Pebblebrook Hotel Trust (PEB) 10-K 21 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34571
Entity Registrant Name	PEBBLEBROOK HOTEL TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1055421
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	(240)
Local Phone Number	507-1300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.6
Entity Common Stock, Shares Outstanding		120,294,744
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for its 2024 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2024) are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001474098
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	PEB
Security Exchange Name	NYSE
Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PE
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PF
Security Exchange Name	NYSE
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PG
Security Exchange Name	NYSE
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PH
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, VA
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Investment in hotel properties, net	$ 5,490,776	$ 5,874,876
Hotel held for sale	0	44,861
Cash and cash equivalents	183,747	41,040
Restricted cash	9,894	11,229
Hotel receivables (net of allowance for doubtful accounts of $689 and $431, respectively)	43,912	45,258
Prepaid expenses and other assets	96,644	116,276
Total assets	5,824,973	6,133,540
LIABILITIES AND EQUITY
Debt	2,319,801	2,387,293
Accounts payable, accrued expenses and other liabilities	238,644	250,518
Lease liabilities - operating leases	320,617	320,402
Deferred revenues	76,874	73,603
Accrued interest	6,830	4,535
Liabilities related to hotel held for sale	0	428
Distribution payable	11,862	12,218
Total liabilities	2,974,628	3,048,997
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 and $715,000 at December 31, 2023 and December 31, 2022, respectively), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at December 31, 2023 and 28,600,000 shares issued and outstanding at December 31, 2022	276	286
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 120,191,349 shares issued and outstanding at December 31, 2023 and 126,345,293 shares issued and outstanding at December 31, 2022	1,202	1,263
Additional paid-in capital	4,078,912	4,182,359
Accumulated other comprehensive income (loss)	24,374	35,724
Distributions in excess of retained earnings	(1,341,264)	(1,223,117)
Total shareholders’ equity	2,763,500	2,996,515
Non-controlling interests	86,845	88,028
Total equity	2,850,345	3,084,543
Total liabilities and equity	$ 5,824,973	$ 6,133,540

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 689,000	$ 431,000
Preferred shares of beneficial interest, par value (in usd per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, liquidation preference value	$ 690,000,000	$ 715,000,000
Preferred shares of beneficial interest, authorized (in shares)	100,000,000	100,000,000
Preferred shares of beneficial interest, issued (in shares)	27,600,000	28,600,000
Preferred shares of beneficial interest, outstanding (in shares)	27,600,000	28,600,000
Common shares of beneficial interest, par value (in usd per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	500,000,000	500,000,000
Common shares of beneficial interest, issued (in shares)	120,191,349	126,345,293
Common shares of beneficial interest, outstanding (in shares)	120,191,349	126,345,293

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 1,419,949	$ 1,391,891	$ 733,044
Hotel operating expenses:
Total hotel operating expenses	941,080	883,474	496,580
Depreciation and amortization	240,645	239,583	224,251
Real estate taxes, personal property taxes, property insurance, and ground rent	124,595	126,134	111,675
General and administrative	44,789	39,187	38,166
Impairment	81,788	89,633	14,856
Gain on sale of hotel properties	(30,375)	(6,194)	(64,729)
Business interruption insurance income	(32,985)	0	0
Other operating expenses	12,602	5,352	2,036
Total operating expenses	1,382,139	1,377,169	822,835
Operating income (loss)	37,810	14,722	(89,791)
Interest expense	(115,660)	(99,988)	(96,633)
Other	4,229	562	113
Income (loss) before income taxes	(73,621)	(84,704)	(186,311)
Income tax (expense) benefit	(655)	(277)	(61)
Net income (loss)	(74,276)	(84,981)	(186,372)
Net income (loss) attributable to non-controlling interests	3,741	2,190	(1,514)
Net income (loss) attributable to the Company	(78,017)	(87,171)	(184,858)
Distributions to preferred shareholders	(43,649)	(45,074)	(42,105)
Redemption of preferred shares	8,396	8,186	(8,055)
Net income (loss) attributable to common shareholders	$ (113,270)	$ (124,059)	$ (235,018)
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (0.93)	$ (0.95)	$ (1.80)
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (0.93)	$ (0.95)	$ (1.80)
Weighted-average number of common shares, basic (in shares)	121,813,042	130,453,944	130,804,354
Weighted-average number of common shares, diluted (in shares)	121,813,042	130,453,944	130,804,354
Comprehensive Income:
Net income (loss)	$ (74,276)	$ (84,981)	$ (186,372)
Other comprehensive income (loss):
Change in fair value of derivative instruments	17,572	55,479	15,289
Amounts reclassified from other comprehensive income	(28,995)	52	25,210
Comprehensive income (loss)	(85,699)	(29,450)	(145,873)
Comprehensive income (loss) attributable to non-controlling interests	3,668	2,555	(1,251)
Comprehensive income (loss) attributable to the Company	(89,367)	(32,005)	(144,622)
Room
Revenues:
Total revenues	914,109	910,936	483,191
Hotel operating expenses:
Total hotel operating expenses	248,020	225,992	127,105
Food and beverage
Revenues:
Total revenues	351,852	346,702	157,848
Hotel operating expenses:
Total hotel operating expenses	264,163	243,543	111,928
Other
Revenues:
Total revenues	153,988	134,253	92,005
Hotel operating expenses:
Total hotel operating expenses	$ 428,897	$ 413,939	$ 257,547

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Shareholders' Equity	Total Shareholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Preferred Shares	Common Shares	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Retained Earnings	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2020					20,400,000	130,673,300
Beginning balance at Dec. 31, 2020	$ 3,264,326	$ (113,099)	$ 3,257,337	$ (113,099)	$ 204	$ 1,307	$ 4,169,870	$ (113,099)	$ (60,071)	$ (853,973)	$ 6,989
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)					(10,000,000)
Redemption of preferred shares	(250,000)		(250,000)		$ (100)		(241,845)			(8,055)
Issuance of shares, net of offering costs (in shares)					19,200,000
Issuance of shares, net of offering costs	464,054		464,054		$ 192		463,862
Issuance of common shares for Board of Trustees compensation (in shares)						27,711
Issuance of common shares for Board of Trustees compensation	516		516			$ 1	515
Repurchase of common shares (in shares)						(38,310)
Repurchase of common shares	(720)		(720)			$ (1)	(719)
Share-based compensation (in shares)						151,049
Share-based compensation	12,879		10,434			$ 1	10,433				2,445
Distributions on common shares/units	(5,098)		(5,032)							(5,032)	(66)
Distributions on preferred shares/units	(42,105)		(42,105)							(42,105)	0
Purchases of capped calls in connection with convertible senior notes	(20,975)		(20,975)				(20,975)
Other adjustment	0		393						393		(393)
Other comprehensive income (loss):
Change in fair value of derivative instruments	15,289		15,026						15,026		263
Amounts reclassified from other comprehensive income	25,210		25,210						25,210
Net income (loss)	(186,372)		(184,858)							(184,858)	(1,514)
Ending balance (in shares) at Dec. 31, 2021					29,600,000	130,813,750
Ending balance at Dec. 31, 2021	3,163,905		3,156,181		$ 296	$ 1,308	4,268,042		(19,442)	(1,094,023)	7,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)					(1,000,000)
Redemption of preferred shares	(16,000)		(16,000)		$ (10)		(24,176)			8,186
Issuance of shares, net of offering costs (in shares)					0
Issuance of shares, net of offering costs	(123)		(123)		$ 0		(123)
Issuance of operating partnership units	78,000										78,000
Issuance of common shares for Board of Trustees compensation (in shares)						33,866
Issuance of common shares for Board of Trustees compensation	738		738			$ 1	737
Repurchase of common shares (in shares)						(4,609,626)
Repurchase of common shares	(70,724)		(70,724)			$ (47)	(70,677)
Share-based compensation (in shares)						107,303
Share-based compensation	11,350		8,557			$ 1	8,556				2,793
Distributions on common shares/units	(5,104)		(5,035)							(5,035)	(69)
Distributions on preferred shares/units	(48,049)		(45,074)							(45,074)	(2,975)
Other comprehensive income (loss):
Change in fair value of derivative instruments	55,479		55,114						55,114		365
Amounts reclassified from other comprehensive income	52		52						52
Net income (loss)	(84,981)		(87,171)							(87,171)	2,190
Ending balance (in shares) at Dec. 31, 2022					28,600,000	126,345,293
Ending balance at Dec. 31, 2022	3,084,543		2,996,515		$ 286	$ 1,263	4,182,359		35,724	(1,223,117)	88,028
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)					(1,000,000)
Redemption of preferred shares	(15,790)		(15,790)		$ (10)		(24,176)			8,396
Redemption of non-controlling interest OP units (in shares)						133,605
Redemption of non-controlling interests			3,515			$ 1	3,514				(3,515)
Issuance of common shares for Board of Trustees compensation (in shares)						55,480
Issuance of common shares for Board of Trustees compensation	754		754			$ 1	753
Repurchase of common shares (in shares)						(6,578,436)
Repurchase of common shares	(92,753)		(92,753)			$ (65)	(92,688)
Share-based compensation (in shares)						235,407
Share-based compensation	12,545		9,152			$ 2	9,150				3,393
Distributions on common shares/units	(4,949)		(4,877)							(4,877)	(72)
Distributions on preferred shares/units	(48,306)		(43,649)							(43,649)	(4,657)
Other comprehensive income (loss):
Change in fair value of derivative instruments	17,572		17,645						17,645		(73)
Amounts reclassified from other comprehensive income	(28,995)		(28,995)						(28,995)
Net income (loss)	(74,276)		(78,017)							(78,017)	3,741
Ending balance (in shares) at Dec. 31, 2023					27,600,000	120,191,349
Ending balance at Dec. 31, 2023	$ 2,850,345		$ 2,763,500		$ 276	$ 1,202	$ 4,078,912		$ 24,374	$ (1,341,264)	$ 86,845

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income (loss)	$ (74,276)	$ (84,981)	$ (186,372)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	240,645	239,583	224,251
Share-based compensation	12,545	11,350	11,433
Amortization of deferred financing costs, non-cash interest and other amortization	12,124	13,453	16,633
Gain on sale of hotel properties	(30,375)	(6,194)	(64,729)
Impairment	81,788	89,633	14,856
Non-cash ground rent	9,898	9,952	7,061
Other adjustments	(7,801)	(4,713)	(1,959)
Changes in assets and liabilities:
Hotel receivables	1,171	(7,974)	(27,509)
Prepaid expenses and other assets	(11,190)	(10,018)	(428)
Accounts payable and accrued expenses	(5,860)	24,808	51,793
Deferred revenues	7,528	3,846	25,736
Net cash provided by (used in) operating activities	236,197	278,745	70,766
Investing activities:
Improvements and additions to hotel properties	(200,634)	(116,743)	(83,827)
Proceeds from sales of hotel properties	314,941	248,908	255,927
Acquisition of hotel properties	0	(247,163)	(253,541)
Property insurance proceeds	30,210	5,638	0
Other investing activities	(2,495)	(25)	(128)
Net cash provided by (used in) investing activities	142,022	(109,385)	(81,569)
Financing activities:
Gross proceeds from issuance of preferred shares	0	0	480,000
Payment of offering costs — common and preferred shares	0	(123)	(15,947)
Payment of deferred financing costs	(2,710)	(12,415)	(14,510)
Borrowings under revolving credit facilities	10,000	190,151	0
Repayments under revolving credit facilities	(10,000)	(190,151)	(40,000)
Proceeds from debt	140,000	1,380,000	268,599
Repayments of debt	(211,088)	(1,434,956)	(392,236)
Purchases of capped calls for convertible senior notes	0	0	(20,975)
Repurchases of common shares	(92,753)	(70,724)	(720)
Redemption of preferred shares	(15,790)	(16,000)	(250,000)
Distributions — common shares/units	(4,971)	(5,291)	(5,279)
Distributions — preferred shares/units	(48,607)	(47,367)	(39,443)
Other financing activities	(928)	(2,462)	(2,739)
Net cash provided by (used in) financing activities	(236,847)	(209,338)	(33,250)
Net change in cash and cash equivalents and restricted cash	141,372	(39,978)	(44,053)
Cash and cash equivalents and restricted cash, beginning of year	52,269	92,247	136,300
Cash and cash equivalents and restricted cash, end of year	$ 193,641	$ 52,269	$ 92,247

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Pebblebrook Hotel Trust (the "Company") is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major U.S. cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2023, the Company owned interests in 46 hotels with a total of 11,924 guest rooms. The hotel properties are located in: Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Newport, Rhode Island; Portland, Oregon; San Diego, California; San Francisco, California; Santa Cruz, California; Stevenson, Washington; and Washington, D.C. Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of December 31, 2023, the Company owned 99.3% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.7% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to maintain its qualification as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), a taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. It is uncertain what the future affects of the COVID-19 pandemic will have on the overall economy or travel. In addition, the rise in inflation and corresponding increase in interest rates may also impact the overall economy. A decline in travel or a significant increase in costs may impact the Company's cash flow and ability to service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5. Debt to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined using a combination of the market, cost and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under finance leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, inventories, over or under market leases, and corporate office equipment and furniture. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over the length of a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Comprehensive Income (Loss) The purpose of reporting comprehensive income (loss) is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. Investments in Unconsolidated Entities The Company owns a non-controlling equity interest in Fifth Wall Late-Stage Climate Technology Fund, L.P. As of December 31, 2023, the Company has invested $7.9 million. The Company's total equity commitment to the fund is $10.0 million. New Accounting Pronouncements Disclosure Improvements In October, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). ASU 2023-06 incorporates 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification ("ASC"). ASU 2023-06's amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will vary based on the date on which the SEC removes that related disclosure from its rules. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. Early adoption is prohibited. The Company is currently assessing the potential impacts of ASU 2023-06 and does not expect it to have a material effect on its consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impacts of adopting ASU 2023-07 on its consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with the option to apply retrospectively. The Company is currently assessing the impacts of adopting ASU 2023-09 on its consolidated financial statements and disclosures.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties Acquisitions There were no acquisitions of hotel properties during the year ended December 31, 2023. On May 11, 2022, the Company acquired the 119-room Inn on Fifth in Naples, Florida for $156.0 million, excluding prorations and transactions costs. This transaction was funded with cash on hand, the issuance of 16,291 common units of limited partnership interest in the Operating Partnership and 3,104,400 preferred units of the Operating Partnership designated as 6.0% Series Z Preferred Units. On June 23, 2022, the Company acquired the 257-room Newport Harbor Island Resort (formerly Gurney's Newport Resort & Marina) in Newport, Rhode Island for $174.0 million using cash on hand and proceeds from its senior unsecured revolving credit facility. Dispositions The following table summarizes disposition transactions during the years ended December 31, 2023 and 2022 (in thousands): Hotel Property Name Location Sale Date Sale Price The Heathman Hotel Portland, OR February 22, 2023 $ 45,000 Retail at The Westin Michigan Avenue Chicago Chicago, IL March 17, 2023 27,300 Hotel Colonnade Coral Gables Coral Gables, FL March 28, 2023 63,000 Hotel Monaco Seattle Seattle, WA May 9, 2023 63,250 Hotel Vintage Seattle Seattle, WA May 24, 2023 33,700 Hotel Zoe Fisherman’s Wharf San Francisco, CA November 14, 2023 68,500 Marina City Retail at Hotel Chicago Downtown, Autograph Collection Chicago, IL December 21, 2023 30,000 2023 Total $ 330,750 The Marker San Francisco San Francisco, CA June 28, 2022 $ 77,000 Sofitel Philadelphia at Rittenhouse Square Philadelphia, PA August 2, 2022 80,000 Hotel Spero San Francisco, CA August 25, 2022 71,000 Hotel Vintage Portland Portland, OR September 14, 2022 32,900 2022 Total $ 260,900 For the years ended December 31, 2023, 2022 and 2021, the accompanying consolidated statements of operations and comprehensive income included operating (loss) of $(0.8) million, $(3.9) million and $(33.2) million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold and held for sale. The sales of the hotel properties described above did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore, did not qualify as discontinued operations. Held for Sale

