RLJ Lodging Trust (RLJ) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		157,479,587
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Investment in hotel properties, net	$ 4,150,176	$ 4,180,328
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	7,480	6,979
Cash and cash equivalents	476,936	481,316
Restricted cash reserves	34,396	55,070
Hotel and other receivables, net of allowance of $291 and $319, respectively	41,748	38,528
Operating Lease, Right-of-Use Asset	139,163	136,915
Prepaid expense and other assets	82,601	79,089
Total assets	4,932,500	4,978,225
Liabilities and Equity
Debt, net	2,218,737	2,217,555
Accounts payable and other liabilities	126,901	155,916
Contract with Customer, Liability	25,042	23,769
Operating Lease, Liability	120,376	117,010
Accrued interest	22,067	20,707
Distributions payable	19,292	14,622
Total liabilities	2,532,415	2,549,579
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 June 30, 2023 and December 31, 2022	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 157,686,191 and 162,003,533 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,577	1,620
Additional paid-in capital	3,011,350	3,054,958
Retained Earnings	(1,035,566)	(1,049,441)
Accumulated other comprehensive income	41,733	40,591
Total shareholders’ equity	2,386,030	2,414,664
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	6,380	6,313
Noncontrolling interest in consolidated joint ventures	7,675	7,669
Total noncontrolling interests	14,055	13,982
Total equity	2,400,085	2,428,646
Total liabilities and equity	$ 4,932,500	$ 4,978,225

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Hotel and other receivables, allowance	$ 291	$ 319
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	157,686,191	162,003,533
Common shares of beneficial interest, shares outstanding	157,686,191	162,003,533
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 356,960	$ 330,501	$ 671,463	$ 573,400
Expenses
Operating Costs and Expenses	211,854	190,518	412,848	349,558
Depreciation and amortization	44,925	46,922	89,921	93,787
Property tax, insurance and other	24,684	22,949	49,332	45,462
General and administrative	14,627	13,348	28,283	27,482
Transaction costs	4	136	24	198
Total operating expenses	296,094	273,873	580,408	516,487
Other income, net	736	721	1,585	8,006
Interest income	5,011	347	8,675	519
Interest expense	(24,543)	(23,855)	(48,673)	(48,416)
(Loss) gain on sale of hotel properties, net	(44)	(364)	(44)	1,053
Loss on extinguishment of indebtedness, net	(169)	0	(169)	0
Income before equity in income from unconsolidated joint ventures	41,857	33,477	52,429	18,075
Equity in income from unconsolidated joint ventures	220	283	501	405
Income before income tax expense	42,077	33,760	52,930	18,480
Income tax expense	(357)	(558)	(696)	(748)
Net income	41,720	33,202	52,234	17,732
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership	(171)	(125)	(188)	(21)
Noncontrolling interest in consolidated joint ventures	(154)	(111)	(6)	7
Net income attributable to RLJ	41,395	32,966	52,040	17,718
Preferred dividends	(6,279)	(6,279)	(12,557)	(12,557)
Net income attributable to common shareholders	$ 35,116	$ 26,687	$ 39,483	$ 5,161
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.22	$ 0.16	$ 0.25	$ 0.03
Weighted-average number of common shares - basic (in shares)	156,424,444	163,539,446	157,945,406	163,857,785
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.22	$ 0.16	$ 0.25	$ 0.03
Weighted-average number of common shares - diluted (in shares)	156,741,187	163,784,573	158,381,380	164,217,150
Comprehensive income:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 41,720	$ 33,202	$ 52,234	$ 17,732
Unrealized gain (loss) on interest rate derivatives	7,558	13,380	1,142	47,573
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net		0	0	(5,866)
Comprehensive income	49,278	46,582	53,376	59,439
Noncontrolling interest in the Operating Partnership	(171)	(125)	(188)	(21)
Noncontrolling interest in consolidated joint ventures	(154)	(111)	(6)	7
Comprehensive income attributable to RLJ	48,953	46,346	53,182	59,425
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	295,496	280,676	556,328	486,455
Expenses
Operating Costs and Expenses	70,333	65,793	136,384	119,621
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	38,132	31,154	71,420	52,055
Expenses
Operating Costs and Expenses	28,037	21,770	54,174	37,939
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	23,332	18,671	43,715	34,890
Expenses
Operating Costs and Expenses	84,207	76,888	166,831	145,542
Management And Franchise Fee Expense
Expenses
Operating Costs and Expenses	$ 29,277	$ 26,067	$ 55,459	$ 46,456

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
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 Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	17,718
Net income (loss)	17,732				17,718		21	(7)
Unrealized gain (loss) on interest rate derivatives	47,573					47,573
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	(5,866)					(5,866)
Contributions from consolidated joint venture partners	156							156
Share grants to trustees	0		$ 7	(7)
Share grants to trustees (in shares)			702,993
Distribution to consolidated joint venture partners	(2,600)							(2,600)
Amortization of share-based compensation	11,462			11,462
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(260,187)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(3,589)		$ (3)	(3,586)
Shares acquired as part of a share repurchase program	(47,446)		$ (39)	(47,407)
Shares acquired as part of a share repurchase program (in shares)			(3,957,983)
Forfeiture of restricted stock (in shares)			(6,065)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(12,557)				(12,557)
Distributions on common shares and units	(3,160)				(3,148)		(12)
Balance (in shares) at Jun. 30, 2022		12,879,475	162,981,820
Balance at Jun. 30, 2022	2,415,572	$ 366,936	$ 1,630	3,053,345	(1,044,726)	24,594	6,325	7,468
Balance (in shares) at Mar. 31, 2022		12,879,475	166,843,586
Balance at Mar. 31, 2022	2,420,792	$ 366,936	$ 1,668	3,097,166	(1,069,769)	11,214	6,209	7,368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	32,966				32,966
Net income (loss)	33,202						125	111
Unrealized gain (loss) on interest rate derivatives	13,380					13,380
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0
Share grants to trustees	0		$ 3	(3)
Share grants to trustees (in shares)			270,214
Distribution to consolidated joint venture partners	(11)							(11)
Amortization of share-based compensation	5,907			5,907
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(172,561)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,320)		$ (2)	(2,318)
Shares acquired as part of a share repurchase program	(47,446)		$ (39)	(47,407)
Shares acquired as part of a share repurchase program (in shares)			(3,957,983)
Forfeiture of restricted stock (in shares)			(1,436)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(1,653)				(1,644)		(9)
Balance (in shares) at Jun. 30, 2022		12,879,475	162,981,820
Balance at Jun. 30, 2022	2,415,572	$ 366,936	$ 1,630	3,053,345	(1,044,726)	24,594	6,325	7,468
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	52,040				52,040
Net income (loss)	52,234				52,040		188	6
Unrealized gain (loss) on interest rate derivatives	1,142					1,142
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0
Issuance of restricted stock (in shares)			1,190,961
Issuance of restricted stock	0		$ 12	(12)
Amortization of share-based compensation	12,728			12,728
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(407,205)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,398)		$ (4)	(4,394)
Shares acquired as part of a share repurchase program	(51,981)		$ (51)	(51,930)
Shares acquired as part of a share repurchase program (in shares)			(5,082,968)
Forfeiture of restricted stock (in shares)			(18,130)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(12,557)				(12,557)
Distributions on common shares and units	(25,729)				(25,608)		(121)
Balance (in shares) at Jun. 30, 2023		12,879,475	157,686,191
Balance at Jun. 30, 2023	2,400,085	$ 366,936	$ 1,577	3,011,350	(1,035,566)	41,733	6,380	7,675
Balance (in shares) at Mar. 31, 2023		12,879,475	160,077,784
Balance at Mar. 31, 2023	2,393,240	$ 366,936	$ 1,601	3,034,682	(1,057,939)	34,175	6,264	7,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	41,395
Net income (loss)	41,720						171	154
Unrealized gain (loss) on interest rate derivatives	7,558					7,558
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net						0
Issuance of restricted stock (in shares)			550,554
Issuance of restricted stock	0		$ 6	(6)
Amortization of share-based compensation	6,597			6,597
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(244,456)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,509)		$ (3)	(2,506)
Shares acquired as part of a share repurchase program	(27,444)		$ (27)	(27,417)
Shares acquired as part of a share repurchase program (in shares)			(2,681,115)
Forfeiture of restricted stock (in shares)			(16,576)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(12,798)				(12,743)		(55)
Balance (in shares) at Jun. 30, 2023		12,879,475	157,686,191
Balance at Jun. 30, 2023	$ 2,400,085	$ 366,936	$ 1,577	$ 3,011,350	$ (1,035,566)	$ 41,733	$ 6,380	$ 7,675

