DiamondRock Hospitality (DRH) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		207,592,210
Entity Central Index Key	0001298946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	DRH
Security Exchange Name	NYSE
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Entity Listings [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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Property and equipment, net	$ 2,727,299	$ 2,755,195
Right-of-use assets	96,512	97,692
Restricted cash	44,493	45,576
Due from hotel managers	167,959	144,689
Prepaid and other assets	69,773	73,940
Cash and cash equivalents	75,287	121,595
Total assets	3,181,323	3,238,687
Liabilities:
Debt, net of unamortized debt issuance costs	1,097,215	1,177,005
Lease liabilities	114,387	112,866
Due to hotel managers	126,011	116,522
Deferred rent	72,576	69,209
Unfavorable contract liabilities, net	58,622	59,866
Accounts payable and accrued expenses	39,944	39,563
Distributions declared and unpaid	6,664	6,324
Deferred income related to key money, net	8,026	8,349
Total liabilities	1,523,445	1,589,704
Equity:
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at September 30, 2024 and December 31, 2023	48	48
Common stock, $0.01 par value; 400,000,000 shares authorized; 207,276,487 and 209,627,197 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2,073	2,096
Additional paid-in capital	2,269,938	2,291,297
Accumulated other comprehensive loss	(5,997)	(2,036)
Distributions in excess of earnings	(616,934)	(649,330)
Total stockholders’ equity	1,649,128	1,642,075
Noncontrolling interests	8,750	6,908
Total equity	1,657,878	1,648,983
Total liabilities and equity	$ 3,181,323	$ 3,238,687

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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)	207,276,487	209,627,197
Common stock, shares outstanding (in shares)	207,276,487	209,627,197

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 285,129	$ 276,520	$ 850,832	$ 811,320
Operating Expenses:
Depreciation and amortization	28,356	27,683	84,542	82,995
Impairment losses	1,596	0	1,596	941
Corporate expenses	7,660	7,526	45,083	23,677
Business interruption insurance income	0	(537)	0	(647)
Total operating expenses, net	242,169	233,765	744,421	688,253
Interest expense	16,986	15,973	49,434	48,712
Interest (income) and other (income) expense, net	(1,001)	(772)	(3,265)	(1,717)
Total other expenses, net	15,985	15,201	46,169	46,995
Income before income taxes	26,975	27,554	60,242	76,072
Income tax expense	(418)	(224)	(696)	(420)
Net income	26,557	27,330	59,546	75,652
Less: Net income attributable to noncontrolling interests	(125)	(58)	(256)	(259)
Net income attributable to the Company	26,432	27,272	59,290	75,393
Distributions to preferred stockholders	(2,454)	(2,454)	(7,362)	(7,362)
Net income attributable to common stockholders	$ 23,978	$ 24,818	$ 51,928	$ 68,031
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.11	$ 0.12	$ 0.25	$ 0.32
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.11	$ 0.12	$ 0.25	$ 0.32
Comprehensive Income:
Net income	$ 26,557	$ 27,330	$ 59,546	$ 75,652
Other comprehensive income:
Unrealized (loss) gain on interest rate derivative instruments	(4,237)	150	(4,631)	3,533
Unrealized gain (loss) on Rabbi Trust assets	298	(178)	650	269
Comprehensive income	22,618	27,302	55,565	79,454
Comprehensive income attributable to noncontrolling interests	(106)	(89)	(240)	(272)
Comprehensive income attributable to the Company	22,512	27,213	55,325	79,182
Rooms
Revenues:
Total revenues	192,471	186,334	559,465	544,325
Operating Expenses:
Operating expenses	47,919	45,773	139,472	131,092
Food and beverage
Revenues:
Total revenues	65,787	64,723	212,279	192,869
Operating Expenses:
Operating expenses	47,319	45,428	145,275	134,486
Other
Revenues:
Total revenues	26,871	25,463	79,088	74,126
Operating Expenses:
Operating expenses	67,357	65,952	199,774	193,365
Management fees
Operating Expenses:
Operating expenses	7,093	7,323	20,411	19,196
Franchise fees
Operating Expenses:
Operating expenses	10,117	8,913	29,710	26,393
Other property-level expenses
Operating Expenses:
Operating expenses	$ 24,752	$ 25,704	$ 78,558	$ 76,755

