RLJ Lodging Trust (RLJ) 10-K 27 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	7373 Wisconsin Avenue, Suite 1500
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,566,125,324
Entity Common Stock, Shares Outstanding		155,784,172
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for our 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2023.
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Common Shares of beneficial interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Trading Symbol	RLJ-A
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, D.C.
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Investment in hotel properties, net	$ 4,136,216	$ 4,180,328
Investment in unconsolidated joint ventures	7,398	6,979
Cash and cash equivalents	516,675	481,316
Restricted cash reserves	38,652	55,070
Hotel and other receivables, net of allowance of $265 and $319, respectively	26,163	38,528
Lease right-of-use assets	136,140	136,915
Prepaid expense and other assets	58,051	79,089
Total assets	4,919,295	4,978,225
Liabilities and Equity
Debt, net	2,220,778	2,217,555
Accounts payable and other liabilities	147,819	155,916
Advance deposits and deferred revenue	32,281	23,769
Lease liabilities	122,588	117,010
Accrued interest	22,539	20,707
Distributions payable	22,500	14,622
Total liabilities	2,568,505	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 December 31, 2023 and 2022	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,297,829 and 162,003,533 shares issued and outstanding at December 31, 2023 and 2022, respectively	1,553	1,620
Additional paid-in capital	3,000,894	3,054,958
Accumulated other comprehensive income	22,662	40,591
Distributions in excess of net earnings	(1,055,183)	(1,049,441)
Total shareholders’ equity	2,336,862	2,414,664
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	7,634	7,669
Noncontrolling interest in the Operating Partnership	6,294	6,313
Total noncontrolling interest	13,928	13,982
Total equity	2,350,790	2,428,646
Total liabilities and equity	$ 4,919,295	$ 4,978,225

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Hotel and other receivables, allowance (in dollars)	$ 265	$ 319
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, issued (in shares)	0	0
Preferred shares of beneficial interest, outstanding (in shares)	0	0
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	155,297,829	162,003,533
Common shares of beneficial interest, outstanding (in shares)	155,297,829	162,003,533
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Limited Liability Company (LLC) Preferred Unit, Liquidation Value	$ 0	$ 0
Series A Cumulative Preferred Stock
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred shares of beneficial interest, issued (in shares)	12,879,475	12,879,475
Preferred shares of beneficial interest, outstanding (in shares)	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 1,325,577	$ 1,193,662	$ 785,664
Expenses
Total property operating expenses	834,667	744,408	511,523
Depreciation and amortization	179,103	184,875	187,778
Impairment losses	0	0	144,845
Property tax, insurance and other	100,229	86,996	88,852
General and administrative	58,998	56,330	47,526
Transaction costs	223	(345)	94
Total operating expenses	1,173,220	1,072,264	980,618
Other income (expense), net	4,364	9,496	(7,614)
Interest income	19,743	4,559	996
Interest expense	(98,807)	(93,155)	(106,366)
(Loss) gain on sale of hotel properties, net	(34)	1,017	(2,378)
(Loss) gain on extinguishment of indebtedness, net	(169)	(39)	893
Income (loss) before equity in income (loss) from unconsolidated joint ventures	77,454	43,276	(309,423)
Equity in income (loss) from unconsolidated joint ventures	419	457	(477)
Income (loss) before income tax expense	77,873	43,733	(309,900)
Income tax expense	(1,256)	(1,518)	(1,188)
Net income (loss)	76,617	42,215	(311,088)
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	35	(210)	4,384
Noncontrolling interest in the Operating Partnership	(247)	(80)	1,536
Net income (loss) attributable to RLJ	76,405	41,925	(305,168)
Preferred dividends	(25,115)	(25,115)	(25,115)
Net income (loss) attributable to common shareholders	$ 51,290	$ 16,810	$ (330,283)
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.32	$ 0.10	$ (2.01)
Weighted-average number of common shares (in shares)	155,928,663	161,947,807	163,998,390
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.32	$ 0.10	$ (2.01)
Weighted-average number of common shares (in shares)	156,556,414	162,292,865	163,998,390
Comprehensive income (loss):
Net income	$ 76,617	$ 42,215	$ (311,088)
Unrealized (loss) gain on interest rate derivatives	(17,929)	63,570	41,279
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	0	(5,866)	10,658
Comprehensive income (loss)	58,688	99,919	(259,151)
Noncontrolling interest in consolidated joint ventures	35	(210)	4,384
Noncontrolling interest in the Operating Partnership	(247)	(80)	1,536
Comprehensive income (loss) attributable to RLJ	58,476	99,629	(253,231)
Room revenue
Revenues
Revenue	1,095,028	1,002,454	667,853
Expenses
Total property operating expenses	277,058	253,441	177,365
Food and beverage revenue
Revenues
Revenue	141,625	117,027	58,994
Expenses
Total property operating expenses	109,707	87,402	41,790
Management and franchise fee expense
Expenses
Total property operating expenses	107,417	95,565	53,276
Other revenue
Revenues
Revenue	88,924	74,181	58,817
Expenses
Total property operating expenses	$ 340,485	$ 308,000	$ 239,092

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock	Common Shares of beneficial interest, par value $0.01 per share	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Loss	Operating Partnership	Consolidated Joint Venture	Noncontrolling Interest, Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2020		12,879,475	165,002,752
Balance at Dec. 31, 2020	$ 2,687,388	$ 366,936	$ 1,650	$ 3,077,142	$ (710,161)	$ (69,050)	$ 7,869	$ 13,002
Increase (Decrease) in Equity
Net income	(311,088)				(305,168)		(1,536)	(4,384)
Net income (loss) attributable to RLJ	(305,168)
Unrealized (loss) gain on interest rate derivatives	41,279					41,279
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	10,658					10,658
Redemption of Operating Partnership units	(7)						(7)
Issuance of restricted stock (in shares)			1,765,162
Issuance of restricted stock	0		$ 18	(18)
Amortization of share-based compensation	18,299			18,299
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(166,922)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,543)		$ (2)	(2,541)
Forfeiture of restricted stock (in shares)			(97,930)
Forfeiture of restricted stock	0		$ 1	(1)
Contributions from consolidated joint venture partners	1,301							1,301
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(6,305)				(6,295)		(10)
Balance (in shares) at Dec. 31, 2021		12,879,475	166,503,062
Balance at Dec. 31, 2021	2,413,867	$ 366,936	$ 1,665	3,092,883	(1,046,739)	(17,113)	6,316	9,919
Increase (Decrease) in Equity
Net income	42,215						80	210
Net income (loss) attributable to RLJ	41,925				41,925
Unrealized (loss) gain on interest rate derivatives	63,570					63,570
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	(5,866)					(5,866)
Issuance of restricted stock (in shares)			702,993
Issuance of restricted stock	0		$ 7	(7)
Amortization of share-based compensation	23,267			23,267
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(260,841)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (3,598)		$ (3)	(3,595)
Number of shares acquired as part of a share repurchase program (in shares)	(4,907,094)		(4,907,094)
Shares acquired as part of a share repurchase program	$ (57,639)		$ (49)	(57,590)
Forfeiture of restricted stock (in shares)			(34,587)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	154							154
Distribution to joint venture partner	2,614								$ (2,614)
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(19,595)				(19,512)		(83)
Balance (in shares) at Dec. 31, 2022		12,879,475	162,003,533
Balance at Dec. 31, 2022	2,428,646	$ 366,936	$ 1,620	3,054,958	(1,049,441)	40,591	6,313	7,669
Increase (Decrease) in Equity
Net income	76,617						247	(35)
Net income (loss) attributable to RLJ	76,405				76,405
Unrealized (loss) gain on interest rate derivatives	(17,929)					(17,929)
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	29,800
Issuance of restricted stock (in shares)			1,190,961
Issuance of restricted stock	0		$ 12	(12)
Amortization of share-based compensation	26,243			26,243
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)
Number of shares acquired as part of a share repurchase program (in shares)			(7,463,632)
Shares acquired as part of a share repurchase program	(75,976)		$ (75)	(75,901)
Forfeiture of restricted stock (in shares)			(25,828)
Forfeiture of restricted stock	0		$ 0	0
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(57,298)				(57,032)		(266)
Balance (in shares) at Dec. 31, 2023		12,879,475	155,297,829
Balance at Dec. 31, 2023	$ 2,350,790	$ 366,936	$ 1,553	$ 3,000,894	$ (1,055,183)	$ 22,662	$ 6,294	$ 7,634