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 52,234,000	$ 17,732,000
Adjustments to reconcile net income to cash flow provided by operating activities:
Loss (gain) on sale of hotel properties, net	44,000	(1,053,000)
Loss on extinguishment of indebtedness, net	169,000	0
Depreciation and amortization	89,921,000	93,787,000
Amortization of deferred financing costs	2,965,000	3,101,000
Other amortization	2,172,000	1,136,000
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0	(5,866,000)
Equity in income from unconsolidated joint ventures	(501,000)	(405,000)
Amortization of share-based compensation	11,781,000	10,654,000
Changes in assets and liabilities:
Hotel and other receivables, net	(3,220,000)	(10,018,000)
Prepaid expense and other assets	1,080,000	1,450,000
Accounts payable and other liabilities	(22,163,000)	7,680,000
Advance deposits and deferred revenue	1,273,000	(1,401,000)
Accrued interest	1,360,000	(493,000)
Net cash flow provided by operating activities	137,115,000	116,304,000
Cash flows from investing activities
Proceeds from sales of hotel properties, net	(44,000)	48,073,000
Improvements and additions to hotel properties	(65,771,000)	(51,406,000)
Purchase deposit	0	(1,500,000)
Net cash flow used in investing activities	(65,815,000)	(4,833,000)
Cash flows from financing activities
Repayment of Revolver	0	(200,000,000)
Borrowings on Term Loans	320,000,000	0
Repayments of Term Loans	(318,662,000)	0
Repurchase of common shares under a share repurchase program	(51,981,000)	(47,446,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(4,398,000)	(3,589,000)
Distributions on preferred shares	(12,557,000)	(12,557,000)
Distributions on common shares	(20,962,000)	(3,522,000)
Distributions on Operating Partnership units	(95,000)	(10,000)
Payments of deferred financing costs	(7,699,000)	(10,000)
Contributions from consolidated joint venture partners	0	156,000
Distribution to consolidated joint venture partners	0	(2,600,000)
Net cash flow used in financing activities	(96,354,000)	(269,578,000)
Net change in cash, cash equivalents, and restricted cash reserves	(25,054,000)	(158,107,000)
Cash, cash equivalents, and restricted cash reserves, beginning of year	536,386,000	713,869,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 511,332,000	$ 555,762,000

General

General	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Organization 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 owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. 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 June 30, 2023, there were 158,458,022 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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") on February 28, 2023 (the "Annual Report"), contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2022. Basis of Presentation and Principles of Consolidation The unaudited 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") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in the Annual Report. 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 interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. 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 and comprehensive income, shareholders’ equity or cash flows. 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. 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. The Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the discontinuance of LIBOR. The Company has completed its modifications to these financial instruments affected by reference rate reform. The application of this guidance did not have a material impact on the Company's consolidated financial statements.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): June 30, 2023 December 31, 2022 Land and improvements $ 995,095 $ 992,609 Buildings and improvements 4,073,238 4,040,505 Furniture, fixtures and equipment 770,499 745,978 5,838,832 5,779,092 Accumulated depreciation (1,688,656) (1,598,764) Investment in hotel properties, net $ 4,150,176 $ 4,180,328 For the three and six months ended June 30, 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.9 million and $89.9 million, respectively. For the three and six months ended June 30, 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.8 million and $93.5 million, respectively.

Sale of Hotel Properties

Sale of Hotel Properties	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties During the six months ended June 30, 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 The Company recorded a net gain of $1.1 million for the six months ended June 30, 2022 in connection with the sale of these hotel properties.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the three months ended June 30, 2023 For the three months ended June 30, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 35,447 $ 3,561 $ 2,030 $ 41,038 $ 36,589 $ 2,773 $ 1,698 $ 41,060 Southern California 32,569 3,878 3,626 40,073 31,101 2,161 2,615 35,877 South Florida 27,515 5,484 2,410 35,409 29,537 4,953 2,270 36,760 New York City 17,600 2,834 908 21,342 16,134 2,855 701 19,690 Chicago 17,253 2,730 918 20,901 15,104 2,343 737 18,184 Washington, DC 17,923 514 708 19,145 15,171 364 661 16,196 Louisville 12,941 4,137 1,171 18,249 10,929 3,166 876 14,971 Charleston 11,173 2,256 1,238 14,667 8,452 1,435 396 10,283 Houston 12,300 710 1,180 14,190 10,029 792 1,032 11,853 Austin 10,398 1,297 904 12,599 11,119 873 810 12,802 Other 100,377 10,731 8,239 119,347 96,511 9,439 6,875 112,825 Total $ 295,496 $ 38,132 $ 23,332 $ 356,960 $ 280,676 $ 31,154 $ 18,671 $ 330,501 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 66,055 $ 10,908 $ 4,732 $ 81,695 $ 66,948 $ 9,692 $ 4,493 $ 81,133 Northern California 70,259 7,024 4,018 81,301 56,797 4,386 2,735 63,918 Southern California 61,500 7,751 6,541 75,792 54,692 3,822 4,772 63,286 New York City 28,606 4,038 1,570 34,214 23,796 3,644 1,174 28,614 Chicago 26,695 4,938 1,587 33,220 24,064 3,966 1,197 29,227 Washington DC 30,430 700 1,263 32,393 23,496 481 1,251 25,228 Louisville 21,095 7,530 1,938 30,563 15,773 5,159 1,755 22,687 Houston 23,899 1,599 2,344 27,842 18,557 1,361 1,899 21,817 Austin 22,018 2,910 1,832 26,760 19,501 1,544 1,550 22,595 Charleston 18,942 4,278 2,026 25,246 15,190 2,631 899 18,720 Other 186,829 19,744 15,864 222,437 167,641 15,369 13,165 196,175 Total $ 556,328 $ 71,420 $ 43,715 $ 671,463 $ 486,455 $ 52,055 $ 34,890 $ 573,400