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 810,633 $ 897,756 Buildings and improvements 5,005,894 5,170,976 Furniture, fixtures and equipment 511,451 504,518 Finance lease asset 91,181 91,181 Construction in progress 27,123 11,961 $ 6,446,282 $ 6,676,392 Right-of-use asset, operating leases 360,761 370,383 Investment in hotel properties $ 6,807,043 $ 7,046,775 Less: Accumulated depreciation (1,316,267) (1,171,899) Investment in hotel properties, net $ 5,490,776 $ 5,874,876 Hurricane Ian On September 27, 2022, LaPlaya Beach Resort & Club ("LaPlaya") and Inn on Fifth, both located in Naples, Florida, and Southernmost Beach Resort, located in Key West, Florida, were impacted by the effects of Hurricane Ian. Inn on Fifth and Southernmost Beach Resort did not suffer significant damage or disruption. LaPlaya was closed in anticipation of the storm and required remediation and repairs from the damage and remained closed. In 2023, LaPlaya began to reopen in stages as the buildings and facilities were repaired. The Company expects LaPlaya's remediation and repair to be substantially completed in the first quarter of 2024. The Company’s insurance policies provide coverage for property damage, business interruption and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Ian and the Company has recorded a receivable for the expenditures to date which it anticipates to collect from the insurance providers in excess of the deductibles. For the years ended December 31, 2023 and 2022, the Company recognized an aggregate impairment loss of zero and $7.9 million, respectively, for the damage to LaPlaya and Southernmost Beach Resort. For the year ended December 31, 2023, the Company incurred $6.6 million of expenses related to payroll, repair and claims administration for which reimbursement from insurance policies is uncertain and therefore is included in other operating expenses in the Company's consolidated statements of operations and comprehensive income. Through December 31, 2023 and 2022, the Company has received a total of $84.3 million in preliminary advances from the insurance providers and continues to work with the insurance providers on the settlement of the property and business interruption claims. Impairment The Company reviews its investment in hotel properties for impairment whenever events or circumstances indicate potential impairment. The Company periodically adjusts its estimate of future operating cash flows and estimated hold periods for certain properties. As a result of its review, the Company may identify an impairment trigger has occurred and assess its investment in hotel properties for recoverability. For the years ended December 31, 2023, 2022, and 2021, the Company recognized impairment losses of $81.8 million related to three hotels and one retail component of a hotel property, $81.7 million related to three hotels and $14.9 million related to one hotel, respectively, as a result of their fair values being lower than their carrying values. The impairment losses were determined using Level 2 inputs under authoritative guidance for fair value measurements using purchase and sale agreements and information from marketing efforts for these properties. Right-of-use Assets and Lease Liabilities The Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. When the rate implicit in the lease could not be determined, the Company used incremental borrowing rates, which ranged from 4.7% to 7.6%. In addition, the term used includes any options to exercise extensions when it is reasonably certain the Company will exercise such option. See Note 11. Commitments and Contingencies for additional information about the ground leases. accounts payable, accrued expenses and other liabilities

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On October 13, 2022, the Company entered into the Fifth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and certain other agents and lenders (the "Credit Agreement"). The Credit Agreement provides for a $650.0 million senior unsecured revolving credit facility and three $460.0 million unsecured term loan facilities totaling $1.38 billion. The Company may request additional lender commitments to increase the aggregate borrowing capacity under the Credit Agreement up to an additional $970.0 million. On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. In connection with the extension, the Company also repaid $60.0 million of its outstanding Term Loan 2024 obligation with available cash. The remaining $43.3 million of Term Loan 2024's balance will continue to mature in October 2024 and will be paid with available cash or borrowings under the revolving credit facility at maturity. On January 3, 2024, the Company also repaid $50.0 million of its outstanding Term Loan 2025 obligation with available cash. The Company's debt consisted of the following as of December 31, 2023 and 2022 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 $ — $ — PHL unsecured credit facility - (1) October 2026 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 5.78% (1)(5) October 2024 460,000 460,000 Term Loan 2025 5.13% (1)(6) October 2025 460,000 460,000 Term Loan 2027 5.61% (1) October 2027 460,000 460,000 Term loan principal $ 1,380,000 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series A Notes - (3) December 2023 — 47,600 Series B Notes 4.93% December 2025 2,400 2,400 Senior unsecured notes principal $ 2,400 $ 50,000 Mortgage loans Margaritaville Hollywood Beach Resort 7.04% (4) September 2026 140,000 161,500 Estancia La Jolla Hotel & Spa 5.07% September 2028 57,497 59,485 Mortgage loans principal $ 197,497 $ 220,985 Total debt principal $ 2,329,897 $ 2,400,985 Unamortized debt premiums, discount and deferred financing costs, net (10,096) (13,692) Debt, Net $ 2,319,801 $ 2,387,293 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee. (3) The Company paid off the Series A Notes using available cash. (4) This loan was refinanced during the third quarter of 2023 and now bears interest at a floating rate equal to daily SOFR plus of 3.75%. The interest rate at December 31, 2023 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one (5) On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. In connection with the extension, the Company also repaid $60.0 million of its outstanding Term Loan 2024 obligation with available cash. The remaining $43.3 million of Term Loan 2024's balance will continue to mature in October 2024 and will be paid with available cash or borrowings under the revolving credit facility at maturity. (6) On January 3, 2024, the Company repaid $50.0 million of its outstanding Term Loan 2025 obligation with available cash. Unsecured Revolving Credit Facilities The $650.0 million senior unsecured revolving credit facility provided for in the Credit Agreement matures in October 2026 and provides for two six-month extension options, subject to certain terms and conditions and payment of an extension fee. All borrowings under the $650.0 million senior unsecured revolving credit facility bear interest at a rate per annum equal to, at the option of the Company, (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10% (the “SOFR Adjustment”) plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for revolving credit facility loans range in amount from 1.45% to 2.50% for SOFR-based loans and 0.45% to 1.50% for Base Rate-based loans, depending on the Company’s leverage ratio. As of December 31, 2023, the Company had no outstanding borrowings, $13.6 million of outstanding letters of credit and a borrowing capacity of $636.4 million remaining on its senior unsecured revolving credit facility. The Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio and a maximum percentage of secured debt to total asset value. Under the terms of the Credit Agreement, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million, may be issued on behalf of the Company by the lenders under the senior unsecured revolving facility. The Company pays a fee for outstanding standby letters of credit at a rate per annum equal to the applicable margin based upon the Company's leverage ratio. Any outstanding standby letters of credit reduce the available borrowings on the senior unsecured revolving credit facility by a corresponding amount. Standby letters of credit of $13.6 million and $12.6 million were outstanding as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company also has a $20.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. On October 13, 2022, PHL amended and restated the agreement governing the PHL Credit Facility to extend the maturity to October 2026. The PHL Credit Facility has substantially similar terms as the Company's senior unsecured revolving credit facility. Borrowings on the PHL Credit Facility bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Credit Agreement, which governs the Company's senior unsecured revolving credit facility. As of December 31, 2023, the Company had no borrowings under the PHL Credit Facility and had $20.0 million borrowing capacity remaining available under the PHL Credit Facility. As of December 31, 2023, the Company was in compliance with all debt covenants of the credit agreements that govern the unsecured revolving credit facilities. Unsecured Term Loan Facilities The three $460.0 million term loans provided for in the Credit Agreement mature in October 2024, October 2025 and October 2027, respectively as of December 31, 2023. After adjusting for the aforementioned January 3, 2024 term loan amendment and repayments, the term loans will mature as follows: $43.3 million in October 2024 (Term Loan 2024), $410.0 million in October 2025 (Term Loan 2025), $460.0 million in October 2027 (Term Loan 2027) and $356.7 million in January 2028 (Term Loan 2024). The term loans bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans and 0.40% to 1.45% for Base Rate-based loans, depending on the Company's leverage ratio. The term loans are subject to the debt covenants in the Credit Agreement. As of December 31, 2023, the Company was in compliance with all debt covenants of its term loans. The Company entered into interest rate swap agreements to fix the SOFR rate on a portion of these unsecured term loan facilities. See Derivative and Hedging Activities for further discussion on the interest rate swaps. Convertible Senior Notes In December 2020, the Company issued $500.0 million aggregate principal amount of 1.75% Convertible Senior Notes due December 2026 (the "Convertible Notes"). The net proceeds from this offering of the Convertible Notes were approximately $487.3 million after deducting the underwriting fees and other expenses paid by the Company. In February 2021, the Company issued an additional $250.0 million aggregate principal amount of Convertible Notes. These additional Convertible Notes were sold at a 5.5% premium to par and generated net proceeds of approximately $257.2 million after deducting the underwriting fees and other expenses paid by the Company of $6.5 million, which was offset by a premium received in the amount of $13.8 million. The Convertible Notes are governed by an indenture (the “Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Convertible Notes bear interest at a rate of 1.75% per annum, payable semi-annually in arrears on June 15th and December 15th of each year, beginning on June 15, 2021. The Convertible Notes will mature on December 15, 2026. The Company separated the Convertible Notes issued in December 2020 into liability and equity components. The initial carrying amount of the liability component was $386.1 million and was calculated using a discount rate of 6.25%. The discount rate was based on the terms of debt instruments that were similar to the Convertible Notes. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the principal amount of the Convertible Notes, or $113.9 million. The amount recorded in equity was not subject to remeasurement or amortization. The $113.9 million also represented the initial discount recorded on the Convertible Notes. As a result of the Company's early adoption of ASU 2020-06 on January 1, 2021, the Convertible Notes are now recorded as a single liability with no portion recorded in equity. The Company also ceased recording non-cash interest expense associated with the amortization of the debt discount. Prior to June 15, 2026, the Convertible Notes will be convertible upon certain circumstances. On and after June 15, 2026, holders may convert any of their Convertible Notes into the Company’s common shares of beneficial interest (“common shares”) at the applicable conversion rate at any time at their election two days prior to the maturity date. The initial conversion rate is 39.2549 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $25.47 per share. The conversion rate is subject to adjustment in certain circumstances. As of December 31, 2023 and 2022, the if-converted value of the Convertible Notes did not exceed the principal amount. The Company may redeem for cash all or a portion of the Convertible Notes, at its option, on or after December 20, 2023 upon certain circumstances. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes may be increased. In connection with the Convertible Notes issuances, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters of the offerings of the Convertible Notes or their respective affiliates and other financial institutions. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares underlying the Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the Convertible Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction and/or offset subject to a cap. The upper strike price of the Capped Call Transactions is $33.0225 per share. Senior Unsecured Notes The Company has $2.4 million of senior unsecured notes outstanding bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 (the "Series B Notes"). The debt covenants of the Series B Notes are substantially similar to those of the Company's senior unsecured revolving credit facility. As of December 31, 2023, the Company was in compliance with all such debt covenants. Mortgage Loans On September 23, 2021, the Company assumed a $161.5 million loan secured by a first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville"). During the third quarter of 2023, the Company paid down $21.5 million of this loan and refinanced the remaining $140.0 million balance. The new loan requires interest-only payments based on a floating rate equal to daily SOFR plus a spread of 3.75%. This loan matures on September 7, 2026 and may be extended for up to two one On December 1, 2021, the Company assumed a $61.7 million loan secured by a first-lien mortgage on the leasehold interest of Estancia La Jolla Hotel & Spa ("Estancia"). The loan requires both principal and interest monthly payments based on a fixed interest rate of 5.07%. The loan matures on September 1, 2028. The Company's mortgage loans associated with Margaritaville and Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability. The loans contain customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions. Cash trap provisions are triggered if the hotel's performance is below a certain threshold. Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our lender. These properties are not in a cash trap and no event of default has occurred under the loan documents. Interest Expense The components of the Company's interest expense consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 Unsecured revolving credit facilities $ 2,074 $ 2,531 $ 2,092 Unsecured term loan facilities 73,151 52,355 61,529 Convertible senior notes 13,125 13,125 12,662 Senior unsecured notes 2,169 2,525 3,562 Mortgage debt 14,704 9,788 1,375 Amortization of deferred financing fees, (premiums) and discounts 8,104 16,465 9,741 Other 2,333 3,199 5,672 Total interest expense $ 115,660 $ 99,988 $ 96,633 Fair Value The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within Level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes, convertible senior notes and the Estancia mortgage loan) as of December 31, 2023 and 2022 was $686.3 million and $700.5 million, respectively. Future Minimum Principal Payments As of December 31, 2023, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2024 $ 461,910 2025 464,592 2026 752,308 2027 462,429 2028 188,658 Total debt principle payments $ 2,329,897 Deferred financing costs, net (10,096) Total debt $ 2,319,801 Derivative and Hedging Activities The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company's interest rate swaps at December 31, 2023 and 2022 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) (1) Maturity December 31, 2023 December 31, 2022 Swap-cash flow 0.05% - 0.07% January 2023 $ — $ 200,000 Swap-cash flow 1.84% - 1.87% November 2023 — 250,000 Swap-cash flow 2.47% - 2.50% January 2024 300,000 300,000 Swap-cash flow 3.22% - 3.25% October 2025 200,000 — Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Swap-cash flow 3.02% - 3.03% October 2026 200,000 — Swap-cash flow 3.29% October 2027 165,000 — Total $ 1,155,000 $ 1,040,000 The Company records all derivative instruments at fair value in the accompanying consolidated balance sheets. Fair values of interest rate swaps and caps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. As of December 31, 2023, the Company's derivative instruments were in an asset position with an aggregate fair value of $24.5 million. None of the Company's derivative instruments was in a liability position as of December 31, 2023. Derivative assets are included in prepaid expenses and other assets and derivative liabilities are included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The Company expects approximately $18.2 million will be reclassified from accumulated other comprehensive income (loss) to interest expense within the next 12 months.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company presents revenue on a disaggregated basis in the accompanying consolidated statements of operations and comprehensive income. The following table presents revenues by geographic location for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 San Diego, CA $ 307,003 $ 303,701 $ 165,977 Boston, MA 265,964 243,861 124,440 Southern Florida/Georgia 229,851 271,167 166,310 Los Angeles, CA 187,997 168,310 94,275 San Francisco, CA 145,137 116,022 43,601 Portland, OR 78,948 87,625 53,978 Chicago, IL 75,142 68,402 27,279 Washington, D.C. 68,567 51,937 20,630 Seattle, WA 5,551 17,795 7,946 Other (1) 55,789 63,071 28,608 $ 1,419,949 $ 1,391,891 $ 733,044 ______________________ (1) Other includes: New York, NY, Philadelphia, PA, Newport, RI and Santa Cruz, CA. Payments from customers are primarily made when services are provided. Due to the short-term nature of the Company's contracts and the almost simultaneous receipt of payment, almost all of the contract liability balance at the beginning of the period is expected to be recognized as revenue over the following 12 months.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares. Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of common shares are entitled to receive dividends when authorized by the Board of Trustees. Common Share Repurchase Programs On February 22, 2016, the Company's Board of Trustees authorized a share repurchase program of up to $150.0 million of common shares. Under this program, the Company could repurchase common shares from time to time in transactions on the open market or by private agreement. During the year ended December 31, 2022, the Company repurchased $56.6 million of common shares under this program, and as of December 31, 2022, no common shares remained available for repurchase under this program. On July 27, 2017, the Company's Board of Trustees authorized a share repurchase program of up to $100.0 million of common shares. Under this program, the Company could repurchase common shares from time to time in transactions on the open market or by private agreement. During the year ended December 31, 2023, the Company repurchased $87.0 million of common shares under this program, and as of December 31, 2023, no common shares remained available for repurchase under this program. On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $150.0 million of common shares. Under this program, the Company may repurchase common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Common shares repurchased by the Company cease to be outstanding and become authorized but unissued common shares. During the year ended December 31, 2023, the Company repurchased $4.0 million of common shares under this program, and as of December 31, 2023, $146.0 million of common shares remained available for repurchase under this program. During the year ended December 31, 2023, the Company repurchased 6,498,901 common shares under the 2017 and 2023 repurchase programs, for an aggregate purchase price of $91.0 million, or an average of approximately $14.01 per share. ATM Program On April 29, 2021, the Company filed a prospectus supplement with the SEC to sell up to $200.0 million of common shares under an "at the market" offering program (the "ATM program"). On February 21, 2023, the ATM program expired. No common shares were issued or sold under the ATM program. Common Dividends The Company declared the following dividends on common shares/units for the year ended December 31, 2023: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2023 March 31, 2023 April 17, 2023 $ 0.01 June 30, 2023 June 30, 2023 July 17, 2023 $ 0.01 September 30, 2023 September 29, 2023 October 16, 2023 $ 0.01 December 31, 2023 December 29, 2023 January 16, 2024 Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (“preferred shares”). In May 2021, the Company issued 9,200,000 6.375% Series G Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share for net proceeds of $222.6 million. In July 2021, the Company issued 10,000,000 5.70% Series H Cumulative Redeemable Preferred Shares at a public offering price of $25.00 per share for net proceeds of $242.1 million. In August 2021, the Company redeemed all outstanding shares of 6.50% Series C Cumulative Redeemable Preferred Shares and 6.375% Series D Cumulative Redeemable Preferred Shares at the redemption amount of $25.00 per share plus accrued and unpaid dividends of $0.17 and $0.16 per share, respectively. On December 27, 2022, the Company repurchased 1,000,000 5.70% Series H Cumulative Redeemable Preferred Shares at a privately negotiated price of $16.00 per share. The difference between the carrying amount of the repurchased shares, net of issuance costs, and the consideration paid to repurchase the shares is considered a return from preferred shareholders of $8.2 million and recorded as an adjustment to net income (loss) attributable to common shareholders on the Company's basic and diluted earnings per share. The following Preferred Shares were outstanding as of December 31, 2023 and 2022: Security Type December 31, 2023 December 31, 2022 6.375% Series E 4,400,000 4,400,000 6.30% Series F 6,000,000 6,000,000 6.375% Series G 9,200,000 9,200,000 5.70% Series H 8,000,000 9,000,000 27,600,000 28,600,000 The Series E, Series F, Series G and Series H Cumulative Redeemable Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares do not have any maturity date and are not subject to mandatory redemption. The Company may redeem the Series E and Series F Preferred Shares at any time. The Series G and Series H Preferred Shares may not be redeemed prior to May 13, 2026 and July 27, 2026, respectively, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after such dates, the Company may, at its option, redeem the Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE American or Nasdaq, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of common shares based on defined formulas subject to share caps. The share cap on each Series E Preferred Share is 1.9372 common shares, on each Series F Preferred Share is 2.0649 common shares, on each Series G Preferred Share is 2.1231 common shares, and on each Series H Preferred Share is 2.2311 common shares. Preferred Share Repurchase Program On February 17, 2023, the Company's Board of Trustees authorized a share repurchase program of up to $100.0 million of the Preferred Shares. Under the terms of the program, the Company may repurchase up to an aggregate of $100.0 million of our 6.375% Series E Cumulative Redeemable Preferred Shares, 6.30% Series F Cumulative Redeemable Preferred Shares, 6.375% Series G Cumulative Redeemable Preferred Shares and 5.70% Series H Cumulative Redeemable Preferred Shares from time to time in transactions on the open market or by private agreement. As of December 31, 2023, $84.2 million of preferred shares remained available for repurchase under this program. During the year ended December 31, 2023, the Company repurchased 1,000,000 of Series H Preferred Shares under this repurchase program, for an aggregate purchase price of $15.8 million, or an average of approximately $15.79 per share. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price, liquidity and economic considerations, and market conditions. The program does not require the Company to repurchase any specific number of Preferred Shares. The program does not have an expiration date and may be suspended, modified or discontinued at any time. Preferred Dividends The Company declared the following dividends on preferred shares for the year ended December 31, 2023: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2023 March 31, 2023 April 17, 2023 6.375% Series E $ 0.40 June 30, 2023 June 30, 2023 July 17, 2023 6.375% Series E $ 0.40 September 30, 2023 September 29, 2023 October 16, 2023 6.375% Series E $ 0.40 December 31, 2023 December 29, 2023 January 16, 2024 6.30% Series F $ 0.39 March 31, 2023 March 31, 2023 April 17, 2023 6.30% Series F $ 0.39 June 30, 2023 June 30, 2023 July 17, 2023 6.30% Series F $ 0.39 September 30, 2023 September 29, 2023 October 16, 2023 6.30% Series F $ 0.39 December 31, 2023 December 29, 2023 January 16, 2024 6.375% Series G $ 0.40 March 31, 2023 March 31, 2023 April 17, 2023 6.375% Series G $ 0.40 June 30, 2023 June 30, 2023 July 17, 2023 6.375% Series G $ 0.40 September 30, 2023 September 29, 2023 October 16, 2023 6.375% Series G $ 0.40 December 31, 2023 December 29, 2023 January 16, 2024 5.70% Series H $ 0.36 March 31, 2023 March 31, 2023 April 17, 2023 5.70% Series H $ 0.36 June 30, 2023 June 30, 2023 July 17, 2023 5.70% Series H $ 0.36 September 30, 2023 September 29, 2023 October 16, 2023 5.70% Series H $ 0.36 December 31, 2023 December 29, 2023 January 16, 2024 Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units ("OP units") have certain redemption rights that enable OP unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of common shares at the time of redemption or common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. On November 30, 2018, in connection with the merger with LaSalle Hotel Properties ("LaSalle"), the Company issued 133,605 OP units in the Operating Partnership to third-party limited partners of LaSalle's operating partnership. In December 2023, these OP units were redeemed for common shares in accordance with the redemption rights described above. On May 11, 2022, in connection with the acquisition of Inn on Fifth in Naples, Florida, the Company issued 16,291 OP units in the Operating Partnership. As of December 31, 2023 and 2022, the Operating Partnership had 16,291 and 149,896 OP units, respectively, held by third parties, excluding LTIP units. As of December 31, 2023, the Operating Partnership had two classes of long-term incentive partnership units ("LTIP units"), LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. On February 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers of the Company. These LTIP units will vest ratably on January 1, 2023, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $22.69 per unit, with an aggregate grant date fair value of $13.6 million. On February 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to its executive officers. These LTIP units will vest ratably on January 1, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $15.04 per unit with an aggregate grant date fair value of $2.0 million. As of December 31, 2023, the Operating Partnership had 858,484 LTIP units outstanding, of which 277,136 LTIP units have vested. As of December 31, 2022, the Operating Partnership had 727,208 LTIP units outstanding, of which 127,111 LTIP units have vested. Only vested LTIP units may be converted to OP units, which in turn can be tendered for redemption as described above. Non-controlling Interest of Preferred Units in Operating Partnership On May 11, 2022, in connection with the acquisition of Inn on Fifth, the Company issued 3,104,400 preferred units in the Operating Partnership, designated as 6.0% Series Z Cumulative Perpetual Preferred Units ("Series Z Preferred Units"). The Series Z Preferred Units rank senior to OP units and on parity with the Operating Partnership's Series E, Series F, Series G and Series H Preferred Units. Holders of Series Z Preferred Units are entitled to receive quarterly distributions at an annual rate of 6.0% of the liquidation preference value of $25.00 per share. At any time, holders of Series Z Preferred Units may elect to convert some or all of their units into any other series of the Operating Partnership’s preferred units outstanding at that time. After the second anniversary of the issuance of the Series Z Preferred Units, holders may elect to redeem some or all of their units for, at the Company’s election, cash, common shares having an equivalent value or preferred shares on a one-for-one basis. After the fifth anniversary of their issuance, the Company may redeem the Series Z Preferred Units for cash, common shares having an equivalent value or preferred shares on a one-for-one basis. At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company’s election, cash or common shares having an equivalent value.

