DiamondRock Hospitality (DRH) 10-K 24 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32514
Entity Registrant Name	DIAMONDROCK HOSPITALITY CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1180098
Entity Address, Address Line One	2 Bethesda Metro Center, Suite 1400,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	240
Local Phone Number	744-1150
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding (in shares)		209,552,733
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2022 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2022, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	DRH Pr A
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Property and equipment, net	$ 2,748,476	$ 2,651,444
Right-of-use assets	99,047	100,212
Restricted cash	39,614	36,887
Due from hotel managers	176,708	120,671
Prepaid and other assets	76,131	17,472
Cash and cash equivalents	67,564	38,620
Total assets	3,207,540	2,965,306
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	386,655	578,651
Unsecured term loans, net of unamortized debt issuance costs	799,138	398,572
Senior unsecured credit facility	0	90,000
Total debt	1,185,793	1,067,223
Lease liabilities	110,875	108,605
Due to hotel managers	123,682	85,493
Deferred rent	65,097	60,800
Unfavorable contract liabilities, net	61,069	62,780
Accounts payable and accrued expenses	43,120	51,238
Distributions declared and unpaid	12,946	0
Deferred income related to key money, net	8,780	8,203
Total liabilities	1,611,362	1,444,342
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at December 31, 2021 and 2020	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 209,374,830 and 210,746,895 shares issued and outstanding at December 31, 2022 and 2021, respectively	2,094	2,107
Additional paid-in capital	2,288,433	2,293,990
Distributions in excess of earnings	(700,694)	(780,931)
Total stockholders' equity	1,589,881	1,515,214
Noncontrolling interests	6,297	5,750
Total equity	1,596,178	1,520,964
Total liabilities and equity	$ 3,207,540	$ 2,965,306

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate	8.25%	8.25%
Liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, shares issued (in shares)	4,760,000	4,760,000
Preferred stock, shares outstanding (in shares)	4,760,000	4,760,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	209,374,830	210,746,895
Common stock, shares outstanding (in shares)	209,374,830	210,746,895

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 1,001,503	$ 567,134	$ 299,488
Operating expenses:
Depreciation and amortization	108,849	102,963	114,716
Impairment losses	2,843	126,697	174,120
Corporate expenses	31,790	32,552	27,401
Business interruption insurance income	(499)	(705)	(2,208)
Total operating expenses, net	839,738	723,176	668,363
Interest (income) and other expense (income), net	1,404	(947)	(391)
Interest expense	38,283	37,043	53,995
Loss on early extinguishment of debt	9,766	0	0
Total other expenses, net	49,453	36,096	53,604
Income (loss) before income taxes	112,312	(192,138)	(422,479)
Income tax (expense) income	(2,607)	(3,267)	26,452
Net income (loss)	109,705	(195,405)	(396,027)
Less: Net (income) loss attributable to noncontrolling interests	(377)	821	1,652
Net income (loss) attributable to the Company	109,328	(194,584)	(394,375)
Distributions to preferred stockholders	(9,817)	(9,817)	(3,300)
Net income (loss) attributable to common stockholders	$ 99,511	$ (204,401)	$ (397,675)
Earnings (loss) earnings per share:
Net income (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.47	$ (0.96)	$ (1.97)
Net income (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.47	$ (0.96)	$ (1.97)
Weighted-average number of common shares outstanding:
Basic (in shares)	212,423,873	212,056,923	201,670,721
Diluted (in shares)	213,188,987	212,056,923	201,670,721
Rooms
Revenues:
Total revenues	$ 681,269	$ 399,055	$ 196,736
Operating expenses:
Operating expenses	163,062	102,183	68,603
Food and beverage
Revenues:
Total revenues	238,234	117,742	68,566
Operating expenses:
Operating expenses	163,622	89,795	58,391
Other
Revenues:
Total revenues	82,000	50,337	34,186
Operating expenses:
Operating expenses	313,949	240,818	213,631
Management fees
Operating expenses:
Operating expenses	23,439	10,208	3,578
Franchise fees
Operating expenses:
Operating expenses	$ 32,683	$ 18,665	$ 10,131

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Total Stockholders' Equity	Total Stockholders' Equity Common Stock	Total Stockholders' Equity Preferred Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Preferred Stock	Distributions in excess of earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019							0		200,207,795
Beginning balance at Dec. 31, 2019	$ 1,921,062			$ 1,912,490			$ 0		$ 2,002		$ 2,089,349			$ (178,861)	$ 8,572
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(3,300)			(3,300)										(3,300)
Share-based compensation (in shares)									304,301
Share-based compensation	6,091			5,009					$ 3		5,001			5	1,082
Redemption of common OP units	(201)			(15)							(15)				(186)
Sale of stock (in shares)								4,760,000		10,680,856
Sale of stock		$ 86,829	$ 114,423		$ 86,829	$ 114,423		$ 48		$ 107		$ 86,722	$ 114,423
Common stock repurchased and retired (in shares)									(1,119,438)
Common stock repurchased and retired	(10,000)			(10,000)					$ (11)		(9,989)
Net (loss) income	(396,027)			(394,375)										(394,375)	(1,652)
Ending balance (in shares) at Dec. 31, 2020							4,760,000		210,073,514
Ending balance at Dec. 31, 2020	1,718,925			1,711,109			$ 48		$ 2,101		2,285,491			(576,531)	7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on preferred stock	(9,817)			(9,817)										(9,817)
Share-based compensation (in shares)									349,391
Share-based compensation	7,261			6,136					$ 3		6,132			1	1,125
Redemption of OP units (in shares)									323,990
Redemption of common OP units	0			2,370					$ 3		2,367				(2,370)
Net (loss) income	(195,405)			(194,584)										(194,584)	(821)
Ending balance (in shares) at Dec. 31, 2021							4,760,000		210,746,895
Ending balance at Dec. 31, 2021	1,520,964			1,515,214			$ 48		$ 2,107		2,293,990			(780,931)	5,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions on common stock/units	(19,348)			(19,274)										(19,274)	(74)
Distributions on preferred stock	(9,817)			(9,817)										(9,817)
Share-based compensation (in shares)									169,120
Share-based compensation	6,961			6,503					$ 2		6,501				458
Redemption of OP units (in shares)									28,502
Redemption of common OP units	0			214							214				(214)
Common stock repurchased and retired (in shares)		(1,600,000)							(1,569,687)
Common stock repurchased and retired	(12,287)			(12,287)					$ (15)		(12,272)
Net (loss) income	109,705			109,328										109,328	377
Ending balance (in shares) at Dec. 31, 2022							4,760,000		209,374,830
Ending balance at Dec. 31, 2022	$ 1,596,178			$ 1,589,881			$ 48		$ 2,094		$ 2,288,433			$ (700,694)	$ 6,297

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distributions per preferred share (in dollars per share)	$ 2.063	$ 2.063	$ 0.694
Distributions per common share (in dollars per share)	$ 0.09
Preferred Stock
Placement fees and expenses			$ 4,529

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ 109,705	$ (195,405)	$ (396,027)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	108,849	102,963	114,716
Corporate asset depreciation as corporate expenses	220	226	233
Loss on early extinguishment of debt	9,766	0	0
Gain on property insurance settlement	0	0	0
Non-cash lease expense and other amortization	6,226	6,673	5,480
Non-cash interest rate swap fair value adjustment	(13,914)	7,690	10,072
Amortization of debt issuance costs	2,489	2,547	2,024
Impairment losses	2,843	126,697	174,120
Amortization of deferred income related to key money	(423)	(329)	(396)
Share-based compensation	7,789	8,744	7,225
Deferred income tax expense	(781)	468	(26,538)
Changes in assets and liabilities:
Prepaid expenses and other assets	(9,563)	3,142	(5,412)
Due to/from hotel managers	(24,034)	(63,236)	44,526
Accounts payable and accrued expenses	7,067	(2,487)	(13,709)
Net cash provided (used in) by operating activities	206,239	(2,307)	(83,686)
Cash flows from investing activities:
Property acquisitions	(181,942)	(226,627)	0
Proceeds from sale of properties, net	0	213,817	0
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort	0	0	(1,585)
Extension of the Salt Lake City Marriott Downtown ground lease	0	(2,781)	0
Proceeds from property insurance	0	0	10,663
Receipt of deferred key money	1,000	524	0
Net cash used in investing activities	(248,599)	(62,199)	(78,973)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(14,629)	(15,318)	(14,406)
Repurchase of common stock	(12,287)	0	(10,000)
Proceeds from sale of common stock, net	0	0	86,829
Proceeds from sale of preferred stock, net	0	0	114,471
Proceeds from mortgage debt	0	0	48,000
Repayments of mortgage debt	(178,141)	(1,880)	(55,460)
Proceeds from senior unsecured term loans	800,000	0	0
Repayments of senior unsecured term loans	(400,000)	0	0
Draws on senior unsecured credit facility	110,000	205,500	400,000
Repayments of senior unsecured credit facility	(200,000)	(170,500)	(420,000)
Payment of financing costs	(13,846)	(1,217)	(1,410)
Distributions on common stock and units	(6,421)	(119)	(25,557)
Distributions on preferred stock	(9,817)	(9,817)	(3,300)
Redemption of Operating Partnership units	0	0	(201)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(828)	(1,482)	(1,253)
Net cash provided by financing activities	74,031	5,167	117,713
Net increase (decrease) in cash and cash equivalents, and restricted cash	31,671	(59,339)	(44,946)
Cash, cash equivalents, and restricted cash beginning of year	75,507	134,846	179,792
Cash, cash equivalents, and restricted cash, end of year	107,178	75,507	134,846
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	47,547	42,494	43,734
Cash paid (refunded) for income taxes	6,625	1,632	(11)
Capitalized interest	0	0	2,136
Non-cash Investing and Financing Activities:
Unpaid dividends and distributions declared	12,946	19	138
Accrued capital expenditures	8,007	7,295	3,896
Transfer of land interest in consideration for extension of ground lease (see Note 4)	0	855	0
Redemption of Operating Partnership units for common stock	214	2,370	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	67,564	38,620	111,796
Restricted cash	39,614	36,887	23,050
Total cash, cash equivalents, and restricted cash	107,178	75,507	134,846
Operating Hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	(67,657)	(44,459)	(47,115)
Frenchman's Reef
Cash flows from investing activities:
Capital expenditures for operating hotels	$ 0	$ (2,673)	$ (40,936)

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in major urban market cities and in destination resort locations and the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”), Hilton Worldwide (“Hilton”), or IHG Hotels & Resorts). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. As of December 31, 2022, we owned 35 hotels with 9,607 rooms, located in the following markets: Atlanta, Georgia; Austin, Texas; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Destin, Florida (2); Fort Lauderdale, Florida (2); Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); Marathon, Florida; New Orleans, Louisiana; New York, New York (3); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); and Vail, Colorado. During 2022, we acquired the Tranquility Bay Beachfront Resort located in Marathon, Florida, the Kimpton Shorebreak Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida, and the Lake Austin Spa Resort located in Austin, Texas. See Note 10 for further discussion of these acquisitions. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.7% of the limited partnership units (“common OP units”) of our operating partnership as of December 31, 2022. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units. COVID-19 Update The novel coronavirus (COVID-19) has had and may continue to have a significant effect on our industry and our business in particular. The demand for lodging materially decreased beginning in March 2020 and remained low throughout 2021. In 2022, demand significantly improved as a result of vaccinations, lifting of governmental restrictions, and overall increase in public demand for leisure travel, among other factors. Four of our hotels (one of which was sold on June 30, 2021) had suspended operations for a period of time during 2021. As of December 31, 2022, all of our hotels were open.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Currently, some of the most significant risks and uncertainties relate to the impact of rising inflation and increasing interest rates on the overall economy. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. If present, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying amount. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. As discussed in Note 9, we recorded impairment losses during the years ended December 31, 2021 and 2020 on two hotels we sold during the year ended December 31, 2021. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, we had a valuation allowance of $11.0 million and $14.9 million, respectively, on our deferred tax assets. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries. We may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the consolidated statements of operations. We recognize interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. We recognize unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. We had no uncertain tax positions as of December 31, 2022 and 2021. Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade name, management or franchise agreement intangibles, right-to-manage intangibles, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-Based Payments We account for share-based employee payments using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the accompanying consolidated statements of operations. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 5 for additional details. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures generally held by our hotel managers, capital projects, and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations. If a refinancing of our debt is considered an extinguishment, unamortized debt issuance costs are included in the gain or loss on extinguishment. All fees paid to or received from creditors are included in the gain or loss on extinguishment. Fees paid to third parties are capitalized as debt issuance costs. If a refinancing of our debt is considered a modification, the net debt issuance costs at the time of modification are amortized over the remaining life of the modified debt. Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or on a systematic or rational basis, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. With the exception of the Chicago Marriott, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results. In 2022, Chicago Marriott represented 9% of total revenues, 10% of total assets and 11% of the income metric monitored by our chief operating decision maker. Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. The adoption of ASU No. 2020-04 did not have a material impact on our consolidated financial statements.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment as of December 31, 2022 and 2021 consists of the following (in thousands): 2022 2021 Land $ 577,861 $ 546,800 Land improvements 7,994 7,994 Buildings 2,798,654 2,667,024 Furniture, fixtures and equipment 525,901 501,505 Construction in progress 32,422 14,485 3,942,832 3,737,808 Less: accumulated depreciation (1,194,356) (1,086,364) $ 2,748,476 $ 2,651,444 As of December 31, 2022 and 2021, we had accrued capital expenditures of $8.0 million and $7.3 million, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and two parking areas. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. Additional information regarding the terms of our ground leases can be found in Note 13. As of December 31, 2022, our operating leases have a weighted-average remaining lease term of sixty-five years and a weighted-average discount rate of 5.77%. The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Year Ended December 31, 2022 2021 Operating lease cost $ 11,255 $ 11,101 Variable lease payments $ 1,576 $ 648 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,087 $ 3,515 Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2022 2023 $ 3,955 2024 4,012 2025 4,072 2026 4,640 2027 4,783 Thereafter 754,898 Total lease payments 776,360 Less imputed interest (665,485) Total lease liabilities $ 110,875