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, 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 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); • $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"); and • $225.0 million term loan with a scheduled maturity date of May 10, 2026 and two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2025, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans." In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off approximately $52.3 million of a term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023") and approximately $41.7 million of another term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"). In May 2023, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to May 10, 2027, which may be extended by the exercise of either a one-year extension option or up to two six-month extension options, subject to the satisfaction of certain conditions. The borrowings under the Revolver bear interest at a variable rate equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.40% to 1.95% or (ii) a base rate plus a margin ranging from 0.40% to 0.95%. In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026, the proceeds of which were used to fully repay a $151.7 million term loan with a scheduled maturity date of January 25, 2024 (the "$400 Million Term Loan Maturing 2024") and a $73.0 million term loan with a scheduled maturity date of January 25, 2024 (the "$225 Million Term Loan Maturing 2024"). The $225 Million Term Loan Maturing 2026 matures on May 10, 2026, with two additional one year extension options to May 2027 and May 2028, respectively. Borrowings under the $225 Million Term Loan Maturing 2026 bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.45% to 2.20% or (ii) a base rate plus a margin ranging from 0.45% to 1.20%. In May 2023, the Company also amended the $400 Million Term Loan Maturing 2025 to bear interest at a variable rate equal to Adjusted SOFR (replacing LIBOR), plus an applicable margin. In addition, during the May 2023 amendments, all of the Company's unsecured credit agreements were amended to, among other things, (i) modify the calculation of certain financial covenants, including increasing the leverage ratio limit to 7.25x, (ii) modify the calculation of the unencumbered leverage ratio, (iii) remove the requirement to provide equity pledges if a certain leverage ratio is exceeded and (iv) reduce the interest floor to zero. The Company paid approximately $7.4 million in lender and arrangement fees and legal costs related to the refinancing. In all cases, the actual margin is determined based on the Company’s leverage ratio, as calculated under the terms of the facility. The Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2023 (1) Maturity Date June 30, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.43% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 3.50% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.02% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (4,437) (3,126) Total Revolver and Term Loans, net $ 820,563 $ 820,536 (1) Interest rate at June 30, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of remaining capacity on the Revolver at both June 30, 2023 and December 31, 2022. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $6.3 million and $1.7 million as of June 30, 2023 and December 31, 2022, 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) <= 7.25x 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 furniture, fixtures and equipment ("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. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2023 Maturity Date June 30, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 4.95% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 5.51% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,013 27,193 15 408,013 408,193 Deferred financing costs, net (328) (481) Total mortgage loans, net $ 407,685 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.0 million and $2.2 million at June 30, 2023 and December 31, 2022, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at June 30, 2023 gives effect to interest rate hedges. (4) In April 2023, the Company exercised its final extension option to extend the maturity on this mortgage loan to April 2024. (5) This 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. 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 during the first quarter of 2023, all of the restrictions on this cash were removed. At June 30, 2023, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,431 Revolver and Term Loans 7,266 9,136 15,810 19,104 Mortgage loans 5,616 3,329 9,559 6,539 Amortization of deferred financing costs 1,491 1,417 2,965 3,101 Non-cash interest expense related to interest rate hedges 482 285 964 241 Total interest expense $ 24,543 $ 23,855 $ 48,673 $ 48,416 " id="sjs-B4" xml:space="preserve">Debt The Company's debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Senior Notes, net $ 990,489 $ 989,307 Revolver — — Term Loans, net 820,563 820,536 Mortgage loans, net 407,685 407,712 Debt, net $ 2,218,737 $ 2,217,555 Senior Notes The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date June 30, 2023 December 31, 2022 2029 Senior Notes (1) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (9,511) (10,693) Total senior notes, net $ 990,489 $ 989,307 (1) Requires payment of interest only through maturity. The indentures governing the Senior Notes 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 June 30, 2023 and December 31, 2022, 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 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); • $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"); and • $225.0 million term loan with a scheduled maturity date of May 10, 2026 and two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2025, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans." In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off approximately $52.3 million of a term loan with a scheduled maturity date of January 25, 2023 (the "$400 Million Term Loan Maturing 2023") and approximately $41.7 million of another term loan with a scheduled maturity date of January 25, 2023 (the "$225 Million Term Loan Maturing 2023"). In May 2023, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to May 10, 2027, which may be extended by the exercise of either a one-year extension option or up to two six-month extension options, subject to the satisfaction of certain conditions. The borrowings under the Revolver bear interest at a variable rate equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.40% to 1.95% or (ii) a base rate plus a margin ranging from 0.40% to 0.95%. In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026, the proceeds of which were used to fully repay a $151.7 million term loan with a scheduled maturity date of January 25, 2024 (the "$400 Million Term Loan Maturing 2024") and a $73.0 million term loan with a scheduled maturity date of January 25, 2024 (the "$225 Million Term Loan Maturing 2024"). The $225 Million Term Loan Maturing 2026 matures on May 10, 2026, with two additional one year extension options to May 2027 and May 2028, respectively. Borrowings under the $225 Million Term Loan Maturing 2026 bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.45% to 2.20% or (ii) a base rate plus a margin ranging from 0.45% to 1.20%. In May 2023, the Company also amended the $400 Million Term Loan Maturing 2025 to bear interest at a variable rate equal to Adjusted SOFR (replacing LIBOR), plus an applicable margin. In addition, during the May 2023 amendments, all of the Company's unsecured credit agreements were amended to, among other things, (i) modify the calculation of certain financial covenants, including increasing the leverage ratio limit to 7.25x, (ii) modify the calculation of the unencumbered leverage ratio, (iii) remove the requirement to provide equity pledges if a certain leverage ratio is exceeded and (iv) reduce the interest floor to zero. The Company paid approximately $7.4 million in lender and arrangement fees and legal costs related to the refinancing. In all cases, the actual margin is determined based on the Company’s leverage ratio, as calculated under the terms of the facility. The Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2023 (1) Maturity Date June 30, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.43% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 3.50% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.02% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (4,437) (3,126) Total Revolver and Term Loans, net $ 820,563 $ 820,536 (1) Interest rate at June 30, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of remaining capacity on the Revolver at both June 30, 2023 and December 31, 2022. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $6.3 million and $1.7 million as of June 30, 2023 and December 31, 2022, 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) <= 7.25x 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 furniture, fixtures and equipment ("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. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2023 Maturity Date June 30, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 4.95% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 5.51% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,013 27,193 15 408,013 408,193 Deferred financing costs, net (328) (481) Total mortgage loans, net $ 407,685 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.0 million and $2.2 million at June 30, 2023 and December 31, 2022, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at June 30, 2023 gives effect to interest rate hedges. (4) In April 2023, the Company exercised its final extension option to extend the maturity on this mortgage loan to April 2024. (5) This 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. 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 during the first quarter of 2023, all of the restrictions on this cash were removed. At June 30, 2023, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,431 Revolver and Term Loans 7,266 9,136 15,810 19,104 Mortgage loans 5,616 3,329 9,559 6,539 Amortization of deferred financing costs 1,491 1,417 2,965 3,101 Non-cash interest expense related to interest rate hedges 482 285 964 241 Total interest expense $ 24,543 $ 23,855 $ 48,673 $ 48,416

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Swap Effective Date Maturity Date June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Swap-cash flow-LIBOR 2.29% March 2019 December 2022 $ — $ 200,000 $ — $ — Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 125,000 — — Swap-cash flow-Term SOFR 2.64% November 2022 November 2023 100,000 100,000 1,102 1,935 Swap-cash flow-Daily SOFR (1) 2.44% May 2023 December 2023 75,000 75,000 1,219 1,852 Swap-cash flow-Daily SOFR (1) 2.31% May 2023 December 2023 75,000 75,000 1,275 1,948 Swap-cash flow-Daily SOFR (1) 1.08% May 2023 April 2024 50,000 50,000 1,850 2,464 Swap-cash flow-Daily SOFR (1) 1.13% May 2023 April 2024 50,000 50,000 1,832 2,436 Swap-cash flow-Daily SOFR (1) 1.08% May 2023 April 2024 50,000 50,000 1,854 2,470 Swap-cash flow-Daily SOFR (2) 1.10% April 2021 April 2024 50,000 50,000 1,900 2,504 Swap-cash flow-Daily SOFR (2) 0.98% April 2021 April 2024 25,000 25,000 976 1,293 Swap-cash flow-Daily SOFR (1) 0.88% May 2023 April 2024 25,000 25,000 971 1,304 Swap-cash flow-Daily SOFR (1)(3) 0.86% May 2023 April 2024 25,000 25,000 975 1,310 Swap-cash flow-Daily SOFR (1)(3) 0.83% May 2023 April 2024 25,000 25,000 982 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 1,589 — Swap-cash flow-Daily SOFR (1)(3) 0.77% May 2023 December 2024 50,000 50,000 3,141 3,538 Swap-cash flow-Daily SOFR (2)(3) 0.75% June 2020 December 2024 50,000 50,000 3,247 3,636 Swap-cash flow-Daily SOFR (1) 1.16% May 2023 September 2025 150,000 150,000 11,346 11,636 Swap-cash flow-Daily SOFR (1)(3) 0.56% May 2023 January 2026 50,000 50,000 4,864 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 2,619 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,540 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,586 — $ 1,300,000 $ 1,175,000 $ 44,868 $ 44,688 (1) In May 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (2) In July 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (3) 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 to other income, net, in the consolidated statements of operations and comprehensive income. 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 during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. As of June 30, 2023 and December 31, 2022, the aggregate fair value of the interest rate swap assets of $44.9 million and $44.7 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of June 30, 2023 and December 31, 2022, there was approximately $41.7 million and $40.6 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three or six month periods ended June 30, 2023 or 2022. For the three and six months ended June 30, 2023, gains of approximately $7.5 million and $13.5 million, respectively, included in accumulated other interest expense

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
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, which are Level 1 inputs 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 by 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): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 990,489 $ 877,641 $ 989,307 $ 853,895 Revolver and Term Loans, net 820,563 818,835 820,536 812,604 Mortgage loans, net 407,685 389,996 407,712 388,839 Debt, net $ 2,218,737 $ 2,086,472 $ 2,217,555 $ 2,055,338 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 June 30, 2023 (in thousands): Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,868 $ — $ 44,868 Total $ — $ 44,868 $ — $ 44,868 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 Total $ — $ 44,688 $ — $ 44,688 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 June 30, 2023, 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 ("NOL"), 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 is still continuing to provide a full valuation allowance against the deferred tax assets related to the NOL carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's primary TRS. The Company had no accruals for tax uncertainties as of June 30, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and debt obligations where lenders hold restricted cash due to cash trap events. 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 for future capital expenditures (including the periodic replacement or refurbishment of FF&E). Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of June 30, 2023 and December 31, 2022, approximately $34.4 million and $28.2 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, and insurance. As of December 31, 2022, there was also approximately $26.9 million of restricted cash held by a lender due to a cash trap event, and during the first quarter of 2023, all of the restrictions on this cash were removed. 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 June 30, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2023, the Company incurred management fee expense of approximately $11.1 million and $21.9 million, respectively. For the three and six months ended June 30, 2022, the Company incurred management fee expense of approximately $9.7 million and $16.5 million, respectively. Franchise Agreements As of June 30, 2023, 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. For the three and six months ended June 30, 2023, the Company incurred franchise fee expense of approximately $18.1 million and $33.5 million, respectively. For the three and six months ended June 30, 2022, the Company incurred franchise fee expense of approximately $16.4 million and $30.0 million, respectively.

