RLJ Lodging Trust (RLJ) 10-K 28 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-35169
Entity Registrant Name	RLJ LODGING TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-4706509
Entity Address, Address Line One	3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
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
Entity Shell Company	false
Entity Public Float			$ 1,747,350,507
Entity Common Stock, Shares Outstanding		162,563,117
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for our 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2022.
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares of beneficial interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Trading Symbol	RLJ-A
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, D.C.
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Investment in hotel properties, net	$ 4,180,328	$ 4,219,116
Investment in unconsolidated joint ventures	6,979	6,522
Cash and cash equivalents	481,316	665,341
Restricted cash reserves	55,070	48,528
Hotel and other receivables, net of allowance of $319 and $274, respectively	38,528	31,091
Lease right-of-use assets	136,915	144,988
Prepaid expense and other assets	79,089	33,390
Total assets	4,978,225	5,148,976
Liabilities and Equity
Debt, net	2,217,555	2,409,438
Accounts payable and other liabilities	155,916	155,136
Advance deposits and deferred revenue	23,769	20,047
Lease liabilities	117,010	123,031
Accrued interest	20,707	19,110
Distributions payable	14,622	8,347
Total liabilities	2,549,579	2,735,109
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2022 and 2021	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,003,533 and 166,503,062 shares issued and outstanding at December 31, 2022 and 2021, respectively	1,620	1,665
Additional paid-in capital	3,054,958	3,092,883
Accumulated other comprehensive income (loss)	40,591	(17,113)
Distributions in excess of net earnings	(1,049,441)	(1,046,739)
Total shareholders’ equity	2,414,664	2,397,632
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	7,669	9,919
Noncontrolling interest in the Operating Partnership	6,313	6,316
Total noncontrolling interest	13,982	16,235
Total equity	2,428,646	2,413,867
Total liabilities and equity	$ 4,978,225	$ 5,148,976

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Hotel and other receivables, allowance (in dollars)	$ 319	$ 274
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, issued (in shares)	0	0
Preferred shares of beneficial interest, outstanding (in shares)	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	162,003,533	166,503,062
Common shares of beneficial interest, outstanding (in shares)	162,003,533	166,503,062
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Limited Liability Company (LLC) Preferred Unit, Liquidation Value	$ 0	$ 0
Series A Cumulative Preferred Stock
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred shares of beneficial interest, issued (in shares)	12,879,475	12,879,475
Preferred shares of beneficial interest, outstanding (in shares)	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 1,193,662	$ 785,664	$ 473,087
Expenses
Total property operating expenses	744,408	511,523	391,556
Depreciation and amortization	184,875	187,778	194,168
Impairment losses	0	144,845	0
Property tax, insurance and other	86,996	88,852	103,470
General and administrative	56,330	47,526	41,141
Transaction costs	(345)	94	(158)
Total operating expenses	1,072,264	980,618	730,177
Other income (expense), net	9,496	(7,614)	1,941
Interest income	4,559	996	4,237
Interest expense	(93,155)	(106,366)	(100,169)
Gain (loss) on sale of hotel properties, net	1,017	(2,378)	2,703
(Loss) gain on extinguishment of indebtedness, net	(39)	893	0
Income (loss) before equity in income (loss) from unconsolidated joint ventures	43,276	(309,423)	(348,378)
Equity in income (loss) from unconsolidated joint ventures	457	(477)	(8,454)
Income (loss) before income tax expense	43,733	(309,900)	(356,832)
Income tax expense	(1,518)	(1,188)	(51,970)
Net income (loss)	42,215	(311,088)	(408,802)
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	(210)	4,384	2,327
Noncontrolling interest in the Operating Partnership	(80)	1,536	2,034
Net income (loss) attributable to RLJ	41,925	(305,168)	(404,441)
Preferred dividends	(25,115)	(25,115)	(25,115)
Net income (loss) attributable to common shareholders	$ 16,810	$ (330,283)	$ (429,556)
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.10	$ (2.01)	$ (2.61)
Weighted-average number of common shares (in shares)	161,947,807	163,998,390	164,503,661
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.10	$ (2.01)	$ (2.61)
Weighted-average number of common shares (in shares)	162,292,865	163,998,390	164,503,661
Comprehensive income (loss):
Net income	$ 42,215	$ (311,088)	$ (408,802)
Unrealized gain (loss) on interest rate derivatives	63,570	41,279	(49,536)
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	(5,866)	10,658	0
Comprehensive income (loss)	99,919	(259,151)	(458,338)
Comprehensive income (loss) attributable to RLJ	99,629	(253,231)	(453,977)
Room revenue
Revenues
Revenue	1,002,454	667,853	397,754
Expenses
Total property operating expenses	253,441	177,365	124,063
Food and beverage revenue
Revenues
Revenue	117,027	58,994	40,384
Expenses
Total property operating expenses	87,402	41,790	35,220
Management and franchise fee expense
Expenses
Total property operating expenses	95,565	53,276	21,057
Other revenue
Revenues
Revenue	74,181	58,817	34,949
Expenses
Total property operating expenses	$ 308,000	$ 239,092	$ 211,216

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock	Common Shares of beneficial interest, par value $0.01 per share	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Loss	Operating Partnership	Consolidated Joint Venture	Noncontrolling Interest, Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2019		12,879,475	169,852,246
Balance at Dec. 31, 2019	$ 3,226,483	$ 366,936	$ 1,699	$ 3,127,982	$ (274,769)	$ (19,514)	$ 10,084	$ 14,065
Increase (Decrease) in Equity
Net income	(408,802)				(404,441)		(2,034)	(2,327)
Net income (loss) attributable to RLJ	(404,441)
Unrealized gain (loss) on interest rate derivatives	(49,536)					(49,536)
Redemption of Operating Partnership units, value	(8)						(8)
Issuance of restricted stock (in shares)			801,463
Issuance of restricted stock	0		$ 8	(8)
Amortization of share-based compensation	13,356			13,356
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(152,629)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (1,641)		$ (2)	(1,639)
Number of shares acquired as part of a share repurchase program (in shares)	(5,489,335)		(5,489,335)
Shares acquired as part of a share repurchase program	$ (62,604)		$ (55)	(62,549)
Forfeiture of restricted stock (in shares)			(8,993)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	1,264							1,264
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(6,009)				(5,836)		(173)
Balance (in shares) at Dec. 31, 2020		12,879,475	165,002,752
Balance at Dec. 31, 2020	2,687,388	$ 366,936	$ 1,650	3,077,142	(710,161)	(69,050)	7,869	13,002
Increase (Decrease) in Equity
Net income	(311,088)						(1,536)	(4,384)
Net income (loss) attributable to RLJ	(305,168)				(305,168)
Unrealized gain (loss) on interest rate derivatives	41,279					41,279
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	10,658					10,658
Redemption of Operating Partnership units, shares			0
Redemption of Operating Partnership units, value	(7)		$ 0	0			(7)
Issuance of restricted stock (in shares)			1,765,162
Issuance of restricted stock	0		$ 18	(18)
Amortization of share-based compensation	18,299			18,299
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(166,922)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,543)		$ (2)	(2,541)
Forfeiture of restricted stock (in shares)			(97,930)
Forfeiture of restricted stock	0		$ (1)	1
Contributions from consolidated joint venture partners	1,301							1,301
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(6,305)				(6,295)		(10)
Balance (in shares) at Dec. 31, 2021		12,879,475	166,503,062
Balance at Dec. 31, 2021	2,413,867	$ 366,936	$ 1,665	3,092,883	(1,046,739)	(17,113)	6,316	9,919
Increase (Decrease) in Equity
Net income	42,215						80	210
Net income (loss) attributable to RLJ	41,925				41,925
Unrealized gain (loss) on interest rate derivatives	63,570					63,570
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	(5,866)					(5,866)
Issuance of restricted stock (in shares)			702,993
Issuance of restricted stock	0		$ 7	(7)
Amortization of share-based compensation	23,267			23,267
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(260,841)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(3,598)		$ (3)	(3,595)
Number of shares acquired as part of a share repurchase program (in shares)			(4,907,094)
Shares acquired as part of a share repurchase program	(57,639)		$ (49)	(57,590)
Forfeiture of restricted stock (in shares)			(34,587)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	154							154
Distribution to joint venture partner	2,614								$ (2,614)
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(19,595)				(19,512)		(83)
Balance (in shares) at Dec. 31, 2022		12,879,475	162,003,533
Balance at Dec. 31, 2022	$ 2,428,646	$ 366,936	$ 1,620	$ 3,054,958	$ (1,049,441)	$ 40,591	$ 6,313	$ 7,669

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 42,215	$ (311,088)	$ (408,802)
Adjustments to reconcile net income (loss) to cash flow provided by (used in) operating activities:
(Gain) loss on sale of hotel properties, net	(1,017)	2,378	(2,703)
Loss (gain) on extinguishment of indebtedness, net	39	(893)	0
Depreciation and amortization	184,875	187,778	194,168
Amortization of deferred financing costs	5,967	5,884	4,416
Other amortization	3,265	(2,090)	(2,404)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(5,866)	10,658	0
Unrealized gain on discontinued cash flow hedges	0	0	(376)
Equity in (income) loss from unconsolidated joint ventures	(457)	477	8,454
Impairment losses	0	144,845	0
Amortization of share-based compensation	21,664	17,054	12,396
Deferred income taxes	0	0	51,447
Changes in assets and liabilities:
Hotel and other receivables, net	(7,563)	(17,969)	26,409
Prepaid expense and other assets	(4,665)	(1,090)	19,178
Accounts payable and other liabilities	13,146	7,203	(48,791)
Advance deposits and deferred revenue	3,319	(13,090)	(25,282)
Accrued interest	1,597	12,904	3,182
Net cash flow provided by (used in) operating activities	256,519	42,961	(168,708)
Cash flows from investing activities
Acquisition of hotel properties, net	(59,308)	(174,675)	0
Proceeds from the sale of hotel properties, net	48,075	198,642	5,169
Improvements and additions to hotel properties	(124,282)	(48,263)	(73,337)
Contributions to unconsolidated joint ventures	0	(331)	(100)
Distributions from unconsolidated joint ventures in excess of earnings	0	0	(1,576)
Net cash flow used in investing activities	(135,515)	(24,627)	(66,692)
Cash flows from financing activities
Borrowings under Revolver	0	0	400,000
Repayments of Revolver	(200,000)	(200,000)	0
Borrowing on Term Loan	5,000	0	0
Repayments of Unsecured Debt	0	(356,338)	0
Proceeds from Issuance of Senior Long-term Debt	0	1,000,000	0
Repayments of Senior Notes	0	(484,402)	0
Scheduled mortgage loan principal payments	0	(1,486)	(3,376)
Repayments of mortgage loans (including $7.0 million in prepayment premiums)	0	(149,183)	0
Repurchase of common shares under a share repurchase program	(57,639)	0	(62,604)
Repurchase of common shares to satisfy employee tax withholding requirements	(3,598)	(2,543)	(1,641)
Distributions on preferred shares	(25,115)	(25,115)	(25,116)
Distributions on common shares	(13,288)	(6,701)	(61,000)
Distributions on and redemption of Operating Partnership units	(54)	(18)	(428)
Payments of deferred financing costs	(1,333)	(14,770)	(4,069)
Contributions from consolidated joint venture partners	154	1,301	1,264
Cash paid to a noncontrolling interest	2,614	0	0
Net cash flow (used in) provided by financing activities	(298,487)	(239,255)	243,030
Net change in cash, cash equivalents, and restricted cash reserves	(177,483)	(220,921)	7,630
Cash, cash equivalents, and restricted cash reserves, beginning of year	713,869	934,790	927,160
Cash, cash equivalents, and restricted cash reserves, end of year	$ (536,386)	$ (713,869)	$ (934,790)

General

General	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of December 31, 2022, there were 162,775,364 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows. Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. The Company records an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in the existing accounts receivable portfolio. The Company recognizes increases to the allowance for doubtful accounts as bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable based on the Company's historical collection activity and its understanding of the circumstances related to a specific receivable. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss). In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the projected undiscounted future cash flows expected to be generated from the operation and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on a projected undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, sales proceeds in the reversion year, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, approximately $6.0 million, $5.9 million and $4.4 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income (loss). Transaction costs related to successful dispositions are included in gain (loss) on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income (loss). All transaction costs incurred in connection with unsuccessful transactions are expensed. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss). The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2022 and 2021, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2022 and 2021, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owned the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture had a 1.7% third-party ownership interest in the joint venture. This hotel property was sold in December 2021. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture had a 49% third-party ownership interest in the joint venture. On October 31, 2021, the ground lease associated with this hotel property was terminated and the hotel property reverted to the ground lessor. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income (loss). Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. 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. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. We have elected to apply certain of the optional expedients for contract modifications to our financial instruments impacted by the LIBOR discontinuance. We expect to continue to elect various optional expedients for contract modifications to our financial instruments affected by the reference rate reform through the expiration date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have a material impact on our consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land and improvements $ 992,609 $ 975,688 Buildings and improvements 4,040,505 4,001,875 Furniture, fixtures and equipment 745,978 691,057 5,779,092 5,668,620 Accumulated depreciation (1,598,764) (1,449,504) Investment in hotel properties, net $ 4,180,328 $ 4,219,116 For the years ended December 31, 2022, 2021 and 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $184.4 million, $187.2 million and $193.3 million, respectively. Impairments During the third quarter of 2021, the Company evaluated the recoverability of the carrying amount of the DoubleTree Metropolitan Hotel New York City and recorded an impairment loss of $138.9 million to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sale of this hotel property closed in December 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sale of this hotel property. During the first quarter of 2021, the Company evaluated the recoverability of two hotel properties and recorded an impairment loss of $5.9 million to adjust the hotels’ carrying amounts to their estimated fair values. The fair values were determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sales of these hotel properties closed in May 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sales of these hotel properties. There were no impairment losses recorded during either of the years ended December 31, 2022 or 2020.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.1 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111 During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250 (1) In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million. The hotel properties acquired were accounted for as asset acquisitions, whereby approximately $2.0 million of transaction costs were capitalized as part of the cost of the asset acquisitions. The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties

