Pebblebrook Hotel Trust (PEB) 10-Q 23 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,503,501
Entity Central Index Key	0001474098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Investment in hotel properties, net	$ 5,475,450	$ 5,490,776
Cash and cash equivalents	56,707	183,747
Restricted cash	8,267	9,894
Hotel receivables (net of allowance for doubtful accounts of $341 and $689, respectively)	53,934	43,912
Prepaid expenses and other assets	103,593	96,644
Total assets	5,697,951	5,824,973
LIABILITIES AND EQUITY
Debt	2,206,651	2,319,801
Accounts payable, accrued expenses and other liabilities	247,029	238,644
Lease liabilities - operating leases	320,649	320,617
Deferred revenues	87,874	76,874
Accrued interest	10,390	6,830
Distribution payable	11,849	11,862
Total liabilities	2,884,442	2,974,628
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at March 31, 2024 and December 31, 2023), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at March 31, 2024 and December 31, 2023	276	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 120,094,380 shares issued and outstanding at March 31, 2024 and 120,191,349 shares issued and outstanding at December 31, 2023	1,201	1,202
Additional paid-in capital	4,074,898	4,078,912
Accumulated other comprehensive income (loss)	31,067	24,374
Distributions in excess of retained earnings	(1,381,450)	(1,341,264)
Total shareholders’ equity	2,725,992	2,763,500
Non-controlling interests	87,517	86,845
Total equity	2,813,509	2,850,345
Total liabilities and equity	$ 5,697,951	$ 5,824,973

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 341,000	$ 689,000
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	$ 690,000,000
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	27,600,000
Preferred shares of beneficial interest, outstanding (in shares)	27,600,000	27,600,000
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)	120,094,380	120,191,349
Common shares of beneficial interest, outstanding (in shares)	120,094,380	120,191,349

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 314,069	$ 305,719
Hotel operating expenses:
Total hotel operating expenses	216,056	214,310
Depreciation and amortization	57,209	58,369
Real estate taxes, personal property taxes, property insurance, and ground rent	32,405	28,904
General and administrative	12,177	9,988
Gain on sale of hotel properties	0	(6,635)
Business interruption insurance income	(3,980)	(8,089)
Other operating expenses	1,581	3,670
Total operating expenses	315,448	300,517
Operating income (loss)	(1,379)	5,202
Interest expense	(26,421)	(27,430)
Other	326	183
Income (loss) before income taxes	(27,474)	(22,045)
Income tax (expense) benefit	(46)	0
Net income (loss)	(27,520)	(22,045)
Net income (loss) attributable to non-controlling interests	830	883
Net income (loss) attributable to the Company	(28,350)	(22,928)
Distributions to preferred shareholders	(10,631)	(10,988)
Net income (loss) attributable to common shareholders	$ (38,981)	$ (33,916)
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (0.32)	$ (0.27)
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (0.32)	$ (0.27)
Weighted-average number of common shares, basic (in shares)	120,085,226	125,488,415
Weighted-average number of common shares, diluted (in shares)	120,085,226	125,488,415
Room
Revenues:
Total revenues	$ 198,100	$ 196,374
Hotel operating expenses:
Total hotel operating expenses	55,023	56,424
Food and beverage
Revenues:
Total revenues	81,095	75,763
Hotel operating expenses:
Total hotel operating expenses	61,014	58,672
Other
Revenues:
Total revenues	34,874	33,582
Hotel operating expenses:
Total hotel operating expenses	$ 100,019	$ 99,214

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income - Continued - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income:
Net income (loss)	$ (27,520)	$ (22,045)
Other comprehensive income (loss):
Change in fair value of derivative instruments	13,076	(46)
Amounts reclassified from other comprehensive income	(6,335)	(5,825)
Comprehensive income (loss)	(20,779)	(27,916)
Comprehensive income (loss) attributable to non-controlling interests	878	845
Comprehensive income (loss) attributable to the Company	$ (21,657)	$ (28,761)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Shareholders' Equity	Preferred Shares	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Retained Earnings	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			28,600,000	126,345,293
Beginning 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]
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)				(3,003,513)
Repurchase of common shares	(42,745)	(42,745)		$ (30)	(42,715)
Share-based compensation (in shares)				235,407
Share-based compensation	2,879	2,096		$ 2	2,094			783
Distributions on common shares/units	(1,252)	(1,242)					(1,242)	(10)
Distributions on preferred shares/units	(12,152)	(10,988)					(10,988)	(1,164)
Other comprehensive income (loss):
Change in fair value of derivative instruments	(46)	(8)				(8)		(38)
Amounts reclassified from other comprehensive income	(5,825)	(5,825)				(5,825)
Net income (loss)	(22,045)	(22,928)					(22,928)	883
Ending balance (in shares) at Mar. 31, 2023			28,600,000	123,632,667
Ending balance at Mar. 31, 2023	3,004,111	2,915,629	$ 286	$ 1,236	4,142,491	29,891	(1,258,275)	88,482
Beginning balance (in shares) at Dec. 31, 2023			27,600,000	120,191,349
Beginning balance at Dec. 31, 2023	2,850,345	2,763,500	$ 276	$ 1,202	4,078,912	24,374	(1,341,264)	86,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares for Board of Trustees compensation (in shares)				47,497
Issuance of common shares for Board of Trustees compensation	745	745		$ 1	744
Repurchase of common shares (in shares)				(387,651)
Repurchase of common shares	(6,851)	(6,851)		$ (4)	(6,847)
Share-based compensation (in shares)				243,185
Share-based compensation	3,060	2,091		$ 2	2,089			969
Distributions on common shares/units	(1,216)	(1,205)					(1,205)	(11)
Distributions on preferred shares/units	(11,795)	(10,631)					(10,631)	(1,164)
Other comprehensive income (loss):
Change in fair value of derivative instruments	13,076	13,028				13,028		48
Amounts reclassified from other comprehensive income	(6,335)	(6,335)				(6,335)
Net income (loss)	(27,520)	(28,350)					(28,350)	830
Ending balance (in shares) at Mar. 31, 2024			27,600,000	120,094,380
Ending balance at Mar. 31, 2024	$ 2,813,509	$ 2,725,992	$ 276	$ 1,201	$ 4,074,898	$ 31,067	$ (1,381,450)	$ 87,517