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Shares We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. In August 2021, we implemented an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200.0 million. We have not sold any shares under the ATM Program. In September 2022, our board of directors approved a share repurchase program (the “Share Repurchase Program”) authorizing us to repurchase up to $200.0 million of our common stock through February 28, 2025. The timing and actual number of shares repurchased will depend on a variety of factors, including price and general business and market conditions. Under the Share Repurchase Program, repurchases can be made from time to time using a variety of methods, including open market purchases or privately negotiated transactions, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The Share Repurchase Program does not obligate us to acquire any particular amount of shares, and may be suspended or discontinued at any time at our discretion. During the year ended December 31, 2022, we repurchased 1.6 million shares of common stock at an average price of $7.81 per share for an aggregate purchase price of $12.3 million. As of February 24, 2023, we have $187.7 million of authorized capacity remaining under the Share Repurchase Program. Preferred Shares We are authorized to issue up to 10 million shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2022 and 2021, there were 4,760,000 shares of 8.250% Series A Cumulative Redeemed Preferred Stock (“Series A Preferred Stock”) issued and outstanding with a liquidation preference of $25.00 per share. On or after August 31, 2025, the Series A Preferred Stock will be redeemable at the Company's option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Operating Partnership Units In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan (as defined in Note 6 below) for the performance of services to, or for the benefit of, our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 6 for additional disclosures related to LTIP units. There were 719,542 and 639,622 common OP units held by unaffiliated third parties and executive officers of the Company as of December 31, 2022 and 2021, respectively. There were 98,050 and 135,388 LTIP units outstanding as of December 31, 2022 and 2021, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units. Dividends and Distributions Our board of directors suspended our quarterly common dividend commencing with the quarterly dividend that would have been paid in April 2020 and resumed quarterly common dividends beginning with the quarterly dividend that was paid in October 2022. We have declared the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units during 2022 and through the date of this report: Payment Date Record Date Dividend October 12, 2022 September 30, 2022 $ 0.03 January 12, 2023 December 30, 2022 $ 0.06 We have paid the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2022 and 2021, and through the date of this report: Payment Date Record Date Dividend March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625 September 30, 2021 September 17, 2021 $ 0.515625 December 31, 2021 December 20, 2021 $ 0.515625 March 31, 2022 March 18, 2022 $ 0.515625 June 30, 2022 June 17, 2022 $ 0.515625 September 30, 2022 September 16, 2022 $ 0.515625 December 30, 2022 December 19, 2022 $ 0.515625

Stock Incentive Plans

Stock Incentive Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), of which we have issued or committed to issue 5,135,195 shares as of December 31, 2022. In addition to these shares, additional shares of common stock could be issued in connection with the performance stock unit awards as further described below. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally vest over a three Number of Weighted- Unvested balance at January 1, 2020 472,999 $ 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 9.83 Granted 1,177,537 9.37 Forfeited (47,025) 9.21 Vested (244,490) 9.94 Unvested balance at December 31, 2021 1,443,295 9.46 Granted 438,070 9.55 Forfeited (250,261) 9.43 Vested (274,167) 9.56 Unvested balance at December 31, 2022 1,356,937 $ 9.47 The total unvested restricted stock awards as of December 31, 2022 are expected to vest as follows: 382,822 during 2023, 443,492 during 2024, 259,345 during 2025, and 271,278 during 2026. As of December 31, 2022, the unrecognized compensation cost related to restricted stock awards was $7.5 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 28 months. For the years ended December 31, 2022, 2021, and 2020, we recorded $4.3 million, $3.9 million and $2.6 million, respectively, of compensation expense related to restricted stock awards. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.2 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer, as well as certain other employees. Performance Stock Units Performance stock units (“PSUs”) are restricted stock units that vest three We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on hotel market share improvement is the closing price of our common stock on the grant date. The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Total Stockholder Return PSUs Hotel Market Share PSUs February 25, 2020 21.4 % 1.16 % $ 8.52 $ 9.58 March 2, 2021 68.8 % 0.26 % $ 9.28 $ 9.40 February 22, 2022 71.4 % 1.74 % $ 9.84 $ 9.56 August 9, 2022 73.3 % 3.20 % $ 9.65 $ 9.32 A summary of our PSUs from January 1, 2020 to December 31, 2022 is as follows: Number of Weighted- Unvested balance at January 1, 2020 796,532 $ 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (1) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 9.63 Granted 347,981 9.34 Vested (2) (290,927) 9.90 Unvested balance at December 31, 2021 969,240 9.45 Granted 407,570 9.66 Additional units from dividends 3,600 7.89 Vested (3) (269,224) 10.14 Forfeited (160,533) 9.34 Unvested balance at December 31, 2022 950,653 $ 9.35 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award. The remaining unvested PSUs expected to vest as follows: 297,723 during 2023, 295,564 during 2024, 287,232 in 2025 and 35,067 units during 2026 and 2027. As of December 31, 2022, the unrecognized compensation cost related to the PSUs was $3.8 million and is expected to be recognized on a straight-line basis over a period of 26 months. For the years ended December 31, 2022, 2021, and 2020, we recorded approximately $2.3 million, $3.0 million, and $2.7 million, respectively, of compensation expense related to the PSUs. The compensation expense recorded for the year ended December 31, 2022 includes the reversal of $0.5 million of previously recognized compensation expense in connection with the resignation of our former Executive Vice President, Asset Management and Chief Operating Officer. LTIP Units LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while potentially allowing them a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules. A summary of our LTIP units from January 1, 2020 to December 31, 2022 is as follows: Number of Weighted- Unvested balance at January 1, 2020 244,366 $ 10.65 Granted 80,898 9.58 Vested (1) (81,455) 10.65 Unvested balance at December 31, 2020 243,809 10.29 Vested (1) (108,421) 10.38 Unvested balance at December 31, 2021 135,388 10.22 Granted 71,084 9.32 Vested (1) (108,422) 10.38 Unvested balance at December 31, 2022 98,050 $ 9.39 ______________________ (1) As of December 31, 2022, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities by the weighted-average number of common shares outstanding including dilutive securities. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income (loss) available to common stockholders used in the basic and diluted EPS calculations. The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data): Years Ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to common stockholders $ 99,511 $ (204,401) $ (397,675) Dividends declared on unvested share-based compensation — — — Net income (loss) available to common stockholders $ 99,511 $ (204,401) $ (397,675) Denominator: Weighted-average number of common shares outstanding—basic 212,423,873 212,056,923 201,670,721 Effect of dilutive securities: Unvested restricted common stock 323,435 — — Shares related to unvested PSUs 441,679 — — Weighted-average number of common shares outstanding—diluted 213,188,987 212,056,923 201,670,721 Earnings (loss) per share: Net income (loss) per share available to common stockholders—basic $ 0.47 $ (0.96) $ (1.97) Net income (loss) per share available to common stockholders—diluted $ 0.47 $ (0.96) $ (1.97) For the year ended December 31, 2021, 379,767 of unvested restricted common shares were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the year ended December 31, 2020, there were no unvested restricted common shares excluded from the diluted weighted-average common shares outstanding. For the years ended December 31, 2021 and 2020, 299,810 and 44,045 of unvested PSU's, respectively, were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. There were no unvested restricted common shares or PSUs excluded from the diluted weighted-average common shares outstanding for the year ended December 31, 2022. The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	DebtThe following table sets forth information regarding the Company’s debt as of December 31, 2022 and 2021 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2022 Maturity Date 2022 2021 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2023 (2) — 43,570 Westin Washington D.C. City Center mortgage loan 3.99% January 2023 (3) — 55,913 The Lodge at Sonoma Resort mortgage loan 3.96% April 2023 (2) — 25,542 Westin San Diego Bayview mortgage loan 3.94% April 2023 (4) — 58,600 Courtyard New York Manhattan / Midtown East mortgage loan 4.40% August 2024 76,153 77,882 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 75,625 77,453 Hotel Clio (formerly JW Marriott Denver Cherry Creek) mortgage loan 4.33% July 2025 57,469 58,789 Westin Boston Seaport District mortgage loan 4.36% November 2025 178,487 182,755 Unamortized debt issuance costs (1,079) (1,853) Total mortgage and other debt, net of unamortized debt issuance costs 386,655 578,651 Unsecured term loan LIBOR + 1.45% (5) (6) October 2023 (7) — 50,000 Unsecured term loan LIBOR +1.45% (5) (6) July 2024 (8) — 350,000 Unsecured term loan SOFR + 1.35% January 2028 500,000 — Unsecured term loan SOFR + 1.35% January 2025 (9) 300,000 — Unamortized debt issuance costs (862) (1,428) Unsecured term loans, net of unamortized debt issuance costs 799,138 398,572 Senior unsecured credit facility SOFR + 1.40% September 2026 (9) — 90,000 Total debt, net of unamortized debt issuance costs $ 1,185,793 $ 1,067,223 Weighted-Average Interest Rate (10) 4.83% _____________ (1) LIBOR is subject to a floor of 1.0%. (2) The loan was prepaid on November 1, 2022. (3) The loan was prepaid on October 6, 2022. (4) The loan was prepaid on December 6, 2022. (5) Prior to August 1, 2022, the applicable margin was 2.41%. (6) LIBOR is subject to to a floor of 0.25%. (7) The loan was prepaid on September 28, 2022 (8) The loan was prepaid on September 27, 2022. (9) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (10) Weighted-average interest rate as of December 31, 2022 includes effect of interest rate swaps. The aggregate debt maturities for our mortgage debt and unsecured term loans as of as of December 31, 2022 are as follows (in thousands): 2023 $ 9,545 2024 82,381 2025 595,808 2026 — 2027 — Thereafter 500,000 $ 1,187,734 Mortgage and Other Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2022, four of our 35 hotel properties were secured by mortgage debt. During 2022, we utilized the proceeds from the refinancing of our senior unsecured revolving credit facility and unsecured term loans, as discussed below, to repay our 2023 mortgage loan maturities. On October 6, 2022, we paid off $54.1 million outstanding on the Westin Washington, D.C. City Center mortgage loan. On November 1, 2022, we paid off $42.1 million outstanding on the Salt Lake City Marriott Downtown at City Creek mortgage loan and $25.0 million outstanding on the The Lodge at Sonoma Resort mortgage loan. On December 6, 2022, we paid off $57.0 million outstanding on the Westin San Diego Bayview mortgage loan. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment of the underlying debt. As of December 31, 2022, we have $2.9 million held in cash traps, which is included within restricted cash on the accompanying balance sheet. We do not expect that such cash traps affect our ability to satisfy our short-term liquidity requirements. Senior Unsecured Credit Facility and Unsecured Term Loans Prior to September 27, 2022, we were party to credit agreements (the “Credit Agreements”) that provide for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which was scheduled to mature in July 2023, a $350 million unsecured term loan that was scheduled to mature in July 2024 (the “Facility Term Loan”) and a $50 million unsecured term loan that was scheduled to mature in October 2023 (the “2023 Term Loan”). The interest rate on the Revolving Credit Facility and unsecured term loans was based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio. In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we were required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%. On each of June 9, 2020, August 14, 2020, January 20, 2021 and February 4, 2022, we executed amendments (the “Amendments”) to the Credit Agreements. These Amendments provided for a waiver of the quarterly tested financial covenants beginning with the second quarter of 2020 through the first quarter of 2022 (the “Covenant Relief Period”) and allowed for certain other modifications to the covenants thereafter through the second quarter of 2023 (the “Ratio Adjustment Period”). During the Covenant Relief Period and the Ratio Adjustment Period, the Amendments also set the applicable interest rate to LIBOR plus a margin of 2.55% for the Revolving Credit Facility and LIBOR plus a margin of 2.40% for the Facility Term Loan and 2023 Term Loan. The Amendments also added a LIBOR floor of 0.25% to the variable interest rate calculation. As of June 30, 2022, we were in compliance with all of the original, unmodified financial covenants under the Credit Agreements for two consecutive quarters, and had exited covenant waiver restrictions. On September 27, 2022, we entered into a Sixth Amended and Restated Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement provides for a $400 million senior unsecured revolving credit facility and two term loan facilities in the aggregate amount of $800 million. The revolving credit facility under the Amended Credit Agreement matures on September 27, 2026. We may extend the maturity date of the revolving credit facility for an additional year upon the payment of applicable fees and satisfaction of certain standard conditions. We also have the right to increase the aggregate amount of the facilities to $1.4 billion upon the satisfaction of certain standard conditions. The term loan facilities consist of a $500 million term loan that matures on January 3, 2028, and a $300 million term loan that matures January 3, 2025. The maturity date of the $300 million term loan may be extended for an additional year upon the payment of applicable fees and satisfaction of certain standard conditions. We utilized the proceeds from the term loans to repay the Facility Term Loan, the 2023 Term Loan, $150 million that was outstanding on our Revolving Credit Facility, and our mortgage loans scheduled to mature in 2023. As a result, we have no debt maturities until August 2024. We recognized a $9.7 million loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs and fees paid to the lenders in consideration for the Amended Credit Agreement. Interest is paid on the term loans and the periodic advances on the revolving credit facility at varying rates, based upon the adjusted Secured Overnight Financing Rate (“SOFR”), as defined in the Amended Credit Agreement, plus an applicable margin. The applicable margin is based upon our leverage ratio, as follows: Leverage Ratio Applicable Margin for Revolving Loans Applicable Margin for Term Loans Less than 30% 1.40% 1.35% Greater than or equal to 30% but less than 35% 1.45% 1.40% Greater than or equal to 35% but less than 40% 1.50% 1.45% Greater than or equal to 40% but less than 45% 1.60% 1.55% Greater than or equal to 45% but less than 50% 1.80% 1.75% Greater than or equal to 50% but less than 55% 1.95% 1.85% Greater than or equal to 55% 2.25% 2.20% The Amended Credit Agreement contains various financial covenants. A summary of the most significant covenants is as follows: Actual at Covenant December 31, 2022 Maximum leverage ratio (1) 60% 28.1% Minimum fixed charge coverage ratio (2) 1.50x 3.34x Secured recourse indebtedness Less than 45% of Total Asset Value 10.7% Unencumbered leverage ratio 60.0% 29.9% Unencumbered implied debt service coverage ratio 1.20x 2.48x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, defined in the Amended Credit Agreement as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Amended Credit Agreement as EBITDA less FF&E reserves, for the most recently ending 12 months, to fixed charges, which is defined in the Amended Credit Agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. We incurred interest and unused fees on the Revolving Credit Facility of $5.3 million, $2.4 million and $4.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. We incurred interest on the unsecured term loans of $21.2 million, $14.8 million and $13.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Hotel Dispositions