Sale of Hotel Properties	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties In connection with the sale of hotel properties for the years ended December 31, 2022, 2021, and 2020, the Company recorded a net gain of $1.0 million, a net loss of $2.4 million, and a net gain of $2.7 million, respectively. During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402 During the year ended December 31, 2021, the Company sold the following hotel properties in seven separate transactions for a combined sales price of approximately $208.5 million. Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of December 31, 2022 and 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $52.3 million of the outstanding principal balance (the "$400 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $151.7 million of the remaining outstanding principal balance (the "$400 Million Term Loan Maturing 2024"). • $225.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $41.7 million of the outstanding principal balance (the "$225 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $73.0 million of the remaining outstanding principal balance (the "$225 Million Term Loan Maturing 2024"). • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); and • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and two one year extension options if certain conditions are satisfied (the "$200 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2023, the $400 Million Term Loan Maturing 2024, the $225 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2024, the $400 Million Term Loan Maturing 2025, and the $200 Million Term Loan Maturing 2026 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to LIBOR or the Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin. The margin ranges from 1.35% to 2.55%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspended the testing of all existing financial maintenance covenants for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modified certain covenant thresholds, including the leverage ratio, through the fifth quarter following the Covenant Relief Period. During the year ended December 31, 2022, the Company satisfied the requirements to exit all restrictions under the Revolver and Term Loan agreements. In November 2022, the Company amended the $200 Million Term Loan Maturing 2026 to increase the amount of the term loan up to $200.0 million and extend the maturity to January 2026, with two one year extension options. The borrowings under this loan bear interest at a variable rate equal to Term SOFR plus an applicable margin. The margin ranges from 1.35% to 1.90%, depending on the Company’s leverage ratio, as calculated under the terms of the facility, plus a credit spread adjustment of ten basis points. In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off approximately $52.3 million of the principal balance of its $400 Million Term Loan Maturing 2023 and approximately $41.7 million of the principal balance of its $225 Million Term Loan Maturing 2023. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the debt yield or DSCR threshold and approximately $22.4 million of restricted cash was held by lenders due to cash trap events. In addition, the DSCR covenant for one mortgage loan had been waived through December 31, 2022. As of December 31, 2022, although all mortgage loans met their debt yield or DSCR thresholds, one mortgage loan was in a cash trap event pending notification to the lender to remove the restrictions. As of December 31, 2022, there was approximately $26.9 million of restricted cash held by this lender due to the cash trap event, and in February 2023, the restrictions were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169 Future Minimum Principal Payments As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023." id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Senior Notes, net $ 989,307 $ 986,942 Revolver — 200,000 Term Loans, net 820,536 815,004 Mortgage loans, net 407,712 407,492 Debt, net $ 2,217,555 $ 2,409,438 Senior Notes The Company's senior notes (collectively, the "Senior Notes") consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (10,693) (13,058) Total senior notes, net $ 989,307 $ 986,942 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. (3) The Company has the option to redeem its 3.75% senior notes due 2026 (the "2026 Senior Notes") at any time prior to July 1, 2023 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after July 1, 2023, the Company may redeem the 2026 Senior Notes at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should such redemption occur before July 1, 2025 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to July 1, 2023, the Company may redeem the 2026 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 103.75% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. The Senior Notes are each fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee indebtedness under the Company’s credit facilities and certain other indebtedness. On October 25, 2022, the collateral securing the Senior Notes was released in accordance with the terms of the indentures governing the Senior Notes. The indentures contain customary covenants that limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of December 31, 2022 and 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $52.3 million of the outstanding principal balance (the "$400 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $151.7 million of the remaining outstanding principal balance (the "$400 Million Term Loan Maturing 2024"). • $225.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $41.7 million of the outstanding principal balance (the "$225 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $73.0 million of the remaining outstanding principal balance (the "$225 Million Term Loan Maturing 2024"). • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); and • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and two one year extension options if certain conditions are satisfied (the "$200 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2023, the $400 Million Term Loan Maturing 2024, the $225 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2024, the $400 Million Term Loan Maturing 2025, and the $200 Million Term Loan Maturing 2026 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to LIBOR or the Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin. The margin ranges from 1.35% to 2.55%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspended the testing of all existing financial maintenance covenants for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modified certain covenant thresholds, including the leverage ratio, through the fifth quarter following the Covenant Relief Period. During the year ended December 31, 2022, the Company satisfied the requirements to exit all restrictions under the Revolver and Term Loan agreements. In November 2022, the Company amended the $200 Million Term Loan Maturing 2026 to increase the amount of the term loan up to $200.0 million and extend the maturity to January 2026, with two one year extension options. The borrowings under this loan bear interest at a variable rate equal to Term SOFR plus an applicable margin. The margin ranges from 1.35% to 1.90%, depending on the Company’s leverage ratio, as calculated under the terms of the facility, plus a credit spread adjustment of ten basis points. In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off approximately $52.3 million of the principal balance of its $400 Million Term Loan Maturing 2023 and approximately $41.7 million of the principal balance of its $225 Million Term Loan Maturing 2023. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the debt yield or DSCR threshold and approximately $22.4 million of restricted cash was held by lenders due to cash trap events. In addition, the DSCR covenant for one mortgage loan had been waived through December 31, 2022. As of December 31, 2022, although all mortgage loans met their debt yield or DSCR thresholds, one mortgage loan was in a cash trap event pending notification to the lender to remove the restrictions. As of December 31, 2022, there was approximately $26.9 million of restricted cash held by this lender due to the cash trap event, and in February 2023, the restrictions were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169 Future Minimum Principal Payments As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023.

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Effective Date Maturity Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Swap-cash flow (3) 1.28% September 2019 September 2022 $ — $ 100,000 $ — $ (759) Swap-cash flow (1) 2.29% March 2019 December 2022 200,000 200,000 — (4,077) Swap-cash flow (1) 2.29% March 2019 December 2022 125,000 125,000 — (2,545) Swap-cash flow (2) 2.38% June 2021 December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% June 2021 December 2022 — 36,875 — (789) Swap-cash flow (5) 2.64% November 2022 November 2023 100,000 100,000 1,935 (3,893) Swap-cash flow 2.51% January 2021 December 2023 75,000 75,000 1,852 (2,692) Swap-cash flow 2.39% January 2021 December 2023 75,000 75,000 1,948 (2,504) Swap-cash flow 1.16% April 2021 April 2024 50,000 50,000 2,464 (338) Swap-cash flow 1.20% April 2021 April 2024 50,000 50,000 2,436 (387) Swap-cash flow 1.15% April 2021 April 2024 50,000 50,000 2,470 (327) Swap-cash flow 1.10% April 2021 April 2024 50,000 50,000 2,504 (267) Swap-cash flow 0.98% April 2021 April 2024 25,000 25,000 1,293 (61) Swap-cash flow 0.95% April 2021 April 2024 25,000 25,000 1,304 (43) Swap-cash flow (4) 0.93% April 2021 April 2024 25,000 25,000 1,310 (31) Swap-cash flow (4) 0.90% April 2021 April 2024 25,000 25,000 1,321 (13) Swap-cash flow (4) 0.85% June 2020 December 2024 50,000 50,000 3,538 221 Swap-cash flow (4) 0.75% June 2020 December 2024 50,000 50,000 3,636 372 Swap-cash flow 1.24% September 2021 September 2025 150,000 150,000 11,636 (860) Swap-cash flow (4) 0.65% July 2021 January 2026 50,000 50,000 5,041 955 $ 1,175,000 $ 1,399,655 $ 44,688 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In addition, the Company redesignated the remaining portions of these swaps resulting in the reclassification of approximately $6.2 million of the unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. (5) In November 2022, the Company modified the benchmark rate on this interest rate swap from LIBOR to Term SOFR. The fixed interest rates paid by the Company were 2.64% and 2.75% at December 2022 and December 2021, respectively. As of December 31, 2022 and 2021, the aggregate fair value of the interest rate swap assets of $44.7 million and $1.5 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2021, the aggregate fair value of the interest rate swap liabilities of $21.5 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet. As of December 31, 2022, there was approximately $40.6 million of unrealized gains included in accumulated other comprehensive income (loss) related to interest rate swaps. As of December 31, 2021, there was approximately $17.1 million of unrealized losses included in accumulated other comprehensive income (loss) related to interest rate swaps. There was no ineffectiveness recorded during the years ended December 31, 2022 and 2021. For the year ended December 31, 2022, approximately $1.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. For the year ended December 31, 2021, approximately $24.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. Approximately $26.2 million of the unrealized gains included in accumulated other comprehensive income (loss) at December 31, 2022 is expected to be reclassified into earnings within the next 12 months.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Company estimated the fair value of the senior notes by using publicly available trading prices for the Senior Notes, which are Level 1 in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The fair value of the Company's debt was as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 989,307 $ 853,895 $ 986,942 $ 999,060 Revolver and Term Loans, net 820,536 812,604 1,015,004 1,006,647 Mortgage loans, net 407,712 388,839 407,492 401,387 Debt, net $ 2,217,555 $ 2,055,338 $ 2,409,438 $ 2,407,094 Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,688 $ — $ 44,688 Interest rate swap liability $ — $ — $ — $ — Total $ — $ 44,688 $ — $ 44,688 The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917) The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases As of December 31, 2022, 13 of Company's hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The ground leases are classified as operating leases. The total ground lease expense was $15.9 million for the year ended December 31, 2022, which consisted of $11.9 million of fixed lease expense and $4.0 million of variable lease expense. The total ground lease expense was $13.1 million for the year ended December 31, 2021, which consisted of $11.6 million of fixed lease expense and $1.5 million of variable lease expense. The total ground lease expense was $12.4 million for the year ended December 31, 2020, which consisted of $11.6 million of fixed lease expense and $0.8 million of variable lease expense. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income (loss). The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2022 2021 2020 Wyndham Boston Beacon Hill 2028 — $ 803 $ 556 $ 400 Wyndham San Diego Bayside 2029 — 5,009 4,042 4,100 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 1,005 666 300 Residence Inn Palo Alto Los Altos 2033 — 86 86 100 Wyndham Pittsburgh University Center 2038 2083 726 726 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,646 1,239 1,200 Wyndham New Orleans French Quarter 2065 — 487 487 500 Courtyard Charleston Historic District 2096 — 1,044 1,019 950 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 922 555 449 Courtyard Waikiki Beach 2112 — 3,922 3,742 3,700 Moxy Denver Cherry Creek 2115 — 258 5 — $ 15,908 $ 13,123 $ 12,399 (1) The lease may be extended up to four twenty-five year terms at the Company's option. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2022 2023 $ 11,617 2024 11,375 2025 10,443 2026 10,352 2027 10,097 Thereafter 532,440 Total future lease payments 586,324 Imputed interest (469,314) Lease liabilities $ 117,010 The following table presents certain information related to the Company's operating leases as of December 31, 2022: Weighted average remaining lease term 65 years Weighted average discount rate 7.11 % Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2022 and 2021, approximately $55.1 million and $48.5 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance, and debt obligations where certain lenders held restricted cash due to a cash trap event. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of December 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Accor Hotels 1 Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 20 HEI Hotels and Resorts 2 Hersha Hospitality Management & Urgo Hotels (1) 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (2) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) Urgo Hotels is a wholly owned subsidiary of Hersha Hospitality Management. (2) InnVentures is a subsidiary of Highgate Hotels. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 2.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain 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. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, the Company incurred management fee expense of approximately $38.8 million, $24.2 million and $13.2 million, respectively. Franchise Agreements As of December 31, 2022, 59 of the Company's consolidated hotel properties were operated under franchise agreements with initial terms ranging from one Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, the Company incurred franchise fee expense of approximately $60.9 million, $43.2 million and $25.6 million, respectively. Wyndham Agreements In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee effective December 31, 2019 and received termination payments totaling $36.0 million from Wyndham. In addition, during the year ended December 31, 2021, the Company extended certain Wyndham management agreements to December 31, 2022. During the year ended December 31, 2022, the Company terminated the remaining Wyndham management agreements. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $4.1 million, $14.1 million, and $17.8 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments over the remaining terms of the management agreements. The termination payments were fully recognized as of December 31, 2022. Other