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income (loss)	$ (27,520)	$ (22,045)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	57,209	58,369
Share-based compensation	3,060	2,879
Amortization of deferred financing costs, non-cash interest and other amortization	4,078	3,005
Gain on sale of hotel properties	0	(6,635)
Non-cash ground rent	2,462	2,476
Other adjustments	(1,528)	(4,964)
Changes in assets and liabilities:
Hotel receivables	(9,674)	1,285
Prepaid expenses and other assets	3,181	(3,848)
Accounts payable and accrued expenses	3,002	4,805
Deferred revenues	11,730	10,902
Net cash provided by (used in) operating activities	46,000	46,229
Investing activities:
Improvements and additions to hotel properties	(49,480)	(34,514)
Proceeds from sales of hotel properties	0	131,881
Property insurance proceeds	11,500	8,357
Other investing activities	(533)	(548)
Net cash provided by (used in) investing activities	(38,513)	105,176
Financing activities:
Payment of deferred financing costs	(5,484)	(154)
Repayments of debt	(110,348)	(498)
Repurchases of common shares	(6,851)	(42,745)
Distributions — common shares/units	(1,229)	(1,289)
Distributions — preferred shares/units	(11,795)	(12,152)
Other financing activities	(447)	(287)
Net cash provided by (used in) financing activities	(136,154)	(57,125)
Net change in cash and cash equivalents and restricted cash	(128,667)	94,280
Cash and cash equivalents and restricted cash, beginning of year	193,641	52,269
Cash and cash equivalents and restricted cash, end of period	$ 64,974	$ 146,549

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company owned interests in 46 hotels with a total of 11,924 gue st 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in conformity with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 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. Global events as well as national and local events may impact travel trends and the operations of the Company's hotels. In addition, inflation and interest rates may also impact the overall economy as well as the availability of debt. 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. 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. Stock Compensation In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation—Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation—General, or other guidance ) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024. Dispositions There were no dispositions of hotel properties during the three months ended March 31, 2024. The following table summarizes disposition transactions during 2023 (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 For the three months ended March 31, 2024 and 2023, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of zero and $(1.3) 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.

Investment in Hotel Properties

Investment in Hotel Properties	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands): March 31, 2024 December 31, 2023 Land $ 810,671 $ 810,633 Buildings and improvements 5,023,153 5,005,894 Furniture, fixtures and equipment 517,028 511,451 Finance lease asset 91,181 91,181 Construction in progress 48,190 27,123 $ 6,490,223 $ 6,446,282 Right-of-use asset, operating leases 358,357 360,761 Investment in hotel properties $ 6,848,580 $ 6,807,043 Less: Accumulated depreciation (1,373,130) (1,316,267) Investment in hotel properties, net $ 5,475,450 $ 5,490,776 Hurricane Ian On September 27, 2022, LaPlaya Beach Resort & Club ("LaPlaya") located in Naples, Florida, was impacted by the effects of Hurricane Ian. 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. As of the first quarter of 2024, LaPlaya's remediation and repair was substantially complete. 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 three months ended March 31, 2024 and 2023, the Company incurred $0.1 million and $2.8 million, respectively, of costs 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 March 31, 2024, the Company received a total of $100.0 million in preliminary advances from the insurance providers. The Company 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 this review, the Company may identify an impairment trigger has occurred and assess its investment in hotel properties for recoverability. During the three months ended March 31, 2024 and 2023, no impairment losses were incurred. 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. The right-of-use assets and liabilities are amortized to ground rent expense over the term of the underlying lease agreements. As of March 31, 2024, the Company's lease liabilities consisted of operating lease liabilities of $320.6 million and financing lease liabilities of $43.5 million. As of December 31, 2023, the Company's lease liabilities consisted of operating lease liabilities of $320.6 million and financing lease liabilities of $43.4 million. The financing lease liabilities are included in accounts payable, accrued expenses and other liabilities