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Plan	Share-Based Compensation Plan Available Shares The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three As of December 31, 2023, there were 1,499,388 common shares available for issuance under the Plan. Service Condition Share Awards From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three The following table provides a summary of service condition restricted share activity for the years ended December 31, 2023, 2022 and 2021: Shares Weighted-Average Unvested at January 1, 2021 242,727 $ 24.94 Granted 415,531 $ 22.69 Vested (81,591) $ 30.41 Forfeited (9,236) $ 23.37 Unvested at December 31, 2021 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60 Granted 113,084 $ 15.04 Vested (183,721) $ 23.14 Forfeited (53,131) $ 16.72 Unvested at December 31, 2023 443,549 $ 19.88 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $3.5 million, $3.8 million and $4.1 million, respectively, of share-based compensation expense related to these awards in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2023, there was $4.6 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 years. Performance-Based Equity Awards On February 14, 2018, the Board of Trustees approved a target award of 78,918 performance-based equity awards to officers and employees of the Company. In January 2021, none of these awards vested and the Company issued no common shares to officers or employees. The actual number of common shares that vested was based on the two performance criteria defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020. On February 13, 2019, the Board of Trustees approved a target award of 126,891 performance-based equity awards to officers and employees of the Company. In January 2022, none of these awards vested and the Company issued no common shares to officers or employees. The actual number of common shares that vested was based on the two performance criteria defined in the award agreements for the period of performance from January 1, 2019 through December 31, 2021. On February 12, 2020, the Board of Trustees approved a target award of 161,777 performance-based equity awards to officers and employees of the Company. In January 2023, these awards vested and the Company issued 51,686 common shares to officers and employees. The actual number of common shares that vested was based on the two performance criteria defined in the award agreements for the period of performance from January 1, 2020 through December 31, 2022. On February 18, 2021, the Board of Trustees approved a target award of 189,348 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2024. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2024 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2021 through December 31, 2023. On May 16, 2022, the Board of Trustees approved a target award of 175,898 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2025. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2025 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2022 through December 31, 2024. On February 17, 2023, the Board of Trustees approved a target award of 314,235 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2026. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2026 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2023 through December 31, 2025. The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —% February 17, 2023 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.0 61.60% 4.31% —% In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $5.6 million, $4.8 million and $4.9 million, respectively, of share-based compensation expense related to performance-based equity awards in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2023, there was approximately $6.1 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.7 years. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 2023, the Operating Partnership had two classes of LTIP units, LTIP Class A units and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. On February 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers of the Company. These LTIP units will vest ratably on January 1, 2023, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $22.69 per unit, with an aggregate grant date fair value of $13.6 million. On February 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to executive officers of the Company. These LTIP units will vest ratably on January 1, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $15.04 per unit, with an aggregate grant date fair value of $2.0 million. As of December 31, 2023, the Operating Partnership had 858,484 LTIP units outstanding, of which 277,136 LTIP units have vested. As of December 31, 2022, the Operating Partnership had 727,208 LTIP units outstanding, of which 127,111 LTIP units have vested. Only vested LTIP units may be converted to OP units, which in turn can be tendered for redemption as described in Note 7. Equity . For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $3.4 million, $2.8 million and $2.4 million, respectively, in expense related to these LTIP units. As of December 31, 2023, there was $7.0 million of unrecognized share-based compensation expense related to LTIP units. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s accompanying consolidated balance sheets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs, including our TRS lessees, are subject to federal, state and local income taxes. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.0400 100.00 % $ 0.0419 83.80 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.0081 16.20 % 0.0128 32.00 % Return of capital — — % — — % 0.0272 68.00 % Total $ 0.0400 100.00 % $ 0.0500 100.00 % $ 0.0400 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.1725 12.45 % Return of capital — — % — — % 1.2133 87.55 % Total $ — — % $ — — % $ 1.3858 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.1692 12.49 % Return of capital — — % — — % 1.1855 87.51 % Total $ — — % $ — — % $ 1.3547 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 1.5938 100.00 % $ 1.6684 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3238 16.25 % 0.5118 32.11 % Return of capital — — % — — % 1.0819 67.89 % Total $ 1.5938 100.00 % $ 1.9922 100.00 % $ 1.5937 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 1.5750 100.00 % $ 1.6488 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3200 16.25 % 0.5058 32.11 % Return of capital — — % — — % 1.0692 67.89 % Total $ 1.5750 100.00 % $ 1.9688 100.00 % $ 1.5750 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 1.5938 100.00 % $ 1.6684 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3238 16.25 % 0.5787 86.00 % Return of capital — — % — — % 0.0942 14.00 % Total $ 1.5938 100.00 % $ 1.9922 100.00 % $ 0.6729 100.00 % Series H Preferred Shares: Ordinary non-qualified income $ 1.4250 100.00 % $ 1.4917 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.2895 16.25 % 0.2655 86.01 % Return of capital — — % — — % 0.0432 13.99 % Total $ 1.4250 100.00 % $ 1.7812 100.00 % $ 0.3087 100.00 % Of the common distribution declared on December 15, 2020 and paid on January 15, 2021, $0.0100 was treated as a 2021 distribution for tax purposes. The preferred share distributions declared on December 15, 2020 and paid on January 15, 2021 were treated as 2021 distributions for tax purposes. The common and preferred distributions declared on December 15, 2021 and paid on January 18, 2022 were treated as 2022 distributions for tax purposes. The common and preferred distributions declared on December 15, 2022 and paid on January 17, 2023 were treated as 2022 distributions for tax purposes. The common and preferred distributions declared on December 15, 2023 and paid on January 16, 2024 will be treated as 2023 distributions for tax purposes. The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2023 2022 2021 Federal Current $ 237 $ 253 $ — Deferred — — — State and local Current 418 24 61 Deferred — — — Income tax expense (benefit) $ 655 $ 277 $ 61 A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2023 2022 2021 Statutory federal tax expense (benefit) $ 16,808 $ 17,906 $ (38,251) State income tax expense (benefit), net of federal tax expense (benefit) 409 4 (6,990) REIT income not subject to tax (16,536) (17,402) 22,235 Change in valuation allowance 973 (495) 23,077 Other (999) 264 (10) Income tax expense (benefit), net $ 655 $ 277 $ 61 The Company has provided a valuation allowance against its federal and state deferred tax asset at December 31, 2023 and 2022 due to the uncertainty of realizing the loss in future years. As of December 31, 2023, the Company had a receivable of $0.8 million representing the portion of taxable losses that were carried back to prior years in which the Company had taxable income. The significant components of the Company's deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Deferred Tax Assets: Net operating loss carryover $ 39,385 $ 38,822 State taxes and other 5,596 3,071 Depreciation 99 193 Total deferred tax asset before valuation allowance $ 45,080 $ 42,086 Valuation allowance (45,080) (42,086) Deferred tax asset net of valuation allowance $ — $ — As of December 31, 2023 and 2022, the Company had no material unrecognized tax benefits. As a policy, the Company recognizes penalties and interest accrued related to unrecognized tax benefits as a component of income tax expense, however, there are currently no such accruals. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 31, 2023 and 2022, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2020 and 2019, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the year ended December 31, 2023 2022 2021 Numerator: Net income (loss) attributable to common shareholders $ (113,270) $ (124,059) $ (235,018) Less: dividends paid on unvested share-based compensation (41) (45) (47) Net income (loss) available to common shareholders — basic and diluted $ (113,311) $ (124,104) $ (235,065) Denominator: Weighted-average number of common shares — basic and diluted 121,813,042 130,453,944 130,804,354 Net income (loss) per share available to common shareholders — basic $ (0.93) $ (0.95) $ (1.80) Net income (loss) per share available to common shareholders — diluted $ (0.93) $ (0.95) $ (1.80) For the years ended December 31, 2023, 2022 and 2021, 1,108,816, 1,079,474 and 1,033,747, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. For the years ended December 31, 2023, 2022 and 2021, 29,441,175, 29,441,175 and 29,441,175, respectively, of common shares underlying the Convertible Notes have been excluded from diluted shares as their effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Hotel Management Agreements The Company’s hotel properties are operated pursuant to management agreements with various management companies. The remaining terms of these management agreements are up to 10 years, not including renewals, and up to 29 years, including renewals. The majority of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to three times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement. The management agreements require the payment of a base management fee generally between 1% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. For the years ended December 31, 2023, 2022 and 2021, com bined base and incentive management fees we re $39.3 million, $39.6 million and $18.4 million, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's accompanying consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors, ground lessors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2023 and 2022, the Company had $9.9 million and $11.2 million, respectively, in restricted cash, which consisted of funds held in cash management accounts held by a lender, reserves for replacement of furniture and fixtures, and reserves to pay for real estate taxes, ground rent or property insurance under certain hotel management agreements or loan agreements. Hotel, Ground and Finance Leases As of December 31, 2023, the following hotels were subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Restaurant at Southernmost Beach Resort Operating lease April 2029 Paradise Point Resort & Spa Operating lease May 2050 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Viceroy Santa Monica Hotel Operating lease September 2065 Estancia La Jolla Hotel & Spa Operating lease January 2066 San Diego Mission Bay Resort Operating lease July 2068 1 Hotel San Francisco Operating lease March 2070 (1) Hyatt Regency Boston Harbor Operating lease April 2077 The Westin Copley Place, Boston Operating lease December 2077 (2) The Liberty, a Luxury Collection Hotel, Boston Operating lease May 2080 Jekyll Island Club Resort and Restaurant Operating lease January 2089 Hotel Zelos San Francisco Operating lease June 2097 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (3) Margaritaville Hollywood Beach Resort Operating lease July 2112 Hotel Zeppelin San Francisco Operating and finance lease June 2089 (4) Harbor Court Hotel San Francisco Finance lease August 2052 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options. (4) The expiration date assumes the exercise of a 30-year extension option. The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in the consumer price index and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as national historic landmarks. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's accompanying consolidated statements of operations and comprehensive income. The components of ground rent expense for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): For the year ended December 31, 2023 2022 2021 Fixed ground rent $ 19,133 $ 18,538 $ 16,825 Variable ground rent 20,252 18,931 9,616 Total ground rent $ 39,385 $ 37,469 $ 26,441 Future maturities of lease liabilities for the Company's operating leases at December 31, 2023 were as follows (in thousands): 2024 $ 20,606 2025 20,735 2026 21,031 2027 20,983 2028 21,077 Thereafter 1,563,613 Total lease payments $ 1,668,045 Less: Imputed interest (1,347,428) Present value of lease liabilities $ 320,617 Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2023 2022 2021 Interest paid, net of capitalized interest $ 105,519 $ 82,851 $ 84,453 Interest capitalized $ 1,825 $ 1,434 $ 1,391 Income taxes paid (refunded) $ (2,549) $ (2,303) $ (258) Non-Cash Investing and Financing Activities: Convertible debt discount adjustment $ — $ — $ 113,099 Distributions payable on common shares/units $ 1,261 $ 1,316 $ 1,537 Distributions payable on preferred shares/units $ 10,601 $ 10,902 $ 10,219 Issuance of common shares for Board of Trustees compensation $ 754 $ 738 $ 516 Issuance of common shares for executive and employee bonuses $ — $ — $ 1,446 Issuance of common shares for OP units redemption $ 3,515 $ — $ — Issuance of common units in connection with hotel acquisition $ — $ 390 $ — Issuance of preferred units in connection with hotel acquisition $ — $ 77,610 $ — Change in accrued additions and improvements to hotel properties $ 65 $ (2,759) $ 3,110 Right of use assets obtained in exchange for lease liabilities $ — $ 1,005 $ 65,599 Write-off of fully depreciated building, furniture, fixtures and equipment $ 7,267 $ 72,532 $ — Write-off of fully amortized deferred financing costs $ 1,199 $ 19,595 $ 6,574 Mortgage loans assumed in connection with acquisition of hotel properties $ — $ — $ 223,177 Below (above) market contracts assumed in connection with acquisition of hotel properties $ — $ — $ 3,071