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On April 29, 2022, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2022 to May 8, 2023 (the "2022 Share Repurchase Program"). During the year ended December 31, 2022, the Company repurchased and retired 4,907,094 common shares for approximately $57.6 million. As of December 31, 2022, the 2022 Share Repurchase Program had a remaining capacity of $192.4 million. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million. During the year ended December 31, 2022, the Company declared a cash dividend of $0.12 per common share. During each of the years ended December 31, 2021 and 2020, the Company declared a cash dividend of $0.04 per common share. Series A Preferred Shares Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. During each of the years ended December 31, 2022, 2021 and 2020, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2022, the Operating Partnership had 162,775,364 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2022, the limited partners owned 771,831 OP units. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan Pursuant to the terms of the 2021 Plan, the Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2021 Plan. The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2021 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares is as follows: 2022 2021 2020 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21 Granted 569,600 15.10 1,739,327 15.92 801,463 11.95 Vested (647,426) 15.65 (513,342) 16.51 (480,444) 19.59 Forfeited (34,587) 13.15 (97,930) 15.22 (8,993) 18.80 Unvested at December 31, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $14.4 million, $11.9 million and $8.7 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2022, there was $19.6 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 1.5 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2022, 2021 and 2020 was approximately $9.0 million, $7.8 million and $5.2 million, respectively. Performance Units From time to time, the Company may award performance units under the 2021 Plan as compensation to officers and employees. The performance units granted prior to 2021 vest over a four years period, including three years of performance-based vesting (the “performance units measurement period”) plus an additional one year of time-based vesting. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (40% of award) and a relative total shareholder return (60% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. If at the end of the performance units measurement period the target criterion is met, then 50% of the performance units that are earned will vest at the end of the measurement period. The remaining 50% convert to restricted shares that will vest on the one year anniversary of the end of the measurement period. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units was determined using a Monte Carlo simulation, and an expected term equal to the requisite service period for the awards of four years. The Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years. The performance units granted in 2021 and 2022 vest at the end of a three year period. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. At the end of the performance units measurement period, if the target criterion is met, 100% of the performance units that are earned will vest immediately. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units was determined using a Monte Carlo simulation. For performance units granted in 2021 and 2022, the Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 100% of the grant date fair value over three years. A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2019 (1) 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% February 2022 407,024 $21.96 0% to 200% 1.70% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 133,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2023. As of December 31, 2022, there were approximately 67,000 unvested restricted shares related to the conversion of the performance units. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the year ended December 31, 2022 was approximately $0.8 million. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $7.3 million, $5.2 million and $3.5 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2022, there was $10.5 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 1.7 years.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income (loss) attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP Units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the years ended December 31, 2022, 2021 and 2020, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to RLJ $ 41,925 $ (305,168) $ (404,441) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (284) (85) (55) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 16,526 $ (330,368) $ (429,611) Denominator: Weighted-average number of common shares - basic 161,947,807 163,998,390 164,503,661 Unvested restricted shares 345,058 — — Weighted-average number of common shares - diluted 162,292,865 163,998,390 164,503,661 Net income (loss) per share attributable to common shareholders - basic $ 0.10 $ (2.01) $ (2.61) Net income (loss) per share attributable to common shareholders - diluted $ 0.10 $ (2.01) $ (2.61)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. The deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the net rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ (162) $ — $ — State (1,374) (1,228) (484) Deferred: Federal 15 30 (45,438) State 3 10 (6,048) Income tax expense $ (1,518) $ (1,188) $ (51,970) The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2022 2021 2020 Expected U.S. federal tax (expense) benefit at statutory rate $ (9,184) $ 65,079 $ 90,143 Tax impact of REIT election (1,659) (60,856) (85,140) Expected tax (expense) benefit at TRS (10,843) 4,223 5,003 Change in valuation allowance 11,945 (6,489) (59,321) State income tax (expense) benefit, net of federal benefit (2,861) (650) 1,174 Other items 241 1,728 1,174 Income tax expense $ (1,518) $ (1,188) $ (51,970) Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2022 December 31, 2021 Deferred tax liabilities: Partnership basis $ (3,463) $ (2,739) Prepaid expenses (675) (781) Deferred tax liabilities $ (4,138) $ (3,520) Deferred tax assets: Property and equipment $ 5,936 $ 4,378 Incentive and vacation accrual 3,866 3,021 Deferred revenue - key money 1,387 910 Allowance for doubtful accounts 78 69 Other 2,034 179 Net operating loss carryforwards 65,246 81,299 Federal historic tax credit 824 824 Valuation allowance (75,215) (87,159) Deferred tax assets $ 4,156 $ 3,521 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income, and tax planning strategies. 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. The Company would record a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. Based upon the available objective evidence at December 31, 2022, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of its primary TRS would not be utilized in future periods. The Company considered all available evidence, both positive and negative, including cumulative losses in recent years and its current forecast of future income in its analysis. As of December 31, 2022 and 2021, the Company had a valuation allowance of approximately $75.2 million and $87.2 million, respectively, related to NOL carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2022 to 2040 for state tax purposes. The Company's historic tax credits begin to expire in 2035. The annual utilization of these NOLs and tax credits is limited pursuant to federal and state tax laws. The Company is subject to examination by U.S. federal and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2022, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2018 and before.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationThe Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 481,316 $ 665,341 $ 899,813 Restricted cash reserves 55,070 48,528 34,977 Cash, cash equivalents, and restricted cash reserves $ 536,386 $ 713,869 $ 934,790 Interest paid $ 87,180 $ 92,729 $ 98,511 Income taxes paid $ 1,255 $ 477 $ 1,501 Operating cash flow lease payments for operating leases $ 15,742 $ 12,371 $ 11,813 Right-of-use asset and liability adjustment due to remeasurement $ (2,473) $ — $ 4,100 Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 59,000 $ 198,250 $ — Transaction costs 1,110 2,014 — Operating prorations (802) (589) — Mortgage debt assumed (non-cash financing activity) — (25,000) — Acquisition of hotel properties, net $ 59,308 $ 174,675 $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sales price $ 49,900 $ 208,507 $ 4,883 Transaction costs (834) (8,118) (133) Operating prorations (991) (1,747) (98) Receipt of forfeited deposit — — 517 Proceeds from the sale of hotel properties, net $ 48,075 $ 198,642 $ 5,169 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 63,570 $ 41,279 $ (49,536) Accrued capital expenditures $ 17,645 $ 10,049 $ 7,313 Distributions payable $ 14,622 $ 8,347 $ 8,752

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to the year ended December 31, 2022, the Company repurchased and retired approximately 49,000 common shares for approximately $0.5 million. In January 2023, the Company exercised its option to extend the maturities to January 2024 for approximately $151.7 million of the principal balance of its $400 Million Term Loan Maturing 2024 and approximately $73.0 million of the principal balance of its $225 Million Term Loan Maturing 2024. The Company paid $0.3 million in extension fees in January 2023.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 4,056 $ 5,353 $ 43,576 $ 48,929 $ 18,267 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,148 92 114,597 114,689 43,697 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,209 4,496 35,913 40,409 14,812 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 6,664 4,725 38,936 43,661 14,745 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 8,183 4,876 43,666 48,542 16,438 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile 31,000 8,140 59,696 9,632 8,148 69,320 77,468 28,083 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,191 2,635 22,245 24,880 8,530 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,802 2,202 18,699 20,901 8,447 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 5,390 6,049 49,751 55,800 18,225 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,164 2,676 22,702 25,378 9,715 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 4,889 2,670 24,477 27,147 9,290 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,352 595 5,724 6,319 2,423 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,260 1,815 16,568 18,383 5,942 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,407 3,804 31,996 35,800 11,372 2007 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 1,883 1,203 10,706 11,909 4,432 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,872 1,860 23,140 25,000 9,713 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,038 1,447 12,465 13,912 5,259 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,083 2,793 23,180 25,973 9,767 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,715 3,000 23,535 26,535 9,807 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,878 1,211 10,574 11,785 4,741 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,237 1,922 16,931 18,853 6,754 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 1,018 860 7,126 7,986 2,858 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,652 5,742 26,365 32,107 9,753 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,454 3,069 24,962 28,031 9,425 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 11,833 4,973 41,660 46,633 15,036 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 15,009 2,430 85,757 88,187 26,796 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Fairfield Inn & Suites Washington DC Downtown 34,000 16,214 22,265 7,802 16,447 29,834 46,281 11,053 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 2,294 2,934 10,038 12,972 3,824 2010 15 - 40 years Homewood Suites Washington DC Downtown — 23,139 34,188 5,238 23,150 39,415 62,565 12,825 2010 15 - 40 years Hotel Indigo New Orleans Garden District — 1,901 2,793 13,845 2,082 16,457 18,539 8,945 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,126 7,480 39,149 46,629 12,311 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 9,436 3,506 30,085 33,591 10,374 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 10,909 5,696 29,652 35,348 10,912 2010 15 - 40 years Renaissance Pittsburgh Hotel 34,000 3,274 39,934 11,233 3,397 51,044 54,441 16,011 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 3,966 2,875 25,619 28,494 8,449 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 8,790 3,914 18,146 22,060 7,574 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,363 2,382 27,446 29,828 11,002 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 4,610 3,535 39,617 43,152 11,598 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 7,108 8,314 59,697 68,011 17,138 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 8,704 21,281 68,300 89,581 19,589 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 17,633 12,231 40,062 52,293 9,585 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 5,109 6,386 61,015 67,401 17,014 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 5,923 6,099 34,576 40,675 9,148 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,009 4,875 29,721 34,596 7,933 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,400 2,570 24,968 27,538 9,257 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 13,961 803 92,748 93,551 24,190 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 28,954 11,291 47,138 58,429 15,276 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 7,754 2,982 13,628 16,610 4,134 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,582 3,540 19,813 23,353 4,969 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 7,783 25,356 48,217 73,573 10,774 2014 15 - 40 years Hyatt House Charlotte Center City 18,000 3,029 26,193 2,204 3,054 28,372 31,426 6,427 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 3,976 4,354 12,781 17,135 4,159 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area 36,000 7,425 29,137 7,902 7,517 36,947 44,464 9,681 2014 15 - 40 years Hyatt House San Diego Sorrento Mesa — 10,420 21,288 1,805 10,651 22,862 33,513 5,695 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House San Jose Silicon Valley — 6,820 31,682 3,143 6,972 34,673 41,645 7,581 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 2,884 5,723 14,725 20,448 4,101 2014 15 - 40 years Hyatt House Santa Clara 34,000 8,044 27,703 3,180 8,045 30,882 38,927 7,507 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,773 5,977 19,628 25,605 4,251 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,749 6,292 15,396 21,688 3,958 2014 15 - 40 years Hyatt Place Madison Downtown 13,000 6,701 25,478 1,588 6,709 27,058 33,767 5,909 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,094 15,190 42,014 57,204 10,909 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,647 8,021 54,669 62,690 12,093 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 1,293 3,740 43,021 46,761 9,361 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 8,825 48,330 36,457 84,787 9,315 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,071 10,763 57,296 68,059 10,968 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 370 4,001 31,251 35,252 6,081 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 868 17,100 46,550 63,650 9,236 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 1,690 7,284 52,305 59,589 7,112 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 1,579 1,010 45,973 46,983 6,496 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 18,027 31,544 63,777 95,321 8,694 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 904 10,512 34,455 44,967 4,886 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 2,151 6,413 36,840 43,253 5,041 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 10,627 7,840 66,442 74,282 8,527 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 4,529 31,311 58,743 90,054 8,516 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 2,901 13,168 97,576 110,744 13,212 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 5,641 15,057 23,448 38,505 3,609 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,400 43,370 39,586 82,956 6,728 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 17,243 9,676 56,017 65,693 10,197 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,782 5,011 39,201 44,212 5,577 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 6,905 24,784 31,288 56,072 4,202 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 16,044 39,700 71,123 110,823 10,573 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 4,435 4,169 89,234 93,403 13,480 2017 15 - 40 years Zachari Dunes on Mandalay Beach, Curio Collection by Hilton — 35,769 53,280 29,834 36,753 82,130 118,883 9,577 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation DoubleTree by Hilton Houston Medical Center Hotel & Suites — 7,776 43,475 1,682 7,992 44,941 52,933 6,012 2017 15 - 40 years Mills House Charleston, Curio Collection by Hilton — 9,599 68,932 9,979 10,378 78,132 88,510 9,737 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,269 46,883 121,000 167,883 17,735 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 2,634 113,758 121,942 235,700 16,267 2017 15 - 40 years The Pierside Santa Monica — 27,054 45,866 9,746 27,149 55,517 82,666 6,552 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 1,754 178 53,684 53,862 25,587 2017 7 years Wyndham New Orleans - French Quarter — 300 72,686 1,510 300 74,196 74,496 10,018 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 931 8,408 52,804 61,212 7,173 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 477 185 32,071 32,256 4,339 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 6,625 1,205 35,849 37,054 14,416 2017 8 years AC Hotel Boston Downtown — 26,560 53,354 40 26,560 53,394 79,954 1,823 2021 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 9 5,993 48,327 54,320 1,724 2021 15 - 40 years Moxy Denver Cherry Creek 27,193 — 48,725 24 — 48,749 48,749 1,323 2021 15 - 40 years 21c Hotel Nashville — 19,807 36,223 — 19,807 36,223 56,030 452 2022 15 - 40 years $ 408,193 $ 976,637 $ 3,465,182 $ 591,295 $ 992,609 $ 4,040,505 $ 5,033,114 $ 975,029 (1) The aggregate cost of real estate for federal income tax purposes was approximately $4.9 billion at December 31, 2022. The change in the total cost of the hotel properties is as follows: 2022 2021 2020 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 4,977,563 $ 5,174,309 $ 5,127,448 Add: Acquisitions 56,030 182,950 — Add: Improvements 68,012 34,511 52,936 Less: Sale of hotel properties (68,491) (269,362) (6,075) Less: Impairment losses — (144,845) — Balance at end of period $ 5,033,114 $ 4,977,563 $ 5,174,309 The change in the accumulated depreciation of the real estate assets is as follows: 2022 2021 2020 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (870,741) $ (827,808) $ (706,040) Add: Depreciation for the period (125,203) (126,759) (125,494) Less: Sale of hotel properties 20,915 83,826 3,726 Balance at end of period $ (975,029) $ (870,741) $ (827,808)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows.
Revenue Recognition	Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss).
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Transaction Costs	Transaction CostsThe Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income (loss). Transaction costs related to successful dispositions are included in gain (loss) on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income (loss). All transaction costs incurred in connection with unsuccessful transactions are expensed.
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Leases	As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss).
Leases	As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2022 and 2021, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. 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.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation.
Share-based Compensation	Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. We have elected to apply certain of the optional expedients for contract modifications to our financial instruments impacted by the LIBOR discontinuance. We expect to continue to elect various optional expedients for contract modifications to our financial instruments affected by the reference rate reform through the expiration date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have a material impact on our consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land and improvements $ 992,609 $ 975,688 Buildings and improvements 4,040,505 4,001,875 Furniture, fixtures and equipment 745,978 691,057 5,779,092 5,668,620 Accumulated depreciation (1,598,764) (1,449,504) Investment in hotel properties, net $ 4,180,328 $ 4,219,116