Debt

Debt	3 Months Ended
	Mar. 31, 2024
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 ("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. This extended indebtedness is referred to as Term Loan 2028. In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 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 March 31, 2024 and December 31, 2023 (dollars in thousands): Balance Outstanding as of Interest Rate at March 31, 2024 Maturity Date March 31, 2024 December 31, 2023 Revolving credit facilities Senior unsecured credit facility — (1)(2) October 2026 $ — $ — PHL unsecured credit facility — (1) October 2026 — — Total revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 7.62% (1)(4) October 2024 43,348 460,000 Term Loan 2025 4.81% (1)(5) October 2025 410,000 460,000 Term Loan 2027 5.61% (1) October 2027 460,000 460,000 Term Loan 2028 7.62% (1)(4) January 2028 356,652 — Term loan principal $ 1,270,000 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes principal 4.93% December 2025 $ 2,400 $ 2,400 Mortgage loans Margaritaville Hollywood Beach Resort 7.04% (3) September 2026 140,000 140,000 Estancia La Jolla Hotel & Spa 5.07% September 2028 57,149 57,497 Mortgage loans principal $ 197,149 $ 197,497 Total debt principal $ 2,219,549 $ 2,329,897 Unamortized debt premiums, discount and deferred financing costs, net (12,898) (10,096) Debt, Net $ 2,206,651 $ 2,319,801 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at March 31, 2024 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) This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at March 31, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, pursuant to certain terms and conditions and payment of an extension fee. (4) 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 (shown above as Term Loan 2028). In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 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. (5) On January 3, 2024, the Company r epaid $50.0 million of i ts 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 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 March 31, 2024, the Company had no outstanding borrowings, $13.7 million of outstanding letters of credit and a borrowing capacity of $636.3 million remaining on the 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 senior unsecured 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 $13.7 million and $13.6 million were outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, 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 March 31, 2024, 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 March 31, 2024, the Company was in compliance with all debt covenants of the credit agreements that govern the unsecured revolving credit facilities. Unsecured Term Loan Facilities As of March 31, 2024, the term loans provided for in the Credit Agreement 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 2028). 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 March 31, 2024, 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 the 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. 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 March 31, 2024 and December 31, 2023, 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, 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 maturing in December 2025. The debt covenants of these notes are substantially similar to those of the Company's senior unsecured revolving credit facility. As of March 31, 2024, 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"). On September 7, 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-year periods, subject to certain terms and conditions and payment of an extension fee. 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 the 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 three months ended March 31, 2024 and 2023 (in thousands): For the three months ended March 31, 2024 2023 Unsecured revolving credit facilities $ 498 $ 568 Unsecured term loan facilities 18,912 16,551 Convertible senior notes 3,281 3,281 Senior unsecured notes 30 589 Mortgage debt 3,225 3,535 Amortization of deferred financing fees, (premiums) and discounts 3,071 1,851 Other (2,596) 1,055 Total interest expense $ 26,421 $ 27,430 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 March 31, 2024 and December 31, 2023 was $675.9 million and $686.3 million, respectively. 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 March 31, 2024 and December 31, 2023 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) Maturity March 31, 2024 December 31, 2023 Swap-cash flow 2.47% - 2.50% January 2024 $ — $ 300,000 Swap-cash flow 3.22% - 3.25% October 2025 200,000 200,000 Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Swap-cash flow 3.02% - 3.03% October 2026 200,000 200,000 Swap-cash flow 3.29% October 2027 165,000 165,000 Total $ 855,000 $ 1,155,000 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.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands): For the three months ended March 31, 2024 2023 Southern Florida/Georgia $ 80,957 $ 71,029 San Diego, CA 71,495 66,847 Boston, MA 45,920 42,671 Los Angeles, CA 44,209 43,359 San Francisco, CA 30,545 31,814 Washington, D.C. 14,802 13,695 Portland, OR 12,999 14,640 Chicago, IL 8,348 10,557 Seattle, WA — 3,420 Other (1) 4,794 7,687 Total Revenues $ 314,069 $ 305,719 ______________________ (1) Other includes: 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	3 Months Ended
	Mar. 31, 2024
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 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. As of June 30, 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 three months ended March 31, 2024, the Company repurchased 318,269 common shares for an aggregate purchase price of $5.0 million, or an average of approximately $15.71 per share. As of March 31, 2024, $141.0 million of common shares remained available for repurchase under this program. Common Dividends The Company declared the following dividends on common shares/units for the three months ended March 31, 2024: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2024 March 29, 2024 April 15, 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”). The following preferred shares were outstanding as of March 31, 2024 and December 31, 2023: Security Type March 31, 2024 December 31, 2023 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 8,000,000 27,600,000 27,600,000 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. During the three months ended March 31, 2024, no Preferred Shares were repurchased under this program. As of March 31, 2024, $84.2 million of Preferred Shares remained available for repurchase under this program. 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 three months ended March 31, 2024: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 6.30% Series F $ 0.39 March 31, 2024 March 29, 2024 April 15, 2024 6.375% Series G $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 5.70% Series H $ 0.36 March 31, 2024 March 29, 2024 April 15, 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 on a one-for-one basis. 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 March 31, 2024 and December 31, 2023, the Operating Partnership had 16,291 OP units held by third parties, excluding LTIP units. As of March 31, 2024, 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 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to its executive officers. On February 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to its executive officers. As of March 31, 2024, the Operating Partnership had 994,837 LTIP units outstanding, of which 470,920 LTIP units have vested. As of December 31, 2023, the Operating Partnership had 858,484 LTIP units outstanding, of which 277,136 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 the 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, there were 1,176,681 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 Shares Weighted-Average Unvested at December 31, 2023 443,549 $ 19.88 Granted 138,002 $ 16.13 Vested (171,508) $ 21.20 Forfeited (1,440) $ 15.92 Unvested at March 31, 2024 408,603 $ 18.07 For the three months ended March 31, 2024 and 2023, the Company recognized approximately $0.8 million and $0.9 million, respectively, of share-based compensation expense related to these awards in the accompanying consolidated statements of operations and comprehensive income. Performance-Based Equity Awards On February 15, 2024, the Board of Trustees approved a target award of 322,950 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2027. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2027 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2024 through December 31, 2026. For the three months ended March 31, 2024 and 2023, the Company recognized approximately $1.3 million and $1.2 million, respectively, of share-based compensation expense related to performance-based equity awards in the accompanying consolidated statements of operations and comprehensive income. Long-Term Incentive Partnership Units As of March 31, 2024, 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 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to its executive officers. These LTIP units will vest ratably on January 1, 2025, 2026 and 2027, 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 $16.13 per unit with an aggregate grant date fair value of $2.2 million. As of March 31, 2024, the Operating Partnership had 994,837 LTIP units outstanding, of which 470,920 LTIP units have vested. As of December 31, 2023, the Operating Partnership had 858,484 LTIP units outstanding, of which 277,136 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 three months ended March 31, 2024 and 2023, the Company recognized approximately $1.0 million and $0.8 million, respectively, in expense related to these 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	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes PHL is subject to federal and state corporate income taxes at statutory tax rates. Given the continued uncertainties about the Company's ability to utilize its net operating loss in future years, the Company has recorded a valuation allowance on all deferred tax assets. 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 March 31, 2024 and December 31, 2023, the statute of limitations remains open for all major jurisdictions for tax years dating back to 2020.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data): For the three months ended March 31, 2024 2023 Numerator: Net income (loss) attributable to common shareholders $ (38,981) $ (33,916) Less: Dividends paid on unvested share-based compensation (9) (11) Less: Undistributed earnings attributable to share-based compensation — — Net income (loss) available to common shareholders — basic and diluted $ (38,990) $ (33,927) Denominator: Weighted-average number of common shares — basic and diluted 120,085,226 125,488,415 Net income (loss) per share available to common shareholders — basic $ (0.32) $ (0.27) Net income (loss) per share available to common shareholders — diluted $ (0.32) $ (0.27) For the three months ended March 31, 2024 and 2023, 1,217,150 and 1,158,282, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three months ended March 31, 2024 and 2023, 29,441,175 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	3 Months Ended
	Mar. 31, 2024
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 28 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 three months ended March 31, 2024 and 2023, combined base and incentive management fees were $8.0 million. 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 March 31, 2024 and December 31, 2023, the Company had $8.3 million and $9.9 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 March 31, 2024, 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 three months ended March 31, 2024 and 2023 are as follows (in thousands): For the three months ended March 31, 2024 2023 Fixed ground rent $ 4,796 $ 4,782 Variable ground rent 4,006 3,867 Total ground rent $ 8,802 $ 8,649 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	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the three months ended March 31, 2024 2023 Interest paid, net of capitalized interest $ 23,041 $ 20,338 Interest capitalized $ 3,670 $ — Income taxes paid (refunded) $ — $ (2,911) Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 1,248 $ 1,279 Distributions payable on preferred shares/units $ 10,601 $ 10,902 Issuance of common shares for Board of Trustees compensation $ 745 $ 754 Accrued additions and improvements to hotel properties $ 9,551 $ 14,492 Write-off of fully amortized deferred financing costs $ 682 $ —