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 76,617	$ 42,215	$ (311,088)
Adjustments to reconcile net income (loss) to cash flow provided by operating activities:
Loss (gain) on sale of hotel properties, net	34	(1,017)	2,378
Loss (gain) on extinguishment of indebtedness, net	169	39	(893)
Depreciation and amortization	179,103	184,875	187,778
Amortization of deferred financing costs	6,100	5,967	5,884
Other amortization	4,960	3,265	(2,090)
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net	0	(5,866)	10,658
Equity in (income) loss from unconsolidated joint ventures	(419)	(457)	477
Impairment losses	0	0	144,845
Amortization of share-based compensation	24,285	21,664	17,054
Changes in assets and liabilities:
Hotel and other receivables, net	12,365	(7,563)	(17,969)
Prepaid expense and other assets	12,648	(4,665)	(1,090)
Accounts payable and other liabilities	(11,064)	13,146	7,203
Advance deposits and deferred revenue	8,512	3,319	(13,090)
Accrued interest	1,832	1,597	12,904
Net cash flow provided by operating activities	315,142	256,519	42,961
Cash flows from investing activities
Acquisition of hotel properties, net	0	(59,308)	(174,675)
Proceeds from sales of hotel properties, net	0	48,075	198,642
Purchase deposit	(2,400)	0	0
Improvements and additions to hotel properties and other assets	(132,349)	(124,282)	(48,263)
Contributions to unconsolidated joint ventures	0	0	(331)
Net cash flow used in investing activities	(134,749)	(135,515)	(24,627)
Cash flows from financing activities
Repayments of Revolver	0	(200,000)	(200,000)
Borrowings on Term Loans	320,000	5,000	0
Repayments of Term Loans	(318,662)	0	(356,338)
Proceeds from issuance of senior notes	0	0	1,000,000
Redemption of $475.0 million senior notes due 2025 (including a $9.5 million redemption premium)	0	0	(484,402)
Scheduled mortgage loan principal payments	0	0	(1,486)
Repayments of mortgage loans (including $7.0 million in prepayment premiums)	0	0	(149,183)
Repurchase of common shares under share repurchase programs	(75,976)	(57,639)	0
Repurchase of common shares to satisfy employee tax withholding requirements	(4,398)	(3,598)	(2,543)
Distributions on preferred shares	(25,115)	(25,115)	(25,115)
Distributions on common shares	(49,194)	(13,288)	(6,701)
Distributions on and redemption of Operating Partnership units	(225)	(54)	(18)
Payments of deferred financing costs	(7,882)	(1,333)	(14,770)
Contributions from consolidated joint venture partners	0	154	1,301
Distributions to consolidated joint venture partners	0	2,614	0
Net cash flow used in financing activities	(161,452)	(298,487)	(239,255)
Net change in cash, cash equivalents, and restricted cash reserves	18,941	(177,483)	(220,921)
Cash, cash equivalents, and restricted cash reserves, beginning of year	536,386	713,869	934,790
Cash, cash equivalents, and restricted cash reserves, end of year	$ (555,327)	$ (536,386)	$ (713,869)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Redemption of senior notes	$ 484,402
Prepayment premiums of mortgage loans	149,183
Mortgage Loan Prepayment Premium
Prepayment premiums of mortgage loans	7,000
Senior Notes Due 2025
Redemption of senior notes	475,000
Senior Notes Due 2025 Redemption Premium
Redemption of senior notes	$ 9,500

General

General	12 Months Ended
	Dec. 31, 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 December 31, 2023, there were 156,069,660 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows. Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. The Company records an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in the existing accounts receivable portfolio. The Company recognizes increases to the allowance for doubtful accounts as bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable based on the Company's historical collection activity and its understanding of the circumstances related to a specific receivable. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss). In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the projected undiscounted future cash flows expected to be generated from the operation and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on a projected undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, sales proceeds in the reversion year, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for future capital expenditures (including the periodic replacement or refurbishment of FF&E) and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, approximately $6.1 million, $6.0 million and $5.9 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income (loss). Transaction costs related to successful dispositions are included in (loss) gain on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income (loss). All transaction costs incurred in connection with unsuccessful transactions are expensed. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss). The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2023 and 2022, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2023 and 2022, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owned the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture had a 1.7% third-party ownership interest in the joint venture. This hotel property was sold in December 2021. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture had a 49% third-party ownership interest in the joint venture. On October 31, 2021, the ground lease associated with this hotel property was terminated and the hotel property reverted to the ground lessor. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income (loss). Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of 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 common share calculation. Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the absolute and relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendment

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land and improvements $ 998,417 $ 992,609 Buildings and improvements 4,117,210 4,040,505 Furniture, fixtures and equipment 798,410 745,978 5,914,037 5,779,092 Accumulated depreciation (1,777,821) (1,598,764) Investment in hotel properties, net $ 4,136,216 $ 4,180,328 For the years ended December 31, 2023, 2022 and 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $179.1 million, $184.4 million and $187.2 million, respectively. Impairments During 2021, the Company evaluated the recoverability of the carrying amount of the DoubleTree Metropolitan Hotel New York City and recorded an impairment loss of $138.9 million to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price (a Level 2 measurement in the fair value hierarchy) for the sale which closed in 2021. During 2021, the Company evaluated the recoverability of the carrying amounts of two hotel properties and recorded an impairment loss of $5.9 million to adjust the hotels’ carrying amounts to their estimated fair values. The fair values were determined based on the contractual sales price (a Level 2 measurement in the fair value hierarchy) for the sales which closed in 2021. There were no impairment losses recorded during either of the years ended December 31, 2023 or 2022.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition of Hotel Properties	Acquisition of Hotel Properties During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 (1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton. The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.1 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111 During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250 (1) In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million. The hotel properties acquired were accounted for as asset acquisitions, whereby approximately $2.0 million of transaction costs were capitalized as part of the cost of the asset acquisitions. The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties

