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Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
 
The Company's debt consisted of the following (in thousands):
March 31, 2026December 31, 2025
Senior Notes, net$996,992 $996,401 
Revolver Outstanding— — 
Term Loans, net1,018,414 1,020,057 
Mortgage loans, net174,964 180,760 
Debt, net$2,190,370 $2,197,218 

During the three months ended March 31, 2026, the Company completed a series of refinancing transactions that consisted of four components: (i) an extension of the Company’s Revolver (as defined below), (ii) the upsize and recast of an existing term loan, (iii) the issuance of a new seven-year term loan, and (iv) the refinancing of mortgage debt previously scheduled to mature in 2026. The Company intends to use the incremental borrowings from these transactions to repay the 3.75% senior notes due 2026 (the "2026 Senior Notes") prior to maturity in July 2026. As a result of these transactions, the Company’s next scheduled debt maturity (after extension options) occurs in 2029.

Senior Notes

The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):
Carrying Value at
Interest RateMaturity DateMarch 31, 2026December 31, 2025
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(3,008)(3,599)
Total senior notes, net$996,992 $996,401 
(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
March 31, 2026
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 facilities in place:

•$600.0 million revolving credit facility with a scheduled maturity date of February 11, 2030 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");
•$569.0 million delayed draw term loan with a scheduled maturity date of February 11, 2031 (the "$569 Million Term Loan Maturing 2031"), of which $225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company; and
•$150.0 million delayed draw term loan with a scheduled maturity date of February 11, 2033 (the "$150 Million Term Loan Maturing 2033"), of which $150.0 million of commitments remain available to be drawn by the Company.
The $500 Million Term Loan Maturing 2027, the $300 Million Term Loan Maturing 2028, the $569 Million Term Loan Maturing 2031, and the $150 Million Term Loan Maturing 2033 are collectively referred to as the "Term Loans."

The Company's unsecured credit facilities consisted of the following (dollars in thousands):
Carrying Value at
Interest Rate at March 31, 2026 (1)Maturity DateMarch 31, 2026December 31, 2025
Revolver (2)—%February 2030$— $— 
$500 Million Term Loan Maturing 2027
4.89%September 2027 (3)500,000 500,000 
$300 Million Term Loan Maturing 2028
5.41%April 2028 (3)300,000 300,000 
$569 Million Term Loan Maturing 2031 (4)
5.41%February 2031225,000 225,000 
$150 Million Term Loan Maturing 2033 (5)
—%February 2033— — 
1,025,000 1,025,000 
Deferred financing costs, net (6)(6,586)(4,943)
Total Revolver and Term Loans, net$1,018,414 $1,020,057 
 
(1)Interest rate at March 31, 2026 gives effect to interest rate hedges.
(2)At both March 31, 2026 and December 31, 2025, there was $600.0 million of borrowing capacity on the Revolver. In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 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 February 2026, the Company refinanced this term loan to extend the scheduled maturity date to February 2031 and upsize it to a $569.0 million delayed draw term loan, of which $225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company.
(5)In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033. The Company had not drawn on this term loan as of March 31, 2026.
(6)Excludes $7.5 million and $2.2 million as of March 31, 2026 and December 31, 2025, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. Also excludes $5.5 million as of March 31, 2026 related to deferred financing costs on the undrawn commitments of the $569 Million Term Loan Maturing 2031 and the $150 Million Term Loan Maturing 2033, which are included in prepaid expense and other assets in the accompanying consolidated balance sheet.

The Company paid approximately $6.0 million in lender fees and legal costs in connection with the Revolver refinancing and approximately $8.0 million in lender fees and legal costs in connection with the term loan refinancing transactions in February 2026.

The Revolver and Term Loans are subject to various financial covenants. A summary of such covenants is as follows:
Covenant
Compliance
March 31, 2026
Leverage ratio (1)
<= 7.25x
Yes
Fixed charge coverage ratio (2)
>= 1.50x
Yes
Secured indebtedness ratio
<= 45.0%
Yes
Unencumbered indebtedness ratio (3)
<= 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.
(3)The maximum level may be increased to 65.0% for up to four quarters following a material acquisition.


Mortgage Loans 

The Company's mortgage loans consisted of the following (dollars in thousands):
Carrying Value at
Number of Assets EncumberedInterest Rate at March 31, 2026 Maturity DateMarch 31, 2026December 31, 2025
Mortgage loan (1)24.94%(3)April 2029$68,300 $69,750 
Mortgage loan (1)45.05%(3)April 202981,100 85,000 
Mortgage loan (2)15.06%January 202926,022 26,112 
7175,422 180,862 
Deferred financing costs, net(458)(102)
Total mortgage loans, net$174,964 $180,760 

(1)In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. The Company paid down approximately $5.4 million in principal in January 2026 in connection with the amendments. In April 2026, the Company received additional proceeds of $23.4 million on the $68.3 million mortgage loan with the addition of another hotel property previously unencumbered, while paying down $8.4 million on the $81.1 million mortgage loan, resulting in new principal balances of $91.7 million and $72.7 million, respectively. The hotels encumbered by each mortgage loan are cross-collateralized and require payments of interest only through maturity.
(2)Includes $1.0 million and $1.1 million at March 31, 2026 and December 31, 2025, 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 March 31, 2026 gives effect to interest rate hedges.
 
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 March 31, 2026, all mortgage loans were in compliance with the relevant maintenance covenants and were not subject to any cash trap events.

Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):
For the three months ended March 31,
20262025
Senior Notes$9,688 $9,688 
Revolver and Term Loans13,970 13,534 
Mortgage loans2,127 2,355 
Amortization of deferred financing costs1,892 1,831 
Non-cash interest expense related to interest rate hedges— 144 
Total interest expense$27,677 $27,552