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,350)	$ (22,928)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in conformity with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial information. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated statements of cash flows for the periods presented. Interim results are not necessarily indicative of full-year performance, as a result of the impact of seasonal and other short-term variations and the acquisitions and or dispositions of hotel properties. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 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.
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. Global events as well as national and local events may impact travel trends and the operations of the Company's hotels. In addition, inflation and interest rates may also impact the overall economy as well as the availability of debt. 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.
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.
Stock Compensation	Stock Compensation In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, Compensation—Stock Compensation ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, Compensation—General, or other guidance ) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 on its consolidated financial statements and disclosures.

Acquisition and Disposition o_2

Acquisition and Disposition of Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Hotel Properties Sold	The following table summarizes disposition transactions during 2023 (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

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands): March 31, 2024 December 31, 2023 Land $ 810,671 $ 810,633 Buildings and improvements 5,023,153 5,005,894 Furniture, fixtures and equipment 517,028 511,451 Finance lease asset 91,181 91,181 Construction in progress 48,190 27,123 $ 6,490,223 $ 6,446,282 Right-of-use asset, operating leases 358,357 360,761 Investment in hotel properties $ 6,848,580 $ 6,807,043 Less: Accumulated depreciation (1,373,130) (1,316,267) Investment in hotel properties, net $ 5,475,450 $ 5,490,776

