Apple Hospitality REIT (APLE) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Entity Registrant Name	APPLE HOSPITALITY REIT, INC.
Trading Symbol	APLE
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		242,346,188
Amendment Flag	false
Entity Central Index Key	0001418121
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37389
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	26-1379210
Entity Address, Address Line One	814 East Main Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219
City Area Code	804
Local Phone Number	344-8121
Title of 12(b) Security	Common Shares, no par value
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Investment in real estate, net of accumulated depreciation and amortization of $1,709,669 and $1,662,942, respectively	$ 4,871,476	$ 4,777,374
Assets held for sale		15,283
Cash and cash equivalents	4,942	10,287
Restricted cash-furniture, fixtures and other escrows	29,638	33,331
Due from third party managers, net	63,048	36,437
Other assets, net	63,394	64,586
Total Assets	5,032,498	4,937,298
Liabilities
Debt, net	1,500,698	1,371,494
Finance lease liabilities	111,837	111,892
Accounts payable and other liabilities	85,661	129,931
Total Liabilities	1,698,196	1,613,317
Shareholders' Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding	0	0
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 242,346,188 and 241,515,532 shares, respectively	4,805,504	4,794,804
Accumulated other comprehensive income	24,112	20,404
Distributions greater than net income	(1,495,314)	(1,491,227)
Total Shareholders' Equity	3,334,302	3,323,981
Total Liabilities and Shareholders' Equity	$ 5,032,498	$ 4,937,298

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investment in real estate accumulated depreciation (in Dollars)	$ 1,709,669	$ 1,662,942
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	242,346,188	241,515,532
Common stock, shares outstanding	242,346,188	241,515,532

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenue	$ 329,512	$ 311,454
Expenses:
Total hotel operating expense	197,264	185,165
Property taxes, insurance and other	20,992	19,675
General and administrative	10,584	11,461
Depreciation and amortization	46,823	45,906
Total expense	275,663	262,207
Gain on sale of real estate	17,766
Operating income	71,615	49,247
Interest and other expense, net	(17,309)	(16,004)
Income before income taxes	54,306	33,243
Income tax expense	(256)	(320)
Net income	54,050	32,923
Other comprehensive income (loss):
Interest rate derivatives	3,708	(8,106)
Comprehensive income	$ 57,758	$ 24,817
Basic net income per common share	$ 0.22	$ 0.14
Diluted net income per common share	$ 0.22	$ 0.14
Weighted average common shares outstanding - basic (in Shares)	242,408	229,398
Weighted average common shares outstanding - diluted (in Shares)	242,408	229,398
Room [Member]
Revenues:
Total revenue	$ 298,746	$ 285,520
Food and Beverage [Member]
Revenues:
Total revenue	15,062	12,949
Other [Member]
Revenues:
Total revenue	15,704	12,985
Direct Operating [Member]
Expenses:
Total hotel operating expense	83,796	78,663
Hotel Administrative [Member]
Expenses:
Total hotel operating expense	29,752	27,319
Sales and Marketing [Member]
Expenses:
Total hotel operating expense	29,839	27,700
Utilities [Member]
Expenses:
Total hotel operating expense	11,519	11,698
Repair and Maintenance [Member]
Expenses:
Total hotel operating expense	16,842	15,665
Royalty [Member]
Expenses:
Total hotel operating expense	14,754	13,644
Management Service [Member]
Expenses:
Total hotel operating expense	$ 10,762	$ 10,476

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions Greater Than Net Income [Member]
Balance at Dec. 31, 2022	$ 3,178,395	$ 4,577,022	$ 36,881	$ (1,435,508)
Balance (in Shares) at Dec. 31, 2022		228,645
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements	8,405	$ 8,405
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements (in Shares)		618
Equity issuance costs	(29)	$ (29)
Common shares repurchased	$ (3,557)	$ (3,557)
Common shares repurchased (in Shares)	(300,000)	(250)
Interest rate derivatives	$ (8,106)		(8,106)
Net income	32,923			32,923
Distributions declared to shareholders	(55,169)			(55,169)
Balance at Mar. 31, 2023	3,152,862	$ 4,581,841	28,775	(1,457,754)
Balance (in Shares) at Mar. 31, 2023		229,013
Balance at Dec. 31, 2022	3,178,395	$ 4,577,022	36,881	(1,435,508)
Balance (in Shares) at Dec. 31, 2022		228,645
Balance at Dec. 31, 2023	3,323,981	$ 4,794,804	20,404	(1,491,227)
Balance (in Shares) at Dec. 31, 2023		241,516
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements	10,971	$ 10,971
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements (in Shares)		830
Equity issuance costs	$ (271)	$ (271)
Common shares repurchased (in Shares)	0
Interest rate derivatives	$ 3,708		3,708
Net income	54,050			54,050
Distributions declared to shareholders	(58,137)			(58,137)
Balance at Mar. 31, 2024	$ 3,334,302	$ 4,805,504	$ 24,112	$ (1,495,314)
Balance (in Shares) at Mar. 31, 2024		242,346

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared to shareholders	$ 0.24	$ 0.24

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 54,050	$ 32,923
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	46,823	45,906
Gain on sale of real estate	(17,766)
Other non-cash expenses, net	2,094	2,013
Changes in operating assets and liabilities:
Increase in due from third party managers, net	(27,186)	(27,789)
Decrease (increase) in other assets, net	2,833	(745)
Decrease in accounts payable and other liabilities	(6,196)	(617)
Net cash provided by operating activities	54,652	51,691
Cash flows from investing activities:
Acquisition of hotel properties, net	(118,337)
Disbursements for potential acquisitions, net	(422)	(677)
Capital improvements	(31,299)	(23,899)
Net proceeds from sale of real estate	33,111
Net cash used in investing activities	(116,947)	(24,576)
Cash flows from financing activities:
Repurchases of common shares	0	(3,557)
Common shares surrendered to satisfy employee withholding requirements	(5,050)	(5,742)
Distributions paid to common shareholders	(70,156)	(73,399)
Equity issuance costs	(159)	(15)
Proceeds from revolving credit facility	180,400	112,500
Payments on revolving credit facility	(49,400)	(72,000)
Proceeds from term loans and senior notes	0	50,000
Payments of mortgage debt and other loans	(2,268)	(39,568)
Principal payments on finance leases	(110)	(67)
Net cash provided by (used in) financing activities	53,257	(31,848)
Net change in cash, cash equivalents and restricted cash	(9,038)	(4,733)
Cash, cash equivalents and restricted cash, beginning of period	43,618	43,512	$ 43,512
Cash, cash equivalents and restricted cash, end of period	34,580	38,779	43,618
Supplemental cash flow information:
Interest paid	16,666	15,605
Supplemental disclosure of noncash investing and financing activities:
Accrued distribution to common shareholders	19,355	18,296	31,400
Accrued capital expenditures	4,771	5,587
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	10,287	4,077	4,077
Restricted cash-furniture, fixtures and other escrows, beginning of period	33,331	39,435	39,435
Cash, cash equivalents and restricted cash, beginning of period	43,618	43,512	43,512
Cash and cash equivalents, end of period	4,942	6,093	10,287
Restricted cash-furniture, fixtures and other escrows, end of period	29,638	32,686	33,331
Cash, cash equivalents and restricted cash, end of period	$ 34,580	$ 38,779	$ 43,618

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 54,050	$ 32,923

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 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

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision-making process of these entities; therefore, the Company does not consolidate the entities. As of March 31, 2024, the Company owned 224 hotels with an aggregate of 29,886 guest rooms located in 37 states and the District of Columbia (“D.C.”). The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2024 . Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income per common share were the same for each of the periods presented. Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of March 31, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of March 31, 2024 , the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investment in Real Estate	2. Investment in Real Estate The Company’s investment in real estate consisted of the following (in thousands): March 31, December 31, 2024 2023 Land $ 844,560 $ 828,868 Building and improvements 5,029,149 4,917,105 Furniture, fixtures and equipment 581,787 571,026 Finance ground lease assets 102,084 102,084 Franchise fees 23,565 21,233 6,581,145 6,440,316 Less accumulated depreciation and amortization ( 1,709,669 ) ( 1,662,942 ) Investment in real estate, net $ 4,871,476 $ 4,777,374 As of March 31, 2024, the Company owned 224 hotels with an aggregate of 29,886 guest rooms located in 37 states and the District of Columbi a. In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel guest rooms (“non-hotel property”). Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property has been excluded from the Company’s hotel and guest room counts since May 2023. The Company leases all of its 224 hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. Acquisitions The Company acquired one hotel during the three months ended March 31, 2024 for a gross purchase price of $ 116.8 million. The hotel, which was purchased on March 25, 2024, is an AC Hotel in Washington, D.C. with 234 guest rooms, managed by Hersha Hospitality Management (“HHM”). During the year ended December 31, 2023 , the Company acquired six hotels and one free-standing parking garage, none of which were acquired during the three months ended March 31, 2023 . The following table sets forth the location, brand, manager, date acquired, number of guest rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Cleveland OH Courtyard Concord 6/30/2023 154 $ 31,000 Salt Lake City UT Courtyard North Central 10/11/2023 175 48,110 Salt Lake City UT Hyatt House North Central 10/11/2023 159 34,250 Salt Lake City (1) UT N/A North Central 10/11/2023 N/A 9,140 Renton WA Residence Inn InnVentures 10/18/2023 146 55,500 South Jordan UT Embassy Suites HHM 11/21/2023 192 36,750 Las Vegas NV SpringHill Suites Crescent 12/27/2023 299 75,000 1,125 $ 289,750 (1) This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand. In the first quarter of 2024, the Company utilized proceeds from the sale of two properties and borrowings under its Revolving Credit Facility (as defined below) to purchase the Washington, D.C. hotel. The Company utilized its available cash on hand, net proceeds from sales of shares under the ATM Program (as defined below) and availability under its Revolving Credit Facility to purchase the properties acquired in 2023. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the one hotel acquired during the three months ended March 31, 2024, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through March 31, 2024 was approximately $ 0.5 million and less than $ 0.1 million, respectively. Purchase Contract Commitments As of March 31, 2024, the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $ 177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the hotel in Nashville, Tennessee currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings, including borrowings under its unsecured credit facilities available at closing, to purchase the hotels under contract. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. As these hotels are under development, at this time, the sellers have not met all of the conditions to closing. The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of guest rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of March 31, 2024. All dollar amounts are in thousands. Location Brand Date of Rooms Refundable Gross Madison, WI Embassy Suites 7/27/2021 262 $ 893 $ 79,306 Nashville, TN Motto 5/16/2023 260 1,058 98,183 522 $ 1,951 $ 177,489