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Hotel Acquisition	During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250
Asset Acquisition, Transaction Costs	The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111 December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Properties disposed	During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402 Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Senior Notes, net $ 989,307 $ 986,942 Revolver — 200,000 Term Loans, net 820,536 815,004 Mortgage loans, net 407,712 407,492 Debt, net $ 2,217,555 $ 2,409,438
Schedule of Senior Notes	The Company's senior notes (collectively, the "Senior Notes") consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (10,693) (13,058) Total senior notes, net $ 989,307 $ 986,942 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions.
Schedule of Debt Covenants	A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of unsecured credit agreements	The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans	The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options.
Components of interest expense	The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169
Future minimum principal payments	As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Effective Date Maturity Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Swap-cash flow (3) 1.28% September 2019 September 2022 $ — $ 100,000 $ — $ (759) Swap-cash flow (1) 2.29% March 2019 December 2022 200,000 200,000 — (4,077) Swap-cash flow (1) 2.29% March 2019 December 2022 125,000 125,000 — (2,545) Swap-cash flow (2) 2.38% June 2021 December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% June 2021 December 2022 — 36,875 — (789) Swap-cash flow (5) 2.64% November 2022 November 2023 100,000 100,000 1,935 (3,893) Swap-cash flow 2.51% January 2021 December 2023 75,000 75,000 1,852 (2,692) Swap-cash flow 2.39% January 2021 December 2023 75,000 75,000 1,948 (2,504) Swap-cash flow 1.16% April 2021 April 2024 50,000 50,000 2,464 (338) Swap-cash flow 1.20% April 2021 April 2024 50,000 50,000 2,436 (387) Swap-cash flow 1.15% April 2021 April 2024 50,000 50,000 2,470 (327) Swap-cash flow 1.10% April 2021 April 2024 50,000 50,000 2,504 (267) Swap-cash flow 0.98% April 2021 April 2024 25,000 25,000 1,293 (61) Swap-cash flow 0.95% April 2021 April 2024 25,000 25,000 1,304 (43) Swap-cash flow (4) 0.93% April 2021 April 2024 25,000 25,000 1,310 (31) Swap-cash flow (4) 0.90% April 2021 April 2024 25,000 25,000 1,321 (13) Swap-cash flow (4) 0.85% June 2020 December 2024 50,000 50,000 3,538 221 Swap-cash flow (4) 0.75% June 2020 December 2024 50,000 50,000 3,636 372 Swap-cash flow 1.24% September 2021 September 2025 150,000 150,000 11,636 (860) Swap-cash flow (4) 0.65% July 2021 January 2026 50,000 50,000 5,041 955 $ 1,175,000 $ 1,399,655 $ 44,688 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In addition, the Company redesignated the remaining portions of these swaps resulting in the reclassification of approximately $6.2 million of the unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. (5) In November 2022, the Company modified the benchmark rate on this interest rate swap from LIBOR to Term SOFR. The fixed interest rates paid by the Company were 2.64% and 2.75% at December 2022 and December 2021, respectively.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair value of the Company's debt was as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 989,307 $ 853,895 $ 986,942 $ 999,060 Revolver and Term Loans, net 820,536 812,604 1,015,004 1,006,647 Mortgage loans, net 407,712 388,839 407,492 401,387 Debt, net $ 2,217,555 $ 2,055,338 $ 2,409,438 $ 2,407,094
Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,688 $ — $ 44,688 Interest rate swap liability $ — $ — $ — $ — Total $ — $ 44,688 $ — $ 44,688 The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2022 2021 2020 Wyndham Boston Beacon Hill 2028 — $ 803 $ 556 $ 400 Wyndham San Diego Bayside 2029 — 5,009 4,042 4,100 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 1,005 666 300 Residence Inn Palo Alto Los Altos 2033 — 86 86 100 Wyndham Pittsburgh University Center 2038 2083 726 726 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,646 1,239 1,200 Wyndham New Orleans French Quarter 2065 — 487 487 500 Courtyard Charleston Historic District 2096 — 1,044 1,019 950 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 922 555 449 Courtyard Waikiki Beach 2112 — 3,922 3,742 3,700 Moxy Denver Cherry Creek 2115 — 258 5 — $ 15,908 $ 13,123 $ 12,399
Schedule of future minimum ground lease payments	The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2022 2023 $ 11,617 2024 11,375 2025 10,443 2026 10,352 2027 10,097 Thereafter 532,440 Total future lease payments 586,324 Imputed interest (469,314) Lease liabilities $ 117,010
Assets And Liabilities, Lessee	The following table presents certain information related to the Company's operating leases as of December 31, 2022: Weighted average remaining lease term 65 years Weighted average discount rate 7.11 %
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies	As of December 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Accor Hotels 1 Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 20 HEI Hotels and Resorts 2 Hersha Hospitality Management & Urgo Hotels (1) 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (2) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) Urgo Hotels is a wholly owned subsidiary of Hersha Hospitality Management. (2) InnVentures is a subsidiary of Highgate Hotels.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of the unvested restricted shares	A summary of the unvested restricted shares is as follows: 2022 2021 2020 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21 Granted 569,600 15.10 1,739,327 15.92 801,463 11.95 Vested (647,426) 15.65 (513,342) 16.51 (480,444) 19.59 Forfeited (34,587) 13.15 (97,930) 15.22 (8,993) 18.80 Unvested at December 31, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest	A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2019 (1) 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% February 2022 407,024 $21.96 0% to 200% 1.70% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 133,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2023. As of December 31, 2022, there were approximately 67,000 unvested restricted shares related to the conversion of the performance units. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the year ended December 31, 2022 was approximately $0.8 million.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to RLJ $ 41,925 $ (305,168) $ (404,441) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (284) (85) (55) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 16,526 $ (330,368) $ (429,611) Denominator: Weighted-average number of common shares - basic 161,947,807 163,998,390 164,503,661 Unvested restricted shares 345,058 — — Weighted-average number of common shares - diluted 162,292,865 163,998,390 164,503,661 Net income (loss) per share attributable to common shareholders - basic $ 0.10 $ (2.01) $ (2.61) Net income (loss) per share attributable to common shareholders - diluted $ 0.10 $ (2.01) $ (2.61)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of components of the income tax provision from continuing operations	The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ (162) $ — $ — State (1,374) (1,228) (484) Deferred: Federal 15 30 (45,438) State 3 10 (6,048) Income tax expense $ (1,518) $ (1,188) $ (51,970)
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible	The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2022 2021 2020 Expected U.S. federal tax (expense) benefit at statutory rate $ (9,184) $ 65,079 $ 90,143 Tax impact of REIT election (1,659) (60,856) (85,140) Expected tax (expense) benefit at TRS (10,843) 4,223 5,003 Change in valuation allowance 11,945 (6,489) (59,321) State income tax (expense) benefit, net of federal benefit (2,861) (650) 1,174 Other items 241 1,728 1,174 Income tax expense $ (1,518) $ (1,188) $ (51,970)
Schedule of deferred tax assets (liabilities)	Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2022 December 31, 2021 Deferred tax liabilities: Partnership basis $ (3,463) $ (2,739) Prepaid expenses (675) (781) Deferred tax liabilities $ (4,138) $ (3,520) Deferred tax assets: Property and equipment $ 5,936 $ 4,378 Incentive and vacation accrual 3,866 3,021 Deferred revenue - key money 1,387 910 Allowance for doubtful accounts 78 69 Other 2,034 179 Net operating loss carryforwards 65,246 81,299 Federal historic tax credit 824 824 Valuation allowance (75,215) (87,159) Deferred tax assets $ 4,156 $ 3,521

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the year ended December 31, 2022 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 481,316 $ 665,341 $ 899,813 Restricted cash reserves 55,070 48,528 34,977 Cash, cash equivalents, and restricted cash reserves $ 536,386 $ 713,869 $ 934,790 Interest paid $ 87,180 $ 92,729 $ 98,511 Income taxes paid $ 1,255 $ 477 $ 1,501 Operating cash flow lease payments for operating leases $ 15,742 $ 12,371 $ 11,813 Right-of-use asset and liability adjustment due to remeasurement $ (2,473) $ — $ 4,100 Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 59,000 $ 198,250 $ — Transaction costs 1,110 2,014 — Operating prorations (802) (589) — Mortgage debt assumed (non-cash financing activity) — (25,000) — Acquisition of hotel properties, net $ 59,308 $ 174,675 $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sales price $ 49,900 $ 208,507 $ 4,883 Transaction costs (834) (8,118) (133) Operating prorations (991) (1,747) (98) Receipt of forfeited deposit — — 517 Proceeds from the sale of hotel properties, net $ 48,075 $ 198,642 $ 5,169 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 63,570 $ 41,279 $ (49,536) Accrued capital expenditures $ 17,645 $ 10,049 $ 7,313 Distributions payable $ 14,622 $ 8,347 $ 8,752

General (Details)

General (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2022 shares	Dec. 31, 2022 property	Dec. 31, 2022 room	Dec. 31, 2022 state	Dec. 31, 2022	Dec. 31, 2022 Hotels	Dec. 31, 2019 USD ($)
Sale of Stock
Number of OP units outstanding (in shares) | shares				162,775,364
Company's ownership interest in the Operating Partnership	99.50%
Number of real estate properties					97			35
Common stock, dividends, per share | $ / shares	$ 0.12	$ 0.04	$ 0.04
Cash, cash equivalents, and restricted cash reserves | $	$ 536,386,000	$ 713,869,000	$ 934,790,000							$ 927,160,000
Number of hotel rooms owned | room						21,400
Number of states in which hotels owned by the entity are located | state							23
The Revolver | The Revolver
Sale of Stock
Maximum borrowing capacity | $	$ 600,000,000
Partially Owned Properties | 50 Percent Owned
Sale of Stock
Number of real estate properties | Hotels									1
Real estate properties, ownership interest, percentage	50%
Partially Owned Properties | 95 Percent Owned | The Knickerbocker New York
Sale of Stock
Number of real estate properties | Hotels									1
Real estate properties, ownership interest, percentage	95%
Unconsolidated Properties
Sale of Stock
Number of real estate properties | Hotels									1
Real estate properties, ownership interest, percentage	50%
Wholly Owned Properties
Sale of Stock
Number of real estate properties | property					95
Real estate properties, ownership interest, percentage	100%
Consolidated Properties
Sale of Stock
Number of real estate properties | property					96
Leased Hotel Properties
Sale of Stock
Number of real estate properties | property					96

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies
Number of joint ventures	1
Amortization of deferred financing costs	$ 5,967	$ 5,884	$ 4,416
Limited Partner's ownership interest in the Operating Partnership	99.50%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
Consolidated Joint Venture
Summary of Significant Accounting Policies
Equity method investment, ownership percentage	50%
Joint Venture Operating Lease
Summary of Significant Accounting Policies
Equity method investment, ownership percentage	51%
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	1.70%
The Knickerbocker New York
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	5%
Embassy Suites Secaucus
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	49%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years

Investment in Hotel Propertie_2

Investment in Hotel Properties - Investment in Hotel Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Hotels	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Abstract]
Land and improvements	$ 992,609	$ 975,688
Buildings and improvements	4,040,505	4,001,875
Furniture, fixtures and equipment	745,978	691,057
Total	5,779,092	5,668,620
Accumulated depreciation	(1,598,764)	(1,449,504)
Investment in hotel properties, net	4,180,328	4,219,116
Sale of Hotel Properties
Proceeds from the sale of hotel properties, net	48,075	198,642	$ 5,169
Impairment losses	$ 0	$ 144,845	$ 0
Rooms | Hotels		561
Doubletree Metropolitan Hotel New York City
Sale of Hotel Properties
Impairment losses		$ 138,900
Residence Inn Indianapolis Fishers [Member]
Sale of Hotel Properties
Impairment losses		$ 5,900

Investment in Hotel Propertie_3

Investment in Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to investment in hotel properties	$ 184,400	$ 187,200	$ 193,300
Impairment losses	$ 0	$ 144,845	$ 0

Acquisition of Hotel Properti_3

Acquisition of Hotel Properties -Hotel Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Hotels	Dec. 31, 2021 USD ($) Hotels	Dec. 31, 2020 USD ($)	Dec. 23, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Rooms | Hotels		561
Purchase price		$ 198,250
Asset Acquisition, Percentage of Shares Acquired	100%	100%
Transaction costs	$ 1,110	$ 2,014	$ 0
Hampton Inn and Suites Atlanta Midtown
Property, Plant and Equipment [Line Items]
Rooms | Hotels		186
Purchase price		$ 58,000
AC Hotel Boston Downtown
Property, Plant and Equipment [Line Items]
Rooms | Hotels		205
Purchase price		$ 89,000
Moxy Denver Cherry Creek
Property, Plant and Equipment [Line Items]
Rooms | Hotels		170
Purchase price		$ 51,250
Assumed mortgage loan				$ 25,000
Fair value of assumed mortgage loan				$ 27,600
21c Hotel Nashville
Property, Plant and Equipment [Line Items]
Rooms | Hotels	124
Purchase price	$ 59,000

Acquisition of Hotel Properti_4

Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
Fair value adjustment on mortgage debt assumed		$ 2,554
Favorable lease asset		4,294
Asset Acquisition, Other liability Assumed		898
Total purchase price	$ 60,111	200,264
Transaction costs	1,110	2,014	$ 0
Asset Acquisition, Land and improvements	19,807	32,550
Asset Acquisition, building and improvements	36,223	150,400
Assets acquired	$ 4,081	$ 16,472

Sale of Hotel Properties - Prop

Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) room	Dec. 31, 2021 USD ($) room	Dec. 31, 2020 USD ($)
Sale of Hotel Properties
Gain (loss) on sale of hotel properties, net | $	$ 1,017	$ (2,378)	$ 2,703
Proceeds from the sale of hotel properties, net | $	48,075	198,642	5,169
Sales price | $	$ 49,900	$ 208,507	4,883
Asset Acquisition, Percentage of Shares Acquired	100%	100%
Disposals 2020 [Domain]
Sale of Hotel Properties
Proceeds from the sale of hotel properties, net | $			$ 4,900
Disposals 2021
Sale of Hotel Properties
Rooms		1,341
Proceeds from the sale of hotel properties, net | $		$ 208,500
Courtyard Houston Sugarland [Member]
Sale of Hotel Properties
Rooms		112
Residence Inn Indianapolis Fishers
Sale of Hotel Properties
Rooms		78
Residence Inn Chicago Naperville [Member]
Sale of Hotel Properties
Rooms		130
Fairfield Inn Hammond [Member]
Sale of Hotel Properties
Rooms		94
Residence Inn Chicago Southeast Hammond [Member]
Sale of Hotel Properties
Rooms		78
Courtyard Chicago Southeast Hammond [Member]
Sale of Hotel Properties
Rooms		85
Doubletree Metropolitan Hotel New York City
Sale of Hotel Properties
Rooms		764
Marriott Denver Airport
Sale of Hotel Properties
Rooms	238
SpringHill Suites Denver North Westminster [Member]
Sale of Hotel Properties
Rooms	164
Disposals 2022
Sale of Hotel Properties
Rooms		402
Proceeds from the sale of hotel properties, net | $	$ 49,900