Sale of Hotel Properties	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties In connection with the sale of hotel properties for the years ended December 31, 2022 and 2021, the Company recorded a net gain of $1.0 million and a net loss of $2.4 million, respectively. During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402 During the year ended December 31, 2021, the Company sold the following hotel properties in seven separate transactions for a combined sales price of approximately $208.5 million. Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 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." The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. 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) Adjusted SOFR plus 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 the outstanding principal balance of 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 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 replace LIBOR with Adjusted SOFR as the benchmark rate used to determine the applicable interest rate. 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 $7.5 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2023 (1) Maturity Date December 31, 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 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period 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 $5.6 million and $1.7 million as of December 31, 2023 and 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 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 (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 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 year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366 Future Minimum Principal Payments As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1)" id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes, net $ 991,672 $ 989,307 Revolver — — Term Loans, net 821,443 820,536 Mortgage loans, net 407,663 407,712 Debt, net $ 2,220,778 $ 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 at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (8,328) (10,693) Total senior notes, net $ 991,672 $ 989,307 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. (3) The Company has the option to redeem its 3.75% senior notes due 2026 (the "2026 Senior Notes") at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should such redemption occur before July 1, 2025 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. The Senior Notes are each fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee indebtedness under the Company’s credit facilities and certain other indebtedness. 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 December 31, 2023 and 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." The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. 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) Adjusted SOFR plus 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 the outstanding principal balance of 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 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 replace LIBOR with Adjusted SOFR as the benchmark rate used to determine the applicable interest rate. 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 $7.5 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2023 (1) Maturity Date December 31, 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 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period 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 $5.6 million and $1.7 million as of December 31, 2023 and 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 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 (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 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 year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366 Future Minimum Principal Payments As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1)

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Swap rate Effective Date Maturity Date December 31, 2023 December 31, 2022 December 31, 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 2020 November 2023 — 100,000 — 1,935 Swap-cash flow-Daily SOFR (1) 2.44% January 2021 December 2023 75,000 75,000 — 1,852 Swap-cash flow-Daily SOFR (1) 2.31% January 2021 December 2023 75,000 75,000 — 1,948 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 827 2,464 Swap-cash flow-Daily SOFR (1) 1.13% April 2021 April 2024 50,000 50,000 819 2,436 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 829 2,470 Swap-cash flow-Daily SOFR (1) 0.97% April 2021 April 2024 50,000 50,000 849 2,504 Swap-cash flow-Daily SOFR (1) 0.85% April 2021 April 2024 25,000 25,000 436 1,293 Swap-cash flow-Daily SOFR (1) 0.88% April 2021 April 2024 25,000 25,000 434 1,304 Swap-cash flow-Daily SOFR (1)(2) 0.86% April 2021 April 2024 25,000 25,000 436 1,310 Swap-cash flow-Daily SOFR (1)(2) 0.83% April 2021 April 2024 25,000 25,000 439 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 673 — Swap-cash flow-Daily SOFR (1)(2) 0.77% June 2020 December 2024 50,000 50,000 2,011 3,538 Swap-cash flow-Daily SOFR (1)(2) 0.63% June 2020 December 2024 50,000 50,000 2,081 3,636 Swap-cash flow-Daily SOFR (1) 1.16% September 2021 September 2025 150,000 150,000 7,969 11,636 Swap-cash flow-Daily SOFR (1)(2) 0.56% July 2021 January 2026 50,000 50,000 3,556 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 1,769 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,103 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,188 — Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 — (254) — Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 — (77) — Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 — (259) — $ 1,275,000 $ 1,175,000 $ 24,829 $ 44,688 (1) The Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR during the year ended December 31, 2023. (2) 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 (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. As of December 31, 2023 and 2022, the aggregate fair value of the interest rate swap assets of $25.4 million and $44.7 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.6 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2023 and 2022, there was approximately $22.7 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 years ended December 31, 2023 and 2022. For the year ended December 31, 2023, approximately $29.8 million of gains included in accumulated other comprehensive income were reclassified into interest expense interest expense

