Pebblebrook Hotel Trust (PEB) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34571
Entity Registrant Name	PEBBLEBROOK HOTEL TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1055421
Entity Address, Address Line One	4747 Bethesda Avenue
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	(240)
Local Phone Number	507-1300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.6
Entity Common Stock, Shares Outstanding		119,813,965
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement for its 2025 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2025) are incorporated by reference into this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001474098
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Shares, $0.01 par value per share
Trading Symbol	PEB
Security Exchange Name	NYSE
Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series E Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PE
Security Exchange Name	NYSE
Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series F Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PF
Security Exchange Name	NYSE
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PG
Security Exchange Name	NYSE
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Trading Symbol	PEB-PH
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean, VA
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investment in hotel properties, net	$ 5,319,029	$ 5,490,776
Cash and cash equivalents	206,650	183,747
Restricted cash	10,941	9,894
Hotel receivables (net of allowance for doubtful accounts of $439 and $689, respectively)	39,125	43,912
Prepaid expenses and other assets	117,593	96,644
Total assets	5,693,338	5,824,973
LIABILITIES AND EQUITY
Debt	2,246,732	2,319,801
Accounts payable, accrued expenses and other liabilities	222,230	238,644
Lease liabilities - operating leases	320,741	320,617
Deferred revenues	92,347	76,874
Accrued interest	11,549	6,830
Distribution payable	11,865	11,862
Total liabilities	2,905,464	2,974,628
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $690,000 at December 31, 2024 and 2023), 100,000,000 shares authorized; 27,600,000 shares issued and outstanding at December 31, 2024 and 2023	276	276
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 119,285,394 and 120,191,349 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	1,193	1,202
Additional paid-in capital	4,072,265	4,078,912
Accumulated other comprehensive income (loss)	16,550	24,374
Distributions in excess of retained earnings	(1,392,860)	(1,341,264)
Total shareholders’ equity	2,697,424	2,763,500
Non-controlling interests	90,450	86,845
Total equity	2,787,874	2,850,345
Total liabilities and equity	$ 5,693,338	$ 5,824,973

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 439,000	$ 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)	119,285,394	120,191,349
Common shares of beneficial interest, outstanding (in shares)	119,285,394	120,191,349

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 1,453,309	$ 1,419,949	$ 1,391,891
Hotel operating expenses:
Total hotel operating expenses	961,003	941,080	883,474
Depreciation and amortization	229,531	240,645	239,583
Real estate taxes, personal property taxes, property insurance, and ground rent	126,183	124,595	126,134
General and administrative	48,081	44,789	39,187
Impairment	48,146	81,788	89,633
Gain on sale of hotel properties	0	(30,375)	(6,194)
Business interruption insurance income and gain on insurance settlement	(48,574)	(32,985)	0
Other operating expenses	4,913	12,602	5,352
Total operating expenses	1,369,283	1,382,139	1,377,169
Operating income (loss)	84,026	37,810	14,722
Interest expense	(112,432)	(115,660)	(99,988)
Other	2,794	4,229	562
Income (loss) before income taxes	(25,612)	(73,621)	(84,704)
Income tax (expense) benefit	25,628	(655)	(277)
Net income (loss)	16	(74,276)	(84,981)
Net income (loss) attributable to non-controlling interests	4,258	3,741	2,190
Net income (loss) attributable to the Company	(4,242)	(78,017)	(87,171)
Distributions to preferred shareholders	(42,525)	(43,649)	(45,074)
Redemption of preferred shares	0	8,396	8,186
Net income (loss) attributable to common shareholders	$ (46,767)	$ (113,270)	$ (124,059)
Net income (loss) per share available to common shareholders, basic (in usd per share)	$ (0.39)	$ (0.93)	$ (0.95)
Net income (loss) per share available to common shareholders, diluted (in usd per share)	$ (0.39)	$ (0.93)	$ (0.95)
Weighted-average number of common shares, basic (in shares)	119,774,655	121,813,042	130,453,944
Weighted-average number of common shares, diluted (in shares)	119,774,655	121,813,042	130,453,944
Room
Revenues:
Total revenues	$ 922,348	$ 914,109	$ 910,936
Hotel operating expenses:
Total hotel operating expenses	250,875	248,020	225,992
Food and beverage
Revenues:
Total revenues	372,369	351,852	346,702
Hotel operating expenses:
Total hotel operating expenses	273,731	264,163	243,543
Other
Revenues:
Total revenues	158,592	153,988	134,253
Hotel operating expenses:
Total hotel operating expenses	$ 436,397	$ 428,897	$ 413,939

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Income - Continued - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Comprehensive Income:
Net income (loss)	$ 16	$ (74,276)	$ (84,981)
Other comprehensive income (loss):
Change in fair value of derivative instruments	15,102	17,572	55,479
Amounts reclassified from other comprehensive income	(23,001)	(28,995)	52
Comprehensive income (loss)	(7,883)	(85,699)	(29,450)
Comprehensive income (loss) attributable to non-controlling interests	4,183	3,668	2,555
Comprehensive income (loss) attributable to the Company	$ (12,066)	$ (89,367)	$ (32,005)

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, 2021			29,600,000	130,813,750
Beginning balance at Dec. 31, 2021	$ 3,163,905	$ 3,156,181	$ 296	$ 1,308	$ 4,268,042	$ (19,442)	$ (1,094,023)	$ 7,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)			(1,000,000)
Redemption of preferred shares	(16,000)	(16,000)	$ (10)		(24,176)		8,186
Issuance of shares, net of offering costs (in shares)			0
Issuance of shares, net of offering costs	(123)	(123)	$ 0		(123)
Issuance of operating partnership units	78,000							78,000
Issuance of common shares for Board of Trustees compensation (in shares)				33,866
Issuance of common shares for Board of Trustees compensation	738	738		$ 1	737
Repurchase of common shares (in shares)				(4,609,626)
Repurchase of common shares	(70,724)	(70,724)		$ (47)	(70,677)
Share-based compensation (in shares)				107,303
Share-based compensation	11,350	8,557		$ 1	8,556			2,793
Distributions on common shares/units	(5,104)	(5,035)					(5,035)	(69)
Distributions on preferred shares/units	(48,049)	(45,074)					(45,074)	(2,975)
Other comprehensive income (loss):
Change in fair value of derivative instruments	55,479	55,114				55,114		365
Amounts reclassified from other comprehensive income	52	52				52
Net income (loss)	(84,981)	(87,171)					(87,171)	2,190
Ending balance (in shares) at Dec. 31, 2022			28,600,000	126,345,293
Ending balance at Dec. 31, 2022	3,084,543	2,996,515	$ 286	$ 1,263	4,182,359	35,724	(1,223,117)	88,028
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares (in shares)			(1,000,000)
Redemption of preferred shares	(15,790)	(15,790)	$ (10)		(24,176)		8,396
Redemption of non-controlling interest OP units (in shares)				133,605
Redemption of non-controlling interest OP units	0	3,515		$ 1	3,514			(3,515)
Issuance of common shares for Board of Trustees compensation (in shares)				55,480
Issuance of common shares for Board of Trustees compensation	754	754		$ 1	753
Repurchase of common shares (in shares)				(6,578,436)
Repurchase of common shares	(92,753)	(92,753)		$ (65)	(92,688)
Share-based compensation (in shares)				235,407
Share-based compensation	12,545	9,152		$ 2	9,150			3,393
Distributions on common shares/units	(4,949)	(4,877)					(4,877)	(72)
Distributions on preferred shares/units	(48,306)	(43,649)					(43,649)	(4,657)
Other comprehensive income (loss):
Change in fair value of derivative instruments	17,572	17,645				17,645		(73)
Amounts reclassified from other comprehensive income	(28,995)	(28,995)				(28,995)
Net income (loss)	(74,276)	(78,017)					(78,017)	3,741
Ending balance (in shares) at Dec. 31, 2023			27,600,000	120,191,349
Ending balance at Dec. 31, 2023	2,850,345	2,763,500	$ 276	$ 1,202	4,078,912	24,374	(1,341,264)	86,845
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)				(1,242,644)
Repurchase of common shares	(16,851)	(16,851)		$ (13)	(16,838)
Share-based compensation (in shares)				289,192
Share-based compensation	13,602	9,450		$ 3	9,447			4,152
Distributions on common shares/units	(4,902)	(4,829)					(4,829)	(73)
Distributions on preferred shares/units	(47,182)	(42,525)					(42,525)	(4,657)
Other comprehensive income (loss):
Change in fair value of derivative instruments	15,102	15,177				15,177		(75)
Amounts reclassified from other comprehensive income	(23,001)	(23,001)				(23,001)
Net income (loss)	16	(4,242)					(4,242)	4,258
Ending balance (in shares) at Dec. 31, 2024			27,600,000	119,285,394
Ending balance at Dec. 31, 2024	$ 2,787,874	$ 2,697,424	$ 276	$ 1,193	$ 4,072,265	$ 16,550	$ (1,392,860)	$ 90,450

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income (loss)	$ 16	$ (74,276)	$ (84,981)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	229,531	240,645	239,583
Benefit for deferred income taxes	(28,483)	0	0
Share-based compensation	13,602	12,545	11,350
Gain on insurance settlement	(24,824)	0	0
Amortization of deferred financing costs, non-cash interest and other amortization	14,329	12,124	13,453
Gain on sale of hotel properties	0	(30,375)	(6,194)
Impairment	48,146	81,788	89,633
Non-cash ground rent	9,843	9,898	9,952
Other adjustments	(5,331)	(7,801)	(4,713)
Changes in assets and liabilities:
Hotel receivables	5,037	1,171	(7,974)
Prepaid expenses and other assets	8,889	(11,190)	(10,018)
Accounts payable and accrued expenses	(14,471)	(5,860)	24,808
Deferred revenues	18,718	7,528	3,846
Net cash provided by (used in) operating activities	275,002	236,197	278,745
Investing activities:
Improvements and additions to hotel properties	(128,750)	(200,634)	(116,743)
Proceeds from sales of hotel properties	0	314,941	248,908
Acquisition of hotel properties	0	0	(247,163)
Property insurance proceeds	36,802	30,210	5,638
Other investing activities	(885)	(2,495)	(25)
Net cash provided by (used in) investing activities	(92,833)	142,022	(109,385)
Financing activities:
Payment of deferred financing costs	(22,104)	(2,710)	(12,415)
Borrowings under revolving credit facilities	0	10,000	190,151
Repayments under revolving credit facilities	0	(10,000)	(190,151)
Proceeds from debt	400,000	140,000	1,380,000
Repayments of debt	(465,432)	(211,088)	(1,434,956)
Repurchases of common shares	(16,851)	(92,753)	(70,724)
Redemption of preferred shares	0	(15,790)	(16,000)
Distributions — common shares/units	(4,866)	(4,971)	(5,291)
Distributions — preferred shares/units	(47,182)	(48,607)	(47,367)
Other financing activities	(1,784)	(928)	(2,585)
Net cash provided by (used in) financing activities	(158,219)	(236,847)	(209,338)
Net change in cash and cash equivalents and restricted cash	23,950	141,372	(39,978)
Cash and cash equivalents and restricted cash, beginning of year	193,641	52,269	92,247
Cash and cash equivalents and restricted cash, end of year	$ 217,591	$ 193,641	$ 52,269

Organization

Organization	12 Months Ended
	Dec. 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 December 31, 2024, the Company owned interests in 46 hotels with a total of 11,933 guest rooms. The hotel properties are located in: Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Newport, Rhode Island; Portland, Oregon; San Diego, California; San Francisco, California; Santa Cruz, California; Stevenson, Washington; and Washington, D.C. Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of December 31, 2024, the Company owned 99.2% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.8% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to maintain its qualification as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), a taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. Global events, as well as national and local events, may adversely impact travel trends and the operations of the Company's hotels. In addition, inflation and changing interest rates may impact the overall economy and the availability of debt, which may impact the Company's financial position. A decline in travel or a significant increase in costs may also adversely impact the Company's cash flow and ability to service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5. Debt to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined using a combination of the market, cost and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under finance leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations or when it becomes more likely than not that a hotel property will be sold before the end of its useful life. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, inventories, over or under market leases, and corporate office equipment and furniture. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over the length of a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Share-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Comprehensive Income (Loss) The purpose of reporting comprehensive income (loss) is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Segment Information The Company separately evaluates the performance of each of its hotel properties and considers each to be an operating segment. However, because all of the hotels have similar economic characteristics, facilities and services, the hotel properties have been aggregated into a single operating segment for reporting purposes. Investments in Unconsolidated Entities The Company owns a non-controlling equity interest in Fifth Wall Late-Stage Climate Technology Fund, L.P. As of December 31, 2024, the Company has invested $8.7 million. The Company's total equity commitment to the fund is $10.0 million. New Accounting Pronouncements Disclosure Improvements In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). ASU 2023-06 incorporates 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification ("ASC"). ASU 2023-06's amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will vary based on the date on which the SEC removes that related disclosure from its rules. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. Early adoption is prohibited. The Company is currently assessing the potential impacts of ASU 2023-06 and does not expect it to have a material effect on its consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company's adoption of ASU 2023-07 during the fourth quarter of 2024 did not have a material impact on its consolidated financial statements and disclosures. See Note 13. Operating Segment Information for the information provided pursuant to this standard. 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 and does not expect it to have a material impact 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 interest and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 and does not expect it to have a material impact on its consolidated financial statements and disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures. Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The amendments should be applied either prospectively or retrospectively. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.

Acquisition and Disposition of

Acquisition and Disposition of Hotel Properties	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition and Disposition of Hotel Properties	Acquisition and Disposition of Hotel Properties Acquisitions The Company did not acquire any hotel properties during the years ended December 31, 2024 or 2023. Dispositions The Company did not dispose of any hotel properties during the year ended December 31, 2024. The following table summarizes disposition transactions during the year ended December 31, 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 years ended December 31, 2023 and 2022, the accompanying consolidated statements of operations and comprehensive income included operating loss of $0.8 million and $3.9 million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold and held for sale. There was no impact for the year ended December 31, 2024. 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	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 December 31, 2023 Land $ 800,143 $ 810,633 Buildings and improvements 5,062,727 5,005,894 Furniture, fixtures and equipment 539,616 511,451 Finance lease asset 91,181 91,181 Construction in progress 5,066 27,123 $ 6,498,733 $ 6,446,282 Right-of-use asset, operating leases 351,150 360,761 Investment in hotel properties $ 6,849,883 $ 6,807,043 Less: Accumulated depreciation (1,530,854) (1,316,267) Investment in hotel properties, net $ 5,319,029 $ 5,490,776 Hurricane Ian On September 27, 2022, LaPlaya Beach Resort & Club ("LaPlaya") and Inn on Fifth, both in Naples, Florida, and Southernmost Beach Resort ("Southernmost"), in Key West, Florida, were impacted by the effects of Hurricane Ian. Inn on Fifth and Southernmost did not incur significant damage or disruption. LaPlaya closed in anticipation of the storm and required remediation and repairs from the damage. LaPlaya began reopening in stages during 2023, as its buildings and facilities were repaired, and its repairs were substantially complete in the first quarter of 2024. The Company’s insurance policies provided coverage for property damage, business interruption and other costs that were incurred relating to damages sustained, in excess of the applicable deductibles. For the year ended December 31, 2022, the Company recognized a loss of $7.9 million for damage to LaPlaya and Southernmost, which is included in impairment on the Company’s accompanying consolidated statement of operations and comprehensive income. In December 2024, the Company finalized a settlement agreement for the Hurricane Ian claim with the insurance carriers totaling $146.5 million, and for the years ended December 31, 2024, 2023, and 2022, recognized $48.6 million, $33.0 million and zero, respectively, of business interruption insurance income and gain on insurance settlement. For the years ended December 31, 2024, 2023, and 2022, the Company incurred $0.2 million, $6.6 million, and $0.2 million, respectively, of non-reimbursable insurance costs related to payroll, repair and claims administration which is included in other operating expenses in the Company's accompanying consolidated statements of operations and comprehensive income. Hurricane Helene and Hurricane Milton On September 26, 2024, LaPlaya was impacted by Hurricane Helene and on October 9, 2024, was again impacted by Hurricane Milton. The damage primarily impacted the ground floor of the Beach House, the pool complex and landscaping. LaPlaya closed following Hurricane Milton to undertake clean-up, repairs and a full assessment of damages. Two of its three guestroom buildings, Gulf Tower and Bay Tower, reopened on November 1, 2024, and the upper floors of the Beach House reopened in January 2025. The Company’s insurance policies provide coverage for property damage, business interruption and other costs that are incurred relating to damage sustained, in excess of the applicable deductibles. For the year ended December 31, 2024, the Company recognized a loss of $10.0 million for damage to LaPlaya, which is included in impairment in the Company’s accompanying consolidated statement of operations and comprehensive income. The Company recorded an insurance receivable for the remediation costs incurred and the estimate of the book value of the property and equipment written off in excess of the applicable deductibles. Through December 31, 2024, the Company received a total of $9.6 million in preliminary advances from the insurance providers. The Company is continuing to evaluate the financial impact of Hurricanes Helene and Milton and its ability to recover, through insurance policies, any loss due to business interruption or damage to LaPlaya. 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. For the year ended December 31, 2024, the Company recognized an impairment loss of $38.1 million related to one hotel property. For the year ended December 31, 2023, the Company recognized an impairment loss of $81.8 million related to three hotels and one retail component of a hotel property. For the year ended December 31, 2022, the Company recognized an impairment loss of $81.7 million related to three hotel properties. The impairment losses were a result of their fair values being lower than their carrying values. The impairment losses were determined using Level 2 inputs under authoritative guidance for fair value measurements using purchase and sale agreements and information from marketing efforts for these properties. Right-of-use Assets and Lease Liabilities The Company recognized right-of-use assets and related liabilities related to its ground leases, all of which are operating leases. When the rate implicit in the lease could not be determined, the Company used incremental borrowing rates, which ranged from 4.7% to 7.6%. In addition, the term used includes any options to exercise extensions when it is reasonably certain the Company will exercise such option. See Note 11. Commitments and Contingencies for additional information about the ground leases. accounts payable, accrued expenses and other liabilities