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of March 31, 2024 and December 31, 2023 (dollars in thousands): Balance Outstanding as of Interest Rate at March 31, 2024 Maturity Date March 31, 2024 December 31, 2023 Revolving credit facilities Senior unsecured credit facility — (1)(2) October 2026 $ — $ — PHL unsecured credit facility — (1) October 2026 — — Total revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 7.62% (1)(4) October 2024 43,348 460,000 Term Loan 2025 4.81% (1)(5) October 2025 410,000 460,000 Term Loan 2027 5.61% (1) October 2027 460,000 460,000 Term Loan 2028 7.62% (1)(4) January 2028 356,652 — Term loan principal $ 1,270,000 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes principal 4.93% December 2025 $ 2,400 $ 2,400 Mortgage loans Margaritaville Hollywood Beach Resort 7.04% (3) September 2026 140,000 140,000 Estancia La Jolla Hotel & Spa 5.07% September 2028 57,149 57,497 Mortgage loans principal $ 197,149 $ 197,497 Total debt principal $ 2,219,549 $ 2,329,897 Unamortized debt premiums, discount and deferred financing costs, net (12,898) (10,096) Debt, Net $ 2,206,651 $ 2,319,801 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at March 31, 2024 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) This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at March 31, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, pursuant to certain terms and conditions and payment of an extension fee. (4) 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 (shown above as Term Loan 2028). In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 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. (5) On January 3, 2024, the Company r epaid $50.0 million of i ts outstanding Term Loan 2025 obligation with available cash.
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following for the three months ended March 31, 2024 and 2023 (in thousands): For the three months ended March 31, 2024 2023 Unsecured revolving credit facilities $ 498 $ 568 Unsecured term loan facilities 18,912 16,551 Convertible senior notes 3,281 3,281 Senior unsecured notes 30 589 Mortgage debt 3,225 3,535 Amortization of deferred financing fees, (premiums) and discounts 3,071 1,851 Other (2,596) 1,055 Total interest expense $ 26,421 $ 27,430
Schedule of Interest Rate Swaps	The Company's interest rate swaps at March 31, 2024 and December 31, 2023 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range (SOFR) Maturity March 31, 2024 December 31, 2023 Swap-cash flow 2.47% - 2.50% January 2024 $ — $ 300,000 Swap-cash flow 3.22% - 3.25% October 2025 200,000 200,000 Swap-cash flow 1.33% - 1.36% February 2026 290,000 290,000 Swap-cash flow 3.02% - 3.03% October 2026 200,000 200,000 Swap-cash flow 3.29% October 2027 165,000 165,000 Total $ 855,000 $ 1,155,000

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the three months ended March 31, 2024 and 2023 (in thousands): For the three months ended March 31, 2024 2023 Southern Florida/Georgia $ 80,957 $ 71,029 San Diego, CA 71,495 66,847 Boston, MA 45,920 42,671 Los Angeles, CA 44,209 43,359 San Francisco, CA 30,545 31,814 Washington, D.C. 14,802 13,695 Portland, OR 12,999 14,640 Chicago, IL 8,348 10,557 Seattle, WA — 3,420 Other (1) 4,794 7,687 Total Revenues $ 314,069 $ 305,719 ______________________ (1) Other includes: Newport, RI and Santa Cruz, CA .

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the three months ended March 31, 2024: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.01 March 31, 2024 March 29, 2024 April 15, 2024
Schedule of Preferred Shares Outstanding	The following preferred shares were outstanding as of March 31, 2024 and December 31, 2023: Security Type March 31, 2024 December 31, 2023 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 8,000,000 27,600,000 27,600,000
Schedule of Preferred Dividends	The Company declared the following dividends on preferred shares for the three months ended March 31, 2024: Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.375% Series E $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 6.30% Series F $ 0.39 March 31, 2024 March 29, 2024 April 15, 2024 6.375% Series G $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 5.70% Series H $ 0.36 March 31, 2024 March 29, 2024 April 15, 2024

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Service Condition Restricted Share Activity	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 Shares Weighted-Average Unvested at December 31, 2023 443,549 $ 19.88 Granted 138,002 $ 16.13 Vested (171,508) $ 21.20 Forfeited (1,440) $ 15.92 Unvested at March 31, 2024 408,603 $ 18.07

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Common Share	The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data): For the three months ended March 31, 2024 2023 Numerator: Net income (loss) attributable to common shareholders $ (38,981) $ (33,916) Less: Dividends paid on unvested share-based compensation (9) (11) Less: Undistributed earnings attributable to share-based compensation — — Net income (loss) available to common shareholders — basic and diluted $ (38,990) $ (33,927) Denominator: Weighted-average number of common shares — basic and diluted 120,085,226 125,488,415 Net income (loss) per share available to common shareholders — basic $ (0.32) $ (0.27) Net income (loss) per share available to common shareholders — diluted $ (0.32) $ (0.27)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	As of March 31, 2024, 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 three months ended March 31, 2024 and 2023 are as follows (in thousands): For the three months ended March 31, 2024 2023 Fixed ground rent $ 4,796 $ 4,782 Variable ground rent 4,006 3,867 Total ground rent $ 8,802 $ 8,649

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Information to Statements of Cash Flows	For the three months ended March 31, 2024 2023 Interest paid, net of capitalized interest $ 23,041 $ 20,338 Interest capitalized $ 3,670 $ — Income taxes paid (refunded) $ — $ (2,911) Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 1,248 $ 1,279 Distributions payable on preferred shares/units $ 10,601 $ 10,902 Issuance of common shares for Board of Trustees compensation $ 745 $ 754 Accrued additions and improvements to hotel properties $ 9,551 $ 14,492 Write-off of fully amortized deferred financing costs $ 682 $ —

Organization (Details)

Organization (Details)	Mar. 31, 2024 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	99.20%
Percentage of operating partnership units owned by other limited partners	0.80%

Acquisition and Disposition o_3

Acquisition and Disposition of Hotel Properties - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Number of properties acquired	0
Number of properties sold during period	0
Operating (loss) income from disposed properties | $	$ 0	$ (1.3)

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	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price								$ 330,750
The Heathman Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price							$ 45,000
Retail at The Westin Michigan Avenue Chicago
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price						$ 27,300
Hotel Colonnade Coral Gables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					$ 63,000
Hotel Monaco Seattle
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price				$ 63,250
Hotel Vintage Seattle
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 33,700
Hotel Zoe Fisherman's Wharf
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 68,500
Marina City Retail at Hotel Chicago Downtown, Autograph Collection
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 30,000