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 991,672 $ 928,750 $ 989,307 $ 853,895 Revolver and Term Loans, net 821,443 817,960 820,536 812,604 Mortgage loans, net 407,663 394,458 407,712 388,839 Debt, net $ 2,220,778 $ 2,141,168 $ 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 December 31, 2023 (in thousands): Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 25,419 $ — $ 25,419 Interest rate swap liability $ — $ (590) $ — $ (590) Total $ — $ 24,829 $ — $ 24,829 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 December 31, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases As of December 31, 2023, 13 of Company's hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The ground leases are classified as operating leases. The total ground lease expense was $16.7 million for the year ended December 31, 2023, which consisted of $11.9 million of fixed lease expense and $4.8 million of variable lease expense. The total ground lease expense was $15.9 million for the year ended December 31, 2022, which consisted of $11.9 million of fixed lease expense and $4.0 million of variable lease expense. The total ground lease expense was $13.1 million for the year ended December 31, 2021, which consisted of $11.6 million of fixed lease expense and $1.5 million of variable lease expense. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income (loss). The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Term Expiration (1) 2023 2022 2021 Wyndham Boston Beacon Hill (2) 2028 $ 929 $ 803 $ 556 Wyndham San Diego Bayside 2029 5,315 5,009 4,042 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2057 815 1,005 666 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Wyndham Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport Waterfront 2059 1,850 1,646 1,239 Wyndham New Orleans French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,052 1,044 1,019 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 1,025 922 555 Courtyard Waikiki Beach 2112 4,121 3,922 3,742 Moxy Denver Cherry Creek 2115 272 258 5 $ 16,678 $ 15,908 $ 13,123 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way. (4) The lease may be extended for up to four twenty-five year terms at the Company's option. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2023 2024 $ 10,427 2025 10,443 2026 11,091 2027 11,598 2028 11,094 Thereafter 538,093 Total future lease payments 592,746 Imputed interest (470,158) Lease liabilities $ 122,588 The following table presents certain information related to the Company's operating leases as of December 31, 2023: Weighted average remaining lease term 62 years Weighted average discount rate 7.29 % 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 December 31, 2023 and 2022, approximately $38.7 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 December 31, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) InnVentures is a subsidiary of Highgate Hotels. Each management company receives a base management fee between 1.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 1.75% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2023, 2022 and 2021, the Company incurred management fee expense of approximately $41.7 million, $34.7 million and $10.1 million, respectively. Franchise Agreements As of December 31, 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 (loss). For the years ended December 31, 2023, 2022 and 2021, the Company incurred franchise fee expense of approximately $65.7 million, $60.9 million and $43.2 million, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On April 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 year ended December 31, 2023, the Company repurchased and retired 7,463,632 common shares for approximately $76.0 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 $36.1 million was repurchased under the 2023 Share Repurchase Program. Subsequent to December 31, 2023, the Company repurchased and retired 105,511 common shares for approximately $1.3 million. As of February 27, 2024, the 2023 Share Repurchase Program had a remaining capacity of $212.7 million. During the year ended December 31, 2022, the Company repurchased and retired 4,907,094 common shares for approximately $57.6 million. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the years ended December 31, 2023, 2022, and 2021, the Company declared a cash dividend of $0.36, $0.12, and $0.04, respectively, on each common share. Series A Preferred Shares Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. During each of the years ended December 31, 2023, 2022 and 2021, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2023, the Operating Partnership had 156,069,660 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2023, the limited partners owned 771,831 OP units. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan Pursuant to the terms of the 2021 Plan, the Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2021 Plan. The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2021 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares is as follows: 2023 2022 2021 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 Granted 991,453 10.84 569,600 15.10 1,739,327 15.92 Vested (928,192) 15.07 (647,426) 15.65 (513,342) 16.51 Forfeited (25,828) 13.13 (34,587) 13.15 (97,930) 15.22 Unvested at December 31, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43 For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $15.4 million, $14.4 million and $11.9 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2023, there was $13.4 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 1.4 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2023, 2022 and 2021 was approximately $9.9 million, $9.0 million and $7.8 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% 66.70% (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 December 31, 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 year ended December 31, 2023 was approximately $1.1 million. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $8.9 million, $7.3 million and $5.2 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2023, there was $10.7 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 1.7 years.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income (loss) attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP Units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the years ended December 31, 2023, 2022 and 2021, since the limited partners’ share of income or loss would also be added back to net income (loss) attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2023 2022 2021 Numerator: Net income (loss) attributable to RLJ $ 76,405 $ 41,925 $ (305,168) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (882) (284) (85) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 50,408 $ 16,526 $ (330,368) Denominator: Weighted-average number of common shares - basic 155,928,663 161,947,807 163,998,390 Unvested restricted shares 538,023 345,058 — Unvested performance units 89,728 — — Weighted-average number of common shares - diluted 156,556,414 162,292,865 163,998,390 Net income (loss) per share attributable to common shareholders - basic $ 0.32 $ 0.10 $ (2.01) Net income (loss) per share attributable to common shareholders - diluted $ 0.32 $ 0.10 $ (2.01)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. The deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the net rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Current: Federal $ (200) $ (162) $ — State (1,061) (1,374) (1,228) Deferred: Federal 4 15 30 State 1 3 10 Income tax expense $ (1,256) $ (1,518) $ (1,188) The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2023 2022 2021 Expected U.S. federal tax (expense) benefit at statutory rate $ (16,353) $ (9,184) $ 65,079 Tax impact of REIT election 15,443 (1,659) (60,856) Expected tax (expense) benefit at TRS (910) (10,843) 4,223 Change in valuation allowance (120) 11,945 (6,489) State income tax expense, net of federal benefit (1,006) (2,861) (650) Other items 780 241 1,728 Income tax expense $ (1,256) $ (1,518) $ (1,188) Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2023 December 31, 2022 Deferred tax liabilities: Partnership basis $ (2,315) $ (3,463) Prepaid expenses (813) (675) Deferred tax liabilities $ (3,128) $ (4,138) Deferred tax assets: Property and equipment $ 6,940 $ 5,936 Incentive and vacation accrual 3,719 3,866 Deferred revenue - key money 1,767 1,387 Allowance for doubtful accounts 70 78 Other 892 2,034 Net operating loss carryforwards 64,275 65,246 Federal historic tax credit 824 824 Valuation allowance (75,336) (75,215) Deferred tax assets $ 3,151 $ 4,156 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income, and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company would record a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. Based upon the available objective evidence at December 31, 2023, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's primary TRS, would not be utilized in future periods. The Company considered all available evidence, both positive and negative, including cumulative losses in recent years and its current forecast of future income in its analysis. As of December 31, 2023 and 2022, the Company had a valuation allowance of approximately $75.3 million and $75.2 million, respectively, related to NOL carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2023 to 2040 for state tax purposes. The Company's historic tax credits begin to expire in 2035. The annual utilization of these NOLs and tax credits is limited pursuant to federal and state tax laws. The Company is subject to examination by U.S. federal and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2023, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2019 and before.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2023 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 516,675 $ 481,316 $ 665,341 Restricted cash reserves 38,652 55,070 48,528 Cash, cash equivalents, and restricted cash reserves $ 555,327 $ 536,386 $ 713,869 Interest paid $ 89,827 $ 87,180 $ 92,729 Income taxes paid $ 2,538 $ 1,255 $ 477 Operating cash flow lease payments for operating leases $ 16,899 $ 15,742 $ 12,371 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — $ — Right-of-use asset and liability adjustment due to remeasurement $ — $ (2,473) $ — Supplemental investing and financing transactions In connection with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ — $ 59,000 $ 198,250 Transaction costs — 1,110 2,014 Operating prorations — (802) (589) Mortgage debt assumed (non-cash financing activity) — — (25,000) Acquisition of hotel properties, net $ — $ 59,308 $ 174,675 In connection with the sales of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 $ 208,507 Transaction costs — (834) (8,118) Operating prorations — (991) (1,747) Proceeds from sales of hotel properties, net $ — $ 48,075 $ 198,642 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (17,929) $ 63,570 $ 41,279 Accrued capital expenditures $ 22,144 $ 17,645 $ 10,049 Distributions payable $ 22,500 $ 14,622 $ 8,347

