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Investment in Hotel Properties
3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
March 31, 2026December 31, 2025
Land and improvements$1,122,057 $1,123,123 
Buildings and improvements4,210,133 4,199,471 
Furniture, fixtures and equipment879,506 873,410 
6,211,696 6,196,004 
Accumulated depreciation(2,130,652)(2,083,617)
Investment in hotel properties, net$4,081,044 $4,112,387 
 
For the three months ended March 31, 2026 and 2025, the Company recognized depreciation expense related to its investment in hotel properties of approximately $47.0 million and $45.7 million, respectively.