Investment in Hotel Propertie_2

Investment in Hotel Properties - Schedule of Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment in hotel properties
Land	$ 810,671	$ 810,633
Buildings and improvements	5,023,153	5,005,894
Furniture, fixtures and equipment	517,028	511,451
Finance lease asset	91,181	91,181
Construction in progress	48,190	27,123
Investment in hotel properties, before right-of-use asset, operating leases	6,490,223	6,446,282
Right-of-use asset, operating leases	358,357	360,761
Investment in hotel properties	6,848,580	6,807,043
Less: Accumulated depreciation	(1,373,130)	(1,316,267)
Investment in hotel properties, net	$ 5,475,450	$ 5,490,776
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) - USD ($) $ in Thousands	3 Months Ended		18 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Other operating expenses	$ 1,581	$ 3,670
Lease liabilities - operating leases	320,649		$ 320,649	$ 320,617
Lease liabilities - financing leases	$ 43,500		$ 43,500	$ 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	$ 0	0
Hurricane Ian
Real Estate Properties [Line Items]
Other operating expenses	$ 100	$ 2,800
Insurance recoveries			$ 100,000

Debt - Narrative (Details)

Debt - Narrative (Details)			1 Months Ended		3 Months Ended
	Jan. 03, 2024 USD ($)	Sep. 07, 2023 USD ($) extension	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2024 USD ($) extensionOption $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 13, 2022 USD ($) debtInstrument	Dec. 01, 2021 USD ($)	Sep. 23, 2021 USD ($)
Line of Credit Facility [Line Items]
Repayments of long term debt					$ 110,348,000	$ 498,000
Debt					2,219,549,000		$ 2,329,897,000
Letters of credit outstanding					$ 13,700,000		13,600,000
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					$ 31,300,000
Derivative instruments, liability position, fair value					0
Expected reclassifications in next 12 months					19,900,000
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, 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		2,400,000
Stated interest rate					4.93%
Mortgage loans
Line of Credit Facility [Line Items]
Debt					$ 197,149,000		197,497,000
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
Debt instrument, term		1 year
Mortgage loans | Margaritaville Hollywood Beach Resort
Line of Credit Facility [Line Items]
Debt					$ 140,000,000		140,000,000			$ 161,500,000
Stated interest rate					7.04%
Mortgage loans | Estancia La Jolla Hotel & Spa
Line of Credit Facility [Line Items]
Debt					$ 57,149,000		57,497,000		$ 61,700,000
Stated interest rate					5.07%
Mortgage loans | SOFR | Margaritaville
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.75%
Term Loan 2024 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt	$ 43,300,000
Fixed Rate Debt
Line of Credit Facility [Line Items]
Estimated fair value of debt					$ 675,900,000		686,300,000
Revolving credit facilities | Unsecured term loans
Line of Credit Facility [Line Items]
Debt					0		0
Revolving credit facilities | Senior Unsecured Revolving 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					$ 636,300,000
Stated interest rate					0%
Revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.20%
Revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage					0.30%
Revolving credit facilities | Senior Unsecured Revolving Credit Facility | Unsecured term loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.10%
Revolving credit facilities | Senior Unsecured Revolving 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 Revolving 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 Revolving 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 Revolving 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
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 | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.40%
Unsecured term loans | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.45%
Unsecured term loans | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate					0.40%
Unsecured term loans | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate					1.45%
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
Debt issued								$ 460,000,000
Unsecured term loans | Term Loan 2024 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt	60,000,000
Debt					$ 43,348,000		460,000,000
Stated interest rate					7.62%
Unsecured term loans | Term Loan 2025 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt	50,000,000
Debt					$ 410,000,000		460,000,000
Stated interest rate					4.81%
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 2028 | Unsecured term loans
Line of Credit Facility [Line Items]
Debt issued	$ 356,700,000
Debt					$ 356,652,000		$ 0
Stated interest rate					7.62%
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
	Jan. 03, 2024 USD ($)	Sep. 07, 2023 USD ($) extension	Mar. 31, 2024 USD ($) extensionOption	Mar. 31, 2023 USD ($)	Dec. 31, 2023 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			$ 2,219,549,000		$ 2,329,897,000
Unamortized debt premiums, discount and deferred financing costs, net			(12,898,000)		(10,096,000)
Debt, Net			2,206,651,000		2,319,801,000
Repayments of long term debt			110,348,000	$ 498,000
Unsecured term loans | Term Loan 2024
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 Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			0%
Debt			$ 0		0
Number of extension periods | extensionOption			2
Extension term			6 months
Unsecured term loans | Revolving credit facilities | Senior Unsecured Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Unsecured term loans | Revolving credit facilities | PHL unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			0%
Debt			$ 0		0
Unsecured term loans | Unsecured term loans
Debt Instrument [Line Items]
Debt, Net			$ 1,270,000,000		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 March 31, 2024			7.62%
Debt			$ 43,348,000		460,000,000
Repayments of long term debt	60,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2025
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			4.81%
Debt			$ 410,000,000		460,000,000
Repayments of long term debt	50,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2027
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			5.61%
Debt			$ 460,000,000		460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2028
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			7.62%
Debt			$ 356,652,000		0
Debt issued	$ 356,700,000
Convertible senior notes
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			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]
Interest Rate at March 31, 2024			4.93%
Debt			$ 2,400,000		2,400,000
Mortgage loans
Debt Instrument [Line Items]
Debt			$ 197,149,000		197,497,000
Mortgage loans | Margaritaville
Debt Instrument [Line Items]
Debt		$ 140,000,000
Extension term		1 year
Debt instrument , number of extensions | extension		2
Repayments of long term debt		$ 21,500,000
Mortgage loans | SOFR | Margaritaville
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
Mortgage loans | Margaritaville Hollywood Beach Resort
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			7.04%
Debt			$ 140,000,000		140,000,000			$ 161,500,000
Mortgage loans | Estancia La Jolla Hotel & Spa
Debt Instrument [Line Items]
Interest Rate at March 31, 2024			5.07%
Debt			$ 57,149,000		$ 57,497,000		$ 61,700,000