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Distributions in Excess of Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			4,760,000	209,374,830
Beginning 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 income	9,188	9,156					9,156	32
Unrealized (loss) gain on interest rate derivative instruments	(84)	(84)				(84)
Unrealized gain (loss) on Rabbi Trust assets	237	237				237
Distributions on common stock	(6,327)	(6,295)					(6,295)	(32)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				804,541
Share-based compensation	1,967	1,827			1,827			140
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(333,779)
Shares redeemed to satisfy withholdings on vested share based compensation	(3,023)	(3,023)		$ 6	(3,029)
Common stock repurchased and retired (in shares)				(56,400)
Common stock repurchased and retired	(409)	(409)		$ (2)	(407)
Ending balance (in shares) at Mar. 31, 2023			4,760,000	209,789,192
Ending Balance at Mar. 31, 2023	1,595,273	1,588,836	$ 48	$ 2,098	2,286,824	153	(700,287)	6,437
Beginning balance (in shares) at Dec. 31, 2022			4,760,000	209,374,830
Beginning 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 income	75,652
Unrealized gain (loss) on Rabbi Trust assets	269
Ending balance (in shares) at Sep. 30, 2023			4,760,000	209,627,197
Ending Balance at Sep. 30, 2023	1,650,599	1,643,914	$ 48	$ 2,096	2,289,501	3,802	(651,533)	6,685
Beginning balance (in shares) at Mar. 31, 2023			4,760,000	209,789,192
Beginning Balance at Mar. 31, 2023	1,595,273	1,588,836	$ 48	$ 2,098	2,286,824	153	(700,287)	6,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,134	38,965					38,965	169
Unrealized (loss) gain on interest rate derivative instruments	3,467	3,467				3,467
Unrealized gain (loss) on Rabbi Trust assets	210	210				210
Distributions on common stock	(6,319)	(6,287)					(6,287)	(32)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				62,500
Share-based compensation	2,760	2,535			2,535			225
Common stock repurchased and retired (in shares)				(262,054)
Common stock repurchased and retired	(2,014)	(2,014)		$ (3)	(2,011)
Ending balance (in shares) at Jun. 30, 2023			4,760,000	209,589,638
Ending Balance at Jun. 30, 2023	1,630,057	1,623,258	$ 48	$ 2,095	2,287,348	3,830	(670,063)	6,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,330	27,272					27,272	58
Unrealized (loss) gain on interest rate derivative instruments	150	150				150
Unrealized gain (loss) on Rabbi Trust assets	(178)	(178)				(178)
Distributions on common stock	(6,319)	(6,288)					(6,288)	(31)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation	2,013	1,788			1,788			225
Redemption of operating partnership units (in shares)				37,559
Redemption of Operating Partnership units	0	366		$ 1	365			(366)
Ending balance (in shares) at Sep. 30, 2023			4,760,000	209,627,197
Ending Balance at Sep. 30, 2023	1,650,599	1,643,914	$ 48	$ 2,096	2,289,501	3,802	(651,533)	6,685
Beginning balance (in shares) at Dec. 31, 2023			4,760,000	209,627,197
Beginning Balance at Dec. 31, 2023	1,648,983	1,642,075	$ 48	$ 2,096	2,291,297	(2,036)	(649,330)	6,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,358	8,328					8,328	30
Unrealized (loss) gain on interest rate derivative instruments	960	957				957		3
Unrealized gain (loss) on Rabbi Trust assets	299	298				298		1
Distributions on common stock	(6,332)	(6,301)					(6,301)	(31)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				753,860
Share-based compensation	2,335	1,902		$ 7	1,895			433
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(316,624)
Shares redeemed to satisfy withholdings on vested share based compensation	(2,907)	(2,907)		$ (3)	(2,904)
Ending balance (in shares) at Mar. 31, 2024			4,760,000	210,064,433
Ending Balance at Mar. 31, 2024	1,649,242	1,641,898	$ 48	$ 2,100	2,290,288	(781)	(649,757)	7,344
Beginning balance (in shares) at Dec. 31, 2023			4,760,000	209,627,197
Beginning Balance at Dec. 31, 2023	1,648,983	1,642,075	$ 48	$ 2,096	2,291,297	(2,036)	(649,330)	6,908
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,546
Unrealized gain (loss) on Rabbi Trust assets	650
Ending balance (in shares) at Sep. 30, 2024			4,760,000	207,276,487
Ending Balance at Sep. 30, 2024	1,657,878	1,649,128	$ 48	$ 2,073	2,269,938	(5,997)	(616,934)	8,750
Beginning balance (in shares) at Mar. 31, 2024			4,760,000	210,064,433
Beginning Balance at Mar. 31, 2024	1,649,242	1,641,898	$ 48	$ 2,100	2,290,288	(781)	(649,757)	7,344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,631	24,530					24,530	101
Unrealized (loss) gain on interest rate derivative instruments	(1,354)	(1,349)				(1,349)		(5)
Unrealized gain (loss) on Rabbi Trust assets	53	53				53
Distributions on common stock	(6,272)	(6,238)					(6,238)	(34)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				503,457
Share-based compensation	7,527	6,255		$ 5	6,250			1,272
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(195,404)
Shares redeemed to satisfy withholdings on vested share based compensation	(1,731)	(1,731)		$ (2)	(1,729)
Common stock repurchased and retired (in shares)				(2,454,307)
Common stock repurchased and retired	(20,610)	(20,610)		$ (24)	(20,586)
Ending balance (in shares) at Jun. 30, 2024			4,760,000	207,918,179
Ending Balance at Jun. 30, 2024	1,649,032	1,640,354	$ 48	$ 2,079	2,274,223	(2,077)	(633,919)	8,678
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,557	26,432					26,432	125
Unrealized (loss) gain on interest rate derivative instruments	(4,237)	(4,217)				(4,217)		(20)
Unrealized gain (loss) on Rabbi Trust assets	298	297				297		1
Distributions on common stock	(7,027)	(6,993)					(6,993)	(34)
Distributions on preferred stock	(2,454)	(2,454)					(2,454)
Share-based compensation (in shares)				28,474
Share-based compensation	1,083	1,083		$ 1	1,082
Shares redeemed to satisfy withholdings on vested share based compensation (in shares)				(9,597)
Shares redeemed to satisfy withholdings on vested share based compensation	9	9		$ 0	9
Common stock repurchased and retired (in shares)				(660,569)
Common stock repurchased and retired	(5,383)	(5,383)		$ (7)	(5,376)
Ending balance (in shares) at Sep. 30, 2024			4,760,000	207,276,487
Ending Balance at Sep. 30, 2024	$ 1,657,878	$ 1,649,128	$ 48	$ 2,073	$ 2,269,938	$ (5,997)	$ (616,934)	$ 8,750

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividend declared (in dollars per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.09	$ 0.09
Distributions per preferred share (in dollars per share)	$ 0.5156	$ 0.5156	$ 0.5156	$ 515.6000	$ 0.5156	$ 0.5156	$ 1.5469	$ 1.5469

