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Other Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Other Investments Other Investments
Equity Method Investment
As of both December 31, 2025 and 2024, we owned 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting.
As of December 31, 2025 and 2024, our investment in Sonesta had a carrying value of $111,796 and $115,818, respectively. On the date of acquisition of our initial equity interest in Sonesta (February 27, 2020), the cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings (losses) of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $260 in each of the years ended December 31, 2025, 2024 and 2023. We recognized losses of $4,225, $12,299 and $4,382 related to our investment in Sonesta for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts, which include amortization of the basis difference, are included in equity in losses of an investee in our consolidated statements of comprehensive income (loss).
We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our consolidated balance sheets and is being amortized on a straight-line basis through the initial term of the legacy Sonesta agreement, January 31, 2037, as a reduction to hotel operating expenses in our consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $2,484 for each of the years ended December 31, 2025, 2024 and 2023, for amortization of this liability. As of December 31, 2025 and 2024, the unamortized balance of this liability was $27,511 and $29,995, respectively.
In 2024 and 2023, we funded capital contributions to Sonesta of $15,266 and $5,134, respectively, to support its growth initiatives, including its franchising efforts. We continue to maintain our 34% ownership in Sonesta after giving effect to these contributions.
Summarized financial information for Sonesta as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023 is as follows:
December 31,
2025
2024
Total current assets$137,467 $200,461 
Total noncurrent assets$632,467 $725,599 
Total current liabilities$122,019 $178,933 
Total noncurrent liabilities$286,790 $373,597 
Non-controlling interest$52,519 $52,964 
Year Ended December 31,
2025
20242023
Total revenues$814,457 $815,457 $765,011 
Operating income (loss)
$6,227 $(12,216)$5,013 
Net loss
$(12,598)$(36,158)$(10,823)
Net loss attributable to shareholders
$(12,560)$(35,452)$(11,404)
See Notes 4 and 9 for further information regarding our relationships, agreements and transactions with Sonesta.
Investment in Equity Securities
Until May 15, 2023, we owned 1,184,797 shares, or approximately 7.8%, of TA common stock, which were reported at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the end of the period, with changes in fair value recorded in earnings in our consolidated statements of comprehensive income (loss). As of May 15, 2023, our historical cost basis for these shares was $24,418 and our carrying value for these shares was $101,893. On May 15, 2023, BP Products North America Inc. acquired TA pursuant to a merger, or the TA Merger, for $86.00 per share of TA common stock in cash. We recorded a gain of $48,837 during the year ended December 31, 2023 to adjust the carrying value of our former investment in shares of TA common stock to its fair value.
See Notes 4 and 9 for further information regarding our relationships, agreements and transactions with TA.