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2022 Hotels
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	97			35
Gain (loss) on sale of hotel properties, net | $	$ 1,017	$ (2,378)	$ 2,703
Equity in (income) loss from unconsolidated joint ventures | $	$ (457)	$ 477	$ 8,454
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | Hotels					1
Real estate properties, ownership interest, percentage	50%
50 Percent Owned | Partially Owned Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | Hotels					1
Real estate properties, ownership interest, percentage	50%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,193,662	$ 785,664	$ 473,087
South Florida
Disaggregation of Revenue [Line Items]
Total revenues	140,096	116,029	63,630
Southern California
Disaggregation of Revenue [Line Items]
Total revenues	134,200	103,883	63,417
Northern California
Disaggregation of Revenue [Line Items]
Total revenues	146,304	73,742	58,471
New York City
Disaggregation of Revenue [Line Items]
Total revenues	72,270	35,596	28,712
Charleston
Disaggregation of Revenue [Line Items]
Total revenues	44,784	28,446
Chicago
Disaggregation of Revenue [Line Items]
Total revenues	67,548	51,490	29,647
Austin
Disaggregation of Revenue [Line Items]
Total revenues			16,097
Houston
Disaggregation of Revenue [Line Items]
Total revenues	44,751	32,749	22,159
Washington, DC
Disaggregation of Revenue [Line Items]
Total revenues	52,622	28,979	19,479
Louisville
Disaggregation of Revenue [Line Items]
Total revenues		28,413	15,927
Pittsburgh
Disaggregation of Revenue [Line Items]
Total revenues	47,802
Other
Disaggregation of Revenue [Line Items]
Total revenues	396,609	253,467	139,554
Charleston, SC
Disaggregation of Revenue [Line Items]
Total revenues		32,870	15,994
Boston
Disaggregation of Revenue [Line Items]
Total revenues	46,676
Room revenue
Disaggregation of Revenue [Line Items]
Revenue	1,002,454	667,853	397,754
Room revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	113,194	95,612	52,213
Room revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	113,726	88,653	53,814
Room revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	128,652	66,068	51,107
Room revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	60,634	30,547	25,292
Room revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	38,325	24,059
Room revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	55,611	43,277	24,267
Room revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			12,285
Room revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	37,775	28,078	19,401
Room revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	48,875	26,706	17,843
Room revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue		23,605	13,815
Room revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	31,074
Room revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	332,803	214,028	115,056
Room revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue		27,220	12,661
Room revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	41,785
Food and beverage revenue
Disaggregation of Revenue [Line Items]
Revenue	117,027	58,994	40,384
Food and beverage revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	18,392	12,430	7,058
Food and beverage revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	10,214	5,959	4,013
Food and beverage revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	10,968	3,219	4,160
Food and beverage revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	8,737	3,505	2,189
Food and beverage revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	3,269	1,417
Food and beverage revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	8,965	5,931	4,187
Food and beverage revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			2,948
Food and beverage revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	2,942	1,196	827
Food and beverage revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	1,259	415	416
Food and beverage revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue		3,670	1,481
Food and beverage revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	13,279
Food and beverage revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	35,544	17,595	10,960
Food and beverage revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue		3,657	2,145
Food and beverage revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	3,458
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	74,181	58,817	34,949
Other revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	8,510	7,987	4,359
Other revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	10,260	9,271	5,590
Other revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	6,684	4,455	3,204
Other revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	2,899	1,544	1,231
Other revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	3,190	2,970
Other revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	2,972	2,282	1,193
Other revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			864
Other revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	4,034	3,475	1,931
Other revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	2,488	1,858	1,220
Other revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue		1,138	631
Other revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue	3,449
Other revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	28,262	21,844	13,538
Other revenue | Charleston, SC
Disaggregation of Revenue [Line Items]
Revenue		$ 1,993	$ 1,188
Other revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	$ 1,433

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2023	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Additional maturity term			$ 750,000,000	$ 750,000,000
Unsecured Debt, Gross			823,662,000	1,018,662,000
Unamortized debt issuance costs on term loans			(3,126,000)	(3,658,000)
Debt, net			$ 2,217,555,000	2,409,438,000
Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Covenant, Maximum Leverage Ratio			700%
Debt Covenant, Fixed Charge Coverage Ratio			1.50
Debt Covenant, Secured Indebtedness Ratio			0.450
Debt covenant, unencumbered indebtedness ratio			60%
Debt Covenant, Debt Service Coverage Ratio			200%
Revolver and Term Loans, net | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.35%
Revolver and Term Loans, net | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.55%
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 989,307,000	986,942,000
$150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Term loan extension amount			200,000,000
$150 Million Term Loan Maturing 2022 | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.35%
$150 Million Term Loan Maturing 2022 | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.90%
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			1,000,000,000	1,000,000,000
Unamortized debt issuance costs on bonds			$ (10,693,000)	(13,058,000)
Senior Notes, net | $500 Million Term Loan Maturing 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4%
Long-term Debt, Gross			$ 500,000,000	500,000,000
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			102%
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101%
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			104%
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes, net | Senior Notes, net
Debt Instrument [Line Items]
Debt, net			$ 989,307,000	986,942,000
Senior Notes, net | $500 Million Senior Notes Due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			3.75%
Long-term Debt, Gross			$ 500,000,000	500,000,000
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101.875%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.938%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			103.75%
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
Senior Notes, net | $500 Million Term Loan Maturing 2026
Debt Instrument [Line Items]
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio			150%
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio			0.65
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio			45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio			1.5
Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 820,536,000	1,015,004,000
Mortgage loans, net | Level 3
Debt Instrument [Line Items]
Debt, net			$ 407,712,000	407,492,000
Revolver and Term Loans, net | The Revolver
Debt Instrument [Line Items]
Interest Rate			0%
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000,000
Debt Instrument, Additional Maturity Term			1 year
Line of credit			$ 52,300,000
Term loan extension amount			$ 151,700,000
Interest Rate			3.84%
Unsecured Debt			$ 52,261,000	52,261,000
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2019 | Subsequent Event
Debt Instrument [Line Items]
Line of credit	$ 52,300,000
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2019
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 225,000,000
Debt Instrument, Additional Maturity Term			1 year
Line of credit			$ 41,700,000
Term loan extension amount			$ 73,000,000
Interest Rate			3.84%
Unsecured Debt			$ 41,745,000	41,745,000
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2019 | Subsequent Event
Debt Instrument [Line Items]
Line of credit	41,700,000
Proceeds from line of credit	$ 95,000,000
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2025
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000,000
Interest Rate			3.24%
Unsecured Debt			$ 400,000,000	400,000,000
Revolver and Term Loans, net | $200 Million Term Loan Maturing 2026
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 200,000,000
Debt Instrument, Additional Maturity Term			1 year
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2024
Debt Instrument [Line Items]
Interest Rate			3.84%
Unsecured Debt			$ 151,683,000	151,683,000
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2024
Debt Instrument [Line Items]
Interest Rate			3.18%
Unsecured Debt			$ 72,973,000	72,973,000
Revolver and Term Loans, net | $150 Million Term Loan Maturing 2022
Debt Instrument [Line Items]
Debt Instrument, Additional Maturity Term			1 year
Interest Rate			2.85%
Unsecured Debt			$ 105,000,000	$ 100,000,000
Line Of Credit Facility, Additional Borrowing Capacity		$ 200,000,000
The Revolver | The Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 600,000,000
Debt Instrument, Additional Maturity Term			1 year	1 year
Unsecured Debt			$ 0	$ 200,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 600,000,000	400,000,000
The Revolver | The Revolver | Minimum
Debt Instrument [Line Items]
Unused facility fee percentage			0.20%
The Revolver | The Revolver | Maximum
Debt Instrument [Line Items]
Unused facility fee percentage			0.25%
The Revolver | Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 820,536,000	815,004,000
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Unamortized deferred financing costs on the Revolver			$ 1,700,000	$ 2,900,000

Debt - Mortgage Loans (Details)

Debt - Mortgage Loans (Details)	1 Months Ended
	Apr. 30, 2019	Dec. 31, 2022 USD ($) asset loan	Dec. 31, 2021 USD ($) loan
Debt Instrument [Line Items]
Secured Debt, Gross		$ 408,193,000	$ 408,554,000
Unamortized debt issuance costs on mortgage loans		(481,000)	$ (1,062,000)
Fair value adjustment		$ 2,200,000
Mortgage Laon in Cash Trap Event | loan		1	2
Lender
Debt Instrument [Line Items]
Restricted Cash		$ 26,900,000	$ 22,400,000
Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		15
Mortgage loans | Moxy Mortgage Loan
Debt Instrument [Line Items]
Fair value adjustment		$ 2,200,000	2,600,000
Mortgage loans, net | Level 3
Debt Instrument [Line Items]
Secured Debt		$ 407,712,000	407,492,000
Three Point Three Three Percent Due April 2022 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		7
Interest Rate		3.25%
Secured Debt		$ 200,000,000	200,000,000
Two Point Eight Eight Percent Due April 2024 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		3
Interest Rate		2.53%
Secured Debt		$ 96,000,000	96,000,000
Three Point Three Eight Percent Due April 2024 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		4
Interest Rate		3.43%
Secured Debt		$ 85,000,000	85,000,000
Five point zero six due 2029 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		1
Interest Rate		5.06%
Secured Debt		$ 27,193,000	$ 27,554,000
LIBOR Plus One Point Five Two Percent [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of additional maturity terms	2
Debt Instrument, Additional Maturity Term	1 year

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 5,967	$ 5,884	$ 4,416
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	679	(1,636)	0
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	0	(376)
Total interest expense	93,155	106,366	100,169
Senior Notes, net
Debt Instrument [Line Items]
Interest expense	38,820	34,079	23,767
Revolver and Term Loans
Debt Instrument [Line Items]
Interest expense	34,126	54,733	55,413
Mortgage loans
Debt Instrument [Line Items]
Interest expense	$ 13,563	$ 13,306	$ 16,949

Debt - Future Minimum Rental Pa

Debt - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 294,005
2024	405,657
2025	400,000
2026	605,000
2027	0
Thereafter	525,000
Long term debt, total future minimum principal payments	2,229,662
Fair value adjustment	$ 2,200

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 28, 2022	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments: Derivatives and Hedging
Notional value			$ 1,175,000,000	$ 1,399,655,000
Interest rate swaps, net			44,688,000	19,917,000
Amount of hedge ineffectiveness			0	0
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net			(5,866,000)	10,658,000
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net			26,200,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)			$ (40,600,000)	(17,100,000)
Designated as Hedging Instrument | Swap-cash flow 20
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.29%
Notional value			$ 200,000,000	200,000,000
Interest rate swaps, fair value, liabilities			$ 0	4,077,000
Designated as Hedging Instrument | Swap-cash flow 24
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.29%
Notional value			$ 125,000,000	125,000,000
Interest rate swaps, fair value, liabilities			$ 0	2,545,000
Designated as Hedging Instrument | Swap-cash flow 25
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.38%
Notional value			$ 0	87,780,000
Interest rate swaps, fair value, liabilities			$ 0	1,879,000
Designated as Hedging Instrument | Swap-cash flow 26
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.38%
Notional value			$ 0	36,875,000
Interest rate swaps, fair value, liabilities			$ 0	$ 789,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Seven [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.64%	2.75%
Notional value			$ 100,000,000	$ 100,000,000
Interest rate swaps, fair value, liabilities			$ 1,935,000
Interest rate swaps, fair value, assets				3,893,000
Designated as Hedging Instrument | Swap-cash flow 21
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.51%
Notional value			$ 75,000,000	75,000,000
Interest rate swaps, fair value, liabilities			$ 1,852,000
Interest rate swaps, fair value, assets				2,692,000
Designated as Hedging Instrument | Swap-cash flow 22
Financial Instruments: Derivatives and Hedging
Hedge interest rate			2.39%
Notional value			$ 75,000,000	75,000,000
Interest rate swaps, fair value, liabilities			$ 1,948,000
Interest rate swaps, fair value, assets				2,504,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Eight [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.28%
Notional value			$ 0	100,000,000
Interest rate swaps, fair value, liabilities				759,000
Interest rate swaps, fair value, assets			$ 0
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Nine [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.24%
Notional value			$ 150,000,000	150,000,000
Interest rate swaps, fair value, liabilities				860,000
Interest rate swaps, fair value, assets			$ 11,636,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.16%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				338,000
Interest rate swaps, fair value, assets			$ 2,464,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty One [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.20%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				387,000
Interest rate swaps, fair value, assets			$ 2,436,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Two [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.15%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				327,000
Interest rate swaps, fair value, assets			$ 2,470,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Three [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			1.10%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				267,000
Interest rate swaps, fair value, assets			$ 2,504,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Four [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.98%
Notional value			$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities				61,000
Interest rate swaps, fair value, assets			$ 1,293,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Five [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.95%
Notional value			$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities				43,000
Interest rate swaps, fair value, assets			$ 1,304,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Six [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.93%
Notional value			$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities				31,000
Interest rate swaps, fair value, assets			$ 1,310,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Seven [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.90%
Notional value			$ 25,000,000	25,000,000
Interest rate swaps, fair value, liabilities				13,000
Interest rate swaps, fair value, assets			$ 1,321,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Eight [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.85%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				221,000
Interest rate swaps, fair value, assets			$ 3,538,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Nine [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.75%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				372,000
Interest rate swaps, fair value, assets			$ 3,636,000
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Forty [Member]
Financial Instruments: Derivatives and Hedging
Hedge interest rate			0.65%
Notional value			$ 50,000,000	50,000,000
Interest rate swaps, fair value, liabilities				955,000
Interest rate swaps, fair value, assets			5,041,000
Designated as Hedging Instrument | Interest Rate Swap, 2.29%
Financial Instruments: Derivatives and Hedging
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ 4,400,000
Designated as Hedging Instrument | Interest Rate Swap, 2.38%
Financial Instruments: Derivatives and Hedging
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax		$ 6,200,000	1,500,000
Designated as Hedging Instrument | Interest Rate Swap, 2.380%
Financial Instruments: Derivatives and Hedging
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax			200,000
Derivative Liability, Notional Amount, Terminated Amount			75,300,000
Designated as Hedging Instrument | interest rate swap
Financial Instruments: Derivatives and Hedging
Notional value			100,000,000
Designated as Hedging Instrument | interest rate swap designated/redesignated in 2022
Financial Instruments: Derivatives and Hedging
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 5,900,000
Accounts Payable and Accrued Liabilities | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, liabilities				21,500,000
Prepaid Expenses and Other Current Assets | Interest rate swap
Financial Instruments: Derivatives and Hedging
Interest rate swaps, fair value, assets			44,700,000	1,500,000
Interest Expense
Financial Instruments: Derivatives and Hedging
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net			$ (1,100,000)	$ (24,100,000)