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 26,557	$ 8,358	$ 27,330	$ 9,188	$ 59,546	$ 75,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,356		27,683		84,542	82,995
Corporate asset depreciation as corporate expenses					107	150
Non-cash lease expense and other amortization					4,604	4,620
Non-cash interest rate swap fair value adjustment					0	2,033
Amortization of debt issuance costs					1,505	1,540
Impairment losses					1,596	941
Amortization of deferred income related to key money					(323)	(323)
Share-based compensation					10,945	6,740
Changes in assets and liabilities:
Prepaid expenses and other assets					(1,580)	(2,022)
Due to/from hotel managers					(13,780)	7,377
Accounts payable and accrued expenses					1,453	4,983
Net cash provided by operating activities					148,615	184,686
Cash flows from investing activities:
Capital expenditures					(58,407)	(67,449)
Acquisition of interest in land					0	(1,833)
Property acquisitions						(31,894)
Net cash used in investing activities					(58,407)	(101,176)
Cash flows from financing activities:
Scheduled mortgage debt principal payments					(7,068)	(7,109)
Repayment of mortgage debt					(73,255)	0
Distributions on common stock and units					(19,292)	(25,531)
Distributions on preferred stock					(7,362)	(7,362)
Repurchase of common stock					(25,993)	(2,423)
Shares redeemed to satisfy tax withholdings on vested share-based compensation					(4,629)	(3,023)
Net cash used in financing activities					(137,599)	(45,448)
Net decrease in cash, cash equivalents, and restricted cash					(47,391)	38,062
Cash, cash equivalents, and restricted cash at beginning of period		$ 167,171		$ 107,178	167,171	107,178	$ 107,178
Cash, cash equivalents, and restricted cash at end of period	119,780		145,240		119,780	145,240	167,171
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest					48,646	44,706
Cash paid for income taxes, net					3,451	2,645
Non-cash investing and financing activities:
Unpaid dividends and distributions declared	6,664		6,380		6,664	6,380	6,324
Accrued capital expenditures					3,814	6,712	4,700
Cash and cash equivalents	75,287				75,287		121,595
Restricted cash	44,493				44,493		45,576
Total cash, cash equivalents and restricted cash	$ 119,780		$ 145,240		$ 119,780	$ 145,240	$ 167,171

Organization

Organization	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, we owned 36 hotels with 9,760 guest 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 real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owned 99.5% of the limited partnership units (“common OP units”) of our operating partnership as of September 30, 2024. The remaining 0.5% of the common OP units are held by third parties and executive officers of the Company. See Note 7 for additional disclosures related to common OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). We have condensed or omitted certain disclosures normally included in annual financial statements presented in accordance with U.S. GAAP; however, we believe the disclosures made are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. 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. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 590,824 $ 590,824 Land improvements 2,400 7,994 Buildings and site improvements 2,912,933 2,878,508 Furniture, fixtures and equipment 194,978 561,484 Construction in progress 20,959 21,175 3,722,094 4,059,985 Less: accumulated depreciation (994,795) (1,304,790) $ 2,727,299 $ 2,755,195 As of September 30, 2024 and December 31, 2023, we had accrued capital expenditures of $3.8 million and $4.7 million, respectively. During the three and nine months ended September 30, 2024, we recorded an impairment loss of $1.6 million related to the write-off of construction in progress that was determined not to be recoverable.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth information regarding the Company’s debt (dollars in thousands): Principal Balance as of Loan Interest Rate Maturity Date September 30, 2024 December 31, 2023 Courtyard New York Manhattan/Midtown East mortgage loan 4.40% August 2024 $ — $ 74,346 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 72,267 73,727 Hotel Clio mortgage loan 4.33% July 2025 55,025 56,091 Westin Boston Seaport District mortgage loan 4.36% November 2025 170,574 174,025 Unsecured term loan SOFR + 1.35% (1) January 2028 500,000 500,000 Unsecured term loan SOFR + 1.35% (2) January 2026 (3) 300,000 300,000 Senior unsecured credit facility SOFR + 1.40% September 2026 (4) — — Total debt 1,097,866 1,178,189 Unamortized debt issuance costs (5) (651) (1,184) Debt, net of unamortized debt issuance costs $ 1,097,215 $ 1,177,005 Weighted-Average Interest Rate (6) 5.60% _______________________ (1) Interest rate as of September 30, 2024 was 5.93%, which includes the effect of interest rate swaps. (2) Interest rate as of September 30, 2024 was 6.31%. (3) In September 2024, we exercised our option to extend the maturity by an additional year to January 2026. (4) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (5) Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet. (6) Includes the effect of interest rate swaps. See Note 5 for additional disclosures on interest rate swaps. 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 secured assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of September 30, 2024, three of our 36 hotels were secured by mortgage debt. On August 6, 2024, we paid off $73.3 million outstanding on the Courtyard New York Manhattan/Midtown East mortgage loan using cash on hand. We intend to refinance the other mortgage loans that mature in 2025 as they approach their respective maturity dates. In the case that refinancing options are not attractive, we may repay such mortgage loans using our senior unsecured revolving credit facility. 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. We had no cash traps in effect as of September 30, 2024 and December 31, 2023. Senior Unsecured Credit Facility and Unsecured Term Loans We are party to a Sixth Amended and Restated Credit Agreement (the “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 facilities consist of a $500 million term loan that matures on January 3, 2028 and a $300 million term loan that matures January 3, 2026. In September 2024, we exercised our option to extend the maturity of the $300 million term loan from January 3, 2025 to January 3, 2026. We have the right to increase the aggregate amount of the facilities to $1.4 billion upon the satisfaction of certain standard conditions. 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 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 Credit Agreement contains various financial covenants. A summary of the most significant covenants is as follows: Actual at Covenant September 30, 2024 Maximum leverage ratio (1) 60% 27.7% Minimum fixed charge coverage ratio (2) 1.50x 2.90x Secured recourse indebtedness Less than 45% of Total Asset Value 9.0% Maximum unencumbered leverage ratio 60% 28.6% Minimum unencumbered implied debt service coverage ratio 1.20x 2.64x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Credit Agreement, divided by total asset value, defined in the 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 Credit Agreement as EBITDA less FF&E reserves, for the most recent trailing 12 month period, to fixed charges, which is defined in the Credit Agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same 12 month period. The components of the Company's interest expense consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Unsecured term loan interest $ 12,665 $ 11,019 $ 35,419 $ 31,867 Mortgage debt interest 3,527 4,130 11,572 12,331 Credit facility interest and unused fees 315 311 938 941 Amortization of debt issuance costs and debt premium 479 513 1,505 1,540 Interest rate swap mark-to-market — — — 2,033 $ 16,986 $ 15,973 $ 49,434 $ 48,712

