XML 57 R44.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
REVENUE |  |  |  |  |  |  |  |  |  |
Rooms |  | $ | 222,901 |  |  | $ | 239,493 |  |  | $ | 425,152 |  |  | $ | 465,143 |  |  |
Food and beverage |  | 55,336 |  |  | 55,260 |  |  | 109,865 |  |  | 112,618 |  |  |
Other hotel revenue |  | 18,905 |  |  | 16,875 |  |  | 35,058 |  |  | 33,502 |  |  |
Total hotel revenue |  | 297,142 |  |  | 311,628 |  |  | 570,075 |  |  | 611,263 |  |  |
EXPENSES |  |  |  |  |  |  |  |  |  |
Rooms |  | 50,664 |  |  | 53,099 |  |  | 97,522 |  |  | 106,839 |  |  |
Food and beverage |  | 35,455 |  |  | 37,508 |  |  | 71,181 |  |  | 75,339 |  |  |
Direct expenses |  | 2,410 |  |  | 2,502 |  |  | 4,585 |  |  | 4,811 |  |  |
Indirect expenses: |  |  |  |  |  |  |  |  |  |
Property, general and administration |  | 27,054 |  |  | 30,492 |  |  | 51,452 |  |  | 62,953 |  |  |
Sales and marketing |  | 31,026 |  |  | 31,958 |  |  | 59,436 |  |  | 63,463 |  |  |
Information and telecommunications systems |  | 3,421 |  |  | 5,388 |  |  | 8,004 |  |  | 9,708 |  |  |
Repairs and maintenance |  | 13,289 |  |  | 13,581 |  |  | 26,464 |  |  | 27,961 |  |  |
Energy |  | 10,381 |  |  | 9,819 |  |  | 20,320 |  |  | 21,102 |  |  |
Lease expense |  | 1,133 |  |  | 1,063 |  |  | 2,397 |  |  | 2,165 |  |  |
Ownership expenses |  | 487 |  |  | 630 |  |  | 1,042 |  |  | 1,220 |  |  |
Incentive management fee |  | 5,219 |  |  | 5,467 |  |  | 8,879 |  |  | 10,224 |  |  |
Management fees |  | 10,078 |  |  | 10,913 |  |  | 19,468 |  |  | 21,821 |  |  |
Property taxes |  | 9,823 |  |  | 10,596 |  |  | 19,750 |  |  | 20,893 |  |  |
Other taxes (refunds) |  | 204 |  |  | (1,107) |  |  | 320 |  |  | (883) |  |  |
Insurance |  | 5,446 |  |  | 5,828 |  |  | 10,868 |  |  | 12,272 |  |  |
Total expenses |  | 206,090 |  |  | 217,737 |  |  | 401,688 |  |  | 439,888 |  |  |
Hotel adjusted EBITDA |  | $ | 91,052 |  |  | $ | 93,891 |  |  | $ | 168,387 |  |  | $ | 171,375 |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Reconciliation of hotel operating income (loss) to net income (loss) |  |  |  |  |  |  |  |  |  |
Hotel adjusted EBITDA |  | $ | 91,052 |  |  | $ | 93,891 |  |  | $ | 168,387 |  |  | $ | 171,375 |  |  |
Other revenue |  | 456 |  |  | 683 |  |  | 765 |  |  | 1,322 |  |  |
Stirling OP hotel profit (loss) |  | 1,173 |  |  | 1,230 |  |  | 2,302 |  |  | 2,030 |  |  |
Ownership expenses included in other hotel expenses |  | (5,152) |  |  | (2,793) |  |  | (10,499) |  |  | (5,444) |  |  |
Ownership expenses included in property taxes, insurance and other |  | (520) |  |  | (742) |  |  | (840) |  |  | (970) |  |  |
Management fees |  | (72) |  |  | (78) |  |  | (342) |  |  | (540) |  |  |
Depreciation and amortization |  | (35,276) |  |  | (37,187) |  |  | (72,615) |  |  | (77,731) |  |  |
Impairment charges |  | (1,447) |  |  | — |  |  | (1,447) |  |  | — |  |  |
Advisory services fee |  | (12,017) |  |  | (11,474) |  |  | (23,562) |  |  | (26,675) |  |  |
Corporate, general, and administrative |  | (5,485) |  |  | (7,194) |  |  | (9,817) |  |  | (15,403) |  |  |
Gain (loss) on disposition of assets and hotel properties |  | 6,684 |  |  | 87,441 |  |  | 38,552 |  |  | 94,397 |  |  |
Gain (loss) on derecognition of assets |  | 9,900 |  |  | 11,725 |  |  | 19,946 |  |  | 145,634 |  |  |
Equity in earnings (loss) of unconsolidated entities |  | 44 |  |  | (162) |  |  | (387) |  |  | (695) |  |  |
Interest income |  | 1,253 |  |  | 1,688 |  |  | 2,467 |  |  | 3,672 |  |  |
Other income (expense), net |  | — |  |  | 37 |  |  | — |  |  | 72 |  |  |
Interest expense and amortization of discounts and loan costs |  | (70,687) |  |  | (68,416) |  |  | (137,489) |  |  | (142,377) |  |  |
Interest expense associated with hotels in receivership |  | (9,902) |  |  | (11,944) |  |  | (19,948) |  |  | (24,042) |  |  |
Write-off of premiums, loan costs and exit fees |  | (1,486) |  |  | (3,796) |  |  | (6,083) |  |  | (3,814) |  |  |
Gain (loss) on extinguishment of debt |  | (2) |  |  | — |  |  | (15) |  |  | 45 |  |  |
Realized and unrealized gain (loss) on derivatives |  | (836) |  |  | 1,357 |  |  | (3,576) |  |  | 6,118 |  |  |
Income tax (expense) benefit |  | (119) |  |  | (3,455) |  |  | (436) |  |  | (3,758) |  |  |
Net income (loss) |  | $ | (32,439) |  |  | $ | 50,811 |  |  | $ | (54,637) |  |  | $ | 123,216 |  |  |
Schedule of Reconciliation of Revenue from Segments to Consolidated | The following table reconciles segment total revenue to total consolidated revenue:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Segment total hotel revenue | $ | 297,142 |  |  | $ | 311,628 |  |  | $ | 570,075 |  |  | $ | 611,263 |  |  |
Stirling OP total hotel revenue | 4,403 |  |  | 4,171 |  |  | 8,520 |  |  | 7,793 |  |  |
Consolidated total hotel revenue | 301,545 |  |  | 315,799 |  |  | 578,595 |  |  | 619,056 |  |  |
Other revenue | 456 |  |  | 683 |  |  | 765 |  |  | 1,322 |  |  |
Total consolidated revenue | $ | 302,001 |  |  | $ | 316,482 |  |  | $ | 579,360 |  |  | $ | 620,378 |  |  |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration