DiamondRock Hospitality (DRH) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		209,627,197
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for its 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023, are incorporated by reference in Part III herein.
Entity Central Index Key	0001298946
Document Fiscal Year Focus	2023
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, 2023
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, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 2,755,195	$ 2,748,476
Right-of-use assets	97,692	99,047
Restricted cash	45,576	39,614
Due from hotel managers	144,689	176,708
Prepaid and other assets	73,940	76,131
Cash and cash equivalents	121,595	67,564
Total assets	3,238,687	3,207,540
Liabilities:
Debt, net of unamortized debt issuance costs	1,177,005	1,185,793
Lease liabilities	112,866	110,875
Due to hotel managers	116,522	123,682
Deferred rent	69,209	65,097
Unfavorable contract liabilities, net	59,866	61,069
Accounts payable and accrued expenses	39,563	43,120
Distributions declared and unpaid	6,324	12,946
Deferred income related to key money, net	8,349	8,780
Total liabilities	1,589,704	1,611,362
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, 2023 and 2022	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 209,627,197 and 209,374,830 shares issued and outstanding at December 31, 2023 and 2022, respectively	2,096	2,094
Additional paid-in capital	2,291,297	2,288,433
Accumulated other comprehensive loss	(2,036)	0
Distributions in excess of earnings	(649,330)	(700,694)
Total stockholders' equity	1,642,075	1,589,881
Noncontrolling interests	6,908	6,297
Total equity	1,648,983	1,596,178
Total liabilities and equity	$ 3,238,687	$ 3,207,540

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 (as a percent)	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)	209,627,197	209,374,830
Common stock, shares outstanding (in shares)	209,627,197	209,374,830

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,074,867	$ 1,001,503	$ 567,134
Operating expenses:
Depreciation and amortization	111,302	108,849	102,963
Impairment losses	941	2,843	126,697
Corporate expenses	32,048	31,790	32,552
Business interruption insurance income	(647)	(499)	(705)
Total operating expenses, net	925,404	839,738	723,176
Interest expense	65,072	38,283	37,043
Interest (income) and other (income) expense, net	(2,561)	1,404	(947)
Loss on early extinguishment of debt	0	9,766	0
Total other expenses, net	62,511	49,453	36,096
Income (loss) before income taxes	86,952	112,312	(192,138)
Income tax expense	(317)	(2,607)	(3,267)
Net income (loss)	86,635	109,705	(195,405)
Less: Net (income) loss attributable to noncontrolling interests	(295)	(377)	821
Net income (loss) attributable to the Company	86,340	109,328	(194,584)
Distributions to preferred stockholders	(9,817)	(9,817)	(9,817)
Net income (loss) attributable to common stockholders	$ 76,523	$ 99,511	$ (204,401)
Earnings (loss) earnings per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Weighted-average number of common shares outstanding:
Basic (in shares)	211,518,826	212,423,873	212,056,923
Diluted (in shares)	212,304,117	213,188,987	212,056,923
Comprehensive income (loss):
Net (loss) income	$ 86,635	$ 109,705	$ (195,405)
Other comprehensive income (loss):
Unrealized (loss) on interest rate derivative instruments	(2,634)	0	0
Unrealized gain on Rabbi trust assets	591	0	0
Comprehensive income (loss)	84,592	109,705	(195,405)
Comprehensive (income) loss attributable to noncontrolling interests	(288)	(377)	821
Comprehensive income (loss) attributable to the Company	84,304	109,328	(194,584)
Rooms
Revenues:
Total revenues	717,447	681,269	399,055
Operating expenses:
Operating expenses	176,765	163,062	102,183
Food and beverage
Revenues:
Total revenues	259,757	238,234	117,742
Operating expenses:
Operating expenses	180,546	163,622	89,795
Other
Revenues:
Total revenues	97,663	82,000	50,337
Operating expenses:
Operating expenses	261,536	233,691	158,014
Management fees
Operating expenses:
Operating expenses	24,998	23,439	10,208
Franchise fees
Operating expenses:
Operating expenses	35,738	32,683	18,665
Other property-level expenses
Operating expenses:
Operating expenses	$ 102,177	$ 80,258	$ 82,804

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in excess of earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020				4,760,000	210,073,514
Beginning balance at Dec. 31, 2020	$ 1,718,925		$ 1,711,109	$ 48	$ 2,101	$ 2,285,491	$ 0	$ (576,531)	$ 7,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(195,405)		(194,584)					(194,584)	(821)
Unrealized gain on Rabbi trust assets	0
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					495,366
Share-based compensation	8,743		7,618		$ 5	7,612		1	1,125
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(145,975)
Shares redeemed to satisfy withholdings on vested share based compensation	(1,482)		(1,482)		$ (2)	(1,480)
Redemption of OP units (in shares)					(323,990)
Redemption of common OP units	0		2,370		$ 3	2,367			(2,370)
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	0	(780,931)	5,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	109,705		109,328					109,328	377
Unrealized gain on Rabbi trust assets	0
Distributions on common stock/units	(19,348)		(19,274)			0		(19,274)	(74)
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					252,259
Share-based compensation	7,789		7,331		$ 3	7,328		0	458
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(83,139)
Shares redeemed to satisfy withholdings on vested share based compensation	(828)		(828)		$ (1)	(827)
Redemption of OP units (in shares)					28,502
Redemption of common OP units	0		214		$ 0	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)
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	0	(700,694)	6,297
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	86,635		86,340					86,340	295
Unrealized loss on interest rate derivative instruments	(2,634)		(2,625)				(2,625)
Unrealized gain on Rabbi trust assets	591		589				589
Distributions on common stock/units	(25,286)		(25,159)					(25,159)	(127)
Distributions on preferred stock	(9,817)		(9,817)					(9,817)
Share-based compensation (in shares)					867,041
Share-based compensation	8,771		7,955		$ 9	7,946		0	816
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)					(333,779)
Shares redeemed to satisfy withholdings on vested share based compensation	(3,032)		(3,032)		$ (3)	(3,029)
Redemption of OP units (in shares)					37,559
Redemption of common OP units	0		366		$ 1	365			(366)
Common stock repurchased and retired (in shares)		(318,454)			(318,454)
Common stock repurchased and retired	(2,423)		(2,423)		$ (5)	(2,418)
Ending balance (in shares) at Dec. 31, 2023				4,760,000	209,627,197
Ending balance at Dec. 31, 2023	$ 1,648,983		$ 1,642,075	$ 48	$ 2,096	$ 2,291,297	$ (2,036)	$ (649,330)	$ 6,908

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions per common share (in dollars per share)	$ 0.12	$ 0.09
Distributions per preferred share (in dollars per share)	$ 2.0625	$ 2.0625	$ 2.0625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ 86,635	$ 109,705	$ (195,405)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	111,302	108,849	102,963
Corporate asset depreciation as corporate expenses	192	220	226
Loss on early extinguishment of debt	0	9,766	0
Non-cash lease expense and other amortization	6,156	6,226	6,673
Non-cash interest rate swap fair value adjustment	2,033	(13,914)	7,690
Amortization of debt issuance costs	2,053	2,489	2,547
Impairment losses	941	2,843	126,697
Amortization of deferred income related to key money	(431)	(423)	(329)
Share-based compensation	8,771	7,789	8,744
Deferred income tax expense	(975)	(781)	468
Changes in assets and liabilities:
Prepaid expenses and other assets	(3,684)	(9,563)	3,142
Due to/from hotel managers	24,151	(24,034)	(63,236)
Accounts payable and accrued expenses	420	7,067	(2,487)
Net cash provided by (used in) operating activities	237,564	206,239	(2,307)
Cash flows from investing activities:
Property acquisitions	(32,699)	(181,942)	(226,627)
Proceeds from sale of properties, net	0	0	213,817
Acquisition of interest in land	(1,833)	0	0
Extension of the Salt Lake City Marriott Downtown ground lease	0	0	(2,781)
Receipt of deferred key money	0	1,000	524
Net cash used in investing activities	(120,846)	(248,599)	(62,199)
Cash flows from financing activities:
Scheduled mortgage debt principal payments	(9,544)	(14,629)	(15,318)
Repurchase of common stock	(2,423)	(12,287)	0
Repayments of mortgage debt	0	(178,141)	(1,880)
Proceeds from senior unsecured term loans	0	800,000	0
Repayments of senior unsecured term loans	0	(400,000)	0
Draws on senior unsecured credit facility	0	110,000	205,500
Repayments of senior unsecured credit facility	0	(200,000)	(170,500)
Payment of financing costs	0	(13,846)	(1,217)
Distributions on common stock and units	(31,909)	(6,421)	(119)
Distributions on preferred stock	(9,817)	(9,817)	(9,817)
Shares redeemed to satisfy tax withholdings on vested share-based compensation	(3,032)	(828)	(1,482)
Net cash (used in) provided by financing activities	(56,725)	74,031	5,167
Net increase (decrease) in cash and cash equivalents, and restricted cash	59,993	31,671	(59,339)
Cash, cash equivalents, and restricted cash beginning of year	107,178	75,507	134,846
Cash, cash equivalents, and restricted cash, end of year	167,171	107,178	75,507
Supplemental disclosure of cash flow information:
Cash paid for interest	60,363	47,547	42,494
Cash paid for income taxes	2,666	6,625	1,632
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	6,324	12,946	19
Accrued capital expenditures	4,667	8,007	7,295
Transfer of land interest in consideration for extension of ground lease	0	0	855
Redemption of Operating Partnership units for common stock	365	214	2,370
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	121,595	67,564
Restricted cash	45,576	39,614
Total cash, cash equivalents, and restricted cash	167,171	107,178	75,507
Operating Hotels
Cash flows from investing activities:
Capital expenditures for operating hotels	$ (86,314)	$ (67,657)	$ (47,132)

Organization

Organization	12 Months Ended
	Dec. 31, 2023
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. As of December 31, 2023, we owned 36 hotels with 9,746 rooms. Our hotels are concentrated in major urban markets and in destination resort locations and more than 60% of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc., Hilton Worldwide, 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. We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We conduct our business through a traditional umbrella partnership REIT, 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, 2023. The remaining 0.3% of the common OP units are held by third parties and executive officers of the Company. See Note 9 for additional disclosures related to common OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“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. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect the Company's financial position, results of operations, or cash flows. An adjustment was made to the consolidated balance sheet for the year ended December 31, 2022 to combine mortgage debt, net of unamortized debt issuance costs and unsecured term loans, net of unamortized debt issuance costs as debt, net of unamortized debt issuance costs. An adjustment was made to the consolidated statements of operations and comprehensive income for the year ended December 31, 2022 to present other departmental and support expenses and other property-level expenses, which were previously reported in total as other hotel expenses. 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. 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 are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 5 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. 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. 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 and comprehensive income. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. 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 recognized as 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 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 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. 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 and comprehensive income. 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, 2023 and 2022. Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, 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 The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from a zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo Simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes in connection with our variable rate debt. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. On the date the derivative contract is entered into, or at a later point in time, we may designate the derivative as a hedging instrument, and, if so, we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. Changes in the fair value of a derivative that was determined to be an effective cash flow hedge is reported in other comprehensive income (loss) and is reclassified to interest expense in the same period during which the hedged transaction affects earnings. If we do not specifically designate the derivative as a cash flow hedge, changes in the fair value of the undesignated derivative instrument are reported in current period earnings. 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 9 for additional details. On the consolidated statements of operations and comprehensive income, 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 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 debt issuance 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 and comprehensive income. Debt issuance costs related to our senior unsecured credit facility 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 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 and comprehensive income. 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 represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. 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. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis. Concentration of 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. We have concentration risk related to one of our hotel properties. In 2023, Chicago Marriott represented 10% of total revenues, total assets, and income before taxes. 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. All of our hotels meet the aggregation criteria established by U.S. GAAP for segment reporting, and as a result, we have one reportable segment. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following (in thousands): December 31, 2023 2022 Land $ 590,824 $ 577,861 Land improvements 7,994 7,994 Buildings 2,878,508 2,798,654 Furniture, fixtures and equipment 561,484 525,901 Construction in progress 21,175 32,422 4,059,985 3,942,832 Less: accumulated depreciation (1,304,790) (1,194,356) $ 2,755,195 $ 2,748,476 As of December 31, 2023 and 2022, we had accrued capital expenditures of $4.7 million and $8.0 million, respectively. During the year ended December 31, 2023, we recorded impairment losses of $0.9 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2022, we recorded an impairment loss of $2.8 million on the right-to-manage intangible asset related to the rental management agreements at Tranquility Bay Beachfront Resort upon our acquisition of four third-party owned units. During the year ended December 31, 2021, we recorded impairment losses of $126.7 million related to two hotels we sold during the year ended December 31, 2021 (as discussed in Note 4).

Hotel Acquisitions and Disposit

Hotel Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Hotel Acquisitions and Dispositions	Hotel Acquisitions and Dispositions Acquisitions 2022 Acquisitions In January 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. In April 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. In November 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. Included in our acquisition of the Tranquility Bay Beachfront Resort was income from 84 units owned by third parties that currently participate in the hotel's rental management program. We recognized a $45.2 million right-to-manage intangible asset related to these long-term rental agreements. In 2022, subsequent to the initial acquisition, we entered into agreements to purchase four of the third-party owned units for $4.1 million in aggregate. As a result, we recorded an impairment loss of of $2.8 million related to the right-to-manage intangible asset during the year ended December 31, 2022. The intangible asset is being amortized over a period of 40 years, which is our estimate of its useful life, inclusive of expected renewal periods. Amortization expense for the years ended December 31, 2023 and 2022 was $1.1 million. The amortization expense for each of the next five fiscal years is expected to be $1.1 million. The intangible asset, net of accumulated amortization was $40.2 million and $41.3 million as of December 31, 2023 and 2022, respectively, and is recorded within prepaid and other assets on the accompanying consolidated balance sheets. 2023 Acquisition On August 1, 2023, we acquired the 117-room Chico Hot Springs Resort and an adjacent ranch located in Pray, Montana for $31.9 million, including prorations and transaction costs. The acquisition was funded with corporate cash. On October 25, 2023, we acquired the Chico Day Spa adjacent to the hotel for $0.8 million, including prorations and transaction costs. Dispositions In April 2021, we sold the wholly owned subsidiary of the Company that owned the Frenchman's Reef & Morning Star Marriott Beach Resort to an unaffiliated third party pursuant to a share purchase agreement (the “Purchase Agreement”). 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. We have no earned revenue under this profit participation arrangement since the sale. During 2021, we recorded an impairment loss of $11.5 million to adjust the hotel's carrying amount to the contractual consideration. In June 2021, we sold The Lexington Hotel to an unaffiliated third party for $185.3 million. During 2021, we recorded an impairment loss of $115.2 million to adjust the hotel's carrying amount to the contractual consideration.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth information regarding the Company’s debt (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2023 Maturity Date 2023 2022 Courtyard New York Manhattan / Midtown East mortgage loan 4.40% August 2024 74,346 76,153 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 73,727 75,625 Hotel Clio mortgage loan 4.33% July 2025 56,091 57,469 Westin Boston Seaport District mortgage loan 4.36% November 2025 174,025 178,487 Unsecured term loan SOFR + 1.35% (1) January 2028 500,000 500,000 Unsecured term loan SOFR + 1.35% (1) January 2025 (2) 300,000 300,000 Senior unsecured credit facility SOFR + 1.40% September 2026 (2) — — Total debt 1,178,189 1,187,734 Unamortized debt issuance costs (3) (1,184) (1,941) Debt, net of unamortized debt issuance costs $ 1,177,005 $ 1,185,793 Weighted-Average Interest Rate (4) 5.22% _____________ (1) Interest rate as of December 31, 2023 was 6.81%. (2) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (3) Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet. (4) Weighted-average interest rate as of December 31, 2023 includes effect of interest rate swaps. As of December 31, 2023, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands): 2024 $ 82,381 2025 295,808 2026 300,000 2027 — 2028 500,000 Thereafter — $ 1,178,189 Mortgage 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, 2023, four of our 36 hotel properties were secured by mortgage debt. We have one mortgage loan that matures within one year, which has a principal balance of $74.3 million as of December 31, 2023. We intend to repay this mortgage loan using cash on hand. 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 had $2.9 million held in cash traps, which is included within restricted cash on the accompanying balance sheet. As of December 31, 2023, all cash traps had been released. Senior Unsecured Credit Facility and Unsecured Term Loans Prior to September 27, 2022, we were party to credit agreements that provided 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. On September 27, 2022, we entered into a Sixth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) that provides us with a $400 million senior unsecured revolving credit facility and two term loan facilities in the aggregate amount of $800 million. The revolving credit facility matures on September 27, 2026, which we may extend for an additional year upon the payment of applicable fees and satisfaction of certain standard conditions. The term loan 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 have the right to increase the aggregate amount of the facilities to $1.4 billion upon the satisfaction of certain standard conditions. We utilized the proceeds from the term loans under the Amended Credit Agreement to repay the Facility Term Loan, the 2023 Term Loan, $150 million that was outstanding on our Revolving Credit Facility, and our mortgage loans that were scheduled to mature in 2023. 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 periodic advances on the revolving credit facility and amounts outstanding on the term loans 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 are as follows: Actual at Covenant December 31, 2023 Maximum leverage ratio (1) 60% 29.3% Minimum fixed charge coverage ratio (2) 1.50x 2.93x Secured recourse indebtedness Less than 45% of Total Asset Value 11.4% Unencumbered leverage ratio 60.0% 30.0% Unencumbered implied debt service coverage ratio 1.20x 2.49x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, as 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. The components of the Company's interest expense consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Mortgage debt interest $ 16,436 $ 23,276 $ 24,992 Unsecured term loan interest 43,294 21,153 14,794 Credit facility interest and unused fees 1,256 5,279 2,400 Amortization of debt issuance costs and debt premium 2,053 2,489 2,547 Interest rate swap mark-to-market 2,033 (13,914) (7,690) $ 65,072 $ 38,283 $ 37,043

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As of December 31, 2023 and 2022, the Company had the following derivatives (in thousands): Fair Value of Assets (Liabilities) Hedged Debt Type Fixed Rate Index Effective Date Maturity Date Notional Amount December 31, December 31, 2022 Senior unsecured term loans Swap (1) 2.21 % SOFR December 28, 2022 October 18, 2023 $ 25,000 $ — $ 517 Senior unsecured term loans Swap (1) 2.21 % SOFR December 28, 2022 October 18, 2023 $ 25,000 — 515 Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 1,660 3,979 Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 1,658 3,976 Senior unsecured term loans Swap 3.36 % SOFR March 1, 2023 January 1, 2028 $ 75,000 554 — Senior unsecured term loans Swap 3.50 % SOFR March 1, 2023 January 1, 2027 $ 75,000 449 — $ 4,321 $ 8,987 (1) Swap was designated as cash flow hedge as of April 1, 2023. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2023, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements (in thousands): Year Ended December 31, Effect of derivative instruments Location in Statements of Operations and Comprehensive Income 2023 2022 2021 Loss recognized in other comprehensive income Unrealized loss on interest rate derivative instruments $ 2,634 $ — $ — Interest (income) for derivatives that were designated as cash flow hedges Interest expense $ (7,688) $ — $ — Interest (income) expense for derivatives that were not designated as cash flow hedges Interest expense $ 469 $ (13,486) $ (3,578) During the next twelve months, the Company estimates that $2.5 million will be reclassified from other comprehensive income as a reduction to interest expense.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of certain financial assets and liabilities and other financial instruments are as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,177,005 $ 1,167,638 $ 1,185,793 $ 1,148,533 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. The fair value of our interest rate swaps are Level 2 measurements 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. The fair values of our other financial instruments not included in the table above are estimated to be equal to their carrying amounts.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
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 one parking area as of December 31, 2023. 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. As of December 31, 2023, our operating leases have a weighted-average remaining lease term of 64 years and a weighted-average discount rate of 5.78%. The components of operating lease expense, which is included in other property-level 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, 2023 2022 Operating lease cost $ 11,106 $ 11,255 Variable lease payments $ 1,687 $ 1,576 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,995 $ 4,087 Future minimum lease payments are as follows (in thousands): Year Ending December 31, As of December 31, 2023 2024 $ 4,139 2025 4,206 2026 4,701 2027 4,737 2028 5,020 Thereafter 747,799 Total lease payments 770,602 Less imputed interest (657,736) Total lease liabilities $ 112,866 Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2023: • 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 Hotel Clio 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 $1,021,214 (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 $15,738 (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 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $145,175 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $36,345 (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) __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2023. 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 years ended December 31, 2023 and 2022. (4) Represents rent for the year ended December 31, 2023. 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, 2023. 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 a government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute. (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. (13) Represents rent for the year ending December 31, 2023. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Shares We are authorized by our charter 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. We maintain 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 during the years ended December 31, 2023 and 2022. In September 2022, our board of directors approved a 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. 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, 2023, we repurchased 318,454 shares of common stock at an average price of $7.60 per share for an aggregate purchase price of $2.4 million. 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 a total purchase price of $12.3 million. As of February 28, 2024, we have $185.3 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, 2023 and 2022, 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 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 10 for additional disclosures related to LTIP units. There were 723,166 and 719,542 common OP units held by unaffiliated third parties and executive officers of the Company as of December 31, 2023 and 2022, respectively. There were 314,137 and 98,050 LTIP units outstanding as of December 31, 2023 and 2022, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units. Dividends and Distributions For the year ended December 31, 2023, we paid an aggregate cash dividend of $0.12 per holder of common stock, OP units, and LTIP units. For the year ended December 31, 2022, we paid an aggregate cash dividend of $0.09 per holder of common stock, OP units, and LTIP units. For each of the years ended December 31, 2023 and 2022, we paid an aggregate cash dividend of $2.0625 per holder of Series A Preferred Stock.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), which we have fully committed as of December 31, 2023. 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, 2021 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 Granted 247,762 8.94 Forfeited (21,184) 9.13 Vested (382,822) 9.60 Unvested balance at December 31, 2023 1,200,693 $ 9.33 The total unvested restricted stock awards as of December 31, 2023 are expected to vest as follows: 513,251 during 2024, 329,103 during 2025, 344,918 during 2026, 6,712 during 2027, and 6,709 during 2028. As of December 31, 2023, the unrecognized compensation cost related to restricted stock awards was $5.4 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 23 months. For the years ended December 31, 2023, 2022, and 2021, we recorded $4.2 million, $4.3 million and $3.9 million, respectively, of compensation expense net of forfeitures 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 and comprehensive income. 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 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 February 23, 2023 74.5 % 4.40 % $ 9.22 $ 8.94 A summary of our PSUs from January 1, 2021 to December 31, 2023 is as follows: Number of Weighted- Unvested balance at January 1, 2021 912,186 $ 9.63 Granted 347,981 9.34 Vested (1) (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 (2) (269,224) 10.14 Forfeited (160,533) 9.34 Unvested balance at December 31, 2022 950,653 9.35 Granted 363,523 9.08 Additional units from dividends 17,886 8.35 Vested (3) (299,766) 9.01 Unvested balance at December 31, 2023 1,032,296 $ 9.34 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.36% of the PSU Target Award. The remaining unvested PSUs expected to vest are as follows: 300,905 during 2024, 328,122 in 2025 and 367,569 during 2026, and 35,700 during 2027. As of December 31, 2023, the unrecognized compensation cost related to the PSUs was $4.1 million and is expected to be recognized on a straight-line basis over a period of 24 months. For the years ended December 31, 2023, 2022, and 2021, we recorded approximately $3.0 million, $2.3 million, and $3.0 million, respectively, of compensation expense net of forfeitures 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 A summary of our LTIP units from January 1, 2021 to December 31, 2023 is as follows: Number of Weighted- Unvested balance at January 1, 2021 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 Granted 257,270 8.94 Vested (1) (41,183) 9.49 Unvested balance at December 31, 2023 314,137 $ 9.01 ______________________ (1) As of December 31, 2023, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units. The remaining unvested LTIP units are expected to vest as follows: 99,974 during 2024 and 2025, 99,973 during 2026, and 14,216 during 2027. As of December 31, 2023, the unrecognized compensation cost related to LTIP unit awards was $2.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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 and local 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, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 Common Stock Ordinary non-qualified income $ 0.120000 $ 0.044543 $ — Qualified dividends — 0.045457 — $ 0.120000 $ 0.090000 $ — Series A Preferred Stock Ordinary non-qualified income $ 2.062500 $ 1.020772 $ — Qualified dividends — 1.041728 — Return of capital — — 2.062500 $ 2.062500 $ 2.062500 $ 2.062500 Our provision for income taxes consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current - Federal $ (84) $ 901 $ 2,759 State 1,376 2,487 40 1,292 3,388 2,799 Deferred - Federal 492 1,090 5,190 State (486) 2,044 (6,159) Change in valuation allowance (981) (3,915) 1,437 (975) (781) 468 Income tax provision $ 317 $ 2,607 $ 3,267 A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Statutory federal tax provision (benefit) $ 18,226 $ 23,620 $ (40,337) Tax impact of REIT election (17,281) (21,110) 45,946 State income tax provision (benefit), net of federal tax benefit 890 4,531 (6,119) Change in valuation allowance (981) (3,915) 1,437 Permanent differences (349) (495) 2,561 Other (188) (24) (221) Income tax provision $ 317 $ 2,607 $ 3,267 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): 2023 2022 Federal Net operating loss carryforwards $ 2,585 $ 3,541 Deferred income 2,049 3,282 Other 407 511 Depreciation and amortization (2,074) (3,808) Less: Valuation allowance (1,766) (3,002) Federal - Deferred tax assets (liabilities), net $ 1,201 $ 524 State Net operating loss carryforwards $ 8,921 $ 8,499 Deferred income 553 851 Alternative minimum tax credit carryforwards 231 211 Other 120 141 Depreciation and amortization (559) (987) Less: Valuation allowance (8,253) (7,999) State - Deferred tax assets, net $ 1,013 $ 716 As of December 31, 2023, we had deferred tax assets of $11.5 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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share 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, 2023 2022 2021 Numerator: Net income (loss) attributable to common stockholders $ 76,523 $ 99,511 $ (204,401) Denominator: Weighted-average number of common shares outstanding—basic 211,518,826 212,423,873 212,056,923 Effect of dilutive securities: Unvested restricted common stock 340,981 323,435 — Shares related to unvested PSUs 444,310 441,679 — Weighted-average number of common shares outstanding—diluted 212,304,117 213,188,987 212,056,923 Earnings (loss) per share: Earnings (loss) per share available to common stockholders—basic $ 0.36 $ 0.47 $ (0.96) Earnings (loss) per share available to common stockholders—diluted $ 0.36 $ 0.47 $ (0.96) For the year ended December 31, 2021, 379,767 of unvested restricted common shares and 299,810 of unvested PSU's 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, 2023 and 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.

Relationships with Managers and

Relationships with Managers and Franchisors	12 Months Ended
	Dec. 31, 2023
Relationships With Managers [Abstract]
Relationships with Managers and Franchisors	Relationships with Managers and Franchisors We are party to a hotel management agreement at each of our hotels. 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 between 1% and 3.5% 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.” Our management agreements generally 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. The following is a summary of management fees for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Base management fees $ 22,543 $ 20,630 $ 11,542 Incentive management fees 4,444 4,790 468 Amortization of deferred income related to key money (1) (400) (392) (213) Amortization of unfavorable contract liabilities (1,589) (1,589) (1,589) Total management fees, net $ 24,998 $ 23,439 $ 10,208 _____________________________ (1) Relates to key money received for Chicago Marriott Downtown Magnificent Mile, Westin Washington D.C. City Center and Henderson Beach Resort. Five of our hotels earned incentive management fees for the years ended December 31, 2023 and 2021. Eleven of our hotels earned incentive management fees for the year ended December 31, 2022. Franchise Agreements We are party to franchise agreements for 19 of our hotels as of December 31, 2023. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of the hotel's gross rooms revenue. Pursuant to these franchise agreements, we pay a royalty fee ranging between 3.5% and 7% of gross room sales, and, under certain agreements, between 1% and 3% of gross food and beverage sales. The following is a summary of franchise fees for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Franchise fees $ 35,769 $ 32,714 $ 18,781 Amortization of deferred income related to key money (1) (31) (31) (116) Total franchise fees, net $ 35,738 $ 32,683 $ 18,665 _____________________________ (1)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
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, 2023 (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 $ 5,576 $ 3,623 $ 39,079 $ 42,702 $ (16,783) $ 25,919 2005 10 - 40 Years Bourbon Orleans Hotel 20,644 60,969 2,623 20,645 63,591 84,236 (3,780) 80,456 2021 10 - 40 Years Cavallo Point, The Lodge at Golden Gate — 123,100 8,360 — 131,460 131,460 (22,483) 108,977 2018 10 - 40 Years Chicago Marriott Downtown, Magnificent Mile — 36,900 347,921 98,124 36,900 446,045 482,945 (177,735) 305,210 2006 10 - 40 Years Chico Hot Springs Resort & Day Spa — 11,291 20,595 382 11,291 20,977 32,268 (445) 31,823 2023 10 - 20 Years Embassy Suites by Hilton Bethesda — — 45,656 10,626 — 56,282 56,282 (23,901) 32,381 2004 10 - 40 Years The Gwen Hotel — 31,650 76,961 25,036 31,650 101,997 133,647 (37,760) 95,887 2006 10 - 40 Years Courtyard Denver Downtown — 9,400 36,180 6,653 9,400 42,833 52,233 (13,212) 39,021 2011 10 - 40 Years Courtyard New York Manhattan/Fifth Avenue — — 34,685 8,831 — 43,516 43,516 (18,872) 24,644 2004 10 - 40 Years Courtyard New York Manhattan/Midtown East (74,346) 16,500 54,812 9,972 16,500 64,784 81,284 (28,305) 52,979 2004 10 - 40 Years Havana Cabana Key West — 32,888 13,371 6,408 32,888 19,779 52,667 (4,456) 48,211 2014 10 - 40 Years Henderson Beach Resort 10,118 93,176 3,709 10,645 96,358 107,003 (4,980) 102,023 2021 10 - 40 Years Henderson Park Inn 8,395 17,462 1,895 8,539 19,213 27,752 (1,309) 26,443 2021 10 - 40 Years Hilton Burlington Lake Champlain — 9,197 40,644 10,554 9,197 51,198 60,395 (13,182) 47,213 2012 10 - 40 Years Hilton Garden Inn New York/Times Square Central — 60,300 88,896 2,175 60,300 91,071 151,371 (21,217) 130,154 2014 10 - 40 Years Hotel Clio (56,091) 9,200 63,183 14,693 9,200 77,876 87,076 (21,714) 65,362 2011 10 - 40 Years Hotel Emblem San Francisco — 7,856 21,085 9,042 7,856 30,127 37,983 (6,975) 31,008 2012 10 - 40 Years Hotel Palomar Phoenix — — 59,703 2,979 — 62,682 62,682 (8,899) 53,783 2018 10 - 40 Years The Hythe Vail — 5,800 52,463 37,390 5,800 89,853 95,653 (29,502) 66,151 2005 10 - 40 Years Kimpton Shorebreak Fort Lauderdale Beach Resort — 3,436 29,206 893 3,436 30,099 33,535 (1,301) 32,234 2022 10 - 40 Years Kimpton Shorebreak Huntington Beach Resort — 19,908 37,525 5,128 20,423 42,138 62,561 (9,368) 53,193 2015 10 - 40 Years Margaritaville Beach House Key West — 49,592 42,958 17,788 49,592 60,746 110,338 (11,746) 98,592 2015 10 - 40 Years Lake Austin Spa Resort — 25,089 43,879 295 25,089 44,174 69,263 (1,457) 67,806 2022 10 - 40 Years The Landing Lake Tahoe Resort & Spa — 14,816 24,351 1,756 14,816 26,107 40,923 (3,916) 37,007 2018 10 - 40 Years L'Auberge de Sedona — 39,384 22,204 8,201 39,384 30,405 69,789 (4,713) 65,076 2017 10 - 40 Years Orchards Inn Sedona — 9,726 10,180 690 9,726 10,870 20,596 (1,971) 18,625 2017 10 - 40 Years Salt Lake City Marriott Downtown at City Creek — — 45,815 19,204 — 65,019 65,019 (24,864) 40,155 2004 10 - 40 Years The Dagny Boston (formerly Hilton Boston Downtown/Faneuil Hall) — 23,262 128,628 41,714 23,262 170,342 193,604 (41,153) 152,451 2012 10 - 40 Years The Lindy Renaissance Charleston Hotel — 5,900 32,511 10,833 5,900 43,344 49,244 (12,647) 36,597 2010 10 - 40 Years The Lodge at Sonoma Resort — 3,951 22,720 23,229 3,951 45,949 49,900 (17,868) 32,032 2004 10 - 40 Years Tranquility Bay Beachfront Resort — 1,865 19,357 34 1,865 19,391 21,256 (997) 20,259 2022 10 - 40 Years Westin Boston Seaport District (174,025) — 273,696 39,172 — 312,868 312,868 (128,190) 184,678 2007 10 - 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 15,169 54,293 98,396 152,689 (21,576) 131,113 2014 10 - 40 Years Westin San Diego Bayview — 22,902 95,617 13,188 22,902 108,805 131,707 (30,542) 101,165 2012 10 - 40 Years Westin Washington D.C City Center — 24,579 122,229 16,277 24,579 138,506 163,085 (39,089) 123,996 2012 10 - 40 Years Worthington Renaissance Fort Worth Hotel (73,727) 15,500 63,428 28,866 17,172 90,622 107,794 (34,392) 73,402 2005 10 - 40 Years Total $ (378,189) $ 587,965 $ 2,381,896 $ 507,465 $ 590,824 $ 2,886,502 $ 3,477,326 $ (841,300) $ 2,636,026 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): 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 Balance at December 31, 2022 3,384,509 Additions: Acquisitions 31,886 Capital expenditures 60,931 Balance at December 31, 2023 $ 3,477,326 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Balance at December 31, 2020 $ 683,543 Depreciation and amortization 70,765 Impairment losses (61,002) Balance at December 31, 2021 693,306 Depreciation and amortization 75,328 Balance at December 31, 2022 768,634 Depreciation and amortization 72,666 Balance at December 31, 2023 $ 841,300 C) The aggregate cost of properties for U.S. Federal income tax purposes (in thousands) is approximately $3,371,023 as of December 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our consolidated financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. generally accepted accounting principles (“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
Reclassification	Reclassification
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.
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 Property and equipment are recorded at cost. Costs of improvements that extend the economic life or improve service potential, which generally includes significant improvements, renovations and replacements, are capitalized, while repairs and maintenance are expensed as incurred. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets and recorded at relative fair value based upon total accumulated cost of the acquisition. The acquisition cost is allocated to land, buildings, improvements, furniture, fixtures and equipment, as well as identifiable intangible and lease assets and liabilities. In making estimates of fair values for purposes of allocating purchase price we evaluate several factors, including but not limited to comparable sales, expected future cash flows discounted at risk adjusted rates as well as industry and Company data. Direct acquisition-related costs are capitalized as a component of the acquired assets. Depreciation is recorded using the straight-line method over the assets' estimated useful lives, which are generally as follows: 5 to 40 years for buildings and improvements; 1 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for computer equipment and acquired software. We evaluate the carrying value of our property and equipment for indicators of impairment. Indicators of impairment that may cause a review include, but are not limited to, adverse changes in the demand for lodging at our hotels, current or projected losses from operations, and an expectation that a hotel is more likely than not to be sold significantly before the end of its useful life. When such indicators exist, we perform an analysis to determine the recoverability of the asset group by comparing the estimated undiscounted future cash flows, including the proceeds from the ultimate disposition of a hotel, less costs to sell, to the net carrying value of the asset group. If the carrying value of the asset group is not recoverable and it exceeds the estimated fair value of the asset group, we recognize an impairment loss in our consolidated statement of operations and comprehensive income for the amount by which the carrying value exceeds the estimated fair value. We allocate the impairment loss related to the asset group among the various assets within the asset group pro rata based on the relative carrying values of the respective assets. 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. 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 and comprehensive income.
Cash and Cash Equivalents	Cash and Cash Equivalents
Revenue Recognition	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.
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 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 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.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities recorded may include trade names, management or franchise agreement intangibles, right-to-manage assets, 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 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	Share-Based Payments The Company may award time-based restricted stock awards and performance-based stock awards to officers, employees and non-employee directors. Restricted stock awards vest in equal annual installments over three Performance-based awards are settled at the end of a three-year performance period with 50 percent of the award subject to achievement based on a measure of the Company's total stockholder return relative to a peer company group and the other 50 percent of the award subject to achievement of hotel market share improvement. The total number of performance shares that vest based on each performance measure (relative stockholder return and hotel market share improvement) is based on an achievement factor that, in each case, ranges from a zero to 150 percent payout. The grant date fair value of the relative stockholder return awards is estimated using the Monte Carlo Simulation, and the grant date fair value for the hotel market share improvement awards is equal to the closing stock price on the date of grant. The measurement objective for these share-based awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the awards. We recognize share-based compensation expense ratably over the requisite service period which is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income. The requisite service period is the period during which an employee is required to provide service in exchange for an award. We recognize forfeitures as they occur. Compensation expense for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized.
Derivative Instruments	Derivative Instruments
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 9 for additional details. On the consolidated statements of operations and comprehensive income, 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
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 debt issuance 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 and comprehensive income. Debt issuance costs related to our senior unsecured credit facility 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 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 and comprehensive income.
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 represents consideration received from third parties to incentivize the Company to enter into hotel management or franchise agreements or to complete specific capital projects. Key money is deferred and amortized over the term of the hotel management or franchise agreement, or other systematic and rational period, if appropriate. 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. If we purchase an underlying asset prior to the termination of the lease term, the right-of-use asset and related lease liability is reversed and the net gain or loss is recorded as part of the acquisition basis.
Concentration of Risk	Concentration of 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. We have concentration risk related to one of our hotel properties. In 2023, Chicago Marriott represented 10% of total revenues, total assets, and income before taxes.
Segment Reporting	Segment Reporting
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following (in thousands): December 31, 2023 2022 Land $ 590,824 $ 577,861 Land improvements 7,994 7,994 Buildings 2,878,508 2,798,654 Furniture, fixtures and equipment 561,484 525,901 Construction in progress 21,175 32,422 4,059,985 3,942,832 Less: accumulated depreciation (1,304,790) (1,194,356) $ 2,755,195 $ 2,748,476

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table sets forth information regarding the Company’s debt (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2023 Maturity Date 2023 2022 Courtyard New York Manhattan / Midtown East mortgage loan 4.40% August 2024 74,346 76,153 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 73,727 75,625 Hotel Clio mortgage loan 4.33% July 2025 56,091 57,469 Westin Boston Seaport District mortgage loan 4.36% November 2025 174,025 178,487 Unsecured term loan SOFR + 1.35% (1) January 2028 500,000 500,000 Unsecured term loan SOFR + 1.35% (1) January 2025 (2) 300,000 300,000 Senior unsecured credit facility SOFR + 1.40% September 2026 (2) — — Total debt 1,178,189 1,187,734 Unamortized debt issuance costs (3) (1,184) (1,941) Debt, net of unamortized debt issuance costs $ 1,177,005 $ 1,185,793 Weighted-Average Interest Rate (4) 5.22% _____________ (1) Interest rate as of December 31, 2023 was 6.81%. (2) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (3) Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet. (4) Weighted-average interest rate as of December 31, 2023 includes effect of interest rate swaps.
Schedule of Maturities of Long-Term Debt	As of December 31, 2023, the aggregate debt maturities for our mortgage debt and unsecured term loans, assuming all extension options available in our debt agreements are exercised, are as follows (in thousands): 2024 $ 82,381 2025 295,808 2026 300,000 2027 — 2028 500,000 Thereafter — $ 1,178,189
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 are as follows: Actual at Covenant December 31, 2023 Maximum leverage ratio (1) 60% 29.3% Minimum fixed charge coverage ratio (2) 1.50x 2.93x Secured recourse indebtedness Less than 45% of Total Asset Value 11.4% Unencumbered leverage ratio 60.0% 30.0% Unencumbered implied debt service coverage ratio 1.20x 2.49x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Amended Credit Agreement, divided by total asset value, as 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)
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following (in thousands): Year Ended December 31, 2023 2022 2021 Mortgage debt interest $ 16,436 $ 23,276 $ 24,992 Unsecured term loan interest 43,294 21,153 14,794 Credit facility interest and unused fees 1,256 5,279 2,400 Amortization of debt issuance costs and debt premium 2,053 2,489 2,547 Interest rate swap mark-to-market 2,033 (13,914) (7,690) $ 65,072 $ 38,283 $ 37,043

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of December 31, 2023 and 2022, the Company had the following derivatives (in thousands): Fair Value of Assets (Liabilities) Hedged Debt Type Fixed Rate Index Effective Date Maturity Date Notional Amount December 31, December 31, 2022 Senior unsecured term loans Swap (1) 2.21 % SOFR December 28, 2022 October 18, 2023 $ 25,000 $ — $ 517 Senior unsecured term loans Swap (1) 2.21 % SOFR December 28, 2022 October 18, 2023 $ 25,000 — 515 Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 1,660 3,979 Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 1,658 3,976 Senior unsecured term loans Swap 3.36 % SOFR March 1, 2023 January 1, 2028 $ 75,000 554 — Senior unsecured term loans Swap 3.50 % SOFR March 1, 2023 January 1, 2027 $ 75,000 449 — $ 4,321 $ 8,987 (1) Swap was designated as cash flow hedge as of April 1, 2023.
Schedule of Gains and Losses Recognized on Derivative Financial Statements	The table below details the location in the consolidated financial statements of the gains and losses recognized on derivative financial statements (in thousands): Year Ended December 31, Effect of derivative instruments Location in Statements of Operations and Comprehensive Income 2023 2022 2021 Loss recognized in other comprehensive income Unrealized loss on interest rate derivative instruments $ 2,634 $ — $ — Interest (income) for derivatives that were designated as cash flow hedges Interest expense $ (7,688) $ — $ — Interest (income) expense for derivatives that were not designated as cash flow hedges Interest expense $ 469 $ (13,486) $ (3,578)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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 are as follows (in thousands): December 31, 2023 December 31, 2022 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,177,005 $ 1,167,638 $ 1,185,793 $ 1,148,533 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense and Other Information	The components of operating lease expense, which is included in other property-level 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, 2023 2022 Operating lease cost $ 11,106 $ 11,255 Variable lease payments $ 1,687 $ 1,576 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,995 $ 4,087
Schedule of Operating Lease Maturities	Future minimum lease payments are as follows (in thousands): Year Ending December 31, As of December 31, 2023 2024 $ 4,139 2025 4,206 2026 4,701 2027 4,737 2028 5,020 Thereafter 747,799 Total lease payments 770,602 Less imputed interest (657,736) Total lease liabilities $ 112,866
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 $1,021,214 (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 $15,738 (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 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (6) $60,000 Orchards Inn Sedona 7/2018 - 12/2070 $145,175 (7) Hotel Palomar Phoenix (Base Rent) 4/2022 - 3/2085 $36,345 (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) __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2023. 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 years ended December 31, 2023 and 2022. (4) Represents rent for the year ended December 31, 2023. 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, 2023. 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 a government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute. (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. (13) Represents rent for the year ending December 31, 2023. Annual rent increases by $6,000 every five years. The next rent increase will be January 2027.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	A summary of our restricted stock awards from January 1, 2021 to December 31, 2023 is as follows: Number of Weighted- Unvested balance at January 1, 2021 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 Granted 247,762 8.94 Forfeited (21,184) 9.13 Vested (382,822) 9.60 Unvested balance at December 31, 2023 1,200,693 $ 9.33
Schedule of Fair Value 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 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 February 23, 2023 74.5 % 4.40 % $ 9.22 $ 8.94
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2021 to December 31, 2023 is as follows: Number of Weighted- Unvested balance at January 1, 2021 912,186 $ 9.63 Granted 347,981 9.34 Vested (1) (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 (2) (269,224) 10.14 Forfeited (160,533) 9.34 Unvested balance at December 31, 2022 950,653 9.35 Granted 363,523 9.08 Additional units from dividends 17,886 8.35 Vested (3) (299,766) 9.01 Unvested balance at December 31, 2023 1,032,296 $ 9.34 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2021 was equal to 100.00% of the PSU Target Award. (2) The number of shares of common stock earned for the PSUs vested in 2022 was equal to 105.71% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2023 was equal to 103.36% of the PSU Target Award.
Schedule of LTIP Units	A summary of our LTIP units from January 1, 2021 to December 31, 2023 is as follows: Number of Weighted- Unvested balance at January 1, 2021 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 Granted 257,270 8.94 Vested (1) (41,183) 9.49 Unvested balance at December 31, 2023 314,137 $ 9.01 ______________________ (1) As of December 31, 2023, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 Common Stock Ordinary non-qualified income $ 0.120000 $ 0.044543 $ — Qualified dividends — 0.045457 — $ 0.120000 $ 0.090000 $ — Series A Preferred Stock Ordinary non-qualified income $ 2.062500 $ 1.020772 $ — Qualified dividends — 1.041728 — Return of capital — — 2.062500 $ 2.062500 $ 2.062500 $ 2.062500
Schedule of Components of Income Tax Provision	Our provision for income taxes consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current - Federal $ (84) $ 901 $ 2,759 State 1,376 2,487 40 1,292 3,388 2,799 Deferred - Federal 492 1,090 5,190 State (486) 2,044 (6,159) Change in valuation allowance (981) (3,915) 1,437 (975) (781) 468 Income tax provision $ 317 $ 2,607 $ 3,267
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Statutory federal tax provision (benefit) $ 18,226 $ 23,620 $ (40,337) Tax impact of REIT election (17,281) (21,110) 45,946 State income tax provision (benefit), net of federal tax benefit 890 4,531 (6,119) Change in valuation allowance (981) (3,915) 1,437 Permanent differences (349) (495) 2,561 Other (188) (24) (221) Income tax provision $ 317 $ 2,607 $ 3,267
Schedule of Deferred Tax Assets and Liabilities	The total deferred tax assets and liabilities are as follows (in thousands): 2023 2022 Federal Net operating loss carryforwards $ 2,585 $ 3,541 Deferred income 2,049 3,282 Other 407 511 Depreciation and amortization (2,074) (3,808) Less: Valuation allowance (1,766) (3,002) Federal - Deferred tax assets (liabilities), net $ 1,201 $ 524 State Net operating loss carryforwards $ 8,921 $ 8,499 Deferred income 553 851 Alternative minimum tax credit carryforwards 231 211 Other 120 141 Depreciation and amortization (559) (987) Less: Valuation allowance (8,253) (7,999) State - Deferred tax assets, net $ 1,013 $ 716

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Numerator: Net income (loss) attributable to common stockholders $ 76,523 $ 99,511 $ (204,401) Denominator: Weighted-average number of common shares outstanding—basic 211,518,826 212,423,873 212,056,923 Effect of dilutive securities: Unvested restricted common stock 340,981 323,435 — Shares related to unvested PSUs 444,310 441,679 — Weighted-average number of common shares outstanding—diluted 212,304,117 213,188,987 212,056,923 Earnings (loss) per share: Earnings (loss) per share available to common stockholders—basic $ 0.36 $ 0.47 $ (0.96) Earnings (loss) per share available to common stockholders—diluted $ 0.36 $ 0.47 $ (0.96)

Relationships with Managers a_2

Relationships with Managers and Franchisors (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Base management fees $ 22,543 $ 20,630 $ 11,542 Incentive management fees 4,444 4,790 468 Amortization of deferred income related to key money (1) (400) (392) (213) Amortization of unfavorable contract liabilities (1,589) (1,589) (1,589) Total management fees, net $ 24,998 $ 23,439 $ 10,208 _____________________________ (1)
Schedule of Franchise Fees	The following is a summary of franchise fees for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Franchise fees $ 35,769 $ 32,714 $ 18,781 Amortization of deferred income related to key money (1) (31) (31) (116) Total franchise fees, net $ 35,738 $ 32,683 $ 18,665 _____________________________ (1)

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2023 room hotel
Real Estate Properties [Line Items]
Number of hotels | hotel	36
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room	9,746
Hotels operated (as a percent )	60%
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest (as a percent)	99.70%
Limited partner, ownership interest (as a percent)	0.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Valuation allowance	$ 10
Accrual for tax uncertainties	$ 0	$ 0
Number of reportable segments | segment	1
Performance Shares | Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholder return (as a percent)	50%
Hotel market share (as a percent)	50%
Minimum | Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Minimum | Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum | Performance Shares | Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	0%
Minimum | Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	5 years
Minimum | Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	1 year
Minimum | Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	3 years
Maximum | Restricted Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum | Performance Shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Award vesting period (in years)	5 years
Maximum | Performance Shares | Executive Officer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total stockholder return for payout of shares	150%
Maximum | Land, Buildings and Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	40 years
Maximum | Furniture, fixtures and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	10 years
Maximum | Computer Equipment and Acquired Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	5 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment, gross	$ 4,059,985	$ 3,942,832
Less: accumulated depreciation	(1,304,790)	(1,194,356)
Property and equipment, net	2,755,195	2,748,476
Land
Property and Equipment
Property and equipment, gross	590,824	577,861
Land improvements
Property and Equipment
Property and equipment, gross	7,994	7,994
Buildings
Property and Equipment
Property and equipment, gross	2,878,508	2,798,654
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	561,484	525,901
Construction in progress
Property and Equipment
Property and equipment, gross	$ 21,175	$ 32,422

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Accrued capital expenditures	$ 4,667	$ 8,007	$ 7,295
Impairment losses	$ 941	$ 2,843	$ 126,697

Hotel Acquisitions and Dispos_2

Hotel Acquisitions and Dispositions (Details) $ in Thousands					1 Months Ended			12 Months Ended
	Oct. 25, 2023 USD ($)	Aug. 01, 2023 USD ($) room	Jun. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Nov. 30, 2022 USD ($) room	Apr. 30, 2022 USD ($) room	Jan. 31, 2022 USD ($) room hotel	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) unit	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Impairment losses								$ 941	$ 2,843	$ 126,697
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Frenchman's Reef
Business Acquisition [Line Items]
Impairment losses										11,500
Frenchman's Reef
Business Acquisition [Line Items]
Proceeds from sale				$ 35,000
The Lexington Hotel
Business Acquisition [Line Items]
Proceeds from sale			$ 185,300
Impairment losses										$ 115,200
Rental Management Agreements
Business Acquisition [Line Items]
Expected amortization, year one								1,100
Expected amortization, year two								1,100
Expected amortization, year three								1,100
Expected amortization, year four								1,100
Expected amortization, year five								1,100
Tranquility Bay Beachfront Resort | Rental Management Agreements
Business Acquisition [Line Items]
Intangible assets, gross							$ 45,200
Amortization expense								1,100	1,100
Intangible assets, net								$ 40,200	41,300
Tranquility Bay Beachfront Resort | Third Parties
Business Acquisition [Line Items]
Payments to acquire productive assets									$ 4,100
Number of third parties owned hotel rooms | hotel							84
Number of units to be acquired | unit									4
Operating lease, impairment loss									$ 2,800
Tranquility Bay Beachfront Resort | Third Parties | Rental Management Agreements
Business Acquisition [Line Items]
Intangible asset useful life (in years)									40 years
Marathon, Florida | Tranquility Bay Beachfront Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired | room							103
Payments to acquire productive assets							$ 62,400
Fort Lauderdale, Florida | Kimpton Shorebreak Fort Lauderdale Beach Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired | room						96
Payments to acquire productive assets						$ 35,600
Austin, Texas | Lake Austin Spa Resort
Business Acquisition [Line Items]
Number of hotel rooms acquired | room					40
Payments to acquire productive assets					$ 75,800
Pray, Montana | Chico Hot Springs Resort & Day Spa
Business Acquisition [Line Items]
Number of hotel rooms acquired | room		117
Payments to acquire productive assets		$ 31,900
Pray, Montana | Chico Day Spa
Business Acquisition [Line Items]
Payments to acquire productive assets	$ 800

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal balance	$ 1,178,189
Total debt	1,178,189	$ 1,187,734
Debt, net of unamortized debt issuance costs	$ 1,177,005	1,185,793
Weighted-average interest rate (as a percent)	5.22%
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (1,184)	(1,941)
Unsecured Term Loan | Unsecured Term Loan Due January 2028
Debt Instrument [Line Items]
Principal balance	$ 500,000	500,000
Interest rate	6.81%
Unsecured Term Loan | Unsecured Term Loan Due January 2028 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Unsecured Term Loan | Unsecured Term Loan due January 2025
Debt Instrument [Line Items]
Principal balance	$ 300,000	300,000
Interest rate	6.81%
Unsecured Term Loan | Unsecured Term Loan due January 2025 | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured credit facility	$ 0	0
Line of Credit | Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Courtyard New York Manhattan / Midtown East mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.40%
Principal balance	$ 74,346	76,153
Worthington Renaissance Fort Worth Hotel mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	3.66%
Principal balance	$ 73,727	75,625
Hotel Clio mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.33%
Principal balance	$ 56,091	57,469
Westin Boston Seaport District | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.36%
Principal balance	$ 174,025	$ 178,487

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 82,381
2025	295,808
2026	300,000
2027	0
2028	500,000
Thereafter	0
Total debt	$ 1,178,189

Debt - Mortgage (Details)

Debt - Mortgage (Details) $ in Thousands	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of hotels | hotel	36
Principal balance	$ 1,178,189
Restricted cash	$ 45,576	$ 39,614
Mortgages
Debt Instrument [Line Items]
Number of hotels | hotel	4
Mortgages | Courtyard New York Manhattan / Midtown East mortgage loan
Debt Instrument [Line Items]
Principal balance	$ 74,346	76,153
Mortgages | Marriott Salt Lake City Downtown
Debt Instrument [Line Items]
Restricted cash		$ 2,900

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) $ in Thousands		12 Months Ended
	Sep. 27, 2022 USD ($) facility	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 26, 2022 USD ($)
Debt Instrument [Line Items]
Principal balance		$ 1,178,189
Loss on early extinguishment of debt	$ 9,700	0	$ 9,766	$ 0
Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Right to increase facility, amount	1,400,000
Revolving Credit Facility | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000				$ 400,000
Repayments of long-term lines of credit	150,000
Unsecured Term Loan Due July 2024 | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance					$ 350,000
Unsecured Term Loan Due January 2028 | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance		500,000	500,000
Term Loan Facilities | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800,000
Number of facilities | facility	2
Unsecured Term Loan due January 2025 | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance		$ 300,000	300,000
Unsecured Term Loan Due October 2023 | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Principal balance			$ 50,000

Debt - Schedule of Applicable M

Debt - Schedule of Applicable Margin (Details) - SOFR	12 Months Ended
	Dec. 31, 2023
Less than 30% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Less than 30% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	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 (as a percent)	1.85%
Greater than or equal to 55% | Applicable Margin for Revolving Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 55% | Applicable Margin for Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	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, 2023
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	0.293
Minimum fixed charge coverage ratio	2.93
Secured recourse indebtedness	11.40%
Unencumbered leverage ratio	30%
Unencumbered implied debt service coverage ratio	2.49

Debt - Schedule of Components o

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of debt issuance costs and debt premium	$ 2,053	$ 2,489	$ 2,547
Interest rate swap mark-to-market	2,033	(13,914)	(7,690)
Interest expense	65,072	38,283	37,043
Mortgage debt interest
Debt Instrument [Line Items]
Debt, interest expenses	16,436	23,276	24,992
Unsecured term loan interest
Debt Instrument [Line Items]
Debt, interest expenses	43,294	21,153	14,794
Credit facility interest and unused fees
Debt Instrument [Line Items]
Debt, interest expenses	$ 1,256	$ 5,279	$ 2,400

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ 4,321	$ 8,987
Unsecured Term Loan Due October 2023 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	2.21%
Notional Amount	$ 25,000
Fair Value of Assets (Liabilities)	$ 0	517
Unsecured Term Loan Due October 2023 - 1 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	2.21%
Notional Amount	$ 25,000
Fair Value of Assets (Liabilities)	$ 0	515
Unsecured Term Loan Due July 2024 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	1.63%
Notional Amount	$ 87,500
Fair Value of Assets (Liabilities)	$ 1,660	3,979
Unsecured Term Loan Due July 2024 - 1 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	1.63%
Notional Amount	$ 87,500
Fair Value of Assets (Liabilities)	$ 1,658	3,976
Unsecured Term Loan Due January 2028 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.36%
Notional Amount	$ 75,000
Fair Value of Assets (Liabilities)	$ 554	0
Unsecured Term Loan Due January 2027 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.50%
Notional Amount	$ 75,000
Fair Value of Assets (Liabilities)	$ 449	$ 0

Derivatives - Schedule of Gains

Derivatives - Schedule of Gains and Losses Recognized on Derivative Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Derivative [Line Items]
Decrease to interest expense expected to be reclassified in the next twelve months (less than)			$ 2,500
Designated as Hedging Instrument | Unrealized loss on interest rate derivative instruments
Derivative [Line Items]
Gain (loss) recognized	$ 2,634	$ 0	0
Designated as Hedging Instrument | Interest expense
Derivative [Line Items]
Gain (loss) recognized	(7,688)	0	0
Not Designated as Hedging Instrument | Interest expense
Derivative [Line Items]
Gain (loss) recognized	$ 469	$ (13,486)	$ (3,578)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	$ 1,177,005	$ 1,185,793
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, net of unamortized debt issuance costs	1,177,005	1,185,793
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,167,638	$ 1,148,533

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 ft² hotel room parkingArea renewalTerm ground_lease
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	64 years
Weighted-average discount rate (as a percent)	5.78%
Number of properties subject to ground leases | hotel	6
Orchards Inn Sedona
Lessee, Lease, Description [Line Items]
Number of rooms | room	28
Number of rooms acquired (in rooms) | room	70
Hilton Bethesda hotel
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Courtyard New York Manhattan/Fifth Avenue
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	1
Ground leases renewal option (in years)	49 years
Hotel Palomar Phoenix | First Set of Renewal Options
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	3
Ground leases renewal option (in years)	5 years
Hotel Clio
Lessee, Lease, Description [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
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Marriott Salt Lake City Downtown
Lessee, Lease, Description [Line Items]
Number of properties subject to ground leases | ground_lease	2
Westin Boston Seaport District mortgage loan
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Cavallo Point
Lessee, Lease, Description [Line Items]
Number of renewal periods (in ones)	0
Buildings
Lessee, Lease, Description [Line Items]
Number of operating leases | hotel	8
Parking Garage
Lessee, Lease, Description [Line Items]
Number of operating leases | parkingArea	1

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 11,106	$ 11,255
Variable lease payments	1,687	1,576
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,995	$ 4,087

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 4,139
2025	4,206
2026	4,701
2027	4,737
2028	5,020
Thereafter	747,799
Total lease payments	770,602
Less imputed interest	(657,736)
Total lease liabilities	$ 112,866	$ 110,875

Leases - Ground Leases Annual R

Leases - Ground Leases Annual Rent (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2031	Jan. 31, 2019	Dec. 31, 2023
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
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			1,021,214
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			$ 15,738
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
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
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			145,175
4/2022 - 3/2085 | Hotel Palomar Phoenix
Schedule of Ground Leased Assets [Line Items]
Annual rent			36,345
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
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
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			2%
1/2024 - 12/2028 | Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			3%
1/2029 - 12/2033 | Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			4%
1/2034 - 12/2066 | Cavallo Point
Schedule of Ground Leased Assets [Line Items]
Annual rent (as a percentage of gross revenue)			5%
Through 12/2066 | Cavallo Point
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
Forecast | Hotel Clio
Schedule of Ground Leased Assets [Line Items]
Annual increase in rent	3%
Rent increase (in years)	1 year

Equity - Narrative (Details)

Equity - Narrative (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2021 USD ($) shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 28, 2024 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2020 shares
Dividends Payable [Line Items]
Common stock, shares authorized (in shares) | 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
Repurchase of common stock | $			$ 2,423,000	$ 12,287,000	$ 0
Preferred stock, shares authorized (up to) (in shares) | shares			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)			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
Distributions per common share (in dollars per share) | $ / shares			0.12	0.09
Distributions per preferred share (in dollars per share) | $ / shares			$ 2.0625	$ 2.0625	$ 2.0625
Subsequent Event
Dividends Payable [Line Items]
Remaining repurchase amount | $						$ 185,300,000
Long-Term Incentive Plan Unit
Dividends Payable [Line Items]
Units outstanding (in shares) | shares			314,137	98,050	135,388			243,809
Unaffiliated Third Parties
Dividends Payable [Line Items]
Common units issued (in shares) | shares		796,684
Operating partnerships units held (in shares) | shares			723,166	719,542
Common Stock
Dividends Payable [Line Items]
Aggregate offering price (up to) | $	$ 200,000,000
Shares sold (in shares) | shares	0
Value amount of shares authorized to be repurchased (up to) | $							$ 200,000,000
Shares repurchased (in shares) | shares			318,454	1,600,000
Repurchased shares, average price per share (in dollars per share) | $ / shares			$ 7.60	$ 7.81
Repurchase of common stock | $			$ 2,400,000	$ 12,300,000
Series A Preferred Stock
Dividends Payable [Line Items]
Shares sold (in shares) | shares			4,760,000	4,760,000
Preferred stock, dividend rate (as a percent)			8.25%	8.25%
Liquidation preference per share (in dollars per share) | $ / shares			$ 25	$ 25

Equity Incentive Plan - Narrati

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	513,251
Awards expected to vest in 2025 (in shares)	329,103
Awards expected to vest in 2026 (in shares)	344,918
Awards expected to vest in 2027 (in shares)	6,712
Awards expected to vest in 2028 (in shares)	6,709
Unrecognized compensation cost	$ 5.4
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	23 months
Compensation expense	$ 4.2	$ 4.3	$ 3.9
Restricted Stock | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ (0.2)
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	300,905
Awards expected to vest in 2025 (in shares)	328,122
Awards expected to vest in 2026 (in shares)	367,569
Awards expected to vest in 2027 (in shares)	35,700
Unrecognized compensation cost	$ 4.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	24 months
Compensation expense	$ 3	2.3	3
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	$ (0.5)
Total shareholder return (as a percent)	50%
Hotel market share (as a percent)	50%
Maximum possible payout to executive officer as percentage of the target award (as a percent)	150%
Long-Term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2024 (in shares)	99,974
Awards expected to vest in 2025 (in shares)	99,974
Awards expected to vest in 2026 (in shares)	99,973
Awards expected to vest in 2027 (in shares)	14,216
Unrecognized compensation cost	$ 2.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)	30 months
Compensation expense	$ 0.8	$ 0.5	$ 1.1
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance period (in years)	3 years
Minimum | Performance Shares | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total stockholder return for payout of shares	75%
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Maximum | Performance Shares
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%
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

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted Stock Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	1,356,937	1,443,295	557,273
Granted (in shares)	247,762	438,070	1,177,537
Forfeited (in shares)	(21,184)	(250,261)	(47,025)
Vested (in shares)	(382,822)	(274,167)	(244,490)
Ending balance (in shares)	1,200,693	1,356,937	1,443,295
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.47	$ 9.46	$ 9.83
Weighted-average grant date fair value, Granted (in dollars per share)	8.94	9.55	9.37
Weighted-average grant date fair value, Forfeited (in dollars per share)	9.13	9.43	9.21
Weighted-average grant date fair value, Vested (in dollars per share)	9.60	9.56	9.94
Ending balance (in dollars per share)	$ 9.33	$ 9.47	$ 9.46

Equity Incentive Plan - Fair Va

Equity Incentive Plan - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / shares	Feb. 23, 2023	Aug. 09, 2022	Feb. 22, 2022	Mar. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	74.50%	73.30%	71.40%	68.80%
Risk-Free Rate	4.40%	3.20%	1.74%	0.26%
Total Stockholder Return PSUs (in dollars per share)	$ 9.22	$ 9.65	$ 9.84	$ 9.28
Hotel Market Share PSUs (in dollars per share)	$ 8.94	$ 9.32	$ 9.56	$ 9.40

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Beginning balance (in shares)	950,653	969,240	912,186
Granted (in shares)	363,523	407,570	347,981
Additional units from dividends (in shares)	17,886	3,600
Vested (in shares)	(299,766)	(269,224)	(290,927)
Forfeited (in shares)		(160,533)
Ending balance (in shares)	1,032,296	950,653	969,240
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.35	$ 9.45	$ 9.63
Granted (in dollars per share)	9.08	9.66	9.34
Additional unit from dividends (in dollars per share)	8.35	7.89
Vested (in dollars per share)	9.01	10.14	9.90
Forfeited (in dollars per share)		9.34
Ending balance (in dollars per share)	$ 9.34	$ 9.35	$ 9.45
Stock of common stock earned for the PSUs vested (as a percent)	103.36%	105.71%	100%

Equity Incentive Plan - Stock A

Equity Incentive Plan - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Beginning balance (in shares)	98,050	135,388	243,809
Granted (in shares)	257,270	71,084
Vested (in shares)	(41,183)	(108,422)	(108,421)
Ending balance (in shares)	314,137	98,050	135,388
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 9.39	$ 10.22	$ 10.29
Granted (in dollars per share)	8.94	9.32
Vested (in dollars per share)	9.49	10.38	10.38
Ending balance (in dollars per share)	$ 9.01	$ 9.39	$ 10.22

Income Taxes - Schedule of Dist

Income Taxes - Schedule of Distributions Paid, Tax Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0.120000	$ 0.090000	$ 0
Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	2.062500	2.062500
Ordinary non-qualified income | Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0.120000	0.044543	0
Ordinary non-qualified income | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	2.062500	1.020772	0
Qualified dividends | Common Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0	0.045457	0
Qualified dividends | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	0	1.041728	0
Return of capital | Series A Preferred Stock
Dividends Payable [Line Items]
Distributions paid, tax basis per share (in dollars per share)	$ 0	$ 0	$ 2.062500

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provisions, Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Income Tax Expense (Benefit)
Federal	$ (84)	$ 901	$ 2,759
State	1,376	2,487	40
Current	1,292	3,388	2,799
Deferred Income Tax Expense (Benefit)
Federal	492	1,090	5,190
State	(486)	2,044	(6,159)
Change in valuation allowance	(981)	(3,915)	1,437
Deferred	(975)	(781)	468
Income tax provision	$ 317	$ 2,607	$ 3,267

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax provision (benefit)	$ 18,226	$ 23,620	$ (40,337)
Tax impact of REIT election	(17,281)	(21,110)	45,946
State income tax provision (benefit), net of federal tax benefit	890	4,531	(6,119)
Change in valuation allowance	(981)	(3,915)	1,437
Permanent differences	(349)	(495)	2,561
Other	(188)	(24)	(221)
Income tax provision	$ 317	$ 2,607	$ 3,267

Income Taxes - Total Deferred T

Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 11,500
Less: Valuation allowance	(10,000)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,585	$ 3,541
Deferred income	2,049	3,282
Other	407	511
Depreciation and amortization	(2,074)	(3,808)
Less: Valuation allowance	(1,766)	(3,002)
Deferred tax assets, net	1,201	524
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,921	8,499
Deferred income	553	851
Alternative minimum tax credit carryforwards	231	211
Other	120	141
Depreciation and amortization	(559)	(987)
Less: Valuation allowance	(8,253)	(7,999)
Deferred tax assets, net	$ 1,013	$ 716

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 11.5
Valuation allowance	$ 10

Earnings (Loss) Per Share - Cal

Earnings (Loss) Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to common stockholders	$ 76,523	$ 99,511	$ (204,401)
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	211,518,826	212,423,873	212,056,923
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	212,304,117	213,188,987	212,056,923
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Earnings (loss) per share available to common stockholders—diluted (in dollars per share)	$ 0.36	$ 0.47	$ (0.96)
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	340,981	323,435	0
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	444,310	441,679	0

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	379,767
Shares related to unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	0	299,810

Relationships with Managers a_3

Relationships with Managers and Franchisors - Narrative (Details) - hotel	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Number of hotels that earned incentive management fees	5	11	5
Minimum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	1%
Maximum
Capitalized Contract Cost [Line Items]
Base management fee (as a percent)	3.50%

Relationships with Managers a_4

Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Base management fees	$ 22,543	$ 20,630	$ 11,542
Incentive management fees	4,444	4,790	468
Amortization of deferred income related to key money	(400)	(392)	(213)
Amortization of unfavorable contract liabilities	(1,589)	(1,589)	(1,589)
Total management fees, net	$ 24,998	$ 23,439	$ 10,208

Relationships with Managers a_5

Relationships with Managers and Franchisors - Franchise Fees (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Capitalized Contract Cost [Line Items]
Number of franchised hotels | hotel	19
Franchise fees
Capitalized Contract Cost [Line Items]
Franchise fees	$ 35,769	$ 32,714	$ 18,781
Amortization of deferred income related to key money	(31)	(31)	(116)
Total management fees, net	35,738	32,683	18,665
Rooms
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 176,765	163,062	102,183
Rooms | Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	7%
Rooms | Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3.50%
Food and beverage
Capitalized Contract Cost [Line Items]
Total management fees, net	$ 180,546	$ 163,622	$ 89,795
Food and beverage | Maximum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	3%
Food and beverage | Minimum
Capitalized Contract Cost [Line Items]
Franchise fees percentage	1%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (378,189)
Initial Cost - Land	587,965
Initial Cost - Buildings and Improvements	2,381,896
Costs Capitalized Subsequent to Acquisition	507,465
Gross Amount at End of Year - Land	590,824
Gross Amount at End of Year - Buildings and Improvements	2,886,502
Gross Amount at End of Year - Total	3,477,326	$ 3,384,509	$ 3,221,818
Accumulated Depreciation	(841,300)	(768,634)	(693,306)
Net Book Value	2,636,026
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	3,384,509	3,221,818	3,350,481
Additions:
Acquisitions	31,886	122,832	210,764
Capital expenditures	60,931	39,859	41,482
Deductions:
Impairment losses			(175,551)
Dispositions and other			(205,358)
Balance at end of period	3,477,326	3,384,509	3,221,818
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	768,634	693,306	683,543
Depreciation and amortization	72,666	75,328	70,765
Impairment losses			(61,002)
Balance at end of period	841,300	$ 768,634	$ 693,306
Aggregate cost of properties for Federal income tax purposes	3,371,023
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	5,576
Gross Amount at End of Year - Land	3,623
Gross Amount at End of Year - Buildings and Improvements	39,079
Gross Amount at End of Year - Total	42,702
Accumulated Depreciation	(16,783)
Net Book Value	25,919
Deductions:
Balance at end of period	42,702
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 16,783
Atlanta Marriott Alpharetta | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Atlanta Marriott Alpharetta | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	2,623
Gross Amount at End of Year - Land	20,645
Gross Amount at End of Year - Buildings and Improvements	63,591
Gross Amount at End of Year - Total	84,236
Accumulated Depreciation	(3,780)
Net Book Value	80,456
Deductions:
Balance at end of period	84,236
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 3,780
Bourbon Orleans Hotel | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Bourbon Orleans Hotel | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	8,360
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	131,460
Gross Amount at End of Year - Total	131,460
Accumulated Depreciation	(22,483)
Net Book Value	108,977
Deductions:
Balance at end of period	131,460
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 22,483
Cavallo Point, The Lodge at Golden Gate | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Cavallo Point, The Lodge at Golden Gate | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	98,124
Gross Amount at End of Year - Land	36,900
Gross Amount at End of Year - Buildings and Improvements	446,045
Gross Amount at End of Year - Total	482,945
Accumulated Depreciation	(177,735)
Net Book Value	305,210
Deductions:
Balance at end of period	482,945
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 177,735
Chicago Marriott Downtown, Magnificent Mile | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Chicago Marriott Downtown, Magnificent Mile | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Chico Hot Springs Resort & Day Spa
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost - Land	11,291
Initial Cost - Buildings and Improvements	20,595
Costs Capitalized Subsequent to Acquisition	382
Gross Amount at End of Year - Land	11,291
Gross Amount at End of Year - Buildings and Improvements	20,977
Gross Amount at End of Year - Total	32,268
Accumulated Depreciation	(445)
Net Book Value	31,823
Deductions:
Balance at end of period	32,268
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 445
Chico Hot Springs Resort & Day Spa | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Chico Hot Springs Resort & Day Spa | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	20 years
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	10,626
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	56,282
Gross Amount at End of Year - Total	56,282
Accumulated Depreciation	(23,901)
Net Book Value	32,381
Deductions:
Balance at end of period	56,282
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 23,901
Embassy Suites by Hilton Bethesda | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Embassy Suites by Hilton Bethesda | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	25,036
Gross Amount at End of Year - Land	31,650
Gross Amount at End of Year - Buildings and Improvements	101,997
Gross Amount at End of Year - Total	133,647
Accumulated Depreciation	(37,760)
Net Book Value	95,887
Deductions:
Balance at end of period	133,647
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 37,760
The Gwen Hotel | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Gwen Hotel | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	6,653
Gross Amount at End of Year - Land	9,400
Gross Amount at End of Year - Buildings and Improvements	42,833
Gross Amount at End of Year - Total	52,233
Accumulated Depreciation	(13,212)
Net Book Value	39,021
Deductions:
Balance at end of period	52,233
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 13,212
Courtyard Denver Downtown | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Courtyard Denver Downtown | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	8,831
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	43,516
Gross Amount at End of Year - Total	43,516
Accumulated Depreciation	(18,872)
Net Book Value	24,644
Deductions:
Balance at end of period	43,516
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 18,872
Courtyard New York Manhattan/Fifth Avenue | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Courtyard New York Manhattan/Fifth Avenue | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Courtyard New York Manhattan/Midtown East
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (74,346)
Initial Cost - Land	16,500
Initial Cost - Buildings and Improvements	54,812
Costs Capitalized Subsequent to Acquisition	9,972
Gross Amount at End of Year - Land	16,500
Gross Amount at End of Year - Buildings and Improvements	64,784
Gross Amount at End of Year - Total	81,284
Accumulated Depreciation	(28,305)
Net Book Value	52,979
Deductions:
Balance at end of period	81,284
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 28,305
Courtyard New York Manhattan/Midtown East | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Courtyard New York Manhattan/Midtown East | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	6,408
Gross Amount at End of Year - Land	32,888
Gross Amount at End of Year - Buildings and Improvements	19,779
Gross Amount at End of Year - Total	52,667
Accumulated Depreciation	(4,456)
Net Book Value	48,211
Deductions:
Balance at end of period	52,667
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 4,456
Havana Cabana Key West | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Havana Cabana Key West | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	3,709
Gross Amount at End of Year - Land	10,645
Gross Amount at End of Year - Buildings and Improvements	96,358
Gross Amount at End of Year - Total	107,003
Accumulated Depreciation	(4,980)
Net Book Value	102,023
Deductions:
Balance at end of period	107,003
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 4,980
Henderson Beach Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Henderson Beach Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	1,895
Gross Amount at End of Year - Land	8,539
Gross Amount at End of Year - Buildings and Improvements	19,213
Gross Amount at End of Year - Total	27,752
Accumulated Depreciation	(1,309)
Net Book Value	26,443
Deductions:
Balance at end of period	27,752
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 1,309
Henderson Park Inn | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Henderson Park Inn | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	10,554
Gross Amount at End of Year - Land	9,197
Gross Amount at End of Year - Buildings and Improvements	51,198
Gross Amount at End of Year - Total	60,395
Accumulated Depreciation	(13,182)
Net Book Value	47,213
Deductions:
Balance at end of period	60,395
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 13,182
Hilton Burlington Lake Champlain | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Hilton Burlington Lake Champlain | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	2,175
Gross Amount at End of Year - Land	60,300
Gross Amount at End of Year - Buildings and Improvements	91,071
Gross Amount at End of Year - Total	151,371
Accumulated Depreciation	(21,217)
Net Book Value	130,154
Deductions:
Balance at end of period	151,371
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 21,217
Hilton Garden Inn New York/Times Square Central | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Hilton Garden Inn New York/Times Square Central | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Hotel Clio
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (56,091)
Initial Cost - Land	9,200
Initial Cost - Buildings and Improvements	63,183
Costs Capitalized Subsequent to Acquisition	14,693
Gross Amount at End of Year - Land	9,200
Gross Amount at End of Year - Buildings and Improvements	77,876
Gross Amount at End of Year - Total	87,076
Accumulated Depreciation	(21,714)
Net Book Value	65,362
Deductions:
Balance at end of period	87,076
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 21,714
Hotel Clio | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Hotel Clio | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	9,042
Gross Amount at End of Year - Land	7,856
Gross Amount at End of Year - Buildings and Improvements	30,127
Gross Amount at End of Year - Total	37,983
Accumulated Depreciation	(6,975)
Net Book Value	31,008
Deductions:
Balance at end of period	37,983
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 6,975
Hotel Emblem San Francisco | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Hotel Emblem San Francisco | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	2,979
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	62,682
Gross Amount at End of Year - Total	62,682
Accumulated Depreciation	(8,899)
Net Book Value	53,783
Deductions:
Balance at end of period	62,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 8,899
Hotel Palomar Phoenix | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Hotel Palomar Phoenix | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	37,390
Gross Amount at End of Year - Land	5,800
Gross Amount at End of Year - Buildings and Improvements	89,853
Gross Amount at End of Year - Total	95,653
Accumulated Depreciation	(29,502)
Net Book Value	66,151
Deductions:
Balance at end of period	95,653
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 29,502
The Hythe Vail | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Hythe Vail | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	893
Gross Amount at End of Year - Land	3,436
Gross Amount at End of Year - Buildings and Improvements	30,099
Gross Amount at End of Year - Total	33,535
Accumulated Depreciation	(1,301)
Net Book Value	32,234
Deductions:
Balance at end of period	33,535
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 1,301
Kimpton Shorebreak Fort Lauderdale Beach Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Kimpton Shorebreak Fort Lauderdale Beach Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Kimpton Shorebreak Huntington Beach 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	5,128
Gross Amount at End of Year - Land	20,423
Gross Amount at End of Year - Buildings and Improvements	42,138
Gross Amount at End of Year - Total	62,561
Accumulated Depreciation	(9,368)
Net Book Value	53,193
Deductions:
Balance at end of period	62,561
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 9,368
Kimpton Shorebreak Huntington Beach Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Kimpton Shorebreak Huntington Beach Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	17,788
Gross Amount at End of Year - Land	49,592
Gross Amount at End of Year - Buildings and Improvements	60,746
Gross Amount at End of Year - Total	110,338
Accumulated Depreciation	(11,746)
Net Book Value	98,592
Deductions:
Balance at end of period	110,338
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 11,746
Margaritaville Beach House Key West | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Margaritaville Beach House Key West | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	295
Gross Amount at End of Year - Land	25,089
Gross Amount at End of Year - Buildings and Improvements	44,174
Gross Amount at End of Year - Total	69,263
Accumulated Depreciation	(1,457)
Net Book Value	67,806
Deductions:
Balance at end of period	69,263
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 1,457
Lake Austin Spa Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Lake Austin Spa Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	1,756
Gross Amount at End of Year - Land	14,816
Gross Amount at End of Year - Buildings and Improvements	26,107
Gross Amount at End of Year - Total	40,923
Accumulated Depreciation	(3,916)
Net Book Value	37,007
Deductions:
Balance at end of period	40,923
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 3,916
The Landing Lake Tahoe Resort & Spa | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Landing Lake Tahoe Resort & Spa | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	8,201
Gross Amount at End of Year - Land	39,384
Gross Amount at End of Year - Buildings and Improvements	30,405
Gross Amount at End of Year - Total	69,789
Accumulated Depreciation	(4,713)
Net Book Value	65,076
Deductions:
Balance at end of period	69,789
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 4,713
L'Auberge de Sedona | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
L'Auberge de Sedona | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	690
Gross Amount at End of Year - Land	9,726
Gross Amount at End of Year - Buildings and Improvements	10,870
Gross Amount at End of Year - Total	20,596
Accumulated Depreciation	(1,971)
Net Book Value	18,625
Deductions:
Balance at end of period	20,596
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 1,971
Orchards Inn Sedona | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Orchards Inn Sedona | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	19,204
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	65,019
Gross Amount at End of Year - Total	65,019
Accumulated Depreciation	(24,864)
Net Book Value	40,155
Deductions:
Balance at end of period	65,019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 24,864
Salt Lake City Marriott Downtown at City Creek | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Salt Lake City Marriott Downtown at City Creek | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
The Dagny Boston (formerly 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	41,714
Gross Amount at End of Year - Land	23,262
Gross Amount at End of Year - Buildings and Improvements	170,342
Gross Amount at End of Year - Total	193,604
Accumulated Depreciation	(41,153)
Net Book Value	152,451
Deductions:
Balance at end of period	193,604
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 41,153
The Dagny Boston (formerly Hilton Boston Downtown/Faneuil Hall) | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Dagny Boston (formerly Hilton Boston Downtown/Faneuil Hall) | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
The Lindy Renaissance Charleston 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	10,833
Gross Amount at End of Year - Land	5,900
Gross Amount at End of Year - Buildings and Improvements	43,344
Gross Amount at End of Year - Total	49,244
Accumulated Depreciation	(12,647)
Net Book Value	36,597
Deductions:
Balance at end of period	49,244
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 12,647
The Lindy Renaissance Charleston Hotel | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Lindy Renaissance Charleston Hotel | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	23,229
Gross Amount at End of Year - Land	3,951
Gross Amount at End of Year - Buildings and Improvements	45,949
Gross Amount at End of Year - Total	49,900
Accumulated Depreciation	(17,868)
Net Book Value	32,032
Deductions:
Balance at end of period	49,900
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 17,868
The Lodge at Sonoma Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
The Lodge at Sonoma Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	34
Gross Amount at End of Year - Land	1,865
Gross Amount at End of Year - Buildings and Improvements	19,391
Gross Amount at End of Year - Total	21,256
Accumulated Depreciation	(997)
Net Book Value	20,259
Deductions:
Balance at end of period	21,256
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 997
Tranquility Bay Beachfront Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Tranquility Bay Beachfront Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Westin Boston Seaport District
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (174,025)
Initial Cost - Land	0
Initial Cost - Buildings and Improvements	273,696
Costs Capitalized Subsequent to Acquisition	39,172
Gross Amount at End of Year - Land	0
Gross Amount at End of Year - Buildings and Improvements	312,868
Gross Amount at End of Year - Total	312,868
Accumulated Depreciation	(128,190)
Net Book Value	184,678
Deductions:
Balance at end of period	312,868
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 128,190
Westin Boston Seaport District | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Westin Boston Seaport District | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	15,169
Gross Amount at End of Year - Land	54,293
Gross Amount at End of Year - Buildings and Improvements	98,396
Gross Amount at End of Year - Total	152,689
Accumulated Depreciation	(21,576)
Net Book Value	131,113
Deductions:
Balance at end of period	152,689
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 21,576
Westin Fort Lauderdale Beach Resort | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Westin Fort Lauderdale Beach Resort | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	13,188
Gross Amount at End of Year - Land	22,902
Gross Amount at End of Year - Buildings and Improvements	108,805
Gross Amount at End of Year - Total	131,707
Accumulated Depreciation	(30,542)
Net Book Value	101,165
Deductions:
Balance at end of period	131,707
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 30,542
Westin San Diego Bayview | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Westin San Diego Bayview | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
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	16,277
Gross Amount at End of Year - Land	24,579
Gross Amount at End of Year - Buildings and Improvements	138,506
Gross Amount at End of Year - Total	163,085
Accumulated Depreciation	(39,089)
Net Book Value	123,996
Deductions:
Balance at end of period	163,085
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 39,089
Westin Washington D.C City Center | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Westin Washington D.C City Center | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years
Worthington Renaissance Fort Worth Hotel
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ (73,727)
Initial Cost - Land	15,500
Initial Cost - Buildings and Improvements	63,428
Costs Capitalized Subsequent to Acquisition	28,866
Gross Amount at End of Year - Land	17,172
Gross Amount at End of Year - Buildings and Improvements	90,622
Gross Amount at End of Year - Total	107,794
Accumulated Depreciation	(34,392)
Net Book Value	73,402
Deductions:
Balance at end of period	107,794
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at end of period	$ 34,392
Worthington Renaissance Fort Worth Hotel | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	10 years
Worthington Renaissance Fort Worth Hotel | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life (in years)	40 years