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v3.25.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables include revenues, significant hotel operating expenses, and Hotel Adjusted EBITDA for the Company’s hotels, reconciled to the consolidated amounts included in the Company’s condensed consolidated statements of operations (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
REVENUE |  |  |  |  |  |  |  |  |
Rooms |  |  |  |  | $ | 136,092 |  |  | $ | 138,552 |  |  |
Food and beverage |  |  |  |  | 51,788 |  |  | 53,547 |  |  |
Other hotel revenue |  |  |  |  | 27,940 |  |  | 26,980 |  |  |
Total hotel revenue |  |  |  |  | $ | 215,820 |  |  | $ | 219,079 |  |  |
EXPENSES |  |  |  |  |  |  |  |  |
Rooms |  |  |  |  | $ | 28,219 |  |  | $ | 28,264 |  |  |
Food and beverage |  |  |  |  | 40,210 |  |  | 40,717 |  |  |
Direct expenses |  |  |  |  | 9,459 |  |  | 9,769 |  |  |
Indirect expenses: |  |  |  |  |  |  |  |  |
Property, general and administration |  |  |  |  | 15,398 |  |  | 16,603 |  |  |
Sales and marketing |  |  |  |  | 13,173 |  |  | 13,381 |  |  |
Information and telecommunications systems |  |  |  |  | 2,075 |  |  | 2,048 |  |  |
Repairs and maintenance |  |  |  |  | 7,772 |  |  | 7,662 |  |  |
Energy |  |  |  |  | 5,859 |  |  | 5,965 |  |  |
Lease expense |  |  |  |  | 554 |  |  | 1,173 |  |  |
Ownership expenses |  |  |  |  | 982 |  |  | 1,176 |  |  |
Incentive management fee |  |  |  |  | 4,229 |  |  | 3,850 |  |  |
Management fees |  |  |  |  | 6,737 |  |  | 6,866 |  |  |
Property taxes |  |  |  |  | 5,951 |  |  | 5,710 |  |  |
Other taxes |  |  |  |  | 468 |  |  | 513 |  |  |
Insurance |  |  |  |  | 3,993 |  |  | 4,403 |  |  |
Total expenses |  |  |  |  | 145,079 |  |  | 148,100 |  |  |
Hotel adjusted EBITDA |  |  |  |  | $ | 70,741 |  |  | $ | 70,979 |  |  |
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
Hotel adjusted EBITDA |  |  |  |  | $ | 70,741 |  |  | $ | 70,979 |  |  |
Ownership expenses included in other hotel expenses |  |  |  |  | (875) |  |  | 1,551 |  |  |
Ownership expenses included in property taxes, insurance and other |  |  |  |  | (53) |  |  | (59) |  |  |
Management fees |  |  |  |  | (173) |  |  | (110) |  |  |
Depreciation and amortization |  |  |  |  | (23,395) |  |  | (25,420) |  |  |
Advisory services fee |  |  |  |  | (6,611) |  |  | (6,700) |  |  |
Corporate, general and administrative |  |  |  |  | (2,894) |  |  | 2,226 |  |  |
Equity in earnings (loss) of unconsolidated entities |  |  |  |  | — |  |  | (49) |  |  |
Interest income |  |  |  |  | 1,888 |  |  | 796 |  |  |
Interest expense and amortization of discounts and loan costs |  |  |  |  | (24,827) |  |  | (26,491) |  |  |
Write-off of loan costs and exit fees |  |  |  |  | (1,464) |  |  | (721) |  |  |
Realized and unrealized gain (loss) on derivatives |  |  |  |  | (198) |  |  | 932 |  |  |
Income tax (expense) benefit |  |  |  |  | (1,467) |  |  | (1,452) |  |  |
Net income (loss) |  |  |  |  | $ | 10,672 |  |  | $ | 15,482 |  |  |

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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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