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company repurchased an aggregate of 318,269 of its common shares at an average price of $15.71 per share subsequent to December 31, 2023.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III, Real Estate and Accumulated Depreciation	Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2023 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Hotel Monaco Washington DC $ — $ — $ 60,630 $ 2,441 $ 23,928 $ — $ 79,533 $ 7,466 $ 86,999 $ 35,732 $ 51,267 1839 9/9/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 46,549 11,671 79,854 10,664 102,189 32,415 69,774 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 16,158 18,783 95,751 4,283 118,817 37,539 81,278 1972 11/19/2010 3-40 years Argonaut Hotel — — 79,492 4,247 2,933 — 84,106 2,566 86,672 30,618 56,054 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter — 25,537 86,089 6,850 33,554 25,537 117,161 9,332 152,030 46,902 105,128 1987 4/6/2011 1-40 years Mondrian Los Angeles — 20,306 110,283 6,091 25,797 20,306 130,134 12,037 162,477 53,163 109,314 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 20,188 19,453 79,243 10,725 109,421 33,881 75,540 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 18,153 7,294 35,507 5,102 47,903 16,700 31,203 1913 4/4/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 33,122 24,403 119,507 10,418 154,328 49,034 105,294 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 13,834 — 74,993 6,051 81,044 28,290 52,754 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 30,249 20,103 118,380 8,912 147,395 43,671 103,724 1988 1/29/2013 3-40 years The Hotel Zags — 8,215 37,874 1,500 (1,876) 5,197 37,029 3,487 45,713 15,582 30,131 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 42,113 — 153,970 8,138 162,108 55,992 106,116 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco — 12,561 43,665 1,094 37,769 12,561 76,277 6,251 95,089 32,671 62,418 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 17,456 18,493 101,482 17,070 137,045 39,787 97,258 1909 7/17/2014 3-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 15,243 — 100,806 6,612 107,418 31,210 76,208 1972 11/20/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (38,621) 17,367 185,057 19,225 221,649 66,793 154,856 1972 12/18/2014 3-40 years LaPlaya Beach Resort & Club — 112,575 82,117 6,733 42,732 112,929 121,535 9,693 244,157 32,641 211,516 1968 5/21/2015 3-40 years 1 Hotel San Francisco — — 105,693 3,896 38,786 — 133,840 14,535 148,375 27,391 120,984 2005 11/30/2018 3-40 years Chaminade Resort & Spa — 22,590 37,114 6,009 18,037 22,638 52,055 9,057 83,750 16,174 67,576 1985 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2023 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Harbor Court Hotel San Francisco — — 79,009 6,190 1,932 — 80,156 6,975 87,131 15,290 71,841 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — — 91,442 5,257 19,194 — 105,213 10,680 115,893 22,252 93,641 1967/2002 11/30/2018 3-40 years Le Parc Suite Hotel — 17,876 65,515 2,496 13,367 17,902 74,999 6,353 99,254 15,744 83,510 1970 11/30/2018 3-40 years Montrose West Hollywood — 16,842 58,729 6,499 2,863 16,842 60,104 7,987 84,933 13,304 71,629 1976 11/30/2018 3-40 years Chamberlain West Hollywood Hotel — 14,462 43,157 5,983 2,200 14,481 44,519 6,802 65,802 10,601 55,201 1970/2005 11/30/2018 3-40 years Hotel Ziggy — 12,440 36,932 3,951 7,264 12,440 42,229 5,918 60,587 10,375 50,212 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — — 291,754 35,780 16,227 — 304,255 39,506 343,761 65,970 277,791 1983 11/30/2018 3-40 years The Liberty, a Luxury Collection Hotel, Boston — — 195,797 15,126 6,972 — 200,521 17,374 217,895 37,773 180,122 1851/2007 11/30/2018 3-40 years Hyatt Regency Boston Harbor — — 122,344 6,862 9,355 — 130,282 8,279 138,561 24,857 113,704 1993 11/30/2018 3-40 years George Hotel — 15,373 65,529 4,489 1,058 15,373 66,122 4,954 86,449 13,044 73,405 1928 11/30/2018 3-40 years Viceroy Washington DC — 18,686 60,927 2,838 (5,467) 14,035 56,527 6,422 76,984 14,507 62,477 1962 11/30/2018 3-40 years Hotel Zena Washington DC — 19,035 60,402 2,066 28,947 19,035 85,366 6,049 110,450 17,083 93,367 1972 11/30/2018 3-40 years Paradise Point Resort & Spa — — 199,304 22,032 16,194 236 208,661 28,633 237,530 46,592 190,938 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter — 33,017 131,926 7,741 26,081 33,017 152,059 13,689 198,765 27,789 170,976 2000 11/30/2018 3-40 years Margaritaville Hotel San Diego Gaslamp Quarter — — 74,768 8,830 56,689 23,472 97,702 19,113 140,287 22,903 117,384 2005 11/30/2018 3-40 years L'Auberge Del Mar — 33,304 92,297 5,393 15,285 33,316 103,565 9,398 146,279 19,899 126,380 1989 11/30/2018 3-40 years San Diego Mission Bay Resort — — 80,733 9,458 28,234 95 100,399 17,931 118,425 29,141 89,284 1962 11/30/2018 3-40 years Southernmost Beach Resort — 90,396 253,954 8,676 37,903 91,859 280,837 18,233 390,929 46,767 344,162 1958-2008 11/30/2018 3-40 years The Marker Key West Harbor Resort — 25,463 66,903 2,486 1,633 25,463 67,200 3,822 96,485 12,614 83,871 2014 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection — 39,576 114,014 7,608 (55,897) 25,181 71,541 8,579 105,301 17,347 87,954 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago — 44,983 103,160 23,744 (14,645) 37,123 94,197 25,922 157,242 30,932 126,310 1963/1972 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2023 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Jekyll Island Club Resort — — 88,912 5,031 21,281 — 102,975 12,249 115,224 14,314 100,910 1886/1986 7/22/2021 2-40 years Margaritaville Hollywood Beach Resort (2) 140,000 — 244,230 22,288 7,899 — 248,537 25,880 274,417 25,822 248,595 2015 9/23/2021 3-40 years Estancia La Jolla Hotel & Spa (3) 57,497 — 104,280 3,646 22,826 237 119,610 10,905 130,752 11,696 119,056 2004 12/1/2021 2-40 years Inn on Fifth — 50,503 95,826 7,989 1,841 50,503 96,937 8,719 156,159 6,885 149,274 1960 5/11/2022 3-40 years Newport Harbor Island Resort — 43,287 118,227 12,817 21,877 43,288 126,342 26,578 196,208 16,580 179,628 1969 6/23/2022 3-40 years $ 197,497 $ 834,544 $ 4,549,725 $ 334,796 $ 727,217 $ 810,633 $ 5,097,075 $ 538,574 $ 6,446,282 $ 1,316,267 $ 5,130,015 ______________________ (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on Margaritaville Hollywood Beach Resort is presented at face value, which excludes unamortized deferred financing costs of $2.1 million at December 31, 2023. (3) Encumbrance on Estancia La Jolla Hotel & Spa is presented at face value, which excludes unamortized deferred financing costs of $0.2 million at December 31, 2023. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2023 (in thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2020 $ 6,459,745 Acquisitions 488,447 Capital expenditures 86,936 Disposal of Assets (253,469) Other (14,856) Balance at December 31, 2021 $ 6,766,803 Acquisitions 331,249 Capital expenditures 105,626 Disposal of Assets (359,083) Other (115,214) Balance at December 31, 2022 $ 6,729,381 Capital expenditures 188,520 Disposal of Assets (400,705) Other (70,914) Balance at December 31, 2023 $ 6,446,282 Reconciliation of Accumulated Depreciation: Balance at December 31, 2020 $ 898,287 Depreciation 223,225 Disposal of Assets (55,103) Balance at December 31, 2021 $ 1,066,409 Depreciation 238,278 Disposal of Assets (124,253) Balance at December 31, 2022 $ 1,180,434 Depreciation 239,422 Disposal of Assets (103,589) Balance at December 31, 2023 $ 1,316,267 The aggregate cost of properties for federal income tax purposes is approximately $6.0 billion as of December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (78,017)	$ (87,171)	$ (184,858)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. It is uncertain what the future affects of the COVID-19 pandemic will have on the overall economy or travel. In addition, the rise in inflation and corresponding increase in interest rates may also impact the overall economy. A decline in travel or a significant increase in costs may impact the Company's cash flow and ability to service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5. Debt to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined using a combination of the market, cost and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under finance leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Intangible Assets and Liabilities	Intangible Assets and Liabilities
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets
Derivative Instruments	Derivative Instruments
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over the length of a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
Income Taxes	Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The purpose of reporting comprehensive income (loss) is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss).
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities
New Accounting Pronouncements	New Accounting Pronouncements Disclosure Improvements In October, 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). ASU 2023-06 incorporates 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification ("ASC"). ASU 2023-06's amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will vary based on the date on which the SEC removes that related disclosure from its rules. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. Early adoption is prohibited. The Company is currently assessing the potential impacts of ASU 2023-06 and does not expect it to have a material effect on its consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impacts of adopting ASU 2023-07 on its consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with the option to apply retrospectively. The Company is currently assessing the impacts of adopting ASU 2023-09 on its consolidated financial statements and disclosures.

Acquisition and Disposition o_2

Acquisition and Disposition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Hotel Properties Sold	The following table summarizes disposition transactions during the years ended December 31, 2023 and 2022 (in thousands): Hotel Property Name Location Sale Date Sale Price The Heathman Hotel Portland, OR February 22, 2023 $ 45,000 Retail at The Westin Michigan Avenue Chicago Chicago, IL March 17, 2023 27,300 Hotel Colonnade Coral Gables Coral Gables, FL March 28, 2023 63,000 Hotel Monaco Seattle Seattle, WA May 9, 2023 63,250 Hotel Vintage Seattle Seattle, WA May 24, 2023 33,700 Hotel Zoe Fisherman’s Wharf San Francisco, CA November 14, 2023 68,500 Marina City Retail at Hotel Chicago Downtown, Autograph Collection Chicago, IL December 21, 2023 30,000 2023 Total $ 330,750 The Marker San Francisco San Francisco, CA June 28, 2022 $ 77,000 Sofitel Philadelphia at Rittenhouse Square Philadelphia, PA August 2, 2022 80,000 Hotel Spero San Francisco, CA August 25, 2022 71,000 Hotel Vintage Portland Portland, OR September 14, 2022 32,900 2022 Total $ 260,900

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 810,633 $ 897,756 Buildings and improvements 5,005,894 5,170,976 Furniture, fixtures and equipment 511,451 504,518 Finance lease asset 91,181 91,181 Construction in progress 27,123 11,961 $ 6,446,282 $ 6,676,392 Right-of-use asset, operating leases 360,761 370,383 Investment in hotel properties $ 6,807,043 $ 7,046,775 Less: Accumulated depreciation (1,316,267) (1,171,899) Investment in hotel properties, net $ 5,490,776 $ 5,874,876

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of December 31, 2023 and 2022 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 $ — $ — PHL unsecured credit facility - (1) October 2026 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 5.78% (1)(5) October 2024 460,000 460,000 Term Loan 2025 5.13% (1)(6) October 2025 460,000 460,000 Term Loan 2027 5.61% (1) October 2027 460,000 460,000 Term loan principal $ 1,380,000 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series A Notes - (3) December 2023 — 47,600 Series B Notes 4.93% December 2025 2,400 2,400 Senior unsecured notes principal $ 2,400 $ 50,000 Mortgage loans Margaritaville Hollywood Beach Resort 7.04% (4) September 2026 140,000 161,500 Estancia La Jolla Hotel & Spa 5.07% September 2028 57,497 59,485 Mortgage loans principal $ 197,497 $ 220,985 Total debt principal $ 2,329,897 $ 2,400,985 Unamortized debt premiums, discount and deferred financing costs, net (10,096) (13,692) Debt, Net $ 2,319,801 $ 2,387,293 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee. (3) The Company paid off the Series A Notes using available cash. (4) This loan was refinanced during the third quarter of 2023 and now bears interest at a floating rate equal to daily SOFR plus of 3.75%. The interest rate at December 31, 2023 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one (5) On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. In connection with the extension, the Company also repaid $60.0 million of its outstanding Term Loan 2024 obligation with available cash. The remaining $43.3 million of Term Loan 2024's balance will continue to mature in October 2024 and will be paid with available cash or borrowings under the revolving credit facility at maturity. (6)
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 Unsecured revolving credit facilities $ 2,074 $ 2,531 $ 2,092 Unsecured term loan facilities 73,151 52,355 61,529 Convertible senior notes 13,125 13,125 12,662 Senior unsecured notes 2,169 2,525 3,562 Mortgage debt 14,704 9,788 1,375 Amortization of deferred financing fees, (premiums) and discounts 8,104 16,465 9,741 Other 2,333 3,199 5,672 Total interest expense $ 115,660 $ 99,988 $ 96,633
Schedule of Future Minimum Principal Payments	As of December 31, 2023, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2024 $ 461,910 2025 464,592 2026 752,308 2027 462,429 2028 188,658 Total debt principle payments $ 2,329,897 Deferred financing costs, net (10,096) Total debt $ 2,319,801
Schedule of Interest Rate Swaps	The Company's interest rate swaps at December 31, 2023 and 2022 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) (1) Maturity December 31, 2023 December 31, 2022 Swap-cash flow 0.05% - 0.07% January 2023 $ — $ 200,000 Swap-cash flow 1.84% - 1.87% November 2023 — 250,000 Swap-cash flow 2.47% - 2.50% January 2024 300,000 300,000 Swap-cash flow 3.22% - 3.25% October 2025 200,000 — Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Swap-cash flow 3.02% - 3.03% October 2026 200,000 — Swap-cash flow 3.29% October 2027 165,000 — Total $ 1,155,000 $ 1,040,000