Hotel Dispositions	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Hotel Dispositions	Hotel Dispositions On April 30, 2021, we sold the wholly owned subsidiary of the Company that owns the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”) to an unaffiliated third party pursuant to a share purchase agreement (the “Purchase Agreement”) dated April 27, 2021. Pursuant to the Purchase Agreement, the Company received $35.0 million in cash upon closing, as well as a participation right in the future profits of the hotel once certain return metrics are achieved. Although we expect the profit participation could be meaningful, there can be no assurance that the property will satisfy such return metrics. The Purchase Agreement was a recognized subsequent event to the first quarter of 2021 in accordance with FASB ASC 855, Subsequent Events . Accordingly, we recorded an impairment loss of $10.8 million during the first quarter of 2021 to adjust the hotel's carrying amount to the contractual consideration. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying Frenchman's Reef as held for sale, we recognized an additional impairment loss of approximately $0.7 million in the second quarter of 2021. On June 30, 2021, we sold The Lexington Hotel to an unaffiliated third party for $185.3 million. During the first quarter of 2021, we evaluated the recoverability of the carrying amount of The Lexington Hotel as a result of our assessment in the first quarter of 2021 that it was more likely than not that the hotel would be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $111.7 million during the first quarter of 2021 to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). Upon classifying The Lexington Hotel as held for sale, we recognized an additional impairment loss of approximately $3.5 million in the second quarter of 2021.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On January 6, 2022, we acquired the 103-room Tranquility Bay Beachfront Resort located in Marathon, Florida, for $62.4 million, including prorations and transaction costs. The acquisition was funded with corporate cash. The acquisition includes income from 84 units owned by third parties that currently participate in the hotel's rental management program and the majority of the intervals in three units that are structured as vacation ownership. In March 2022, we entered into agreements to purchase four of the third-party owned units for $4.1 million in aggregate. In connection with the purchase agreements, we evaluated the recoverability of the right-to-manage intangible asset related to the long-term rental agreements ("RMAs"), and as a result, we recorded an impairment loss of $2.8 million. On March 23, 2022, we closed on the purchase of two of the four third-party owned units and on April 7, 2022, we closed on the purchase of the remaining two third-party owned units. We recognized a $45.2 million right-to-manage intangible asset related to the RMAs that were purchased as part of the acquisition. We estimated the fair value of the right-to-manage intangible using a discounted cash flow model, which calculated a present value of expected future cash flows over the remaining term of agreements, including expected renewal periods, with a discount rate of 12% and reversion rate of 9.25%. The intangible asset will be amortized over a period of 40 years, which is our estimate of its useful life, inclusive of expected renewal periods. The remaining useful life of this intangible asset as of December 31, 2022 is approximately 39 years. The intangible asset, net of accumulated amortization of $1.1 million, was $41.3 million as of December 31, 2022 and is recorded within prepaid and other assets on the accompanying consolidated balance sheet. Amortization expense for the year ended December 31, 2022 totaled $1.1 million. Amortization expense is expected to be $1.1 million annually for the remaining useful life of the asset. On April 1, 2022, we acquired the 96-room Kimpton Shorebreak Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for $35.6 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On November 21, 2022, we acquired the 40-room Lake Austin Spa Resort located in Austin, Texas for $75.8 million, including prorations and transaction costs. The acquisition was funded with corporate cash.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes. For federal income tax purposes, the cash distributions paid to holders of our common stock and Series A Preferred Stock may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Common Stock Ordinary non-qualified income $ 0.044543 $ — $ 0.125000 Qualified dividends 0.045457 — — $ 0.090000 $ — $ 0.125000 Series A Preferred Stock Ordinary non-qualified income $ 1.020772 $ — $ — Qualified dividends 1.041728 — — Return of capital — 2.062500 0.693225 $ 2.062500 $ 2.062500 $ 0.693225 Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2022 2021 2020 Current - Federal $ 901 $ 2,759 $ — State 2,487 40 79 Foreign — — 7 3,388 2,799 86 Deferred - Federal 1,090 5,190 (13,766) State 2,044 (6,159) (4,866) Foreign — — (32,819) Change in valuation allowance (3,915) 1,437 24,913 (781) 468 (26,538) Income tax provision (benefit) $ 2,607 $ 3,267 $ (26,452) A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Statutory federal tax (benefit) provision $ 23,620 $ (40,337) $ (88,733) Tax impact of REIT election (21,110) 45,946 37,394 State income tax (benefit) provision, net of federal tax benefit 4,531 (6,119) (3,782) Foreign income tax expense (benefit) — — 3,618 Change in valuation allowance (3,915) 1,437 24,913 Permanent differences (495) 2,561 — Other (24) (221) 138 Income tax provision (benefit) $ 2,607 $ 3,267 $ (26,452) Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands): 2022 2021 Federal Net operating loss carryforwards $ 3,541 $ 7,141 Deferred income 3,282 2,892 Other 511 408 Depreciation and amortization (3,808) (5,835) Less: Valuation allowance (3,002) (4,678) Federal - Deferred tax assets (liabilities), net $ 524 $ (72) State Net operating loss carryforwards $ 8,499 $ 11,312 Deferred income 851 729 Alternative minimum tax credit carryforwards 211 80 Other 141 118 Depreciation and amortization (987) (1,471) Less: Valuation allowance (7,999) (10,238) State - Deferred tax assets, net $ 716 $ 530 As of December 31, 2022, we had deferred tax assets of $12.0 million consisting of federal and state net operating loss carryforwards. The state loss carryforwards generally expire in 2032 through 2041 if not utilized by then; however, for certain states some loss carryforwards do not expire. The federal loss carryforwards do not expire. We analyze our deferred tax assets for each jurisdiction and record a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets. As of December 31, 2022, we have a valuation allowance of $11.0 million on our deferred tax assets as we can no longer be assured that we will be able to realize most of these assets due to uncertainties regarding how long the COVID-19 pandemic will last or what the long-term impact will be on our hotels' operations.

Relationships with Managers and

Relationships with Managers and Franchisors	12 Months Ended
	Dec. 31, 2022
Relationships With Managers [Abstract]
Relationships with Managers and Franchisors	Relationships with Managers and Franchisors We are party to hotel management agreements for each of our hotels owned. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” The following is a summary of management fees for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Base management fees $ 20,630 $ 11,542 $ 6,908 Incentive management fees 4,790 468 — Amortization of deferred income related to key money (1) (392) (213) (227) Amortization of unfavorable contract liabilities (1,589) (1,589) (3,103) Total management fees, net $ 23,439 $ 10,208 $ 3,578 _____________________________ (1) Relates to key money received for Chicago Marriott Downtown Magnificent Mile, Westin Washington D.C. City Center and Henderson Beach Resort. Eleven of our hotels earned incentive management fees for the year ended December 31, 2022. Five of our hotels earned incentive management fees for the year ended December 31, 2021. None of our hotels earned incentive management fees for the year ended December 31, 2020. Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment. Key Money Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. During 2022, we received $1.0 million of key money from Aimbridge Hospitality as a result of the change in manager of the Henderson Beach Resort. During 2021, we received $0.5 million of key money as a result of the change in manager of the Westin Washington D.C. City Center. Franchise Agreements We are party to franchise agreements for 20 of our hotels as of December 31, 2022. Pursuant to these franchise agreements, we pay franchise fees based on a percentage of gross room sales, and, under certain agreements, a percentage based on gross food and beverage sales. Further, we pay certain other fees for marketing and reservation services. The following is a summary of franchise fees for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Franchise fees $ 32,714 $ 18,781 $ 10,301 Amortization of deferred income related to key money (1) (31) (116) (170) Total franchise fees, net $ 32,683 $ 18,665 $ 10,131 _____________________________

