​ ​ (8,262) ​ ​ ​ ​ ​ 34 ​ ​ ​ ​ ​ (1,017) ​ ​ ​ ​ ​ 2,378 ​ ​ ​ ​ ​ (2,703) ​ ​
​ Impairment losses ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 144,845 ​ ​ ​ ​ ​ — ​ ​
​ Impairment losses of unconsolidated joint ventures(b) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,546 ​ ​
​
EBITDAre
​ ​ ​ ​ 336,393 ​ ​ ​ ​ ​ 337,448 ​ ​ ​ ​ ​ 317,706 ​ ​ ​ ​ ​ 132,104 ​ ​ ​ ​ ​ (60,652) ​ ​
​ Transaction costs ​ ​ ​ ​ 320 ​ ​ ​ ​ ​ 223 ​ ​ ​ ​ ​ (345) ​ ​ ​ ​ ​ 94 ​ ​ ​ ​ ​ (158) ​ ​
​ Pre-opening costs ​ ​ ​ ​ 1,335 ​ ​ ​ ​ ​ 1,351 ​ ​ ​ ​ ​ 2,258 ​ ​ ​ ​ ​ 144 ​ ​ ​ ​ ​ — ​ ​
​ Loss (gain) on extinguishment of indebtedness, net ​ ​ ​ ​ 129 ​ ​ ​ ​ ​ 169 ​ ​ ​ ​ ​ 39 ​ ​ ​ ​ ​ (893) ​ ​ ​ ​ ​ — ​ ​
​ Amortization of share-based compensation ​ ​ ​ ​ 20,804 ​ ​ ​ ​ ​ 24,285 ​ ​ ​ ​ ​ 21,664 ​ ​ ​ ​ ​ 17,054 ​ ​ ​ ​ ​ 12,200 ​ ​
​ Corporate and property-level severance(c) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 904 ​ ​ ​ ​ ​ 8,653 ​ ​
​ Derivative (gains) losses in accumulated other comprehensive loss (income) reclassified to earnings(d) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,866) ​ ​ ​ ​ ​ 10,658 ​ ​ ​ ​ ​ — ​ ​
​ Other expenses (income)(e) ​ ​ ​ ​ 2,641 ​ ​ ​ ​ ​ 996 ​ ​ ​ ​ ​ 1,067 ​ ​ ​ ​ ​ 1,942 ​ ​ ​ ​ ​ (1,125) ​ ​
​
Adjusted EBITDA
​ ​ ​ ​ 361,622 ​ ​ ​ ​ ​ 364,472 ​ ​ ​ ​ ​ 336,523 ​ ​ ​ ​ ​ 162,007 ​ ​ ​ ​ ​ (41,082) ​ ​
​ General and administrative(f) ​ ​ ​ ​ 34,000 ​ ​ ​ ​ ​ 34,713 ​ ​ ​ ​ ​ 34,666 ​ ​ ​ ​ ​ 30,472 ​ ​ ​ ​ ​ 28,941 ​ ​
​ Other corporate adjustments(g) ​ ​ ​ ​ 3,133 ​ ​ ​ ​ ​ 3,031 ​ ​ ​ ​ ​ (569) ​ ​ ​ ​ ​ (784) ​ ​ ​ ​ ​ 682 ​ ​
​
Consolidated Hotel EBITDA
​ ​ ​ ​ 398,755 ​ ​ ​ ​ ​ 402,216 ​ ​ ​ ​ ​ 370,620 ​ ​ ​ ​ ​ 191,695 ​ ​ ​ ​ ​ (11,459) ​ ​
​ Comparable adjustments—(income) loss from sold hotels ​ ​ ​ ​ (1,279) ​ ​ ​ ​ ​ (2,626) ​ ​ ​ ​ ​ (3,064) ​ ​ ​ ​ ​ 5,815 ​ ​ ​ ​ ​ 18,624 ​ ​
​ Comparable adjustments-income (loss) from acquired hotels ​ ​ ​ ​ 525 ​ ​ ​ ​ ​ 2,551 ​ ​ ​ ​ ​ 3,181 ​ ​ ​ ​ ​ 5,272 ​ ​ ​ ​ ​ (4,093) ​ ​
​
Comparable Hotel EBITDA
​ ​ ​ $ 398,001 ​ ​ ​ ​ $ 402,141 ​ ​ ​ ​ $ 370,737 ​ ​ ​ ​ $ 202,782 ​ ​ ​ ​ $ 3,072 ​ ​
Note:
(a)
Includes our ownership interest in the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
​
(b)
Includes our ownership interest in the impairment loss of one of our unconsolidated joint ventures.
​
(c)
The year ended December 31, 2021 includes severance for associates at hotels operating under collective bargaining agreements. The year ended December 31, 2020 includes $6.7 million related to severance for associates at our New York City hotels operating under collective bargaining agreement.
​
(d)
Reclassification of interest rate swap (gains) losses from accumulated other comprehensive income (loss) to earnings for discontinued interest rate hedges.
​
(e)
Represents expenses and income outside of the normal course of operations including debt modification costs, legal and other costs, and hurricane-related costs that were not reimbursed by insurance. Other expense for the year ended December 31, 2023 includes one-time management company transition costs. Other income for the year ended December 31, 2020 includes a benefit of $1.8 million due to the reversal of an excess accrued liability related to a labor matter.
​
(f)
Excludes amortization of share-based compensation costs reflected in Adjusted EBITDA.
​
(g)
Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Revenue Per Available Room (“RevPAR”)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Total Shareholder Return        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (3,494,034) 231,716 (7,049,033) (3,721,685) 1,019,156
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,889,568) (6,510,572) (5,801,717) (13,904,935) (4,782,580)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,646,724 6,435,620 3,856,627 12,109,960 6,383,205
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,058,887) (63,330) (5,344,802) (2,009,371) (447,801)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 332,901 258,642 142,488 43,391 56,684
PEO | Change in fair value as of vesting date of prior year awards vested during current year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (525,204) 111,356 98,371 39,270 (190,352)
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (699,656) 83,038 (1,548,386) (962,916) 79,959
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,550,734) (1,517,090) (1,499,005) (2,782,664) (1,314,152)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,270,989 1,563,706 997,491 2,418,637 1,753,969
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (407,286) (34,939) (1,110,460) (625,069) (201,186)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 69,690 45,552 34,458 11,532 27,807
Non-PEO NEO | Change in fair value as of vesting date of prior year awards vested during current year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (82,315) $ 25,809 $ 29,130 $ 14,648 $ (186,479)