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	3. Dispositions During the three months ended March 31, 2024 , the Company sold two hotels to an unrelated party for a combined gross sales price of approximately $ 33.5 million, resulting in a combined gain on the sale of approximately $ 17.8 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the three months ended March 31, 2024 . The two hotels had a total carrying value of approximately $ 15.3 million at the time of sale. There were no dispositions during the year ended December 31, 2023 . The following table lists the two hotels sold: City State Brand Date Sold Rooms Rogers AR Hampton 2/9/2024 122 Rogers AR Homewood Suites 2/9/2024 126 248 Excluding gains on sale of real estate, the Company’s consolidated statements of operations include operating income of less than $ 0.1 million and approximately $ 0.2 million for the three months ended March 31, 2024 and 2023 , respectively, relating to the results of operations of the two hotels sold in 2024 noted above for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results; therefore, the operating results for the period of ownership of this property are included in income from continuing operations for the three months ended March 31, 2024 and 2023 . A portion of the proceeds from the sale of the two hotels was used to complete a like-kind exchange, in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the acquisition of the AC Hotel in Washington, D.C. as discussed above in Note 2, which resulted in the deferral of taxable gains of $ 15.1 million .

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	4. Debt Summary As of March 31, 2024 and December 31, 2023, the Company’s debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility $ 131,000 $ - Term loans and senior notes, net 1,089,402 1,088,904 Mortgage debt, net 280,296 282,590 Debt, net $ 1,500,698 $ 1,371,494 The aggregate amounts of principal payable under the Company’s total debt obligations as of March 31, 2024 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the remainder of this fiscal year, each of the next four fiscal years and thereafter are as follows (in thousands): 2024 (April - December) $ 111,329 2025 295,140 2026 205,649 2027 278,602 2028 334,066 Thereafter 281,948 1,506,734 Unamortized fair value adjustment of assumed debt 442 Unamortized debt issuance costs ( 6,478 ) Total $ 1,500,698 The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual Secured Overnight Financing Rate (“SOFR”) for a one-month term (“one-month SOFR”) plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect as of March 31, 2024 and December 31, 2023, is set forth below. All dollar amounts are in thousands. March 31, Percentage December 31, Percentage Fixed-rate debt (1) $ 1,175,734 78 % $ 1,228,002 89 % Variable-rate debt 331,000 22 % 150,000 11 % Total $ 1,506,734 $ 1,378,002 Weighted-average interest rate of debt 4.56 % 4.26 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. Credit Facilities $1.2 Billion Credit Facility On July 25, 2022, the Company entered into a credit facility (the “$ 1.2 billion credit facility”) that is comprised of (i) a $ 650 million revolving credit facility with an initial maturity date of July 25, 2026 (the “Revolving Credit Facility”), (ii) a $ 275 million term loan with a maturity date of July 25, 2027 , funded at closing, and (iii) a $ 300 million term loan with a maturity date of January 31, 2028 (including a $ 150 million delayed draw option until 180 days from closing), of which $ 200 million was funded at closing, $ 50 million was funded on October 24, 2022 and the remaining $ 50 million was funded on January 17, 2023 (the term loans described in clauses (ii) and (iii) are referred to together as the “ $ 575 million term loan facility”) . Subject to certain conditions, including covenant compliance and additional fees, the Revolving Credit Facility maturity date may be extended up to one year. The credit agreement for the $ 1.2 billion credit facility contains mandatory prepayment requirements, customary affirmative and negative covenants (as described below), restrictions on certain investments and events of default. The Company may make voluntary prepayments, in whole or in part, at any time. Interest payments on the $ 1.2 billion credit facility are due monthly, and the interest rate, subject to certain exceptions, is equal to the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.35 % to 2.25 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. As of March 31, 2024 , the Company had availability of $ 519 million under the Revolving Credit Facility. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20 % or 0.25 % on the unused portion of the Revolving Credit Facility, based on the amount of borrowings outstanding during the quarter. $225 Million Term Loan Facility The Company also has an unsecured $ 225 million term loan facility that is comprised of (i) a $ 50 million term loan with an initial maturity date of August 2, 2023 , which was funded on August 2, 2018 , and (ii) a $ 175 million term loan with a maturity date of August 2, 2025 , of which $ 100 million was funded on August 2, 2018, and the remaining $ 75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”) . On July 19, 2023, the Company entered into an amendment of its $ 225 million term loan facility, which extended the maturity date of the existing $ 50 million term loan by two years to August 2, 2025. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the $ 225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.35 % to 2.50 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2017 $85 Million Term Loan Facility On July 25, 2017, the Company entered into an unsecured $ 85 million term loan facility with a maturity date of July 25, 2024 , consisting of one term loan (the “2017 $ 85 million term loan facility”) that was fu nded at closing. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the 2017 $ 85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.30 % to 2.10 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2019 $85 Million Term Loan Facility On December 31, 2019, the Company entered into an unsecured $ 85 million term loan facility with a maturity date of December 31, 2029 , consisting of one term loan funded at closing (the “2019 $ 85 million term loan facility”). Net proceeds from the 2019 $ 85 million term loan facility were used to pay down borrowings under the Company’s then-existing $ 425 million revolving credit f acility. The Company may make voluntary prepayments, in whole or in part, subject to certain conditions. Interest payments on the 2019 $ 85 milli on term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.70 % to 2.55 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $50 Million Senior Notes Facility On March 16, 2020, the Company entered into an unsecured $ 50 million senior notes facility with a maturity date of March 31, 2030 , consisting of senior notes totaling $ 50 million funded at closing (the “$ 50 million senior notes facility”). Net proceeds from the $ 50 million senior notes facility were available to provide funding for general corporate purposes. T he Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $ 50 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60 % to 4.35 % depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. $75 Million Senior Notes Facility On June 2, 2022, the Company entered into an unsecured $ 75 million senior notes facility with a maturity date of June 2, 2029 , consisting of senior notes totaling $ 75 million funded at closing (the “$ 75 million senior notes facility”, and collectively with the $ 1.2 billion credit facility, the $ 225 million term loan facility, the 2017 $ 85 million term loan facility, the 2019 $ 85 million term loan facility and the $ 50 million senior notes facility, the “unsecured credit facilities”). Net proceeds from the $ 75 million senior notes facility were available to provide funding for general corporate purposes, including the repayment of borrowings under the Company’s then-existing $ 425 million revolving credit facility and repayment of mortgage debt. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $ 75 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 4.88 % to 5.63 % depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. As of March 31, 2024 and December 31, 2023, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity March 31, 2024 December 31, 2023 Revolving credit facility (1) SOFR + 0.10 % + 1.40 % - 2.25 % 7/25/2026 $ 131,000 $ - Term loans and senior notes $275 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 7/25/2027 275,000 275,000 $300 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 1/31/2028 300,000 300,000 $50 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 8/2/2025 50,000 50,000 $175 million term loan SOFR + 0.10 % + 1.65 % - 2.50 % 8/2/2025 175,000 175,000 2017 $85 million term loan SOFR + 0.10 % + 1.30 % - 2.10 % 7/25/2024 (3) 85,000 85,000 2019 $85 million term loan SOFR + 0.10 % + 1.70 % - 2.55 % 12/31/2029 85,000 85,000 $50 million senior notes 3.60 % - 4.35 % 3/31/2030 50,000 50,000 $75 million senior notes 4.88 % - 5.63 % 6/2/2029 75,000 75,000 Term loans and senior notes at stated value 1,095,000 1,095,000 Unamortized debt issuance costs ( 5,598 ) ( 6,096 ) Term loans and senior notes, net 1,089,402 1,088,904 Credit facilities, net (1) $ 1,220,402 $ 1,088,904 Weighted-average interest rate (2) 4.71 % 4.35 % (1) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.1 million and $ 3.5 million as of March 31, 2024 and December 31, 2023 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. (2) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 770.0 million and $ 820.0 million of the outstanding variable-rate debt as of March 31, 2024 and December 31, 2023, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR on March 31, 2024 and December 31, 2023 was 5.33 % and 5.35 %, respectively. (3) The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing or refinancing the maturing debt. Credit Facilities Covenants The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements): • A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00; • A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45 %; • A minimum Consolidated Tangible Net Worth of approximately $ 3.4 billion plus an amount equal to 75 % of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment; • A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters; • A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters; • A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60 % (subject to a higher level in certain circumstances); and • A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10 %. The Company was in compliance with the applicable covenants as of March 31, 2024 . Mortgage Debt As of March 31, 2024, the Company had approximately $ 280.7 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038, stated interest rates ranging from 3.40 % to 4.46 % and effective interest rates ranging from 3.40 % to 4.37 %. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of March 31, 2024 and December 31, 2023 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest (1) Loan Maturity Principal Outstanding Outstanding New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 (2) 27,000 $ 20,083 $ 20,304 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 7,633 7,713 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 27,063 27,337 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 11,627 11,707 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 19,312 19,445 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 20,554 20,685 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 20,322 20,526 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 20,249 20,453 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 15,074 15,226 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 24,027 24,237 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,106 13,221 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 13,752 13,832 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 13,752 13,832 Portland, ME Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 30,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 23,680 23,984 $ 338,854 280,734 283,002 Unamortized fair value adjustment of assumed debt 442 526 Unamortized debt issuance costs ( 880 ) ( 938 ) Total $ 280,296 $ 282,590 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of March 31, 2024, both the carrying value and the estimated fair value of the Company’s debt were approximately $ 1.5 billion . As of December 31, 2023 , the carrying value and estimated fair value of the Company’s debt were approximately $ 1.4 billion and $ 1.3 billion, respectively. Both the carrying value and the estimated fair value of the Company’s debt (as discussed above) are net of unamortized debt issuance costs related to term loans, senior notes and mortgage debt for each specific year. Derivative Instruments Currently, the Company uses interest rate swaps to manage its interest rate risk on variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month SOFR plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. These swap instruments are recorded at fair value and, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of March 31, 2024 and December 31, 2023. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at Origination Effective Maturity Swap Fixed March 31, December 31, Active interest rate swaps designated as cash flow hedges at March 31, 2024: $ 75,000 5/31/2017 7/31/2017 6/30/2024 1.95 % $ 626 $ 1,202 10,000 8/10/2017 8/10/2017 6/30/2024 2.02 % 82 157 50,000 7/2/2019 7/5/2019 7/18/2024 1.64 % 552 956 50,000 8/21/2019 8/23/2019 8/18/2024 1.31 % 778 1,193 50,000 8/21/2019 8/23/2019 8/30/2024 1.32 % 835 1,239 75,000 8/21/2019 5/18/2020 5/18/2025 1.26 % 3,113 3,273 50,000 6/1/2018 1/31/2019 6/30/2025 2.88 % 1,254 1,117 25,000 12/6/2018 1/31/2020 6/30/2025 2.74 % 668 608 75,000 8/21/2019 5/18/2021 5/18/2026 1.29 % 4,982 4,580 125,000 11/3/2023 11/3/2023 11/18/2026 4.51 % ( 378 ) ( 2,333 ) 50,000 3/17/2023 3/20/2023 3/18/2028 3.50 % 1,176 268 50,000 3/17/2023 3/20/2023 3/20/2028 3.49 % 1,139 242 85,000 12/31/2019 12/31/2019 12/31/2029 1.87 % 9,285 7,788 770,000 24,112 20,290 Matured interest rate swap at March 31, 2024: $ 50,000 12/7/2018 5/18/2020 1/31/2024 2.71 % - 114 $ 24,112 $ 20,404 The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. As of March 31, 2024, all 13 active interest rate swap agreements listed above were designated as cash flow hedges. The change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets. Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $ 15.2 million of net unrealized gains included in accumulated other comprehensive income at March 31, 2024 will be reclassified as a decrease to interest and other expense, net within the next 12 months. The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2024 and 2023 (in thousands): Net Unrealized Gain (Loss) Net Unrealized Gain Reclassified Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Interest rate derivatives in cash flow $ 9,709 $ ( 3,091 ) $ 6,001 $ 5,015