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance, will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. Ground Leases Additional information regarding our leases can be found in Note 4. Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2022: • The Embassy Suites by Hilton Bethesda hotel is subject to a ground lease that runs until 2087. There are no renewal options. • The Courtyard New York Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option. • The Salt Lake City Marriott is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the adjacent City Creek Center. The term of the ground lease covering the land under the hotel runs through 2106. The term of the ground lease covering the extension into the City Creek Center runs through 2056. • The Westin Boston Seaport District is subject to a ground lease that runs until 2099. There are no renewal options. • The Hotel Palomar Phoenix is subject to a ground lease that runs until 2085, inclusive of three renewal options of five years each. • Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options. A portion of the parking garage relating to the Worthington Renaissance Fort Worth Hotel is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. The remainder of the land on which the parking garage is constructed is owned by us in fee simple. Each of the three ground leases expired on July 31, 2022 and we are currently holdover tenants on a month-to-month basis. A portion of the Hotel Clio (formerly JW Marriott Denver Cherry Creek) is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple. We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land underlying the hotel is owned by us in fee simple. We sublease a parking area near the Bourbon Orleans Hotel. The sublease runs through July 2069. There are no renewal options. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard New York Manhattan/Fifth Avenue, Westin Boston Seaport District, Salt Lake City Marriott, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Embassy Suites by Hilton Bethesda Through 4/2087 $967,975 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) Through 12/2106 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 $14,613 (4) Westin Boston Seaport District (5) (Base rent) 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Seaport District (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue Hotel Clio (formerly JW Marriott Denver Cherry Creek) 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $134,498 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $35,459 (8) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9) 1/2022 - 6/2033 $312,000 7/2033 - 6/2043 $234,000 7/2043 - 6/2053 $156,000 7/2053 - 6/2063 $78,000 7/2063 - 3/2085 $— Cavallo Point (Base Rent) 1/2019 - 12/2066 $67,034 (10) Cavallo Point (11) (Percentage Rent) 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (12) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Bourbon Orleans Hotel parking sublease Through 7/2069 $36,000 (13) Worthington Renaissance Fort Worth Hotel garage ground lease (14) 8/2013 - 7/2022 $40,400 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2022. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2022. (4) Represents rent for the year ended December 31, 2022. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation. (5) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (6) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (7) Represents rent for the year ended December 31, 2022. Rent increases annually in June based on a Consumer Price Index calculation. (8) Represents rent for the year ended March 31, 2023. Rent increases annually each April by 2.5%. (9) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2021. (10) Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024. (11) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (12) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation beginning January 1, 2020, and every year thereafter through the end of the lease term. (13) Represents rent for the year ending December 31, 2022. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027. (14) Each of the three ground leases expired on July 31, 2022 and we are currently holdover tenants on a month-to-month basis.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Interest Rate Swaps	Fair Value Measurements and Interest Rate Swaps The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2022 and 2021, in thousands, are as follows: December 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,185,793 $ 1,148,533 $ 1,067,223 $ 1,066,139 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. The fair value of our debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The Company's interest rate derivatives, which are not designated or accounted for as accounting hedges, consisted of the following as of December 31, 2022 and 2021, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2022 December 31, 2021 Senior unsecured term loans Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 (1) $ 50,000 $ — $ (1,565) Senior unsecured term loans Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 (1) $ 175,000 — (3,362) Senior unsecured term loans Swap 2.21 % 1-Month SOFR December 28, 2022 October 18, 2023 $ 50,000 1,032 — Senior unsecured term loans Swap 1.63 % 1-Month SOFR November 28, 2022 July 25, 2024 $ 175,000 7,955 — $ 8,987 $ (4,927) _______________ (1) On December 12, 2022, we transitioned our existing LIBOR interest rate swaps to SOFR. The fair values of the interest rate swap agreements are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets as of December 31, 2022 and 2021. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs, however these inputs are not significant to the fair value measurement in its entirety. On February 1, 2023, we entered into two additional interest rate swap agreements for an aggregate notional amount of $150 million that will be effective March 1, 2023. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2022 (in thousands) Costs Initial Cost Capitalized Gross Amount at End of Year Building and Subsequent to Building and Accumulated Net Book Year of Depreciation Description Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Value Acquisition Life Atlanta Marriott Alpharetta — 3,623 33,503 5,155 3,623 38,658 42,281 (15,662) 26,619 2005 40 Years Bourbon Orleans Hotel 20,644 60,969 308 20,645 61,276 81,921 (2,183) 79,738 2021 40 Years Cavallo Point, The Lodge at Golden Gate — 123,100 7,274 — 130,374 130,374 (17,889) 112,485 2018 40 Years Chicago Marriott Downtown, Magnificent Mile — 36,900 347,921 97,615 36,900 445,536 482,436 (166,449) 315,987 2006 40 Years Embassy Suites by Hilton Bethesda — — 45,656 10,070 — 55,726 55,726 (22,474) 33,252 2004 40 Years The Gwen Hotel — 31,650 76,961 24,487 31,650 101,448 133,098 (35,232) 97,866 2006 40 Years Courtyard Denver Downtown — 9,400 36,180 6,415 9,400 42,595 51,995 (11,915) 40,080 2011 40 Years Courtyard New York Manhattan/Fifth Avenue — — 34,685 6,813 — 41,498 41,498 (17,739) 23,759 2004 40 Years Courtyard New York Manhattan/Midtown East (76,153) 16,500 54,812 8,285 16,500 63,097 79,597 (26,736) 52,861 2004 40 Years Havana Cabana Key West — 32,888 13,371 5,975 32,888 19,346 52,234 (3,856) 48,378 2014 40 Years Henderson Beach Resort 10,118 93,176 3,423 10,645 96,072 106,717 (2,472) 104,245 2021 40 Years Henderson Park Inn 8,395 17,462 1,224 8,539 18,542 27,081 (727) 26,354 2021 40 Years Hilton Boston Downtown/Faneuil Hall — 23,262 128,628 17,982 23,262 146,610 169,872 (36,874) 132,998 2012 40 Years Hilton Burlington Lake Champlain — 9,197 40,644 9,604 9,197 50,248 59,445 (11,961) 47,484 2012 40 Years Hilton Garden Inn New York/Times Square Central — 60,300 88,896 1,533 60,300 90,429 150,729 (18,920) 131,809 2014 40 Years Hotel Clio (57,469) 9,200 63,183 13,790 9,200 76,973 86,173 (19,984) 66,189 2011 40 Years Hotel Emblem San Francisco — 7,856 21,085 8,741 7,856 29,826 37,682 (6,227) 31,455 2012 40 Years Hotel Palomar Phoenix — — 59,703 152 — 59,855 59,855 (7,354) 52,501 2018 40 Years The Hythe Vail — 5,800 52,463 36,167 5,800 88,630 94,430 (27,594) 66,836 2005 40 Years Kimpton Shorebreak Fort Lauderdale Beach Resort — 3,436 29,206 30 3,436 29,236 32,672 (535) 32,137 2022 40 Years Kimpton Shorebreak Resort — 19,908 37,525 4,942 20,423 41,952 62,375 (8,260) 54,115 2015 40 Years Margaritaville Beach House Key West — 49,592 42,958 17,255 49,592 60,213 109,805 (10,304) 99,501 2015 40 Years Lake Austin Spa Resort — 25,089 43,879 — 25,089 43,879 68,968 (114) 68,854 2022 40 Years The Landing Lake Tahoe Resort & Spa — 14,816 24,351 1,649 14,816 26,000 40,816 (3,290) 37,526 2018 40 Years L'Auberge de Sedona — 39,384 22,204 6,804 39,384 29,008 68,392 (5,539) 62,853 2017 40 Years Orchards Inn Sedona — 9,726 10,180 576 9,726 10,756 20,482 (1,663) 18,819 2017 40 Years Renaissance Charleston Historic District Hotel — 5,900 32,511 10,566 5,900 43,077 48,977 (11,540) 37,437 2010 40 Years Salt Lake City Marriott Downtown at City Creek — — 45,815 13,588 — 59,403 59,403 (23,042) 36,361 2004 40 Years The Lodge at Sonoma Resort — 3,951 22,720 22,545 3,951 45,265 49,216 (17,224) 31,992 2004 40 Years Tranquility Bay Beachfront Resort — 1,865 19,357 87 1,865 19,444 21,309 (488) 20,821 2022 40 Years Westin Boston Seaport District (178,487) — 273,696 36,905 — 310,601 310,601 (120,157) 190,444 2007 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 13,134 54,293 96,361 150,654 (19,067) 131,587 2014 40 Years Westin San Diego Bayview — 22,902 95,617 12,022 22,902 107,639 130,541 (27,613) 102,928 2012 40 Years Westin Washington D.C City Center — 24,579 122,229 15,681 24,579 137,910 162,489 (35,420) 127,069 2012 40 Years Worthington Renaissance Fort Worth Hotel (75,625) 15,500 63,428 25,737 15,500 89,165 104,665 (32,130) 72,535 2005 40 Years Total (387,734) 576,674 2,361,301 446,534 577,861 2,806,648 3,384,509 (768,634) 2,615,875 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Balance at December 31, 2019 $ 3,377,279 Additions: Acquisitions — Capital expenditures 34,512 Deductions: Impairment losses (61,310) Dispositions and other — Balance at December 31, 2020 3,350,481 Additions: Acquisitions 210,764 Capital expenditures 41,482 Deductions: Impairment losses (175,551) Dispositions and other (205,358) Balance at December 31, 2021 3,221,818 Additions: Acquisitions 122,832 Capital expenditures 39,859 Deductions: Impairment losses — Dispositions and other — Balance at December 31, 2022 $ 3,384,509 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Balance at December 31, 2019 $ 625,411 Depreciation and amortization 73,362 Impairment losses (15,230) Dispositions and other — Balance at December 31, 2020 683,543 Depreciation and amortization 70,765 Impairment losses (61,002) Dispositions and other — Balance at December 31, 2021 693,306 Depreciation and amortization 75,328 Impairment losses — Dispositions and other — Balance at December 31, 2022 $ 768,634 C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,278,206 as of December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Currently, some of the most significant risks and uncertainties relate to the impact of rising inflation and increasing interest rates on the overall economy. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company.
Fair Value Measurements	Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs
Property and Equipment	Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its useful life. If present, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel, less costs to sell, exceed its carrying amount. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	Revenue RecognitionRevenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, we had a valuation allowance of $11.0 million and $14.9 million, respectively, on our deferred tax assets. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to wholly owned taxable REIT subsidiaries.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade name, management or franchise agreement intangibles, right-to-manage intangibles, and in-place lease intangibles assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if an intangible asset or liability exists. Intangible assets or liabilities are recorded at the acquisition date and amortized using the straight-line method over the expected useful life. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the
Share-Based Payments	Share-Based Payments We account for share-based employee payments using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Comprehensive Income	Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations.
Derivative Instruments	Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the accompanying consolidated statements of operations.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. The noncontrolling interests are classified as permanent equity as we have the right to choose to settle each holder's redemption of the interests in either cash or delivery of shares of our common stock. See Note 5 for additional details. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity.
Restricted Cash	Restricted CashRestricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures generally held by our hotel managers, capital projects, and cash held in escrow pursuant to lender requirements.
Debt Issuance Costs	Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations.
Due to/from Hotel Managers	Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company.
Key Money	Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or on a systematic or rational basis, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees.
Leases	Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.
Segment Reporting	Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. With the exception of the Chicago Marriott, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results. In 2022, Chicago Marriott represented 9% of total revenues, 10% of total assets and 11% of the income metric monitored by our chief operating decision maker.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications to ease reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). ASU 2020-04 permits a contract with a modified reference rate to be accounted for as a continuation of the existing contract. The adoption of ASU No. 2020-04 did not have a material impact on our consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment as of December 31, 2022 and 2021 consists of the following (in thousands): 2022 2021 Land $ 577,861 $ 546,800 Land improvements 7,994 7,994 Buildings 2,798,654 2,667,024 Furniture, fixtures and equipment 525,901 501,505 Construction in progress 32,422 14,485 3,942,832 3,737,808 Less: accumulated depreciation (1,194,356) (1,086,364) $ 2,748,476 $ 2,651,444

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Components of Lease Expense and Other Information	The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Year Ended December 31, 2022 2021 Operating lease cost $ 11,255 $ 11,101 Variable lease payments $ 1,576 $ 648 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,087 $ 3,515
Schedule of Operating Lease Maturities	Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2022 2023 $ 3,955 2024 4,012 2025 4,072 2026 4,640 2027 4,783 Thereafter 754,898 Total lease payments 776,360 Less imputed interest (665,485) Total lease liabilities $ 110,875

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Dividends Payable	We have declared the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units during 2022 and through the date of this report: Payment Date Record Date Dividend October 12, 2022 September 30, 2022 $ 0.03 January 12, 2023 December 30, 2022 $ 0.06 We have paid the following dividends to holders of our Series A Preferred Stock for the years ended December 31, 2022 and 2021, and through the date of this report: Payment Date Record Date Dividend March 31, 2021 March 18, 2021 $ 0.515625 June 30, 2021 June 18, 2021 $ 0.515625 September 30, 2021 September 17, 2021 $ 0.515625 December 31, 2021 December 20, 2021 $ 0.515625 March 31, 2022 March 18, 2022 $ 0.515625 June 30, 2022 June 17, 2022 $ 0.515625 September 30, 2022 September 16, 2022 $ 0.515625 December 30, 2022 December 19, 2022 $ 0.515625