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	$ 2,217,555,000	$ 2,409,438,000
Total	(44,688,000)	(19,917,000)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	2,055,338,000	2,407,094,000
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	44,688,000	1,548,000
Interest rate swap liability	0	(21,465,000)
Total	44,688,000	(19,917,000)
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	44,688,000	1,548,000
Interest rate swap liability	0	(21,465,000)
Total	44,688,000	(19,917,000)
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Total	0	0
Senior Notes, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	1,000,000,000	1,000,000,000
Senior Notes, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross		986,942,000
Senior Notes, net | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	853,895,000	999,060,000
Revolver and Term Loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	820,536,000	1,015,004,000
Revolver and Term Loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	812,604,000	1,006,647,000
Mortgage loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	407,712,000	407,492,000
Long-term Debt, Fair Value	$ 388,839,000	$ 401,387,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) extension hotel	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Ground Leases
Number of properties subject to ground lease | hotel	13
Operating Lease, Expense	$ 15,908	$ 13,123	$ 12,399
Cash required for reserve, as a percentage of hotel revenue, minimum	3%
Cash required for reserve, as a percentage of hotel revenue, maximum	5%
Restricted cash reserves	$ 55,070	48,528	34,977
Weighted average remaining lease term	65 years
Weighted average discount rate	7.11%
Wyndham Boston Beacon Hill
Ground Leases
Operating Lease, Expense	$ 803	556	400
Wyndham San Diego Bayside
Ground Leases
Operating Lease, Expense	5,009	4,042	4,100
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Ground Leases
Operating Lease, Expense	1,005	666	300
Residence Inn Palo Alto Los Altos
Ground Leases
Operating Lease, Expense	86	86	100
Wyndham Pittsburgh University Center
Ground Leases
Operating Lease, Expense	726	726	700
Marriott Louisville Downtown
Ground Leases
Operating Lease, Expense	$ 0	0	0
Lessee, Operating Lease, Number Of Extensions | extension	4
Lessee, Operating Lease, Renewal Term	25 years
Embassy Suites San Francisco Airport Waterfront
Ground Leases
Operating Lease, Expense	$ 1,646	1,239	1,200
Wyndham New Orleans French Quarter
Ground Leases
Operating Lease, Expense	487	487	500
Courtyard Charleston Historic District
Ground Leases
Operating Lease, Expense	1,044	1,019	950
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center
Ground Leases
Operating Lease, Expense	922	555	449
Courtyard Waikiki Beach
Ground Leases
Operating Lease, Expense	3,922	3,742	3,700
Moxy Denver Cherry Creek
Ground Leases
Operating Lease, Expense	258	5	0
Fixed Operating Lease Expense
Ground Leases
Operating Lease, Expense	11,900	11,600	11,600
Variable Operating Lease Expense
Ground Leases
Operating Lease, Expense	$ 4,000	$ 1,500	$ 800

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Minimum ground rent
2023	$ 11,617
2024	11,375
2025	10,443
2026	10,352
2027	10,097
Thereafter	532,440
Total future lease payments	586,324
Imputed interest	(469,314)
Lease liabilities	$ 117,010	$ 123,031

Commitments and Contingencies_3

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property agreement	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2022 hotel
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					96
Number of hotel management companies | agreement	17
Number of real estate properties	97			35
COVID-19
Operating Leased Assets [Line Items]
Severance Costs | $			$ 8.7
COVID-19 | NEW YORK
Operating Leased Assets [Line Items]
Severance Costs | $			6.7
Minimum
Operating Leased Assets [Line Items]
Management agreement term	1 year
Base management fee percentage	1.75%
Management agreement with franchise agreement, base management fee percentage	2%
Term of franchise agreements	1 year
Royalty fee as a percentage of room revenue	2%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1%
Royalty fee as a percentage of food and beverage revenues	1.50%
Maximum
Operating Leased Assets [Line Items]
Management agreement term	25 years
Base management fee percentage	3.50%
Management agreement with franchise agreement, base management fee percentage	7%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3%
Aimbridge Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					31
Crestline Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					1
Davidson Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					2
Hilton Management and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					20
HEI Hotels and Resorts
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					2
Highgate Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					3
Hyatt Corporation and affiliates
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					11
InnVentures (2)
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					3
Marriott International, Inc.
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					3
Sage Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					5
White Lodging Services
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					4
Wyndham
Operating Leased Assets [Line Items]
Termination Payments | $		$ 36
Increase (Decrease) in Management and Franchise Fee Expense | $	$ 4.1	14.1	17.8
Colwen Management
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					1
Accor Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					1
Concord Hospitality
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					1
Hersha Hospitality and Urgo Hotels
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					7
Pyramid
Operating Leased Assets [Line Items]
Number of hotel properties operated pursuant to long-term management agreements					1
Management Service
Operating Leased Assets [Line Items]
Cost of Goods and Services Sold | $	38.8	24.2	13.2
Franchise
Operating Leased Assets [Line Items]
Number of real estate properties				59
Cost of Goods and Services Sold | $	$ 60.9	$ 43.2	$ 25.6

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 29, 2022	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000			450,000,000
Number of shares acquired as part of a share repurchase program (in shares)			5,489,335
Shares acquired as part of a share repurchase program	$ 57,639		$ 62,604
Common stock, dividends, per share	$ 0.12	$ 0.04	$ 0.04
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000			50,000,000
Preferred Stock, Convertible, Conversion Ratio	28.06%
Number of OP units outstanding (in shares)	162,775,364
Limited Partner's ownership interest in the Operating Partnership	99.50%
The Knickerbocker New York
Equity
Noncontrolling ownership interest in joint venture	5%
Limited Partners
Equity
Limited Partner's ownership interest in the Operating Partnership	0.50%
Number of OP units outstanding (in shares)	771,831
Series A Cumulative Preferred Stock
Equity
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred stock, dividends per share, declared	$ 1.95	$ 1.95	$ 1.95
2022 Share Repurchase Program
Equity
Share repurchase program, authorized amount				$ 250,000
Number of shares acquired as part of a share repurchase program (in shares)	4,907,094
Shares acquired as part of a share repurchase program	$ 57,600
Remaining authorized repurchase amount	$ 192,400

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended				12 Months Ended
	Feb. 28, 2022	Feb. 28, 2019	Feb. 28, 2018	May 31, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					6,828,527
Common shares available for future grant (in shares)					3,560,347
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares					2,267,870	2,380,283	1,252,228	940,202
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value					$ 15.32	$ 15.43	$ 15.17	$ 20.21
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					569,600	1,739,327	801,463
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 15.10	$ 15.92	$ 11.95
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					(647,426)	(513,342)	(480,444)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value					$ 15.65	$ 16.51	$ 19.59
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period					(34,587)	(97,930)	(8,993)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value					$ 13.15	$ 15.22	$ 18.80
Share-based compensation expense					$ 14.4	$ 11.9	$ 8.7
Total unrecognized compensation costs					$ 19.6
Weighted-average period of recognition of unrecognized share-based compensation expense					1 year 6 months
Total fair value of shares vested					$ 9	$ 7.8	$ 5.2
2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares					67,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	133,000						260,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 19.16
Total fair value of shares vested					$ 0.8
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							2.52%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate							27.19%
2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value						$ 11.59
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						1.08%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						23.46%
2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 20.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.23%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					69.47%
2022 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					407,024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 21.96
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					70.15%
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 7.3	$ 5.2	$ 3.5
Total unrecognized compensation costs					$ 10.5
Weighted-average period of recognition of unrecognized share-based compensation expense					1 year 8 months 12 days
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period		3 years
Share Based Compensation Arrangement by Share Based Payment Award, Time Based Vesting Period		1 year		1 year
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately		50%
Share-based compensation arrangement, by share-based payment award vesting rights, percentage after one year		50%
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years		50%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		3 years
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		50%
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Cost Not Yet Recognized, Period For Recognition		4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return					40%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return					60%
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately		100%
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years					100%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition					3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return					25%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return					75%
Minimum | 2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				0
Minimum | 2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period							0
Minimum | 2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period						0
Minimum | 2022 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					0
Minimum | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		0%
Minimum | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		0%
Maximum | 2019 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				200
Maximum | 2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period							200
Maximum | 2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period						200
Maximum | 2022 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					200
Maximum | 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		200%
Maximum | 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		200%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to RLJ	$ 41,925	$ (305,168)	$ (404,441)
Numerator:
Preferred dividends	(25,115)	(25,115)	(25,115)
Less: Dividends paid on unvested restricted shares	(284)	(85)	(55)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	0
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 16,526	$ (330,368)	$ (429,611)
Denominator:
Weighted-average number of common shares - basic (in shares)	161,947,807	163,998,390	164,503,661
Unvested restricted shares	345,058	0	0
Weighted-average number of common shares - diluted (in shares)	162,292,865	163,998,390	164,503,661
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.10	$ (2.01)	$ (2.61)
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.10	$ (2.01)	$ (2.61)

Income Taxes - Cash Distributio

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (162)	$ 0	$ 0
State	(1,374)	(1,228)	(484)
Deferred:
Federal	15	30	(45,438)
State	3	10	(6,048)
Income tax expense	(1,518)	(1,188)	(51,970)
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected U.S. federal tax (expense) benefit at statutory rate	(9,184)	65,079	90,143
Tax impact of REIT election	(1,659)	(60,856)	(85,140)
Expected tax (expense) benefit at TRS	(10,843)	4,223	5,003
Change in valuation allowance	11,945	(6,489)	(59,321)
State income tax (expense) benefit, net of federal benefit	(2,861)	(650)	1,174
Other items	241	1,728	1,174
Income tax expense	$ (1,518)	$ (1,188)	$ (51,970)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Partnership basis	$ (3,463)	$ (2,739)
Prepaid expenses	(675)	(781)
Deferred tax liabilities	(4,138)	(3,520)
Deferred tax assets:
Property and equipment	5,936	4,378
Incentive and vacation accrual	3,866	3,021
Deferred revenue - key money	1,387	910
Allowance for doubtful accounts	78	69
Other	2,034	179
Net operating loss carryforwards	65,246	81,299
Deferred Tax Assets, Historic Tax Credits	824	824
Valuation allowance	(75,215)	(87,159)
Deferred tax assets	$ 4,156	$ 3,521

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Change in valuation allowance	$ (11,945)	$ 6,489	$ 59,321
Income tax expense	(1,518)	(1,188)	$ (51,970)
Valuation allowance	$ 75,215	$ 87,159

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	$ 481,316	$ 665,341	$ 899,813
Restricted cash reserves	55,070	48,528	34,977
Cash, cash equivalents, and restricted cash reserves	536,386	713,869	934,790	$ 927,160
Interest Paid, Excluding Capitalized Interest, Operating Activities	87,180	92,729	98,511
Income taxes paid	1,255	477	1,501
Operating cash flow lease payments for operating leases	15,742	12,371	11,813
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	(2,473)	0	(4,100)
In conjunction with the acquisitions of hotel properties, the Company recorded the following:
Purchase of hotel properties	59,000	198,250	0
Transaction costs	1,110	2,014	0
Operating prorations	(802)	(589)
Mortgage debt assumed (non-cash financing activity)	0	(25,000)	0
Acquisition of hotel properties, net	59,308	174,675	0
In conjunction with the sale of hotel properties, the Company recorded the following:
Sales price	49,900	208,507	4,883
Transaction costs	(834)	(8,118)	(133)
Operating prorations	(991)	(1,747)	(98)
Receipt of forfeited deposit	0	0	517
Proceeds from the sale of hotel properties, net	48,075	198,642	5,169
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	63,570	41,279	(49,536)
Accrued capital expenditures	17,645	10,049	7,313
Distributions payable	14,622	8,347	8,752
Accumulated Other Comprehensive Loss
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	$ 63,570	$ 41,279	$ (49,536)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	2 Months Ended
	Jan. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Subsequent Event
Subsequent Event [Line Items]
Shares repurchased and retired (in shares)		49
Shares repurchased and retired		$ 0.5
Extension fee	$ 0.3
$225 Million Term Loan Maturing 2019 | Revolver and Term Loans, net
Subsequent Event [Line Items]
Term loan extension amount			$ 73
Line of credit			41.7
$225 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | Subsequent Event
Subsequent Event [Line Items]
Proceeds from line of credit	95
Line of credit	41.7
$400 Million Term Loan Maturing 2019 | Revolver and Term Loans, net
Subsequent Event [Line Items]
Term loan extension amount			151.7
Line of credit			$ 52.3
$400 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | Subsequent Event
Subsequent Event [Line Items]
Line of credit	$ 52.3

