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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table includes revenue, significant hotel operating expenses, and Adjusted Hotel EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s consolidated statements of operations (in thousands):
|  |  | For the year ended
|  |  | December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Revenue: |  |  |  |  |  |  |  |  |
Room |  |  |  |  | $ | 290,290 |  |  | $ | 284,999 |  |  | $ | 272,265 |
Food and beverage |  |  |  |  | 7,737 |  |  | 8,124 |  |  | 7,303 |
Other |  |  |  |  | 18,077 |  |  | 16,703 |  |  | 13,958 |
Total hotel property level revenue (1) |  |  |  |  | 316,104 |  |  | 309,826 |  |  | 293,526 |
Expenses: |  |  |  |  |  |  |  |  |
Room |  |  |  |  | 65,311 |  |  | 61,794 |  |  | 56,073 |
Food and beverage |  |  |  |  | 6,218 |  |  | 6,352 |  |  | 5,520 |
Telephone |  |  |  |  | 1,360 |  |  | 1,439 |  |  | 1,449 |
Other hotel operating |  |  |  |  | 4,127 |  |  | 3,712 |  |  | 3,488 |
General and administrative |  |  |  |  | 28,826 |  |  | 28,884 |  |  | 26,086 |
Franchise and marketing fees |  |  |  |  | 25,355 |  |  | 24,897 |  |  | 23,674 |
Advertising and promotions |  |  |  |  | 6,229 |  |  | 6,085 |  |  | 5,397 |
Utilities |  |  |  |  | 13,161 |  |  | 13,007 |  |  | 12,048 |
Repairs and maintenance |  |  |  |  | 16,516 |  |  | 15,837 |  |  | 14,145 |
Management fees paid to related parties |  |  |  |  | 10,733 |  |  | 10,557 |  |  | 10,133 |
Insurance |  |  |  |  | 3,340 |  |  | 2,822 |  |  | 2,746 |
Property taxes, ground rent and insurance |  |  |  |  | 23,709 |  |  | 23,507 |  |  | 21,210 |
Total hotel property level expenses |  |  |  |  | 204,885 |  |  | 198,893 |  |  | 181,969 |
Adjusted Hotel EBITDA |  |  |  |  | $ | 111,219 |  |  | $ | 110,933 |  |  | $ | 111,557 |
Reconciliation of Adjusted Hotel EBITDA to net income |  |  |  |  |  |  |  |  |
Interest expense, including amortization of deferred fees |  |  |  |  | (30,880) |  |  | (27,128) |  |  | (26,454) |
Depreciation and amortization |  |  |  |  | (60,741) |  |  | (58,254) |  |  | (59,350) |
Corporate general and administrative |  |  |  |  | (18,388) |  |  | (17,517) |  |  | (17,339) |
Other charges |  |  |  |  | (327) |  |  | (2,300) |  |  | (683) |
Impairment loss |  |  |  |  | (4,256) |  |  | (4,266) |  |  | — |
Loss on early extinguishment of debt |  |  |  |  | (17) |  |  | (696) |  |  | (138) |
Interest and other income |  |  |  |  | 1,712 |  |  | 1,534 |  |  | 10 |
Gain on sale of hotel properties |  |  |  |  | 5,713 |  |  | 18 |  |  | 2,268 |
Gain from partial lease termination |  |  |  |  | — |  |  | 164 |  |  | — |
Net income |  |  |  |  | $ | 4,035 |  |  | $ | 2,488 |  |  | $ | 9,871 |
(1) The difference between total hotel property level revenue and total revenue on the consolidated statements of operations is due to reimbursable costs from related parties of $1.1 million, $1.3 million, and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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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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