Debt

Debt	12 Months Ended
	Dec. 31, 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 and $50.0 million of its borrowings under Term Loan 2025 with available cash. On October 3, 2024, the Company issued $400.0 million aggregate principal amount of its 6.375% senior notes due October 15, 2029. This issuance is referred to as Senior Notes 2029. The net proceeds were approximately $390.0 million after deducting discounts and offering expenses paid by the Company, of which $353.3 million was used to repay all $43.3 million of its borrowings under Term Loan 2024, $210.0 million of its borrowings under Term Loan 2025 and $100.0 million of its borrowings under Term Loan 2027. On November 1, 2024, the Company entered into the Third Amendment to the Credit Agreement which extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is referred to as Term Loan 2029. The Company also extended the maturity date of $602.0 million of its senior unsecured revolving credit facility from October 2026 to October 2028, with the option to extend the maturity date for two six-month periods. The Company's debt consisted of the following as of December 31, 2024 and 2023 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 / $ — $ — PHL unsecured credit facility - (1) October 2028 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 - (4) October 2024 — 460,000 Term Loan 2025 5.16% (1)(5) October 2025 14,783 460,000 Term Loan 2027 5.56% (1)(6) October 2027 360,000 460,000 Term Loan 2028 3.88% (1) January 2028 356,652 — Term Loan 2029 5.16% (1) January 2029 185,217 — Unsecured term loan principal $ 916,652 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series B Notes 4.93% December 2025 2,400 2,400 Senior Notes 2029 6.38% October 2029 400,000 — Senior unsecured notes principal $ 402,400 $ 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 55,413 57,497 Mortgage loans principal $ 195,413 $ 197,497 Total debt principal $ 2,264,465 $ 2,329,897 Unamortized debt premiums, discount and deferred financing costs, net (17,733) (10,096) Debt, Net $ 2,246,732 $ 2,319,801 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with 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 December 31, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one (4) On January 3, 2024, the Company extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. This indebtedness is 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 balance of Term Loan 2024 was repaid in October 2024 with proceeds from the Senior Notes 2029 offering. (5) On January 3, 2024, the Company repaid $50.0 million of its borrowings under Term Loan 2025 with available cash. On October 3, 2024, the Company repaid $210.0 million of its borrowings under Term Loan 2025 with proceeds from the Senior Notes 2029 offering. On November 1, 2024, the Company extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is shown above as Term Loan 2029. (6) On October 3, 2024, the Company repaid $100.0 million of its borrowings under Term Loan 2027 with proceeds from the Senior Notes 2029 offering. Unsecured Revolving Credit Facilities The $650.0 million senior unsecured revolving credit facility provided for in the Credit Agreement matures as follows: $48.0 million in October 2026, with no option to extend the maturity date, and $602.0 million in October 2028, with 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. All borrowings under this senior unsecured revolving credit facility bear interest at a rate per annum equal to, at the option of the Company, (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10% (the “SOFR Adjustment”) plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for revolving credit facility loans range in amount from 1.45% to 2.50% for SOFR-based loans and 0.45% to 1.50% for Base Rate-based loans, depending on the Company’s leverage ratio. As of December 31, 2024, the Company had no outstanding borrowings, $7.4 million of outstanding letters of credit and a borrowing capacity of $642.6 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 $7.4 million and $13.6 million were outstanding as of December 31, 2024 and 2023, respectively. As of December 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 November 27, 2024, PHL amended the agreement governing the PHL Credit Facility to extend the maturity to October 2028. The PHL Credit Facility has substantially similar terms as the Company's senior unsecured revolving credit facility. Borrowings on the PHL Credit Facility bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Credit Agreement, which governs the Company's senior unsecured revolving credit facility. As of December 31, 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 December 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 The term loan facilities provided for in the Credit Agreement bear interest at a rate per annum equal to, at the option of the Company, (i) SOFR plus the SOFR Adjustment plus a margin that is based upon the Company’s leverage ratio or (ii) the Base Rate (as defined by the Credit Agreement) plus a margin that is based on the Company’s leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans and 0.40% to 1.45% for Base Rate-based loans, depending on the Company's leverage ratio. The term loans are subject to the debt covenants in the Credit Agreement. As of December 31, 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 December 31, 2024 and 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, on or after December 20, 2023 upon certain circumstances. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If certain make-whole fundamental changes occur, the conversion rate for the Convertible Notes may be increased. In connection with the Convertible Notes issuances, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the underwriters of the offerings of the Convertible Notes or their respective affiliates and other financial institutions. The Capped Call Transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of common shares underlying the Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of common shares upon conversion of the Convertible Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount of any converted Convertible Notes upon conversion thereof, with such reduction and/or offset subject to a cap. The upper strike price of the Capped Call Transactions is $33.0225 per share. Senior Unsecured Notes The Company has $2.4 million of senior unsecured notes outstanding bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 (the "Series B Notes") and $400.0 million of senior unsecured notes outstanding bearing a fixed interest rate of 6.375% per annum and maturing in October 2029 (the "Senior Notes 2029"). The debt covenants of the Series B Notes are substantially similar to those of the Company's senior unsecured revolving credit facility. The indenture governing the Senior Notes 2029 contains covenants that are customary for similar securities and requires the Company to maintain total unencumbered assets as of the end of each fiscal quarter of not less than 150% of total unsecured indebtedness calculated on a consolidated basis. As of December 31, 2024, the Company was in compliance with all such covenants. Mortgage Loans 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. On September 7, 2023, the Company entered into a $140.0 million first-lien mortgage on the leasehold interest of Margaritaville Hollywood Beach Resort ("Margaritaville"), which 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 Derivative and Hedging Activities for further discussion on the interest rate swaps. The Company's mortgage loans associated with Margaritaville and Estancia are non-recourse to the Company except for customary carve-outs to the general non-recourse liability. The loans contain customary provisions regarding events of default, as well as customary cash management, cash trap and lockbox provisions. Cash trap provisions are triggered if the hotel's performance is below a certain threshold. Once triggered, all of the cash flow generated by the hotel is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our lender. These properties are not in a cash trap and no event of default has occurred under the loan documents. Interest Expense The components of the Company's interest expense consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands): For the year ended December 31, 2024 2023 2022 Unsecured revolving credit facilities $ 2,003 $ 2,074 $ 2,531 Unsecured term loan facilities 67,928 73,151 52,355 Convertible senior notes 13,125 13,125 13,125 Senior unsecured notes 6,493 2,169 2,525 Mortgage debt 12,931 14,704 9,788 Amortization of deferred financing fees, (premiums) and discounts 10,268 8,104 16,465 Other (316) 2,333 3,199 Total interest expense $ 112,432 $ 115,660 $ 99,988 Fair Value The Company estimates the fair value of its fixed rate mortgage loans and senior unsecured notes 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 Company estimates the fair value of its fixed rate convertible senior notes using public market prices and is classified within Level 1 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes, convertible senior notes and the Estancia mortgage loan) as of December 31, 2024 and 2023 was $1.1 billion and $686.3 million, respectively. The fair value of the Company's variable rate debt approximates its carrying value. Future Minimum Principal Payments As of December 31, 2024, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2025 $ 19,201 2026 752,308 2027 362,429 2028 545,310 2029 585,217 Total debt principle payments $ 2,264,465 Deferred financing costs, net (17,733) Total debt $ 2,246,732 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 designated as cash flow hedges. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company's interest rate swaps at December 31, 2024 and 2023 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range Maturity December 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. As of December 31, 2024 and 2023, the Company's interest rate swap assets had an aggregate fair value of $16.6 million and $24.5 million, respectively. None of the Company's interest rate swaps was in a liability position as of December 31, 2024 and 2023. Interest rate swap assets are included in prepaid expenses and other assets and interest rate swap liabilities are included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The Company expects approximately $12.8 million will be reclassified from accumulated other comprehensive income (loss) to interest expense within the next 12 months.

Revenue

Revenue	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024, 2023 and 2022 (in thousands): For the year ended December 31, 2024 2023 2022 San Diego, CA $ 334,605 $ 307,003 $ 303,701 Boston, MA 274,211 265,964 243,861 Southern Florida/Georgia 250,449 229,851 271,167 Los Angeles, CA 181,493 187,997 168,310 San Francisco, CA 127,999 145,137 116,022 Portland, OR 77,718 78,948 87,625 Chicago, IL 77,693 75,142 68,402 Washington, D.C. 70,686 68,567 51,937 Other (1) 58,455 61,340 80,866 $ 1,453,309 $ 1,419,949 $ 1,391,891 ______________________ (1) Other includes: Seattle, WA, Philadelphia, PA, Newport, RI and Santa Cruz, CA. Payments from customers are primarily made when services are provided. Due to the short-term nature of the Company's contracts and the almost simultaneous receipt of payment, almost all of the contract liability balance at the beginning of the period is expected to be recognized as revenue over the following 12 months.

Equity

Equity	12 Months Ended
	Dec. 31, 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 year ended December 31, 2024, the Company repurchased 1,127,255 common shares for an aggregate purchase price of $15.0 million, or an average of approximately $13.31 per share. As of December 31, 2024, $131.0 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 year ended December 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 $ 0.01 June 30, 2024 June 28, 2024 July 15, 2024 $ 0.01 September 30, 2024 September 30, 2024 October 15, 2024 $ 0.01 December 31, 2024 December 31, 2024 January 15, 2025 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 December 31, 2024 and 2023: Security Type December 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 its 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 year ended December 31, 2024, no Preferred Shares were repurchased under this program. As of December 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 year ended December 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 6.375% Series E $ 0.40 June 30, 2024 June 28, 2024 July 15, 2024 6.375% Series E $ 0.40 September 30, 2024 September 30, 2024 October 15, 2024 6.375% Series E $ 0.40 December 31, 2024 December 31, 2024 January 15, 2025 6.30% Series F $ 0.39 March 31, 2024 March 29, 2024 April 15, 2024 6.30% Series F $ 0.39 June 30, 2024 June 28, 2024 July 15, 2024 6.30% Series F $ 0.39 September 30, 2024 September 30, 2024 October 15, 2024 6.30% Series F $ 0.39 December 31, 2024 December 31, 2024 January 15, 2025 6.375% Series G $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 6.375% Series G $ 0.40 June 30, 2024 June 28, 2024 July 15, 2024 6.375% Series G $ 0.40 September 30, 2024 September 30, 2024 October 15, 2024 6.375% Series G $ 0.40 December 31, 2024 December 31, 2024 January 15, 2025 5.70% Series H $ 0.36 March 31, 2024 March 29, 2024 April 15, 2024 5.70% Series H $ 0.36 June 30, 2024 June 28, 2024 July 15, 2024 5.70% Series H $ 0.36 September 30, 2024 September 30, 2024 October 15, 2024 5.70% Series H $ 0.36 December 31, 2024 December 31, 2024 January 15, 2025 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 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. As of December 31, 2024 and 2023, the Operating Partnership had 16,291 OP units held by third parties, excluding LTIP units. As of December 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 executive officers. On February 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to executive officers. As of December 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 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 May 11, 2027, the Company may redeem the Series Z Preferred Units for cash, common shares having an equivalent value or preferred shares on a one-for-one basis. At any time following a change of control of the Company, holders of Series Z Preferred Units may elect to redeem some or all of their units for, at the Company’s election, cash or common shares having an equivalent value.

