XML 38 R20.htm IDEA: XBRL DOCUMENT v3.25.4
Concentration
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentration Concentration
Geographic Concentration
At December 31, 2025, our 854 properties were located in 46 states in the United States, plus the District of Columbia, San Juan, Puerto Rico and Ontario, Canada. Between 5% and 12% of our properties, by investment, were located in each of California, Texas, Florida, Illinois and Georgia. Our two hotels in Ontario, Canada and our hotel in San Juan, Puerto Rico represent 4.3% of our hotels, by investment, in the aggregate at December 31, 2025.
Credit Concentration
As of December 31, 2025, Sonesta operated 69 of our hotels and TA leased 175 of our net lease properties, representing 41.8% and 33.0%, respectively, of our investment. See Notes 4 and 9 for a discussion of our Sonesta and TA agreements.