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share Based Compensation Restricted Stock Activity	A summary of our restricted stock awards from January 1, 2020 to December 31, 2022 is as follows: Number of Weighted- Unvested balance at January 1, 2020 472,999 $ 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 9.83 Granted 1,177,537 9.37 Forfeited (47,025) 9.21 Vested (244,490) 9.94 Unvested balance at December 31, 2021 1,443,295 9.46 Granted 438,070 9.55 Forfeited (250,261) 9.43 Vested (274,167) 9.56 Unvested balance at December 31, 2022 1,356,937 $ 9.47
Schedule of Fair Value Valuation Assumptions	The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Total Stockholder Return PSUs Hotel Market Share PSUs February 25, 2020 21.4 % 1.16 % $ 8.52 $ 9.58 March 2, 2021 68.8 % 0.26 % $ 9.28 $ 9.40 February 22, 2022 71.4 % 1.74 % $ 9.84 $ 9.56 August 9, 2022 73.3 % 3.20 % $ 9.65 $ 9.32
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2020 to December 31, 2022 is as follows: Number of Weighted- Unvested balance at January 1, 2020 796,532 $ 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (1) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 9.63 Granted 347,981 9.34 Vested (2) (290,927) 9.90 Unvested balance at December 31, 2021 969,240 9.45 Granted 407,570 9.66 Additional units from dividends 3,600 7.89 Vested (3) (269,224) 10.14 Forfeited (160,533) 9.34 Unvested balance at December 31, 2022 950,653 $ 9.35 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award.
Schedule of LTIP units	A summary of our LTIP units from January 1, 2020 to December 31, 2022 is as follows: Number of Weighted- Unvested balance at January 1, 2020 244,366 $ 10.65 Granted 80,898 9.58 Vested (1) (81,455) 10.65 Unvested balance at December 31, 2020 243,809 10.29 Vested (1) (108,421) 10.38 Unvested balance at December 31, 2021 135,388 10.22 Granted 71,084 9.32 Vested (1) (108,422) 10.38 Unvested balance at December 31, 2022 98,050 $ 9.39 ______________________ (1) As of December 31, 2022, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data): Years Ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to common stockholders $ 99,511 $ (204,401) $ (397,675) Dividends declared on unvested share-based compensation — — — Net income (loss) available to common stockholders $ 99,511 $ (204,401) $ (397,675) Denominator: Weighted-average number of common shares outstanding—basic 212,423,873 212,056,923 201,670,721 Effect of dilutive securities: Unvested restricted common stock 323,435 — — Shares related to unvested PSUs 441,679 — — Weighted-average number of common shares outstanding—diluted 213,188,987 212,056,923 201,670,721 Earnings (loss) per share: Net income (loss) per share available to common stockholders—basic $ 0.47 $ (0.96) $ (1.97) Net income (loss) per share available to common stockholders—diluted $ 0.47 $ (0.96) $ (1.97)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table sets forth information regarding the Company’s debt as of December 31, 2022 and 2021 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2022 Maturity Date 2022 2021 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (1) January 2023 (2) — 43,570 Westin Washington D.C. City Center mortgage loan 3.99% January 2023 (3) — 55,913 The Lodge at Sonoma Resort mortgage loan 3.96% April 2023 (2) — 25,542 Westin San Diego Bayview mortgage loan 3.94% April 2023 (4) — 58,600 Courtyard New York Manhattan / Midtown East mortgage loan 4.40% August 2024 76,153 77,882 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 75,625 77,453 Hotel Clio (formerly JW Marriott Denver Cherry Creek) mortgage loan 4.33% July 2025 57,469 58,789 Westin Boston Seaport District mortgage loan 4.36% November 2025 178,487 182,755 Unamortized debt issuance costs (1,079) (1,853) Total mortgage and other debt, net of unamortized debt issuance costs 386,655 578,651 Unsecured term loan LIBOR + 1.45% (5) (6) October 2023 (7) — 50,000 Unsecured term loan LIBOR +1.45% (5) (6) July 2024 (8) — 350,000 Unsecured term loan SOFR + 1.35% January 2028 500,000 — Unsecured term loan SOFR + 1.35% January 2025 (9) 300,000 — Unamortized debt issuance costs (862) (1,428) Unsecured term loans, net of unamortized debt issuance costs 799,138 398,572 Senior unsecured credit facility SOFR + 1.40% September 2026 (9) — 90,000 Total debt, net of unamortized debt issuance costs $ 1,185,793 $ 1,067,223 Weighted-Average Interest Rate (10) 4.83% _____________ (1) LIBOR is subject to a floor of 1.0%. (2) The loan was prepaid on November 1, 2022. (3) The loan was prepaid on October 6, 2022. (4) The loan was prepaid on December 6, 2022. (5) Prior to August 1, 2022, the applicable margin was 2.41%. (6) LIBOR is subject to to a floor of 0.25%. (7) The loan was prepaid on September 28, 2022 (8) The loan was prepaid on September 27, 2022. (9) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (10) Weighted-average interest rate as of December 31, 2022 includes effect of interest rate swaps.
Schedule of Maturities of Long-Term Debt	The aggregate debt maturities for our mortgage debt and unsecured term loans as of as of December 31, 2022 are as follows (in thousands): 2023 $ 9,545 2024 82,381 2025 595,808 2026 — 2027 — Thereafter 500,000 $ 1,187,734
Schedule of Line Of Credit Facility Leverage And Applicable Margin	The applicable margin is based upon our leverage ratio, as follows: Leverage Ratio Applicable Margin for Revolving Loans Applicable Margin for Term Loans Less than 30% 1.40% 1.35% Greater than or equal to 30% but less than 35% 1.45% 1.40% Greater than or equal to 35% but less than 40% 1.50% 1.45% Greater than or equal to 40% but less than 45% 1.60% 1.55% Greater than or equal to 45% but less than 50% 1.80% 1.75% Greater than or equal to 50% but less than 55% 1.95% 1.85% Greater than or equal to 55% 2.25% 2.20%
Schedule of Line Of Credit Facility Covenant Compliance	The Amended Credit Agreement contains various financial covenants. A summary of the most significant covenants is as follows: Actual at Covenant December 31, 2022 Maximum leverage ratio (1) 60% 28.1% Minimum fixed charge coverage ratio (2) 1.50x 3.34x Secured recourse indebtedness Less than 45% of Total Asset Value 10.7% Unencumbered leverage ratio 60.0% 29.9% Unencumbered implied debt service coverage ratio 1.20x 2.48x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, defined in the Amended Credit Agreement as the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule Of Distributions Paid, Tax Basis	The following characterizes distributions paid to holders of common stock and Series A Preferred Stock on a tax basis for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Common Stock Ordinary non-qualified income $ 0.044543 $ — $ 0.125000 Qualified dividends 0.045457 — — $ 0.090000 $ — $ 0.125000 Series A Preferred Stock Ordinary non-qualified income $ 1.020772 $ — $ — Qualified dividends 1.041728 — — Return of capital — 2.062500 0.693225 $ 2.062500 $ 2.062500 $ 0.693225
Schedule of Components of Income Tax Expense (Benefit)	Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2022 2021 2020 Current - Federal $ 901 $ 2,759 $ — State 2,487 40 79 Foreign — — 7 3,388 2,799 86 Deferred - Federal 1,090 5,190 (13,766) State 2,044 (6,159) (4,866) Foreign — — (32,819) Change in valuation allowance (3,915) 1,437 24,913 (781) 468 (26,538) Income tax provision (benefit) $ 2,607 $ 3,267 $ (26,452)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Statutory federal tax (benefit) provision $ 23,620 $ (40,337) $ (88,733) Tax impact of REIT election (21,110) 45,946 37,394 State income tax (benefit) provision, net of federal tax benefit 4,531 (6,119) (3,782) Foreign income tax expense (benefit) — — 3,618 Change in valuation allowance (3,915) 1,437 24,913 Permanent differences (495) 2,561 — Other (24) (221) 138 Income tax provision (benefit) $ 2,607 $ 3,267 $ (26,452)
Schedule of Deferred Tax Assets and Liabilities	The total deferred tax assets and liabilities are as follows (in thousands): 2022 2021 Federal Net operating loss carryforwards $ 3,541 $ 7,141 Deferred income 3,282 2,892 Other 511 408 Depreciation and amortization (3,808) (5,835) Less: Valuation allowance (3,002) (4,678) Federal - Deferred tax assets (liabilities), net $ 524 $ (72) State Net operating loss carryforwards $ 8,499 $ 11,312 Deferred income 851 729 Alternative minimum tax credit carryforwards 211 80 Other 141 118 Depreciation and amortization (987) (1,471) Less: Valuation allowance (7,999) (10,238) State - Deferred tax assets, net $ 716 $ 530

Relationships with Managers a_2

Relationships with Managers and Franchisors (Tables)	12 Months Ended
	Dec. 31, 2022
Relationships With Managers [Abstract]
Schedule of Management Fees from Continuing Operations	The following is a summary of management fees for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Base management fees $ 20,630 $ 11,542 $ 6,908 Incentive management fees 4,790 468 — Amortization of deferred income related to key money (1) (392) (213) (227) Amortization of unfavorable contract liabilities (1,589) (1,589) (3,103) Total management fees, net $ 23,439 $ 10,208 $ 3,578 _____________________________
Schedule of Franchise Fees	The following is a summary of franchise fees for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Franchise fees $ 32,714 $ 18,781 $ 10,301 Amortization of deferred income related to key money (1) (31) (116) (170) Total franchise fees, net $ 32,683 $ 18,665 $ 10,131 _____________________________

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Current and Future Minimum Rental Payments for Ground Leases	The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Embassy Suites by Hilton Bethesda Through 4/2087 $967,975 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) Through 12/2106 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 $14,613 (4) Westin Boston Seaport District (5) (Base rent) 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Seaport District (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue Hotel Clio (formerly JW Marriott Denver Cherry Creek) 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $134,498 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $35,459 (8) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (9) 1/2022 - 6/2033 $312,000 7/2033 - 6/2043 $234,000 7/2043 - 6/2053 $156,000 7/2053 - 6/2063 $78,000 7/2063 - 3/2085 $— Cavallo Point (Base Rent) 1/2019 - 12/2066 $67,034 (10) Cavallo Point (11) (Percentage Rent) 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (12) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Bourbon Orleans Hotel parking sublease Through 7/2069 $36,000 (13) Worthington Renaissance Fort Worth Hotel garage ground lease (14) 8/2013 - 7/2022 $40,400 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2022. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2022. (4) Represents rent for the year ended December 31, 2022. Rent increases annually based on the greater of 2% or a Consumer Price Index calculation. (5) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (6) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (7) Represents rent for the year ended December 31, 2022. Rent increases annually in June based on a Consumer Price Index calculation. (8) Represents rent for the year ended March 31, 2023. Rent increases annually each April by 2.5%. (9) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2021. (10) Base rent resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. The next base rent reset will be January 2024. (11) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (12) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $42 million plus an annual increase based on a Consumer Price Index calculation beginning January 1, 2020, and every year thereafter through the end of the lease term. (13) Represents rent for the year ending December 31, 2022. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027. (14) Each of the three ground leases expired on July 31, 2022 and we are currently holdover tenants on a month-to-month basis.

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments	The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2022 and 2021, in thousands, are as follows: December 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,185,793 $ 1,148,533 $ 1,067,223 $ 1,066,139 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.
Schedule of Interest Rate Derivatives	The Company's interest rate derivatives, which are not designated or accounted for as accounting hedges, consisted of the following as of December 31, 2022 and 2021, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2022 December 31, 2021 Senior unsecured term loans Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 (1) $ 50,000 $ — $ (1,565) Senior unsecured term loans Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 (1) $ 175,000 — (3,362) Senior unsecured term loans Swap 2.21 % 1-Month SOFR December 28, 2022 October 18, 2023 $ 50,000 1,032 — Senior unsecured term loans Swap 1.63 % 1-Month SOFR November 28, 2022 July 25, 2024 $ 175,000 7,955 — $ 8,987 $ (4,927) _______________ (1) On December 12, 2022, we transitioned our existing LIBOR interest rate swaps to SOFR.

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2022 hotel room	Dec. 31, 2021 hotel
Real Estate Properties [Line Items]
Number of hotels	35
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	9,607
Suspended Operations, COVID-19
Real Estate Properties [Line Items]
Number of hotels		4
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest	99.70%
Limited partner, ownership interest	0.30%
Atlanta, Georgia
Real Estate Properties [Line Items]
Number of hotels	1
Austin, Texas
Real Estate Properties [Line Items]
Number of hotels	1
Boston, Massachusetts
Real Estate Properties [Line Items]
Number of hotels	2
Burlington, Vermont
Real Estate Properties [Line Items]
Number of hotels	1
Charleston, South Carolina
Real Estate Properties [Line Items]
Number of hotels	1
Chicago, Illinois
Real Estate Properties [Line Items]
Number of hotels	2
Denver, Colorado
Real Estate Properties [Line Items]
Number of hotels	2
Destin, Florida
Real Estate Properties [Line Items]
Number of hotels	2
Fort Lauderdale, Florida
Real Estate Properties [Line Items]
Number of hotels	2
Fort Worth, Texas
Real Estate Properties [Line Items]
Number of hotels	1
Huntington Beach, California
Real Estate Properties [Line Items]
Number of hotels	1
Key West, Florida
Real Estate Properties [Line Items]
Number of hotels	2
New Orleans, Louisiana
Real Estate Properties [Line Items]
Number of hotels	1
New York, New York
Real Estate Properties [Line Items]
Number of hotels	3
Phoenix, Arizona
Real Estate Properties [Line Items]
Number of hotels	1
Salt Lake City, Utah
Real Estate Properties [Line Items]
Number of hotels	1
San Diego, California
Real Estate Properties [Line Items]
Number of hotels	1
San Francisco, California
Real Estate Properties [Line Items]
Number of hotels	2
Sedona, Arizona
Real Estate Properties [Line Items]
Number of hotels	2
Sonoma, California
Real Estate Properties [Line Items]
Number of hotels	1
South Lake Tahoe, California
Real Estate Properties [Line Items]
Number of hotels	1
Washington D.C.
Real Estate Properties [Line Items]
Number of hotels	2
Vail, Colorado
Real Estate Properties [Line Items]
Number of hotels	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) hotel
Property, Plant and Equipment [Line Items]
Number of hotels sold | hotel		2
Valuation allowance	$ 11	$ 14.9
Accrual for tax uncertainties	$ 0	$ 0
Geographic Concentration Risk | Total Revenues | Chicago Mariott
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	9%
Geographic Concentration Risk | Assets, Total | Chicago Mariott
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	10%
Geographic Concentration Risk | Revenue, Segment Benchmark | Chicago Mariott
Property, Plant and Equipment [Line Items]
Concentration risk, percentage	11%
Minimum | Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Useful life	1 year
Maximum | Buildings, Land Improvements, and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum | Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Property and equipment, gross	$ 3,942,832	$ 3,737,808
Less: accumulated depreciation	(1,194,356)	(1,086,364)
Property and equipment, net	2,748,476	2,651,444
Land
Property and Equipment
Property and equipment, gross	577,861	546,800
Land improvements
Property and Equipment
Property and equipment, gross	7,994	7,994
Buildings
Property and Equipment
Property and equipment, gross	2,798,654	2,667,024
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	525,901	501,505
Construction in progress
Property and Equipment
Property and equipment, gross	$ 32,422	$ 14,485

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 8,007	$ 7,295	$ 3,896

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2021 USD ($)	Dec. 31, 2022 hotel
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term		65 years
Weighted-average discount rate		5.77%
Salt Lake City Marriott Downtown at City Creek
Lessee, Lease, Description [Line Items]
Remaining lease term	50 years
Ownership interest transferred, percent	21.25%
Payment for transfer Of land and lease extension | $	$ 2.8
Buildings
Lessee, Lease, Description [Line Items]
Number of operating leases		8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases		2

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 11,255	$ 11,101
Variable lease payments	1,576	648
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,087	$ 3,515

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 3,955
2024	4,012
2025	4,072
2026	4,640
2027	4,783
Thereafter	754,898
Total lease payments	776,360
Less imputed interest	(665,485)
Total lease liabilities	$ 110,875	$ 108,605