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Fair Value of Assets (Liabilities) Hedged Debt Type Fixed Rate Index Effective Date Maturity Date Notional Amount September 30, December 31, 2023 $300M Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 $ — $ 1,660 $300M Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 — 1,658 $500M Senior unsecured term loans Swap 3.36 % SOFR March 1, 2023 January 1, 2028 $ 75,000 (231) 554 $500M Senior unsecured term loans Swap 3.50 % SOFR March 1, 2023 January 1, 2027 $ 75,000 (217) 449 $500M Senior unsecured term loans Swap 3.27 % SOFR October 1, 2024 January 1, 2028 $ 37,500 (13) — $500M Senior unsecured term loans Swap 3.27 % SOFR October 1, 2024 January 1, 2028 $ 37,500 (13) — $500M Senior unsecured term loans Swap 3.07 % SOFR January 2, 2025 January 1, 2027 $ 25,000 60 — $500M Senior unsecured term loans Swap 3.25 % SOFR January 2, 2025 January 1, 2026 $ 75,000 104 — $ (310) $ 4,321 ______________________ (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 2024, 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 related to derivative financial instruments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Effect of derivative instruments Location in Statements of Operations and Comprehensive Income 2024 2023 2024 2023 Loss (gain) recognized in other comprehensive income Unrealized loss (gain) on interest rate derivative instruments $ 4,237 $ 150 $ 4,631 $ 3,533 Interest (income) for derivatives that were designated as cash flow hedges Interest expense $ (1,155) $ (2,694) $ (5,863) $ (5,235) Interest (income) expense for derivatives that were not designated as cash flow hedges Interest expense $ — $ — $ — $ 469 During the next twelve months, the Company estimates that $1.2 million will be reclassified from other comprehensive income as a decrease to interest expense.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,097,215 $ 1,095,730 $ 1,177,005 $ 1,167,638 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. The fair value of our debt is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swaps 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.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
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. In August 2024, our board of directors approved an “at-the-market” equity offering program (the “Current 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. Prior to the establishment of the Current ATM Program, we had a $200.0 million ATM program (the “Prior ATM Program”), which is no longer active. No shares were sold under either the Prior ATM Program or the Current ATM Program during the three and nine months ended September 30, 2024. In May 2024, our board of directors authorized the repurchase of up to $200.0 million of our common stock under a new share repurchase program, which replaced our prior share repurchase program that was authorized in September 2022. The timing and actual number of shares repurchased will depend on a variety of factors, including price and general business and market conditions. The new 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. The new share repurchase program will expire on May 1, 2026. As of September 30, 2024, we have repurchased 3,114,876 shares of common stock at an average price of $8.33 per share for a total purchase price of $26.0 million under this program. As of November 8, 2024, we have $174.0 million of authorized capacity remaining under the new share repurchase program. All share repurchases during the year were made under the new share repurchase program. Preferred Shares We are authorized by our charter 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 September 30, 2024 and December 31, 2023, there were 4,760,000 shares of 8.250% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) issued and outstanding with a liquidation preference each 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 our acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, then valued 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 2024 Equity Incentive 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 8 for additional disclosures related to LTIP units. There were 994,653 and 723,166 common OP units held by unaffiliated third parties and executive officers of the Company as of September 30, 2024 and December 31, 2023, respectively. There were 140,127 and 314,137 unvested LTIP units outstanding as of September 30, 2024 and December 31, 2023, respectively. Dividends and Distributions For each of the nine months ended September 30, 2024 and 2023, we paid an aggregate cash dividend of $0.09 per share or unit to holders of our common stock, common OP units, and LTIP units. For each of the nine months ended September 30, 2024 and 2023, we paid an aggregate cash dividend of $1.5469 per share to holders of our Series A Preferred Stock.