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Debt	$ 408,193
Initial Costs
Land & Improvements	976,637
Building & Improvements	3,465,182
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	591,295
Gross Amount
Land & Improvements	992,609
Buildings & Improvements	4,040,505
Total	5,033,114	$ 4,977,563	$ 5,174,309	$ 5,127,448
Accumulated Depreciation	975,029	$ 870,741	$ 827,808	$ 706,040
Aggregate cost of real estate for federal income tax purposes	4,900,000
Marriott Denver South @ Park Meadow [Member]
Real Estate and Accumulated Depreciation
Debt	0
Initial Costs
Land & Improvements	5,385
Building & Improvements	39,488
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,056
Gross Amount
Land & Improvements	5,353
Buildings & Improvements	43,576
Total	48,929
Accumulated Depreciation	$ 18,267
Marriott Denver South @ Park Meadow [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Denver South @ Park Meadow [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	0
Building & Improvements	89,541
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	25,148
Gross Amount
Land & Improvements	92
Buildings & Improvements	114,597
Total	114,689
Accumulated Depreciation	$ 43,697
Marriott Louisville Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Louisville Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,464
Building & Improvements	32,736
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,209
Gross Amount
Land & Improvements	4,496
Buildings & Improvements	35,913
Total	40,409
Accumulated Depreciation	$ 14,812
Marriott Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Marriott Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,440
Building & Improvements	32,557
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,664
Gross Amount
Land & Improvements	4,725
Buildings & Improvements	38,936
Total	43,661
Accumulated Depreciation	$ 14,745
Renaissance Boulder Flatiron Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Fort Lauderdale Plantation Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,842
Building & Improvements	35,517
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,183
Gross Amount
Land & Improvements	4,876
Buildings & Improvements	43,666
Total	48,542
Accumulated Depreciation	$ 16,438
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Initial Costs
Land & Improvements	8,140
Building & Improvements	59,696
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,632
Gross Amount
Land & Improvements	8,148
Buildings & Improvements	69,320
Total	77,468
Accumulated Depreciation	$ 28,083
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,482
Building & Improvements	18,207
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,191
Gross Amount
Land & Improvements	2,635
Buildings & Improvements	22,245
Total	24,880
Accumulated Depreciation	$ 8,530
Courtyard Indianapolis @ The Capitol [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,172
Building & Improvements	15,927
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,802
Gross Amount
Land & Improvements	2,202
Buildings & Improvements	18,699
Total	20,901
Accumulated Depreciation	$ 8,447
Courtyard Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,049
Building & Improvements	44,361
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,390
Gross Amount
Land & Improvements	6,049
Buildings & Improvements	49,751
Total	55,800
Accumulated Depreciation	$ 18,225
Courtyard Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,665
Building & Improvements	19,549
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,164
Gross Amount
Land & Improvements	2,676
Buildings & Improvements	22,702
Total	25,378
Accumulated Depreciation	$ 9,715
Residence Inn Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,670
Building & Improvements	19,588
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,889
Gross Amount
Land & Improvements	2,670
Buildings & Improvements	24,477
Total	27,147
Accumulated Depreciation	$ 9,290
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Merrillville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	595
Building & Improvements	4,372
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,352
Gross Amount
Land & Improvements	595
Buildings & Improvements	5,724
Total	6,319
Accumulated Depreciation	$ 2,423
Residence Inn Merrillville [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Merrillville [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,815
Building & Improvements	13,308
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,260
Gross Amount
Land & Improvements	1,815
Buildings & Improvements	16,568
Total	18,383
Accumulated Depreciation	$ 5,942
Residence Inn Louisville Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,767
Building & Improvements	27,626
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,407
Gross Amount
Land & Improvements	3,804
Buildings & Improvements	31,996
Total	35,800
Accumulated Depreciation	$ 11,372
Residence Inn Austin Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn and Suites Cherry Creek [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,203
Building & Improvements	8,823
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,883
Gross Amount
Land & Improvements	1,203
Buildings & Improvements	10,706
Total	11,909
Accumulated Depreciation	$ 4,432
Fairfield Inn and Suites Cherry Creek [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn and Suites Cherry Creek [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn and Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,803
Building & Improvements	19,325
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,872
Gross Amount
Land & Improvements	1,860
Buildings & Improvements	23,140
Total	25,000
Accumulated Depreciation	$ 9,713
Fairfield Inn and Suites Key West [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn and Suites Key West [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,425
Building & Improvements	10,449
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,038
Gross Amount
Land & Improvements	1,447
Buildings & Improvements	12,465
Total	13,912
Accumulated Depreciation	$ 5,259
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,747
Building & Improvements	20,143
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,083
Gross Amount
Land & Improvements	2,793
Buildings & Improvements	23,180
Total	25,973
Accumulated Depreciation	$ 9,767
Hampton Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,978
Building & Improvements	21,842
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,715
Gross Amount
Land & Improvements	3,000
Buildings & Improvements	23,535
Total	26,535
Accumulated Depreciation	$ 9,807
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,189
Building & Improvements	8,718
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,878
Gross Amount
Land & Improvements	1,211
Buildings & Improvements	10,574
Total	11,785
Accumulated Depreciation	$ 4,741
Sleep Inn Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,874
Building & Improvements	13,742
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,237
Gross Amount
Land & Improvements	1,922
Buildings & Improvements	16,931
Total	18,853
Accumulated Depreciation	$ 6,754
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	829
Building & Improvements	6,139
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,018
Gross Amount
Land & Improvements	860
Buildings & Improvements	7,126
Total	7,986
Accumulated Depreciation	$ 2,858
TGI Friday's Chicago Midway [Member] | Minimum
Gross Amount
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,691
Building & Improvements	22,764
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,652
Gross Amount
Land & Improvements	5,742
Buildings & Improvements	26,365
Total	32,107
Accumulated Depreciation	$ 9,753
Hampton Inn Garden City [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn Garden City [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Initial Costs
Land & Improvements	3,069
Building & Improvements	22,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,454
Gross Amount
Land & Improvements	3,069
Buildings & Improvements	24,962
Total	28,031
Accumulated Depreciation	$ 9,425
Courtyard Houston By The Galleria [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Initial Costs
Land & Improvements	4,857
Building & Improvements	29,943
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,833
Gross Amount
Land & Improvements	4,973
Buildings & Improvements	41,660
Total	46,633
Accumulated Depreciation	$ 15,036
Embassy Suites Los Angeles Downey [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,161
Building & Improvements	71,017
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	15,009
Gross Amount
Land & Improvements	2,430
Buildings & Improvements	85,757
Total	88,187
Accumulated Depreciation	$ 26,796
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	16,214
Building & Improvements	22,265
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,802
Gross Amount
Land & Improvements	16,447
Buildings & Improvements	29,834
Total	46,281
Accumulated Depreciation	$ 11,053
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,816
Building & Improvements	7,862
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,294
Gross Amount
Land & Improvements	2,934
Buildings & Improvements	10,038
Total	12,972
Accumulated Depreciation	$ 3,824
Embassy Suites Fort Myers Estero [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	23,139
Building & Improvements	34,188
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,238
Gross Amount
Land & Improvements	23,150
Buildings & Improvements	39,415
Total	62,565
Accumulated Depreciation	$ 12,825
Homewood Suites Washington DC Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hotel Indigo New Orleans Garden District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,901
Building & Improvements	2,793
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,845
Gross Amount
Land & Improvements	2,082
Buildings & Improvements	16,457
Total	18,539
Accumulated Depreciation	$ 8,945
Hotel Indigo New Orleans Garden District [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hotel Indigo New Orleans Garden District [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,457
Building & Improvements	37,046
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,126
Gross Amount
Land & Improvements	7,480
Buildings & Improvements	39,149
Total	46,629
Accumulated Depreciation	$ 12,311
Residence Inn National Harbor Washington DC [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,405
Building & Improvements	20,750
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,436
Gross Amount
Land & Improvements	3,506
Buildings & Improvements	30,085
Total	33,591
Accumulated Depreciation	$ 10,374
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,303
Building & Improvements	19,136
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	10,909
Gross Amount
Land & Improvements	5,696
Buildings & Improvements	29,652
Total	35,348
Accumulated Depreciation	$ 10,912
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	3,274
Building & Improvements	39,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	11,233
Gross Amount
Land & Improvements	3,397
Buildings & Improvements	51,044
Total	54,441
Accumulated Depreciation	$ 16,011
Renaissance Pittsburgh Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,860
Building & Improvements	21,668
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,966
Gross Amount
Land & Improvements	2,875
Buildings & Improvements	25,619
Total	28,494
Accumulated Depreciation	$ 8,449
Courtyard Atlanta Buckhead [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,656
Building & Improvements	9,614
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,790
Gross Amount
Land & Improvements	3,914
Buildings & Improvements	18,146
Total	22,060
Accumulated Depreciation	$ 7,574
Embassy Suites West Palm Beach Central [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	1,975
Building & Improvements	18,490
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,363
Gross Amount
Land & Improvements	2,382
Buildings & Improvements	27,446
Total	29,828
Accumulated Depreciation	$ 11,002
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,714
Building & Improvements	35,828
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,610
Gross Amount
Land & Improvements	3,535
Buildings & Improvements	39,617
Total	43,152
Accumulated Depreciation	$ 11,598
Courtyard Charleston Historic District | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Charleston Historic District | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,154
Building & Improvements	52,749
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,108
Gross Amount
Land & Improvements	8,314
Buildings & Improvements	59,697
Total	68,011
Accumulated Depreciation	$ 17,138
Residence Inn Bethesda Downtown [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	20,655
Building & Improvements	60,222
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,704
Gross Amount
Land & Improvements	21,281
Buildings & Improvements	68,300
Total	89,581
Accumulated Depreciation	$ 19,589
Courtyard New York Manhattan Upper East Side [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,903
Building & Improvements	22,757
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	17,633
Gross Amount
Land & Improvements	12,231
Buildings & Improvements	40,062
Total	52,293
Accumulated Depreciation	$ 9,585
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,268
Building & Improvements	56,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,109
Gross Amount
Land & Improvements	6,386
Buildings & Improvements	61,015
Total	67,401
Accumulated Depreciation	$ 17,014
Embassy Suites Boston Waltham [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,799
Building & Improvements	28,953
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,923
Gross Amount
Land & Improvements	6,099
Buildings & Improvements	34,576
Total	40,675
Accumulated Depreciation	$ 9,148
Courtyard Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,674
Building & Improvements	24,913
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,009
Gross Amount
Land & Improvements	4,875
Buildings & Improvements	29,721
Total	34,596
Accumulated Depreciation	$ 7,933
Residence Inn Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,382
Building & Improvements	12,756
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	12,400
Gross Amount
Land & Improvements	2,570
Buildings & Improvements	24,968
Total	27,538
Accumulated Depreciation	$ 9,257
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	557
Building & Improvements	79,033
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,961
Gross Amount
Land & Improvements	803
Buildings & Improvements	92,748
Total	93,551
Accumulated Depreciation	$ 24,190
Courtyard Waikiki Beach | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Waikiki Beach | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	11,277
Building & Improvements	18,198
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	28,954
Gross Amount
Land & Improvements	11,291
Buildings & Improvements	47,138
Total	58,429
Accumulated Depreciation	$ 15,276
Courtyard San Francisco [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard San Francisco [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	2,812
Building & Improvements	6,044
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,754
Gross Amount
Land & Improvements	2,982
Buildings & Improvements	13,628
Total	16,610
Accumulated Depreciation	$ 4,134
Residence Inn Atlanta Midtown Historic [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] | Maximum
Gross Amount
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,488
Building & Improvements	18,283
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,582
Gross Amount
Land & Improvements	3,540
Buildings & Improvements	19,813
Total	23,353
Accumulated Depreciation	$ 4,969
SpringHill Suites Portland Hillsboro [Member] | Minimum
Gross Amount
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	25,083
Building & Improvements	40,707
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,783
Gross Amount
Land & Improvements	25,356
Buildings & Improvements	48,217
Total	73,573
Accumulated Depreciation	$ 10,774
Hilton Cabana Miami Beach | Minimum
Gross Amount
Depreciation Life	15 years
Hilton Cabana Miami Beach | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 18,000
Initial Costs
Land & Improvements	3,029
Building & Improvements	26,193
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,204
Gross Amount
Land & Improvements	3,054
Buildings & Improvements	28,372
Total	31,426
Accumulated Depreciation	$ 6,427
Hyatt House Charlotte Center City | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Charlotte Center City | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 16,000
Initial Costs
Land & Improvements	3,995
Building & Improvements	9,164
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,976
Gross Amount
Land & Improvements	4,354
Buildings & Improvements	12,781
Total	17,135
Accumulated Depreciation	$ 4,159
Hyatt House Cypress Anaheim | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Cypress Anaheim | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 36,000
Initial Costs
Land & Improvements	7,425
Building & Improvements	29,137
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	7,902
Gross Amount
Land & Improvements	7,517
Buildings & Improvements	36,947
Total	44,464
Accumulated Depreciation	$ 9,681
Hyatt House Emeryville San Francisco Bay Area | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,420
Building & Improvements	21,288
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,805
Gross Amount
Land & Improvements	10,651
Buildings & Improvements	22,862
Total	33,513
Accumulated Depreciation	$ 5,695
Hyatt House San Diego Sorrento Mesa | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,820
Building & Improvements	31,682
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,143
Gross Amount
Land & Improvements	6,972
Buildings & Improvements	34,673
Total	41,645
Accumulated Depreciation	$ 7,581
Hyatt House San Jose Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,712
Building & Improvements	11,852
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,884
Gross Amount
Land & Improvements	5,723
Buildings & Improvements	14,725
Total	20,448
Accumulated Depreciation	$ 4,101