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2024, the Company acquired a fee simple interest in its Wyndham Boston Beacon Hill hotel property for approximately $125.0 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 (amounts in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 4,414 $ 5,383 $ 43,904 $ 49,287 $ 19,493 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,286 92 114,735 114,827 47,296 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,458 4,496 36,162 40,658 15,801 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 9,915 4,790 42,122 46,912 16,051 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 9,049 4,886 44,522 49,408 17,729 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile 31,000 8,140 59,696 10,053 8,148 69,741 77,889 30,116 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,259 2,641 22,307 24,948 9,183 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,897 2,211 18,785 20,996 8,980 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 5,852 6,049 50,213 56,262 19,609 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,344 2,686 22,872 25,558 10,406 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 5,224 2,670 24,812 27,482 10,021 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,431 622 5,776 6,398 2,566 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,367 1,822 16,668 18,490 6,442 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,706 3,804 32,295 36,099 12,285 2007 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 2,020 1,207 10,839 12,046 4,758 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,960 1,876 23,212 25,088 10,453 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,069 1,447 12,496 13,943 5,646 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,104 2,793 23,201 25,994 10,432 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,744 3,006 23,558 26,564 10,461 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,896 1,225 10,578 11,803 5,064 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,219 1,925 16,910 18,835 7,289 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 1,081 860 7,189 8,049 3,071 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,948 5,742 26,661 32,403 10,530 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,561 3,069 25,069 28,138 10,128 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 12,141 5,036 41,905 46,941 16,402 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 15,656 2,444 86,390 88,834 29,475 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Fairfield Inn & Suites Washington DC Downtown 34,000 16,214 22,265 7,824 16,447 29,856 46,303 12,091 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 2,654 2,968 10,364 13,332 4,213 2010 15 - 40 years Homewood Suites Washington DC Downtown — 23,139 34,188 6,506 23,758 40,075 63,833 14,024 2010 15 - 40 years Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel — 1,901 2,793 16,165 2,155 18,704 20,859 9,940 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,148 7,480 39,171 46,651 13,384 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 9,612 3,509 30,258 33,767 11,452 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 10,933 5,699 29,673 35,372 12,059 2010 15 - 40 years Renaissance Pittsburgh Hotel 34,000 3,274 39,934 11,484 3,397 51,295 54,692 17,675 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 4,217 2,875 25,870 28,745 9,248 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 10,036 3,914 19,392 23,306 8,441 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,440 2,382 27,523 29,905 12,045 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 4,747 3,564 39,725 43,289 12,787 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 8,529 8,761 60,671 69,432 18,954 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 9,020 21,282 68,615 89,897 21,668 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 17,725 12,242 40,143 52,385 11,210 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 5,358 6,402 61,248 67,650 18,782 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 6,009 6,099 34,662 40,761 10,232 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,074 4,875 29,786 34,661 8,820 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,410 2,570 24,978 27,548 10,285 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 14,395 803 93,182 93,985 27,026 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 29,082 11,291 47,266 58,557 17,434 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 7,858 2,982 13,732 16,714 4,670 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,829 3,543 20,057 23,600 5,571 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 11,836 25,386 52,240 77,626 12,323 2014 15 - 40 years Hyatt House Charlotte Center City 18,000 3,029 26,193 2,314 3,054 28,482 31,536 7,235 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 3,984 4,354 12,789 17,143 4,660 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area 36,000 7,425 29,137 8,020 7,517 37,065 44,582 10,889 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House San Diego Sorrento Mesa — 10,420 21,288 4,254 10,756 25,206 35,962 6,436 2014 15 - 40 years Hyatt House San Jose Silicon Valley — 6,820 31,682 3,256 6,975 34,783 41,758 8,579 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 2,980 5,761 14,783 20,544 4,624 2014 15 - 40 years Hyatt House Santa Clara 34,000 8,044 27,703 3,305 8,052 31,000 39,052 8,418 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,828 5,977 19,683 25,660 4,812 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,823 6,297 15,465 21,762 4,437 2014 15 - 40 years Hyatt Place Madison Downtown 13,000 6,701 25,478 1,596 6,709 27,066 33,775 6,651 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,264 15,243 42,131 57,374 12,307 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,670 8,021 54,692 62,713 13,524 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 1,757 3,740 43,485 47,225 10,510 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 9,468 48,396 37,034 85,430 10,629 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,133 10,763 57,358 68,121 12,475 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 416 4,013 31,285 35,298 6,908 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 1,215 17,137 46,860 63,997 10,522 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 5,086 7,402 55,583 62,985 8,568 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 7,605 1,010 51,999 53,009 7,980 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 18,464 31,544 64,214 95,758 10,963 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 1,013 10,512 34,564 45,076 5,832 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 2,670 6,418 37,354 43,772 6,043 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 16,351 7,958 72,048 80,006 10,795 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 5,547 31,320 59,752 91,072 10,262 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 13,394 14,130 107,107 121,237 16,058 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 8,746 15,107 26,503 41,610 4,530 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,553 43,370 39,739 83,109 8,248 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 17,814 9,676 56,588 66,264 12,361 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,857 5,031 39,256 44,287 6,667 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 9,441 24,784 33,824 58,608 5,377 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 16,427 39,728 71,478 111,206 12,977 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 4,644 4,331 89,281 93,612 16,092 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Zachari Dunes on Mandalay Beach, Curio Collection by Hilton — 35,769 53,280 31,339 37,031 83,357 120,388 12,839 2017 15 - 40 years DoubleTree by Hilton Houston Medical Center Hotel & Suites — 7,776 43,475 7,060 7,995 50,316 58,311 7,308 2017 15 - 40 years Mills House Charleston, Curio Collection by Hilton — 9,599 68,932 12,221 10,744 80,008 90,752 12,168 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,395 46,882 121,127 168,009 21,183 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 4,546 114,987 122,625 237,612 19,438 2017 15 - 40 years The Pierside Santa Monica — 27,054 45,866 15,838 27,354 61,404 88,758 8,469 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 2,000 178 53,930 54,108 30,418 2017 6 years Wyndham New Orleans - French Quarter — 300 72,686 2,066 300 74,752 75,052 11,966 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 1,263 8,609 52,935 61,544 8,543 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 1,756 185 33,350 33,535 5,173 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 7,234 1,370 36,293 37,663 17,274 2017 7 years AC Hotel Boston Downtown — 26,560 53,354 166 26,560 53,520 80,080 3,174 2021 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 33 5,993 48,351 54,344 2,933 2021 15 - 40 years Moxy Denver Cherry Creek 26,833 — 48,725 85 — 48,810 48,810 2,542 2021 15 - 40 years The Bankers Alley Hotel, a Tapestry Collection by Hilton — 19,807 36,223 366 19,829 36,567 56,396 1,366 2022 15 - 40 years $ 407,833 $ 976,637 $ 3,465,182 $ 673,808 $ 998,417 $ 4,117,210 $ 5,115,627 $ 1,105,184 (1) The aggregate cost of real estate for federal income tax purposes was approximately $5.0 billion at December 31, 2023. The change in the total cost of the hotel properties is as follows: 2023 2022 2021 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 5,033,114 $ 4,977,563 $ 5,174,309 Add: Acquisitions — 56,030 182,950 Add: Improvements 82,513 68,012 34,511 Less: Sale of hotel properties — (68,491) (269,362) Less: Impairment losses — — (144,845) Balance at end of period $ 5,115,627 $ 5,033,114 $ 4,977,563 The change in the accumulated depreciation of the real estate assets is as follows: 2023 2022 2021 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (975,029) $ (870,741) $ (827,808) Add: Depreciation for the period (130,155) (125,203) (126,759) Less: Sale of hotel properties — 20,915 83,826 Balance at end of period $ (1,105,184) $ (975,029) $ (870,741)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to RLJ	$ 76,405	$ 41,925	$ (305,168)

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows.
Revenue Recognition	Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss). In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss.
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for future capital expenditures (including the periodic replacement or refurbishment of FF&E) and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Transaction Costs	Transaction Costs
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Leases	Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss).
Leases	As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2023 and 2022, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income (loss).
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of 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 common share calculation.
Share-based Compensation	Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the absolute and relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land and improvements $ 998,417 $ 992,609 Buildings and improvements 4,117,210 4,040,505 Furniture, fixtures and equipment 798,410 745,978 5,914,037 5,779,092 Accumulated depreciation (1,777,821) (1,598,764) Investment in hotel properties, net $ 4,136,216 $ 4,180,328

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Hotel Acquisition	During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 (1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton.	During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250
Asset Acquisition, Transaction Costs	The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111	The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264

Sale of Hotel Properties (Table

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

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's debt consisted of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes, net $ 991,672 $ 989,307 Revolver — — Term Loans, net 821,443 820,536 Mortgage loans, net 407,663 407,712 Debt, net $ 2,220,778 $ 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 at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (8,328) (10,693) Total senior notes, net $ 991,672 $ 989,307 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. (3)
Schedule of Debt Covenants	A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.25x 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 FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of unsecured credit agreements	The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2023 (1) Maturity Date December 31, 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 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period 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 $5.6 million and $1.7 million as of December 31, 2023 and 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 (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender.
Components of interest expense	The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366
Future minimum principal payments	As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1)