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans On February 27, 2024, our board of directors adopted the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan was approved by our stockholders on May 1, 2024. The 2024 Plan replaces the 2016 Equity Incentive Plan (as amended, the “2016 Plan”) and share grants will no longer be made under the 2016 Plan; however, shares underlying awards already granted under the 2016 Plan will still be issued under the 2016 Plan if the awards vest. Under the 2024 Plan, we are authorized to issue up to 7,900,000 shares of our common stock, of which we have issued or committed to issue 1,076,916 share s as of September 30, 2024. Shares underlying awards that are granted under the 2024 Plan that are forfeited, cancelled, reacquired prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than be exercise), including shares tendered or held back upon settlement of an award, other than a stock option or stock appreciation right, to cover the tax withholding will be added back to the shares available for issuance under the 2024 Plan. 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, 2024 1,200,693 $ 9.33 Granted 361,920 8.66 Vested (941,018) 9.35 Unvested balance at September 30, 2024 621,595 $ 8.90 The total unvested restricted stock awards as of September 30, 2024 are expected to vest as follows: 253,430 shares during 2025, 244,845 shares during 2026, 114,087 shares during 2027, 7,970 shares during 2028, and 1,261 shares during 2029. As of September 30, 2024, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 26 months. We recorded $0.6 million and $1.0 million of compensation expense related to restricted stock awards for the three months ended September 30, 2024 and 2023, respectively. We recorded $4.5 million and $3.1 million of compensation expense related to restricted stock awards for the nine months ended September 30, 2024 and 2023, respectively, which included $2.0 million of accelerated compensation expense for the nine months ended September 30, 2024, related to restricted stock awards for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. 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 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 May 7, 2024 36.5% 4.64% $8.03 $8.72 A summary of our PSUs from January 1, 2024 to September 30, 2024 is as follows: Number of Weighted- Unvested balance at January 1, 2024 1,032,296 $ 9.34 Granted 364,799 8.36 Additional units from dividends 9,615 8.95 Vested (1) (301,861) 9.32 Unvested balance at September 30, 2024 1,104,849 $ 9.02 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.6% of the PSU Target Award. The total unvested PSUs as of September 30, 2024 are expected to vest as follows: 331,417 units during 2025, 371,260 units during 2026, and 402,172 units during 2027. The number of shares earned upon vesting is subject to the attainment of the performance goals described above. As of September 30, 2024, the unrecognized compensation cost related to the PSUs was $3.2 million and is expected to be recognized on a straight-line basis over a weighted average period of 27 months. We recorded $0.4 million and $0.8 million of compensation expense related to the PSUs for the three months ended September 30, 2024 and 2023, respectively. We recorded $3.8 million and $2.3 million of compensation expense related to the PSUs for the nine months ended September 30, 2024 and 2023, respectively, which included $1.8 million of accelerated compensation expense for the nine months ended September 30, 2024, related to PSUs for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. These awards will vest at 100% of the PSU Target Award based on their original vesting schedule. LTIP Units LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while potentially allowing them a more favorable income tax treatment. Each year, executives have the option to elect to receive their annual grant of share-based compensation as either LTIP units or restricted stock awards. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan or 2024 Plan, as applicable. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules. A summary of our LTIP units from January 1, 2024 to September 30, 2024 is as follows: Number of Units Weighted- Unvested balance at January 1, 2024 314,137 $ 9.01 Granted 97,477 8.72 Vested (1) (271,487) 8.94 Unvested balance at September 30, 2024 140,127 $ 8.9 ______________________ (1) As of September 30, 2024, all vested LTIP units have achieved economic parity with common OP units and have been converted to common OP units. The total unvested LTIP units as of September 30, 2024 are expected to vest as follows: 46,709 during each of 2025, 2026, and 2027. As of September 30, 2024, the unrecognized compensation cost related to LTIP unit awards was $1.1 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 31 months. We recorded $0.1 million and $0.2 million of compensation expense related to LTIP unit awards for the three months ended September 30, 2024 and 2023, respectively. We recorded $1.9 million and $0.6 million of compensation expense related to LTIP unit awards for the nine months ended September 30, 2024 and 2023, respectively, which included $1.2 million of accelerated compensation expense for the nine months ended September 30, 2024, related to LTIPs for the departures of our former Chief Executive Officer and Chief Investment Officer. The accelerated compensation expense is recorded as severance costs in corporate expenses within the consolidated statements of operations and comprehensive income. Nonemployee director awards The Company issues each nonemployee director either (i) fully vested, unrestricted shares of common stock or (ii) Deferred Stock Units (as defined in the 2024 Plan) granting a number of immediately vested but deferred stock units (together, the “nonemployee director awards”). We measure compensation expense for the nonemployee director awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized in the period the nonemployee director awards are granted and is included in corporate expenses in the accompanying consolidated statements of operations and comprehensive income.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of the calculation of basic and diluted earnings per share (“EPS”) (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 6 2023 Numerator: Net income attributable to common stockholders $ 23,978 $ 24,818 $ 51,928 $ 68,031 Denominator: Weighted-average number of common shares outstanding—basic 209,339,807 211,490,571 210,729,779 211,525,596 Effect of dilutive securities: Unvested restricted common stock 135,553 359,711 125,819 278,217 Shares related to unvested PSUs 732,721 354,707 744,516 325,899 Weighted-average number of common shares outstanding—diluted 210,208,081 212,204,989 211,600,114 212,129,712 Earnings per share: Earnings per share available to common stockholders—basic $ 0.11 $ 0.12 $ 0.25 $ 0.32 Earnings per share available to common stockholders—diluted $ 0.11 $ 0.12 $ 0.25 $ 0.32

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 other 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 and comprehensive income. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. Commitments

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 26,432	$ 27,272	$ 59,290	$ 75,393

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following (in thousands): September 30, 2024 December 31, 2023 Land $ 590,824 $ 590,824 Land improvements 2,400 7,994 Buildings and site improvements 2,912,933 2,878,508 Furniture, fixtures and equipment 194,978 561,484 Construction in progress 20,959 21,175 3,722,094 4,059,985 Less: accumulated depreciation (994,795) (1,304,790) $ 2,727,299 $ 2,755,195

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table sets forth information regarding the Company’s debt (dollars in thousands): Principal Balance as of Loan Interest Rate Maturity Date September 30, 2024 December 31, 2023 Courtyard New York Manhattan/Midtown East mortgage loan 4.40% August 2024 $ — $ 74,346 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66% May 2025 72,267 73,727 Hotel Clio mortgage loan 4.33% July 2025 55,025 56,091 Westin Boston Seaport District mortgage loan 4.36% November 2025 170,574 174,025 Unsecured term loan SOFR + 1.35% (1) January 2028 500,000 500,000 Unsecured term loan SOFR + 1.35% (2) January 2026 (3) 300,000 300,000 Senior unsecured credit facility SOFR + 1.40% September 2026 (4) — — Total debt 1,097,866 1,178,189 Unamortized debt issuance costs (5) (651) (1,184) Debt, net of unamortized debt issuance costs $ 1,097,215 $ 1,177,005 Weighted-Average Interest Rate (6) 5.60% _______________________ (1) Interest rate as of September 30, 2024 was 5.93%, which includes the effect of interest rate swaps. (2) Interest rate as of September 30, 2024 was 6.31%. (3) In September 2024, we exercised our option to extend the maturity by an additional year to January 2026. (4) Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (5) Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet. (6) Includes the effect of interest rate swaps. See Note 5 for additional disclosures on interest rate swaps.
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 the Most Significant Covenants	The Credit Agreement contains various financial covenants. A summary of the most significant covenants is as follows: Actual at Covenant September 30, 2024 Maximum leverage ratio (1) 60% 27.7% Minimum fixed charge coverage ratio (2) 1.50x 2.90x Secured recourse indebtedness Less than 45% of Total Asset Value 9.0% Maximum unencumbered leverage ratio 60% 28.6% Minimum unencumbered implied debt service coverage ratio 1.20x 2.64x _____________________________ (1) Leverage ratio is net indebtedness, as defined in the Credit Agreement, divided by total asset value, defined in the 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Unsecured term loan interest $ 12,665 $ 11,019 $ 35,419 $ 31,867 Mortgage debt interest 3,527 4,130 11,572 12,331 Credit facility interest and unused fees 315 311 938 941 Amortization of debt issuance costs and debt premium 479 513 1,505 1,540 Interest rate swap mark-to-market — — — 2,033 $ 16,986 $ 15,973 $ 49,434 $ 48,712