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 San Diego, CA $ 307,003 $ 303,701 $ 165,977 Boston, MA 265,964 243,861 124,440 Southern Florida/Georgia 229,851 271,167 166,310 Los Angeles, CA 187,997 168,310 94,275 San Francisco, CA 145,137 116,022 43,601 Portland, OR 78,948 87,625 53,978 Chicago, IL 75,142 68,402 27,279 Washington, D.C. 68,567 51,937 20,630 Seattle, WA 5,551 17,795 7,946 Other (1) 55,789 63,071 28,608 $ 1,419,949 $ 1,391,891 $ 733,044 ______________________ (1) Other includes: New York, NY, Philadelphia, PA, Newport, RI and Santa Cruz, CA.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the year ended December 31, 2023: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2023 March 31, 2023 April 17, 2023 $ 0.01 June 30, 2023 June 30, 2023 July 17, 2023 $ 0.01 September 30, 2023 September 29, 2023 October 16, 2023 $ 0.01 December 31, 2023 December 29, 2023 January 16, 2024
Schedule of Preferred Shares Outstanding	The following Preferred Shares were outstanding as of December 31, 2023 and 2022: Security Type December 31, 2023 December 31, 2022 6.375% Series E 4,400,000 4,400,000 6.30% Series F 6,000,000 6,000,000 6.375% Series G 9,200,000 9,200,000 5.70% Series H 8,000,000 9,000,000 27,600,000 28,600,000
Schedule of Preferred Dividends	The Company declared the following dividends on preferred shares for the year ended December 31, 2023: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2023 March 31, 2023 April 17, 2023 6.375% Series E $ 0.40 June 30, 2023 June 30, 2023 July 17, 2023 6.375% Series E $ 0.40 September 30, 2023 September 29, 2023 October 16, 2023 6.375% Series E $ 0.40 December 31, 2023 December 29, 2023 January 16, 2024 6.30% Series F $ 0.39 March 31, 2023 March 31, 2023 April 17, 2023 6.30% Series F $ 0.39 June 30, 2023 June 30, 2023 July 17, 2023 6.30% Series F $ 0.39 September 30, 2023 September 29, 2023 October 16, 2023 6.30% Series F $ 0.39 December 31, 2023 December 29, 2023 January 16, 2024 6.375% Series G $ 0.40 March 31, 2023 March 31, 2023 April 17, 2023 6.375% Series G $ 0.40 June 30, 2023 June 30, 2023 July 17, 2023 6.375% Series G $ 0.40 September 30, 2023 September 29, 2023 October 16, 2023 6.375% Series G $ 0.40 December 31, 2023 December 29, 2023 January 16, 2024 5.70% Series H $ 0.36 March 31, 2023 March 31, 2023 April 17, 2023 5.70% Series H $ 0.36 June 30, 2023 June 30, 2023 July 17, 2023 5.70% Series H $ 0.36 September 30, 2023 September 29, 2023 October 16, 2023 5.70% Series H $ 0.36 December 31, 2023 December 29, 2023 January 16, 2024

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Service Condition Restricted Share Activity	The following table provides a summary of service condition restricted share activity for the years ended December 31, 2023, 2022 and 2021: Shares Weighted-Average Unvested at January 1, 2021 242,727 $ 24.94 Granted 415,531 $ 22.69 Vested (81,591) $ 30.41 Forfeited (9,236) $ 23.37 Unvested at December 31, 2021 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60 Granted 113,084 $ 15.04 Vested (183,721) $ 23.14 Forfeited (53,131) $ 16.72 Unvested at December 31, 2023 443,549 $ 19.88
Schedule of Performance-Based Equity Awards, Fair Value Assumptions	The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —% February 17, 2023 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.0 61.60% 4.31% —%

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis	The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 0.0400 100.00 % $ 0.0419 83.80 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.0081 16.20 % 0.0128 32.00 % Return of capital — — % — — % 0.0272 68.00 % Total $ 0.0400 100.00 % $ 0.0500 100.00 % $ 0.0400 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.1725 12.45 % Return of capital — — % — — % 1.2133 87.55 % Total $ — — % $ — — % $ 1.3858 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.1692 12.49 % Return of capital — — % — — % 1.1855 87.51 % Total $ — — % $ — — % $ 1.3547 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 1.5938 100.00 % $ 1.6684 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3238 16.25 % 0.5118 32.11 % Return of capital — — % — — % 1.0819 67.89 % Total $ 1.5938 100.00 % $ 1.9922 100.00 % $ 1.5937 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 1.5750 100.00 % $ 1.6488 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3200 16.25 % 0.5058 32.11 % Return of capital — — % — — % 1.0692 67.89 % Total $ 1.5750 100.00 % $ 1.9688 100.00 % $ 1.5750 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 1.5938 100.00 % $ 1.6684 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.3238 16.25 % 0.5787 86.00 % Return of capital — — % — — % 0.0942 14.00 % Total $ 1.5938 100.00 % $ 1.9922 100.00 % $ 0.6729 100.00 % Series H Preferred Shares: Ordinary non-qualified income $ 1.4250 100.00 % $ 1.4917 83.75 % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % 0.2895 16.25 % 0.2655 86.01 % Return of capital — — % — — % 0.0432 13.99 % Total $ 1.4250 100.00 % $ 1.7812 100.00 % $ 0.3087 100.00 %
Components of Income Tax Expense	The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2023 2022 2021 Federal Current $ 237 $ 253 $ — Deferred — — — State and local Current 418 24 61 Deferred — — — Income tax expense (benefit) $ 655 $ 277 $ 61
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2023 2022 2021 Statutory federal tax expense (benefit) $ 16,808 $ 17,906 $ (38,251) State income tax expense (benefit), net of federal tax expense (benefit) 409 4 (6,990) REIT income not subject to tax (16,536) (17,402) 22,235 Change in valuation allowance 973 (495) 23,077 Other (999) 264 (10) Income tax expense (benefit), net $ 655 $ 277 $ 61
Schedule of Deferred Tax Assets	The significant components of the Company's deferred tax assets as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Deferred Tax Assets: Net operating loss carryover $ 39,385 $ 38,822 State taxes and other 5,596 3,071 Depreciation 99 193 Total deferred tax asset before valuation allowance $ 45,080 $ 42,086 Valuation allowance (45,080) (42,086) Deferred tax asset net of valuation allowance $ — $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Common Share	The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the year ended December 31, 2023 2022 2021 Numerator: Net income (loss) attributable to common shareholders $ (113,270) $ (124,059) $ (235,018) Less: dividends paid on unvested share-based compensation (41) (45) (47) Net income (loss) available to common shareholders — basic and diluted $ (113,311) $ (124,104) $ (235,065) Denominator: Weighted-average number of common shares — basic and diluted 121,813,042 130,453,944 130,804,354 Net income (loss) per share available to common shareholders — basic $ (0.93) $ (0.95) $ (1.80) Net income (loss) per share available to common shareholders — diluted $ (0.93) $ (0.95) $ (1.80)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of December 31, 2023, the following hotels were subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Restaurant at Southernmost Beach Resort Operating lease April 2029 Paradise Point Resort & Spa Operating lease May 2050 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Viceroy Santa Monica Hotel Operating lease September 2065 Estancia La Jolla Hotel & Spa Operating lease January 2066 San Diego Mission Bay Resort Operating lease July 2068 1 Hotel San Francisco Operating lease March 2070 (1) Hyatt Regency Boston Harbor Operating lease April 2077 The Westin Copley Place, Boston Operating lease December 2077 (2) The Liberty, a Luxury Collection Hotel, Boston Operating lease May 2080 Jekyll Island Club Resort and Restaurant Operating lease January 2089 Hotel Zelos San Francisco Operating lease June 2097 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (3) Margaritaville Hollywood Beach Resort Operating lease July 2112 Hotel Zeppelin San Francisco Operating and finance lease June 2089 (4) Harbor Court Hotel San Francisco Finance lease August 2052 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options. (4)
Schedule of Components of Ground Rent Expense	The components of ground rent expense for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): For the year ended December 31, 2023 2022 2021 Fixed ground rent $ 19,133 $ 18,538 $ 16,825 Variable ground rent 20,252 18,931 9,616 Total ground rent $ 39,385 $ 37,469 $ 26,441
Schedule of Operating Lease Future Maturity	Future maturities of lease liabilities for the Company's operating leases at December 31, 2023 were as follows (in thousands): 2024 $ 20,606 2025 20,735 2026 21,031 2027 20,983 2028 21,077 Thereafter 1,563,613 Total lease payments $ 1,668,045 Less: Imputed interest (1,347,428) Present value of lease liabilities $ 320,617

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	(in thousands) For the year ended December 31, 2023 2022 2021 Interest paid, net of capitalized interest $ 105,519 $ 82,851 $ 84,453 Interest capitalized $ 1,825 $ 1,434 $ 1,391 Income taxes paid (refunded) $ (2,549) $ (2,303) $ (258) Non-Cash Investing and Financing Activities: Convertible debt discount adjustment $ — $ — $ 113,099 Distributions payable on common shares/units $ 1,261 $ 1,316 $ 1,537 Distributions payable on preferred shares/units $ 10,601 $ 10,902 $ 10,219 Issuance of common shares for Board of Trustees compensation $ 754 $ 738 $ 516 Issuance of common shares for executive and employee bonuses $ — $ — $ 1,446 Issuance of common shares for OP units redemption $ 3,515 $ — $ — Issuance of common units in connection with hotel acquisition $ — $ 390 $ — Issuance of preferred units in connection with hotel acquisition $ — $ 77,610 $ — Change in accrued additions and improvements to hotel properties $ 65 $ (2,759) $ 3,110 Right of use assets obtained in exchange for lease liabilities $ — $ 1,005 $ 65,599 Write-off of fully depreciated building, furniture, fixtures and equipment $ 7,267 $ 72,532 $ — Write-off of fully amortized deferred financing costs $ 1,199 $ 19,595 $ 6,574 Mortgage loans assumed in connection with acquisition of hotel properties $ — $ — $ 223,177 Below (above) market contracts assumed in connection with acquisition of hotel properties $ — $ — $ 3,071

Organization (Details)

Organization (Details)	Dec. 31, 2023 property hotelRoom
Noncontrolling Interest [Line Items]
Number of hotels owned by the company | property	46
Total number of guest rooms | hotelRoom	11,924
Operating Partnership
Noncontrolling Interest [Line Items]
Percentage of operating partnership units owned by company	99.30%
Percentage of operating partnership units owned by other limited partners	0.70%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Fifth Wall Late-Stage Climate Technology Fund L.P.
Property, Plant and Equipment [Line Items]
Equity method investments	$ 7.9
Committed amount	$ 10
Buildings, land improvements, and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings, land improvements, and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Acquisition and Disposition o_3

Acquisition and Disposition of Hotel Properties - Narrative (Details) $ in Thousands				12 Months Ended
	Feb. 22, 2023 USD ($)	Jun. 23, 2022 USD ($) hotelRoom	May 11, 2022 USD ($) hotelRoom shares	Dec. 31, 2023 USD ($) property hotelRoom	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Number of properties acquired | property				0
Number of rooms | hotelRoom				11,924
Acquisition of hotel properties				$ 0	$ 247,163	$ 253,541
Operating (loss) income from disposed properties				(800)	(3,900)	$ (33,200)
Proceeds from sale of property held-for-sale				0
Sale price				$ 330,750	260,900
The Heathman Hotel
Asset Acquisition [Line Items]
Sale price	$ 45,000				$ 45,000
Series Z Preferred Stock
Asset Acquisition [Line Items]
Preferred stock, dividend rate, percentage			6%
Inn on Fifth in Naples
Asset Acquisition [Line Items]
Number of rooms | hotelRoom			119
Acquisition of hotel properties			$ 156,000
Inn on Fifth | Series Z Preferred Stock
Asset Acquisition [Line Items]
Preferred units of the operating Partnership designated (in shares) | shares			3,104,400
Inn on Fifth | Operating partnership units | Common Unit
Asset Acquisition [Line Items]
Preferred units of the operating Partnership designated (in shares) | shares			16,291
Newport Harbor Island Resort
Asset Acquisition [Line Items]
Number of rooms | hotelRoom		257
Acquisition of hotel properties		$ 174,000

Acquisition and Disposition o_4

Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) - USD ($) $ in Thousands

12 Months Ended

Dec. 21, 2023

Nov. 14, 2023

May 24, 2023

May 09, 2023

Mar. 28, 2023

Mar. 17, 2023

Feb. 22, 2023

Sep. 14, 2022

Aug. 25, 2022

Aug. 02, 2022

Jun. 28, 2022

Dec. 31, 2023

Dec. 31, 2022

Hotel Spero

Sale price

$ 330,750

$ 260,900

The Heathman Hotel

Hotel Spero

Sale price

$ 45,000

$ 45,000

Retail at The Westin Michigan Avenue Chicago

Hotel Spero

Sale price

$ 27,300

Hotel Colonnade Coral Gables

Hotel Spero

Sale price

$ 63,000

Hotel Monaco Seattle

Hotel Spero

Sale price

$ 63,250

Hotel Vintage Seattle

Hotel Spero

Sale price

$ 33,700

Hotel Zoe Fisherman’s Wharf

Hotel Spero

Sale price

$ 68,500

Marina City Retail at Hotel Chicago Downtown, Autograph Collection

Hotel Spero

Sale price

$ 30,000

The Marker San Francisco

Hotel Spero

Sale price

$ 77,000

Sofitel Philadelphia at Rittenhouse Square

Hotel Spero

Sale price

$ 80,000

Hotel Spero

Hotel Spero

Sale price

$ 71,000

Hotel Vintage Portland

Hotel Spero

Sale price

$ 32,900

Investment in Hotel Propertie_2

Investment in Hotel Properties - Schedule of Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment in hotel properties
Land	$ 810,633	$ 897,756
Buildings and improvements	5,005,894	5,170,976
Furniture, fixtures and equipment	511,451	504,518
Finance lease asset	91,181	91,181
Construction in progress	27,123	11,961
Investment in hotel properties, before right-of-use asset, operating leases	6,446,282	6,676,392
Right-of-use asset, operating leases	360,761	370,383
Investment in hotel properties	6,807,043	7,046,775
Less: Accumulated depreciation	(1,316,267)	(1,171,899)
Investment in hotel properties, net	$ 5,490,776	$ 5,874,876
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investment in hotel properties, net	Investment in hotel properties, net

Investment in Hotel Propertie_3

Investment in Hotel Properties - Narrative (Details) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Impairment	$ 81,788	$ 89,633	$ 14,856
Other operating expenses	12,602	5,352	2,036
Lease liabilities - operating leases	320,617	320,402		$ 320,617
Present value of lease liabilities	$ 43,400	$ 42,700		$ 43,400
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Minimum
Real Estate Properties [Line Items]
Operating lease, incremental rate	4.70%			4.70%
Maximum
Real Estate Properties [Line Items]
Operating lease, incremental rate	7.60%			7.60%
Hotel
Real Estate Properties [Line Items]
Impairment	$ 81,800	$ 81,700	$ 14,900
Number of properties impaired | property	3	3	1
Retail
Real Estate Properties [Line Items]
Number of properties impaired | property	1
Hurricane Ian
Real Estate Properties [Line Items]
Impairment	$ 0	$ 7,900
Other operating expenses	$ 6,600
Insurance recoveries				$ 84,300

Debt - Narrative (Details)