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Swap rate Effective Date Maturity Date December 31, 2023 December 31, 2022 December 31, 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 2020 November 2023 — 100,000 — 1,935 Swap-cash flow-Daily SOFR (1) 2.44% January 2021 December 2023 75,000 75,000 — 1,852 Swap-cash flow-Daily SOFR (1) 2.31% January 2021 December 2023 75,000 75,000 — 1,948 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 827 2,464 Swap-cash flow-Daily SOFR (1) 1.13% April 2021 April 2024 50,000 50,000 819 2,436 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 829 2,470 Swap-cash flow-Daily SOFR (1) 0.97% April 2021 April 2024 50,000 50,000 849 2,504 Swap-cash flow-Daily SOFR (1) 0.85% April 2021 April 2024 25,000 25,000 436 1,293 Swap-cash flow-Daily SOFR (1) 0.88% April 2021 April 2024 25,000 25,000 434 1,304 Swap-cash flow-Daily SOFR (1)(2) 0.86% April 2021 April 2024 25,000 25,000 436 1,310 Swap-cash flow-Daily SOFR (1)(2) 0.83% April 2021 April 2024 25,000 25,000 439 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 673 — Swap-cash flow-Daily SOFR (1)(2) 0.77% June 2020 December 2024 50,000 50,000 2,011 3,538 Swap-cash flow-Daily SOFR (1)(2) 0.63% June 2020 December 2024 50,000 50,000 2,081 3,636 Swap-cash flow-Daily SOFR (1) 1.16% September 2021 September 2025 150,000 150,000 7,969 11,636 Swap-cash flow-Daily SOFR (1)(2) 0.56% July 2021 January 2026 50,000 50,000 3,556 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 1,769 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,103 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,188 — Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 — (254) — Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 — (77) — Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 — (259) — $ 1,275,000 $ 1,175,000 $ 24,829 $ 44,688 (1) The Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR during the year ended December 31, 2023. (2) 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 (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 991,672 $ 928,750 $ 989,307 $ 853,895 Revolver and Term Loans, net 821,443 817,960 820,536 812,604 Mortgage loans, net 407,663 394,458 407,712 388,839 Debt, net $ 2,220,778 $ 2,141,168 $ 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 December 31, 2023 (in thousands): Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 25,419 $ — $ 25,419 Interest rate swap liability $ — $ (590) $ — $ (590) Total $ — $ 24,829 $ — $ 24,829 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

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Term Expiration (1) 2023 2022 2021 Wyndham Boston Beacon Hill (2) 2028 $ 929 $ 803 $ 556 Wyndham San Diego Bayside 2029 5,315 5,009 4,042 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2057 815 1,005 666 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Wyndham Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport Waterfront 2059 1,850 1,646 1,239 Wyndham New Orleans French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,052 1,044 1,019 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 1,025 922 555 Courtyard Waikiki Beach 2112 4,121 3,922 3,742 Moxy Denver Cherry Creek 2115 272 258 5 $ 16,678 $ 15,908 $ 13,123 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way.
Schedule of future minimum ground lease payments	The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2023 2024 $ 10,427 2025 10,443 2026 11,091 2027 11,598 2028 11,094 Thereafter 538,093 Total future lease payments 592,746 Imputed interest (470,158) Lease liabilities $ 122,588
Assets And Liabilities, Lessee	The following table presents certain information related to the Company's operating leases as of December 31, 2023: Weighted average remaining lease term 62 years Weighted average discount rate 7.29 %
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies	As of December 31, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) InnVentures is a subsidiary of Highgate Hotels.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of the unvested restricted shares	A summary of the unvested restricted shares is as follows: 2023 2022 2021 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 Granted 991,453 10.84 569,600 15.10 1,739,327 15.92 Vested (928,192) 15.07 (647,426) 15.65 (513,342) 16.51 Forfeited (25,828) 13.13 (34,587) 13.15 (97,930) 15.22 Unvested at December 31, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest	A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 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% 66.70% (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 December 31, 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 year ended December 31, 2023 was approximately $1.1 million.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023 2022 2021 Numerator: Net income (loss) attributable to RLJ $ 76,405 $ 41,925 $ (305,168) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (882) (284) (85) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 50,408 $ 16,526 $ (330,368) Denominator: Weighted-average number of common shares - basic 155,928,663 161,947,807 163,998,390 Unvested restricted shares 538,023 345,058 — Unvested performance units 89,728 — — Weighted-average number of common shares - diluted 156,556,414 162,292,865 163,998,390 Net income (loss) per share attributable to common shareholders - basic $ 0.32 $ 0.10 $ (2.01) Net income (loss) per share attributable to common shareholders - diluted $ 0.32 $ 0.10 $ (2.01)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of components of the income tax provision from continuing operations	The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Current: Federal $ (200) $ (162) $ — State (1,061) (1,374) (1,228) Deferred: Federal 4 15 30 State 1 3 10 Income tax expense $ (1,256) $ (1,518) $ (1,188)
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible	The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2023 2022 2021 Expected U.S. federal tax (expense) benefit at statutory rate $ (16,353) $ (9,184) $ 65,079 Tax impact of REIT election 15,443 (1,659) (60,856) Expected tax (expense) benefit at TRS (910) (10,843) 4,223 Change in valuation allowance (120) 11,945 (6,489) State income tax expense, net of federal benefit (1,006) (2,861) (650) Other items 780 241 1,728 Income tax expense $ (1,256) $ (1,518) $ (1,188)
Schedule of deferred tax assets (liabilities)	Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2023 December 31, 2022 Deferred tax liabilities: Partnership basis $ (2,315) $ (3,463) Prepaid expenses (813) (675) Deferred tax liabilities $ (3,128) $ (4,138) Deferred tax assets: Property and equipment $ 6,940 $ 5,936 Incentive and vacation accrual 3,719 3,866 Deferred revenue - key money 1,767 1,387 Allowance for doubtful accounts 70 78 Other 892 2,034 Net operating loss carryforwards 64,275 65,246 Federal historic tax credit 824 824 Valuation allowance (75,336) (75,215) Deferred tax assets $ 3,151 $ 4,156

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the year ended December 31, 2023 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 516,675 $ 481,316 $ 665,341 Restricted cash reserves 38,652 55,070 48,528 Cash, cash equivalents, and restricted cash reserves $ 555,327 $ 536,386 $ 713,869 Interest paid $ 89,827 $ 87,180 $ 92,729 Income taxes paid $ 2,538 $ 1,255 $ 477 Operating cash flow lease payments for operating leases $ 16,899 $ 15,742 $ 12,371 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — $ — Right-of-use asset and liability adjustment due to remeasurement $ — $ (2,473) $ — Supplemental investing and financing transactions In connection with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ — $ 59,000 $ 198,250 Transaction costs — 1,110 2,014 Operating prorations — (802) (589) Mortgage debt assumed (non-cash financing activity) — — (25,000) Acquisition of hotel properties, net $ — $ 59,308 $ 174,675 In connection with the sales of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 $ 208,507 Transaction costs — (834) (8,118) Operating prorations — (991) (1,747) Proceeds from sales of hotel properties, net $ — $ 48,075 $ 198,642 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (17,929) $ 63,570 $ 41,279 Accrued capital expenditures $ 22,144 $ 17,645 $ 10,049 Distributions payable $ 22,500 $ 14,622 $ 8,347

General (Details)

General (Details) - 12 months ended Dec. 31, 2023	shares	property	room	state	Total	Hotels
Sale of Stock
Number of OP units outstanding (in shares) | shares	156,069,660
Limited Partner's ownership interest in the Operating Partnership	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
Sale of Stock
Number of real estate properties | property		95
Real estate properties, ownership interest, percentage	100%
Partially Owned Properties | 95 Percent Owned | The Knickerbocker New York
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	95%
Partially Owned Properties | 50 Percent Owned
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	50%
Consolidated Properties
Sale of Stock
Number of real estate properties | property		96
Unconsolidated Properties
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	50%
Leased Hotel Properties
Sale of Stock
Number of real estate properties | property		96

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies
Number of joint ventures	1
Amortization of deferred financing costs	$ 6,100	$ 5,967	$ 5,884
Limited Partner's ownership interest in the Operating Partnership	99.50%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
The Knickerbocker New York
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	5%
DBT Met Hotel Venture, LP
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	1.70%
Embassy Suites Secaucus
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	49%
Limited Partners
Summary of Significant Accounting Policies
Limited Partner's ownership interest in the Operating Partnership	0.50%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years
Consolidated Joint Venture
Summary of Significant Accounting Policies
Equity method investment, ownership percentage	50%
Joint Venture Operating Lease
Summary of Significant Accounting Policies
Equity method investment, ownership percentage	51%