Equity

Equity	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the six months ended June 30, 2023, the Company declared a cash dividend of $0.08 per common share in each of the first and second quarters of 2023. During the six months ended June 30, 2022, the Company declared a cash dividend of $0.01 per common share in each of the first and second quarters of 2022. On April 28, 2023, 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, 2023 to May 8, 2024 (the "2023 Share Repurchase Program"). During the six months ended June 30, 2023, the Company repurchased and retired approximately 5.1 million common shares for approximately $52.0 million, of which $39.9 million was repurchased under a share repurchase program authorized by the Company’s board of trustees in 2022, which expired May 8, 2023, and $12.1 million was repurchased under the 2023 Share Repurchase Program. Subsequent to June 30, 2023, the Company repurchased and retired approximately 0.2 million common shares for approximately $2.3 million. As of August 4, 2023, the 2023 Share Repurchase Program had a remaining capacity of $235.7 million. During the six months ended June 30, 2022, the Company repurchased and retired approximately 4.0 million common shares for approximately $47.4 million. Series A Preferred Shares During the six months ended June 30, 2023 and 2022, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first and second quarters of 2023 and 2022. 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. 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. 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. As of June 30, 2023, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (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 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 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 as of June 30, 2023 is as follows: 2023 Number of Weighted-Average Unvested at January 1, 2023 2,267,870 $ 15.32 Granted 991,453 10.84 Vested (883,147) 15.33 Forfeited (18,130) 13.79 Unvested at June 30, 2023 2,358,046 $ 13.44 For the three and six months ended June 30, 2023, the Company recognized approximately $3.8 million and $7.4 million, respectively, of share-based compensation expense related to restricted share awards. For the three and six months ended June 30, 2022, the Company recognized approximately $3.6 million and $7.1 million, respectively, of share-based compensation expense related to restricted share awards. As of June 30, 2023, there was $22.1 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 1.7 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the six months ended June 30, 2023 and 2022 was approximately $9.5 million and $8.7 million, respectively. Performance Units The Company aligns its executive officers with its long-term investors by awarding a significant percentage of their equity compensation in the form of multi-year performance unit awards that use both absolute and relative Total Shareholder Return as the primary metrics. The performance units granted prior to 2021 vest over a four year period, including three years of performance-based vesting (the “performance units measurement period”) plus an additional one year of time-based vesting. 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, 2022 and 2023 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, 2022 and 2023, 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 2020 (1) 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% February 2023 574,846 $16.90 0% to 200% 4.33% 66.7% (1) In February 2023, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 200,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2024. As of June 30, 2023, there were approximately 100,000 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 six months ended June 30, 2023 was approximately $1.1 million. For the three and six months ended June 30, 2023, the Company recognized approximately $2.3 million and $4.4 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and six months ended June 30, 2022, the Company recognized approximately $1.9 million and $3.5 million, respectively, of share-based compensation expense related to the performance unit awards. As of June 30, 2023, there was $15.6 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 2.0 years.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
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 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 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 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 three and six months ended June 30, 2023 and 2022, 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 three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to RLJ $ 41,395 $ 32,966 $ 52,040 $ 17,718 Less: Preferred dividends (6,279) (6,279) (12,557) (12,557) Less: Dividends paid on unvested restricted shares (197) (24) (399) (50) Less: Undistributed earnings attributable to unvested restricted shares (351) (368) (219) (27) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 34,568 $ 26,295 $ 38,865 $ 5,084 Denominator: Weighted-average number of common shares - basic 156,424,444 163,539,446 157,945,406 163,857,785 Unvested restricted shares 316,743 245,127 435,974 359,365 Weighted-average number of common shares - diluted 156,741,187 163,784,573 158,381,380 164,217,150 Net income per share attributable to common shareholders - basic $ 0.22 $ 0.16 $ 0.25 $ 0.03 Net income per share attributable to common shareholders - diluted $ 0.22 $ 0.16 $ 0.25 $ 0.03

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the six months ended June 30, 2023 2022 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 476,936 $ 511,481 Restricted cash reserves 34,396 44,281 Cash, cash equivalents, and restricted cash reserves $ 511,332 $ 555,762 Interest paid $ 44,386 $ 45,747 Income taxes paid $ 1,924 $ 677 Operating cash flow lease payments for operating leases $ 8,630 $ 7,667 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — Supplemental investing and financing transactions In connection with the sale of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 Transaction costs (44) (836) Operating prorations — (991) Proceeds from the sale of hotel properties, net $ (44) $ 48,073 Supplemental non-cash transactions Accrued capital expenditures $ 10,854 $ 7,405

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 41,395	$ 32,966	$ 52,040	$ 17,718

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited 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") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in the Annual Report. 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 interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
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 and comprehensive income, shareholders’ equity or cash flows.
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.
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. The Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the discontinuance of LIBOR. The Company has completed its modifications to these financial instruments affected by reference rate reform. The application of this guidance did not have a material impact on the Company's consolidated financial statements.
Management Agreements	Management Agreements As of June 30, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one
Franchise Agreements	Franchise Agreements As of June 30, 2023, 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. For the three and six months ended June 30, 2023, the Company incurred franchise fee expense of approximately $18.1 million and $33.5 million, respectively. For the three and six months ended June 30, 2022, the Company incurred franchise fee expense of approximately $16.4 million and $30.0 million, respectively.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares 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 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.
Earnings Per 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 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 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 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 three and six months ended June 30, 2023 and 2022, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): June 30, 2023 December 31, 2022 Land and improvements $ 995,095 $ 992,609 Buildings and improvements 4,073,238 4,040,505 Furniture, fixtures and equipment 770,499 745,978 5,838,832 5,779,092 Accumulated depreciation (1,688,656) (1,598,764) Investment in hotel properties, net $ 4,150,176 $ 4,180,328

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed of during period	During the six months ended June 30, 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

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the three months ended June 30, 2023 For the three months ended June 30, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 35,447 $ 3,561 $ 2,030 $ 41,038 $ 36,589 $ 2,773 $ 1,698 $ 41,060 Southern California 32,569 3,878 3,626 40,073 31,101 2,161 2,615 35,877 South Florida 27,515 5,484 2,410 35,409 29,537 4,953 2,270 36,760 New York City 17,600 2,834 908 21,342 16,134 2,855 701 19,690 Chicago 17,253 2,730 918 20,901 15,104 2,343 737 18,184 Washington, DC 17,923 514 708 19,145 15,171 364 661 16,196 Louisville 12,941 4,137 1,171 18,249 10,929 3,166 876 14,971 Charleston 11,173 2,256 1,238 14,667 8,452 1,435 396 10,283 Houston 12,300 710 1,180 14,190 10,029 792 1,032 11,853 Austin 10,398 1,297 904 12,599 11,119 873 810 12,802 Other 100,377 10,731 8,239 119,347 96,511 9,439 6,875 112,825 Total $ 295,496 $ 38,132 $ 23,332 $ 356,960 $ 280,676 $ 31,154 $ 18,671 $ 330,501 For the six months ended June 30, 2023 For the six months ended June 30, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 66,055 $ 10,908 $ 4,732 $ 81,695 $ 66,948 $ 9,692 $ 4,493 $ 81,133 Northern California 70,259 7,024 4,018 81,301 56,797 4,386 2,735 63,918 Southern California 61,500 7,751 6,541 75,792 54,692 3,822 4,772 63,286 New York City 28,606 4,038 1,570 34,214 23,796 3,644 1,174 28,614 Chicago 26,695 4,938 1,587 33,220 24,064 3,966 1,197 29,227 Washington DC 30,430 700 1,263 32,393 23,496 481 1,251 25,228 Louisville 21,095 7,530 1,938 30,563 15,773 5,159 1,755 22,687 Houston 23,899 1,599 2,344 27,842 18,557 1,361 1,899 21,817 Austin 22,018 2,910 1,832 26,760 19,501 1,544 1,550 22,595 Charleston 18,942 4,278 2,026 25,246 15,190 2,631 899 18,720 Other 186,829 19,744 15,864 222,437 167,641 15,369 13,165 196,175 Total $ 556,328 $ 71,420 $ 43,715 $ 671,463 $ 486,455 $ 52,055 $ 34,890 $ 573,400