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2021 USD ($) shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Feb. 24, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2019 shares
Dividends Payable [Line Items]
Common stock, shares authorized (in shares)			400,000,000	400,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Votes per common share | vote			1
Common stock repurchased | $			$ 12,287	$ 0	$ 10,000
Preferred stock, shares authorized (in shares)			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, dividend rate			8.25%	8.25%
Liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25
Limited partnership, price per unit (in dollars per share) | $ / shares		$ 11.76
Option to redeem for common stock ratio		1
Subsequent Event
Dividends Payable [Line Items]
Value amount of shares authorized to be repurchased (up to) | $						$ 187,700
Long-Term Incentive Plan Unit
Dividends Payable [Line Items]
Units outstanding (in shares)			98,050	135,388	243,809			244,366
Unaffiliated Third Parties
Dividends Payable [Line Items]
Common units issued (in shares)		796,684
Operating partnerships units held (in shares)			719,542	639,622
Common Stock
Dividends Payable [Line Items]
Shares repurchased (in shares)			1,569,687		1,119,438
Common Stock
Dividends Payable [Line Items]
Aggregate offering price (up to) | $	$ 200,000
Shares sold (in shares)	0
Value amount of shares authorized to be repurchased (up to) | $							$ 200,000
Shares repurchased (in shares)			1,600,000
Repurchased shares, average price per share (in dollars per share) | $ / shares			$ 7.81
Common stock repurchased | $			$ 12,300
Series A Preferred Stock
Dividends Payable [Line Items]
Shares sold (in shares)			4,760,000	4,760,000
Preferred stock, dividend rate			8.25%	8.25%
Liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares	Jan. 12, 2023	Dec. 30, 2022	Oct. 12, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Common stock, dividends per share (in dollars per share)			$ 0.03
Preferred stock, dividends per share (in dollars per share)		$ 0.515625		$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends per share (in dollars per share)	$ 0.06

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2023 (in shares)	382,822
Awards expected to vest in 2024 (in shares)	443,492
Awards expected to vest in 2025 (in shares)	259,345
Awards expected to vest in 2026 (in shares)	271,278
Unrecognized compensation cost	$ 7.5
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	28 months
Compensation expense (reversal)	$ 4.3	$ 3.9	$ 2.6
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ (0.2)
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2023 (in shares)	297,723
Awards expected to vest in 2024 (in shares)	295,564
Awards expected to vest in 2025 (in shares)	287,232
Awards expected to vest in 2026 (in shares)	35,067
Awards expected to vest in 2027 (in shares)	35,067
Unrecognized compensation cost	$ 3.8
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	26 months
Compensation expense (reversal)	$ 2.3	3	2.7
Performance period (in years)	3 years
Percentage of target award of maximum possible payout to executives (as a percent)	150%
Number of units earned if total stockholder return is negative	100%
Performance Shares | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ (0.5)
Total shareholder return	50%
Hotel market share	50%
Percentage of total stockholder return for payout of shares	30%
Maximum possible payout to executive officer as percentage of the target award (as a percent)	150%
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance Shares | Minimum | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares	75%
Percentage of total stockholder return for payout of shares	75%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Percentage of total stockholder return for payout of shares	30%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2023 (in shares)	41,183
Awards expected to vest in 2024 (in shares)	14,217
Awards expected to vest in 2025 (in shares)	14,217
Awards expected to vest in 2027 (in shares)	14,216
Unrecognized compensation cost	$ 0.7
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	52 months
Compensation expense (reversal)	$ 0.5	$ 1.1	$ 1.1
Conversion ratio	1
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and Incentive plan, shares authorized (in shares)	6,082,664
Number of shares issued or committed to issue (in shares)	5,135,195

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	1,443,295	557,273	472,999
Granted (in shares)	438,070	1,177,537	344,997
Forfeited (in shares)	(250,261)	(47,025)	(22,857)
Vested (in shares)	(274,167)	(244,490)	(237,866)
Ending balance (in shares)	1,356,937	1,443,295	557,273
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.46	$ 9.83	$ 10.40
Fair Value at Grant Date (in dollars per share)	9.55	9.37	9.39
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.43	9.21	7.73
Weighted-average grant date fair value, Vested (in dollars per share)	9.56	9.94	10.54
Ending balance (in dollars per share)	$ 9.47	$ 9.46	$ 9.83

Stock Incentive Plans - Fair Va

Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / shares	Aug. 09, 2022	Feb. 22, 2022	Mar. 02, 2021	Feb. 25, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	73.30%	71.40%	68.80%	21.40%
Risk-Free Rate	3.20%	1.74%	0.26%	1.16%
Fair value at grant date (in dollars per share)	$ 9.65	$ 9.84	$ 9.28	$ 8.52
Fair value at grant date based on hotel market share (in dollars per share)	$ 9.32	$ 9.56	$ 9.40	$ 9.58

Stock Incentive Plans - Perform

Stock Incentive Plans - Performance Stock Units (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Units
Beginning balance (in shares)	969,240	912,186	796,532
Granted (in shares)	407,570	347,981	352,035
Additional units from dividends (in shares)	3,600		9,556
Vested (in shares)	(269,224)	(290,927)	(245,937)
Forfeited (in shares)	(160,533)
Ending balance (in shares)	950,653	969,240	912,186
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.45	$ 9.63	$ 11.16
Granted (in dollars per share)	9.66	9.34	9.02
Additional unit from dividends (in dollars per share)	7.89		10.42
Vested (in dollars per share)	10.14	9.90	11
Forfeited (in dollars per share)	9.34
Ending balance (in dollars per share)	$ 9.35	$ 9.45	$ 9.63
Stock of common stock earned for the PSUs vested (as a percent)	105.71%	100%	123.07%

Stock Incentive Plans - Stock A

Stock Incentive Plans - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Units
Beginning balance (in shares)	135,388	243,809	244,366
Granted (in shares)	71,084		80,898
Vested (in shares)	(108,422)	(108,421)	(81,455)
Ending balance (in shares)	98,050	135,388	243,809
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 10.22	$ 10.29	$ 10.65
Granted (in dollars per share)	9.32		9.58
Vested (in dollars per share)	10.38	10.38	10.65
Ending balance (in dollars per share)	$ 9.39	$ 10.22	$ 10.29

Earnings (Loss) Per Share - Cal

Earnings (Loss) Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) attributable to common stockholders	$ 99,511	$ (204,401)	$ (397,675)
Dividends declared on unvested share-based compensation	0	0	0
Net income (loss) available to common stockholders	$ 99,511	$ (204,401)	$ (397,675)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	212,423,873	212,056,923	201,670,721
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	213,188,987	212,056,923	201,670,721
Earnings (loss) per share:
Net income (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.47	$ (0.96)	$ (1.97)
Net income (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.47	$ (0.96)	$ (1.97)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	323,435	0	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	441,679	0	0

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	379,767	0
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	299,810	44,045

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 26, 2022	Dec. 31, 2022	Nov. 26, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal balance			$ 1,187,734
Mortgage debt			386,655		$ 578,651
Carrying value			1,185,793		1,067,223
Senior unsecured credit facility			$ 0		90,000
Weighted-Average Interest Rate			4.83%
Mortgages
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ (1,079)		(1,853)
Mortgage debt			386,655		578,651
Applicable Margin for Term Loans
Debt Instrument [Line Items]
Unamortized debt issuance costs			(862)		(1,428)
Carrying value			799,138		398,572
Applicable Margin for Term Loans | Unsecured Term Loan Due October 2023
Debt Instrument [Line Items]
Principal balance			$ 0
Applicable Margin for Term Loans | Unsecured Term Loan Due October 2023 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%	2.40%	2.41%
Applicable Margin for Term Loans | Unsecured Term Loan Due July 2024
Debt Instrument [Line Items]
Principal balance			$ 0	$ 350,000
Applicable Margin for Term Loans | Unsecured Term Loan Due July 2024 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Applicable Margin for Term Loans | Unsecured Term Loan Due January 2028
Debt Instrument [Line Items]
Principal balance			$ 500,000		0
Applicable Margin for Term Loans | Unsecured Term Loan Due January 2028 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
Applicable Margin for Term Loans | Unsecured Term Loan due January 2025
Debt Instrument [Line Items]
Principal balance			$ 300,000		0
Applicable Margin for Term Loans | Unsecured Term Loan due January 2025 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.35%
Applicable Margin for Revolving Loans | Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured credit facility			$ 0		90,000
Applicable Margin for Revolving Loans | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.55%
Applicable Margin for Revolving Loans | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%	0.25%
Applicable Margin for Revolving Loans | Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate			3.25%
Principal balance			$ 0		43,570
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Westin Washington D.C City Center | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.99%
Principal balance			$ 0		55,913
Renaissance Charleston Historic District Hotel | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.96%
Principal balance			$ 0		25,542
Westin San Diego Bayview mortgage loan | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.94%
Principal balance			$ 0		58,600
Courtyard New York Manhattan / Midtown East mortgage loan | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.40%
Principal balance			$ 76,153		77,882
Worthington Renaissance Fort Worth Hotel mortgage loan | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.66%
Principal balance			$ 75,625		77,453
Hotel Clio (formerly JW Marriott Denver Cherry Creek) mortgage loan | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.33%
Principal balance			$ 57,469		58,789
Westin Boston Seaport District | Mortgages
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.36%
Principal balance			$ 178,487		$ 182,755

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 9,545
2024	82,381
2025	595,808
2026	0
2027	0
Thereafter	500,000
Total debt	$ 1,187,734

Debt - Mortgage and Other Debt

Debt - Mortgage and Other Debt (Details) $ in Thousands	Dec. 06, 2022 USD ($)	Nov. 01, 2022 USD ($)	Oct. 06, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Number of hotels | hotel				35
Restricted cash				$ 39,614	$ 36,887	$ 23,050
Mortgages
Debt Instrument [Line Items]
Number of hotels | hotel				4
Westin Washington D.C City Center | Mortgages
Debt Instrument [Line Items]
Amount paid off			$ 54,100
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages
Debt Instrument [Line Items]
Amount paid off		$ 42,100
Restricted cash				$ 2,900
Westin Boston Seaport District | Mortgages
Debt Instrument [Line Items]
Amount paid off		$ 25,000
Westin San Diego Bayview mortgage loan | Mortgages
Debt Instrument [Line Items]
Amount paid off	$ 57,000

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 27, 2022 USD ($) facility	Mar. 31, 2022	Sep. 26, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 26, 2022 USD ($)
Line of Credit Facility [Line Items]
Principal balance				$ 1,187,734
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent)			50%
Loss on early extinguishment of debt	$ 9,700			9,766	$ 0	$ 0
Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)			0.20%
Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee (as a percent)			0.30%
Applicable Margin for Revolving Loans
Line of Credit Facility [Line Items]
Accordion feature, higher borrowing capacity	1,400,000
Revolving Credit Facility | Applicable Margin for Revolving Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	400,000						$ 400,000
Repayments of long-term lines of credit	150,000
Line of credit facility interest and commitment fee amount				5,300	2,400	4,500
Interest incurred on the facility				$ 21,200	14,800	$ 13,400
Revolving Credit Facility | Applicable Margin for Revolving Loans | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.55%
Revolving Credit Facility | Applicable Margin for Revolving Loans | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.25%	0.25%
Unsecured Term Loan Due July 2024 | Applicable Margin for Term Loans
Line of Credit Facility [Line Items]
Principal balance				$ 0			$ 350,000
Repayments of long-term lines of credit	350,000
Unsecured Term Loan Due July 2024 | Applicable Margin for Term Loans | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.45%
Unsecured Term Loan Due October 2023 | Applicable Margin for Term Loans
Line of Credit Facility [Line Items]
Principal balance				$ 0
Repayments of long-term lines of credit	50,000
Unsecured Term Loan Due October 2023 | Applicable Margin for Term Loans | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.45%	2.40%	2.41%
Term Loan Facilities | Applicable Margin for Revolving Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000
Number of facilities | facility	2
Unsecured Term Loan Due January 2028 | Applicable Margin for Term Loans
Line of Credit Facility [Line Items]
Principal balance				$ 500,000	0
Unsecured Term Loan due January 2025 | Applicable Margin for Term Loans
Line of Credit Facility [Line Items]
Principal balance				$ 300,000	$ 0

Debt - Schedule of Applicable M

Debt - Schedule of Applicable Margin (Details) - SOFR	12 Months Ended
	Dec. 31, 2022
Less than 30% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Less than 30% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Greater than or equal to 30% but less than 35% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Greater than or equal to 30% but less than 35% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Greater than or equal to 35% but less than 40% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Greater than or equal to 35% but less than 40% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
Greater than or equal to 40% but less than 45% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Greater than or equal to 40% but less than 45% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Greater than or equal to 45% but less than 50% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.80%
Greater than or equal to 45% but less than 50% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Greater than or equal to 50% but less than 55% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.95%
Greater than or equal to 50% but less than 55% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%
Greater than or equal to 55% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Greater than or equal to 55% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%

Debt - Schedule of Debt Covenan

Debt - Schedule of Debt Covenants (Details) - Senior Unsecured Credit Facility And Unsecured Term Loans	12 Months Ended
	Dec. 31, 2022
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.60
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45%
Unencumbered leverage ratio	60%
Unencumbered implied debt service coverage ratio	1.20
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	0.281
Minimum fixed charge coverage ratio	3.34
Secured recourse indebtedness	10.70%
Unencumbered leverage ratio	29.90%
Unencumbered implied debt service coverage ratio	2.48