Investment in Hotel Propertie_2

Investment in Hotel Properties - Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land and improvements	$ 998,417	$ 992,609
Buildings and improvements	4,117,210	4,040,505
Furniture, fixtures and equipment	798,410	745,978
Total	5,914,037	5,779,092
Accumulated depreciation	(1,777,821)	(1,598,764)
Investment in hotel properties, net	$ 4,136,216	$ 4,180,328

Investment in Hotel Propertie_3

Investment in Hotel Properties - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Hotels
Sale of Hotel Properties
Depreciation and amortization expense related to investment in hotel properties	$ 179,100	$ 184,400	$ 187,200
Impairment losses	$ 0	$ 0	$ 144,845
Number of Hotel Properties Evaluated for Impairment | Hotels			2
DoubleTree Metropolitan Hotel New York City
Sale of Hotel Properties
Impairment losses			$ 138,900
Residence Inn Indianapolis Fishers
Sale of Hotel Properties
Impairment losses			$ 5,900

Acquisition of Hotel Properti_3

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

Acquisition of Hotel Properti_4

Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Transaction costs	$ 0	$ 1,110	$ 2,014
Land and improvements		19,807	32,550
Buildings and improvements		36,223	150,400
Furniture, fixtures and equipment		4,081	16,472
Favorable lease asset			4,294
Fair value adjustment on mortgage debt assumed			2,554
Other liability			898
Total purchase price		$ 60,111	$ 200,264

Sale of Hotel Properties - Prop

Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) room	Dec. 31, 2021 USD ($) room
Sale of Hotel Properties
(Loss) gain on sale of hotel properties, net | $	$ (34)	$ 1,017	$ (2,378)
Proceeds from sales of hotel properties, net | $	$ 0	48,075	198,642
Disposals 2022
Sale of Hotel Properties
Proceeds from sales of hotel properties, net | $		$ 49,900
Rooms		402
Marriott Denver Airport @ Gateway Park
Sale of Hotel Properties
Rooms		238
SpringHill Suites Denver North Westminster
Sale of Hotel Properties
Rooms		164
Disposals 2021
Sale of Hotel Properties
Proceeds from sales of hotel properties, net | $			$ 208,500
Rooms			1,341
Courtyard Houston Sugarland
Sale of Hotel Properties
Rooms			112
Residence Inn Indianapolis Fishers
Sale of Hotel Properties
Rooms			78
Residence Inn Chicago Naperville
Sale of Hotel Properties
Rooms			130
Fairfield Inn & Suites Chicago Southeast Hammond
Sale of Hotel Properties
Rooms			94
Residence Inn Chicago Southeast Hammond
Sale of Hotel Properties
Rooms			78
Courtyard Chicago Southeast Hammond
Sale of Hotel Properties
Rooms			85
DoubleTree Metropolitan Hotel New York City
Sale of Hotel Properties
Rooms			764

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,325,577	$ 1,193,662	$ 785,664
South Florida
Disaggregation of Revenue [Line Items]
Total revenues	143,266	140,096	116,029
Southern California
Disaggregation of Revenue [Line Items]
Total revenues	158,498	134,200	103,883
Northern California
Disaggregation of Revenue [Line Items]
Total revenues	162,893	146,304	73,742
New York City
Disaggregation of Revenue [Line Items]
Total revenues	80,683	72,270	35,596
Austin
Disaggregation of Revenue [Line Items]
Total revenues		44,784	28,446
Chicago
Disaggregation of Revenue [Line Items]
Total revenues	70,681	67,548	51,490
Houston
Disaggregation of Revenue [Line Items]
Total revenues	50,778	44,751	32,749
Washington, DC
Disaggregation of Revenue [Line Items]
Total revenues	61,542	52,622	28,979
Pittsburgh
Disaggregation of Revenue [Line Items]
Total revenues			28,413
Louisville
Disaggregation of Revenue [Line Items]
Total revenues	57,162	47,802
Other
Disaggregation of Revenue [Line Items]
Total revenues	435,871	396,609	253,467
Charleston
Disaggregation of Revenue [Line Items]
Total revenues	49,509		32,870
Boston
Disaggregation of Revenue [Line Items]
Total revenues	54,694	46,676
Room revenue
Disaggregation of Revenue [Line Items]
Revenue	1,095,028	1,002,454	667,853
Room revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	113,579	113,194	95,612
Room revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	128,273	113,726	88,653
Room revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	140,866	128,652	66,068
Room revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	67,886	60,634	30,547
Room revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		38,325	24,059
Room revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	57,863	55,611	43,277
Room revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	43,134	37,775	28,078
Room revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	57,731	48,875	26,706
Room revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			23,605
Room revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	37,329	31,074
Room revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	362,506	332,803	214,028
Room revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	36,851		27,220
Room revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	49,010	41,785
Food and beverage revenue
Disaggregation of Revenue [Line Items]
Revenue	141,625	117,027	58,994
Food and beverage revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	19,641	18,392	12,430
Food and beverage revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	16,216	10,214	5,959
Food and beverage revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	14,013	10,968	3,219
Food and beverage revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	9,235	8,737	3,505
Food and beverage revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		3,269	1,417
Food and beverage revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	9,629	8,965	5,931
Food and beverage revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	3,148	2,942	1,196
Food and beverage revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	1,409	1,259	415
Food and beverage revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			3,670
Food and beverage revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	16,190	13,279
Food and beverage revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	39,361	35,544	17,595
Food and beverage revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	8,581		3,657
Food and beverage revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	4,202	3,458
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	88,924	74,181	58,817
Other revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	10,046	8,510	7,987
Other revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	14,009	10,260	9,271
Other revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	8,014	6,684	4,455
Other revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	3,562	2,899	1,544
Other revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue		3,190	2,970
Other revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	3,189	2,972	2,282
Other revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	4,496	4,034	3,475
Other revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	2,402	2,488	1,858
Other revenue | Pittsburgh
Disaggregation of Revenue [Line Items]
Revenue			1,138
Other revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	3,643	3,449
Other revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	34,004	28,262	21,844
Other revenue | Charleston
Disaggregation of Revenue [Line Items]
Revenue	4,077		$ 1,993
Other revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	$ 1,482	$ 1,433