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): June 30, 2023 December 31, 2022 Senior Notes, net $ 990,489 $ 989,307 Revolver — — Term Loans, net 820,563 820,536 Mortgage loans, net 407,685 407,712 Debt, net $ 2,218,737 $ 2,217,555
Schedule of Senior Notes	The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date June 30, 2023 December 31, 2022 2029 Senior Notes (1) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (9,511) (10,693) Total senior notes, net $ 990,489 $ 989,307 (1) Requires payment of interest only through maturity.
Schedule Of Debt Instrument 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) <= 7.25x 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 furniture, fixtures and equipment ("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 Revolver and Term Loans	The Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2023 (1) Maturity Date June 30, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.43% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 3.50% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.02% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (4,437) (3,126) Total Revolver and Term Loans, net $ 820,563 $ 820,536 (1) Interest rate at June 30, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of remaining capacity on the Revolver at both June 30, 2023 and December 31, 2022. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $6.3 million and $1.7 million as of June 30, 2023 and December 31, 2022, 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 (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2023 Maturity Date June 30, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 (4) $ 200,000 $ 200,000 Mortgage loan (1) 3 4.95% (3) April 2024 (5) 96,000 96,000 Mortgage loan (1) 4 5.51% (3) April 2024 (5) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 27,013 27,193 15 408,013 408,193 Deferred financing costs, net (328) (481) Total mortgage loans, net $ 407,685 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $2.0 million and $2.2 million at June 30, 2023 and December 31, 2022, respectively, related to a fair value adjustment on this mortgage loan. (3) Interest rate at June 30, 2023 gives effect to interest rate hedges. (4) In April 2023, the Company exercised its final extension option to extend the maturity on this mortgage loan to April 2024. (5) This mortgage loan provides two one-year extension options.
Schedule of Interest Expense Components	The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,431 Revolver and Term Loans 7,266 9,136 15,810 19,104 Mortgage loans 5,616 3,329 9,559 6,539 Amortization of deferred financing costs 1,491 1,417 2,965 3,101 Non-cash interest expense related to interest rate hedges 482 285 964 241 Total interest expense $ 24,543 $ 23,855 $ 48,673 $ 48,416

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Swap Effective Date Maturity Date June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Swap-cash flow-LIBOR 2.29% March 2019 December 2022 $ — $ 200,000 $ — $ — Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 125,000 — — Swap-cash flow-Term SOFR 2.64% November 2022 November 2023 100,000 100,000 1,102 1,935 Swap-cash flow-Daily SOFR (1) 2.44% May 2023 December 2023 75,000 75,000 1,219 1,852 Swap-cash flow-Daily SOFR (1) 2.31% May 2023 December 2023 75,000 75,000 1,275 1,948 Swap-cash flow-Daily SOFR (1) 1.08% May 2023 April 2024 50,000 50,000 1,850 2,464 Swap-cash flow-Daily SOFR (1) 1.13% May 2023 April 2024 50,000 50,000 1,832 2,436 Swap-cash flow-Daily SOFR (1) 1.08% May 2023 April 2024 50,000 50,000 1,854 2,470 Swap-cash flow-Daily SOFR (2) 1.10% April 2021 April 2024 50,000 50,000 1,900 2,504 Swap-cash flow-Daily SOFR (2) 0.98% April 2021 April 2024 25,000 25,000 976 1,293 Swap-cash flow-Daily SOFR (1) 0.88% May 2023 April 2024 25,000 25,000 971 1,304 Swap-cash flow-Daily SOFR (1)(3) 0.86% May 2023 April 2024 25,000 25,000 975 1,310 Swap-cash flow-Daily SOFR (1)(3) 0.83% May 2023 April 2024 25,000 25,000 982 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 1,589 — Swap-cash flow-Daily SOFR (1)(3) 0.77% May 2023 December 2024 50,000 50,000 3,141 3,538 Swap-cash flow-Daily SOFR (2)(3) 0.75% June 2020 December 2024 50,000 50,000 3,247 3,636 Swap-cash flow-Daily SOFR (1) 1.16% May 2023 September 2025 150,000 150,000 11,346 11,636 Swap-cash flow-Daily SOFR (1)(3) 0.56% May 2023 January 2026 50,000 50,000 4,864 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 2,619 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,540 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,586 — $ 1,300,000 $ 1,175,000 $ 44,868 $ 44,688 (1) In May 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (2) In July 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (3) 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 to other income, net, in the consolidated statements of operations and comprehensive income. 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 during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 990,489 $ 877,641 $ 989,307 $ 853,895 Revolver and Term Loans, net 820,563 818,835 820,536 812,604 Mortgage loans, net 407,685 389,996 407,712 388,839 Debt, net $ 2,218,737 $ 2,086,472 $ 2,217,555 $ 2,055,338
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 June 30, 2023 (in thousands): Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,868 $ — $ 44,868 Total $ — $ 44,868 $ — $ 44,868 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 Total $ — $ 44,688 $ — $ 44,688

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Incentive Plan
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	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 2020 (1) 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% February 2023 574,846 $16.90 0% to 200% 4.33% 66.7% (1) In February 2023, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 200,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2024. As of June 30, 2023, there were approximately 100,000 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 six months ended June 30, 2023 was approximately $1.1 million.
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of June 30, 2023 is as follows: 2023 Number of Weighted-Average Unvested at January 1, 2023 2,267,870 $ 15.32 Granted 991,453 10.84 Vested (883,147) 15.33 Forfeited (18,130) 13.79 Unvested at June 30, 2023 2,358,046 $ 13.44

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
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 three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to RLJ $ 41,395 $ 32,966 $ 52,040 $ 17,718 Less: Preferred dividends (6,279) (6,279) (12,557) (12,557) Less: Dividends paid on unvested restricted shares (197) (24) (399) (50) Less: Undistributed earnings attributable to unvested restricted shares (351) (368) (219) (27) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 34,568 $ 26,295 $ 38,865 $ 5,084 Denominator: Weighted-average number of common shares - basic 156,424,444 163,539,446 157,945,406 163,857,785 Unvested restricted shares 316,743 245,127 435,974 359,365 Weighted-average number of common shares - diluted 156,741,187 163,784,573 158,381,380 164,217,150 Net income per share attributable to common shareholders - basic $ 0.22 $ 0.16 $ 0.25 $ 0.03 Net income per share attributable to common shareholders - diluted $ 0.22 $ 0.16 $ 0.25 $ 0.03

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the six months ended June 30, 2023 2022 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 476,936 $ 511,481 Restricted cash reserves 34,396 44,281 Cash, cash equivalents, and restricted cash reserves $ 511,332 $ 555,762 Interest paid $ 44,386 $ 45,747 Income taxes paid $ 1,924 $ 677 Operating cash flow lease payments for operating leases $ 8,630 $ 7,667 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — Supplemental investing and financing transactions In connection with the sale of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 Transaction costs (44) (836) Operating prorations — (991) Proceeds from the sale of hotel properties, net $ (44) $ 48,073 Supplemental non-cash transactions Accrued capital expenditures $ 10,854 $ 7,405

General (Details)

General (Details)	6 Months Ended
	Jun. 30, 2023 property room state shares	Sep. 30, 2019 hotel
Sale of Stock
OP units outstanding (in units) | shares	158,458,022
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.50%
Number of Real Estate Properties	97	35
Number of hotel rooms owned | room	21,400
Number of states in which hotels owned by the entity are located | state	23
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	95
Hotel property ownership interest (as a percent)	100%
Partially Owned Properties [Member] | Ninety Five Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	95%
Partially Owned Properties [Member] | Fifty Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	50%
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Unconsolidated Properties [Member] | Fifty Percent Owned [Member]
Sale of Stock
Equity Method Investment, Ownership Percentage	50%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	96