Debt - Narrative (Details)			1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 03, 2024 USD ($)	Sep. 07, 2023 extension	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) extensionOption debtInstrument extension $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 13, 2022 USD ($) debtInstrument	Dec. 01, 2021 USD ($)	Sep. 23, 2021 USD ($)
Line of Credit Facility [Line Items]
Repayments of long term debt						$ 211,088,000	$ 1,434,956,000	$ 392,236,000
Debt						2,329,897,000	2,400,985,000
Letters of credit outstanding						$ 13,600,000	12,600,000
Election period, prior to maturity date						2 days
Convertible debt, conversion ratio						0.0392549
Redemption price to principal amount, percentage						1
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value						$ 24,500,000
Derivative instruments, liability position, fair value						0
Expected reclassifications in next 12 months						18,200,000
Convertible senior notes
Line of Credit Facility [Line Items]
Debt issued			$ 250,000,000	$ 500,000,000
Debt						$ 750,000,000	750,000,000
Stated interest rate				1.75%		1.75%
Proceeds from debt, net of issuance costs			$ 257,200,000	$ 487,300,000
Premium to par percentage			5.50%
Debt issuance costs			$ 6,500,000
Premium received			$ 13,800,000
Convertible debt, liability component				$ 386,100,000
Discount rate				0.0625
Convertible debt, equity component				$ 113,900,000
Initial discount, gross				$ 113,900,000
Convertible debt, conversion price (in usd per share) | $ / shares						$ 25.47
Capped call transaction, upper strike price (in usd per share) | $ / shares						$ 33.0225
Senior unsecured notes
Line of Credit Facility [Line Items]
Debt						$ 2,400,000	50,000,000
Mortgage loans
Line of Credit Facility [Line Items]
Debt						$ 197,497,000	220,985,000
Mortgage loans | Margaritaville
Line of Credit Facility [Line Items]
Repayments of long term debt					$ 21,500,000
Debt					$ 140,000,000
Extension term						1 year
Debt instrument , number of extensions | extension		2				2
Debt instrument, term		1 year
Mortgage loans | Margaritaville Hollywood Beach Resort
Line of Credit Facility [Line Items]
Debt						$ 140,000,000	161,500,000				$ 161,500,000
Basis spread on variable rate		3.75%				3.75%
Stated interest rate						7.04%
Mortgage loans | Estancia La Jolla Hotel & Spa
Line of Credit Facility [Line Items]
Debt						$ 57,497,000	59,485,000			$ 61,700,000
Stated interest rate						5.07%				5.07%
Term Loan 2024 | Unsecured term loans | Subsequent event
Line of Credit Facility [Line Items]
Debt	$ 43,300,000
Series A Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Debt						$ 0	47,600,000
Stated interest rate						0%
Series B Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Debt						$ 2,400,000	2,400,000
Stated interest rate						4.93%
Fixed Rate Debt
Line of Credit Facility [Line Items]
Estimated fair value of debt						$ 686,300,000	700,500,000
Revolving credit facilities | Unsecured term loans
Line of Credit Facility [Line Items]
Debt						0	0
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity						650,000,000			$ 650,000,000
Maximum borrowing capacity potential increase (up to)									970,000,000
Debt						$ 0	0
Number of extension periods | extensionOption						2
Extension term						6 months
Remaining borrowing capacity						$ 636,400,000
Stated interest rate						0%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage						0.20%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage						0.30%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate						0.10%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate						1.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate						2.50%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate						0.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate						1.50%
Revolving credit facilities | PHL unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 20,000,000
Debt						0	0
Remaining borrowing capacity						20,000,000
Balance of line of credit						$ 0
Stated interest rate						0%
Unsecured term loans | Unsecured term loans
Line of Credit Facility [Line Items]
Debt issued									$ 1,380,000,000
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt instrument, number of instruments | debtInstrument						3			3
Debt issued						$ 460,000,000			$ 460,000,000
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate						1.40%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate						2.45%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate						0.40%
Unsecured term loans | Three Term Loans Maturing in October 2024, 2025 and 2027 | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate						1.45%
Unsecured term loans | Term Loan 2024 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt						$ 460,000,000	460,000,000
Stated interest rate						5.78%
Unsecured term loans | Term Loan 2024 | Unsecured term loans | Subsequent event
Line of Credit Facility [Line Items]
Debt issued	43,300,000
Repayments of long term debt	60,000,000
Unsecured term loans | Term Loan 2025 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt						$ 460,000,000	460,000,000
Stated interest rate						5.13%
Unsecured term loans | Term Loan 2025 | Unsecured term loans | Subsequent event
Line of Credit Facility [Line Items]
Debt issued	410,000,000
Repayments of long term debt	50,000,000
Unsecured term loans | Term Loan 2027 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt						$ 460,000,000	$ 460,000,000
Stated interest rate						5.61%
Unsecured term loans | Term Loan 2027 | Unsecured term loans | Subsequent event
Line of Credit Facility [Line Items]
Debt issued	460,000,000
Unsecured term loans | Term Loan 2024 Maturing in Jan 2028 | Unsecured term loans | Subsequent event
Line of Credit Facility [Line Items]
Debt issued	$ 356,700,000
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 30,000,000

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)			3 Months Ended	12 Months Ended
	Jan. 03, 2024 USD ($)	Sep. 07, 2023 extension	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) extensionOption extension	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 13, 2022 USD ($)	Dec. 01, 2021 USD ($)	Sep. 23, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Debt				$ 2,329,897,000	$ 2,400,985,000
Unamortized debt premiums, discount and deferred financing costs, net				(10,096,000)	(13,692,000)
Debt, Net				2,319,801,000	2,387,293,000
Repayments of long term debt				211,088,000	1,434,956,000	$ 392,236,000
Unsecured term loans | Term Loan 2024 | Subsequent event
Debt Instrument [Line Items]
Debt	$ 43,300,000
Unsecured term loans | Revolving credit facilities
Debt Instrument [Line Items]
Debt				$ 0	0
Unsecured term loans | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				0%
Debt				$ 0	0
Number of extension periods | extensionOption				2
Extension term				6 months
Unsecured term loans | Revolving credit facilities | PHL unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				0%
Debt				$ 0	0
Unsecured term loans | Unsecured term loans
Debt Instrument [Line Items]
Debt, Net				$ 1,380,000,000	1,380,000,000
Debt issued							$ 1,380,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2024
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				5.78%
Debt				$ 460,000,000	460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2024 | Subsequent event
Debt Instrument [Line Items]
Debt issued	43,300,000
Repayments of long term debt	60,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2025
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				5.13%
Debt				$ 460,000,000	460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2025 | Subsequent event
Debt Instrument [Line Items]
Debt issued	410,000,000
Repayments of long term debt	50,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2027
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				5.61%
Debt				$ 460,000,000	460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2027 | Subsequent event
Debt Instrument [Line Items]
Debt issued	460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2024 Maturing in Jan 2028 | Subsequent event
Debt Instrument [Line Items]
Debt issued	$ 356,700,000
Convertible senior notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				1.75%							1.75%
Debt				$ 750,000,000	750,000,000
Debt issued										$ 250,000,000	$ 500,000,000
Senior unsecured notes
Debt Instrument [Line Items]
Debt				$ 2,400,000	50,000,000
Senior unsecured notes | Series A Notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				0%
Debt				$ 0	47,600,000
Senior unsecured notes | Series B Notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				4.93%
Debt				$ 2,400,000	2,400,000
Mortgage loans
Debt Instrument [Line Items]
Debt				$ 197,497,000	220,985,000
Mortgage loans | Margaritaville
Debt Instrument [Line Items]
Debt			$ 140,000,000
Extension term				1 year
Debt instrument , number of extensions | extension		2		2
Repayments of long term debt			$ 21,500,000
Mortgage loans | Margaritaville Hollywood Beach Resort
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				7.04%
Debt				$ 140,000,000	161,500,000				$ 161,500,000
Basis spread on variable rate		3.75%		3.75%
Mortgage loans | Estancia La Jolla Hotel & Spa
Debt Instrument [Line Items]
Interest Rate at December 31, 2023				5.07%				5.07%
Debt				$ 57,497,000	$ 59,485,000			$ 61,700,000

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of deferred financing fees, (premiums) and discounts	$ 8,104	$ 16,465	$ 9,741
Other	2,333	3,199	5,672
Total interest expense	115,660	99,988	96,633
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt	13,125	13,125	12,662
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	2,169	2,525	3,562
Mortgage debt
Debt Instrument [Line Items]
Interest expense, debt	14,704	9,788	1,375
Unsecured revolving credit facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	2,074	2,531	2,092
Unsecured term loan facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	$ 73,151	$ 52,355	$ 61,529

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 461,910
2025	464,592
2026	752,308
2027	462,429
2028	188,658
Total debt principle payments	2,329,897	$ 2,400,985
Deferred financing costs, net	(10,096)
Debt, Net	$ 2,319,801	$ 2,387,293

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Interest rate swap - January 2023 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	0.05%
Interest rate swap - January 2023 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	0.07%
Interest rate swap - November 2023 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.84%
Interest rate swap - November 2023 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.87%
Interest rate swap - January 2024 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.47%
Interest rate swap - January 2024 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.50%
Interest Rate Swap One Due October 2025 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.22%
Interest Rate Swap One Due October 2025 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.25%
Interest rate swap - February 2026 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.33%
Interest rate swap - February 2026 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.36%
Interest Rate Swap One Due October 2026 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.02%
Interest Rate Swap One Due October 2026 | Maximum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.03%
Interest rate swap - October 2027 | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.29%
Cash flow hedging | Designated as hedging instrument | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 1,155,000,000	$ 1,040,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - January 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	0	200,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - November 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	0	250,000,000
Cash flow hedging | Designated as hedging instrument | Interest rate swap - January 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	300,000,000	300,000,000
Cash flow hedging | Designated as hedging instrument | Interest Rate Swap One Due October 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	200,000,000	0
Cash flow hedging | Designated as hedging instrument | Interest rate swap - February 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	290,000,000	290,000,000
Cash flow hedging | Designated as hedging instrument | Interest Rate Swap One Due October 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	200,000,000	0
Cash flow hedging | Designated as hedging instrument | Interest rate swap - October 2027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	$ 165,000,000	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Abstract]
Total revenues	$ 1,419,949	$ 1,391,891	$ 733,044
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues	307,003	303,701	165,977
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues	265,964	243,861	124,440
Southern Florida/Georgia
Disaggregation of Revenue [Abstract]
Total revenues	229,851	271,167	166,310
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues	187,997	168,310	94,275
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues	145,137	116,022	43,601
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues	78,948	87,625	53,978
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues	75,142	68,402	27,279
Washington, D.C.
Disaggregation of Revenue [Abstract]
Total revenues	68,567	51,937	20,630
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues	5,551	17,795	7,946
Other
Disaggregation of Revenue [Abstract]
Total revenues	$ 55,789	$ 63,071	$ 28,608

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 17, 2023 USD ($)	Dec. 27, 2022 USD ($) $ / shares shares	May 11, 2022 shares $ / shares	Aug. 31, 2021 $ / shares	Nov. 30, 2018 shares	Jul. 31, 2021 USD ($) $ / shares shares	May 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares vote $ / shares	Dec. 31, 2023 USD ($) shares class vote $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Apr. 29, 2021 USD ($)	Jul. 27, 2017 USD ($)	Feb. 22, 2016 USD ($)
Common Shares
Common shares of beneficial interest, authorized (in shares) | shares								500,000,000	500,000,000	500,000,000
Stock repurchased during period									$ 92,753	$ 70,724	$ 720
Preferred Shares
Preferred shares of beneficial interest, authorized (in shares) | shares								100,000,000	100,000,000	100,000,000
Preferred shares of beneficial interest, par value (in usd per share) | $ / shares								$ 0.01	$ 0.01	$ 0.01
Stock repurchased during period									$ 92,753	$ 70,724	$ 720
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Common unit conversion basis (in shares) | shares								1	1
Common shares of beneficial interest, outstanding (in shares) | shares								120,191,349	120,191,349	126,345,293
LTIP units, outstanding (in shares) | shares								858,484	858,484	727,208
Preferred stock, outstanding (in shares) | shares								27,600,000	27,600,000	28,600,000
LaSalle Hotel Properties | Operating partnership units
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Business acquisition, equity interest issued or issuable, (in shares) | shares					133,605
Operating Partnership
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Common shares of beneficial interest, outstanding (in shares) | shares								16,291	16,291	149,896
Long-Term Incentive Partnership ("LTIP") Units
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Classes of LTIP units | class									2
Awards vested (in shares) | shares								277,136	277,136	127,111
Common Shares
Common Shares
Repurchase of common shares (in shares) | shares									6,578,436	4,609,626	38,310
Stock repurchased during period									$ 65	$ 47	$ 1
Preferred Shares
Repurchase of common shares (in shares) | shares									6,578,436	4,609,626	38,310
Stock repurchased during period									$ 65	$ 47	$ 1
February 2023 and July 2017 Share Repurchase Programs
Common Shares
Repurchase of common shares (in shares) | shares								6,498,901
Stock repurchased during period								$ 91,000
Share repurchased (in dollar per share) | $ / shares								$ 14.01
Preferred Shares
Repurchase of common shares (in shares) | shares								6,498,901
Stock repurchased during period								$ 91,000
Share repurchased (in dollar per share) | $ / shares								$ 14.01
February 2023 Share Repurchase Program
Common Shares
Share repurchase program, authorized amount	$ 150,000
Remaining authorized repurchase amount								$ 146,000	146,000
Stock repurchased during period									4,000
Preferred Shares
Share repurchase program, authorized amount	$ 150,000
Stock repurchased during period									4,000
July 2017 Share Repurchase Program
Common Shares
Share repurchase program, authorized amount													$ 100,000
Remaining authorized repurchase amount								$ 0	0
Stock repurchased during period									87,000
Preferred Shares
Share repurchase program, authorized amount													$ 100,000
Stock repurchased during period									$ 87,000
February 2016 Share Repurchase Program
Common Shares
Share repurchase program, authorized amount														$ 150,000
Remaining authorized repurchase amount										0
Stock repurchased during period										56,600
Preferred Shares
Share repurchase program, authorized amount														$ 150,000
Stock repurchased during period										$ 56,600
At The Market Offering
Common Shares
Shares available for issuance, amount												$ 200,000
Number of shares issued in transaction (in shares) | shares									0
Series G Preferred Stock
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares								$ 25	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.1231	2.1231
Preferred stock, dividend rate, percentage									6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage									6.375%
Preferred stock, outstanding (in shares) | shares								9,200,000	9,200,000	9,200,000
Series G Preferred Stock | February 2023 Share Repurchase Program
Preferred Shares
Preferred stock, dividend rate, percentage	6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage	6.375%
Series G Preferred Stock | Public Stock Offering
Common Shares
Number of shares issued in transaction (in shares) | shares							9,200,000
Preferred Shares
Public offering price (in usd per share) | $ / shares							$ 25
Public offering, net proceeds							$ 222,600
Preferred stock, dividend rate, percentage							6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage							6.375%
Series H Preferred Stock
Common Shares
Repurchase of common shares (in shares) | shares		1,000,000
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares		$ 16						$ 25	$ 25
Return to preferred shareholders		$ 8,200
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.2311	2.2311
Preferred stock, dividend rate, percentage		5.70%							5.70%
Repurchase of common shares (in shares) | shares		1,000,000
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage		5.70%							5.70%
Preferred stock, outstanding (in shares) | shares								8,000,000	8,000,000	9,000,000
Series H Preferred Stock | February 2023 Share Repurchase Program
Preferred Shares
Preferred stock, dividend rate, percentage	5.70%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage	5.70%
Series H Preferred Stock | February 2023 Share Repurchase Program | Preferred Shares
Common Shares
Repurchase of common shares (in shares) | shares									1,000,000
Stock repurchased during period									$ 15,800
Share repurchased (in dollar per share) | $ / shares									$ 15.79
Preferred Shares
Repurchase of common shares (in shares) | shares									1,000,000
Stock repurchased during period									$ 15,800
Share repurchased (in dollar per share) | $ / shares									$ 15.79
Series H Preferred Stock | Public Stock Offering
Common Shares
Number of shares issued in transaction (in shares) | shares						10,000,000
Preferred Shares
Public offering price (in usd per share) | $ / shares						$ 25
Public offering, net proceeds						$ 242,100
Preferred stock, dividend rate, percentage						5.70%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage						5.70%
Series C Preferred Stock
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares				$ 25
Preferred shares dividends accrued and unpaid (in usd per share) | $ / shares				$ 0.17
Preferred stock, dividend rate, percentage				6.50%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage				6.50%
Series D Preferred Stock
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares				$ 25
Preferred shares dividends accrued and unpaid (in usd per share) | $ / shares				$ 0.16
Preferred stock, dividend rate, percentage				6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage				6.375%
Series F Preferred Stock
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares								$ 25	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								2.0649	2.0649
Preferred stock, dividend rate, percentage									6.30%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage									6.30%
Preferred stock, outstanding (in shares) | shares								6,000,000	6,000,000	6,000,000
Series F Preferred Stock | February 2023 Share Repurchase Program
Preferred Shares
Preferred stock, dividend rate, percentage	6.30%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage	6.30%
Series E Preferred Stock
Preferred Shares
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares								$ 25	$ 25
Preferred stock, redemption after change in control									120 days
Share cap ratio on preferred shares on conversion								1.9372	1.9372
Preferred stock, dividend rate, percentage									6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage									6.375%
Preferred stock, outstanding (in shares) | shares								4,400,000	4,400,000	4,400,000
Series E Preferred Stock | February 2023 Share Repurchase Program
Preferred Shares
Preferred stock, dividend rate, percentage	6.375%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, dividend rate, percentage	6.375%
Preferred Shares | February 2023 Share Repurchase Program
Common Shares
Share repurchase program, authorized amount	$ 100,000
Remaining authorized repurchase amount								$ 84,200	$ 84,200
Preferred Shares
Share repurchase program, authorized amount	$ 100,000
Series Z Preferred Stock
Preferred Shares
Preferred stock, dividend rate, percentage			6%
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Common unit conversion basis (in shares) | shares			1
Preferred stock, dividend rate, percentage			6%
Liquidation preference value (in usd per share) | $ / shares			$ 25
Series Z Preferred Stock | Operating Partnership
Non-controlling Interest of Common Units and Preferred Units in Operating Partnership
Preferred stock, outstanding (in shares) | shares								3,104,400	3,104,400
Common Shares
Common Shares
Number of votes per share | vote								1	1

