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