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Note 5 - Investment in Hotel Properties | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Real Estate Disclosure [Text Block] |
5. | Investment in Hotel Properties
Investment in hotel properties, net Investment in hotel properties, net as of December 31, 2025 and 2024 consisted of the following (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |
Land and improvements |  | $ | 268,546 |  |  | $ | 280,415 |
Building and improvements |  |  | 1,174,132 |  |  |  | 1,232,438 |
Furniture, fixtures and equipment |  |  | 87,528 |  |  |  | 107,947 |
Finance lease assets |  |  | 43,840 |  |  |  | 43,760 |
Renovations in progress |  |  | 11,718 |  |  |  | 17,232 |
|  |  | 1,585,764 |  |  |  | 1,681,792 |
Less accumulated depreciation and amortization |  |  | (478,874 | ) |  |  | (484,274 | )
Investment in hotel properties, net |  | $ | 1,106,890 |  |  | $ | 1,197,518 |
There were no impairments recorded during the year ended December 31, 2025. During the year ended December 31, 2024, the Company recorded an impairment loss of $4.3 million on the CY Houston hotel property to write down the value of the hotel property to its estimated fair value which approximated its estimated selling price. The CY Houston hotel property was sold on April 22, 2025. During the year ended December 31, 2023, the Company recorded an impairment loss of $4.3 million on the HGI Denver Tech hotel property to write down the hotel property to estimated fair value which approximated its estimated selling price. The HGI Denver Tech hotel property was sold on January 9, 2024. On November 26, 2025, the Company entered into an agreement to purchase a portfolio of six hotels for $92.0 million. There can be no assurance that this transaction will ultimately close. Investment in hotel properties under development During the year ended December 31, 2023, the Company wrote-off $2.2 million of previous expenditures related to the development of a hotel in California that the Company decided to no longer pursue. The write-off expense is included in other charges in the consolidated statements of operations.

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