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Fair Value of Assets (Liabilities) Hedged Debt Type Fixed Rate Index Effective Date Maturity Date Notional Amount September 30, December 31, 2023 $300M Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 $ — $ 1,660 $300M Senior unsecured term loans Swap (1) 1.63 % SOFR November 28, 2022 July 25, 2024 $ 87,500 — 1,658 $500M Senior unsecured term loans Swap 3.36 % SOFR March 1, 2023 January 1, 2028 $ 75,000 (231) 554 $500M Senior unsecured term loans Swap 3.50 % SOFR March 1, 2023 January 1, 2027 $ 75,000 (217) 449 $500M Senior unsecured term loans Swap 3.27 % SOFR October 1, 2024 January 1, 2028 $ 37,500 (13) — $500M Senior unsecured term loans Swap 3.27 % SOFR October 1, 2024 January 1, 2028 $ 37,500 (13) — $500M Senior unsecured term loans Swap 3.07 % SOFR January 2, 2025 January 1, 2027 $ 25,000 60 — $500M Senior unsecured term loans Swap 3.25 % SOFR January 2, 2025 January 1, 2026 $ 75,000 104 — $ (310) $ 4,321 ______________________ (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 related to derivative financial instruments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Effect of derivative instruments Location in Statements of Operations and Comprehensive Income 2024 2023 2024 2023 Loss (gain) recognized in other comprehensive income Unrealized loss (gain) on interest rate derivative instruments $ 4,237 $ 150 $ 4,631 $ 3,533 Interest (income) for derivatives that were designated as cash flow hedges Interest expense $ (1,155) $ (2,694) $ (5,863) $ (5,235) Interest (income) expense for derivatives that were not designated as cash flow hedges Interest expense $ — $ — $ — $ 469

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 1,097,215 $ 1,095,730 $ 1,177,005 $ 1,167,638 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs.

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards	A summary of our restricted stock awards from January 1, 2024 to September 30, 2024 is as follows: Number of Weighted- Unvested balance at January 1, 2024 1,200,693 $ 9.33 Granted 361,920 8.66 Vested (941,018) 9.35 Unvested balance at September 30, 2024 621,595 $ 8.90
Schedule of Fair Value Assumptions	The determination of the grant-date fair values of outstanding awards based on our relative 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 May 7, 2024 36.5% 4.64% $8.03 $8.72
Schedule of Nonvested Performance-based Units Activity	A summary of our PSUs from January 1, 2024 to September 30, 2024 is as follows: Number of Weighted- Unvested balance at January 1, 2024 1,032,296 $ 9.34 Granted 364,799 8.36 Additional units from dividends 9,615 8.95 Vested (1) (301,861) 9.32 Unvested balance at September 30, 2024 1,104,849 $ 9.02 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2024 was equal to 95.6% of the PSU Target Award.
Schedule of LTIP Units	A summary of our LTIP units from January 1, 2024 to September 30, 2024 is as follows: Number of Units Weighted- Unvested balance at January 1, 2024 314,137 $ 9.01 Granted 97,477 8.72 Vested (1) (271,487) 8.94 Unvested balance at September 30, 2024 140,127 $ 8.9 ______________________ (1)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of the calculation of basic and diluted earnings per share (“EPS”) (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 6 2023 Numerator: Net income attributable to common stockholders $ 23,978 $ 24,818 $ 51,928 $ 68,031 Denominator: Weighted-average number of common shares outstanding—basic 209,339,807 211,490,571 210,729,779 211,525,596 Effect of dilutive securities: Unvested restricted common stock 135,553 359,711 125,819 278,217 Shares related to unvested PSUs 732,721 354,707 744,516 325,899 Weighted-average number of common shares outstanding—diluted 210,208,081 212,204,989 211,600,114 212,129,712 Earnings per share: Earnings per share available to common stockholders—basic $ 0.11 $ 0.12 $ 0.25 $ 0.32 Earnings per share available to common stockholders—diluted $ 0.11 $ 0.12 $ 0.25 $ 0.32

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2024 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	9,760
Number Of Hotels Operated, Percentage	60%
DiamondRock Hospitality Limited Partnership
Real Estate Properties [Line Items]
General partner, ownership interest (as a percent)	99.50%
Limited partners, ownership interest (as a percent)	0.50%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and Equipment
Property and equipment, gross	$ 3,722,094	$ 4,059,985
Less: accumulated depreciation	(994,795)	(1,304,790)
Property and equipment, net	2,727,299	2,755,195
Land
Property and Equipment
Property and equipment, gross	590,824	590,824
Land improvements
Property and Equipment
Property and equipment, gross	2,400	7,994
Buildings and site improvements
Property and Equipment
Property and equipment, gross	2,912,933	2,878,508
Furniture, fixtures and equipment
Property and Equipment
Property and equipment, gross	194,978	561,484
Construction in progress
Property and Equipment
Property and equipment, gross	$ 20,959	$ 21,175

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Accrued capital expenditures			$ 3,814	$ 6,712	$ 4,700
Impairment losses	$ 1,596	$ 0	$ 1,596	$ 941

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 1,097,866	$ 1,178,189
Debt, net of unamortized debt issuance costs	$ 1,097,215	1,177,005
Weighted-Average Interest Rate (as a percent)	5.60%
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (651)	(1,184)
Unsecured Term Loan Due January 2028 | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 500,000	500,000
Unsecured Term Loan Due January 2028 | Unsecured Term Loan | Interest Rate Swap
Debt Instrument [Line Items]
Effective interest rate	5.93%
Unsecured Term Loan due January 2025 | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Principal balance	$ 300,000	300,000
Effective interest rate	6.31%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Senior unsecured credit facility	$ 0	0
Courtyard New York Manhattan/Midtown East mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.40%
Principal balance	$ 0	74,346
Worthington Renaissance Fort Worth Hotel mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	3.66%
Principal balance	$ 72,267	73,727
Hotel Clio mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.33%
Principal balance	$ 55,025	56,091
Westin Boston Seaport District mortgage loan | Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	4.36%
Principal balance	$ 170,574	$ 174,025

