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Hotel Dispositions
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Hotel Dispositions Hotel Dispositions
On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property. The sale resulted in a gain of approximately $88.1 million for the year ended December 31, 2024.
On August 7, 2025, the Company sold the Marriott Seattle Waterfront for $145 million in cash, subject to customary pro-rations and adjustments. Additionally, the Company repaid approximately $88.4 million on the mortgage loan that was partially secured by the hotel property. The sale resulted in a gain of approximately $41.0 million for the three and nine months ended September 30, 2025, and is included in “gain (loss) on disposition of assets and hotel property” in our condensed consolidated statements of operations.
We included the results of operations for these hotel properties through the dates of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024, respectively. The following table includes the condensed consolidated financial information from the disposed hotel properties (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total hotel revenue$6,133 $15,932 $23,768 $58,454 
Total hotel operating expenses(3,148)(8,828)(13,673)(34,310)
Property taxes, insurance and other(247)(724)(1,253)(3,410)
Depreciation and amortization(672)(2,791)(4,119)(8,430)
Gain (loss) on disposition of assets and hotel property
41,043 88,160 41,043 88,160 
Operating income (loss)43,109 91,749 45,766 100,464 
Interest income— 55 — 265 
Interest expense and amortization of loan costs(645)(2,183)(3,879)(9,427)
Write-off of loan costs and exit fees— — (141)(104)
Gain (loss) on extinguishment of debt(1,553)— (1,553)— 
Income (loss) before income taxes40,911 89,621 40,193 91,198 
Income from consolidated entities attributable to noncontrolling interests— (26,296)— (28,024)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(2,827)(5,098)(2,748)(5,093)
Income (loss) before income taxes attributable to the Company$38,084 $58,227 $37,445 $58,081