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of deferred financing fees, (premiums) and discounts	$ 3,071	$ 1,851
Other	(2,596)	1,055
Total interest expense	26,421	27,430
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt	3,281	3,281
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	30	589
Mortgage debt
Debt Instrument [Line Items]
Interest expense, debt	3,225	3,535
Unsecured revolving credit facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	498	568
Unsecured term loan facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	$ 18,912	$ 16,551

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
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 - October 2025 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.22%
Interest Rate Swap - 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 - October 2026 | Minimum | SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.02%
Interest Rate Swap - 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	$ 855,000,000	$ 1,155,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - January 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	0	300,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap - October 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	200,000,000	200,000,000
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 - October 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value	200,000,000	200,000,000
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	$ 165,000,000

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Total revenues	$ 314,069	$ 305,719
Southern Florida/Georgia
Disaggregation of Revenue [Abstract]
Total revenues	80,957	71,029
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues	71,495	66,847
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues	45,920	42,671
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues	44,209	43,359
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues	30,545	31,814
Washington, D.C.
Disaggregation of Revenue [Abstract]
Total revenues	14,802	13,695
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues	12,999	14,640
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues	8,348	10,557
Seattle, WA
Disaggregation of Revenue [Abstract]
Total revenues	0	3,420
Other
Disaggregation of Revenue [Abstract]
Total revenues	$ 4,794	$ 7,687

Equity - Narrative (Details)

Equity - Narrative (Details)					3 Months Ended
	Feb. 15, 2024 shares	Feb. 17, 2023 USD ($) shares	May 11, 2022 shares $ / shares	Nov. 30, 2018 shares	Mar. 31, 2024 USD ($) shares vote class $ / shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 USD ($)	Jul. 27, 2017 USD ($)
Class of Stock [Line Items]
Common shares of beneficial interest, authorized (in shares)					500,000,000		500,000,000
Repurchase of common shares | $					$ 6,851,000	$ 42,745,000
Preferred shares of beneficial interest, authorized (in shares)					100,000,000		100,000,000
Preferred shares of beneficial interest, par value (in usd per share) | $ / shares					$ 0.01		$ 0.01
Common unit redemption rights, redemption option, common share conversion basis					1
Operating partnership units outstanding (in shares)					120,094,380		120,191,349
LTIP units, outstanding (in shares)					994,837		858,484
Preferred stock, outstanding (in shares)					27,600,000		27,600,000
Long-Term Incentive Partnership ("LTIP") Units
Class of Stock [Line Items]
Classes of LTIP units | class					2
Awards vested (in shares)					470,920		277,136
Long-Term Incentive Partnership ("LTIP") Class B Units
Class of Stock [Line Items]
Awards granted (in shares)	136,353	131,276
Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)					16,291		16,291
Operating Partnership Units | Inn On Fifth
Class of Stock [Line Items]
Asset acquisition, equity interest issued or issuable (in shares)			16,291
LaSalle Hotel Properties | Operating Partnership Units
Class of Stock [Line Items]
Business acquisition, equity interests issued (in shares)				133,605
Common Shares
Class of Stock [Line Items]
Stock repurchased during period, shares (in shares)					387,651	3,003,513
Repurchase of common shares | $					$ 4,000	$ 30,000
2023 Share Repurchase Program | Common Shares
Class of Stock [Line Items]
Stock repurchased during period, shares (in shares)					318,269
Repurchase of common shares | $					$ 5,000,000
Treasury stock acquired, average cost per share (in usd per share) | $ / shares					$ 15.71
2023 Share Repurchase Program | Preferred Shares
Class of Stock [Line Items]
Remaining authorized repurchase amount | $					$ 84,200,000
Common Shares
Class of Stock [Line Items]
Number of vote per share | vote					1
Common Shares | July 2017 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount | $									$ 100,000,000
Remaining authorized repurchase amount | $								$ 0
Common Shares | 2023 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount | $		$ 150,000,000
Remaining authorized repurchase amount | $					$ 141,000,000
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares					$ 25
Preferred stock, redemption after change in control					120 days
Share cap ratio on preferred shares on conversion					2.2311
Preferred stock, dividend rate, percentage					5.70%
Preferred stock, outstanding (in shares)					8,000,000		8,000,000
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares					$ 25
Preferred stock, redemption after change in control					120 days
Share cap ratio on preferred shares on conversion					2.1231
Preferred stock, dividend rate, percentage					6.375%
Preferred stock, outstanding (in shares)					9,200,000		9,200,000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares					$ 25
Preferred stock, redemption after change in control					120 days
Share cap ratio on preferred shares on conversion					1.9372
Preferred stock, dividend rate, percentage					6.375%
Preferred stock, outstanding (in shares)					4,400,000		4,400,000
Series F Preferred Stock
Class of Stock [Line Items]
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ / shares					$ 25
Preferred stock, redemption after change in control					120 days
Share cap ratio on preferred shares on conversion					2.0649
Preferred stock, dividend rate, percentage					6.30%
Preferred stock, outstanding (in shares)					6,000,000		6,000,000
Preferred Shares | 2023 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount | $		$ 100,000,000
Stock repurchased during period, shares (in shares)					0
Series Z Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			6%
Common unit redemption rights, redemption option, common share conversion basis			1
Preferred stock, liquidation preference (in usd per share) | $ / shares			$ 25
Series Z Preferred Stock | Operating Partnership
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)					3,104,400
Series Z Preferred Stock | Inn On Fifth
Class of Stock [Line Items]
Asset acquisition, equity interest issued or issuable (in shares)			3,104,400