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	6. Related Parties The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions were conducted with non-related parties. There have been no changes to the contracts and relationships discussed in the 2023 Form 10-K. Below is a summary of the significant related party relationships in effect during the three months ended March 31, 2024 and 2023. Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG. The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the three month periods ended March 31, 2024 and 2023 totaled approximately $ 0.3 million and $ 0.2 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $ 1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of March 31, 2024 and December 31, 2023 , total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $ 0.4 million and $ 0.5 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes. The aircraft is also leased to affiliates of the Company based on third-party rates. Lease activity was not significant during the reporting periods. From time to time, the Company utilizes aircraft, owned by an entity which is owned by the Company’s Executive Chairman, for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes, and reimburses this entity at third-party rates. Total costs incurred for the use of the aircraft during the three months ended March 31, 2023 were less than $ 0.1 million and are included in general and administrative expenses in the Company’s consolidated statements of operations. The Company did no t use these aircraft during the three months ended March 31, 2024.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	7. Shareholders’ Equity Distributions For the three months ended March 31, 2024 , the Company paid distributions of $ 0.29 per common share for a total of $ 70.2 million. During the three months ended March 31, 2023 , the Company paid distributions of $ 0.32 per common share for a total of $ 73.4 million. Additionally, in March 2024 , the Company declared a monthly cash distribution of $ 0.08 per common share, totaling $ 19.4 million, which was recorded as a payable as of March 31, 2024 and paid on April 15, 2024 . In addition to the regular monthly cash distribution of $ 0.08 per common share for December 2023, the Board of Directors approved a special one-time distribution of $ 0.05 per common share for a combined distribution of $ 0.13 per common share, totaling $ 31.4 million, which was recorded as a payable as of December 31, 2023 and paid in January 2024 . These accrued distributions were included in accounts payable and other liabilities in the Company’s consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Issuance of Shares On February 23, 2024, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $ 500 million of its common shares under an at-the-market offering program (the “ATM Program”) under the Company’s current shelf registration statement. During the three months ended March 31, 2024, t he Company did no t sell any common shares under the ATM Program, and no common shares were sold during the three months ended March 31, 2024 under the previous $ 300 million at-the-market offering program (the “Prior ATM Program”), which was terminated in February 2024 in connection with the commencement of the current ATM Program . During the year ended December 31, 2023 , the Company sold approximately 12.8 million common shares under its the Prior ATM Program at a weighted-average market sales price of approximately $ 17.05 per common share and received aggregate gross proceeds of approximately $ 218.6 million and proceeds net of offering costs, which included $ 2.6 million of commissions, of approximately $ 216.0 million. The Company plans to use future net proceeds from the sale of shares under the ATM Program for general corporate purposes which may include, among other things, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the future net proceeds to acquire another REIT or other company that invests in income producing properties. Share Repurchases In May 2023, the Company’s Board of Directors approved a one-year extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $ 338.7 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. The Company previously entered into and expects to continue to enter into written trading plans as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company did no t repurchase any common shares during the three months ended March 31, 2024 . During the three months ended March 31, 2023, the Company purchased, under its Share Repurchase Program, approximately 0.3 million of its common shares at a weighted-average market purchase price of approximately $ 14.22 per common share for an aggregate purchase price, including commissions, of approximately $ 3.6 million. Past repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of March 31, 2024 , approximately $ 335.4 million remained available for purchase under the Share Repurchase Program.

Compensation Plans

Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Compensation Plans	8. Compensation Plans The Company annually establishes an incentive plan for its executive management team. Under the incentive plan for 2024 (the “2024 Incentive Plan”), participants are eligible to receive incentive compensation based on the achievement of certain 2024 performance measures, with one-half ( 50 %) of incentive compensation based on operational performance goals and metrics and one-half ( 50 %) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75 % of the target will be based on shareholder return relative to a peer group and 25 % will be based on total shareholder return metrics over one-year, two-year, and three-year periods. With respect to the operational performance goals and metrics, 75 % of the operational performance target will be based on the following metrics: Comparable Hotels RevPAR growth, Comparable Hotels Adjusted Hotel EBITDA margin, Adjusted EBITDAre, Modified Funds from Operations per share and the Company’s 2024 capital expenditures, equally weighted at 15 % (non-GAAP financial measures are defined elsewhere within this Quarterly Report on Form 10-Q). T he remaining 25 % of the operational performance target will be based on operational performance goals, including management of capital structure and the build out of proprietary market forecasting capabilities. As of March 31, 2024, the range of potential aggregate payouts under the 2024 Incentive Plan was $ 0 - $ 27.8 million. Based on performance through March 31, 2024 , the Company has accrued approximately $ 3.7 million as a liability for potential executive incentive compensation payments under the 2024 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of March 31, 2024 and in general and administrative expenses in the Company’s consolidated statement of operations for the three months ended March 31, 2024 . Approximately 25 % of target awards under the 2024 Incentive Plan, if any, will be paid in cash, and 75 % will be issued in common shares under the Company’s 2014 Omnibus Incentive Plan, approximately two-thirds of which will be unrestricted and one-third of which will vest in December 2025. Under the incentive plan for 2023 (the “2023 Incentive Plan”), the Company recorded approximately $ 4.2 million in general and administrative expenses in its consolidated statement of operations for the three months ended March 31, 2023. Share-Based Compensation Awards The following table sets forth information pertaining to the share-based compensation issued under the 2023 Incentive Plan and the incentive plan for 2022 (the “2022 Incentive Plan”). 2023 Incentive 2022 Incentive Period common shares issued First Quarter 2024 First Quarter 2023 Common shares earned under each incentive plan 1,110,664 935,189 Common shares surrendered on issuance date to 306,346 263,026 Common shares earned and issued under each 804,318 672,163 Average of the high and low stock price on issuance date $ 16.27 $ 16.70 Total share-based compensation earned, including the $ 18.1 (1) $ 15.6 (2) Of the total common shares earned and issued, total 399,842 360,176 Of the total common shares earned and issued, total 404,476 311,987 Restricted common shares vesting date December 13, 2024 December 8, 2023 Common shares surrendered on vesting date to satisfy n/a 134,085 (1) Of the total 2023 share-based compensation, approximately $ 14.8 million was recorded as a liability as of December 31, 2023 and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2023. Another $ 3.3 million, which is subject to vesting on December 13, 2024 and excludes any restricted shares forfeited or vested prior to that date, will be recognized as share-based compensation expense proportionately throughout 2024. For the three months ended March 31, 2024 , the Company recognized approximately $ 0.8 million of share-based compensation expense related to restricted share awards. (2) Of the total 2022 share-based compensation, approximately $ 2.6 million, which vested on December 8, 2023, was recognized as share-based compensation expense proportionately throughout 2023. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.7 million of share-based compensation expense related to restricted share awards. Additionally, in conjunction with the appointment of five new officers of the Company on April 1, 2020, the Company issued to the new officer group a total of approximately 200,000 restricted common shares with an aggregate grant date fair value of approximately $ 1.8 million. For each grantee, the restricted shares vested on March 31, 2023 . The expense associated with the awards was amortized over the 3 -year vesting period. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.1 million of share-based compensation expense related to these awards. Upon vesting on March 31, 2023, approximately 83,000 shares were surrendered to satisfy tax withholding obligations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On April 15, 2024, the Company paid approximately $ 19.4 million, or $ 0.08 per common share, in distributions to shareholders of record as of March 28, 2024 . On April 18, 2024 , the Company declared a monthly cash distribution of $ 0.08 per common share. The distribution is payable on May 15, 2024 , to shareholders of record as of April 30, 2024 .