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Jun. 30, 2023 joint_venture
Subsidiary or Equity Method Investee [Line Items]
Real Estate Interests, Number of Joint Ventures	1
Fifty Percent Owned [Member] | Unconsolidated Properties [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity Method Investment, Ownership Percentage	50%

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land and improvements	$ 995,095		$ 995,095		$ 992,609
Buildings and improvements	4,073,238		4,073,238		4,040,505
Furniture, fixtures and equipment	770,499		770,499		745,978
Investment in hotel properties, gross	5,838,832		5,838,832		5,779,092
Accumulated depreciation	(1,688,656)		(1,688,656)		(1,598,764)
Investment in hotel properties, net	4,150,176		4,150,176		$ 4,180,328
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 44,900	$ 46,800	$ 89,900	$ 93,500

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net			$ 44	$ 48,073
Loss (gain) on sale of hotel properties, net	$ (44)	$ (364)	$ (44)	1,053
Disposals 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of hotel properties, net				$ 49,900

Sale of Hotel Properties (Sched

Sale of Hotel Properties (Schedule of Properties Disposed) (Details)	Jun. 30, 2022 room
Marriott Denver Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms	238
SpringHill Suites Westminster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms	164
Disposals 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms	402

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 356,960	$ 330,501	$ 671,463	$ 573,400
Southern California
Disaggregation of Revenue [Line Items]
Revenues	40,073	35,877	75,792	63,286
South Florida
Disaggregation of Revenue [Line Items]
Revenues	35,409	36,760	81,695	81,133
Northern California
Disaggregation of Revenue [Line Items]
Revenues	41,038	41,060	81,301	63,918
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	20,901	18,184	33,220	29,227
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	19,145	16,196	32,393	25,228
New York City
Disaggregation of Revenue [Line Items]
Revenues	21,342	19,690	34,214	28,614
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	14,190	11,853	27,842	21,817
Austin, Texas
Disaggregation of Revenue [Line Items]
Revenues	12,599	12,802	26,760	22,595
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	18,249	14,971	30,563	22,687
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	119,347	112,825	222,437	196,175
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	14,667	10,283	25,246	18,720
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	295,496	280,676	556,328	486,455
Room Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	32,569	31,101	61,500	54,692
Room Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	27,515	29,537	66,055	66,948
Room Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,447	36,589	70,259	56,797
Room Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,253	15,104	26,695	24,064
Room Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,923	15,171	30,430	23,496
Room Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,600	16,134	28,606	23,796
Room Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,300	10,029	23,899	18,557
Room Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,398	11,119	22,018	19,501
Room Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,941	10,929	21,095	15,773
Room Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	100,377	96,511	186,829	167,641
Room Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,173	8,452	18,942	15,190
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	38,132	31,154	71,420	52,055
Food and Beverage Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,878	2,161	7,751	3,822
Food and Beverage Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,484	4,953	10,908	9,692
Food and Beverage Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,561	2,773	7,024	4,386
Food and Beverage Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,730	2,343	4,938	3,966
Food and Beverage Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	514	364	700	481
Food and Beverage Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,834	2,855	4,038	3,644
Food and Beverage Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	710	792	1,599	1,361
Food and Beverage Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,297	873	2,910	1,544
Food and Beverage Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,137	3,166	7,530	5,159
Food and Beverage Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,731	9,439	19,744	15,369
Food and Beverage Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,256	1,435	4,278	2,631
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	23,332	18,671	43,715	34,890
Other Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,626	2,615	6,541	4,772
Other Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,410	2,270	4,732	4,493
Other Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,030	1,698	4,018	2,735
Other Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	918	737	1,587	1,197
Other Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	708	661	1,263	1,251
Other Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	908	701	1,570	1,174
Other Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,180	1,032	2,344	1,899
Other Revenue | Austin, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	904	810	1,832	1,550
Other Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,171	876	1,938	1,755
Other Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	8,239	6,875	15,864	13,165
Other Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,238	$ 396	$ 2,026	$ 899

Debt (Senior Notes, Term Loans,

Debt (Senior Notes, Term Loans, and Revolver) (Details)	1 Months Ended		6 Months Ended
	May 31, 2023 USD ($) option	Jan. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) option	Dec. 31, 2022 USD ($)
Debt
Unsecured Debt, Gross			$ 825,000,000	$ 823,662,000
Unamortized debt issuance costs on term loans			(4,437,000)	(3,126,000)
Debt, net			2,218,737,000	2,217,555,000
Deferred financing costs, net			$ (9,511,000)	(10,693,000)
Number of extension options | option			2
Prepaid expenses and other assets
Debt
Debt Issuance Costs, Net			$ (6,300,000)	(1,700,000)
Secured Debt | Fair Value, Inputs, Level 3
Debt
Secured Debt			407,685,000	407,712,000
Unsecured Debt
Debt
Leverage ratio	7.25
Debt Instrument, Interest Rate, Floor	0%
Debt Instrument, Fee Amount	$ 7,400,000
Unsecured Debt | Fair Value, Inputs, Level 3
Debt
Unsecured Debt			820,563,000	820,536,000
$500 Million Senior Notes Due 2029 | Level 1
Debt
Long-term Debt, Gross			500,000,000	500,000,000
$500 Million Senior Notes Due 2026 | Level 1
Debt
Long-term Debt, Gross			500,000,000	500,000,000
Senior Notes | Level 1
Debt
Long-term Debt, Gross			1,000,000,000	1,000,000,000
Senior Notes
Debt
Long-term Debt, Gross			990,489,000	989,307,000
The Revolver | Line of Credit
Debt
Unsecured Debt			$ 0	0
Interest Rate			0%
Line of Credit Facility, Maximum Borrowing Capacity			$ 600,000,000
Remaining borrowing capacity			$ 600,000,000
The Revolver | Line of Credit | Extension Option 1
Debt
Additional maturity term	1 year		1 year
The Revolver | Line of Credit | Extension Option 2
Debt
Additional maturity term	6 months		6 months
Number of extension options | option	2		2
The Revolver | Unsecured Debt | SOFR
Debt
Basis spread on variable rate (percent)	0.10%
The Revolver | Unsecured Debt | SOFR | Minimum
Debt
Basis spread on variable rate (percent)	1.40%
The Revolver | Unsecured Debt | SOFR | Maximum
Debt
Basis spread on variable rate (percent)	1.95%
The Revolver | Unsecured Debt | Base Rate | Minimum
Debt
Basis spread on variable rate (percent)	0.40%
The Revolver | Unsecured Debt | Base Rate | Maximum
Debt
Basis spread on variable rate (percent)	0.95%
Conventional Mortgage Loan
Debt
Unsecured Debt			$ 820,563,000	820,536,000
$500 Million Senior Notes Due 2029 | Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			4%
$500 Million Senior Notes Due 2026 | Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			3.75%
$400 Million Term Loan Maturing 2025 | Unsecured Debt
Debt
Unsecured Debt			$ 400,000,000	400,000,000
Interest Rate			3.43%
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000,000		$ 400,000,000
$200 Million Term Loan Maturing 2026
Debt
Additional maturity term			1 year
$200 Million Term Loan Maturing 2026 | Unsecured Debt
Debt
Unsecured Debt			$ 200,000,000	105,000,000
Interest Rate			3.50%
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000,000
Additional maturity term			1 year
Number of extension options | option			2
Proceeds from long-term lines of credit			$ 95,000,000
$225 Million Term Loan Maturing 2026 | Unsecured Debt
Debt
Unsecured Debt			$ 225,000,000	0
Interest Rate			3.02%
Line of Credit Facility, Maximum Borrowing Capacity	$ 225,000,000		$ 225,000,000
Additional maturity term	1 year		1 year
Number of extension options | option	2		2
$225 Million Term Loan Maturing 2026 | Unsecured Debt | SOFR | Minimum
Debt
Basis spread on variable rate (percent)	1.45%
$225 Million Term Loan Maturing 2026 | Unsecured Debt | SOFR | Maximum
Debt
Basis spread on variable rate (percent)	2.20%
$225 Million Term Loan Maturing 2026 | Unsecured Debt | Base Rate | Minimum
Debt
Basis spread on variable rate (percent)	0.45%
$225 Million Term Loan Maturing 2026 | Unsecured Debt | Base Rate | Maximum
Debt
Basis spread on variable rate (percent)	1.20%
$400 Million Term Loan Maturing 2024 | Unsecured Debt
Debt
Unsecured Debt			$ 0	151,683,000
Interest Rate			0%
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000,000		$ 400,000,000
Repayments of Debt	151,700,000
$225 Million Term Loan Maturing 2023 | Unsecured Debt
Debt
Unsecured Debt			$ 0	41,745,000
Interest Rate			0%
Line of Credit Facility, Maximum Borrowing Capacity		$ 225,000,000	$ 225,000,000
Proceeds from long-term lines of credit			95,000,000
Repayments of Debt		41,700,000
$400 Million Term Loan Maturing 2023 | Unsecured Debt
Debt
Unsecured Debt			$ 0	52,261,000
Interest Rate			0%
Line of Credit Facility, Maximum Borrowing Capacity		400,000,000	$ 400,000,000
Repayments of Debt		$ 52,300,000
$225 Million Term Loan Maturing 2024 | Unsecured Debt
Debt
Unsecured Debt			$ 0	$ 72,973,000
Interest Rate			0%
Line of Credit Facility, Maximum Borrowing Capacity	225,000,000		$ 225,000,000
Repayments of Debt	$ 73,000,000