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Millions	Aug. 06, 2024 USD ($)	Sep. 30, 2024 hotel
Debt Instrument [Line Items]
Number of hotels		36
Mortgages
Debt Instrument [Line Items]
Number of hotels		3
Mortgages | Courtyard New York Manhattan/Midtown East mortgage loan
Debt Instrument [Line Items]
Amount paid off | $	$ 73.3

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 27, 2022 USD ($) facility
Line of Credit
Line of Credit Facility [Line Items]
Right to increase facility, amount			$ 1,400,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			400,000,000
Term Loan Facilities | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 800,000,000
Number of facilities | facility			2
Unsecured Term Loan Due January 2028 | Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance	$ 500,000,000	$ 500,000,000
Unsecured Term Loan due January 2025 | Unsecured Term Loan
Line of Credit Facility [Line Items]
Principal balance	$ 300,000,000	$ 300,000,000

Debt - Schedule of Applicable M

Debt - Schedule of Applicable Margin (Details)	9 Months Ended
	Sep. 30, 2024
Less than 30% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Less than 30% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
Greater than or equal to 30% but less than 35% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 30% but less than 35% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.40%
Greater than or equal to 35% but less than 40% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Greater than or equal to 35% but less than 40% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.45%
Greater than or equal to 40% but less than 45% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.60%
Greater than or equal to 40% but less than 45% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.55%
Greater than or equal to 45% but less than 50% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.80%
Greater than or equal to 45% but less than 50% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 50% but less than 55% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.95%
Greater than or equal to 50% but less than 55% | Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.85%
Greater than or equal to 55% | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 55% | Unsecured Term Loan
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	9 Months Ended
	Sep. 30, 2024
Covenant
Line of Credit Facility [Line Items]
Maximum leverage ratio	60%
Minimum fixed charge coverage ratio	1.50
Secured recourse indebtedness	45%
Maximum unencumbered leverage ratio	60%
Minimum unencumbered implied debt service coverage ratio	1.20
Actual
Line of Credit Facility [Line Items]
Maximum leverage ratio	27.70%
Minimum fixed charge coverage ratio	2.90
Secured recourse indebtedness	9%
Maximum unencumbered leverage ratio	28.60%
Minimum unencumbered implied debt service coverage ratio	2.64

Debt - Schedule of Components o

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs and debt premium	$ 479	$ 513	$ 1,505	$ 1,540
Interest rate swap mark-to-market	0	0	0	2,033
Interest expense	16,986	15,973	49,434	48,712
Unsecured Term Loan Interest [Member]
Debt Instrument [Line Items]
Debt, interest expenses	12,665	11,019	35,419	31,867
Mortgage debt interest
Debt Instrument [Line Items]
Debt, interest expenses	3,527	4,130	11,572	12,331
Credit facility interest and unused fees
Debt Instrument [Line Items]
Debt, interest expenses	$ 315	$ 311	$ 938	$ 941

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Assets (Liabilities)	$ (310)	$ 4,321
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)	$ 0	1,660
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)	$ 0	1,658
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)	$ (231)	554
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)	$ (217)	449
Unsecured Term Loan Due January 2028 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.27%
Notional Amount	$ 37,500
Fair Value of Assets (Liabilities)	$ (13)	0
Unsecured Term Loan Due January 2028 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.27%
Notional Amount	$ 37,500
Fair Value of Assets (Liabilities)	$ (13)	0
Unsecured Term Loan Due January 2027 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.07%
Notional Amount	$ 25,000
Fair Value of Assets (Liabilities)	$ 60	0
Unsecured Term Loan Due January 2026 | Not Designated as Hedging Instrument
Derivative [Line Items]
Fixed Rate	3.25%
Notional Amount	$ 75,000
Fair Value of Assets (Liabilities)	$ 104	$ 0

Derivatives - Schedule of Gains

Derivatives - Schedule of Gains and Losses Recognized on Derivative Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain expected to be reclassified in the next twelve months as a decrease to interest expense			$ 1,200
Designated as Hedging Instrument | Unrealized loss (gain) on interest rate derivative instruments
Derivative [Line Items]
(Loss) gain recognized	$ 4,237	$ 150	4,631	$ 3,533
Designated as Hedging Instrument | Interest expense
Derivative [Line Items]
(Loss) gain recognized	(1,155)	(2,694)	(5,863)	(5,235)
Not Designated as Hedging Instrument | Interest expense
Derivative [Line Items]
(Loss) gain recognized	$ 0	$ 0	$ 0	$ 469

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 1,097,215	$ 1,177,005
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	1,097,215	1,177,005
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,095,730	$ 1,167,638

Equity (Details)

Equity (Details)	1 Months Ended		3 Months Ended						9 Months Ended		12 Months Ended
	Aug. 31, 2024 USD ($)	Dec. 31, 2018 $ / shares shares	Sep. 30, 2024 $ / shares shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	Nov. 08, 2024 USD ($)	May 31, 2024 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares			400,000,000						400,000,000		400,000,000
Common stock, par value (in dollars per share)			$ 0.01						$ 0.01		$ 0.01
Votes per common share | vote									1
Repurchase of common stock | $									$ 25,993,000	$ 2,423,000
Preferred stock, shares authorized (up to) (in shares) | shares			10,000,000						10,000,000		10,000,000
Preferred stock, par value (in dollars per share)			$ 0.01						$ 0.01		$ 0.01
Preferred stock, dividend rate (as a percent)									8.25%		8.25%
Liquidation preference per share (in dollars per share)			25						$ 25		$ 25
Limited partnership, price per unit (in dollars per share)		$ 11.76
Option to redeem for common stock ratio		1
Common stock, dividend declared (in dollars per share)			0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.03	0.09	$ 0.09
Distributions per preferred share (in dollars per share)			$ 0.5156	$ 0.5156	$ 0.5156	$ 515.6000	$ 0.5156	$ 0.5156	$ 1.5469	$ 1.5469
Long-term Incentive Plan Unit
Class of Stock [Line Items]
Units outstanding (in shares) | shares			140,127						140,127		314,137
Unaffiliated Third Parties
Class of Stock [Line Items]
Common units issued (in shares) | shares		796,684
Operating partnerships units held (in shares) | shares			994,653						994,653		723,166
Subsequent Event
Class of Stock [Line Items]
Remaining repurchase amount | $												$ 174,000,000
Common Stock
Class of Stock [Line Items]
Aggregate offering price (up to) | $	$ 200,000,000
Value amount of shares authorized to be repurchased (up to) | $													$ 200,000,000
Shares repurchased (in shares) | shares									3,114,876
Repurchased shares, average price per share (in dollars per share)									$ 8.33
Repurchase of common stock | $									$ 26,000,000
Series A Preferred Stock
Class of Stock [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)			$ 25						$ 25		$ 25
Redemption price per share (in dollars per share)			$ 25						$ 25		$ 25