Equity - Common Dividends (Deta

Equity - Common Dividends (Details) - $ / shares	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common Shares
Dividends Payable [Line Items]
Dividend (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares		3 Months Ended				12 Months Ended
	Dec. 27, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)		27,600,000				27,600,000	28,600,000
Series E Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage						6.375%
Preferred stock, outstanding (in shares)		4,400,000				4,400,000	4,400,000
Dividend per share/unit (in usd per share)		$ 0.40	$ 0.40	$ 0.40	$ 0.40
Series F Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage						6.30%
Preferred stock, outstanding (in shares)		6,000,000				6,000,000	6,000,000
Dividend per share/unit (in usd per share)		$ 0.39	0.39	0.39	0.39
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage						6.375%
Preferred stock, outstanding (in shares)		9,200,000				9,200,000	9,200,000
Dividend per share/unit (in usd per share)		$ 0.40	0.40	0.40	0.40
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.70%					5.70%
Preferred stock, outstanding (in shares)		8,000,000				8,000,000	9,000,000
Dividend per share/unit (in usd per share)		$ 0.36	$ 0.36	$ 0.36	$ 0.36

Share-Based Compensation Plan -

Share-Based Compensation Plan - Narrative (Details) $ / shares in Units, $ in Millions							1 Months Ended			12 Months Ended			36 Months Ended
	Feb. 17, 2023 USD ($) $ / shares shares	May 16, 2022 shares	Feb. 18, 2021 USD ($) $ / shares shares	Feb. 12, 2020 shares	Feb. 13, 2019 shares	Feb. 14, 2018 shares	Jan. 31, 2023 shares	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Dec. 31, 2023 USD ($) class $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 performanceCriteria $ / shares shares	Dec. 31, 2021 performanceCriteria $ / shares	Dec. 31, 2020 performanceCriteria $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance under the Plan (in shares)										1,499,388
LTIP units, outstanding (in shares)										858,484	727,208		727,208
Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 3.5	$ 3.8	$ 4.1
Total unrecognized compensation expense | $										$ 4.6
Period over which compensation expense is expected to be recognized										1 year 9 months 18 days
Awards granted (in shares)										113,084	143,795	415,531
Fair value of award on grant date (in usd per share) | $ / shares										$ 19.88	$ 21.60	$ 22.53	$ 21.60	$ 22.53	$ 24.94
Awards vested (in shares)										183,721	107,303	81,591
Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 5.6	$ 4.8	$ 4.9
Total unrecognized compensation expense | $										$ 6.1
Period over which compensation expense is expected to be recognized										1 year 8 months 12 days
Awards granted (in shares)	314,235	175,898	189,348	161,777	126,891	78,918
Awards issued (in shares)							51,686
Number of performance criteria | performanceCriteria													2	2	2
Performance-Based Equity Awards | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued (in shares)								0	0
Performance-Based Equity Awards | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued (in shares)								0	0
Long-Term Incentive Partnership ("LTIP") Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 3.4	$ 2.8	$ 2.4
Total unrecognized compensation expense | $										$ 7
Classes of LTIP units | class										2
Awards vested (in shares)											127,111
Long-Term Incentive Partnership ("LTIP") Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	131,276		600,097
Fair value of award on grant date (in usd per share) | $ / shares	$ 15.04		$ 22.69
Aggregate grant date fair value | $	$ 2		$ 13.6
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										3 years
Minimum | Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										3 years
Minimum | Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares able to be vested, percent	0%	0%	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										5 years
Maximum | Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										5 years
Maximum | Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares able to be vested, percent	200%	200%	200%

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Service Condition Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested beginning balance (in shares)	567,317	567,431	242,727
Granted (in shares)	113,084	143,795	415,531
Vested (in shares)	(183,721)	(107,303)	(81,591)
Forfeited (in shares)	(53,131)	(36,606)	(9,236)
Unvested ending balance (in shares)	443,549	567,317	567,431
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share)	$ 21.60	$ 22.53	$ 24.94
Granted (in usd per share)	15.04	21.72	22.69
Vested (in usd per share)	23.14	26.23	30.41
Forfeited (in usd per share)	16.72	22.80	23.37
Unvested ending balance (in usd per share)	$ 19.88	$ 21.60	$ 22.53

Share-Based Compensation Plan_3

Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-Based Equity Awards - USD ($) $ in Millions	Feb. 17, 2023	May 16, 2022	Feb. 18, 2021	Feb. 12, 2020	Feb. 13, 2019	Feb. 14, 2018
Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	70%	100%	100%	100%	65%	65%
Grant Date Fair Value by Component	$ 6	$ 5.3	$ 6	$ 4.9
Volatility	61.60%	58.70%	56%	23.40%
Interest Rate	4.31%	2.72%	0.19%	1.41%
Dividend Yield	0%	0%	0%	0%
Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	30%				35%	35%
Relative & Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value by Component					$ 4.5	$ 3.5
Volatility					26%	28%
Interest Rate					2.52%	2.37%
Dividend Yield					4.20%	4.70%

Income Taxes - Distributions (D

Income Taxes - Distributions (Details) - $ / shares		12 Months Ended
	Dec. 15, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 0.0400	$ 0.0419	$ 0
Ordinary non-qualified income, percent		100%	83.80%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0.0081	$ 0.0128
Capital gain, percent		0%	16.20%	32%
Return of capital (in usd per share)		$ 0	$ 0	$ 0.0272
Return of capital, percent		0%	0%	68%
Total (in usd per share)		$ 0.0400	$ 0.0500	$ 0.0400
Total, percent		100%	100%	100%
Distributions declared, treated as distributions for taxes in next year (in usd per share)	$ 0.0100
Series C Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 0	$ 0	$ 0
Ordinary non-qualified income, percent		0%	0%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0	$ 0.1725
Capital gain, percent		0%	0%	12.45%
Return of capital (in usd per share)		$ 0	$ 0	$ 1.2133
Return of capital, percent		0%	0%	87.55%
Total (in usd per share)		$ 0	$ 0	$ 1.3858
Total, percent		0%	0%	100%
Series D Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 0	$ 0	$ 0
Ordinary non-qualified income, percent		0%	0%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0	$ 0.1692
Capital gain, percent		0%	0%	12.49%
Return of capital (in usd per share)		$ 0	$ 0	$ 1.1855
Return of capital, percent		0%	0%	87.51%
Total (in usd per share)		$ 0	$ 0	$ 1.3547
Total, percent		0%	0%	100%
Series E Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 1.5938	$ 1.6684	$ 0
Ordinary non-qualified income, percent		100%	83.75%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0.3238	$ 0.5118
Capital gain, percent		0%	16.25%	32.11%
Return of capital (in usd per share)		$ 0	$ 0	$ 1.0819
Return of capital, percent		0%	0%	67.89%
Total (in usd per share)		$ 1.5938	$ 1.9922	$ 1.5937
Total, percent		100%	100%	100%
Series F Cumulative Redeemable Preferred Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 1.5750	$ 1.6488	$ 0
Ordinary non-qualified income, percent		100%	83.75%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0.3200	$ 0.5058
Capital gain, percent		0%	16.25%	32.11%
Return of capital (in usd per share)		$ 0	$ 0	$ 1.0692
Return of capital, percent		0%	0%	67.89%
Total (in usd per share)		$ 1.5750	$ 1.9688	$ 1.5750
Total, percent		100%	100%	100%
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 1.5938	$ 1.6684	$ 0
Ordinary non-qualified income, percent		100%	83.75%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0.3238	$ 0.5787
Capital gain, percent		0%	16.25%	86%
Return of capital (in usd per share)		$ 0	$ 0	$ 0.0942
Return of capital, percent		0%	0%	14%
Total (in usd per share)		$ 1.5938	$ 1.9922	$ 0.6729
Total, percent		100%	100%	100%
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)		$ 1.4250	$ 1.4917	$ 0
Ordinary non-qualified income, percent		100%	83.75%	0%
Qualified dividend (in usd per share)		$ 0	$ 0	$ 0
Qualified dividend, percent		0%	0%	0%
Capital gain (in usd per share)		$ 0	$ 0.2895	$ 0.2655
Capital gain, percent		0%	16.25%	86.01%
Return of capital (in usd per share)		$ 0	$ 0	$ 0.0432
Return of capital, percent		0%	0%	13.99%
Total (in usd per share)		$ 1.4250	$ 1.7812	$ 0.3087
Total, percent		100%	100%	100%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 237	$ 253	$ 0
Deferred	0	0	0
State and local
Current	418	24	61
Deferred	0	0	0
Income tax expense (benefit), net	$ 655	$ 277	$ 61

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal tax expense (benefit)	$ 16,808	$ 17,906	$ (38,251)
State income tax expense (benefit), net of federal tax expense (benefit)	409	4	(6,990)
REIT income not subject to tax	(16,536)	(17,402)	22,235
Change in valuation allowance	973	(495)	23,077
Other	(999)	264	(10)
Income tax expense (benefit), net	$ 655	$ 277	$ 61

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax receivable	$ 800
Net operating loss carryover	39,385	$ 38,822
State taxes and other	5,596	3,071
Depreciation	99	193
Total deferred tax asset before valuation allowance	45,080	42,086
Valuation allowance	(45,080)	(42,086)
Deferred tax asset net of valuation allowance	$ 0	$ 0

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to common shareholders	$ (113,270)	$ (124,059)	$ (235,018)
Less: dividends paid on unvested share-based compensation	(41)	(45)	(47)
Net income (loss) available to common stockholders - basic	(113,311)	(124,104)	(235,065)
Net income (loss) available to common stockholders - diluted	$ (113,311)	$ (124,104)	$ (235,065)
Denominator:
Weighted-average number of common shares — basic (in shares)	121,813,042	130,453,944	130,804,354
Weighted-average number of common shares — diluted (in shares)	121,813,042	130,453,944	130,804,354
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ (0.93)	$ (0.95)	$ (1.80)
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ (0.93)	$ (0.95)	$ (1.80)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted and Performance Based Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,108,816	1,079,474	1,033,747
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,441,175	29,441,175	29,441,175

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements [Line Items]
Terms of management agreements not including renewals	10 years
Terms of management agreements including renewals	29 years
Combined base and incentive management fees	$ 39,300	$ 39,600	$ 18,400
Reserve funds allowed for hotel maintenance from hotel revenue	4%
Restricted cash	$ 9,894	$ 11,229
Minimum
Management Agreements [Line Items]
Termination fees range	0
Base management fee from hotel revenues	1%
Maximum
Management Agreements [Line Items]
Termination fees range	3
Base management fee from hotel revenues	4%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Hotel Subject to Leases (Details)	12 Months Ended
	Dec. 31, 2023 extensionOption
Hotel Palomar Los Angeles Beverly Hills
Management Agreements [Line Items]
Term of extension option	5 years
Number of extension options	19
Hotel Zeppelin San Francisco
Management Agreements [Line Items]
Term of extension option	30 years
1 Hotel San Francisco (formerly Hotel Vitale)
Management Agreements [Line Items]
Term of extension option	14 years

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Components of Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Fixed ground rent	$ 19,133	$ 18,538	$ 16,825
Variable ground rent	20,252	18,931	9,616
Total ground rent	$ 39,385	$ 37,469	$ 26,441

Commitments and Contingencies_4

Commitments and Contingencies - Operating Future Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 20,606
2025	20,735
2026	21,031
2027	20,983
2028	21,077
Thereafter	1,563,613
Total lease payments	1,668,045
Less: Imputed interest	(1,347,428)
Present value of lease liabilities	$ 320,617	$ 320,402

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 105,519	$ 82,851	$ 84,453
Interest capitalized	1,825	1,434	1,391
Income taxes paid (refunded)	(2,549)	(2,303)	(258)
Non-Cash Investing and Financing Activities:
Convertible debt discount adjustment	0	0	113,099
Distributions payable on shares/units	11,862	12,218
Issuance of common shares for OP units redemption	3,515	0	0
Change in accrued additions and improvements to hotel properties	65	(2,759)	3,110
Right of use assets obtained in exchange for lease liabilities	0	1,005	65,599
Write-off of fully depreciated building, furniture, fixtures and equipment	7,267	72,532	0
Write-off of fully amortized deferred financing costs	1,199	19,595	6,574
Mortgage loans assumed in connection with acquisition of hotel properties	0	0	223,177
Below (above) market contracts assumed in connection with acquisition of hotel properties	0	0	3,071
Common shares/units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	1,261	1,316	1,537
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	10,601	10,902	10,219
Common Unit
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	390	0
Series Z Preferred Stock
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	77,610	0
Board of Trustees Compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	754	738	516
Executive and Employee Bonuses
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 0	$ 0	$ 1,446

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	2 Months Ended
	Feb. 21, 2024 $ / shares shares
Subsequent Event [Line Items]
Repurchase of common shares (in shares) | shares	318,269
Share repurchased (in dollar per share) | $ / shares	$ 15.71