Share-Based Compensation Plan

Share-Based Compensation Plan	12 Months Ended
	Dec. 31, 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 December 31, 2024, there were 1,177,236 common shares available for issuance under the Plan. Service Condition Share Awards From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three The following table provides a summary of service condition restricted share activity for the years ended December 31, 2024, 2023 and 2022: Shares Weighted-Average Unvested at January 1, 2022 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60 Granted 113,084 $ 15.04 Vested (183,721) $ 23.14 Forfeited (53,131) $ 16.72 Unvested at December 31, 2023 443,549 $ 19.88 Granted 139,134 $ 16.11 Vested (171,508) $ 21.20 Forfeited (3,127) $ 15.69 Unvested at December 31, 2024 408,048 $ 18.07 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $3.4 million, $3.5 million and $3.8 million, respectively, of share-based compensation expense related to these awards in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2024, there was $3.3 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.5 years. Performance-Based Equity Awards On February 13, 2019, the Board of Trustees approved a target award of 126,891 performance-based equity awards to officers and employees of the Company. In January 2022, none of these awards vested and the Company issued no common shares to officers or employees. The actual number of common shares that vested was based on the performance criteria defined in the award agreements for the period of performance from January 1, 2019 through December 31, 2021. On February 12, 2020, the Board of Trustees approved a target award of 161,777 performance-based equity awards to officers and employees of the Company. In January 2023, following the completion of the performance period from January 1, 2020 through December 31, 2022, the Company issued 51,686 common shares in settlement of the awards, based on the performance criteria defined in the award agreements. On February 18, 2021, the Board of Trustees approved a target award of 189,348 performance-based equity awards to officers and employees of the Company. In January 2024, following the completion of the performance period from January 1, 2021 through December 31, 2023, the Company issued 71,677 common shares in settlement of the awards, based on the performance criteria defined in the award agreements. On May 16, 2022, the Board of Trustees approved a target award of 175,898 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2025. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2025 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2022 through December 31, 2024. On February 17, 2023, the Board of Trustees approved a target award of 314,235 performance-based equity awards to officers and employees of the Company. These awards will vest, if at all, in 2026. The actual number of common shares that ultimately vest will be from 0% to 200% of the target award and will be determined in 2026 based on the performance criteria defined in the award agreements for the period of performance from January 1, 2023 through December 31, 2025. 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. The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —% February 17, 2023 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.0 61.60% 4.31% —% February 15, 2024 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.6 38.50% 4.38% —% In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $6.0 million, $5.6 million and $4.8 million, respectively, of share-based compensation expense related to performance-based equity awards in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2024, there was approximately $6.6 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.7 years. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 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 18, 2021, the Board of Trustees granted 600,097 LTIP Class B units to executive officers of the Company. These LTIP units will vest ratably on January 1, 2023, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $22.69 per unit with an aggregate grant date fair value of $13.6 million. On February 17, 2023, the Board of Trustees granted 131,276 LTIP Class B units to executive officers of the Company. These LTIP units will vest ratably on January 1, 2024, 2025 and 2026, contingent upon continued employment with the Company. The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $15.04 per unit with an aggregate grant date fair value of $2.0 million. On February 15, 2024, the Board of Trustees granted 136,353 LTIP Class B units to 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 December 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 years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $4.2 million, $3.4 million and $2.8 million, respectively, in expense related to these LTIP units. As of December 31, 2024, there was $5.0 million of unrecognized share-based compensation expense related to LTIP units. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s accompanying consolidated balance sheets.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs, including our TRS lessees, are subject to federal, state and local income taxes. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ — — % $ 0.0400 100.00 % $ 0.0419 83.80 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.0081 16.20 % Return of capital 0.0300 100.00 % — — % — — % Total $ 0.0300 100.00 % $ 0.0400 100.00 % $ 0.0500 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 0.9786 81.87 % $ 1.5938 100.00 % $ 1.6684 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3238 16.25 % Return of capital 0.2167 18.13 % — — % — — % Total $ 1.1953 100.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 0.9671 81.87 % $ 1.5750 100.00 % $ 1.6488 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3200 16.25 % Return of capital 0.2142 18.13 % — — % — — % Total $ 1.1813 100.00 % $ 1.5750 100.00 % $ 1.9688 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 0.9786 81.87 % $ 1.5938 100.00 % $ 1.6684 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3238 16.25 % Return of capital 0.2167 18.13 % — — % — — % Total $ 1.1953 100.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % Series H Preferred Shares: Ordinary non-qualified income $ 0.8750 81.87 % $ 1.4250 100.00 % $ 1.4917 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.2895 16.25 % Return of capital 0.1938 18.13 % — — % — — % Total $ 1.0688 100.00 % $ 1.4250 100.00 % $ 1.7812 100.00 % The common and preferred distributions declared on December 15, 2021 and paid on January 18, 2022 were treated as 2022 distributions for tax purposes. The common and preferred distributions declared on December 15, 2022 and paid on January 17, 2023 were treated as 2022 distributions for tax purposes. The common and preferred distributions declared on December 15, 2023 and paid on January 16, 2024 were treated as 2023 distributions for tax purposes. The common and preferred distributions declared on December 15, 2024 and paid on January 15, 2025 will be treated as 2025 distributions for tax purposes. The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2024 2023 2022 Current: Federal $ 1,197 $ 237 $ 253 State and local 1,658 418 24 Total current provision $ 2,855 $ 655 $ 277 Deferred: Federal (25,280) — — State and local (3,203) — — Total deferred provision (benefit) $ (28,483) $ — $ — Income tax expense (benefit) $ (25,628) $ 655 $ 277 A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2024 2023 2022 Statutory federal tax expense (benefit) $ (5,379) $ 16,808 $ 17,906 State income tax expense (benefit), net of federal tax expense (benefit) (1,829) 409 4 REIT income not subject to tax 9,800 (16,536) (17,402) Change in valuation allowance (28,368) 973 (495) Other 148 (999) 264 Income tax expense (benefit), net $ (25,628) $ 655 $ 277 The significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 December 31, 2023 Deferred Tax Assets: Net operating loss carryover $ 34,125 $ 39,385 State taxes and other 7,671 5,596 Depreciation 31 99 Total deferred tax asset before valuation allowance $ 41,827 $ 45,080 Valuation allowance (13,344) (45,080) Deferred tax asset net of valuation allowance $ 28,483 $ — The Company evaluates its deferred tax assets each reporting period to determine if it is more likely than not that those assets will be realized or if a valuation allowance is needed. At December 31, 2023, the Company provided a valuation allowance against its federal and state deferred tax assets. During the third quarter of 2024, due to the TRS no longer having a three-year cumulative loss and continued improvement in the Company's financial results coming out of the COVID-19 pandemic and the projected future taxable income of its TRS, the Company determined that the release of a significant portion of its federal and state valuation allowance was appropriate. The change in the valuation allowance was a $31.7 million decrease in 2024 and $3.0 million increase in 2023. The Company has provided a valuation allowance against a portion of its state deferred tax assets at December 31, 2024 due to the uncertainty of realizing the loss in future years. As of December 31, 2024 and 2023, the Company had no material unrecognized tax benefits. As a policy, the Company recognizes penalties and interest accrued related to unrecognized tax benefits as a component of income tax expense, however, there are currently no such accruals. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. Due to the net operating loss carryforward, tax years 2020 through 2024 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the year ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to common shareholders $ (46,767) $ (113,270) $ (124,059) Less: dividends paid on unvested share-based compensation (37) (41) (45) Net income (loss) available to common shareholders — basic and diluted $ (46,804) $ (113,311) $ (124,104) Denominator: Weighted-average number of common shares — basic and diluted 119,774,655 121,813,042 130,453,944 Net income (loss) per share available to common shareholders — basic $ (0.39) $ (0.93) $ (0.95) Net income (loss) per share available to common shareholders — diluted $ (0.39) $ (0.93) $ (0.95) For the years ended December 31, 2024, 2023 and 2022, 1,215,533, 1,108,816 and 1,079,474, 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 years ended December 31, 2024, 2023 and 2022, the 29,441,175 common shares underlying the Convertible Notes have been excluded from diluted shares as their effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 9 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 years ended December 31, 2024, 2023 and 2022, com bined base and incentive management fees we re $40.8 million, $39.3 million and $39.6 million, respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's accompanying consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors, ground lessors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2024 and 2023, the Company had $10.9 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 At December 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 Harbor Court Hotel San Francisco Finance lease August 2052 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf and Retail 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 Zeppelin San Francisco Operating and finance lease June 2089 (4) 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 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options. (4) The expiration date assumes the exercise of a 30-year extension option. The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in the consumer price index and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as national historic landmarks. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's accompanying consolidated statements of operations and comprehensive income. The components of ground rent expense for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): For the year ended December 31, 2024 2023 2022 Fixed ground rent $ 19,187 $ 19,133 $ 18,538 Variable ground rent 20,288 20,252 18,931 Total ground rent $ 39,475 $ 39,385 $ 37,469 Future maturities of lease liabilities for the Company's operating leases at December 31, 2024 were as follows (in thousands): 2025 $ 20,735 2026 21,031 2027 20,983 2028 21,077 2029 20,941 Thereafter 1,542,673 Total lease payments $ 1,647,440 Less: Imputed interest (1,326,699) Present value of lease liabilities $ 320,741 Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2024 2023 2022 Interest paid, net of capitalized interest $ 100,417 $ 105,519 $ 82,851 Interest capitalized $ 4,710 $ 1,825 $ 1,434 Income taxes paid (refunded) $ 2,584 $ (2,549) $ (2,303) Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 1,264 $ 1,261 $ 1,316 Distributions payable on preferred shares/units $ 10,601 $ 10,601 $ 10,902 Issuance of common shares for Board of Trustees compensation $ 745 $ 754 $ 738 Issuance of common shares for OP units redemption $ — $ 3,515 $ — Issuance of common units in connection with hotel acquisition $ — $ — $ 390 Issuance of preferred units in connection with hotel acquisition $ — $ — $ 77,610 Accrued additions and improvements to hotel properties $ 1,817 $ 65 $ (2,759) Right of use assets obtained in exchange for lease liabilities $ — $ — $ 1,005 Write-off of fully depreciated building, furniture, fixtures and equipment $ 52,945 $ 7,267 $ 72,532 Write-off of fully amortized deferred financing costs $ 8,841 $ 1,199 $ 19,595