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization	Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision-making process of these entities; therefore, the Company does not consolidate the entities. As of March 31, 2024, the Company owned 224 hotels with an aggregate of 29,886 guest rooms located in 37 states and the District of Columbia (“D.C.”). The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.”
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2024 .
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Net Income Per Common Share	Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income per common share were the same for each of the periods presented.
Accounting Standards Recently Issued	Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of March 31, 2024, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of March 31, 2024 , the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with respect to the Company’s consolidated financial statements.

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investment in Real Estate	The Company’s investment in real estate consisted of the following (in thousands): March 31, December 31, 2024 2023 Land $ 844,560 $ 828,868 Building and improvements 5,029,149 4,917,105 Furniture, fixtures and equipment 581,787 571,026 Finance ground lease assets 102,084 102,084 Franchise fees 23,565 21,233 6,581,145 6,440,316 Less accumulated depreciation and amortization ( 1,709,669 ) ( 1,662,942 ) Investment in real estate, net $ 4,871,476 $ 4,777,374
Schedule of Hotel Acquisitions	The following table sets forth the location, brand, manager, date acquired, number of guest rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Cleveland OH Courtyard Concord 6/30/2023 154 $ 31,000 Salt Lake City UT Courtyard North Central 10/11/2023 175 48,110 Salt Lake City UT Hyatt House North Central 10/11/2023 159 34,250 Salt Lake City (1) UT N/A North Central 10/11/2023 N/A 9,140 Renton WA Residence Inn InnVentures 10/18/2023 146 55,500 South Jordan UT Embassy Suites HHM 11/21/2023 192 36,750 Las Vegas NV SpringHill Suites Crescent 12/27/2023 299 75,000 1,125 $ 289,750 This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.
Schedule of Purchase Contract Outstanding	The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of guest rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of March 31, 2024. All dollar amounts are in thousands. Location Brand Date of Rooms Refundable Gross Madison, WI Embassy Suites 7/27/2021 262 $ 893 $ 79,306 Nashville, TN Motto 5/16/2023 260 1,058 98,183 522 $ 1,951 $ 177,489

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Hotels Sold	The following table lists the two hotels sold: City State Brand Date Sold Rooms Rogers AR Hampton 2/9/2024 122 Rogers AR Homewood Suites 2/9/2024 126 248

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Tables [Line Items]
Schedule of Future Minimum Debt Payments	The aggregate amounts of principal payable under the Company’s total debt obligations as of March 31, 2024 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the remainder of this fiscal year, each of the next four fiscal years and thereafter are as follows (in thousands): 2024 (April - December) $ 111,329 2025 295,140 2026 205,649 2027 278,602 2028 334,066 Thereafter 281,948 1,506,734 Unamortized fair value adjustment of assumed debt 442 Unamortized debt issuance costs ( 6,478 ) Total $ 1,500,698
Schedule of Total Fixed-Rate and Variable Rate Debt	The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual Secured Overnight Financing Rate (“SOFR”) for a one-month term (“one-month SOFR”) plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect as of March 31, 2024 and December 31, 2023, is set forth below. All dollar amounts are in thousands. March 31, Percentage December 31, Percentage Fixed-rate debt (1) $ 1,175,734 78 % $ 1,228,002 89 % Variable-rate debt 331,000 22 % 150,000 11 % Total $ 1,506,734 $ 1,378,002 Weighted-average interest rate of debt 4.56 % 4.26 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.
Summary [Member]
Debt Tables [Line Items]
Schedule of Long-term Debt Instruments	As of March 31, 2024 and December 31, 2023, the Company’s debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility $ 131,000 $ - Term loans and senior notes, net 1,089,402 1,088,904 Mortgage debt, net 280,296 282,590 Debt, net $ 1,500,698 $ 1,371,494
Credit Facilities [Member]
Debt Tables [Line Items]
Schedule of Long-term Debt Instruments	As of March 31, 2024 and December 31, 2023, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity March 31, 2024 December 31, 2023 Revolving credit facility (1) SOFR + 0.10 % + 1.40 % - 2.25 % 7/25/2026 $ 131,000 $ - Term loans and senior notes $275 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 7/25/2027 275,000 275,000 $300 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 1/31/2028 300,000 300,000 $50 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 8/2/2025 50,000 50,000 $175 million term loan SOFR + 0.10 % + 1.65 % - 2.50 % 8/2/2025 175,000 175,000 2017 $85 million term loan SOFR + 0.10 % + 1.30 % - 2.10 % 7/25/2024 (3) 85,000 85,000 2019 $85 million term loan SOFR + 0.10 % + 1.70 % - 2.55 % 12/31/2029 85,000 85,000 $50 million senior notes 3.60 % - 4.35 % 3/31/2030 50,000 50,000 $75 million senior notes 4.88 % - 5.63 % 6/2/2029 75,000 75,000 Term loans and senior notes at stated value 1,095,000 1,095,000 Unamortized debt issuance costs ( 5,598 ) ( 6,096 ) Term loans and senior notes, net 1,089,402 1,088,904 Credit facilities, net (1) $ 1,220,402 $ 1,088,904 Weighted-average interest rate (2) 4.71 % 4.35 % (1) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.1 million and $ 3.5 million as of March 31, 2024 and December 31, 2023 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. (2) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 770.0 million and $ 820.0 million of the outstanding variable-rate debt as of March 31, 2024 and December 31, 2023, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR on March 31, 2024 and December 31, 2023 was 5.33 % and 5.35 %, respectively. (3) The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing or refinancing the maturing debt.
Mortgage Debt [Member]
Debt Tables [Line Items]
Schedule of Long-term Debt Instruments	As of March 31, 2024, the Company had approximately $ 280.7 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038, stated interest rates ranging from 3.40 % to 4.46 % and effective interest rates ranging from 3.40 % to 4.37 %. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of March 31, 2024 and December 31, 2023 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest (1) Loan Maturity Principal Outstanding Outstanding New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 (2) 27,000 $ 20,083 $ 20,304 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 7,633 7,713 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 27,063 27,337 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 11,627 11,707 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 19,312 19,445 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 20,554 20,685 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 20,322 20,526 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 20,249 20,453 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 15,074 15,226 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 24,027 24,237 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,106 13,221 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 13,752 13,832 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 13,752 13,832 Portland, ME Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 30,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 23,680 23,984 $ 338,854 280,734 283,002 Unamortized fair value adjustment of assumed debt 442 526 Unamortized debt issuance costs ( 880 ) ( 938 ) Total $ 280,296 $ 282,590 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Swap Agreements	The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of March 31, 2024 and December 31, 2023. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at Origination Effective Maturity Swap Fixed March 31, December 31, Active interest rate swaps designated as cash flow hedges at March 31, 2024: $ 75,000 5/31/2017 7/31/2017 6/30/2024 1.95 % $ 626 $ 1,202 10,000 8/10/2017 8/10/2017 6/30/2024 2.02 % 82 157 50,000 7/2/2019 7/5/2019 7/18/2024 1.64 % 552 956 50,000 8/21/2019 8/23/2019 8/18/2024 1.31 % 778 1,193 50,000 8/21/2019 8/23/2019 8/30/2024 1.32 % 835 1,239 75,000 8/21/2019 5/18/2020 5/18/2025 1.26 % 3,113 3,273 50,000 6/1/2018 1/31/2019 6/30/2025 2.88 % 1,254 1,117 25,000 12/6/2018 1/31/2020 6/30/2025 2.74 % 668 608 75,000 8/21/2019 5/18/2021 5/18/2026 1.29 % 4,982 4,580 125,000 11/3/2023 11/3/2023 11/18/2026 4.51 % ( 378 ) ( 2,333 ) 50,000 3/17/2023 3/20/2023 3/18/2028 3.50 % 1,176 268 50,000 3/17/2023 3/20/2023 3/20/2028 3.49 % 1,139 242 85,000 12/31/2019 12/31/2019 12/31/2029 1.87 % 9,285 7,788 770,000 24,112 20,290 Matured interest rate swap at March 31, 2024: $ 50,000 12/7/2018 5/18/2020 1/31/2024 2.71 % - 114 $ 24,112 $ 20,404
Derivative Instruments, Gain (Loss) Recognized	The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2024 and 2023 (in thousands): Net Unrealized Gain (Loss) Net Unrealized Gain Reclassified Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Interest rate derivatives in cash flow $ 9,709 $ ( 3,091 ) $ 6,001 $ 5,015

Compensation Plans (Tables)

Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Information Pertaining to Share-based Compensation Issued	The following table sets forth information pertaining to the share-based compensation issued under the 2023 Incentive Plan and the incentive plan for 2022 (the “2022 Incentive Plan”). 2023 Incentive 2022 Incentive Period common shares issued First Quarter 2024 First Quarter 2023 Common shares earned under each incentive plan 1,110,664 935,189 Common shares surrendered on issuance date to 306,346 263,026 Common shares earned and issued under each 804,318 672,163 Average of the high and low stock price on issuance date $ 16.27 $ 16.70 Total share-based compensation earned, including the $ 18.1 (1) $ 15.6 (2) Of the total common shares earned and issued, total 399,842 360,176 Of the total common shares earned and issued, total 404,476 311,987 Restricted common shares vesting date December 13, 2024 December 8, 2023 Common shares surrendered on vesting date to satisfy n/a 134,085 (1) Of the total 2023 share-based compensation, approximately $ 14.8 million was recorded as a liability as of December 31, 2023 and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2023. Another $ 3.3 million, which is subject to vesting on December 13, 2024 and excludes any restricted shares forfeited or vested prior to that date, will be recognized as share-based compensation expense proportionately throughout 2024. For the three months ended March 31, 2024 , the Company recognized approximately $ 0.8 million of share-based compensation expense related to restricted share awards. (2) Of the total 2022 share-based compensation, approximately $ 2.6 million, which vested on December 8, 2023, was recognized as share-based compensation expense proportionately throughout 2023. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.7 million of share-based compensation expense related to restricted share awards.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 State GuestRoom Hotel Segment
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Number of reportable segments | Segment	1
Number of hotels | Hotel	224
Aggregate number of hotel rooms | GuestRoom	29,886
Number of states in which hotels are located | State	37

Investment In Real Estate - Sch

Investment In Real Estate - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	$ 6,581,145	$ 6,440,316
Less accumulated depreciation and amortization	(1,709,669)	(1,662,942)
Investment in real estate, net	4,871,476	4,777,374
Land [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	844,560	828,868
Building and Improvements [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	5,029,149	4,917,105
Furniture, Fixtures and Equipment [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	581,787	571,026
Finance Ground Lease Assets [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	102,084	102,084
Franchise Fees [Member]
Property Plant And Equipment [Line Items]
Real estate investment property, at cost	$ 23,565	$ 21,233

Investment in Real Estate - Add

Investment in Real Estate - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2023 GuestRoom	Mar. 31, 2024 USD ($) Hotel State GuestRoom	Mar. 31, 2023 USD ($) Hotel	Dec. 31, 2023 USD ($) Hotel Room ParkingStructure
Investment In Real Estate [Line Items]
Number of hotels | Hotel		224
Proceeds from term loans and senior notes		$ 0	$ 50,000
Aggregate number of hotel rooms | GuestRoom		29,886
Number of states in which hotels are located | State		37
Lessor, Operating Lease, Term of Contract	15 years
Total revenue		$ 329,512	311,454
Operating income (loss)		71,615	$ 49,247
Cash payment		118,337
Finance lease liabilities		111,837		$ 111,892
Independent Boutique Hotel, New York [Member]
Investment In Real Estate [Line Items]
Number of hotel rooms under operating lease | GuestRoom	210
Hotel Acquisitions [Member]
Investment In Real Estate [Line Items]
Number of hotels | Hotel			0	6
Aggregate number of hotel rooms | Room				1,125
Total revenue		$ 500
Purchase price				$ 289,750
Number of parking structure purchased			0	1
Hotel Acquisitions [Member] | AC Hotel in Washington D.C [Member]
Investment In Real Estate [Line Items]
Number of hotels | Hotel		1
Aggregate number of hotel rooms | GuestRoom		234
Purchase price		$ 116,800
Hotels Under Purchase Contract [Member]
Investment In Real Estate [Line Items]
Number of outstanding contracts | Hotel		2
Purchase price		$ 177,489
Purchase contract gross purchase price		177,500
Hotels Under Purchase Contract [Member] | Embassy Suites Madison, WI [Member]
Investment In Real Estate [Line Items]
Purchase price		79,306
Maximum [Member] | Hotel Acquisitions [Member]
Investment In Real Estate [Line Items]
Operating income (loss)		$ 100

Investment in Real Estate - S_2

Investment in Real Estate - Schedule of Hotel Acquisitions (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Room	Mar. 31, 2024 GuestRoom
Real Estate Properties [Line Items]
Rooms | GuestRoom			29,886
Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Rooms | Room		1,125
Gross Purchase Price		$ 289,750
Courtyard Cleveland OH [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		Concord
Date Acquired		Jun. 30, 2023
Rooms | Room		154
Gross Purchase Price		$ 31,000
Courtyard, Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		North Central
Date Acquired		Oct. 11, 2023
Rooms | Room		175
Gross Purchase Price		$ 48,110
Hyatt House, Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		North Central
Date Acquired		Oct. 11, 2023
Rooms | Room		159
Gross Purchase Price		$ 34,250
Salt Lake City, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager	[1]	North Central
Date Acquired	[1]	Oct. 11, 2023
Gross Purchase Price	[1]	$ 9,140
Residence Inn, Renton, WA [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		InnVentures
Date Acquired		Oct. 18, 2023
Rooms | Room		146
Gross Purchase Price		$ 55,500
Embassy Suites, South Jordan, UT [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		HHM
Date Acquired		Nov. 21, 2023
Rooms | Room		192
Gross Purchase Price		$ 36,750
SpringHill Suites, Las Vegas, NV [Member] | Hotel Acquisitions [Member]
Real Estate Properties [Line Items]
Manager		Crescent
Date Acquired		Dec. 27, 2023
Rooms | Room		299
Gross Purchase Price		$ 75,000
[1] This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand.

Investment in Real Estate - S_3

Investment in Real Estate - Schedule of Purchase Contract Outstanding (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Room GuestRoom
Real Estate Properties [Line Items]
Rooms | GuestRoom	29,886
Hotels Under Purchase Contract [Member]
Real Estate Properties [Line Items]
Rooms | Room	522
Refundable Deposits	$ 1,951
Gross Purchase Price	$ 177,489
Hotels Under Purchase Contract [Member] | Embassy Suites Madison W I [Member]
Real Estate Properties [Line Items]
Date of Purchase Contract	Jul. 27, 2021
Rooms | Room	262
Refundable Deposits	$ 893
Gross Purchase Price	$ 79,306
Hotels Under Purchase Contract [Member] | Motto, Nashville, TN [Member]
Real Estate Properties [Line Items]
Date of Purchase Contract	May 16, 2023
Rooms | Room	260
Refundable Deposits	$ 1,058
Gross Purchase Price	$ 98,183

Dispositions - Additional Infor

Dispositions - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) GuestRoom Hotel	Mar. 31, 2023 USD ($)	Dec. 31, 2023 Hotel
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of Real Estate Properties | Hotel	224
Rooms | GuestRoom	29,886
Gain (Loss) on Disposition of Assets	$ 17,766,000
Hotels Sold [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of Real Estate Properties | Hotel	2		0
Sale of Real Estate Assets, Gross Sales Price	$ 33,500,000
Gain (Loss) on Disposition of Assets	17,800,000
Real Estate Investment, Carrying Value	15,300,000
Deferral Taxable Gain	15,100,000
Hotels Sold [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating income, excluding gain (loss) on sale of real estate		$ 200,000
Hotels Sold [Member] | Maximum [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating income, excluding gain (loss) on sale of real estate	$ 100,000

Dispositions - Schedule of Hote

Dispositions - Schedule of Hotels Sold (Details)	3 Months Ended
	Mar. 31, 2024 Room
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms	248
Hampton Rogers, AR [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold	Feb. 09, 2024
Rooms	122
Homewood Suites Rogers, AR [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold	Feb. 09, 2024
Rooms	126

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Revolving credit facility	$ 131,000
Term loans and senior notes, net	1,089,402	$ 1,088,904
Mortgage debt, net	280,296	282,590
Debt, net	$ 1,500,698	$ 1,371,494

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Debt Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (April - December)	$ 111,329
2025	295,140
2026	205,649
2027	278,602
2028	334,066
Thereafter	281,948
Debt, gross	1,506,734	$ 1,378,002
Unamortized fair value adjustment of assumed debt	442
Unamortized debt issuance costs	(6,478)
Debt, net	$ 1,500,698	$ 1,371,494

Debt - Schedule of Total Fixed-

Debt - Schedule of Total Fixed-Rate and Variable Rate Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Fixed-rate debt		$ 1,175,734	$ 1,228,002	[1]
Variable-rate debt		331,000	150,000
Debt, gross		$ 1,506,734	$ 1,378,002
Weighted-average interest rate of debt		4.56%	4.26%
Fixed-rate debt, Percentage	[1]	78%	89%
Variable-rate debt, Percentage		22%	11%
[1] Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements.

