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Dispositions, Impairment Charges and Assets Held For Sale (Tables)
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale The following table includes condensed financial information from the Company’s dispositions (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total hotel revenue
$1,478 $12,253 $8,101 $68,841 
Total hotel operating expenses(1,815)(8,484)(7,606)(52,523)
Property taxes, insurance and other(164)(593)(538)(5,194)
Depreciation and amortization— (1,144)(811)(7,355)
Impairment charges— — (1,447)— 
Total operating expenses(1,979)(10,221)(10,402)(65,072)
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties16,753 9 48,659 94,406 
Gain (loss) on derecognition of assets
9,703 11,114 29,649 156,748 
Operating income (loss)25,955 13,155 76,007 254,923 
Interest income— 82 — 248 
Interest expense and amortization of discounts and loan costs(271)(2,843)(2,006)(14,337)
Interest expense associated with hotels in receivership
(9,684)(11,120)(29,632)(35,162)
Write-off of premiums, loan costs and exit fees— (850)(67)(838)
Gain (loss) on extinguishment of debt(57)2,745 (57)2,790 
Income (loss) before income taxes15,943 1,169 44,245 207,624 
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(238)(14)(686)(2,561)
Net income (loss) attributable to the Company$15,705 $1,155 $43,559 $205,063 
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet were as follows:
September 30, 2025
Assets
Investments in hotel properties, gross
$34,193 
Accumulated depreciation
(16,158)
Investments in hotel properties, net18,035 
Cash and cash equivalents2 
Restricted cash2,707 
Accounts receivable, net158 
Prepaid expenses and other assets
70 
Due from third-party hotel managers478 
Assets held for sale$21,450 
Liabilities
Indebtedness, net$28,355 
Accounts payable and accrued expenses642 
Accrued interest239 
Liabilities related to assets held for sale$29,236 
Schedule of Hotel Fair Value as a Result of Impairment Charges
The following table presents the fair value of our hotel property within the fair value hierarchy subsequent to the aforementioned non-recurring impairment charge (in thousands):
Fair Value as of September 30, 2025
Level 1Level 2Level 3Total
New Orleans Le Pavillon Hotel
$— $— $42,500 $42,500