Debt (Covenants) (Details)

Debt (Covenants) (Details)	Jun. 30, 2023
$500 Million Term Loan Maturing 2026 | Senior Notes
Debt
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
Original Covenant
Debt
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	2
Leverage ratio	0.0725
Fixed charge coverage ratio	0.0150
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60%

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2019 increment	Jun. 30, 2023 USD ($) asset	Dec. 31, 2022 USD ($) loan
Debt
Mortgage loans, gross		$ 408,013	$ 408,193
Unamortized debt issuance costs on mortgage loans		$ (328)	$ (481)
Mortgage Loan in Cash Trap Event | loan			1
Restricted Cash			$ 28,200
Lender
Debt
Restricted Cash			26,900
Secured Debt
Debt
Number of Assets Encumbered | asset		15
Secured Debt | Fair Value, Inputs, Level 3
Debt
Secured Debt		$ 407,685	407,712
Secured Debt | Wells Fargo 3
Debt
Number of Assets Encumbered | asset		1
Secured Debt		$ 27,013	27,193
Interest Rate		5.06%
Debt Instrument, Fair Value Adjustment, Net		$ 2,000	2,200
Three Point Three Two Percent Due April 2022 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		7
Debt Instrument, Interest Rate, Stated Percentage		5.94%
Secured Debt		$ 200,000	200,000
Four Point Zero Zero Percent Due April 2024 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		3
Debt Instrument, Interest Rate, Stated Percentage		4.95%
Secured Debt		$ 96,000	96,000
Three Point Four Three Percent Due March 2024 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		4
Debt Instrument, Interest Rate, Stated Percentage		5.51%
Secured Debt		$ 85,000	$ 85,000
LIBOR Plus One Point Six Zero Percent [Member] | Secured Debt
Debt
Number of additional maturity terms | increment	2
Additional maturity term	1 year

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt
Amortization of deferred financing costs	$ 1,491	$ 1,417	$ 2,965	$ 3,101
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	(482)	(285)	(964)	(241)
Total Interest Expense	24,543	23,855	48,673	48,416
Senior Notes
Debt
Interest expense	9,688	9,688	19,375	19,431
Revolver and Term Loans
Debt
Interest expense	7,266	9,136	15,810	19,104
Secured Debt
Debt
Interest expense	$ 5,616	$ 3,329	$ 9,559	$ 6,539

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Interest Rate Derivatives
Notional value		$ 1,300,000,000		$ 1,300,000,000		$ 1,175,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		44,868,000		44,868,000		44,688,000
Accumulated other comprehensive income		41,733,000		41,733,000		40,591,000
Amount of hedge ineffectiveness		$ 0	$ 0	0	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest income
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net			0	0	(5,866,000)
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months		$ (26,500,000)		(26,500,000)
Interest rate swap | Recurring
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value		44,868,000		44,868,000		44,688,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		44,868,000		44,868,000		44,688,000
Interest rate swap | Fair Value, Inputs, Level 2 [Member] | Recurring
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value		44,868,000		44,868,000		44,688,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		44,868,000		44,868,000		44,688,000
Designated as Hedging Instrument
Interest Rate Derivatives
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net		7,500,000	$ (3,100,000)	13,500,000	$ (8,100,000)
Designated as Hedging Instrument | Interest Rate Swap, 2.29% [Member]
Interest Rate Derivatives
Notional value		0		0		200,000,000
Interest rate swap liability						0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 0		$ 0
Interest rate		2.29%		2.29%
Designated as Hedging Instrument | Interest Rate Swap, 2.290% [Member]
Interest Rate Derivatives
Notional value		$ 0		$ 0		125,000,000
Interest rate swap liability						0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 0		$ 0
Interest rate		2.29%		2.29%
Designated as Hedging Instrument | Interest Rate Swap, 2.64%
Interest Rate Derivatives
Notional value		$ 100,000,000		$ 100,000,000		100,000,000
Interest rate swap liability						1,935,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,102,000		$ 1,102,000
Interest rate		2.64%		2.64%
Designated as Hedging Instrument | Interest Rate Swap, 2.51% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000		75,000,000
Interest rate swap liability						1,852,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,219,000		$ 1,219,000
Interest rate		2.44%		2.44%
Designated as Hedging Instrument | Interest Rate Swap, 2.39% [Member]
Interest Rate Derivatives
Notional value		$ 75,000,000		$ 75,000,000		75,000,000
Interest rate swap liability						1,948,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,275,000		$ 1,275,000
Interest rate		2.31%		2.31%
Designated as Hedging Instrument | Interest Rate Swap, 1.24% [Member]
Interest Rate Derivatives
Notional value		$ 150,000,000		$ 150,000,000		150,000,000
Interest rate swap liability						11,636,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 11,346,000		$ 11,346,000
Interest rate		1.16%		1.16%
Designated as Hedging Instrument | Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest rate swap liability						2,464,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,850,000		$ 1,850,000
Interest rate		1.08%		1.08%
Designated as Hedging Instrument | Interest Rate Swap, 1.200% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest rate swap liability						2,436,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,832,000		$ 1,832,000
Interest rate		1.13%		1.13%
Designated as Hedging Instrument | Interest Rate Swap, 1.150% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest rate swap liability						2,470,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,854,000		$ 1,854,000
Interest rate		1.08%		1.08%
Designated as Hedging Instrument | Interest Rate Swap, 1.10% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest rate swap liability						2,504,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,900,000		$ 1,900,000
Interest rate		1.10%		1.10%
Designated as Hedging Instrument | Interest Rate Swap, 0.98% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability						1,293,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 976,000		$ 976,000
Interest rate		0.98%		0.98%
Designated as Hedging Instrument | Interest Rate Swap, 0.95% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability						1,304,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 971,000		$ 971,000
Interest rate		0.88%		0.88%
Designated as Hedging Instrument | Interest Rate Swap, 0.93% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability						1,310,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 975,000		$ 975,000
Interest rate		0.86%		0.86%
Designated as Hedging Instrument | Interest Rate Swap, 0.90% [Member]
Interest Rate Derivatives
Notional value		$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability						1,321,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 982,000		$ 982,000
Interest rate		0.83%		0.83%
Designated as Hedging Instrument | Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 3,141,000		$ 3,141,000		3,538,000
Interest rate		0.77%		0.77%
Designated as Hedging Instrument | Interest Rate Swap, 0.75% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 3,247,000		$ 3,247,000		3,636,000
Interest rate		0.75%		0.75%
Designated as Hedging Instrument | Interest Rate Swap, 0.65% [Member]
Interest Rate Derivatives
Notional value		$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 4,864,000		$ 4,864,000		5,041,000
Interest rate		0.56%		0.56%
Designated as Hedging Instrument | Interest Rate Swap Designated/Redesignated in2022
Interest Rate Derivatives
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 5,900,000
Designated as Hedging Instrument | Interest Rate Swap, 4.37%
Interest Rate Derivatives
Notional value		$ 200,000,000		$ 200,000,000		0
Interest rate swap liability						0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,589,000		$ 1,589,000
Interest rate		4.37%		4.37%
Designated as Hedging Instrument | Interest Rate Swap, 2.95%
Interest Rate Derivatives
Notional value		$ 125,000,000		$ 125,000,000		0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 2,619,000		$ 2,619,000		0
Interest rate		2.95%		2.95%
Designated as Hedging Instrument | Interest Rate Swap, 2.75%
Interest Rate Derivatives
Notional value		$ 60,000,000		$ 60,000,000		0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,586,000		$ 1,586,000		0
Interest rate		2.75%		2.75%
Designated as Hedging Instrument | Interest Rate Swap, 2.85%
Interest Rate Derivatives
Notional value		$ 65,000,000		$ 65,000,000		0
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 1,540,000		$ 1,540,000		$ 0
Interest rate		2.85%		2.85%
Prepaid expenses and other assets | Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 44,900,000		$ 44,900,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, net	$ 2,218,737	$ 2,217,555
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	44,868	44,688
Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(44,868)	(44,688)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	44,868	44,688
Level 1 | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Level 1 | $500 Million Term Loan Maturing 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	877,641	853,895
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,086,472	2,055,338
Fair Value, Inputs, Level 3 | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Fair Value, Inputs, Level 3 | Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	820,563	820,536
Long-term Debt, Fair Value	818,835	812,604
Fair Value, Inputs, Level 3 | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt	407,685	407,712
Long-term Debt, Fair Value	389,996	388,839
Fair Value, Inputs, Level 2 [Member] | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(44,868)	(44,688)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	44,868	44,688
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	$ 990,489	$ 989,307