Debt - Additional Information (

Debt - Additional Information (Details)

3 Months Ended

20 Months Ended

Dec. 31, 2019 USD ($) Loan

Jan. 29, 2019 USD ($)

Jul. 25, 2017 USD ($) Loan

Mar. 31, 2024 USD ($) Hotel_Property

Mar. 31, 2023 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Jul. 19, 2023 USD ($)

Jan. 17, 2023 USD ($)

Oct. 24, 2022 USD ($)

Jul. 25, 2022 USD ($)

Jun. 02, 2022 USD ($)

Mar. 16, 2020 USD ($)

Aug. 02, 2018 USD ($)

Debt Details [Line Items]

Debt instrument, description of variable rate basis

plus a 0.10% SOFR spread adjustment

Proceeds from term loans and senior notes

$ 0

$ 50,000,000

SOFR spread adjustment rate

0.10%

0.10%

Outstanding Balance

$ 1,506,734,000

$ 1,506,734,000

$ 1,378,002,000

2017 $85 Million Unsecured Term Loan Facility [Member]

Debt Details [Line Items]

Number of term loans | Loan

1

Debt instrument, face amount

$ 85,000,000

$ 85,000,000

$ 85,000,000

Debt instrument, maturity date

Jul. 25, 2024

Debt instrument, description of variable rate basis

one-month SOFR plus a 0.10% SOFR spread adjustment

SOFR spread adjustment rate

0.10%

0.10%

2019 $85 Million Unsecured Term Loan Facility [Member]

Debt Details [Line Items]

Number of term loans | Loan

1

Debt instrument, face amount

$ 85,000,000

$ 85,000,000

$ 85,000,000

Debt instrument, maturity date

Dec. 31, 2029

Debt instrument, description of variable rate basis

one-month SOFR plus a 0.10% SOFR spread adjustment

SOFR spread adjustment rate

0.10%

0.10%

$50 Million Senior Notes [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 50,000,000

$ 50,000,000

$ 50,000,000

Debt instrument, maturity date

Mar. 31, 2030

$75 Million Senior Notes [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 75,000,000

75,000,000

$ 75,000,000

Debt instrument, maturity date

Jun. 02, 2029

$575 Million Unsecured Term Loan Facility [Member]

Debt Details [Line Items]

Line of credit facility, maximum borrowing capacity

$ 575,000,000

575,000,000

Mortgage Debt [Member]

Debt Details [Line Items]

Outstanding Balance

$ 280,700,000

280,700,000

Number of hotel properties used to secure debt | Hotel_Property

15

Debt instrument, maturity date, description

maturity dates ranging from August 2024 to May 2038,

$225 Million Unsecured Term Loan Facility [Member]

Debt Details [Line Items]

Term loan facility, maximum borrowing capacity

$ 225,000,000

$ 225,000,000

$ 225,000,000

Debt instrument, description of variable rate basis

one-month SOFR plus a 0.10% SOFR spread adjustment

SOFR spread adjustment rate

0.10%

0.10%

$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 50,000,000

$ 50,000,000

Debt instrument, maturity date

Aug. 02, 2023

Date of amended and restated credit facility

Aug. 02, 2018

$225 Million Unsecured Term Loan Facility [Member] | $175 Million Unsecured Term Loan [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 175,000,000

$ 175,000,000

$ 100,000,000

Debt instrument, maturity date

Aug. 02, 2025

Debt instrument, description

$100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”)

Proceeds from term loans and senior notes

$ 75,000,000

Credit Facilities [Member]

Debt Details [Line Items]

Line of credit facility, covenant terms

The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements):•A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00;•A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%;•A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment;•A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters;•A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters;•A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and•A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%.The Company was in compliance with the applicable covenants as of March 31, 2024.

Unsecured Credit Facility [Member]

Debt Details [Line Items]

Minimum consolidated tangible net worth

$ 3,400,000,000

$ 3,400,000,000

Percentage of net cash proceeds from issuances and sales of equity interests

75%

75%

$1.2 Billion Credit Facility [Member]

Debt Details [Line Items]

Line of credit facility, maximum borrowing capacity

$ 1,200,000,000

$ 1,200,000,000

$ 1,200,000,000

Debt instrument, description of variable rate basis

one-month SOFR plus a 0.10% SOFR spread adjustment

SOFR spread adjustment rate

0.10%

0.10%

$1.2 Billion Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]

Debt Details [Line Items]

Line of credit facility, maximum borrowing capacity

$ 650,000,000

$ 650,000,000

Line of credit facility, remaining borrowing capacity

$ 519,000,000

519,000,000

Debt instrument extended maturity date

Jul. 25, 2026

$1.2 Billion Credit Facility [Member] | $275 Million Term Loan Facility [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 275,000,000

275,000,000

Debt instrument extended maturity date

Jul. 25, 2027

$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member]

Debt Details [Line Items]

Term loan facility, maximum borrowing capacity

$ 300,000,000

300,000,000

Debt instrument extended maturity date

Jan. 31, 2028

$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At Closing [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 200,000,000

$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Delayed Draw Term Loan [Member]

Debt Details [Line Items]

Debt instrument, description

$150 million delayed draw option until 180 days from closing), of which $200 million was funded at closing, $50 million was funded on October 24, 2022 and the remaining $50 million was funded on January 17, 2023 (the term loans described in clauses (ii) and (iii) are referred to together as the “$575 million term loan facility”)

Term loan facility, remaining available capacity

$ 150,000,000

$ 150,000,000

$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loans Funded On October Twenty Four Two Thousand Twenty Two [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 50,000,000

$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At January Seventeen Two Thousand Twenty Three [Member]

Debt Details [Line Items]

Debt instrument, face amount

$ 50,000,000

Revolving Credit Facility [Member]

Debt Details [Line Items]

Debt instrument, maturity date

[1]

Jul. 25, 2026

SOFR spread adjustment rate

[1]

0.10%

0.10%

Outstanding Balance

$ 131,000,000

$ 131,000,000

Revolving Credit Facility [Member] | Prior To Refinancing [Member]

Debt Details [Line Items]

Line of credit facility, maximum borrowing capacity

$ 425,000,000

Revolving Credit Facility [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | Prior To Refinancing [Member]

Debt Details [Line Items]

Line of credit facility, maximum borrowing capacity

$ 425,000,000

Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

1.30%

Minimum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

1.70%

Minimum [Member] | $50 Million Senior Notes [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

3.60%

3.60%

Minimum [Member] | $75 Million Senior Notes [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

4.88%

4.88%

Minimum [Member] | Mortgage Debt [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

3.40%

3.40%

Effective interest rates

3.40%

3.40%

Minimum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

1.35%

Minimum [Member] | Unsecured Credit Facility [Member]

Debt Details [Line Items]

Ratio of adjusted consolidated EBITDA to consolidated fixed charges

1.50

1.50

Ratio of unencumbered adjusted NOI to consolidated implied interest expense

2

2

Minimum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

1.35%

Minimum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]

Debt Details [Line Items]

Line of credit facility, unused capacity, commitment fee percentage

0.20%

Minimum [Member] | Revolving Credit Facility [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

[1]

1.40%

Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

2.10%

Maximum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

2.55%

Maximum [Member] | $50 Million Senior Notes [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

4.35%

4.35%

Maximum [Member] | $75 Million Senior Notes [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

5.63%

5.63%

Maximum [Member] | Mortgage Debt [Member]

Debt Details [Line Items]

Note payable, fixed annual interest rate

4.46%

4.46%

Effective interest rates

4.37%

4.37%

Maximum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

2.50%

Maximum [Member] | Unsecured Credit Facility [Member]

Debt Details [Line Items]

Ratio of consolidated total indebtedness to consolidated EBITDA

7.25

7.25

Ratio of consolidated secured indebtedness to consolidated total assets

45%

45%

Ratio of un secured indebtedness to unencumbered asset value ("Maximum Unsecured Leverage Ratio")

60%

60%

Ratio of secured recourse indebtedness to consolidated total assets

10%

10%

Maximum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

2.25%

Maximum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member]

Debt Details [Line Items]

Line of credit facility, unused capacity, commitment fee percentage

0.25%

Maximum [Member] | Revolving Credit Facility [Member]

Debt Details [Line Items]

Debt instrument, basis spread on variable rate

[1]

2.25%

[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.1 million and $ 3.5 million as of March 31, 2024 and December 31, 2023 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets.

Debt - Schedule of Unsecured Cr

Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Balance		$ 1,506,734	$ 1,378,002
Revolving credit facility outstanding balance		131,000
Unamortized debt issuance costs		(6,478)
Term loans and senior notes, net		1,089,402	1,088,904
Credit facilities, net		$ 1,500,698	$ 1,371,494
Weighted-average interest rate		4.56%	4.26%
SOFR spread adjustment rate		0.10%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Description	[1]	SOFR + 0.10% + 1.40% - 2.25%
Maturity Date	[1]	Jul. 25, 2026
Outstanding Balance		$ 131,000
SOFR spread adjustment rate	[1]	0.10%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	[1]	1.40%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate	[1]	2.25%
Million275 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date		Jul. 25, 2027
Outstanding Balance		$ 275,000	$ 275,000
SOFR spread adjustment rate		0.10%
Million275 Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
Million275 Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
Million300 Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date		Jan. 31, 2028
Outstanding Balance		$ 300,000	300,000
SOFR spread adjustment rate		0.10%
Million300 Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
Million300 Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
$50 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.35% - 2.20%
Maturity Date		Aug. 02, 2025
Outstanding Balance		$ 50,000	50,000
SOFR spread adjustment rate		0.10%
$50 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.35%
$50 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.20%
$175 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.65% - 2.50%
Maturity Date		Aug. 02, 2025
Outstanding Balance		$ 175,000	175,000
SOFR spread adjustment rate		0.10%
$175 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.65%
$175 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.50%
2017 $85 Million Term Loan [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.30% - 2.10%
Maturity Date	[2]	Jul. 25, 2024
Outstanding Balance		$ 85,000	85,000
SOFR spread adjustment rate		0.10%
2017 $85 Million Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.30%
2017 $85 Million Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.10%
2019 $85 Million Unsecured Term Loan Facility [Member]
Debt Instrument [Line Items]
Interest Rate, Description		SOFR + 0.10% + 1.70% - 2.55%
Maturity Date		Dec. 31, 2029
Outstanding Balance		$ 85,000	85,000
SOFR spread adjustment rate		0.10%
2019 $85 Million Unsecured Term Loan Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		1.70%
2019 $85 Million Unsecured Term Loan Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		2.55%
$50 Million Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Description		3.60% - 4.35
Maturity Date		Mar. 31, 2030
$50 Million Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate		3.60%
$50 Million Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate		4.35%
$75 Million Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate, Description		4.88% - 5.63%
Maturity Date		Jun. 02, 2029
Outstanding Balance		$ 75,000	75,000
$75 Million Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate		4.88%
$75 Million Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate		5.63%
Term Loans and Senior Loans, Net [Member]
Debt Instrument [Line Items]
Outstanding Balance		$ 1,095,000	1,095,000
Unamortized debt issuance costs		(5,598)	(6,096)
Term loans and senior notes, net		1,089,402	1,088,904
Credit Facilities, Net [Member]
Debt Instrument [Line Items]
Credit facilities, net	[1]	$ 1,220,402	$ 1,088,904
Weighted-average interest rate	[3]	4.71%	4.35%
[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.1 million and $ 3.5 million as of March 31, 2024 and December 31, 2023 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing or refinancing the maturing debt. Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 770.0 million and $ 820.0 million of the outstanding variable-rate debt as of March 31, 2024 and December 31, 2023, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR on March 31, 2024 and December 31, 2023 was 5.33 % and 5.35 %, respectively.