Operating Segment Information

Operating Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Operating Segment Information	Operating Segment Information The Company invests in luxury and upper-upscale hotels located 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. In this note, the Company refers to hotels and resorts as "hotels". These hotels provide lodging, food and beverage services, and a range of amenities, including banquet and meeting space, fitness centers, swimming pools, spas, golf courses and other lifestyle amenities. The Company’s Chief Executive Officer, who serves as the Chief Operating Decision Maker (“CODM”), evaluates the performance, allocates capital resources and manages the overall operating and investing strategy of each hotel individually. The Company's hotels are not managed on a consolidated basis. Given these factors, the Company considers each hotel to be an operating segment. Because all of the Company's hotels offer similar full-service products, services and facilities, serve a similar mix of business and leisure customers, have similar economic characteristics and risks, and utilize similar methods to distribute their products and services via third-party management companies, all hotels have been aggregated into a single segment for reporting purposes. All operating segments adhere to the same accounting policies as those described in Note. 2 Summary of Significant Accounting Policies. The CODM evaluates the performance of each operating segment using hotel earnings before interest taxes depreciation and amortization (“Hotel EBITDA”), comparing it to prior reporting periods, forecasts and industry/peer benchmarks on a monthly basis to make decisions and allocate resources. Additionally, the CODM considers other performance indicators such as Total Revenue, Revenue per Available Room (RevPAR), Average Daily Rate (ADR) and Occupancy to assess performance. The CODM does not rely on segment assets or aggregated data by brand, property type, or geographic region to make strategic, operational, investment or resource allocation decisions. The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to Net income (loss) for the years ended December 31, 2024, 2023 and 2022. (in thousands) For the year ended December 31, 2024 2023 2022 Revenues: Total revenues $ 1,453,309 $ 1,419,949 $ 1,391,891 Less: Corporate and other revenues 7,084 10,484 8,607 Hotel revenues 1,446,225 1,409,465 1,383,284 Significant hotel expenses: Room expenses 250,875 248,020 225,992 Food and beverage expenses 273,731 264,163 243,543 Hotel general and administrative 119,308 120,122 116,183 Hotel sales and marketing 94,490 94,187 86,483 Hotel operations and maintenance 120,677 119,277 111,191 Hotel management fee 42,326 40,782 41,304 Hotel real estate taxes, personal property taxes, property insurance and ground rent 124,142 120,062 122,194 Other segment items (1) 51,507 51,565 51,969 Hotel EBITDA 369,169 351,287 384,425 Depreciation and amortization (229,531) (240,645) (239,583) Interest expense (112,432) (115,660) (99,988) Impairment (48,146) (81,788) (89,633) Gain on sale of hotel properties — 30,375 6,194 Business interruption insurance income and gain on insurance settlement 48,574 32,985 — Income tax (expense) benefit 25,628 (655) (277) Corporate and other (2) (53,246) (50,175) (46,119) Net income (loss) $ 16 $ (74,276) $ (84,981) ______________________ (1) Other segment items include expenses incurred for parking, spa, franchise fees and other hotel operating expenses. (2) Corporate and other include corporate general and administrative and other operating income and expenses.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III, Real Estate and Accumulated Depreciation	Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2024 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Hotel Monaco Washington DC $ — $ — $ 60,630 $ 2,441 $ 24,298 $ — $ 79,940 $ 7,429 $ 87,369 $ 38,790 $ 48,579 1839 9/9/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 52,384 11,969 85,157 10,898 108,024 37,755 70,269 1993 11/3/2010 3-40 years Hyatt Centric Delfina Santa Monica — 18,784 81,580 2,295 22,425 18,784 99,127 7,173 125,084 41,107 83,977 1972 11/19/2010 3-40 years Argonaut Hotel — — 79,492 4,247 4,192 — 84,601 3,330 87,931 33,111 54,820 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter — 25,537 86,089 6,850 34,557 25,537 117,995 9,501 153,033 51,852 101,181 1987 4/6/2011 1-40 years Mondrian Los Angeles — 20,306 110,283 6,091 26,475 20,306 130,767 12,082 163,155 58,457 104,698 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 20,413 19,453 79,625 10,568 109,646 37,589 72,057 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 18,377 7,294 35,789 5,044 48,127 17,818 30,309 1913 4/4/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 33,825 24,403 120,255 10,373 155,031 53,612 101,419 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 14,097 — 75,217 6,090 81,307 31,123 50,184 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 30,725 20,103 118,922 8,846 147,871 48,795 99,076 1988 1/29/2013 3-40 years The Hotel Zags — 8,215 37,874 1,500 (1,781) 5,197 37,247 3,364 45,808 16,993 28,815 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 43,416 — 155,336 8,075 163,411 61,644 101,767 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco — 12,561 43,665 1,094 38,026 12,562 76,506 6,278 95,346 36,014 59,332 1913 5/22/2014 1-45 years The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 18,641 18,493 102,812 16,925 138,230 43,569 94,661 1909 7/17/2014 3-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 15,556 — 101,058 6,673 107,731 34,338 73,393 1972 11/20/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (37,343) 17,367 186,284 19,276 222,927 73,610 149,317 1972 12/18/2014 3-40 years LaPlaya Beach Resort & Club — 112,575 82,117 6,733 33,545 113,307 111,297 10,366 234,970 32,426 202,544 1968 5/21/2015 3-40 years 1 Hotel San Francisco — — 105,693 3,896 39,407 — 134,135 14,861 148,996 34,764 114,232 2005 11/30/2018 3-40 years Chaminade Resort & Spa — 22,590 37,114 6,009 18,899 22,653 52,785 9,174 84,612 18,800 65,812 1985 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2024 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Harbor Court Hotel San Francisco — — 79,009 6,190 2,054 — 80,269 6,984 87,253 18,364 68,889 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — — 91,442 5,257 19,829 — 105,843 10,685 116,528 26,676 89,852 1967/2002 11/30/2018 3-40 years Le Parc at Melrose — 17,876 65,515 2,496 14,247 17,960 75,873 6,301 100,134 18,775 81,359 1970 11/30/2018 3-40 years Montrose at Beverly Hills — 16,842 58,729 6,499 3,582 16,842 60,756 8,054 85,652 16,103 69,549 1976 11/30/2018 3-40 years Chamberlain West Hollywood — 14,462 43,157 5,983 2,652 14,482 44,903 6,869 66,254 12,787 53,467 1970/2005 11/30/2018 3-40 years Hotel Ziggy — 12,440 36,932 3,951 7,435 12,440 42,439 5,879 60,758 12,193 48,565 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — — 291,754 35,780 20,551 — 308,716 39,369 348,085 80,194 267,891 1983 11/30/2018 3-40 years The Liberty, a Luxury Collection Hotel, Boston — — 195,797 15,126 8,499 — 201,762 17,660 219,422 45,678 173,744 1851/2007 11/30/2018 3-40 years Hyatt Regency Boston Harbor — — 122,344 6,862 10,572 — 131,535 8,243 139,778 28,702 111,076 1993 11/30/2018 3-40 years George Hotel — 15,373 65,529 4,489 1,190 15,373 66,367 4,841 86,581 14,797 71,784 1928 11/30/2018 3-40 years Viceroy Washington DC — 18,686 60,927 2,838 (5,047) 14,035 56,886 6,483 77,404 16,778 60,626 1962 11/30/2018 3-40 years Hotel Zena Washington DC — 19,035 60,402 2,066 29,368 19,035 85,851 5,985 110,871 21,408 89,463 1972 11/30/2018 3-40 years Paradise Point Resort & Spa — — 199,304 22,032 21,933 257 210,987 32,025 243,269 56,771 186,498 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter — 33,017 131,926 7,741 26,986 33,017 152,838 13,815 199,670 34,279 165,391 2000 11/30/2018 3-40 years Margaritaville Hotel San Diego Gaslamp Quarter — — 74,768 8,830 57,914 23,472 99,092 18,948 141,512 28,887 112,625 2005 11/30/2018 3-40 years L'Auberge Del Mar — 33,304 92,297 5,393 15,593 33,316 104,124 9,147 146,587 24,528 122,059 1989 11/30/2018 3-40 years San Diego Mission Bay Resort — — 80,733 9,458 29,118 95 101,076 18,138 119,309 35,010 84,299 1962 11/30/2018 3-40 years Southernmost Beach Resort — 90,396 253,954 8,676 43,170 92,006 286,129 18,061 396,196 57,365 338,831 1958-2008 11/30/2018 3-40 years The Marker Key West Harbor Resort — 25,463 66,903 2,486 1,849 25,463 67,434 3,804 96,701 14,671 82,030 2014 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection — 39,576 114,014 7,608 (54,148) 25,181 72,681 9,188 107,050 19,419 87,631 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago — 44,983 103,160 23,744 (56,701) 25,684 63,665 25,837 115,186 32,663 82,523 1963/1972 11/30/2018 3-40 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2024 (in thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Jekyll Island Club Resort — — 88,912 5,031 24,410 — 105,369 12,984 118,353 20,124 98,229 1886/1986 7/22/2021 2-40 years Margaritaville Hollywood Beach Resort (2) 140,000 — 244,230 22,288 12,502 — 253,139 25,881 279,020 37,876 241,144 2015 9/23/2021 3-40 years Estancia La Jolla Hotel & Spa (3) 55,413 — 104,280 3,646 28,200 267 124,610 11,249 136,126 18,023 118,103 2004 12/1/2021 2-40 years Inn on Fifth — 50,503 95,826 7,989 3,177 50,503 98,385 8,607 157,495 11,236 146,259 1960 5/11/2022 3-40 years Newport Harbor Island Resort — 43,287 118,227 12,817 60,599 43,287 168,324 23,319 234,930 25,380 209,550 1969 6/23/2022 3-40 years $ 195,413 $ 834,544 $ 4,549,725 $ 334,796 $ 779,668 $ 800,143 $ 5,153,908 $ 544,682 $ 6,498,733 $ 1,530,854 $ 4,967,879 ______________________ (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on Margaritaville Hollywood Beach Resort is presented at face value, which excludes unamortized deferred financing costs of $1.7 million at December 31, 2024. (3) Encumbrance on Estancia La Jolla Hotel & Spa is presented at face value, which excludes unamortized deferred financing costs of $0.2 million at December 31, 2024. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2024 (in thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2021 $ 6,766,803 Acquisitions 331,249 Capital expenditures 105,626 Disposal of Assets (359,083) Other (115,214) Balance at December 31, 2022 $ 6,729,381 Capital expenditures 188,520 Disposal of Assets (400,705) Other (70,914) Balance at December 31, 2023 $ 6,446,282 Capital expenditures 148,314 Disposal of Assets (52,945) Other (42,918) Balance at December 31, 2024 $ 6,498,733 Reconciliation of Accumulated Depreciation: Balance at December 31, 2021 $ 1,066,409 Depreciation 238,278 Disposal of Assets (124,253) Balance at December 31, 2022 $ 1,180,434 Depreciation 239,422 Disposal of Assets (103,589) Balance at December 31, 2023 $ 1,316,267 Depreciation 228,332 Disposal of Assets (8,958) Other (4,787) Balance at December 31, 2024 $ 1,530,854 The aggregate cost of properties for federal income tax purposes is approximately $6.1 billion as of December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (4,242)	$ (78,017)	$ (87,171)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have identified cybersecurity risk as one of our key enterprise risks. One of our Co-Presidents is responsible for managing cybersecurity risk. He develops mitigation strategies and implements controls to reduce the likelihood of a cybersecurity incident occurring and to reduce the impact of such an incident should it occur. At least annually, he reports on this risk and related mitigation work to the Audit Committee of our board of trustees, which is the committee that has primary responsibility for overseeing our enterprise risk management program and is composed solely of independent trustees. The Audit Committee reviews and discusses all of our key enterprise risks, including cybersecurity risk, and the enterprise risk management program itself. The chair of the Audit Committee may, at his discretion, report to the Chairman of the Board or the full board of trustees regarding any aspect of the program or risks. As of December 31, 2024, no risk from cybersecurity threats, including as a result of any previous cybersecurity incident, has materially affected our business, results of operations or financial condition. Although we have invested in the protection of our data and information systems and the monitoring of our systems on an ongoing basis, such efforts may not in the future prevent material compromises to our information systems, including those that could have a material adverse effect on our business. We maintain cybersecurity insurance coverage to mitigate our financial exposure to certain incidents, and we consult with external advisors regarding opportunities and enhancements to strengthen our policies and practices. We have elected to outsource our information technology function to a third-party managed service provider, ("MSP") that specializes in fully managed information technology services and fully managed cybersecurity. The MSP is responsible for managing all of our hosted services, all of the computer and computer-related hardware and software we use, and all onsite and offsite backups. The MSP also provides managed security services designed to prevent cybersecurity threats, to identify and remediate vulnerabilities, to monitor systems 24/7, to protect data and systems, to detect potential intrusions and cybersecurity incidents, to quarantine systems should they be compromised, and to recover from business interruptions or other disasters. The MSP follows the NIST Cybersecurity Framework, developed by the National Institute of Standards and Technology of the U.S. Department of Commerce, to measure the maturity of the services it provides to us and its other clients. The MSP and we developed a cybersecurity incident response plan that sets forth roles and responsibilities for the identification, assessment, triage, communication and resolution of cybersecurity incidents. In addition, the MSP performs facility and system penetration tests, compromise assessments and security maturity assessments of our corporate and operational networks. In collaboration with the MSP, we maintain a comprehensive cybersecurity training program to help our personnel identify and assist in mitigating cybersecurity risks. Our executive officers and employees participate in annual training with additional issue-specific training as needed. While we have control, through our contract with the MSP, over our information systems, we do not have control over the information systems of our hotel managers, which are the third-party operators of our hotels and resorts, or of our franchisors. We set clear expectations of our hotel managers and franchisors regarding cybersecurity, but we rely on our hotel managers and franchisors for managing their cybersecurity risk. We conduct surveys of our hotel managers and franchisors to assess their cybersecurity risk management programs and procedures, to identify gaps and request remediation and to understand our risk exposure. Many of our hotel managers and franchisors carry cyber insurance policies to protect and offset a portion of potential costs incurred from a security breach. Additionally, we currently have cyber insurance policies to provide supplemental coverage above the coverage carried by our hotel managers and franchisors. For additional information about cybersecurity risk, see “Item 1A. Risk Factors—Our hotel managers and we rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have identified cybersecurity risk as one of our key enterprise risks. One of our Co-Presidents is responsible for managing cybersecurity risk. He develops mitigation strategies and implements controls to reduce the likelihood of a cybersecurity incident occurring and to reduce the impact of such an incident should it occur.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	At least annually, he reports on this risk and related mitigation work to the Audit Committee of our board of trustees, which is the committee that has primary responsibility for overseeing our enterprise risk management program and is composed solely of independent trustees. The Audit Committee reviews and discusses all of our key enterprise risks, including cybersecurity risk, and the enterprise risk management program itself. The chair of the Audit Committee may, at his discretion, report to the Chairman of the Board or the full board of trustees regarding any aspect of the program or risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	At least annually, he reports on this risk and related mitigation work to the Audit Committee of our board of trustees, which is the committee that has primary responsibility for overseeing our enterprise risk management program and is composed solely of independent trustees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reviews and discusses all of our key enterprise risks, including cybersecurity risk, and the enterprise risk management program itself.
Cybersecurity Risk Role of Management [Text Block]	We have identified cybersecurity risk as one of our key enterprise risks. One of our Co-Presidents is responsible for managing cybersecurity risk. He develops mitigation strategies and implements controls to reduce the likelihood of a cybersecurity incident occurring and to reduce the impact of such an incident should it occur. At least annually, he reports on this risk and related mitigation work to the Audit Committee of our board of trustees, which is the committee that has primary responsibility for overseeing our enterprise risk management program and is composed solely of independent trustees. The Audit Committee reviews and discusses all of our key enterprise risks, including cybersecurity risk, and the enterprise risk management program itself. The chair of the Audit Committee may, at his discretion, report to the Chairman of the Board or the full board of trustees regarding any aspect of the program or risks. As of December 31, 2024, no risk from cybersecurity threats, including as a result of any previous cybersecurity incident, has materially affected our business, results of operations or financial condition. Although we have invested in the protection of our data and information systems and the monitoring of our systems on an ongoing basis, such efforts may not in the future prevent material compromises to our information systems, including those that could have a material adverse effect on our business. We maintain cybersecurity insurance coverage to mitigate our financial exposure to certain incidents, and we consult with external advisors regarding opportunities and enhancements to strengthen our policies and practices. We have elected to outsource our information technology function to a third-party managed service provider, ("MSP") that specializes in fully managed information technology services and fully managed cybersecurity. The MSP is responsible for managing all of our hosted services, all of the computer and computer-related hardware and software we use, and all onsite and offsite backups. The MSP also provides managed security services designed to prevent cybersecurity threats, to identify and remediate vulnerabilities, to monitor systems 24/7, to protect data and systems, to detect potential intrusions and cybersecurity incidents, to quarantine systems should they be compromised, and to recover from business interruptions or other disasters. The MSP follows the NIST Cybersecurity Framework, developed by the National Institute of Standards and Technology of the U.S. Department of Commerce, to measure the maturity of the services it provides to us and its other clients. The MSP and we developed a cybersecurity incident response plan that sets forth roles and responsibilities for the identification, assessment, triage, communication and resolution of cybersecurity incidents. In addition, the MSP performs facility and system penetration tests, compromise assessments and security maturity assessments of our corporate and operational networks. In collaboration with the MSP, we maintain a comprehensive cybersecurity training program to help our personnel identify and assist in mitigating cybersecurity risks. Our executive officers and employees participate in annual training with additional issue-specific training as needed. While we have control, through our contract with the MSP, over our information systems, we do not have control over the information systems of our hotel managers, which are the third-party operators of our hotels and resorts, or of our franchisors. We set clear expectations of our hotel managers and franchisors regarding cybersecurity, but we rely on our hotel managers and franchisors for managing their cybersecurity risk. We conduct surveys of our hotel managers and franchisors to assess their cybersecurity risk management programs and procedures, to identify gaps and request remediation and to understand our risk exposure. Many of our hotel managers and franchisors carry cyber insurance policies to protect and offset a portion of potential costs incurred from a security breach. Additionally, we currently have cyber insurance policies to provide supplemental coverage above the coverage carried by our hotel managers and franchisors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	One of our Co-Presidents is responsible for managing cybersecurity risk. He develops mitigation strategies and implements controls to reduce the likelihood of a cybersecurity incident occurring and to reduce the impact of such an incident should it occur.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our executive officers and employees participate in annual training with additional issue-specific training as needed.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have elected to outsource our information technology function to a third-party managed service provider, ("MSP") that specializes in fully managed information technology services and fully managed cybersecurity. The MSP is responsible for managing all of our hosted services, all of the computer and computer-related hardware and software we use, and all onsite and offsite backups. The MSP also provides managed security services designed to prevent cybersecurity threats, to identify and remediate vulnerabilities, to monitor systems 24/7, to protect data and systems, to detect potential intrusions and cybersecurity incidents, to quarantine systems should they be compromised, and to recover from business interruptions or other disasters. The MSP follows the NIST Cybersecurity Framework, developed by the National Institute of Standards and Technology of the U.S. Department of Commerce, to measure the maturity of the services it provides to us and its other clients. The MSP and we developed a cybersecurity incident response plan that sets forth roles and responsibilities for the identification, assessment, triage, communication and resolution of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus the Company's financial position. Global events, as well as national and local events, may adversely impact travel trends and the operations of the Company's hotels. In addition, inflation and changing interest rates may impact the overall economy and the availability of debt, which may impact the Company's financial position. A decline in travel or a significant increase in costs may also adversely impact the Company's cash flow and ability to service debt or meet other financial obligations.
Fair Value Measurements	Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 5. Debt to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments.
Investment in Hotel Properties	Investment in Hotel Properties Upon acquiring a business or hotel property, the Company measures and recognizes the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined using a combination of the market, cost and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections, including hotel revenues and net operating income, at the respective hotel properties. Transaction costs related to business combinations are expensed as incurred and included on the consolidated statements of operations and comprehensive income. Transaction costs related to asset acquisitions are capitalized and recorded to investment in hotel property. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under finance leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property experiences a current or projected loss from operations or when it becomes more likely than not that a hotel property will be sold before the end of its useful life. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and estimated holding period, future required capital expenditures, and fair values, including consideration of expected terminal capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet.
Intangible Assets and Liabilities	Intangible Assets and Liabilities
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures, cash held in escrow pursuant to certain lender or hotel management agreement requirements to pay for real estate taxes, ground rent or property insurance and cash held in cash management and lockbox accounts pursuant to certain mortgage loan requirements.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Revenue Recognition	Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over the length of a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses.
Income Taxes	Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-based Compensation	Share-based Compensation
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The purpose of reporting comprehensive income (loss) is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss).
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel properties and considers each to be an operating segment. However, because all of the hotels have similar economic characteristics, facilities and services, the hotel properties have been aggregated into a single operating segment for reporting purposes.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities
New Accounting Pronouncements	New Accounting Pronouncements Disclosure Improvements In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). ASU 2023-06 incorporates 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification ("ASC"). ASU 2023-06's amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will vary based on the date on which the SEC removes that related disclosure from its rules. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the ASC and will not be effective. Early adoption is prohibited. The Company is currently assessing the potential impacts of ASU 2023-06 and does not expect it to have a material effect on its consolidated financial statements and disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company's adoption of ASU 2023-07 during the fourth quarter of 2024 did not have a material impact on its consolidated financial statements and disclosures. See Note 13. Operating Segment Information for the information provided pursuant to this standard. 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 and does not expect it to have a material impact 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 interest and similar awards granted or modified on or after the adoption date. The Company is currently assessing the impacts of adopting ASU 2024-01 and does not expect it to have a material impact on its consolidated financial statements and disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures. Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The amendments should be applied either prospectively or retrospectively. The Company is currently assessing the impacts of adopting ASU 2024-03 on its consolidated financial statements and disclosures.

Acquisition and Disposition o_2

Acquisition and Disposition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Hotel Properties Sold	The following table summarizes disposition transactions during the year ended December 31, 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)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Investment in Hotel Properties	Investment in hotel properties as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 December 31, 2023 Land $ 800,143 $ 810,633 Buildings and improvements 5,062,727 5,005,894 Furniture, fixtures and equipment 539,616 511,451 Finance lease asset 91,181 91,181 Construction in progress 5,066 27,123 $ 6,498,733 $ 6,446,282 Right-of-use asset, operating leases 351,150 360,761 Investment in hotel properties $ 6,849,883 $ 6,807,043 Less: Accumulated depreciation (1,530,854) (1,316,267) Investment in hotel properties, net $ 5,319,029 $ 5,490,776