Hotel Dispositions - Narrative

Hotel Dispositions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses					$ 2,843	$ 126,697	$ 174,120
Frenchman's Reef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 35,000
Impairment losses			$ 700
The Lexington Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 185,300
Impairment losses			$ 3,500
Frenchman's Reef | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses				$ 10,800
The Lexington Hotel | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses				$ 111,700

Acquisitions (Details)

Acquisitions (Details) $ in Millions				1 Months Ended	12 Months Ended
	Nov. 21, 2022 USD ($) room	Apr. 01, 2022 USD ($) room	Jan. 06, 2022 USD ($) hotel unit room	Mar. 31, 2022 USD ($) unit	Dec. 31, 2022 USD ($)	Apr. 07, 2022 unit	Mar. 23, 2022 unit
Tranquility Bay Beachfront Resort | Rental Management Agreements
Asset Acquisition [Line Items]
Intangible assets, gross					$ 45.2
Finite-lived intangible asset, useful life					39 years
Finite-lived intangible assets, accumulated amortization					$ 1.1
Finite-lived intangible assets, net					41.3
Amortization expense					1.1
Finite-lived intangible asset, expected amortization, annually					$ 1.1
Tranquility Bay Beachfront Resort | Third Parties
Asset Acquisition [Line Items]
Payments to acquire productive assets				$ 4.1
Number of third parties owned hotel rooms | hotel			84
Number of units to be acquired | unit				4
Operating lease, impairment loss				$ 2.8
Number of units acquired | unit						2	2
Tranquility Bay Beachfront Resort | Third Parties | Rental Management Agreements
Asset Acquisition [Line Items]
Finite-lived intangible asset, useful life			40 years
Tranquility Bay Beachfront Resort | Third Parties | Rental Management Agreements | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate
Asset Acquisition [Line Items]
Right to manage intangible asset, measurement input			0.12
Tranquility Bay Beachfront Resort | Third Parties | Rental Management Agreements | Valuation Technique, Discounted Cash Flow | Measurement Input, Reversion Rate
Asset Acquisition [Line Items]
Right to manage intangible asset, measurement input			0.0925
Tranquility Bay Beachfront Resort | Vacation Ownership Intervals
Asset Acquisition [Line Items]
Number of units owned | unit			3
Marathon, Florida | Tranquility Bay Beachfront Resort
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room			103
Payments to acquire productive assets			$ 62.4
Fort Lauderdale, Florida | Kimpton Shorebreak Fort Lauderdale Beach Resort
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room		96
Payments to acquire productive assets		$ 35.6
Austin, Texas | Lake Austin Spa Resort
Asset Acquisition [Line Items]
Number of hotel rooms acquired | room	40
Payments to acquire productive assets	$ 75.8

Income Taxes - Schedule of Dist

Income Taxes - Schedule of Distributions Paid, Tax Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0.090000	$ 0	$ 0.125000
Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	2.062500	0.693225
Ordinary non-qualified income | Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0.044543	0	0.125000
Ordinary non-qualified income | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	1.020772	0	0
Qualified dividends | Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0.045457	0	0
Qualified dividends | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	1.041728	0	0
Return of capital | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0	$ 2.062500	$ 0.693225

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Income Tax Expense (Benefit)
Federal	$ 901	$ 2,759	$ 0
State	2,487	40	79
Foreign	0	0	7
Current	3,388	2,799	86
Deferred Income Tax Expense (Benefit)
Federal	1,090	5,190	(13,766)
State	2,044	(6,159)	(4,866)
Foreign	0	0	(32,819)
Change in valuation allowance	(3,915)	1,437	24,913
Deferred	(781)	468	(26,538)
Income tax provision (benefit)	$ 2,607	$ 3,267	$ (26,452)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax (benefit) provision	$ 23,620	$ (40,337)	$ (88,733)
Tax impact of REIT election	(21,110)	45,946	37,394
State income tax (benefit) provision, net of federal tax benefit	4,531	(6,119)	(3,782)
Foreign income tax expense (benefit)	0	0	3,618
Change in valuation allowance	(3,915)	1,437	24,913
Permanent differences	(495)	2,561	0
Other	(24)	(221)	138
Income tax provision (benefit)	$ 2,607	$ 3,267	$ (26,452)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 12
Valuation allowance	$ 11	$ 14.9

Income Taxes - Total Deferred T

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 12,000
Less: Valuation allowance	(11,000)	$ (14,900)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,541	7,141
Deferred income	3,282	2,892
Other	511	408
Depreciation and amortization	(3,808)	(5,835)
Less: Valuation allowance	(3,002)	(4,678)
Deferred tax assets, net	524
Deferred tax liabilities, net		(72)
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,499	11,312
Deferred income	851	729
Alternative minimum tax credit carryforwards	211	80
Other	141	118
Depreciation and amortization	(987)	(1,471)
Less: Valuation allowance	(7,999)	(10,238)
Deferred tax assets, net	$ 716	$ 530

Relationships with Managers a_3

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Base management fees	$ 20,630	$ 11,542	$ 6,908
Incentive management fees	4,790	468	0
Amortization of deferred income related to key money	(392)	(213)	(227)
Amortization of unfavorable contract liabilities	(1,589)	(1,589)	(3,103)
Total management fees, net	$ 23,439	$ 10,208	$ 3,578

Relationships with Managers a_4

Relationships with Managers and Franchisors - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel	Dec. 31, 2020 USD ($) hotel
Real Estate Properties [Line Items]
Number of hotels that earned incentive management fees | hotel	11	5	0
Amortization | $	$ 423	$ 329	$ 396
Number of franchised hotels | hotel	20
Key Money | Westin Washington D.C City Center
Real Estate Properties [Line Items]
Amortization | $	$ 1,000	$ 500

Relationships with Managers a_5

Relationships with Managers and Franchisors - Franchise Fees (Details) - Franchise fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Franchise fees	$ 32,714	$ 18,781	$ 10,301
Amortization of deferred income related to key money	(31)	(116)	(170)
Total management fees, net	$ 32,683	$ 18,665	$ 10,131

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 ft² room renewal_term ground_lease hotel	Jul. 31, 2022 ground_lease
Real Estate Properties [Line Items]
Number of properties subject to ground leases | hotel	6
Orchards Inn Sedona
Real Estate Properties [Line Items]
Number of rooms | room	28
Number of rooms acquired (in rooms) | room	70
Hilton Bethesda hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Courtyard New York Manhattan/Fifth Avenue
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	49 years
Salt Lake City Marriott Downtown at City Creek mortgage loan
Real Estate Properties [Line Items]
Number of properties subject to ground leases | ground_lease	2
Westin Boston Seaport District mortgage loan
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Hotel Palomar Phoenix | First Set of Renewal Options
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	5 years
Cavallo Point (Base Rent)
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0
Worthington Renaissance Fort Worth Hotel mortgage loan
Real Estate Properties [Line Items]
Number of properties subject to ground leases | ground_lease		3
Percentage of land on which the parking garage is constructed	25%
Hotel Clio (formerly JW Marriott Denver Cherry Creek)
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	2
Ground leases renewal option (in years)	5 years
Area of real estate property (in square feet) | ft²	5,500
Incremental renewal option (in years)	1 year
Bourbon Orleans Hotel
Real Estate Properties [Line Items]
Number of renewal periods (in ones)	0

Commitments and Contingencies_2

Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2022
Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			5.50%
Courtyard New York Manhattan/Fifth Avenue | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5%
Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Term			30 years
Westin Boston Seaport District mortgage loan | Maximum
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.50%
Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent			2.50%
Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Percentage rent			$ 30,000,000
Participation rent			42,000,000
Through 4/2087 | Embassy Suites by Hilton Bethesda
Schedule of Ground Leased Assets [Line Items]
Annual rent			967,975
10/2017 - 9/2027 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,132,812
10/2027 - 9/2037 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,416,015
10/2037 - 9/2047 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,770,019
10/2047 - 9/2057 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,212,524
10/2057 - 9/2067 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			2,765,655
10/2067 - 9/2077 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			3,457,069
10/2077 - 9/2085 | Courtyard New York Manhattan/Fifth Avenue
Schedule of Ground Leased Assets [Line Items]
Annual rent			4,321,336
Through 12/2106 | Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 132,000
Annual rent expense (as a percentage of gross room sales)			2.60%
1/2018 - 12/2056 | Salt Lake City Marriott
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 14,613
Annual increase in rent			2%
1/2021 - 12/2025 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 1,000,000
1/2026 - 12/2030 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,500,000
1/2026 - 12/2030 | Hotel Clio (formerly JW Marriott Denver Cherry Creek)
Schedule of Ground Leased Assets [Line Items]
Annual rent			60,000
1/2031 - 12/2035 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			1,750,000
1/2036 - 5/2099 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 0
6/2016 - 5/2026 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1%
6/2026 - 5/2036 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			1.50%
6/2036 - 5/2046 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2.75%
6/2046 - 5/2056 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3%
6/2056 - 5/2066 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.25%
6/2066 - 5/2099 | Westin Boston Seaport District mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3.50%
1/2021 - 12/2025 | Hotel Clio (formerly JW Marriott Denver Cherry Creek)
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 55,000
7/2018 - 12/2070 | Orchards Inn Sedona
Schedule of Ground Leased Assets [Line Items]
Annual rent			134,498
4/2022 - 3/2085 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			35,459
1/2022 - 6/2033 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			312,000
7/2033 - 6/2043 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			234,000
7/2043 - 6/2053 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			156,000
7/2053 - 6/2063 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			78,000
7/2063 - 3/2085 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			0
1/2019 - 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 67,034
Rent increase (in years)		5 years
Average adjusted gross revenues, period		3 years
Adjusted gross revenues, multiplying percentage		75%
1/2019 - 12/2023 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2%
1/2024 - 12/2028 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3%
1/2029 - 12/2033 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			4%
1/2034 - 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5%
Through 12/2066 | Cavallo Point (Base Rent)
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			10%
Through 7/2069 | Bourbon Orleans Hotel parking sublease
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 36,000
Rent increase (in years)			5 years
Annual rent increases			$ 6,000
8/2013 - 7/2022 | Worthington Renaissance Fort Worth Hotel mortgage loan
Schedule of Ground Leased Assets [Line Items]
Annual rent			$ 40,400
Forecast | Hotel Clio (formerly JW Marriott Denver Cherry Creek)
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3%
Rent increase (in years)	1 year

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Swaps - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 1,185,793	$ 1,067,223
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	1,185,793	1,067,223
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,148,533	$ 1,066,139

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Swaps - Interest Rate Swap (Details) - Interest Rate Swap $ in Thousands	Feb. 01, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Fair Value of Assets (Liabilities)		$ 8,987	$ (4,927)
Subsequent Event
Derivative [Line Items]
Notional Amount	$ 150,000
Number of derivative agreements | agreement	2
Senior unsecured term loans | LIBOR interest rate swap
Derivative [Line Items]
Rate Fixed		2.41%
Notional Amount		$ 50
Fair Value of Assets (Liabilities)		$ 0	(1,565)
Senior unsecured term loans | SOFR
Derivative [Line Items]
Rate Fixed		2.21%
Notional Amount		$ 50
Fair Value of Assets (Liabilities)		$ 1,032	0
Senior unsecured term loans | LIBOR interest rate swap
Derivative [Line Items]
Rate Fixed		1.70%
Notional Amount		$ 175
Fair Value of Assets (Liabilities)		$ 0	(3,362)
Senior unsecured term loans | SOFR
Derivative [Line Items]
Rate Fixed		1.63%
Notional Amount		$ 175
Fair Value of Assets (Liabilities)		$ 7,955	$ 0