Debt - Schedule of Unsecured _2

Debt - Schedule of Unsecured Credit Facilities (Parentheticals) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jul. 19, 2023	Jul. 25, 2022	Aug. 02, 2018
Debt Details [Line Items]
Debt issuance costs, net	$ 6,478,000
Outstanding Balance	$ 1,506,734,000	$ 1,378,002,000
S O F R Spread Adjustment Rate	0.10%
Secured Overnight Financing Rate (SOFR) [Member]
Debt Details [Line Items]
Debt Instrument, Basis of Variable Rate	5.33%	5.35%
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member]
Debt Details [Line Items]
Derivative, notional amount	$ 770,000,000	$ 820,000,000
Revolving Credit Facilities [Member]
Debt Details [Line Items]
Debt issuance costs, net	3,100,000	$ 3,500,000
$225 Million Unsecured Term Loan Facility [Member]
Debt Details [Line Items]
Term loan facility, maximum borrowing capacity	$ 225,000,000		$ 225,000,000
S O F R Spread Adjustment Rate	0.10%
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member]
Debt Details [Line Items]
Debt instrument, face amount			$ 50,000,000		$ 50,000,000
$1.2 Billion Credit Facility [Member]
Debt Details [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,200,000,000			$ 1,200,000,000
S O F R Spread Adjustment Rate	0.10%

Debt - Schedule of Mortgage Deb

Debt - Schedule of Mortgage Debt Obligations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Balance		$ 1,506,734	$ 1,378,002
Unamortized fair value adjustment of assumed debt		442
Unamortized debt issuance costs		(6,478)
Total		$ 280,296	282,590
Homewood Suites New Orleans, LA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.36%
Loan Assumption or Origination Date		Jul. 17, 2014
Maturity Date	[2]	Aug. 11, 2024
Note payable, principal assumed or originated		$ 27,000
Outstanding Balance		$ 20,083	20,304
Residence Inn Westford, MA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Mar. 18, 2015
Maturity Date		Apr. 11, 2025
Note payable, principal assumed or originated		$ 10,000
Outstanding Balance		$ 7,633	7,713
Hilton Garden Inn Denver, CO [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.46%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Jun. 11, 2025
Note payable, principal assumed or originated		$ 34,118
Outstanding Balance		$ 27,063	27,337
Courtyard Oceanside, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Oct. 01, 2025
Note payable, principal assumed or originated		$ 13,655
Outstanding Balance		$ 11,627	11,707
Hilton Garden Inn Omaha, NE [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.28%
Loan Assumption or Origination Date		Sep. 01, 2016
Maturity Date		Oct. 01, 2025
Note payable, principal assumed or originated		$ 22,681
Outstanding Balance		$ 19,312	19,445
Hampton Boise, ID [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.37%
Loan Assumption or Origination Date		May 26, 2016
Maturity Date		Jun. 11, 2026
Note payable, principal assumed or originated		$ 24,000
Outstanding Balance		$ 20,554	20,685
Courtyard Burbank, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 25,564
Outstanding Balance		$ 20,322	20,526
Courtyard San Diego, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 25,473
Outstanding Balance		$ 20,249	20,453
Hampton San Diego, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.55%
Loan Assumption or Origination Date		Nov. 03, 2016
Maturity Date		Dec. 01, 2026
Note payable, principal assumed or originated		$ 18,963
Outstanding Balance		$ 15,074	15,226
SpringHill Suites Burbank, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.94%
Loan Assumption or Origination Date		Mar. 09, 2018
Maturity Date		Apr. 01, 2028
Note payable, principal assumed or originated		$ 28,470
Outstanding Balance		$ 24,027	24,237
Courtyard Santa Ana, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.94%
Loan Assumption or Origination Date		Mar. 09, 2018
Maturity Date		Apr. 01, 2028
Note payable, principal assumed or originated		$ 15,530
Outstanding Balance		$ 13,106	13,221
Courtyard Richmond, VA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.40%
Loan Assumption or Origination Date		Feb. 12, 2020
Maturity Date		Mar. 11, 2030
Note payable, principal assumed or originated		$ 14,950
Outstanding Balance		$ 13,752	13,832
Residence Inn Richmond, VA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.40%
Loan Assumption or Origination Date		Feb. 12, 2020
Maturity Date		Mar. 11, 2030
Note payable, principal assumed or originated		$ 14,950
Outstanding Balance		$ 13,752	13,832
Residence Inn Portland, ME [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	3.43%
Loan Assumption or Origination Date		Mar. 02, 2020
Maturity Date		Mar. 01, 2032
Note payable, principal assumed or originated		$ 33,500
Outstanding Balance		$ 30,500	30,500
Homewood Suites San Jose, CA [Member]
Debt Instrument [Line Items]
Interest Rate	[1]	4.22%
Loan Assumption or Origination Date		Dec. 22, 2017
Maturity Date		May 01, 2038
Note payable, principal assumed or originated		$ 30,000
Outstanding Balance		23,680	23,984
Aggregate Properties [Member]
Debt Instrument [Line Items]
Note payable, principal assumed or originated		338,854
Outstanding Balance		280,734	283,002
Unamortized fair value adjustment of assumed debt		442	526
Unamortized debt issuance costs		$ (880)	$ (938)
[1] Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. The Company plans to pay the outstanding amount and service payments due upon the upcoming debt maturity date using funds from operations, borrowings under its Revolving Credit Facility and/or proceeds from new financing.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Derivative_Instrument	Dec. 31, 2023 USD ($)
Fair Value of Financial Instruments [Line Items]
Long-term debt, fair value		$ 1,300,000
Long-term debt, carrying value	$ 1,500,698	$ 1,371,494
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 15,200
Secured Overnight Financing Rate (SOFR) [Member]
Fair Value of Financial Instruments [Line Items]
Variable Rate	0.10%
Interest Rate, Description	one-month SOFR plus a 0.10% SOFR spread adjustment
Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments [Line Items]
Number of interest rate swap agreements | Derivative_Instrument	13

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Fair value asset (liability)	$ 24,112	$ 20,404
Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	770,000
Fair value asset (liability)	24,112	20,290
Interest Rate Swap #1 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	May 31, 2017
Effective Date	Jul. 31, 2017
Maturity date	Jun. 30, 2024
Swap fixed interest rate	1.95%
Fair value asset (liability)	$ 626	1,202
Interest Rate Swap #2 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 10,000
Origination Date	Aug. 10, 2017
Effective Date	Aug. 10, 2017
Maturity date	Jun. 30, 2024
Swap fixed interest rate	2.02%
Fair value asset (liability)	$ 82	157
Interest Rate Swap #3 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Jul. 02, 2019
Effective Date	Jul. 05, 2019
Maturity date	Jul. 18, 2024
Swap fixed interest rate	1.64%
Fair value asset (liability)	$ 552	956
Interest Rate Swap #4 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Aug. 21, 2019
Effective Date	Aug. 23, 2019
Maturity date	Aug. 18, 2024
Swap fixed interest rate	1.31%
Fair value asset (liability)	$ 778	1,193
Interest Rate Swap #5 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Aug. 21, 2019
Effective Date	Aug. 23, 2019
Maturity date	Aug. 30, 2024
Swap fixed interest rate	1.32%
Fair value asset (liability)	$ 835	1,239
Interest Rate Swap #6 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	Aug. 21, 2019
Effective Date	May 18, 2020
Maturity date	May 18, 2025
Swap fixed interest rate	1.26%
Fair value asset (liability)	$ 3,113	3,273
Interest Rate Swap #7 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Jun. 01, 2018
Effective Date	Jan. 31, 2019
Maturity date	Jun. 30, 2025
Swap fixed interest rate	2.88%
Fair value asset (liability)	$ 1,254	1,117
Interest Rate Swap #8 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 25,000
Origination Date	Dec. 06, 2018
Effective Date	Jan. 31, 2020
Maturity date	Jun. 30, 2025
Swap fixed interest rate	2.74%
Fair value asset (liability)	$ 668	608
Interest Rate Swap #9 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 75,000
Origination Date	Aug. 21, 2019
Effective Date	May 18, 2021
Maturity date	May 18, 2026
Swap fixed interest rate	1.29%
Fair value asset (liability)	$ 4,982	4,580
Interest Rate Swap #10 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 125,000
Origination Date	Nov. 03, 2023
Effective Date	Nov. 03, 2023
Maturity date	Nov. 18, 2026
Swap fixed interest rate	4.51%
Fair value asset (liability)	$ (378)	(2,333)
Interest Rate Swap #11 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Mar. 17, 2023
Effective Date	Mar. 20, 2023
Maturity date	Mar. 18, 2028
Swap fixed interest rate	3.50%
Fair value asset (liability)	$ 1,176	268
Interest Rate Swap #12 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Mar. 17, 2023
Effective Date	Mar. 20, 2023
Maturity date	Mar. 20, 2028
Swap fixed interest rate	3.49%
Fair value asset (liability)	$ 1,139	242
Interest Rate Swap #13 [Member] | Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 85,000
Origination Date	Dec. 31, 2019
Effective Date	Dec. 31, 2019
Maturity date	Dec. 31, 2029
Swap fixed interest rate	1.87%
Fair value asset (liability)	$ 9,285	7,788
Interest Rate Swap #14 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items]
Derivative, notional amount	$ 50,000
Origination Date	Dec. 07, 2018
Effective Date	May 18, 2020
Maturity date	Jan. 31, 2024
Swap fixed interest rate	2.71%
Fair value asset (liability)	$ 0	$ 114