Equity - Common Dividends (Deta

Equity - Common Dividends (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares
Common Shares
Dividends Payable [Line Items]
Dividend (in usd per share)	$ 0.01

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)	27,600,000	27,600,000
6.375% Series E
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.375%
Preferred stock, outstanding (in shares)	4,400,000	4,400,000
Dividend per share/unit (in usd per share)	$ 0.40
6.30% Series F
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.30%
Preferred stock, outstanding (in shares)	6,000,000	6,000,000
Dividend per share/unit (in usd per share)	$ 0.39
6.375% Series G
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.375%
Preferred stock, outstanding (in shares)	9,200,000	9,200,000
Dividend per share/unit (in usd per share)	$ 0.40
5.70% Series H
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.70%
Preferred stock, outstanding (in shares)	8,000,000	8,000,000
Dividend per share/unit (in usd per share)	$ 0.36

Share-Based Compensation Plan -

Share-Based Compensation Plan - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 15, 2024 USD ($) $ / shares shares	Feb. 17, 2023 shares	Mar. 31, 2024 USD ($) class $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance under the Plan (in shares)			1,176,681
LTIP units, outstanding (in shares)			994,837		858,484
Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $			$ 0.8	$ 0.9
Awards granted (in shares)			138,002
Fair value of award on grant date (in usd per share) | $ / shares			$ 18.07		$ 19.88
Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $			$ 1.3	1.2
Number of shares approved (in shares)	322,950
Long-Term Incentive Partnership ("LTIP") Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $			$ 1	$ 0.8
Classes of LTIP units | class			2
Awards vested (in shares)			470,920		277,136
Long-Term Incentive Partnership ("LTIP") Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	136,353	131,276
Fair value of award on grant date (in usd per share) | $ / shares	$ 16.13
Aggregate grant date fair value | $	$ 2.2
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]
Performance target percentage	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]
Performance target percentage	200%

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Service Condition Share Awards	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Unvested beginning balance (in shares) | shares	443,549
Granted (in shares) | shares	138,002
Vested (in shares) | shares	(171,508)
Forfeited (in shares) | shares	(1,440)
Unvested ending balance (in shares) | shares	408,603
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share) | $ / shares	$ 19.88
Granted (in usd per share) | $ / shares	16.13
Vested (in usd per share) | $ / shares	21.20
Forfeited (in usd per share) | $ / shares	15.92
Unvested ending balance (in usd per share) | $ / shares	$ 18.07

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income (loss) attributable to common shareholders	$ (38,981)	$ (33,916)
Less: Dividends paid on unvested share-based compensation	(9)	(11)
Less: Undistributed earnings attributable to share-based compensation	0	0
Net income (loss) available to common stockholders - basic	(38,990)	(33,927)
Net income (loss) available to common stockholders - diluted	$ (38,990)	$ (33,927)
Denominator:
Weighted-average number of common shares — basic (in shares)	120,085,226	125,488,415
Weighted-average number of common shares — diluted (in shares)	120,085,226	125,488,415
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ (0.32)	$ (0.27)
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ (0.32)	$ (0.27)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	1,217,150	1,158,282
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

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Management Agreements [Line Items]
Combined base and incentive management fees	$ 8,000	$ 8,000
Reserve funds allowed for hotel maintenance from hotel revenue	4%
Restricted cash	$ 8,267		$ 9,894
Maximum
Management Agreements [Line Items]
Terms of management agreements not including renewals	10 years
Terms of management agreements including renewals	28 years
Termination fees range	3
Base management fee from hotel revenues	4%
Minimum
Management Agreements [Line Items]
Termination fees range	0
Base management fee from hotel revenues	1%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Hotel Subject to Leases (Details)	3 Months Ended
	Mar. 31, 2024 extensionOption
1 Hotel San Francisco
Management Agreements [Line Items]
Term of extension option	14 years
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

Commitment and Contingencies -

Commitment and Contingencies - Schedule of Components of Ground Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Fixed ground rent	$ 4,796	$ 4,782
Variable ground rent	4,006	3,867
Total ground rent	$ 8,802	$ 8,649

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 23,041	$ 20,338
Interest capitalized	3,670	0
Income taxes paid (refunded)	0	(2,911)
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	11,849		$ 11,862
Accrued additions and improvements to hotel properties	9,551	14,492
Write-off of fully amortized deferred financing costs	682	0
Common Shares/Units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	1,248	1,279
Preferred Shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	10,601	10,902
Board of Trustees Compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 745	$ 754