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2019 hotel
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 34,396	$ 55,070	$ 44,281
Number of Real Estate Properties	97			35
Restricted Cash		28,200
Lender
Loss Contingencies [Line Items]
Restricted Cash		$ 26,900

Commitments and Contingencies_2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property hotel	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property hotel	Jun. 30, 2022 USD ($)	Sep. 30, 2019 hotel
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	96		96
Number of Real Estate Properties	97		97		35
Minimum
Other Commitments
Management Agreement Term			1 year
Base Management Fee as Percentage of Hotel Revenues			1.75%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			2%
Maximum
Other Commitments
Management Agreement Term			25 years
Base Management Fee as Percentage of Hotel Revenues			3.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			7%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 11.1	$ 9.7	$ 21.9	$ 16.5

Commitments and Contingencies_3

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) hotel property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) hotel property	Jun. 30, 2022 USD ($)	Sep. 30, 2019 hotel
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements	59		59
Number of Real Estate Properties	97		97		35
Number of Hotels Without Franchise Agreements	2		2
Minimum
Other Commitments
Franchise Agreements Term			1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			2%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.50%
Maximum
Other Commitments
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 18.1	$ 16.4	$ 33.5	$ 30

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 04, 2023 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 $ / shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Apr. 28, 2023 USD ($)
Equity, Class of Treasury Stock
Dividends | $ / shares		$ 0.08	$ 0.08	$ 0.01	$ 0.01
Stock repurchased during the period, Value		$ 27,444		$ 47,446		$ 51,981	$ 47,446
Preferred Stock, Convertible, Conversion Ratio		0.2806				0.2806
Limited Partners
Equity, Class of Treasury Stock
Partners' Capital Account, Units | shares		771,831				771,831
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		5%				5%
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Dividends Per Share, Declared | $ / shares		$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875
Subsequent Event
Equity, Class of Treasury Stock
Stock repurchased during the period, Value	$ 2,300
Share repurchase program, remaining authorized amount	$ 235,700
2023 Share Repurchase Program
Equity, Class of Treasury Stock
Share repurchase program, authorized amount								$ 250,000
Common shares repurchased and retired (in shares) | shares						5,100,000
Stock repurchased during the period, Value						$ 12,100
2023 Share Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) | shares	200,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) | shares							4,000,000
Stock repurchased during the period, Value						$ 39,900	$ 47,400

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)		6,828,527		6,828,527
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)				2,267,870
Granted (in shares)				991,453
Vested (in shares)				(883,147)
Forfeited (in shares)				(18,130)
Unvested at the end of the period (in shares)		2,358,046		2,358,046
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 15.32
Granted (in dollars per share)				10.84
Vested (in dollars per share)				15.33
Forfeited (in dollars per share)				13.79
Unvested at the end of the period (in dollars per share)		$ 13.44		$ 13.44
Other Disclosures
Share-based compensation expense		$ 3.8	$ 3.6	$ 7.4	$ 7.1
Total unrecognized compensation costs		22.1		$ 22.1
Weighted-average period of recognition of unrecognized share-based compensation expense				1 year 8 months 12 days
Total fair value of shares vested				$ 9.5	8.7
2015 Share Repurchase Program [Member]
Other Disclosures
Performance-based vesting period				3 years
Time-based vesting period				1 year
Percentage of grant date fair value to be recognized over three years				50%
Employee service share based compensation cost period of recognition				3 years
Percentage of grant date fair value to be recognized over four years				50%
Employee service share based compensation cost period of recognition				4 years
Performance Units
Other Disclosures
Share-based compensation expense		2.3	$ 1.9	$ 4.4	$ 3.5
Total unrecognized compensation costs		$ 15.6		$ 15.6
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years
Performance-based vesting period				4 years
2020 Performance Shares [Member]
Summary of non-vested shares/units
Granted (in shares)	200,000						489,000
Unvested at the end of the period (in shares)		100,000		100,000
Other Disclosures
Total fair value of shares vested				$ 1.1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share							$ 11.59
Fair value assumptions, risk free interest rate							1.08%
Fair value assumptions, expected volatility rate							23.46%
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)						431,151
Other Disclosures
Percentage of grant date fair value to be recognized over three years				100%
Employee service share based compensation cost period of 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%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share						$ 20.90
Fair value assumptions, risk free interest rate						0.23%
Fair value assumptions, expected volatility rate						69.47%
2022 Performance Shares
Summary of non-vested shares/units
Granted (in shares)					407,024
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share					$ 21.96
Fair value assumptions, risk free interest rate					1.70%
Fair value assumptions, expected volatility rate					70.15%
2021 Share Repurchase Program
Other Disclosures
Common shares available for future grant (in shares)		2,680,699		2,680,699
2023 Performance Shares
Summary of non-vested shares/units
Granted (in shares)				574,846
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 16.90
Fair value assumptions, risk free interest rate				4.33%
Fair value assumptions, expected volatility rate				66.70%
Minimum | 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares				0%
Minimum | 2020 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						0%
Minimum | 2021 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					0%
Minimum | 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0%
Minimum | 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0%
Maximum | 2015 Share Repurchase Program [Member]
Other Disclosures
Percentage of performance units that will convert into restricted shares				200%
Maximum | 2020 Performance Shares [Member]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						200%
Maximum | 2021 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					200%
Maximum | 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200%
Maximum | 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss) Attributable to Parent	$ 41,395	$ 32,966	$ 52,040	$ 17,718
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(12,557)	(12,557)
Less: Dividends paid on unvested restricted shares	(197)	(24)	(399)	(50)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(351)	(368)	(219)	(27)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 34,568	$ 26,295	$ 38,865	$ 5,084
Denominator:
Weighted-average number of common shares - basic (in shares)	156,424,444	163,539,446	157,945,406	163,857,785
Unvested restricted shares (in shares)	316,743	245,127	435,974	359,365
Weighted-average number of common shares - diluted (in shares)	156,741,187	163,784,573	158,381,380	164,217,150
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.22	$ 0.16	$ 0.25	$ 0.03
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.22	$ 0.16	$ 0.25	$ 0.03

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 476,936	$ 511,481	$ 481,316
Restricted cash reserves	34,396	44,281	55,070
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	511,332	555,762	$ 536,386	$ 713,869
Interest paid	44,386	45,747
Income taxes paid	1,924	677
Operating Lease, Payments	8,630	7,667
Right-of-use asset obtained in exchange for lease obligation	5,016	0
In connection with the sale of hotel properties, the Company recorded the following:
Sales price	0	49,900
Transaction costs	(44)	(836)
Operating prorations	0	(991)
Proceeds from the sale of hotel properties, net	(44)	(48,073)
Supplemental non-cash transactions
Accrued capital expenditures	$ 10,854	$ 7,405