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (387,734)
Initial Cost - Land	576,674
Initial Cost - Buildings and Improvements	2,361,301
Costs Capitalized Subsequent to Acquisition	446,534
Gross Amount at End of Year - Land	577,861
Gross Amount at End of Year - Buildings and Improvements	2,806,648
Gross Amount at End of Year - Total	3,384,509	$ 3,221,818	$ 3,350,481
Accumulated Depreciation	(768,634)	(693,306)	(683,543)
Net Book Value	2,615,875
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	3,221,818	3,350,481	3,377,279
Additions:
Acquisitions	122,832	210,764	0
Capital expenditures	39,859	41,482	34,512
Deductions:
Impairment losses	0	(175,551)	(61,310)
Dispositions and other	0	(205,358)	0
Balance at end of period	3,384,509	3,221,818	3,350,481
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	693,306	683,543	625,411
Depreciation and amortization	75,328	70,765	73,362
Dispositions and other	0	0	0
Impairment losses	0	(61,002)	(15,230)
Balance at end of period	768,634	$ 693,306	$ 683,543
Aggregate cost of properties for Federal income tax purposes	3,278,206
Atlanta Marriott Alpharetta
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	3,623
Initial Cost - Buildings and Improvements	33,503
Costs Capitalized Subsequent to Acquisition	5,155
Gross Amount at End of Year - Land	3,623
Gross Amount at End of Year - Buildings and Improvements	38,658
Gross Amount at End of Year - Total	42,281
Accumulated Depreciation	(15,662)
Net Book Value	$ 26,619
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 42,281
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	15,662
Bourbon Orleans Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost - Land	20,644
Initial Cost - Buildings and Improvements	60,969
Costs Capitalized Subsequent to Acquisition	308
Gross Amount at End of Year - Land	20,645
Gross Amount at End of Year - Buildings and Improvements	61,276
Gross Amount at End of Year - Total	81,921
Accumulated Depreciation	(2,183)
Net Book Value	$ 79,738
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 81,921
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,183
Cavallo Point, The Lodge at Golden Gate
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	123,100
Costs Capitalized Subsequent to Acquisition	7,274
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	130,374
Gross Amount at End of Year - Total	130,374
Accumulated Depreciation	(17,889)
Net Book Value	$ 112,485
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 130,374
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	17,889
Chicago Marriott Downtown, Magnificent Mile
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	36,900
Initial Cost - Buildings and Improvements	347,921
Costs Capitalized Subsequent to Acquisition	97,615
Gross Amount at End of Year - Land	36,900
Gross Amount at End of Year - Buildings and Improvements	445,536
Gross Amount at End of Year - Total	482,436
Accumulated Depreciation	(166,449)
Net Book Value	$ 315,987
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 482,436
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	166,449
Embassy Suites by Hilton Bethesda
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	45,656
Costs Capitalized Subsequent to Acquisition	10,070
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	55,726
Gross Amount at End of Year - Total	55,726
Accumulated Depreciation	(22,474)
Net Book Value	$ 33,252
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 55,726
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	22,474
The Gwen Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	31,650
Initial Cost - Buildings and Improvements	76,961
Costs Capitalized Subsequent to Acquisition	24,487
Gross Amount at End of Year - Land	31,650
Gross Amount at End of Year - Buildings and Improvements	101,448
Gross Amount at End of Year - Total	133,098
Accumulated Depreciation	(35,232)
Net Book Value	$ 97,866
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 133,098
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	35,232
Courtyard Denver Downtown
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,400
Initial Cost - Buildings and Improvements	36,180
Costs Capitalized Subsequent to Acquisition	6,415
Gross Amount at End of Year - Land	9,400
Gross Amount at End of Year - Buildings and Improvements	42,595
Gross Amount at End of Year - Total	51,995
Accumulated Depreciation	(11,915)
Net Book Value	$ 40,080
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 51,995
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,915
Courtyard New York Manhattan/Fifth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	34,685
Costs Capitalized Subsequent to Acquisition	6,813
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	41,498
Gross Amount at End of Year - Total	41,498
Accumulated Depreciation	(17,739)
Net Book Value	$ 23,759
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 41,498
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	17,739
Courtyard New York Manhattan/Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(76,153)
Initial Cost - Land	16,500
Initial Cost - Buildings and Improvements	54,812
Costs Capitalized Subsequent to Acquisition	8,285
Gross Amount at End of Year - Land	16,500
Gross Amount at End of Year - Buildings and Improvements	63,097
Gross Amount at End of Year - Total	79,597
Accumulated Depreciation	(26,736)
Net Book Value	$ 52,861
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 79,597
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	26,736
Havana Cabana Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	32,888
Initial Cost - Buildings and Improvements	13,371
Costs Capitalized Subsequent to Acquisition	5,975
Gross Amount at End of Year - Land	32,888
Gross Amount at End of Year - Buildings and Improvements	19,346
Gross Amount at End of Year - Total	52,234
Accumulated Depreciation	(3,856)
Net Book Value	$ 48,378
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 52,234
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,856
Henderson Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	10,118
Initial Cost - Buildings and Improvements	93,176
Costs Capitalized Subsequent to Acquisition	3,423
Gross Amount at End of Year - Land	10,645
Gross Amount at End of Year - Buildings and Improvements	96,072
Gross Amount at End of Year - Total	106,717
Accumulated Depreciation	(2,472)
Net Book Value	$ 104,245
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 106,717
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	2,472
Henderson Park Inn
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost - Land	8,395
Initial Cost - Buildings and Improvements	17,462
Costs Capitalized Subsequent to Acquisition	1,224
Gross Amount at End of Year - Land	8,539
Gross Amount at End of Year - Buildings and Improvements	18,542
Gross Amount at End of Year - Total	27,081
Accumulated Depreciation	(727)
Net Book Value	$ 26,354
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 27,081
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	727
Hilton Boston Downtown/Faneuil Hall
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	23,262
Initial Cost - Buildings and Improvements	128,628
Costs Capitalized Subsequent to Acquisition	17,982
Gross Amount at End of Year - Land	23,262
Gross Amount at End of Year - Buildings and Improvements	146,610
Gross Amount at End of Year - Total	169,872
Accumulated Depreciation	(36,874)
Net Book Value	$ 132,998
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 169,872
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	36,874
Hilton Burlington Lake Champlain
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,197
Initial Cost - Buildings and Improvements	40,644
Costs Capitalized Subsequent to Acquisition	9,604
Gross Amount at End of Year - Land	9,197
Gross Amount at End of Year - Buildings and Improvements	50,248
Gross Amount at End of Year - Total	59,445
Accumulated Depreciation	(11,961)
Net Book Value	$ 47,484
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,445
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,961
Hilton Garden Inn New York/Times Square Central
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	60,300
Initial Cost - Buildings and Improvements	88,896
Costs Capitalized Subsequent to Acquisition	1,533
Gross Amount at End of Year - Land	60,300
Gross Amount at End of Year - Buildings and Improvements	90,429
Gross Amount at End of Year - Total	150,729
Accumulated Depreciation	(18,920)
Net Book Value	$ 131,809
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 150,729
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	18,920
Hotel Clio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(57,469)
Initial Cost - Land	9,200
Initial Cost - Buildings and Improvements	63,183
Costs Capitalized Subsequent to Acquisition	13,790
Gross Amount at End of Year - Land	9,200
Gross Amount at End of Year - Buildings and Improvements	76,973
Gross Amount at End of Year - Total	86,173
Accumulated Depreciation	(19,984)
Net Book Value	$ 66,189
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 86,173
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	19,984
Hotel Emblem San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	7,856
Initial Cost - Buildings and Improvements	21,085
Costs Capitalized Subsequent to Acquisition	8,741
Gross Amount at End of Year - Land	7,856
Gross Amount at End of Year - Buildings and Improvements	29,826
Gross Amount at End of Year - Total	37,682
Accumulated Depreciation	(6,227)
Net Book Value	$ 31,455
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 37,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	6,227
Hotel Palomar Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	59,703
Costs Capitalized Subsequent to Acquisition	152
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	59,855
Gross Amount at End of Year - Total	59,855
Accumulated Depreciation	(7,354)
Net Book Value	$ 52,501
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,855
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	7,354
The Hythe Vail
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	5,800
Initial Cost - Buildings and Improvements	52,463
Costs Capitalized Subsequent to Acquisition	36,167
Gross Amount at End of Year - Land	5,800
Gross Amount at End of Year - Buildings and Improvements	88,630
Gross Amount at End of Year - Total	94,430
Accumulated Depreciation	(27,594)
Net Book Value	$ 66,836
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 94,430
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	27,594
Kimpton Shorebreak Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	3,436
Initial Cost - Buildings and Improvements	29,206
Costs Capitalized Subsequent to Acquisition	30
Gross Amount at End of Year - Land	3,436
Gross Amount at End of Year - Buildings and Improvements	29,236
Gross Amount at End of Year - Total	32,672
Accumulated Depreciation	(535)
Net Book Value	$ 32,137
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 32,672
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	535
Kimpton Shorebreak Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	19,908
Initial Cost - Buildings and Improvements	37,525
Costs Capitalized Subsequent to Acquisition	4,942
Gross Amount at End of Year - Land	20,423
Gross Amount at End of Year - Buildings and Improvements	41,952
Gross Amount at End of Year - Total	62,375
Accumulated Depreciation	(8,260)
Net Book Value	$ 54,115
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 62,375
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	8,260
Margaritaville Beach House Key West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	49,592
Initial Cost - Buildings and Improvements	42,958
Costs Capitalized Subsequent to Acquisition	17,255
Gross Amount at End of Year - Land	49,592
Gross Amount at End of Year - Buildings and Improvements	60,213
Gross Amount at End of Year - Total	109,805
Accumulated Depreciation	(10,304)
Net Book Value	$ 99,501
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 109,805
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	10,304
Lake Austin Spa Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	25,089
Initial Cost - Buildings and Improvements	43,879
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at End of Year - Land	25,089
Gross Amount at End of Year - Buildings and Improvements	43,879
Gross Amount at End of Year - Total	68,968
Accumulated Depreciation	(114)
Net Book Value	$ 68,854
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 68,968
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	114
The Landing Lake Tahoe Resort & Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	14,816
Initial Cost - Buildings and Improvements	24,351
Costs Capitalized Subsequent to Acquisition	1,649
Gross Amount at End of Year - Land	14,816
Gross Amount at End of Year - Buildings and Improvements	26,000
Gross Amount at End of Year - Total	40,816
Accumulated Depreciation	(3,290)
Net Book Value	$ 37,526
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 40,816
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	3,290
L'Auberge de Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	39,384
Initial Cost - Buildings and Improvements	22,204
Costs Capitalized Subsequent to Acquisition	6,804
Gross Amount at End of Year - Land	39,384
Gross Amount at End of Year - Buildings and Improvements	29,008
Gross Amount at End of Year - Total	68,392
Accumulated Depreciation	(5,539)
Net Book Value	$ 62,853
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 68,392
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	5,539
Orchards Inn Sedona
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	9,726
Initial Cost - Buildings and Improvements	10,180
Costs Capitalized Subsequent to Acquisition	576
Gross Amount at End of Year - Land	9,726
Gross Amount at End of Year - Buildings and Improvements	10,756
Gross Amount at End of Year - Total	20,482
Accumulated Depreciation	(1,663)
Net Book Value	$ 18,819
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 20,482
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	1,663
Renaissance Charleston Historic District Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	5,900
Initial Cost - Buildings and Improvements	32,511
Costs Capitalized Subsequent to Acquisition	10,566
Gross Amount at End of Year - Land	5,900
Gross Amount at End of Year - Buildings and Improvements	43,077
Gross Amount at End of Year - Total	48,977
Accumulated Depreciation	(11,540)
Net Book Value	$ 37,437
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 48,977
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	11,540
Salt Lake City Marriott Downtown at City Creek
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	45,815
Costs Capitalized Subsequent to Acquisition	13,588
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	59,403
Gross Amount at End of Year - Total	59,403
Accumulated Depreciation	(23,042)
Net Book Value	$ 36,361
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 59,403
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	23,042
The Lodge at Sonoma Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	3,951
Initial Cost - Buildings and Improvements	22,720
Costs Capitalized Subsequent to Acquisition	22,545
Gross Amount at End of Year - Land	3,951
Gross Amount at End of Year - Buildings and Improvements	45,265
Gross Amount at End of Year - Total	49,216
Accumulated Depreciation	(17,224)
Net Book Value	$ 31,992
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 49,216
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	17,224
Tranquility Bay Beachfront Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	1,865
Initial Cost - Buildings and Improvements	19,357
Costs Capitalized Subsequent to Acquisition	87
Gross Amount at End of Year - Land	1,865
Gross Amount at End of Year - Buildings and Improvements	19,444
Gross Amount at End of Year - Total	21,309
Accumulated Depreciation	(488)
Net Book Value	$ 20,821
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 21,309
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	488
Westin Boston Seaport District
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(178,487)
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	273,696
Costs Capitalized Subsequent to Acquisition	36,905
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	310,601
Gross Amount at End of Year - Total	310,601
Accumulated Depreciation	(120,157)
Net Book Value	$ 190,444
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 310,601
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	120,157
Westin Fort Lauderdale Beach Resort
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	54,293
Initial Cost - Buildings and Improvements	83,227
Costs Capitalized Subsequent to Acquisition	13,134
Gross Amount at End of Year - Land	54,293
Gross Amount at End of Year - Buildings and Improvements	96,361
Gross Amount at End of Year - Total	150,654
Accumulated Depreciation	(19,067)
Net Book Value	$ 131,587
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 150,654
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	19,067
Westin San Diego Bayview
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	22,902
Initial Cost - Buildings and Improvements	95,617
Costs Capitalized Subsequent to Acquisition	12,022
Gross Amount at End of Year - Land	22,902
Gross Amount at End of Year - Buildings and Improvements	107,639
Gross Amount at End of Year - Total	130,541
Accumulated Depreciation	(27,613)
Net Book Value	$ 102,928
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 130,541
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	27,613
Westin Washington D.C City Center
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land	24,579
Initial Cost - Buildings and Improvements	122,229
Costs Capitalized Subsequent to Acquisition	15,681
Gross Amount at End of Year - Land	24,579
Gross Amount at End of Year - Buildings and Improvements	137,910
Gross Amount at End of Year - Total	162,489
Accumulated Depreciation	(35,420)
Net Book Value	$ 127,069
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 162,489
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	35,420
Worthington Renaissance Fort Worth Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	(75,625)
Initial Cost - Land	15,500
Initial Cost - Buildings and Improvements	63,428
Costs Capitalized Subsequent to Acquisition	25,737
Gross Amount at End of Year - Land	15,500
Gross Amount at End of Year - Buildings and Improvements	89,165
Gross Amount at End of Year - Total	104,665
Accumulated Depreciation	(32,130)
Net Book Value	$ 72,535
Depreciation Life (in years)	40 years
Deductions:
Balance at end of period	$ 104,665
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 32,130