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following as of December 31, 2024 and 2023 (dollars in thousands): Balance Outstanding as of Interest Rate at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 Revolving credit facilities Senior unsecured credit facility - (1)(2) October 2026 / $ — $ — PHL unsecured credit facility - (1) October 2028 — — Revolving credit facilities $ — $ — Unsecured term loans Term Loan 2024 - (4) October 2024 — 460,000 Term Loan 2025 5.16% (1)(5) October 2025 14,783 460,000 Term Loan 2027 5.56% (1)(6) October 2027 360,000 460,000 Term Loan 2028 3.88% (1) January 2028 356,652 — Term Loan 2029 5.16% (1) January 2029 185,217 — Unsecured term loan principal $ 916,652 $ 1,380,000 Convertible senior notes principal 1.75% December 2026 $ 750,000 $ 750,000 Senior unsecured notes Series B Notes 4.93% December 2025 2,400 2,400 Senior Notes 2029 6.38% October 2029 400,000 — Senior unsecured notes principal $ 402,400 $ 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 55,413 57,497 Mortgage loans principal $ 195,413 $ 197,497 Total debt principal $ 2,264,465 $ 2,329,897 Unamortized debt premiums, discount and deferred financing costs, net (17,733) (10,096) Debt, Net $ 2,246,732 $ 2,319,801 ______________________ (1) Borrowings bear interest at floating rates. Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with 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 December 31, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one (4) On January 3, 2024, the Company extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. This indebtedness is 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 balance of Term Loan 2024 was repaid in October 2024 with proceeds from the Senior Notes 2029 offering. (5) On January 3, 2024, the Company repaid $50.0 million of its borrowings under Term Loan 2025 with available cash. On October 3, 2024, the Company repaid $210.0 million of its borrowings under Term Loan 2025 with proceeds from the Senior Notes 2029 offering. On November 1, 2024, the Company extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is shown above as Term Loan 2029. (6) On October 3, 2024, the Company repaid $100.0 million of its borrowings under Term Loan 2027 with proceeds from the Senior Notes 2029 offering.
Schedule of Components of Interest Expense	The components of the Company's interest expense consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands): For the year ended December 31, 2024 2023 2022 Unsecured revolving credit facilities $ 2,003 $ 2,074 $ 2,531 Unsecured term loan facilities 67,928 73,151 52,355 Convertible senior notes 13,125 13,125 13,125 Senior unsecured notes 6,493 2,169 2,525 Mortgage debt 12,931 14,704 9,788 Amortization of deferred financing fees, (premiums) and discounts 10,268 8,104 16,465 Other (316) 2,333 3,199 Total interest expense $ 112,432 $ 115,660 $ 99,988
Schedule of Future Minimum Principal Payments	As of December 31, 2024, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands): 2025 $ 19,201 2026 752,308 2027 362,429 2028 545,310 2029 585,217 Total debt principle payments $ 2,264,465 Deferred financing costs, net (17,733) Total debt $ 2,246,732
Schedule of Interest Rate Swaps	The Company's interest rate swaps at December 31, 2024 and 2023 consisted of the following, by maturity date (dollars in thousands): Aggregate Notional Value as of Hedge Type Interest Rate Range Maturity December 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)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues by geographic location for the years ended December 31, 2024, 2023 and 2022 (in thousands): For the year ended December 31, 2024 2023 2022 San Diego, CA $ 334,605 $ 307,003 $ 303,701 Boston, MA 274,211 265,964 243,861 Southern Florida/Georgia 250,449 229,851 271,167 Los Angeles, CA 181,493 187,997 168,310 San Francisco, CA 127,999 145,137 116,022 Portland, OR 77,718 78,948 87,625 Chicago, IL 77,693 75,142 68,402 Washington, D.C. 70,686 68,567 51,937 Other (1) 58,455 61,340 80,866 $ 1,453,309 $ 1,419,949 $ 1,391,891 ______________________ (1) Other includes: Seattle, WA, Philadelphia, PA, Newport, RI and Santa Cruz, CA.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Common Dividends	The Company declared the following dividends on common shares/units for the year ended December 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 $ 0.01 June 30, 2024 June 28, 2024 July 15, 2024 $ 0.01 September 30, 2024 September 30, 2024 October 15, 2024 $ 0.01 December 31, 2024 December 31, 2024 January 15, 2025
Schedule of Preferred Shares Outstanding	The following preferred shares were outstanding as of December 31, 2024 and 2023: Security Type December 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 year ended December 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 6.375% Series E $ 0.40 June 30, 2024 June 28, 2024 July 15, 2024 6.375% Series E $ 0.40 September 30, 2024 September 30, 2024 October 15, 2024 6.375% Series E $ 0.40 December 31, 2024 December 31, 2024 January 15, 2025 6.30% Series F $ 0.39 March 31, 2024 March 29, 2024 April 15, 2024 6.30% Series F $ 0.39 June 30, 2024 June 28, 2024 July 15, 2024 6.30% Series F $ 0.39 September 30, 2024 September 30, 2024 October 15, 2024 6.30% Series F $ 0.39 December 31, 2024 December 31, 2024 January 15, 2025 6.375% Series G $ 0.40 March 31, 2024 March 29, 2024 April 15, 2024 6.375% Series G $ 0.40 June 30, 2024 June 28, 2024 July 15, 2024 6.375% Series G $ 0.40 September 30, 2024 September 30, 2024 October 15, 2024 6.375% Series G $ 0.40 December 31, 2024 December 31, 2024 January 15, 2025 5.70% Series H $ 0.36 March 31, 2024 March 29, 2024 April 15, 2024 5.70% Series H $ 0.36 June 30, 2024 June 28, 2024 July 15, 2024 5.70% Series H $ 0.36 September 30, 2024 September 30, 2024 October 15, 2024 5.70% Series H $ 0.36 December 31, 2024 December 31, 2024 January 15, 2025

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Service Condition Restricted Share Activity	The following table provides a summary of service condition restricted share activity for the years ended December 31, 2024, 2023 and 2022: Shares Weighted-Average Unvested at January 1, 2022 567,431 $ 22.53 Granted 143,795 $ 21.72 Vested (107,303) $ 26.23 Forfeited (36,606) $ 22.80 Unvested at December 31, 2022 567,317 $ 21.60 Granted 113,084 $ 15.04 Vested (183,721) $ 23.14 Forfeited (53,131) $ 16.72 Unvested at December 31, 2023 443,549 $ 19.88 Granted 139,134 $ 16.11 Vested (171,508) $ 21.20 Forfeited (3,127) $ 15.69 Unvested at December 31, 2024 408,048 $ 18.07
Schedule of Performance-Based Equity Awards, Fair Value Assumptions	The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions (dollars in millions): Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield February 13, 2019 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $4.5 26.00% 2.52% 4.20% February 12, 2020 Relative Total Shareholder Return 100.00% $4.9 23.40% 1.41% —% February 18, 2021 Relative Total Shareholder Return 100.00% $6.0 56.00% 0.19% —% May 16, 2022 Relative Total Shareholder Return 100.00% $5.3 58.70% 2.72% —% February 17, 2023 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.0 61.60% 4.31% —% February 15, 2024 Relative and Absolute Total Shareholder Return 70.00% / 30.00% $6.6 38.50% 4.38% —%

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis	The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2024, 2023 and 2022: 2024 2023 2022 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ — — % $ 0.0400 100.00 % $ 0.0419 83.80 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.0081 16.20 % Return of capital 0.0300 100.00 % — — % — — % Total $ 0.0300 100.00 % $ 0.0400 100.00 % $ 0.0500 100.00 % Series E Preferred Shares: Ordinary non-qualified income $ 0.9786 81.87 % $ 1.5938 100.00 % $ 1.6684 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3238 16.25 % Return of capital 0.2167 18.13 % — — % — — % Total $ 1.1953 100.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % Series F Preferred Shares: Ordinary non-qualified income $ 0.9671 81.87 % $ 1.5750 100.00 % $ 1.6488 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3200 16.25 % Return of capital 0.2142 18.13 % — — % — — % Total $ 1.1813 100.00 % $ 1.5750 100.00 % $ 1.9688 100.00 % Series G Preferred Shares: Ordinary non-qualified income $ 0.9786 81.87 % $ 1.5938 100.00 % $ 1.6684 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.3238 16.25 % Return of capital 0.2167 18.13 % — — % — — % Total $ 1.1953 100.00 % $ 1.5938 100.00 % $ 1.9922 100.00 % Series H Preferred Shares: Ordinary non-qualified income $ 0.8750 81.87 % $ 1.4250 100.00 % $ 1.4917 83.75 % Qualified dividend — — % — — % — — % Capital gain — — % — — % 0.2895 16.25 % Return of capital 0.1938 18.13 % — — % — — % Total $ 1.0688 100.00 % $ 1.4250 100.00 % $ 1.7812 100.00 %
Components of Income Tax Expense	The Company's provision (benefit) for income taxes consists of the following (in thousands): For the year ended December 31, 2024 2023 2022 Current: Federal $ 1,197 $ 237 $ 253 State and local 1,658 418 24 Total current provision $ 2,855 $ 655 $ 277 Deferred: Federal (25,280) — — State and local (3,203) — — Total deferred provision (benefit) $ (28,483) $ — $ — Income tax expense (benefit) $ (25,628) $ 655 $ 277
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense	A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands): For the year ended December 31, 2024 2023 2022 Statutory federal tax expense (benefit) $ (5,379) $ 16,808 $ 17,906 State income tax expense (benefit), net of federal tax expense (benefit) (1,829) 409 4 REIT income not subject to tax 9,800 (16,536) (17,402) Change in valuation allowance (28,368) 973 (495) Other 148 (999) 264 Income tax expense (benefit), net $ (25,628) $ 655 $ 277
Schedule of Deferred Tax Assets	The significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 consisted of the following (in thousands): December 31, 2024 December 31, 2023 Deferred Tax Assets: Net operating loss carryover $ 34,125 $ 39,385 State taxes and other 7,671 5,596 Depreciation 31 99 Total deferred tax asset before valuation allowance $ 41,827 $ 45,080 Valuation allowance (13,344) (45,080) Deferred tax asset net of valuation allowance $ 28,483 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 per common share (in thousands, except share and per-share data): For the year ended December 31, 2024 2023 2022 Numerator: Net income (loss) attributable to common shareholders $ (46,767) $ (113,270) $ (124,059) Less: dividends paid on unvested share-based compensation (37) (41) (45) Net income (loss) available to common shareholders — basic and diluted $ (46,804) $ (113,311) $ (124,104) Denominator: Weighted-average number of common shares — basic and diluted 119,774,655 121,813,042 130,453,944 Net income (loss) per share available to common shareholders — basic $ (0.39) $ (0.93) $ (0.95) Net income (loss) per share available to common shareholders — diluted $ (0.39) $ (0.93) $ (0.95)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Hotels Subject to Leases	At December 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 Harbor Court Hotel San Francisco Finance lease August 2052 Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zephyr Fisherman's Wharf and Retail 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 Zeppelin San Francisco Operating and finance lease June 2089 (4) 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 ______________________ (1) The expiration date assumes the exercise of a 14-year extension option. (2) No payments are required through maturity. (3) The expiration date assumes the exercise of all 19 five-year extension options. (4)
Schedule of Components of Ground Rent Expense	The components of ground rent expense for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): For the year ended December 31, 2024 2023 2022 Fixed ground rent $ 19,187 $ 19,133 $ 18,538 Variable ground rent 20,288 20,252 18,931 Total ground rent $ 39,475 $ 39,385 $ 37,469
Schedule of Operating Lease Future Maturity	Future maturities of lease liabilities for the Company's operating leases at December 31, 2024 were as follows (in thousands): 2025 $ 20,735 2026 21,031 2027 20,983 2028 21,077 2029 20,941 Thereafter 1,542,673 Total lease payments $ 1,647,440 Less: Imputed interest (1,326,699) Present value of lease liabilities $ 320,741

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information to Statements of Cash Flows	(in thousands) For the year ended December 31, 2024 2023 2022 Interest paid, net of capitalized interest $ 100,417 $ 105,519 $ 82,851 Interest capitalized $ 4,710 $ 1,825 $ 1,434 Income taxes paid (refunded) $ 2,584 $ (2,549) $ (2,303) Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 1,264 $ 1,261 $ 1,316 Distributions payable on preferred shares/units $ 10,601 $ 10,601 $ 10,902 Issuance of common shares for Board of Trustees compensation $ 745 $ 754 $ 738 Issuance of common shares for OP units redemption $ — $ 3,515 $ — Issuance of common units in connection with hotel acquisition $ — $ — $ 390 Issuance of preferred units in connection with hotel acquisition $ — $ — $ 77,610 Accrued additions and improvements to hotel properties $ 1,817 $ 65 $ (2,759) Right of use assets obtained in exchange for lease liabilities $ — $ — $ 1,005 Write-off of fully depreciated building, furniture, fixtures and equipment $ 52,945 $ 7,267 $ 72,532 Write-off of fully amortized deferred financing costs $ 8,841 $ 1,199 $ 19,595

Operating Segment Information (

Operating Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the Company's segment hotel revenues, Hotel EBITDA, including significant hotel expenses and its reconciliation to Net income (loss) for the years ended December 31, 2024, 2023 and 2022. (in thousands) For the year ended December 31, 2024 2023 2022 Revenues: Total revenues $ 1,453,309 $ 1,419,949 $ 1,391,891 Less: Corporate and other revenues 7,084 10,484 8,607 Hotel revenues 1,446,225 1,409,465 1,383,284 Significant hotel expenses: Room expenses 250,875 248,020 225,992 Food and beverage expenses 273,731 264,163 243,543 Hotel general and administrative 119,308 120,122 116,183 Hotel sales and marketing 94,490 94,187 86,483 Hotel operations and maintenance 120,677 119,277 111,191 Hotel management fee 42,326 40,782 41,304 Hotel real estate taxes, personal property taxes, property insurance and ground rent 124,142 120,062 122,194 Other segment items (1) 51,507 51,565 51,969 Hotel EBITDA 369,169 351,287 384,425 Depreciation and amortization (229,531) (240,645) (239,583) Interest expense (112,432) (115,660) (99,988) Impairment (48,146) (81,788) (89,633) Gain on sale of hotel properties — 30,375 6,194 Business interruption insurance income and gain on insurance settlement 48,574 32,985 — Income tax (expense) benefit 25,628 (655) (277) Corporate and other (2) (53,246) (50,175) (46,119) Net income (loss) $ 16 $ (74,276) $ (84,981) ______________________ (1) Other segment items include expenses incurred for parking, spa, franchise fees and other hotel operating expenses. (2) Corporate and other include corporate general and administrative and other operating income and expenses.

Organization (Details)

Organization (Details)	Dec. 31, 2024 property hotelRoom
Noncontrolling Interest [Line Items]
Number of hotels owned by the company | property	46
Total number of guest rooms | hotelRoom	11,933
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%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Fifth Wall Late-Stage Climate Technology Fund L.P.
Property, Plant and Equipment [Line Items]
Equity method investments	$ 8.7
Committed amount	$ 10
Buildings, land improvements, and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings, land improvements, and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	1 year
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Acquisition and Disposition o_3

Acquisition and Disposition of Hotel Properties - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Number of properties acquired	0	0
Number of properties sold during period	0
Operating (loss) from disposed properties | $	$ 0	$ (0.8)	$ (3.9)

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	Dec. 31, 2024	Dec. 31, 2023
Investment in hotel properties
Land	$ 800,143	$ 810,633
Buildings and improvements	5,062,727	5,005,894
Furniture, fixtures and equipment	539,616	511,451
Finance lease asset	91,181	91,181
Construction in progress	5,066	27,123
Investment in hotel properties, before right-of-use asset, operating leases	6,498,733	6,446,282
Right-of-use asset, operating leases	351,150	360,761
Investment in hotel properties	6,849,883	6,807,043
Less: Accumulated depreciation	(1,530,854)	(1,316,267)
Investment in hotel properties, net	$ 5,319,029	$ 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) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Nov. 01, 2024 building	Sep. 26, 2024 building
Real Estate Properties [Line Items]
Impairment		$ 48,146	$ 81,788	$ 89,633
Proceeds from insurance settlement	$ 146,500
Business interruption insurance income and gain on insurance settlement		48,574	32,985	0
Other operating expenses		4,913	12,602	5,352
Lease liabilities - operating leases	320,741	320,741	320,617
Present value of lease liabilities	$ 44,000	$ 44,000	$ 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 and Retail
Real Estate Properties [Line Items]
Impairment			$ 81,800
Hotel
Real Estate Properties [Line Items]
Impairment		$ 38,100		$ 81,700
Number of properties impaired | property		1	3	3
Retail
Real Estate Properties [Line Items]
Number of properties impaired | property			1
Hurricane Ian
Real Estate Properties [Line Items]
Impairment				$ 7,900
Other operating expenses		$ 200	$ 6,600	$ 200
Hurricane Helene
Real Estate Properties [Line Items]
Impairment		10,000
Number of guestroom buildings open and operational | building					2
Number of guestroom buildings | building						3
Insurance recoveries		$ 9,600

Debt - Narrative (Details)