Hyatt House San Ramon | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House San Ramon | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Initial Costs
Land & Improvements	8,044
Building & Improvements	27,703
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	3,180
Gross Amount
Land & Improvements	8,045
Buildings & Improvements	30,882
Total	38,927
Accumulated Depreciation	$ 7,507
Hyatt House Santa Clara | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt House Santa Clara | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Centric The Woodlands
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,950
Building & Improvements	16,882
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,773
Gross Amount
Land & Improvements	5,977
Buildings & Improvements	19,628
Total	25,605
Accumulated Depreciation	$ 4,251
Hyatt Centric The Woodlands | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Centric The Woodlands | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	6,209
Building & Improvements	13,730
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,749
Gross Amount
Land & Improvements	6,292
Buildings & Improvements	15,396
Total	21,688
Accumulated Depreciation	$ 3,958
Hyatt Place Fremont Silicon Valley | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Initial Costs
Land & Improvements	6,701
Building & Improvements	25,478
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,588
Gross Amount
Land & Improvements	6,709
Buildings & Improvements	27,058
Total	33,767
Accumulated Depreciation	$ 5,909
Hyatt Place Madison Downtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Madison Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	15,062
Building & Improvements	33,048
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,094
Gross Amount
Land & Improvements	15,190
Buildings & Improvements	42,014
Total	57,204
Accumulated Depreciation	$ 10,909
Embassy Suites Irvine Orange County | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Irvine Orange County | Maximum
Gross Amount
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,019
Building & Improvements	53,024
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,647
Gross Amount
Land & Improvements	8,021
Buildings & Improvements	54,669
Total	62,690
Accumulated Depreciation	$ 12,093
Courtyard Portland City Center | Minimum
Gross Amount
Depreciation Life	15 years
Courtyard Portland City Center | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,737
Building & Improvements	41,731
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,293
Gross Amount
Land & Improvements	3,740
Buildings & Improvements	43,021
Total	46,761
Accumulated Depreciation	$ 9,361
Hyatt Atlanta Midtown | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Atlanta Midtown | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	48,192
Building & Improvements	27,770
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	8,825
Gross Amount
Land & Improvements	48,330
Buildings & Improvements	36,457
Total	84,787
Accumulated Depreciation	$ 9,315
DoubleTree Grand Key Resort | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Grand Key Resort | Maximum
Gross Amount
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,763
Building & Improvements	55,225
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,071
Gross Amount
Land & Improvements	10,763
Buildings & Improvements	57,296
Total	68,059
Accumulated Depreciation	$ 10,968
Hyatt Place Washington DC Downtown K Street | Minimum
Gross Amount
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street | Maximum
Gross Amount
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Initial Costs
Land & Improvements	3,933
Building & Improvements	30,949
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	370
Gross Amount
Land & Improvements	4,001
Buildings & Improvements	31,251
Total	35,252
Accumulated Depreciation	$ 6,081
Homewood Suites Seattle Lynnwood | Minimum
Gross Amount
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood | Maximum
Gross Amount
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	16,996
Building & Improvements	45,786
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	868
Gross Amount
Land & Improvements	17,100
Buildings & Improvements	46,550
Total	63,650
Accumulated Depreciation	$ 9,236
Residence Inn Palo Alto Los Altos | Minimum
Gross Amount
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Suites by Hilton Austin [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,072
Building & Improvements	50,827
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,690
Gross Amount
Land & Improvements	7,284
Buildings & Improvements	52,305
Total	59,589
Accumulated Depreciation	$ 7,112
DoubleTree Suites by Hilton Austin [Member] | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Suites by Hilton Austin [Member] | Maximum
Gross Amount
Depreciation Life	40 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	896
Building & Improvements	44,508
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,579
Gross Amount
Land & Improvements	1,010
Buildings & Improvements	45,973
Total	46,983
Accumulated Depreciation	$ 6,496
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Minimum
Gross Amount
Depreciation Life	15 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	31,279
Building & Improvements	46,015
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	18,027
Gross Amount
Land & Improvements	31,544
Buildings & Improvements	63,777
Total	95,321
Accumulated Depreciation	$ 8,694
Embassy Suites Atlanta Buckhead [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Atlanta Buckhead [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Birmingham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	10,495
Building & Improvements	33,568
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	904
Gross Amount
Land & Improvements	10,512
Buildings & Improvements	34,455
Total	44,967
Accumulated Depreciation	$ 4,886
Embassy Suites Birmingham [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Birmingham [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Dallas Love Field [Member]
Real Estate and Accumulated Depreciation
Debt	$ 25,000
Initial Costs
Land & Improvements	6,408
Building & Improvements	34,694
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,151
Gross Amount
Land & Improvements	6,413
Buildings & Improvements	36,840
Total	43,253
Accumulated Depreciation	$ 5,041
Embassy Suites Dallas Love Field [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Dallas Love Field [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Deerfield Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,527
Building & Improvements	56,128
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	10,627
Gross Amount
Land & Improvements	7,840
Buildings & Improvements	66,442
Total	74,282
Accumulated Depreciation	$ 8,527
Embassy Suites Deerfield Beach [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Deerfield Beach [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Fort Lauderdale 17th Street [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	30,933
Building & Improvements	54,592
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,529
Gross Amount
Land & Improvements	31,311
Buildings & Improvements	58,743
Total	90,054
Accumulated Depreciation	$ 8,516
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Los Angeles International Airport South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 50,000
Initial Costs
Land & Improvements	13,110
Building & Improvements	94,733
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,901
Gross Amount
Land & Improvements	13,168
Buildings & Improvements	97,576
Total	110,744
Accumulated Depreciation	$ 13,212
Embassy Suites Los Angeles International Airport South [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Los Angeles International Airport South [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Mandalay Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	35,769
Building & Improvements	53,280
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	29,834
Gross Amount
Land & Improvements	36,753
Buildings & Improvements	82,130
Total	118,883
Accumulated Depreciation	$ 9,577
Embassy Suites Mandalay Beach [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Mandalay Beach [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Miami International Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	14,765
Building & Improvements	18,099
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	5,641
Gross Amount
Land & Improvements	15,057
Buildings & Improvements	23,448
Total	38,505
Accumulated Depreciation	$ 3,609
Embassy Suites Miami International Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Miami International Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Milpitas Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	43,157
Building & Improvements	26,399
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,400
Gross Amount
Land & Improvements	43,370
Buildings & Improvements	39,586
Total	82,956
Accumulated Depreciation	$ 6,728
Embassy Suites Milpitas Silicon Valley [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Milpitas Silicon Valley [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Minneapolis Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,248
Building & Improvements	41,202
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	17,243
Gross Amount
Land & Improvements	9,676
Buildings & Improvements	56,017
Total	65,693
Accumulated Depreciation	$ 10,197
Embassy Suites Minneapolis Airport [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Minneapolis Airport [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Orlando International Drive [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	4,743
Building & Improvements	37,687
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,782
Gross Amount
Land & Improvements	5,011
Buildings & Improvements	39,201
Total	44,212
Accumulated Depreciation	$ 5,577
Embassy Suites Orlando International Drive [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Orlando International Drive [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites Phoenix Biltmore [Member]
Real Estate and Accumulated Depreciation
Debt	$ 21,000
Initial Costs
Land & Improvements	24,680
Building & Improvements	24,487
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,905
Gross Amount
Land & Improvements	24,784
Buildings & Improvements	31,288
Total	56,072
Accumulated Depreciation	$ 4,202
Embassy Suites Phoenix Biltmore [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites Phoenix Biltmore [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites San Francisco Airport South San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	39,616
Building & Improvements	55,163
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	16,044
Gross Amount
Land & Improvements	39,700
Buildings & Improvements	71,123
Total	110,823
Accumulated Depreciation	$ 10,573
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Embassy Suites San Francisco Airport Waterfront
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	3,698
Building & Improvements	85,270
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	4,435
Gross Amount
Land & Improvements	4,169
Buildings & Improvements	89,234
Total	93,403
Accumulated Depreciation	$ 13,480
Embassy Suites San Francisco Airport Waterfront | Minimum
Gross Amount
Depreciation Life	15 years
Embassy Suites San Francisco Airport Waterfront | Maximum
Gross Amount
Depreciation Life	40 years
San Francisco Marriott Union Square [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	46,773
Building & Improvements	107,841
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	13,269
Gross Amount
Land & Improvements	46,883
Buildings & Improvements	121,000
Total	167,883
Accumulated Depreciation	$ 17,735
San Francisco Marriott Union Square [Member] | Minimum
Gross Amount
Depreciation Life	15 years
San Francisco Marriott Union Square [Member] | Maximum
Gross Amount
Depreciation Life	40 years
The Knickerbocker New York
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	113,613
Building & Improvements	119,453
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	2,634
Gross Amount
Land & Improvements	113,758
Buildings & Improvements	121,942
Total	235,700
Accumulated Depreciation	$ 16,267
The Knickerbocker New York | Minimum
Gross Amount
Depreciation Life	15 years
The Knickerbocker New York | Maximum
Gross Amount
Depreciation Life	40 years
Mills House Wyndham Grand Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	9,599
Building & Improvements	68,932
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,979
Gross Amount
Land & Improvements	10,378
Buildings & Improvements	78,132
Total	88,510
Accumulated Depreciation	$ 9,737
Mills House Wyndham Grand Hotel [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Mills House Wyndham Grand Hotel [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Boston Beacon Hill
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	174
Building & Improvements	51,934
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,754
Gross Amount
Land & Improvements	178
Buildings & Improvements	53,684
Total	53,862
Accumulated Depreciation	$ 25,587
Wyndham Boston Beacon Hill | Minimum
Gross Amount
Depreciation Life	9 years
Wyndham Boston Beacon Hill | Maximum
Gross Amount
Depreciation Life	9 years
Wyndham Houston Medical Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	7,776
Building & Improvements	43,475
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,682
Gross Amount
Land & Improvements	7,992
Buildings & Improvements	44,941
Total	52,933
Accumulated Depreciation	$ 6,012
Wyndham Houston Medical Center [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Houston Medical Center [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham New Orleans French Quarter
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	300
Building & Improvements	72,686
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	1,510
Gross Amount
Land & Improvements	300
Buildings & Improvements	74,196
Total	74,496
Accumulated Depreciation	$ 10,018
Wyndham New Orleans French Quarter | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham New Orleans French Quarter | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Philadelphia Historic District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	8,367
Building & Improvements	51,914
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	931
Gross Amount
Land & Improvements	8,408
Buildings & Improvements	52,804
Total	61,212
Accumulated Depreciation	$ 7,173
Wyndham Philadelphia Historic District [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Philadelphia Historic District [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham Pittsburgh University Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	154
Building & Improvements	31,625
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	477
Gross Amount
Land & Improvements	185
Buildings & Improvements	32,071
Total	32,256
Accumulated Depreciation	$ 4,339
Wyndham Pittsburgh University Center | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Pittsburgh University Center | Maximum
Gross Amount
Depreciation Life	40 years
Wyndham San Diego Bayside
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	989
Building & Improvements	29,440
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	6,625
Gross Amount
Land & Improvements	1,205
Buildings & Improvements	35,849
Total	37,054
Accumulated Depreciation	$ 14,416
Wyndham San Diego Bayside | Minimum
Gross Amount
Depreciation Life	10 years
Wyndham San Diego Bayside | Maximum
Gross Amount
Depreciation Life	10 years
Wyndham Santa Monica At The Pier [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	27,054
Building & Improvements	45,866
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9,746
Gross Amount
Land & Improvements	27,149
Buildings & Improvements	55,517
Total	82,666
Accumulated Depreciation	$ 6,552
Wyndham Santa Monica At The Pier [Member] | Minimum
Gross Amount
Depreciation Life	15 years
Wyndham Santa Monica At The Pier [Member] | Maximum
Gross Amount
Depreciation Life	40 years
Hampton Inn and Suites Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	5,990
Building & Improvements	48,321
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	9
Gross Amount
Land & Improvements	5,993
Buildings & Improvements	48,327
Total	54,320
Accumulated Depreciation	$ 1,724
Hampton Inn and Suites Atlanta Midtown | Minimum
Gross Amount
Depreciation Life	15 years
Hampton Inn and Suites Atlanta Midtown | Maximum
Gross Amount
Depreciation Life	40 years
AC Hotel Boston Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	26,560
Building & Improvements	53,354
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	40
Gross Amount
Land & Improvements	26,560
Buildings & Improvements	53,394
Total	79,954
Accumulated Depreciation	$ 1,823
AC Hotel Boston Downtown | Minimum
Gross Amount
Depreciation Life	15 years
AC Hotel Boston Downtown | Maximum
Gross Amount
Depreciation Life	40 years
Moxy Denver Cherry Creek
Real Estate and Accumulated Depreciation
Debt	$ 27,193
Initial Costs
Land & Improvements	0
Building & Improvements	48,725
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	24
Gross Amount
Land & Improvements	0
Buildings & Improvements	48,749
Total	48,749
Accumulated Depreciation	$ 1,323
Moxy Denver Cherry Creek | Minimum
Gross Amount
Depreciation Life	15 years
Moxy Denver Cherry Creek | Maximum
Gross Amount
Depreciation Life	40 years
21c Hotel Nashville
Real Estate and Accumulated Depreciation
Debt	$ 0
Initial Costs
Land & Improvements	19,807
Building & Improvements	36,223
Costs Capitalized Subsequent to Acquisition
Land, Building & Improvements	0
Gross Amount
Land & Improvements	19,807
Buildings & Improvements	36,223
Total	56,030
Accumulated Depreciation	$ 452

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 4,977,563	$ 5,174,309	$ 5,127,448
Add: Acquisitions	56,030	182,950	0
Add: Improvements	68,012	34,511	52,936
Less: Disposition of properties	(68,491)	(269,362)	(6,075)
Less: Impairment losses	0	(144,845)	0
Balance at end of period	5,033,114	4,977,563	5,174,309
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(870,741)	(827,808)	(706,040)
Add: Depreciation for the period	(125,203)	(126,759)	(125,494)
Less: Disposition of properties	20,915	83,826	3,726
Balance at end of period	$ (975,029)	$ (870,741)	$ (827,808)