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule III (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 197,497
Initial Costs, Land	834,544
Initial Costs, Building and Improvements	4,549,725
Initial Costs, Furniture, Fixtures and Equipment	334,796
Costs Capitalized Subsequent to Acquisition	727,217
Gross Amount at End of Year, Land	810,633
Gross Amount at End of Year, Building and Improvements	5,097,075
Gross Amount at End of Year, Furniture, Fixtures and Equipment	538,574
Total	6,446,282	$ 6,729,381	$ 6,766,803	$ 6,459,745
Accumulated Depreciation	1,316,267	$ 1,180,434	$ 1,066,409	$ 898,287
Net Book Value	5,130,015
Deferred financing costs	10,096
Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	60,630
Initial Costs, Furniture, Fixtures and Equipment	2,441
Costs Capitalized Subsequent to Acquisition	23,928
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	79,533
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,466
Total	86,999
Accumulated Depreciation	35,732
Net Book Value	$ 51,267
Hotel Monaco Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Monaco Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,130
Initial Costs, Building and Improvements	44,987
Initial Costs, Furniture, Fixtures and Equipment	3,523
Costs Capitalized Subsequent to Acquisition	46,549
Gross Amount at End of Year, Land	11,671
Gross Amount at End of Year, Building and Improvements	79,854
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,664
Total	102,189
Accumulated Depreciation	32,415
Net Book Value	$ 69,774
Skamania Lodge | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Skamania Lodge | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Le Meridien Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,784
Initial Costs, Building and Improvements	81,580
Initial Costs, Furniture, Fixtures and Equipment	2,295
Costs Capitalized Subsequent to Acquisition	16,158
Gross Amount at End of Year, Land	18,783
Gross Amount at End of Year, Building and Improvements	95,751
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,283
Total	118,817
Accumulated Depreciation	37,539
Net Book Value	$ 81,278
Le Meridien Delfina Santa Monica | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Le Meridien Delfina Santa Monica | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,492
Initial Costs, Furniture, Fixtures and Equipment	4,247
Costs Capitalized Subsequent to Acquisition	2,933
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	84,106
Gross Amount at End of Year, Furniture, Fixtures and Equipment	2,566
Total	86,672
Accumulated Depreciation	30,618
Net Book Value	$ 56,054
Argonaut Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Argonaut Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,537
Initial Costs, Building and Improvements	86,089
Initial Costs, Furniture, Fixtures and Equipment	6,850
Costs Capitalized Subsequent to Acquisition	33,554
Gross Amount at End of Year, Land	25,537
Gross Amount at End of Year, Building and Improvements	117,161
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,332
Total	152,030
Accumulated Depreciation	46,902
Net Book Value	$ 105,128
The Westin San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
The Westin San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,306
Initial Costs, Building and Improvements	110,283
Initial Costs, Furniture, Fixtures and Equipment	6,091
Costs Capitalized Subsequent to Acquisition	25,797
Gross Amount at End of Year, Land	20,306
Gross Amount at End of Year, Building and Improvements	130,134
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,037
Total	162,477
Accumulated Depreciation	53,163
Net Book Value	$ 109,314
Mondrian Los Angeles | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Mondrian Los Angeles | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,453
Initial Costs, Building and Improvements	63,893
Initial Costs, Furniture, Fixtures and Equipment	5,887
Costs Capitalized Subsequent to Acquisition	20,188
Gross Amount at End of Year, Land	19,453
Gross Amount at End of Year, Building and Improvements	79,243
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,725
Total	109,421
Accumulated Depreciation	33,881
Net Book Value	$ 75,540
W Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
W Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,294
Initial Costs, Building and Improvements	22,166
Initial Costs, Furniture, Fixtures and Equipment	290
Costs Capitalized Subsequent to Acquisition	18,153
Gross Amount at End of Year, Land	7,294
Gross Amount at End of Year, Building and Improvements	35,507
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,102
Total	47,903
Accumulated Depreciation	16,700
Net Book Value	$ 31,203
Hotel Zetta San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zetta San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	24,403
Initial Costs, Building and Improvements	93,203
Initial Costs, Furniture, Fixtures and Equipment	3,600
Costs Capitalized Subsequent to Acquisition	33,122
Gross Amount at End of Year, Land	24,403
Gross Amount at End of Year, Building and Improvements	119,507
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,418
Total	154,328
Accumulated Depreciation	49,034
Net Book Value	$ 105,294
W Los Angeles - West Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
W Los Angeles - West Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	63,430
Initial Costs, Furniture, Fixtures and Equipment	3,780
Costs Capitalized Subsequent to Acquisition	13,834
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	74,993
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,051
Total	81,044
Accumulated Depreciation	28,290
Net Book Value	$ 52,754
Hotel Zelos San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zelos San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,103
Initial Costs, Building and Improvements	90,162
Initial Costs, Furniture, Fixtures and Equipment	6,881
Costs Capitalized Subsequent to Acquisition	30,249
Gross Amount at End of Year, Land	20,103
Gross Amount at End of Year, Building and Improvements	118,380
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,912
Total	147,395
Accumulated Depreciation	43,671
Net Book Value	$ 103,724
Embassy Suites San Diego Bay - Downtown | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Embassy Suites San Diego Bay - Downtown | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Hotel Zags
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	8,215
Initial Costs, Building and Improvements	37,874
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	(1,876)
Gross Amount at End of Year, Land	5,197
Gross Amount at End of Year, Building and Improvements	37,029
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,487
Total	45,713
Accumulated Depreciation	15,582
Net Book Value	$ 30,131
The Hotel Zags | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Hotel Zags | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	116,445
Initial Costs, Furniture, Fixtures and Equipment	3,550
Costs Capitalized Subsequent to Acquisition	42,113
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	153,970
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,138
Total	162,108
Accumulated Depreciation	55,992
Net Book Value	$ 106,116
Hotel Zephyr Fisherman's Wharf | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zephyr Fisherman's Wharf | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,561
Initial Costs, Building and Improvements	43,665
Initial Costs, Furniture, Fixtures and Equipment	1,094
Costs Capitalized Subsequent to Acquisition	37,769
Gross Amount at End of Year, Land	12,561
Gross Amount at End of Year, Building and Improvements	76,277
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,251
Total	95,089
Accumulated Depreciation	32,671
Net Book Value	$ 62,418
Hotel Zeppelin San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Hotel Zeppelin San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	45 years
The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,493
Initial Costs, Building and Improvements	92,339
Initial Costs, Furniture, Fixtures and Equipment	8,757
Costs Capitalized Subsequent to Acquisition	17,456
Gross Amount at End of Year, Land	18,493
Gross Amount at End of Year, Building and Improvements	101,482
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,070
Total	137,045
Accumulated Depreciation	39,787
Net Book Value	$ 97,258
The Nines, a Luxury Collection Hotel, Portland | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Nines, a Luxury Collection Hotel, Portland | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	90,675
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	15,243
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	100,806
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,612
Total	107,418
Accumulated Depreciation	31,210
Net Book Value	$ 76,208
Hotel Palomar Los Angeles Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Palomar Los Angeles Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	41,857
Initial Costs, Building and Improvements	207,817
Initial Costs, Furniture, Fixtures and Equipment	10,596
Costs Capitalized Subsequent to Acquisition	(38,621)
Gross Amount at End of Year, Land	17,367
Gross Amount at End of Year, Building and Improvements	185,057
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,225
Total	221,649
Accumulated Depreciation	66,793
Net Book Value	$ 154,856
Revere Hotel Boston Common | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Revere Hotel Boston Common | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
LaPlaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	112,575
Initial Costs, Building and Improvements	82,117
Initial Costs, Furniture, Fixtures and Equipment	6,733
Costs Capitalized Subsequent to Acquisition	42,732
Gross Amount at End of Year, Land	112,929
Gross Amount at End of Year, Building and Improvements	121,535
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,693
Total	244,157
Accumulated Depreciation	32,641
Net Book Value	$ 211,516
LaPlaya Beach Resort & Club | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
LaPlaya Beach Resort & Club | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
1 Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	105,693
Initial Costs, Furniture, Fixtures and Equipment	3,896
Costs Capitalized Subsequent to Acquisition	38,786
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	133,840
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,535
Total	148,375
Accumulated Depreciation	27,391
Net Book Value	$ 120,984
1 Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
1 Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	22,590
Initial Costs, Building and Improvements	37,114
Initial Costs, Furniture, Fixtures and Equipment	6,009
Costs Capitalized Subsequent to Acquisition	18,037
Gross Amount at End of Year, Land	22,638
Gross Amount at End of Year, Building and Improvements	52,055
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,057
Total	83,750
Accumulated Depreciation	16,174
Net Book Value	$ 67,576
Chaminade Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chaminade Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,009
Initial Costs, Furniture, Fixtures and Equipment	6,190
Costs Capitalized Subsequent to Acquisition	1,932
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	80,156
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,975
Total	87,131
Accumulated Depreciation	15,290
Net Book Value	$ 71,841
Harbor Court Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Harbor Court Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	91,442
Initial Costs, Furniture, Fixtures and Equipment	5,257
Costs Capitalized Subsequent to Acquisition	19,194
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	105,213
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,680
Total	115,893
Accumulated Depreciation	22,252
Net Book Value	$ 93,641
Viceroy Santa Monica Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Santa Monica Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Le Parc Suite Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	17,876
Initial Costs, Building and Improvements	65,515
Initial Costs, Furniture, Fixtures and Equipment	2,496
Costs Capitalized Subsequent to Acquisition	13,367
Gross Amount at End of Year, Land	17,902
Gross Amount at End of Year, Building and Improvements	74,999
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,353
Total	99,254
Accumulated Depreciation	15,744
Net Book Value	$ 83,510
Le Parc Suite Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Le Parc Suite Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Montrose West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	16,842
Initial Costs, Building and Improvements	58,729
Initial Costs, Furniture, Fixtures and Equipment	6,499
Costs Capitalized Subsequent to Acquisition	2,863
Gross Amount at End of Year, Land	16,842
Gross Amount at End of Year, Building and Improvements	60,104
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,987
Total	84,933
Accumulated Depreciation	13,304
Net Book Value	$ 71,629
Montrose West Hollywood | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Montrose West Hollywood | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chamberlain West Hollywood Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	14,462
Initial Costs, Building and Improvements	43,157
Initial Costs, Furniture, Fixtures and Equipment	5,983
Costs Capitalized Subsequent to Acquisition	2,200
Gross Amount at End of Year, Land	14,481
Gross Amount at End of Year, Building and Improvements	44,519
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,802
Total	65,802
Accumulated Depreciation	10,601
Net Book Value	$ 55,201
Chamberlain West Hollywood Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chamberlain West Hollywood Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Ziggy
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,440
Initial Costs, Building and Improvements	36,932
Initial Costs, Furniture, Fixtures and Equipment	3,951
Costs Capitalized Subsequent to Acquisition	7,264
Gross Amount at End of Year, Land	12,440
Gross Amount at End of Year, Building and Improvements	42,229
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,918
Total	60,587
Accumulated Depreciation	10,375
Net Book Value	$ 50,212
Hotel Ziggy | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Ziggy | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	291,754
Initial Costs, Furniture, Fixtures and Equipment	35,780
Costs Capitalized Subsequent to Acquisition	16,227
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	304,255
Gross Amount at End of Year, Furniture, Fixtures and Equipment	39,506
Total	343,761
Accumulated Depreciation	65,970
Net Book Value	$ 277,791
The Westin Copley Place, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Copley Place, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Liberty, a Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	195,797
Initial Costs, Furniture, Fixtures and Equipment	15,126
Costs Capitalized Subsequent to Acquisition	6,972
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	200,521
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,374
Total	217,895
Accumulated Depreciation	37,773
Net Book Value	$ 180,122
The Liberty, a Luxury Collection Hotel, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Liberty, a Luxury Collection Hotel, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	122,344
Initial Costs, Furniture, Fixtures and Equipment	6,862
Costs Capitalized Subsequent to Acquisition	9,355
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	130,282
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,279
Total	138,561
Accumulated Depreciation	24,857
Net Book Value	$ 113,704
Hyatt Regency Boston Harbor | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hyatt Regency Boston Harbor | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	15,373
Initial Costs, Building and Improvements	65,529
Initial Costs, Furniture, Fixtures and Equipment	4,489
Costs Capitalized Subsequent to Acquisition	1,058
Gross Amount at End of Year, Land	15,373
Gross Amount at End of Year, Building and Improvements	66,122
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,954
Total	86,449
Accumulated Depreciation	13,044
Net Book Value	$ 73,405
George Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
George Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,686
Initial Costs, Building and Improvements	60,927
Initial Costs, Furniture, Fixtures and Equipment	2,838
Costs Capitalized Subsequent to Acquisition	(5,467)
Gross Amount at End of Year, Land	14,035
Gross Amount at End of Year, Building and Improvements	56,527
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,422
Total	76,984
Accumulated Depreciation	14,507
Net Book Value	$ 62,477
Viceroy Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zena Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,035
Initial Costs, Building and Improvements	60,402
Initial Costs, Furniture, Fixtures and Equipment	2,066
Costs Capitalized Subsequent to Acquisition	28,947
Gross Amount at End of Year, Land	19,035
Gross Amount at End of Year, Building and Improvements	85,366
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,049
Total	110,450
Accumulated Depreciation	17,083
Net Book Value	$ 93,367
Hotel Zena Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zena Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	199,304
Initial Costs, Furniture, Fixtures and Equipment	22,032
Costs Capitalized Subsequent to Acquisition	16,194
Gross Amount at End of Year, Land	236
Gross Amount at End of Year, Building and Improvements	208,661
Gross Amount at End of Year, Furniture, Fixtures and Equipment	28,633
Total	237,530
Accumulated Depreciation	46,592
Net Book Value	$ 190,938
Paradise Point Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Paradise Point Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,017
Initial Costs, Building and Improvements	131,926
Initial Costs, Furniture, Fixtures and Equipment	7,741
Costs Capitalized Subsequent to Acquisition	26,081
Gross Amount at End of Year, Land	33,017
Gross Amount at End of Year, Building and Improvements	152,059
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,689
Total	198,765
Accumulated Depreciation	27,789
Net Book Value	$ 170,976
Hilton San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hilton San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Margaritaville Hotel San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	74,768
Initial Costs, Furniture, Fixtures and Equipment	8,830
Costs Capitalized Subsequent to Acquisition	56,689
Gross Amount at End of Year, Land	23,472
Gross Amount at End of Year, Building and Improvements	97,702
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,113
Total	140,287
Accumulated Depreciation	22,903
Net Book Value	$ 117,384
Margaritaville Hotel San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Margaritaville Hotel San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,304
Initial Costs, Building and Improvements	92,297
Initial Costs, Furniture, Fixtures and Equipment	5,393
Costs Capitalized Subsequent to Acquisition	15,285
Gross Amount at End of Year, Land	33,316
Gross Amount at End of Year, Building and Improvements	103,565
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,398
Total	146,279
Accumulated Depreciation	19,899
Net Book Value	$ 126,380
L'Auberge Del Mar | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
L'Auberge Del Mar | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	80,733
Initial Costs, Furniture, Fixtures and Equipment	9,458
Costs Capitalized Subsequent to Acquisition	28,234
Gross Amount at End of Year, Land	95
Gross Amount at End of Year, Building and Improvements	100,399
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,931
Total	118,425
Accumulated Depreciation	29,141
Net Book Value	$ 89,284
San Diego Mission Bay Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
San Diego Mission Bay Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	90,396
Initial Costs, Building and Improvements	253,954
Initial Costs, Furniture, Fixtures and Equipment	8,676
Costs Capitalized Subsequent to Acquisition	37,903
Gross Amount at End of Year, Land	91,859
Gross Amount at End of Year, Building and Improvements	280,837
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,233
Total	390,929
Accumulated Depreciation	46,767
Net Book Value	$ 344,162
Southernmost Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Southernmost Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Marker Key West Harbor Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,463
Initial Costs, Building and Improvements	66,903
Initial Costs, Furniture, Fixtures and Equipment	2,486
Costs Capitalized Subsequent to Acquisition	1,633
Gross Amount at End of Year, Land	25,463
Gross Amount at End of Year, Building and Improvements	67,200
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,822
Total	96,485
Accumulated Depreciation	12,614
Net Book Value	$ 83,871
The Marker Key West Harbor Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Marker Key West Harbor Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	39,576
Initial Costs, Building and Improvements	114,014
Initial Costs, Furniture, Fixtures and Equipment	7,608
Costs Capitalized Subsequent to Acquisition	(55,897)
Gross Amount at End of Year, Land	25,181
Gross Amount at End of Year, Building and Improvements	71,541
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,579
Total	105,301
Accumulated Depreciation	17,347
Net Book Value	$ 87,954
Hotel Chicago Downtown, Autograph Collection | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Chicago Downtown, Autograph Collection | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	44,983
Initial Costs, Building and Improvements	103,160
Initial Costs, Furniture, Fixtures and Equipment	23,744
Costs Capitalized Subsequent to Acquisition	(14,645)
Gross Amount at End of Year, Land	37,123
Gross Amount at End of Year, Building and Improvements	94,197
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,922
Total	157,242
Accumulated Depreciation	30,932
Net Book Value	$ 126,310
The Westin Michigan Avenue Chicago | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Michigan Avenue Chicago | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Jekyll Island Club Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	88,912
Initial Costs, Furniture, Fixtures and Equipment	5,031
Costs Capitalized Subsequent to Acquisition	21,281
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	102,975
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,249
Total	115,224
Accumulated Depreciation	14,314
Net Book Value	$ 100,910
Jekyll Island Club Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Jekyll Island Club Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Margaritaville Hollywood Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 140,000
Initial Costs, Land	0
Initial Costs, Building and Improvements	244,230
Initial Costs, Furniture, Fixtures and Equipment	22,288
Costs Capitalized Subsequent to Acquisition	7,899
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	248,537
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,880
Total	274,417
Accumulated Depreciation	25,822
Net Book Value	248,595
Deferred financing costs	$ 2,100
Margaritaville Hollywood Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Margaritaville Hollywood Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Estancia La Jolla Hotel & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 57,497
Initial Costs, Land	0
Initial Costs, Building and Improvements	104,280
Initial Costs, Furniture, Fixtures and Equipment	3,646
Costs Capitalized Subsequent to Acquisition	22,826
Gross Amount at End of Year, Land	237
Gross Amount at End of Year, Building and Improvements	119,610
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,905
Total	130,752
Accumulated Depreciation	11,696
Net Book Value	119,056
Unamortized discount	$ 200
Estancia La Jolla Hotel & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Estancia La Jolla Hotel & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Inn on Fifth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	50,503
Initial Costs, Building and Improvements	95,826
Initial Costs, Furniture, Fixtures and Equipment	7,989
Costs Capitalized Subsequent to Acquisition	1,841
Gross Amount at End of Year, Land	50,503
Gross Amount at End of Year, Building and Improvements	96,937
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,719
Total	156,159
Accumulated Depreciation	6,885
Net Book Value	$ 149,274
Inn on Fifth | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Inn on Fifth | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Newport Harbor Island Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	43,287
Initial Costs, Building and Improvements	118,227
Initial Costs, Furniture, Fixtures and Equipment	12,817
Costs Capitalized Subsequent to Acquisition	21,877
Gross Amount at End of Year, Land	43,288
Gross Amount at End of Year, Building and Improvements	126,342
Gross Amount at End of Year, Furniture, Fixtures and Equipment	26,578
Total	196,208
Accumulated Depreciation	16,580
Net Book Value	$ 179,628
Newport Harbor Island Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Newport Harbor Island Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Real Estate:
Beginning balance	$ 6,729,381	$ 6,766,803	$ 6,459,745
Acquisitions		331,249	488,447
Capital expenditures	188,520	105,626	86,936
Disposal of Assets	(400,705)	(359,083)	(253,469)
Other	(70,914)	(115,214)	(14,856)
Ending balance	6,446,282	6,729,381	6,766,803
Reconciliation of Accumulated Depreciation:
Beginning balance	1,180,434	1,066,409	898,287
Depreciation	239,422	238,278	223,225
Disposal of Assets	(103,589)	(124,253)	(55,103)
Ending balance	1,316,267	$ 1,180,434	$ 1,066,409
Aggregate cost of properties for federal income tax purposes	$ 6,000,000