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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in one reportable business segment within the hotel lodging industry: direct hotel investments. Direct hotel investments refers to owning hotel properties through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments; (i) offer similar products and services to their customers in the form of hotel rooms, food and beverage, and ancillary services: (ii) utilize third-party hotel management companies to deliver its products and services to its customers; (iii) are designed and operated to appeal to similar
individuals, groups, leisure, and business customers; and (iv) have third-party hotel managers that utilize the same methods (direct hotel sales and various online booking portals) to distribute the Company’s products and services. As of September 30, 2025 and December 31, 2024, all of our hotel properties were in the U.S. and its territories. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer.
Each hotel property derives revenue primarily from guestroom sales, food and beverage sales, and revenues from other lodging services and amenities. The accounting policies of each operating segment are the same as those described in the summary of significant accounting policies in note 2 of the consolidated financial statements included in our 2024 Annual Report on Form 10-K.
The CODM reviews and makes decisions on all aspects of the Company’s business using all available financial and non-financial data for each hotel individually. Capital allocation decisions to acquire, sell, enhance, redevelop, or perform renewal and replacement expenditures are determined on a hotel-by-hotel basis. Specifically, the CODM reviews the results of each hotel to assess the hotel’s profitability. The key measure the CODM uses to allocate resources and assess performance is individual hotel net income (loss) before interest expense, income taxes, depreciation, and amortization, adjusted to exclude certain items determined by management to not be reflective of its ongoing operating performance or incurred in the normal course of business (Hotel Adjusted EBITDA). The adjustments include gains and losses on hotel dispositions, impairment charges, pre-opening costs associated with extensive renovation projects, property-level legal settlements, restructuring, severance, and management transition costs, and other expenses identified by management to be non-recurring. The CODM does not regularly review asset 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 September 30,Nine Months Ended September 30,
2025202420252024
REVENUE
Rooms$85,701 $92,427 $331,617 $347,206 
Food and beverage36,637 34,781 133,996 135,891 
Other hotel revenue21,218 21,190 72,840 71,967 
Total hotel revenue$143,556 $148,398 $538,453 $555,064 
EXPENSES
Hotel expenses:
Rooms$24,728 $25,548 $80,232 $81,288 
Food and beverage30,685 31,998 106,662 109,379 
Direct expenses7,236 7,263 24,903 25,002 
Indirect expenses:
Property, general and administration14,364 14,873 45,228 47,120 
Sales and marketing11,138 11,639 36,868 37,644 
Information and telecommunications systems1,969 2,141 5,928 6,261 
Repairs and maintenance7,802 7,494 23,627 23,062 
Energy6,148 6,093 17,899 17,838 
Lease expense634 807 1,756 3,463 
Ownership expenses995 690 3,149 2,627 
Incentive management fee(187)219 5,263 6,430 
Management fees4,337 4,635 16,498 17,372 
Property taxes4,405 5,712 14,358 16,625 
Other taxes331 309 1,098 1,154 
Insurance3,409 3,927 10,888 12,692 
Total expenses117,994 123,348 394,357 407,957 
Hotel adjusted EBITDA$25,562 $25,050 $144,096 $147,107 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Hotel adjusted EBITDA$25,562 $25,050 $144,096 $147,107 
Ownership expenses included in other hotel expenses(1,667)(81)(3,966)(84)
Ownership expenses included in property taxes, insurance and other(66)(37)(224)(269)
Management fees(103)(234)(393)(541)
Depreciation and amortization(23,164)(25,078)(69,919)(75,192)
Advisory services fee(7,915)(8,627)(21,717)(23,155)
Corporate, general and administrative(3,811)(8,874)(4,407)(11,105)
Gain (loss) on disposition of assets and hotel properties40,970 88,210 40,970 88,210 
Equity in earnings (loss) of unconsolidated entities— (80)— (214)
Interest income1,494 2,660 4,901 4,528 
Other income (expense)— — (1,250)— 
Interest expense and amortization of discounts and loan costs(25,188)(27,911)(75,376)(81,687)
Write-off of loan costs and exit fees(366)(5,292)(1,833)(6,095)
Gain (loss) on extinguishment of debt(1,553)— (1,553)(22)
Realized and unrealized gain (loss) on derivatives(118)(735)(301)523 
Income tax (expense) benefit648 864 (474)(474)
Net income (loss)$4,723 $39,835 $8,554 $41,530