XML 64 R49.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Segment Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Information              
Number of reportable segments | segment         2    
Revenues:              
Hotel operating revenues $ 412,486   $ 404,327   $ 748,722 $ 739,123  
Rental income 100,462   99,452   200,476 193,865  
Total revenues 512,948   503,779   949,198 932,988  
Expenses:              
Hotel operating expenses  328,247   309,100   633,333 608,666  
Net lease operating expenses 4,958   4,372   9,681 8,277  
Depreciation and amortization  95,674   94,571   188,781 194,610  
General and administrative 10,681   12,420   21,187 23,331  
Transaction related costs 0   931   0 1,818  
Loss on asset impairment, net 34,887   9,005   37,338 9,005  
Total expenses 474,447   430,399   890,320 845,707  
Gain (loss) on sale of real estate, net (32)   (62)   (2,995) 41,836  
Gain (loss) on equity securities, net 0   (593)   0 48,837  
Interest income 819   3,468   2,781 6,254  
Interest expense  (93,850)   (82,503)   (185,264) (164,083)  
Loss on early extinguishment of debt, net (16,048)   (238)   (16,048) (282)  
(Loss) income before income tax expense and equity in (losses) earnings of an investee (70,610)   (6,548)   (142,648) 19,843  
Income tax expense (524)   (5,247)   (1,531) (1,467)  
Equity in earnings (losses) of an investee (2,716)   517   (8,054) (3,704)  
Net (loss) income (73,850) $ (78,383) (11,278) $ 25,950 (152,233) 14,672  
Total assets 7,121,661       7,121,661   $ 7,356,116
Operating segments | Hotels              
Revenues:              
Hotel operating revenues 412,486   404,327   748,722 739,123  
Rental income 0   0   0 0  
Total revenues 412,486   404,327   748,722 739,123  
Expenses:              
Hotel operating expenses  328,247   309,100   633,333 608,666  
Net lease operating expenses 0   0   0 0  
Depreciation and amortization  55,389   53,449   110,475 106,834  
General and administrative 0   0   0 0  
Transaction related costs     473     473  
Loss on asset impairment, net 33,107   0   33,107 0  
Total expenses 416,743   363,022   776,915 715,973  
Gain (loss) on sale of real estate, net (27)   20   (863) 41,918  
Gain (loss) on equity securities, net     0     0  
Interest income 64   21   127 51  
Interest expense  0   0   0 0  
Loss on early extinguishment of debt, net 0   0   0 0  
(Loss) income before income tax expense and equity in (losses) earnings of an investee (4,220)   41,346   (28,929) 65,119  
Income tax expense 0   0   0 0  
Equity in earnings (losses) of an investee 0   0   0 0  
Net (loss) income (4,220)   41,346   (28,929) 65,119  
Total assets 3,955,348       3,955,348   3,943,213
Operating segments | Net Lease              
Revenues:              
Hotel operating revenues 0   0   0 0  
Rental income 100,462   99,452   200,476 193,865  
Total revenues 100,462   99,452   200,476 193,865  
Expenses:              
Hotel operating expenses  0   0   0 0  
Net lease operating expenses 4,958   5,202   9,681 8,277  
Depreciation and amortization  40,285   41,122   78,306 87,776  
General and administrative 0   0   0 0  
Transaction related costs     415     415  
Loss on asset impairment, net 1,780   9,005   4,231 9,005  
Total expenses 47,023   55,744   92,218 105,473  
Gain (loss) on sale of real estate, net (5)   (82)   (2,132) (82)  
Gain (loss) on equity securities, net     0     0  
Interest income 36   23   141 25  
Interest expense  (11,441)   (11,435)   (22,958) (17,757)  
Loss on early extinguishment of debt, net 0   0   0 0  
(Loss) income before income tax expense and equity in (losses) earnings of an investee 42,029   32,214   83,309 70,578  
Income tax expense 0   0   0 0  
Equity in earnings (losses) of an investee 0   0   0 0  
Net (loss) income 42,029   32,214   83,309 70,578  
Total assets 3,010,215       3,010,215   3,084,686
Corporate              
Revenues:              
Hotel operating revenues 0   0   0 0  
Rental income 0   0   0 0  
Total revenues 0   0   0 0  
Expenses:              
Hotel operating expenses  0   0   0 0  
Net lease operating expenses 0   (830)   0 0  
Depreciation and amortization  0   0   0 0  
General and administrative 10,681   12,420   21,187 23,331  
Transaction related costs     43     930  
Loss on asset impairment, net 0   0   0 0  
Total expenses 10,681   11,633   21,187 24,261  
Gain (loss) on sale of real estate, net 0   0   0 0  
Gain (loss) on equity securities, net     (593)     48,837  
Interest income 719   3,424   2,513 6,178  
Interest expense  (82,409)   (71,068)   (162,306) (146,326)  
Loss on early extinguishment of debt, net (16,048)   (238)   (16,048) (282)  
(Loss) income before income tax expense and equity in (losses) earnings of an investee (108,419)   (80,108)   (197,028) (115,854)  
Income tax expense (524)   (5,247)   (1,531) (1,467)  
Equity in earnings (losses) of an investee (2,716)   517   (8,054) (3,704)  
Net (loss) income (111,659)   $ (84,838)   (206,613) $ (121,025)  
Total assets $ 156,098       $ 156,098   $ 328,217