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Segment Information
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
Revenues      
Room revenue$275,257 $267,654 
Food and beverage revenue39,717 37,513 
Other revenue25,003 22,952 
Total revenues339,977 328,119 
Operating expenses      
Room expense72,732 70,851 
Food and beverage expense30,762 29,289 
Management and franchise fee expense25,074 25,202 
Other operating expenses96,426 91,711 
Total operating expenses224,994 217,053 
Property tax, insurance and other26,972 27,203 
Other, net (1)(1,912)(2,048)
Hotel EBITDA$89,923 $85,911 

(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 March 31,
20262025
(Loss) income before income tax expense$(85)$3,466 
Depreciation and amortization47,195 45,788 
Interest expense, net of interest income24,739 24,297 
General and administrative12,979 12,646 
Loss (gain) on sale of hotel properties, net3,647 (1,321)
Other, net1,448 1,035 
Hotel EBITDA$89,923 $85,911 

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