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 27, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio			1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2025 (in shares)	253,430		253,430
Awards expected to vest in 2026 (in shares)	244,845		244,845
Awards expected to vest in 2027 (in shares)	114,087		114,087
Awards expected to vest in 2028 (in shares)	7,970		7,970
Awards expected to vest in 2029 (in shares)	1,261		1,261
Unrecognized compensation cost	$ 4		$ 4
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			26 months
Compensation expense (reversal)	$ 0.6	$ 1	$ 4.5	$ 3.1
Number of shares, granted (in shares)			361,920
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.66
Restricted Stock | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense			$ 2
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2025 (in shares)	331,417		331,417
Awards expected to vest in 2026 (in shares)	371,260		371,260
Awards expected to vest in 2027 (in shares)	402,172		402,172
Unrecognized compensation cost	$ 3.2		$ 3.2
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			27 months
Compensation expense (reversal)	$ 0.4	0.8	$ 3.8	2.3
Percentage of target award of maximum possible payout to executives (as a percent)			150%
Stock of common stock earned for the PSUs vested (as a percent)			95.60%
Number of shares, granted (in shares)			364,799
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.36
Performance Stock Units | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)			$ 1.8
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%
Stock of common stock earned for the PSUs vested (as a percent)	100%		100%
Long-term Incentive Plan Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards expected to vest in 2025 (in shares)	46,709		46,709
Awards expected to vest in 2026 (in shares)	46,709		46,709
Unrecognized compensation cost	$ 1.1		$ 1.1
Unrecognized compensation expense related to compensation awards, period for recognition (in months)			31 months
Compensation expense (reversal)	0.1	0.2	$ 1.9	0.6
Number of shares, granted (in shares)			97,477
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.72
Long-term Incentive Plan Unit | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)			$ 1.2
Nonemployee Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (reversal)	$ 0	$ 0	$ 0.8	$ 0.7
Number of shares, granted (in shares)			88,305
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)			$ 8.72
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Minimum | Performance Stock Units
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 Stock Units | Executive Officers
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 Stock Units
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%
2024 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, shares authorized (up to) (in shares)					7,900,000
Share based compensation arrangement by share based payment award number of shares issued or committed to issue (in shares)	1,076,916		1,076,916

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Awards Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Unvested restricted common stock
Number of Shares
Beginning balance (in shares) | shares	1,200,693
Number of shares, granted (in shares) | shares	361,920
Vested (in shares) | shares	(941,018)
Ending balance (in shares) | shares	621,595
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.33
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares	8.66
Vested (in dollars per share) | $ / shares	9.35
Ending balance (in dollars per share) | $ / shares	$ 8.90
Performance Stock Units
Number of Shares
Beginning balance (in shares) | shares	1,032,296
Number of shares, granted (in shares) | shares	364,799
Additional units from dividends (in shares) | shares	9,615
Vested (in shares) | shares	(301,861)
Ending balance (in shares) | shares	1,104,849
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.34
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares	8.36
Additional units from dividends (in dollars per share) | $ / shares	8.95
Vested (in dollars per share) | $ / shares	9.32
Ending balance (in dollars per share) | $ / shares	$ 9.02
Stock of common stock earned for the PSUs vested (as a percent)	95.60%
Long-term Incentive Plan Unit
Number of Shares
Beginning balance (in shares) | shares	314,137
Number of shares, granted (in shares) | shares	97,477
Vested (in shares) | shares	(271,487)
Ending balance (in shares) | shares	140,127
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.01
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares	8.72
Vested (in dollars per share) | $ / shares	8.94
Ending balance (in dollars per share) | $ / shares	$ 8.9

Equity Incentive Plans - Fair V

Equity Incentive Plans - Fair Value Assumptions (Details) - Shares related to unvested PSUs - $ / shares	May 07, 2024	Feb. 23, 2023	Aug. 09, 2022	Feb. 22, 2022	Mar. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	36.50%	74.50%	73.30%	71.40%	68.80%
Risk-Free Rate	4.64%	4.40%	3.20%	1.74%	0.26%
Fair value at grant date (in dollars per share)	$ 8.03	$ 9.22	$ 9.65	$ 9.84	$ 9.28
Fair value at grant date based on hotel market share (in dollars per share)	$ 8.72	$ 8.94	$ 9.32	$ 9.56	$ 9.40

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to common stockholders	$ 23,978	$ 24,818	$ 51,928	$ 68,031
Denominator:
Weighted-average number of common shares outstanding—basic (in shares)	209,339,807	211,490,571	210,729,779	211,525,596
Effect of dilutive securities:
Weighted-average number of common shares outstanding—diluted (in shares)	210,208,081	212,204,989	211,600,114	212,129,712
Earnings per share:
Earnings per share available to common stockholders—basic (in dollars per share)	$ 0.11	$ 0.12	$ 0.25	$ 0.32
Earnings per share available to common stockholders—diluted (in dollars per share)	$ 0.11	$ 0.12	$ 0.25	$ 0.32
Unvested restricted common stock
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	135,553	359,711	125,819	278,217
Shares related to unvested PSUs
Effect of dilutive securities:
Unvested restricted common stock and shares related to unvested PSUs (in shares)	732,721	354,707	744,516	325,899

Commitments and Contingencies (

Commitments and Contingencies (Details) - Courtyard Manhattan Fifth Avenue - Subsequent Event $ in Millions	1 Months Ended
	Oct. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Ground leases renewal option (in years)	36 years
Minimum spending on capital improvements	$ 7