Debt - Narrative (Details)					1 Months Ended		12 Months Ended
	Nov. 01, 2024 USD ($) extension	Oct. 03, 2024 USD ($)	Jan. 03, 2024 USD ($)	Sep. 07, 2023 USD ($) extension	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2024 USD ($) extensionOption extension $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 13, 2022 USD ($) debtInstrument	Dec. 01, 2021 USD ($)
Line of Credit Facility [Line Items]
Repayments of long term debt							$ 465,432,000	$ 211,088,000	$ 1,434,956,000
Letters of credit outstanding							$ 7,400,000	13,600,000
Election period, prior to maturity date							2 days
Convertible debt, conversion ratio							0.0392549
Redemption price to principal amount, percentage							1
Debt							$ 2,264,465,000	2,329,897,000
Interest rate swaps
Line of Credit Facility [Line Items]
Derivative instruments, asset position, fair value							16,600,000	24,500,000
Derivative instruments, liability position, fair value							0	0
Expected reclassifications in next 12 months							$ 12,800,000
Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt		$ 353,300,000
Convertible senior notes
Line of Credit Facility [Line Items]
Debt issued					$ 250,000,000	$ 500,000,000
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
Debt							$ 750,000,000	750,000,000
Senior unsecured notes
Line of Credit Facility [Line Items]
Debt							402,400,000	2,400,000
Mortgage loans
Line of Credit Facility [Line Items]
Debt							$ 195,413,000	197,497,000
Mortgage loans | Margaritaville
Line of Credit Facility [Line Items]
Debt instrument , number of extensions | extension				2
Basis spread on variable rate				3.75%
Debt instrument, term				1 year
Debt				$ 140,000,000
Mortgage loans | Estancia La Jolla Hotel & Spa
Line of Credit Facility [Line Items]
Stated interest rate							5.07%				5.07%
Debt							$ 55,413,000	57,497,000			$ 61,700,000
Mortgage loans | Margaritaville Hollywood Beach Resort
Line of Credit Facility [Line Items]
Stated interest rate							7.04%
Debt instrument , number of extensions | extension							2
Extension term							1 year
Basis spread on variable rate							3.75%
Debt							$ 140,000,000	140,000,000
Term Loan 2024 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt		43,300,000
Term Loan 2025 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt		210,000,000
Senior Notes 2029 | Senior unsecured notes
Line of Credit Facility [Line Items]
Debt issued		$ 400,000,000
Stated interest rate		6.375%					6.375%
Proceeds from debt, net of issuance costs		$ 390,000,000
Unsecured indebtedness, percentage							1.50
Debt							$ 400,000,000	0
Term Loan 2027 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt		$ 100,000,000
Series B Notes | Senior unsecured notes
Line of Credit Facility [Line Items]
Stated interest rate							4.93%
Debt							$ 2,400,000	2,400,000
Fixed Rate Debt
Line of Credit Facility [Line Items]
Estimated fair value of debt							1,100,000,000	686,300,000
Revolving credit facilities | Unsecured term loans
Line of Credit Facility [Line Items]
Debt							0	0
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 602,000,000						$ 650,000,000			$ 650,000,000
Maximum borrowing capacity potential increase (up to)										970,000,000
Stated interest rate							0%
Debt instrument , number of extensions | extension	2
Extension term	6 months						6 months
Remaining borrowing capacity							$ 642,600,000
Number of extension periods | extensionOption							2
Debt							$ 0	0
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage							0.20%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage							0.30%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate							0.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate							1.50%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate							0.10%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate							1.45%
Revolving credit facilities | Senior unsecured credit facility | Unsecured term loans | SOFR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate							2.50%
Revolving credit facilities | PHL unsecured credit facility | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 20,000,000
Stated interest rate							0%
Remaining borrowing capacity							$ 20,000,000
Balance of line of credit							0
Debt							0	0
Revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2026 | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity							48,000,000
Revolving credit facilities | Senior Unsecured Revolving Credit Facility Due October 2028 | Unsecured term loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 602,000,000
Unsecured term loans | Unsecured term loans
Line of Credit Facility [Line Items]
Debt issued										$ 1,380,000,000
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 | 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 | Term Loan 2024 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt			$ 60,000,000
Stated interest rate							0%
Debt							$ 0	460,000,000
Unsecured term loans | Term Loan 2025 | Unsecured term loans
Line of Credit Facility [Line Items]
Repayments of long term debt			$ 50,000,000
Stated interest rate							5.16%
Debt							$ 14,783,000	460,000,000
Unsecured term loans | Term Loan 2027 | Unsecured term loans
Line of Credit Facility [Line Items]
Stated interest rate							5.56%
Debt							$ 360,000,000	$ 460,000,000
Unsecured term loans | Three Term Loans | Unsecured term loans
Line of Credit Facility [Line Items]
Debt instrument, number of instruments | debtInstrument										3
Debt issued										$ 460,000,000
Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 30,000,000

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)				12 Months Ended
	Nov. 01, 2024 USD ($) extension	Oct. 03, 2024 USD ($)	Jan. 03, 2024 USD ($)	Dec. 31, 2024 USD ($) extensionOption extension	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 13, 2022 USD ($)	Dec. 01, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Debt				$ 2,264,465,000	$ 2,329,897,000
Unamortized debt premiums, discount and deferred financing costs, net				(17,733,000)	(10,096,000)
Debt, Net				2,246,732,000	2,319,801,000
Repayments of long term debt				465,432,000	211,088,000	$ 1,434,956,000
Unsecured term loans
Debt Instrument [Line Items]
Repayments of long term debt		$ 353,300,000
Unsecured term loans | Term Loan 2024
Debt Instrument [Line Items]
Repayments of long term debt		43,300,000
Unsecured term loans | Term Loan 2025
Debt Instrument [Line Items]
Repayments of long term debt		210,000,000
Unsecured term loans | Term Loan 2027
Debt Instrument [Line Items]
Repayments of long term debt		$ 100,000,000
Unsecured term loans | Revolving credit facilities
Debt Instrument [Line Items]
Debt				$ 0	0
Unsecured term loans | Revolving credit facilities | Senior unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				0%
Debt				$ 0	0
Maximum borrowing capacity	$ 602,000,000			650,000,000			$ 650,000,000
Remaining borrowing capacity				$ 642,600,000
Number of extension periods | extensionOption				2
Extension term	6 months			6 months
Debt instrument , number of extensions | extension	2
Unsecured term loans | Revolving credit facilities | PHL unsecured credit facility
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				0%
Debt				$ 0	0
Maximum borrowing capacity				20,000,000
Remaining borrowing capacity				20,000,000
Unsecured term loans | Unsecured term loans
Debt Instrument [Line Items]
Debt, Net				$ 916,652,000	1,380,000,000
Debt issued							$ 1,380,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2024
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				0%
Debt				$ 0	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 December 31, 2024				5.16%
Debt				$ 14,783,000	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 December 31, 2024				5.56%
Debt				$ 360,000,000	460,000,000
Unsecured term loans | Unsecured term loans | Term Loan 2028
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				3.88%
Debt				$ 356,652,000	0
Debt issued			$ 356,700,000
Unsecured term loans | Unsecured term loans | Term Loan 2029
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				5.16%
Debt				$ 185,217,000	0
Debt issued	$ 185,200,000
Convertible senior notes
Debt Instrument [Line Items]
Interest Rate at December 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]
Debt				$ 402,400,000	2,400,000
Senior unsecured notes | Series B Notes
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				4.93%
Debt				$ 2,400,000	2,400,000
Senior unsecured notes | Senior Notes 2029
Debt Instrument [Line Items]
Interest Rate at December 31, 2024		6.375%		6.375%
Debt				$ 400,000,000	0
Debt issued		$ 400,000,000
Mortgage loans
Debt Instrument [Line Items]
Debt				$ 195,413,000	197,497,000
Mortgage loans | Margaritaville Hollywood Beach Resort
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				7.04%
Debt				$ 140,000,000	140,000,000
Extension term				1 year
Basis spread on variable rate				3.75%
Debt instrument , number of extensions | extension				2
Mortgage loans | Estancia La Jolla Hotel & Spa
Debt Instrument [Line Items]
Interest Rate at December 31, 2024				5.07%				5.07%
Debt				$ 55,413,000	$ 57,497,000			$ 61,700,000

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of deferred financing fees, (premiums) and discounts	$ 10,268	$ 8,104	$ 16,465
Other	(316)	2,333	3,199
Total interest expense	112,432	115,660	99,988
Convertible senior notes
Debt Instrument [Line Items]
Interest expense, debt	13,125	13,125	13,125
Senior unsecured notes
Debt Instrument [Line Items]
Interest expense, debt	6,493	2,169	2,525
Mortgage debt
Debt Instrument [Line Items]
Interest expense, debt	12,931	14,704	9,788
Unsecured revolving credit facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	2,003	2,074	2,531
Unsecured term loan facilities | Unsecured term loans
Debt Instrument [Line Items]
Interest expense, debt	$ 67,928	$ 73,151	$ 52,355

Debt - Future Minimum Principal

Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 19,201
2026	752,308
2027	362,429
2028	545,310
2029	585,217
Total debt principle payments	2,264,465	$ 2,329,897
Deferred financing costs, net	(17,733)
Debt, Net	$ 2,246,732	$ 2,319,801

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, variable interest rate, type [extensible enumeration]	SOFR
Interest rate swap - January 2024 | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.47%
Interest rate swap - January 2024 | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	2.50%
Interest Rate Swap One Due October 2025 | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.22%
Interest Rate Swap One Due October 2025 | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.25%
Interest rate swap - February 2026 | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.33%
Interest rate swap - February 2026 | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	1.36%
Interest Rate Swap One Due October 2026 | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.02%
Interest Rate Swap One Due October 2026 | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate	3.03%
Interest rate swap - October 2027
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 One Due 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 One Due 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Abstract]
Total revenues	$ 1,453,309	$ 1,419,949	$ 1,391,891
San Diego, CA
Disaggregation of Revenue [Abstract]
Total revenues	334,605	307,003	303,701
Boston, MA
Disaggregation of Revenue [Abstract]
Total revenues	274,211	265,964	243,861
Southern Florida/Georgia
Disaggregation of Revenue [Abstract]
Total revenues	250,449	229,851	271,167
Los Angeles, CA
Disaggregation of Revenue [Abstract]
Total revenues	181,493	187,997	168,310
San Francisco, CA
Disaggregation of Revenue [Abstract]
Total revenues	127,999	145,137	116,022
Portland, OR
Disaggregation of Revenue [Abstract]
Total revenues	77,718	78,948	87,625
Chicago, IL
Disaggregation of Revenue [Abstract]
Total revenues	77,693	75,142	68,402
Washington, D.C.
Disaggregation of Revenue [Abstract]
Total revenues	70,686	68,567	51,937
Other
Disaggregation of Revenue [Abstract]
Total revenues	$ 58,455	$ 61,340	$ 80,866

Equity - Narrative (Details)

Equity - Narrative (Details)						12 Months Ended
	Feb. 15, 2024 shares	Feb. 17, 2023 USD ($) shares	May 11, 2022 shares $ / shares	Feb. 18, 2021 shares	Nov. 30, 2018 shares	Dec. 31, 2024 USD ($) shares class vote $ / shares	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2022 USD ($) shares	May 11, 2027 shares	Jun. 30, 2023 USD ($)	Jul. 27, 2017 USD ($)
Class of Stock [Line Items]
Common shares of beneficial interest, authorized (in shares)						500,000,000	500,000,000
Stock repurchased during period | $						$ 16,851,000	$ 92,753,000	$ 70,724,000
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 conversion basis (in shares)						1	1
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		600,097
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]
Preferred units of the operating Partnership designated (in shares)			16,291
LaSalle Hotel Properties | Operating partnership units
Class of Stock [Line Items]
Business acquisition, equity interest issued or issuable, (in shares)					133,605
Common Shares
Class of Stock [Line Items]
Repurchase of common shares (in shares)						1,242,644	6,578,436	4,609,626
Stock repurchased during period | $						$ 13,000	$ 65,000	$ 47,000
February 2023 Share Repurchase Program | Common Shares
Class of Stock [Line Items]
Repurchase of common shares (in shares)						1,127,255
Stock repurchased during period | $						$ 15,000,000
Share repurchased (in dollar per share) | $ / shares						$ 13.31
Common Shares
Class of Stock [Line Items]
Number of votes 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 | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount | $		$ 150,000,000
Remaining authorized repurchase amount | $						$ 131,000,000
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
Series F Preferred Stock | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.30%
Series H 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						2.2311
Preferred stock, dividend rate, percentage						5.70%
Preferred stock, outstanding (in shares)						8,000,000	8,000,000
Series H Preferred Stock | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		5.70%
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 E Preferred Stock | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.375%
Series G 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						2.1231
Preferred stock, dividend rate, percentage						6.375%
Preferred stock, outstanding (in shares)						9,200,000	9,200,000
Series G Preferred Stock | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.375%
Preferred Shares | February 2023 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount | $		$ 100,000,000
Remaining authorized repurchase amount | $						$ 84,200,000
Repurchase of common shares (in shares)						0
Series Z Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			6%
Common unit conversion basis (in shares)			1
Liquidation preference value (in usd per share) | $ / shares			$ 25
Series Z Preferred Stock | Forecast
Class of Stock [Line Items]
Common unit conversion basis (in shares)									1
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]
Preferred units of the operating Partnership designated (in shares)			3,104,400

Equity - Common Dividends (Deta

Equity - Common Dividends (Details) - $ / shares	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Dividend (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Equity - Preferred Stock Outsta

Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, outstanding (in shares)	27,600,000				27,600,000	27,600,000
Series E Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage					6.375%
Preferred stock, outstanding (in shares)	4,400,000				4,400,000	4,400,000
Dividend per share/unit (in usd per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.40
Series F Cumulative Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage					6.30%
Preferred stock, outstanding (in shares)	6,000,000				6,000,000	6,000,000
Dividend per share/unit (in usd per share)	$ 0.39	0.39	0.39	0.39
Series G Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage					6.375%
Preferred stock, outstanding (in shares)	9,200,000				9,200,000	9,200,000
Dividend per share/unit (in usd per share)	$ 0.40	0.40	0.40	0.40
Series H Cumulative Redeemable Preferred Shares, $0.01 par value
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage					5.70%
Preferred stock, outstanding (in shares)	8,000,000				8,000,000	8,000,000
Dividend per share/unit (in usd per share)	$ 0.36	$ 0.36	$ 0.36	$ 0.36

Share-Based Compensation Plan -

Share-Based Compensation Plan - Narrative (Details) $ / shares in Units, $ in Millions							1 Months Ended			12 Months Ended
	Feb. 15, 2024 USD ($) $ / shares shares	Feb. 17, 2023 USD ($) $ / shares shares	May 16, 2022 shares	Feb. 18, 2021 USD ($) $ / shares shares	Feb. 12, 2020 shares	Feb. 13, 2019 shares	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Jan. 31, 2022 shares	Dec. 31, 2024 USD ($) class $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for issuance under the Plan (in shares) | shares										1,177,236
LTIP units, outstanding (in shares) | shares										994,837	858,484
Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 3.4	$ 3.5	$ 3.8
Total unrecognized compensation expense | $										$ 3.3
Period over which compensation expense is expected to be recognized										1 year 6 months
Awards granted (in shares) | shares										139,134	113,084	143,795
Fair value of award on grant date (in usd per share) | $ / shares										$ 18.07	$ 19.88	$ 21.60	$ 22.53
Awards vested (in shares) | shares										171,508	183,721	107,303
Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 6	$ 5.6	$ 4.8
Total unrecognized compensation expense | $										$ 6.6
Period over which compensation expense is expected to be recognized										1 year 8 months 12 days
Awards granted (in shares) | shares	322,950	314,235	175,898	189,348	161,777	126,891
Awards issued (in shares) | shares							71,677	51,686	0
Long-Term Incentive Partnership ("LTIP") Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $										$ 4.2	$ 3.4	$ 2.8
Total unrecognized compensation expense | $										$ 5
Classes of LTIP units | class										2
Long-Term Incentive Partnership ("LTIP") Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	136,353	131,276		600,097
Fair value of award on grant date (in usd per share) | $ / shares	$ 16.13	$ 15.04		$ 22.69
Aggregate grant date fair value | $	$ 2.2	$ 2		$ 13.6
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										3 years
Minimum | Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										3 years
Minimum | Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares able to be vested, percent	0%	0%	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										5 years
Maximum | Service Condition Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period										5 years
Maximum | Performance-Based Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares able to be vested, percent	200%	200%	200%

Share-Based Compensation Plan_2

Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Service Condition Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested beginning balance (in shares)	443,549	567,317	567,431
Granted (in shares)	139,134	113,084	143,795
Vested (in shares)	(171,508)	(183,721)	(107,303)
Forfeited (in shares)	(3,127)	(53,131)	(36,606)
Unvested ending balance (in shares)	408,048	443,549	567,317
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in usd per share)	$ 19.88	$ 21.60	$ 22.53
Granted (in usd per share)	16.11	15.04	21.72
Vested (in usd per share)	21.20	23.14	26.23
Forfeited (in usd per share)	15.69	16.72	22.80
Unvested ending balance (in usd per share)	$ 18.07	$ 19.88	$ 21.60

Share-Based Compensation Plan_3

Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-Based Equity Awards - USD ($) $ in Millions	Feb. 15, 2024	Feb. 17, 2023	May 16, 2022	Feb. 18, 2021	Feb. 12, 2020	Feb. 13, 2019
Relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	70%	70%	100%	100%	100%	65%
Grant Date Fair Value by Component			$ 5.3	$ 6	$ 4.9
Volatility			58.70%	56%	23.40%
Interest Rate			2.72%	0.19%	1.41%
Dividend Yield			0%	0%	0%
Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	30%	30%				35%
Relative & Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value by Component	$ 6.6	$ 6				$ 4.5
Volatility	38.50%	61.60%				26%
Interest Rate	4.38%	4.31%				2.52%
Dividend Yield	0%	0%				4.20%

