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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | The tables below present information about our segments.
| Year Ended December 31, 2025
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,413,403 |  |  | $ | 1,413,403 |
Rental income | 401,435 |  |  | — |  |  | 401,435 |
Total revenues | 401,435 |  |  | 1,413,403 |  |  | 1,814,838 |
Less: |  |  |  |  |
Room expenses | — |  |  | 387,243 |  |  | 387,243 |
Food and beverage expenses | — |  |  | 168,188 |  |  | 168,188 |
Management fees | 8,517 |  |  | 52,199 |  |  | 60,716 |
Real estate taxes and insurance | 3,041 |  |  | 109,316 |  |  | 112,357 |
Other operating expenses (1) | 10,039 |  |  | 509,596 |  |  | 519,635 |
Depreciation and amortization | 140,700 |  |  | 174,263 |  |  | 314,963 |
Interest expense | 49,458 |  |  | — |  |  | 49,458 |
Other segment items (2) | 5,682 |  |  | 6,173 |  |  | 11,855 |
Segment profit | 183,998 |  |  | 6,425 |  |  | 190,423 |
Reconciliation of segment profit: |  |  |  |  |
General and administrative |  |  |  |  | (40,667) |
Transaction related costs |  |  |  |  | (289) |
Interest income |  |  |  |  | 8,773 |
Interest expense |  |  |  |  | (364,156) |
Loss on early extinguishment of debt, net |  |  |  |  | (2,897) |
Income tax benefit |  |  |  |  | 10,717 |
Equity in losses of an investee |  |  |  |  | (4,225) |
Net loss |  |  |  |  | $ | (202,321) |
(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) Other segment items for each reportable segment include transaction related costs, gains and losses on asset impairment and sale of real estate and interest income, as applicable.
| Year Ended December 31, 2024
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,496,705 |  |  | $ | 1,496,705 |
Rental income | 400,223 |  |  | — |  |  | 400,223 |
Total revenues | 400,223 |  |  | 1,496,705 |  |  | 1,896,928 |
Less: |  |  |  |  |
Room expenses | — |  |  | 396,855 |  |  | 396,855 |
Food and beverage expenses | — |  |  | 162,206 |  |  | 162,206 |
Management fees | 6,012 |  |  | 54,738 |  |  | 60,750 |
Real estate taxes and insurance | 3,312 |  |  | 122,342 |  |  | 125,654 |
Other operating expenses (1) | 10,493 |  |  | 538,012 |  |  | 548,505 |
Depreciation and amortization | 150,487 |  |  | 221,299 |  |  | 371,786 |
Interest expense | 46,231 |  |  | — |  |  | 46,231 |
Other segment items (2) | 19,687 |  |  | 36,746 |  |  | 56,433 |
Segment profit (loss) | 164,001 |  |  | (35,493) |  |  | 128,508 |
Reconciliation of segment profit or loss: |  |  |  |  |
General and administrative |  |  |  |  | (40,239) |
Interest income |  |  |  |  | 3,648 |
Interest expense |  |  |  |  | (337,561) |
Loss on early extinguishment of debt, net |  |  |  |  | (16,181) |
Income tax expense |  |  |  |  | (1,402) |
Equity in losses of an investee |  |  |  |  | (12,299) |
Net loss |  |  |  |  | $ | (275,526) |
(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable.
| Year Ended December 31, 2023
| Net Lease |  | Hotels |  | Total
Revenues: |  |  |  |  |
Hotel operating revenues | $ | — |  |  | $ | 1,478,034 |  |  | $ | 1,478,034 |
Rental income | 395,829 |  |  | — |  |  | 395,829 |
Total revenues | 395,829 |  |  | 1,478,034 |  |  | 1,873,863 |
Less (plus): |  |  |  |  |
Room expenses | — |  |  | 389,262 |  |  | 389,262 |
Food and beverage expenses | — |  |  | 150,124 |  |  | 150,124 |
Management fees | 3,702 |  |  | 54,192 |  |  | 57,894 |
Real estate taxes and insurance | 3,465 |  |  | 109,287 |  |  | 112,752 |
Other operating expenses (1) | 10,496 |  |  | 521,041 |  |  | 531,537 |
Depreciation and amortization | 167,825 |  |  | 216,235 |  |  | 384,060 |
Interest expense | 40,920 |  |  | — |  |  | 40,920 |
Other segment items (2) | 8,021 |  |  | (42,003) |  |  | (33,982) |
Segment profit | 161,400 |  |  | 79,896 |  |  | 241,296 |
Reconciliation of segment profit: |  |  |  |  |
General and administrative |  |  |  |  | (45,397) |
Transaction related costs |  |  |  |  | 1,623 |
Gain on equity securities |  |  |  |  | 48,837 |
Interest income |  |  |  |  | 20,692 |
Interest expense |  |  |  |  | (295,422) |
Loss on early extinguishment of debt, net |  |  |  |  | (1,524) |
Income tax benefit |  |  |  |  | 1,498 |
Equity in losses of an investee |  |  |  |  | (4,382) |
Net loss |  |  |  |  | $ | (32,779) |
(1) Other operating expenses for each reportable segment include expenses such as repairs and maintenance, utilities and other costs, including property level expense reimbursements for our net lease investments segment as discussed in Note 8, incurred in connection with the operation of our properties. (2) Other segment items for each reportable segment include gains and losses on asset impairment and sale of real estate and interest income, as applicable.
| As of December 31,
| 2025 |  | 2024 |  | 2023
Assets: |  |  |  |  |
Net Lease | $ | 2,902,699 |  |  | $ | 2,942,585 |  |  | $ | 3,084,686 |
Hotels | 3,107,967 |  |  | 3,897,132 |  |  | 3,943,213 |
Corporate | 480,914 |  |  | 279,841 |  |  | 328,217 |
Total assets | $ | 6,491,580 |  |  | $ | 7,119,558 |  |  | $ | 7,356,116 |
| As of December 31,
| 2025 |  | 2024 |  | 2023
Capital expenditures: |  |  |  |  |
Net Lease | $ | 2,451 |  |  | $ | 5,494 |  |  | $ | 3,477 |
Hotels | 234,469 |  |  | 297,398 |  |  | 232,053 |
Total capital expenditures | $ | 236,920 |  |  | $ | 302,892 |  |  | $ | 235,530 |

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- 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
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