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss Recognized [Abstract]
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$ 9,709	$ (3,091)
Net Unrealized Gain Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net	$ 6,001	$ 5,015

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Aircraft Owned by Executive Officers [Member] | General and Administrative Expenses [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	$ 0	$ 100,000
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	300,000	$ 200,000
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | Apple Realty Group, Inc. [Member]
Related Parties Details [Line Items]
Other Receivables	$ 400,000		$ 500,000
Cost Sharing Arrangement [Member]
Related Parties Details [Line Items]
Related party transaction, Description of transaction	To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies.
Cost Sharing Arrangement [Member] | Maximum [Member]
Related Parties Details [Line Items]
Related Party Transaction, Amounts of Transaction	$ 1,000,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 15, 2024	Mar. 31, 2024	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 23, 2024	Aug. 12, 2020
Shareholders Equity Details [Line Items]
Common stock, dividends, per share, cash paid				$ 0.29	$ 0.32
Payments of ordinary dividends, common stock				$ 70,156,000	$ 73,399,000
Cash distribution, date declared		Mar. 31, 2024
Cash distribution declared		$ 0.08		$ 0.08		$ 0.08
Cash distribution, date to be paid	Apr. 15, 2024		Jan. 31, 2024
Accrued distribution		$ 19,355,000		$ 19,355,000	18,296,000	$ 31,400,000
Commissions and issuance costs				$ 271,000	$ 29,000
Stock repurchase program, extended term				1 year
Stock repurchase program, authorized amount		338,700,000		$ 338,700,000
Share repurchase program, end period				2024-07
Number of shares repurchased				0	300,000
Stock repurchased value per share					$ 14.22
Stock repurchased value					$ 3,557,000
Stock repurchase program, remaining available for repurchase		335,400,000		$ 335,400,000
Special One-time Distribution [Member]
Shareholders Equity Details [Line Items]
Cash distribution declared						$ 0.05
Combined Distribution [Member]
Shareholders Equity Details [Line Items]
Cash distribution declared						$ 0.13
ATM Program Executed August 12, 2020 [Member]
Shareholders Equity Details [Line Items]
Stock issuance program, authorized amount		$ 0		$ 0				$ 300,000,000
Stock issued during period, shares, new issues (in shares)						12,800,000
Shares issued weighted average market sales price per share (in dollars per share)						$ 17.05
Proceeds from issuance of common stock, gross						$ 218,600,000
Commissions and issuance costs						2,600,000
Proceeds from issuance of common stock, net						$ 216,000,000
ATM Program Executed February 23, 2024 [Member]
Shareholders Equity Details [Line Items]
Stock issuance program, authorized amount							$ 500,000,000
Stock issued during period, shares, new issues (in shares)				0

Compensation Plans - Additional

Compensation Plans - Additional Information (Details)			3 Months Ended		12 Months Ended
		Apr. 01, 2020 USD ($) Officer shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
New Officer Share-based Payment Arrangement [Member]
Compensation Plans Details [Line Items]
Number of new officers | Officer		5
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements (in Shares) | shares		200,000
Total share-based compensation earned, including the surrendered shares (in millions)		$ 1,800,000
Restricted common shares vesting date		Mar. 31, 2023
Restriction period		3 years
Share-based compensation expense				$ 100,000
Common shares surrendered on issuance date to satisfy tax withholding obligations | shares				83,000
2024 Executive Management Incentive Plan [Member]
Compensation Plans Details [Line Items]
Incentive compensation, description			one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target will be based on shareholder return relative to a peer group and 25% will be based on total shareholder return metrics over one-year, two-year, and three-year periods.
Operational performance metrics accounted for total target incentive compensation, percentage			50%
Percentage of relative shareholder return metrics on shareholder return metrics			75%
Percentage of total shareholder return metrics on shareholder return metrics			25%
Shareholder return metrics accounted for total target incentive compensation, percentage			50%
Operational performance goals and metrics percentage of target based on metrics			75%
Accrued liability for potential executive bonus payments			$ 3,700,000
Portion of awards paid in cash			25%
Portion of awards issued in equity			75%
Modified funds from operations per share and 2024 capital expenditures, equally weighted, percentage			15%
Percentage of remaining operational performance target based on operational performance goals			25%
2024 Executive Management Incentive Plan [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Compensation Plans Details [Line Items]
Share-based compensation arrangement, vesting description			two-thirds
2024 Executive Management Incentive Plan [Member] | Restricted Stock Vesting in December 2023 [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Compensation Plans Details [Line Items]
Share-based compensation arrangement, vesting description			one-third
2023 Executive Management Incentive Plan [Member] | General and Administrative Expenses [Member]
Compensation Plans Details [Line Items]
Labor and related expense				$ 4,200,000
2023 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Compensation Plans Details [Line Items]
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements (in Shares) | shares			804,318
Total share-based compensation earned, including the surrendered shares (in millions)	[1]		$ 18,100,000
Restricted common shares vesting date			Dec. 13, 2024
Share-based compensation expense			$ 3,300
Common shares surrendered on issuance date to satisfy tax withholding obligations | shares			306,346
2022 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Compensation Plans Details [Line Items]
Share based compensation, net of common shares surrendered to satisfy employee tax withholding requirements (in Shares) | shares				672,163
Total share-based compensation earned, including the surrendered shares (in millions)	[2]			$ 15,600,000
Restricted common shares vesting date				Dec. 08, 2023
Share-based compensation expense			$ 800,000		$ 2,600,000
Common shares surrendered on issuance date to satisfy tax withholding obligations | shares				263,026
Potential Aggregate Payout [Member] | 2024 Executive Management Incentive Plan [Member] | Minimum [Member]
Compensation Plans Details [Line Items]
Labor and related expense			0
Potential Aggregate Payout [Member] | 2024 Executive Management Incentive Plan [Member] | Maximum [Member]
Compensation Plans Details [Line Items]
Labor and related expense			$ 27,800,000
[1] Of the total 2023 share-based compensation, approximately $ 14.8 million was recorded as a liability as of December 31, 2023 and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2023. Another $ 3.3 million, which is subject to vesting on December 13, 2024 and excludes any restricted shares forfeited or vested prior to that date, will be recognized as share-based compensation expense proportionately throughout 2024. For the three months ended March 31, 2024 , the Company recognized approximately $ 0.8 million of share-based compensation expense related to restricted share awards. Of the total 2022 share-based compensation, approximately $ 2.6 million, which vested on December 8, 2023, was recognized as share-based compensation expense proportionately throughout 2023. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.7 million of share-based compensation expense related to restricted share awards.

Compensation Plans - Informatio

Compensation Plans - Information Pertaining to Share-based Compensation Issued (Details) - Share Based Compensation [Member] - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
2023 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period common shares issued		First Quarter 2024
Common shares earned under each incentive plan		1,110,664
Common shares surrendered on issuance date to satisfy tax withholding obligations		306,346
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations		804,318
Average of the high and low stock price on issuance date		$ 16.27
Total share-based compensation earned, including the surrendered shares (in millions)	[1]	$ 18.1
Of the total common shares earned and issued, total common shares unrestricted at time of issuance		399,842
Of the total common shares earned and issued, total common shares restricted at time of issuance		404,476
Restricted common shares vesting date		Dec. 13, 2024
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period common shares issued			First Quarter 2023
Common shares earned under each incentive plan			935,189
Common shares surrendered on issuance date to satisfy tax withholding obligations			263,026
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations			672,163
Average of the high and low stock price on issuance date			$ 16.7
Total share-based compensation earned, including the surrendered shares (in millions)	[2]		$ 15.6
Of the total common shares earned and issued, total common shares unrestricted at time of issuance			360,176
Of the total common shares earned and issued, total common shares restricted at time of issuance			311,987
Restricted common shares vesting date			Dec. 08, 2023
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares				134,085
[1] Of the total 2023 share-based compensation, approximately $ 14.8 million was recorded as a liability as of December 31, 2023 and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet at December 31, 2023. Another $ 3.3 million, which is subject to vesting on December 13, 2024 and excludes any restricted shares forfeited or vested prior to that date, will be recognized as share-based compensation expense proportionately throughout 2024. For the three months ended March 31, 2024 , the Company recognized approximately $ 0.8 million of share-based compensation expense related to restricted share awards. Of the total 2022 share-based compensation, approximately $ 2.6 million, which vested on December 8, 2023, was recognized as share-based compensation expense proportionately throughout 2023. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.7 million of share-based compensation expense related to restricted share awards.

Compensation Plans - Informat_2

Compensation Plans - Information Pertaining to Share-based Compensation Issued (Parenthetical) (Details) - Share Based Compensation [Member] - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
2023 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2024 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation recorded as liability included in accounts payable and other liabilities			$ 14,800,000
Share-based compensation expense	$ 3,300
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 800,000		$ 2,600,000
2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense		$ 700,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended
	Apr. 18, 2024	Apr. 15, 2024	Mar. 31, 2024	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock					$ 70,156	$ 73,399
Common stock, dividends, per share, cash paid					$ 0.29	$ 0.32
Cash distribution declared			$ 0.08		$ 0.08		$ 0.08
Cash distribution, date declared			Mar. 31, 2024
Cash distribution, date to be paid		Apr. 15, 2024		Jan. 31, 2024
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments of ordinary dividends, common stock		$ 19,400
Common stock, dividends, per share, cash paid		$ 0.08
Cash distribution, date of record	Apr. 30, 2024	Mar. 28, 2024
Cash distribution declared	$ 0.08
Cash distribution, date declared	Apr. 18, 2024
Cash distribution, date to be paid	May 15, 2024