Income Taxes - Distributions (D

Income Taxes - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Shares
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0	$ 0.0400	$ 0.0419
Ordinary non-qualified income, percent	0%	100%	83.80%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0%	0%	0%
Capital gain (in usd per share)	$ 0	$ 0	$ 0.0081
Capital gain, percent	0%	0%	16.20%
Return of capital (in usd per share)	$ 0.0300	$ 0	$ 0
Return of capital, percent	100%	0%	0%
Total (in usd per share)	$ 0.0300	$ 0.0400	$ 0.0500
Total, percent	100%	100%	100%
Series E Preferred Stock
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0.9786	$ 1.5938	$ 1.6684
Ordinary non-qualified income, percent	81.87%	100%	83.75%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0%	0%	0%
Capital gain (in usd per share)	$ 0	$ 0	$ 0.3238
Capital gain, percent	0%	0%	16.25%
Return of capital (in usd per share)	$ 0.2167	$ 0	$ 0
Return of capital, percent	18.13%	0%	0%
Total (in usd per share)	$ 1.1953	$ 1.5938	$ 1.9922
Total, percent	100%	100%	100%
Series F Preferred Stock
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0.9671	$ 1.5750	$ 1.6488
Ordinary non-qualified income, percent	81.87%	100%	83.75%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0%	0%	0%
Capital gain (in usd per share)	$ 0	$ 0	$ 0.3200
Capital gain, percent	0%	0%	16.25%
Return of capital (in usd per share)	$ 0.2142	$ 0	$ 0
Return of capital, percent	18.13%	0%	0%
Total (in usd per share)	$ 1.1813	$ 1.5750	$ 1.9688
Total, percent	100%	100%	100%
Series G Preferred Stock
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0.9786	$ 1.5938	$ 1.6684
Ordinary non-qualified income, percent	81.87%	100%	83.75%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0%	0%	0%
Capital gain (in usd per share)	$ 0	$ 0	$ 0.3238
Capital gain, percent	0%	0%	16.25%
Return of capital (in usd per share)	$ 0.2167	$ 0	$ 0
Return of capital, percent	18.13%	0%	0%
Total (in usd per share)	$ 1.1953	$ 1.5938	$ 1.9922
Total, percent	100%	100%	100%
Series H Preferred Stock
Real Estate Investment Trust Distributions [Line Items]
Ordinary non-qualified income (in usd per share)	$ 0.8750	$ 1.4250	$ 1.4917
Ordinary non-qualified income, percent	81.87%	100%	83.75%
Qualified dividend (in usd per share)	$ 0	$ 0	$ 0
Qualified dividend, percent	0%	0%	0%
Capital gain (in usd per share)	$ 0	$ 0	$ 0.2895
Capital gain, percent	0%	0%	16.25%
Return of capital (in usd per share)	$ 0.1938	$ 0	$ 0
Return of capital, percent	18.13%	0%	0%
Total (in usd per share)	$ 1.0688	$ 1.4250	$ 1.7812
Total, percent	100%	100%	100%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 1,197	$ 237	$ 253
State and local	1,658	418	24
Total current provision	2,855	655	277
Deferred:
Federal	(25,280)	0	0
State and local	(3,203)	0	0
Total deferred provision (benefit)	(28,483)	0	0
Income tax expense (benefit)	$ (25,628)	$ 655	$ 277

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory federal tax expense (benefit)	$ (5,379)	$ 16,808	$ 17,906
State income tax expense (benefit), net of federal tax expense (benefit)	(1,829)	409	4
REIT income not subject to tax	9,800	(16,536)	(17,402)
Change in valuation allowance	(28,368)	973	(495)
Other	148	(999)	264
Income tax expense (benefit)	$ (25,628)	$ 655	$ 277

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Increase (decrease) in amount of valuation allowance	$ (31.7)	$ 3

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 34,125	$ 39,385
State taxes and other	7,671	5,596
Depreciation	31	99
Total deferred tax asset before valuation allowance	41,827	45,080
Valuation allowance	(13,344)	(45,080)
Deferred tax asset net of valuation allowance	$ 28,483	$ 0

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to common shareholders	$ (46,767)	$ (113,270)	$ (124,059)
Less: dividends paid on unvested share-based compensation	(37)	(41)	(45)
Net income (loss) available to common stockholders - basic	(46,804)	(113,311)	(124,104)
Net income (loss) available to common stockholders - diluted	$ (46,804)	$ (113,311)	$ (124,104)
Denominator:
Weighted-average number of common shares — basic (in shares)	119,774,655	121,813,042	130,453,944
Weighted-average number of common shares — diluted (in shares)	119,774,655	121,813,042	130,453,944
Net income (loss) per share available to common shareholders — basic (in usd per share)	$ (0.39)	$ (0.93)	$ (0.95)
Net income (loss) per share available to common shareholders — diluted (in usd per share)	$ (0.39)	$ (0.93)	$ (0.95)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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)	1,215,533	1,108,816	1,079,474
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,441,175	29,441,175	29,441,175

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements [Line Items]
Terms of management agreements not including renewals	9 years
Terms of management agreements including renewals	28 years
Combined base and incentive management fees	$ 40,800	$ 39,300	$ 39,600
Reserve funds allowed for hotel maintenance from hotel revenue	4%
Restricted cash	$ 10,941	$ 9,894
Minimum
Management Agreements [Line Items]
Termination fees range	0
Base management fee from hotel revenues	1%
Maximum
Management Agreements [Line Items]
Termination fees range	3
Base management fee from hotel revenues	4%

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Hotel Subject to Leases (Details)	12 Months Ended
	Dec. 31, 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

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Components of Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Fixed ground rent	$ 19,187	$ 19,133	$ 18,538
Variable ground rent	20,288	20,252	18,931
Total ground rent	$ 39,475	$ 39,385	$ 37,469

Commitments and Contingencies_4

Commitments and Contingencies - Operating Future Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 20,735
2026	21,031
2027	20,983
2028	21,077
2029	20,941
Thereafter	1,542,673
Total lease payments	1,647,440
Less: Imputed interest	(1,326,699)
Present value of lease liabilities	$ 320,741	$ 320,617

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non Cash Investing and Financing Information [Line Items]
Interest paid, net of capitalized interest	$ 100,417	$ 105,519	$ 82,851
Interest capitalized	4,710	1,825	1,434
Income taxes paid (refunded)	2,584	(2,549)	(2,303)
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	11,865	11,862
Issuance of common shares for OP units redemption	0	3,515	0
Accrued additions and improvements to hotel properties	1,817	65	(2,759)
Right of use assets obtained in exchange for lease liabilities	0	0	1,005
Write-off of fully depreciated building, furniture, fixtures and equipment	52,945	7,267	72,532
Write-off of fully amortized deferred financing costs	8,841	1,199	19,595
Common shares/units
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	1,264	1,261	1,316
Preferred shares
Non-Cash Investing and Financing Activities:
Distributions payable on shares/units	10,601	10,601	10,902
Common Unit
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	0	390
Series Z Preferred Stock
Non-Cash Investing and Financing Activities:
Issuance of shares/units	0	0	77,610
Board of Trustees Compensation
Non-Cash Investing and Financing Activities:
Issuance of shares/units	$ 745	$ 754	$ 738

Operating Segment Information_2

Operating Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,453,309	$ 1,419,949	$ 1,391,891
Significant hotel expenses:
Total hotel operating expenses	961,003	941,080	883,474
Hotel real estate taxes, personal property taxes, property insurance and ground rent	126,183	124,595	126,134
Depreciation and amortization	(229,531)	(240,645)	(239,583)
Interest expense	(112,432)	(115,660)	(99,988)
Impairment	(48,146)	(81,788)	(89,633)
Gain on sale of hotel properties	0	30,375	6,194
Business interruption insurance income and gain on insurance settlement	48,574	32,985	0
Income tax (expense) benefit	25,628	(655)	(277)
Net income (loss)	16	(74,276)	(84,981)
Corporate and other
Segment Reporting Information [Line Items]
Total revenues	7,084	10,484	8,607
Significant hotel expenses:
Hotel general and administrative	(53,246)	(50,175)	(46,119)
Corporate and other	53,246	50,175	46,119
Room
Segment Reporting Information [Line Items]
Total revenues	922,348	914,109	910,936
Significant hotel expenses:
Total hotel operating expenses	250,875	248,020	225,992
Food and beverage
Segment Reporting Information [Line Items]
Total revenues	372,369	351,852	346,702
Significant hotel expenses:
Total hotel operating expenses	273,731	264,163	243,543
Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,446,225	1,409,465	1,383,284
Significant hotel expenses:
Hotel general and administrative	(119,308)	(120,122)	(116,183)
Hotel sales and marketing	94,490	94,187	86,483
Hotel operations and maintenance	120,677	119,277	111,191
Hotel management fee	42,326	40,782	41,304
Hotel real estate taxes, personal property taxes, property insurance and ground rent	124,142	120,062	122,194
Other segment items	51,507	51,565	51,969
Hotel EBITDA	369,169	351,287	384,425
Depreciation and amortization	(229,531)	(240,645)	(239,583)
Interest expense	(112,432)	(115,660)	(99,988)
Impairment	(48,146)	(81,788)	(89,633)
Gain on sale of hotel properties	0	30,375	6,194
Business interruption insurance income and gain on insurance settlement	48,574	32,985	0
Income tax (expense) benefit	25,628	(655)	(277)
Corporate and other	119,308	120,122	116,183
Reportable Segment | Room | Operating Segments
Significant hotel expenses:
Total hotel operating expenses	250,875	248,020	225,992
Reportable Segment | Food and beverage | Operating Segments
Significant hotel expenses:
Total hotel operating expenses	$ 273,731	$ 264,163	$ 243,543

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule III (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 195,413
Initial Costs, Land	834,544
Initial Costs, Building and Improvements	4,549,725
Initial Costs, Furniture, Fixtures and Equipment	334,796
Costs Capitalized Subsequent to Acquisition	779,668
Gross Amount at End of Year, Land	800,143
Gross Amount at End of Year, Building and Improvements	5,153,908
Gross Amount at End of Year, Furniture, Fixtures and Equipment	544,682
Total	6,498,733	$ 6,446,282	$ 6,729,381	$ 6,766,803
Accumulated Depreciation	1,530,854	$ 1,316,267	$ 1,180,434	$ 1,066,409
Net Book Value	4,967,879
Deferred financing costs	17,733
Hotel Monaco Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Costs, Land	0
Initial Costs, Building and Improvements	60,630
Initial Costs, Furniture, Fixtures and Equipment	2,441
Costs Capitalized Subsequent to Acquisition	24,298
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	79,940
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,429
Total	87,369
Accumulated Depreciation	38,790
Net Book Value	$ 48,579
Hotel Monaco Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Monaco Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Skamania Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,130
Initial Costs, Building and Improvements	44,987
Initial Costs, Furniture, Fixtures and Equipment	3,523
Costs Capitalized Subsequent to Acquisition	52,384
Gross Amount at End of Year, Land	11,969
Gross Amount at End of Year, Building and Improvements	85,157
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,898
Total	108,024
Accumulated Depreciation	37,755
Net Book Value	$ 70,269
Skamania Lodge | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Skamania Lodge | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hyatt Centric Delfina Santa Monica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,784
Initial Costs, Building and Improvements	81,580
Initial Costs, Furniture, Fixtures and Equipment	2,295
Costs Capitalized Subsequent to Acquisition	22,425
Gross Amount at End of Year, Land	18,784
Gross Amount at End of Year, Building and Improvements	99,127
Gross Amount at End of Year, Furniture, Fixtures and Equipment	7,173
Total	125,084
Accumulated Depreciation	41,107
Net Book Value	$ 83,977
Hyatt Centric Delfina Santa Monica | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hyatt Centric Delfina Santa Monica | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Argonaut Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,492
Initial Costs, Furniture, Fixtures and Equipment	4,247
Costs Capitalized Subsequent to Acquisition	4,192
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	84,601
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,330
Total	87,931
Accumulated Depreciation	33,111
Net Book Value	$ 54,820
Argonaut Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Argonaut Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,537
Initial Costs, Building and Improvements	86,089
Initial Costs, Furniture, Fixtures and Equipment	6,850
Costs Capitalized Subsequent to Acquisition	34,557
Gross Amount at End of Year, Land	25,537
Gross Amount at End of Year, Building and Improvements	117,995
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,501
Total	153,033
Accumulated Depreciation	51,852
Net Book Value	$ 101,181
The Westin San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
The Westin San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Mondrian Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,306
Initial Costs, Building and Improvements	110,283
Initial Costs, Furniture, Fixtures and Equipment	6,091
Costs Capitalized Subsequent to Acquisition	26,475
Gross Amount at End of Year, Land	20,306
Gross Amount at End of Year, Building and Improvements	130,767
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,082
Total	163,155
Accumulated Depreciation	58,457
Net Book Value	$ 104,698
Mondrian Los Angeles | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Mondrian Los Angeles | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,453
Initial Costs, Building and Improvements	63,893
Initial Costs, Furniture, Fixtures and Equipment	5,887
Costs Capitalized Subsequent to Acquisition	20,413
Gross Amount at End of Year, Land	19,453
Gross Amount at End of Year, Building and Improvements	79,625
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,568
Total	109,646
Accumulated Depreciation	37,589
Net Book Value	$ 72,057
W Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
W Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zetta San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	7,294
Initial Costs, Building and Improvements	22,166
Initial Costs, Furniture, Fixtures and Equipment	290
Costs Capitalized Subsequent to Acquisition	18,377
Gross Amount at End of Year, Land	7,294
Gross Amount at End of Year, Building and Improvements	35,789
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,044
Total	48,127
Accumulated Depreciation	17,818
Net Book Value	$ 30,309
Hotel Zetta San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zetta San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
W Los Angeles - West Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	24,403
Initial Costs, Building and Improvements	93,203
Initial Costs, Furniture, Fixtures and Equipment	3,600
Costs Capitalized Subsequent to Acquisition	33,825
Gross Amount at End of Year, Land	24,403
Gross Amount at End of Year, Building and Improvements	120,255
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,373
Total	155,031
Accumulated Depreciation	53,612
Net Book Value	$ 101,419
W Los Angeles - West Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
W Los Angeles - West Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zelos San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	63,430
Initial Costs, Furniture, Fixtures and Equipment	3,780
Costs Capitalized Subsequent to Acquisition	14,097
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	75,217
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,090
Total	81,307
Accumulated Depreciation	31,123
Net Book Value	$ 50,184
Hotel Zelos San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zelos San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Embassy Suites San Diego Bay - Downtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	20,103
Initial Costs, Building and Improvements	90,162
Initial Costs, Furniture, Fixtures and Equipment	6,881
Costs Capitalized Subsequent to Acquisition	30,725
Gross Amount at End of Year, Land	20,103
Gross Amount at End of Year, Building and Improvements	118,922
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,846
Total	147,871
Accumulated Depreciation	48,795
Net Book Value	$ 99,076
Embassy Suites San Diego Bay - Downtown | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Embassy Suites San Diego Bay - Downtown | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Hotel Zags
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	8,215
Initial Costs, Building and Improvements	37,874
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	(1,781)
Gross Amount at End of Year, Land	5,197
Gross Amount at End of Year, Building and Improvements	37,247
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,364
Total	45,808
Accumulated Depreciation	16,993
Net Book Value	$ 28,815
The Hotel Zags | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Hotel Zags | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zephyr Fisherman's Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	116,445
Initial Costs, Furniture, Fixtures and Equipment	3,550
Costs Capitalized Subsequent to Acquisition	43,416
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	155,336
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,075
Total	163,411
Accumulated Depreciation	61,644
Net Book Value	$ 101,767
Hotel Zephyr Fisherman's Wharf | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zephyr Fisherman's Wharf | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zeppelin San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,561
Initial Costs, Building and Improvements	43,665
Initial Costs, Furniture, Fixtures and Equipment	1,094
Costs Capitalized Subsequent to Acquisition	38,026
Gross Amount at End of Year, Land	12,562
Gross Amount at End of Year, Building and Improvements	76,506
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,278
Total	95,346
Accumulated Depreciation	36,014
Net Book Value	$ 59,332
Hotel Zeppelin San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	1 year
Hotel Zeppelin San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	45 years
The Nines, a Luxury Collection Hotel, Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,493
Initial Costs, Building and Improvements	92,339
Initial Costs, Furniture, Fixtures and Equipment	8,757
Costs Capitalized Subsequent to Acquisition	18,641
Gross Amount at End of Year, Land	18,493
Gross Amount at End of Year, Building and Improvements	102,812
Gross Amount at End of Year, Furniture, Fixtures and Equipment	16,925
Total	138,230
Accumulated Depreciation	43,569
Net Book Value	$ 94,661
The Nines, a Luxury Collection Hotel, Portland | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Nines, a Luxury Collection Hotel, Portland | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Palomar Los Angeles Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	90,675
Initial Costs, Furniture, Fixtures and Equipment	1,500
Costs Capitalized Subsequent to Acquisition	15,556
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	101,058
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,673
Total	107,731
Accumulated Depreciation	34,338
Net Book Value	$ 73,393
Hotel Palomar Los Angeles Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Palomar Los Angeles Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Revere Hotel Boston Common
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	41,857
Initial Costs, Building and Improvements	207,817
Initial Costs, Furniture, Fixtures and Equipment	10,596
Costs Capitalized Subsequent to Acquisition	(37,343)
Gross Amount at End of Year, Land	17,367
Gross Amount at End of Year, Building and Improvements	186,284
Gross Amount at End of Year, Furniture, Fixtures and Equipment	19,276
Total	222,927
Accumulated Depreciation	73,610
Net Book Value	$ 149,317
Revere Hotel Boston Common | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Revere Hotel Boston Common | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
LaPlaya Beach Resort & Club
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	112,575
Initial Costs, Building and Improvements	82,117
Initial Costs, Furniture, Fixtures and Equipment	6,733
Costs Capitalized Subsequent to Acquisition	33,545
Gross Amount at End of Year, Land	113,307
Gross Amount at End of Year, Building and Improvements	111,297
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,366
Total	234,970
Accumulated Depreciation	32,426
Net Book Value	$ 202,544
LaPlaya Beach Resort & Club | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
LaPlaya Beach Resort & Club | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
1 Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	105,693
Initial Costs, Furniture, Fixtures and Equipment	3,896
Costs Capitalized Subsequent to Acquisition	39,407
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	134,135
Gross Amount at End of Year, Furniture, Fixtures and Equipment	14,861
Total	148,996
Accumulated Depreciation	34,764
Net Book Value	$ 114,232
1 Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
1 Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chaminade Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	22,590
Initial Costs, Building and Improvements	37,114
Initial Costs, Furniture, Fixtures and Equipment	6,009
Costs Capitalized Subsequent to Acquisition	18,899
Gross Amount at End of Year, Land	22,653
Gross Amount at End of Year, Building and Improvements	52,785
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,174
Total	84,612
Accumulated Depreciation	18,800
Net Book Value	$ 65,812
Chaminade Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chaminade Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Harbor Court Hotel San Francisco
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	79,009
Initial Costs, Furniture, Fixtures and Equipment	6,190
Costs Capitalized Subsequent to Acquisition	2,054
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	80,269
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,984
Total	87,253
Accumulated Depreciation	18,364
Net Book Value	$ 68,889
Harbor Court Hotel San Francisco | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Harbor Court Hotel San Francisco | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Santa Monica Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	91,442
Initial Costs, Furniture, Fixtures and Equipment	5,257
Costs Capitalized Subsequent to Acquisition	19,829
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	105,843
Gross Amount at End of Year, Furniture, Fixtures and Equipment	10,685
Total	116,528
Accumulated Depreciation	26,676
Net Book Value	$ 89,852
Viceroy Santa Monica Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Santa Monica Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Le Parc at Melrose
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	17,876
Initial Costs, Building and Improvements	65,515
Initial Costs, Furniture, Fixtures and Equipment	2,496
Costs Capitalized Subsequent to Acquisition	14,247
Gross Amount at End of Year, Land	17,960
Gross Amount at End of Year, Building and Improvements	75,873
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,301
Total	100,134
Accumulated Depreciation	18,775
Net Book Value	$ 81,359
Le Parc at Melrose | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Le Parc at Melrose | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Montrose at Beverly Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	16,842
Initial Costs, Building and Improvements	58,729
Initial Costs, Furniture, Fixtures and Equipment	6,499
Costs Capitalized Subsequent to Acquisition	3,582
Gross Amount at End of Year, Land	16,842
Gross Amount at End of Year, Building and Improvements	60,756
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,054
Total	85,652
Accumulated Depreciation	16,103
Net Book Value	$ 69,549
Montrose at Beverly Hills | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Montrose at Beverly Hills | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Chamberlain West Hollywood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	14,462
Initial Costs, Building and Improvements	43,157
Initial Costs, Furniture, Fixtures and Equipment	5,983
Costs Capitalized Subsequent to Acquisition	2,652
Gross Amount at End of Year, Land	14,482
Gross Amount at End of Year, Building and Improvements	44,903
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,869
Total	66,254
Accumulated Depreciation	12,787
Net Book Value	$ 53,467
Chamberlain West Hollywood | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Chamberlain West Hollywood | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Ziggy
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	12,440
Initial Costs, Building and Improvements	36,932
Initial Costs, Furniture, Fixtures and Equipment	3,951
Costs Capitalized Subsequent to Acquisition	7,435
Gross Amount at End of Year, Land	12,440
Gross Amount at End of Year, Building and Improvements	42,439
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,879
Total	60,758
Accumulated Depreciation	12,193
Net Book Value	$ 48,565
Hotel Ziggy | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Ziggy | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Copley Place, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	291,754
Initial Costs, Furniture, Fixtures and Equipment	35,780
Costs Capitalized Subsequent to Acquisition	20,551
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	308,716
Gross Amount at End of Year, Furniture, Fixtures and Equipment	39,369
Total	348,085
Accumulated Depreciation	80,194
Net Book Value	$ 267,891
The Westin Copley Place, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Copley Place, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Liberty, a Luxury Collection Hotel, Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	195,797
Initial Costs, Furniture, Fixtures and Equipment	15,126
Costs Capitalized Subsequent to Acquisition	8,499
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	201,762
Gross Amount at End of Year, Furniture, Fixtures and Equipment	17,660
Total	219,422
Accumulated Depreciation	45,678
Net Book Value	$ 173,744
The Liberty, a Luxury Collection Hotel, Boston | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Liberty, a Luxury Collection Hotel, Boston | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hyatt Regency Boston Harbor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	122,344
Initial Costs, Furniture, Fixtures and Equipment	6,862
Costs Capitalized Subsequent to Acquisition	10,572
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	131,535
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,243
Total	139,778
Accumulated Depreciation	28,702
Net Book Value	$ 111,076
Hyatt Regency Boston Harbor | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hyatt Regency Boston Harbor | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
George Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	15,373
Initial Costs, Building and Improvements	65,529
Initial Costs, Furniture, Fixtures and Equipment	4,489
Costs Capitalized Subsequent to Acquisition	1,190
Gross Amount at End of Year, Land	15,373
Gross Amount at End of Year, Building and Improvements	66,367
Gross Amount at End of Year, Furniture, Fixtures and Equipment	4,841
Total	86,581
Accumulated Depreciation	14,797
Net Book Value	$ 71,784
George Hotel | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
George Hotel | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Viceroy Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	18,686
Initial Costs, Building and Improvements	60,927
Initial Costs, Furniture, Fixtures and Equipment	2,838
Costs Capitalized Subsequent to Acquisition	(5,047)
Gross Amount at End of Year, Land	14,035
Gross Amount at End of Year, Building and Improvements	56,886
Gross Amount at End of Year, Furniture, Fixtures and Equipment	6,483
Total	77,404
Accumulated Depreciation	16,778
Net Book Value	$ 60,626
Viceroy Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Viceroy Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Zena Washington DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	19,035
Initial Costs, Building and Improvements	60,402
Initial Costs, Furniture, Fixtures and Equipment	2,066
Costs Capitalized Subsequent to Acquisition	29,368
Gross Amount at End of Year, Land	19,035
Gross Amount at End of Year, Building and Improvements	85,851
Gross Amount at End of Year, Furniture, Fixtures and Equipment	5,985
Total	110,871
Accumulated Depreciation	21,408
Net Book Value	$ 89,463
Hotel Zena Washington DC | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Zena Washington DC | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Paradise Point Resort & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	199,304
Initial Costs, Furniture, Fixtures and Equipment	22,032
Costs Capitalized Subsequent to Acquisition	21,933
Gross Amount at End of Year, Land	257
Gross Amount at End of Year, Building and Improvements	210,987
Gross Amount at End of Year, Furniture, Fixtures and Equipment	32,025
Total	243,269
Accumulated Depreciation	56,771
Net Book Value	$ 186,498
Paradise Point Resort & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Paradise Point Resort & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hilton San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,017
Initial Costs, Building and Improvements	131,926
Initial Costs, Furniture, Fixtures and Equipment	7,741
Costs Capitalized Subsequent to Acquisition	26,986
Gross Amount at End of Year, Land	33,017
Gross Amount at End of Year, Building and Improvements	152,838
Gross Amount at End of Year, Furniture, Fixtures and Equipment	13,815
Total	199,670
Accumulated Depreciation	34,279
Net Book Value	$ 165,391
Hilton San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hilton San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Margaritaville Hotel San Diego Gaslamp Quarter
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	74,768
Initial Costs, Furniture, Fixtures and Equipment	8,830
Costs Capitalized Subsequent to Acquisition	57,914
Gross Amount at End of Year, Land	23,472
Gross Amount at End of Year, Building and Improvements	99,092
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,948
Total	141,512
Accumulated Depreciation	28,887
Net Book Value	$ 112,625
Margaritaville Hotel San Diego Gaslamp Quarter | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Margaritaville Hotel San Diego Gaslamp Quarter | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
L'Auberge Del Mar
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	33,304
Initial Costs, Building and Improvements	92,297
Initial Costs, Furniture, Fixtures and Equipment	5,393
Costs Capitalized Subsequent to Acquisition	15,593
Gross Amount at End of Year, Land	33,316
Gross Amount at End of Year, Building and Improvements	104,124
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,147
Total	146,587
Accumulated Depreciation	24,528
Net Book Value	$ 122,059
L'Auberge Del Mar | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
L'Auberge Del Mar | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
San Diego Mission Bay Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	80,733
Initial Costs, Furniture, Fixtures and Equipment	9,458
Costs Capitalized Subsequent to Acquisition	29,118
Gross Amount at End of Year, Land	95
Gross Amount at End of Year, Building and Improvements	101,076
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,138
Total	119,309
Accumulated Depreciation	35,010
Net Book Value	$ 84,299
San Diego Mission Bay Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
San Diego Mission Bay Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Southernmost Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	90,396
Initial Costs, Building and Improvements	253,954
Initial Costs, Furniture, Fixtures and Equipment	8,676
Costs Capitalized Subsequent to Acquisition	43,170
Gross Amount at End of Year, Land	92,006
Gross Amount at End of Year, Building and Improvements	286,129
Gross Amount at End of Year, Furniture, Fixtures and Equipment	18,061
Total	396,196
Accumulated Depreciation	57,365
Net Book Value	$ 338,831
Southernmost Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Southernmost Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Marker Key West Harbor Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	25,463
Initial Costs, Building and Improvements	66,903
Initial Costs, Furniture, Fixtures and Equipment	2,486
Costs Capitalized Subsequent to Acquisition	1,849
Gross Amount at End of Year, Land	25,463
Gross Amount at End of Year, Building and Improvements	67,434
Gross Amount at End of Year, Furniture, Fixtures and Equipment	3,804
Total	96,701
Accumulated Depreciation	14,671
Net Book Value	$ 82,030
The Marker Key West Harbor Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Marker Key West Harbor Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Hotel Chicago Downtown, Autograph Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	39,576
Initial Costs, Building and Improvements	114,014
Initial Costs, Furniture, Fixtures and Equipment	7,608
Costs Capitalized Subsequent to Acquisition	(54,148)
Gross Amount at End of Year, Land	25,181
Gross Amount at End of Year, Building and Improvements	72,681
Gross Amount at End of Year, Furniture, Fixtures and Equipment	9,188
Total	107,050
Accumulated Depreciation	19,419
Net Book Value	$ 87,631
Hotel Chicago Downtown, Autograph Collection | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Hotel Chicago Downtown, Autograph Collection | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
The Westin Michigan Avenue Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	44,983
Initial Costs, Building and Improvements	103,160
Initial Costs, Furniture, Fixtures and Equipment	23,744
Costs Capitalized Subsequent to Acquisition	(56,701)
Gross Amount at End of Year, Land	25,684
Gross Amount at End of Year, Building and Improvements	63,665
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,837
Total	115,186
Accumulated Depreciation	32,663
Net Book Value	$ 82,523
The Westin Michigan Avenue Chicago | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
The Westin Michigan Avenue Chicago | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Jekyll Island Club Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	0
Initial Costs, Building and Improvements	88,912
Initial Costs, Furniture, Fixtures and Equipment	5,031
Costs Capitalized Subsequent to Acquisition	24,410
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	105,369
Gross Amount at End of Year, Furniture, Fixtures and Equipment	12,984
Total	118,353
Accumulated Depreciation	20,124
Net Book Value	$ 98,229
Jekyll Island Club Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Jekyll Island Club Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Margaritaville Hollywood Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 140,000
Initial Costs, Land	0
Initial Costs, Building and Improvements	244,230
Initial Costs, Furniture, Fixtures and Equipment	22,288
Costs Capitalized Subsequent to Acquisition	12,502
Gross Amount at End of Year, Land	0
Gross Amount at End of Year, Building and Improvements	253,139
Gross Amount at End of Year, Furniture, Fixtures and Equipment	25,881
Total	279,020
Accumulated Depreciation	37,876
Net Book Value	241,144
Deferred financing costs	$ 1,700
Margaritaville Hollywood Beach Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Margaritaville Hollywood Beach Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Estancia La Jolla Hotel & Spa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 55,413
Initial Costs, Land	0
Initial Costs, Building and Improvements	104,280
Initial Costs, Furniture, Fixtures and Equipment	3,646
Costs Capitalized Subsequent to Acquisition	28,200
Gross Amount at End of Year, Land	267
Gross Amount at End of Year, Building and Improvements	124,610
Gross Amount at End of Year, Furniture, Fixtures and Equipment	11,249
Total	136,126
Accumulated Depreciation	18,023
Net Book Value	118,103
Unamortized discount	$ 200
Estancia La Jolla Hotel & Spa | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	2 years
Estancia La Jolla Hotel & Spa | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Inn on Fifth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	50,503
Initial Costs, Building and Improvements	95,826
Initial Costs, Furniture, Fixtures and Equipment	7,989
Costs Capitalized Subsequent to Acquisition	3,177
Gross Amount at End of Year, Land	50,503
Gross Amount at End of Year, Building and Improvements	98,385
Gross Amount at End of Year, Furniture, Fixtures and Equipment	8,607
Total	157,495
Accumulated Depreciation	11,236
Net Book Value	$ 146,259
Inn on Fifth | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Inn on Fifth | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years
Newport Harbor Island Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Costs, Land	43,287
Initial Costs, Building and Improvements	118,227
Initial Costs, Furniture, Fixtures and Equipment	12,817
Costs Capitalized Subsequent to Acquisition	60,599
Gross Amount at End of Year, Land	43,287
Gross Amount at End of Year, Building and Improvements	168,324
Gross Amount at End of Year, Furniture, Fixtures and Equipment	23,319
Total	234,930
Accumulated Depreciation	25,380
Net Book Value	$ 209,550
Newport Harbor Island Resort | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	3 years
Newport Harbor Island Resort | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Real Estate:
Beginning balance	$ 6,446,282	$ 6,729,381	$ 6,766,803
Acquisitions			331,249
Capital expenditures	148,314	188,520	105,626
Disposal of Assets	(52,945)	(400,705)	(359,083)
Other	(42,918)	(70,914)	(115,214)
Ending balance	6,498,733	6,446,282	6,729,381
Reconciliation of Accumulated Depreciation:
Beginning balance	1,316,267	1,180,434	1,066,409
Depreciation	228,332	239,422	238,278
Disposal of Assets	(8,958)	(103,589)	(124,253)
Other	(4,787)
Ending balance	1,530,854	$ 1,316,267	$ 1,180,434
Aggregate cost of properties for federal income tax purposes	$ 6,100,000