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	1 Months Ended		12 Months Ended
	May 31, 2023 USD ($) option	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) option	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt, net			$ 2,220,778,000	$ 2,217,555,000
Unsecured Debt, Gross			825,000,000	823,662,000
Unamortized debt issuance costs on term loans			(3,557,000)	(3,126,000)
Line of credit, future borrowing capacity			750,000,000	750,000,000
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Debt Issuance Costs, Net			$ (5,600,000)	(1,700,000)
Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Covenant, Maximum Leverage Ratio			725%
Debt Covenant, Fixed Charge Coverage Ratio			1.50
Debt Covenant, Secured Indebtedness Ratio			0.450
Debt covenant, unencumbered indebtedness ratio			60%
Debt Covenant, Debt Service Coverage Ratio			200%
Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.35%
Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.20%
Mortgage loans, net
Debt Instrument [Line Items]
Debt, net			$ 407,663,000	407,712,000
Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum, Leverage Ratio	7.25
Debt Instrument, Interest Rate, Floor	0%
Debt Instrument, Fee Amount	$ 7,500,000
Revolver and Term Loans, net | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.35%
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.20%
Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			821,443,000	820,536,000
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			1,000,000,000	1,000,000,000
Unamortized debt issuance costs on bonds			(8,328,000)	(10,693,000)
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			991,672,000	989,307,000
Senior Notes, net | Senior Notes, net
Debt Instrument [Line Items]
Debt, net			991,672,000	989,307,000
The Revolver | The Revolver
Debt Instrument [Line Items]
Unsecured Debt			0	0
Maximum borrowing capacity			600,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 600,000,000
The Revolver | The Revolver | Minimum
Debt Instrument [Line Items]
Unused facility fee percentage			0.20%
The Revolver | The Revolver | Maximum
Debt Instrument [Line Items]
Unused facility fee percentage			0.25%
The Revolver | The Revolver | Extension Option 1
Debt Instrument [Line Items]
Debt Instrument, Additional Maturity Term			1 year
The Revolver | The Revolver | Extension Option 2
Debt Instrument [Line Items]
Debt Instrument, Additional Maturity Term			6 months
Debt Instrument, Number of Extension Options | option			2
The Revolver | Revolver and Term Loans, net
Debt Instrument [Line Items]
Interest Rate			0%
The Revolver | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.40%
The Revolver | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.95%
The Revolver | Revolver and Term Loans, net | Base Rate | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.40%
The Revolver | Revolver and Term Loans, net | Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.95%
Term Loans, net | The Revolver
Debt Instrument [Line Items]
Unsecured Debt			$ 821,443,000	820,536,000
$500 Million Term Loan Maturing 2029 | Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 500,000,000	500,000,000
Debt Instrument, Interest Rate, Stated Percentage			4%
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			102%
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101%
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			104%
$500 Million Senior Notes Due 2026 | Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 500,000,000	500,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.75%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101.875%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.938%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
$500 Million Term Loan Maturing 2026 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio			150%
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio			0.65
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio			45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio			1.5
$400 Million Term Loan Maturing 2025 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 400,000,000	400,000,000
Maximum borrowing capacity	$ 400,000,000		$ 400,000,000
Interest Rate			3.44%
$200 Million Term Loan Maturing 2026
Debt Instrument [Line Items]
Debt Instrument, Number of Extension Options | option			2
$200 Million Term Loan Maturing 2026 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 200,000,000	105,000,000
Maximum borrowing capacity			$ 200,000,000
Debt Instrument, Additional Maturity Term			1 year
Debt Instrument, Number of Extension Options | option			2
Interest Rate			4.88%
Proceeds from line of credit		$ 95,000,000	$ 95,000,000
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			225,000,000	0
Maximum borrowing capacity	$ 225,000,000		$ 225,000,000
Debt Instrument, Additional Maturity Term	1 year		1 year
Debt Instrument, Number of Extension Options | option	2		2
Interest Rate			3.03%
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.45%
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.20%
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Base Rate | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.45%
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.20%
$400 Million Term Loan Maturing 2024 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 0	151,683,000
Maximum borrowing capacity	$ 400,000,000		$ 400,000,000
Repayments of Debt	151,700,000
Interest Rate			0%
$225 Million Term Loan Maturing 2024 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 0	72,973,000
Maximum borrowing capacity	225,000,000		$ 225,000,000
Repayments of Debt	$ 73,000,000
Interest Rate			0%
$400 Million Term Loan Maturing 2023 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 0	52,261,000
Maximum borrowing capacity			$ 400,000,000
Interest Rate			0%
$225 Million Term Loan Maturing 2023 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 0	$ 41,745,000
Maximum borrowing capacity			$ 225,000,000
Interest Rate			0%

Debt - Mortgage Loans (Details)

Debt - Mortgage Loans (Details)	1 Months Ended
	Apr. 30, 2019	Dec. 31, 2023 USD ($) asset	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Secured Debt, Gross		$ 407,833,000	$ 408,193,000
Unamortized debt issuance costs on mortgage loans		(170,000)	(481,000)
Fair value adjustment		$ 1,800,000
Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		15
Mortgage loans | Moxy Mortgage Loan
Debt Instrument [Line Items]
Fair value adjustment		$ 1,800,000	2,200,000
Mortgage loans, net
Debt Instrument [Line Items]
Secured Debt		$ 407,663,000	407,712,000
Five Point Nine Four Percent Due April 2024 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		7
Interest Rate		5.94%
Secured Debt		$ 200,000,000	200,000,000
Five Point Ten Percent Due April 2024 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		3
Interest Rate		5.10%
Secured Debt		$ 96,000,000	96,000,000
Number of additional maturity terms	2
Debt Instrument, Additional Maturity Term	1 year
Five Point Six Seven Percent Due April 2024 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		4
Interest Rate		5.67%
Secured Debt		$ 85,000,000	85,000,000
Five point zero six due 2029 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		1
Interest Rate		5.06%
Secured Debt		$ 26,833,000	$ 27,193,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 6,100	$ 5,967	$ 5,884
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	1,929	679	(1,636)
Total interest expense	98,807	93,155	106,366
Senior Notes, net
Debt Instrument [Line Items]
Interest expense	38,764	38,820	34,079
Revolver and Term Loans
Debt Instrument [Line Items]
Interest expense	31,000	34,126	54,733
Mortgage loans
Debt Instrument [Line Items]
Interest expense	$ 21,014	$ 13,563	$ 13,306

Debt - Future Minimum Rental Pa

Debt - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 381,000
2025	400,000
2026	925,000
2027	0
2028	0
Thereafter	525,000
Long term debt, total future minimum principal payments	2,231,000
Fair value adjustment	$ 1,800

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments: Derivatives and Hedging
Notional value		$ 1,275,000,000	$ 1,175,000,000
Interest rate swaps, net		24,829,000	(44,688,000)
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)		22,700,000	(40,600,000)
Amount of hedge ineffectiveness		0	0
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net		$ 29,800,000	$ (5,866,000)	$ 10,658,000
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest income	Interest income
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		$ 16,600,000
Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net			$ (1,100,000)
Swap-cash flow 20 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.29%
Notional value		$ 0	200,000,000
Interest rate swap liability		$ 0	0
Swap-cash flow 24 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.29%
Notional value		$ 0	125,000,000
Interest rate swap liability		$ 0	0
Interest Rate, Swap Hedge, Type Twenty Seven [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.64%
Notional value		$ 0	100,000,000
Interest rate swap liability		$ 0
Interest rate swap asset			1,935,000
Swap-cash flow 21 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.44%
Notional value		$ 75,000,000	75,000,000
Interest rate swap liability		$ 0
Interest rate swap asset			1,852,000
Swap-cash flow 22 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.31%
Notional value		$ 75,000,000	75,000,000
Interest rate swap liability		$ 0
Interest rate swap asset			1,948,000
Interest Rate, Swap Hedge, Type Thirty [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.08%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 827,000	2,464,000
Interest Rate, Swap Hedge, Type Thirty One [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.13%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 819,000	2,436,000
Interest Rate, Swap Hedge, Type Thirty Two [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.08%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 829,000	2,470,000
Interest Rate, Swap Hedge, Type Thirty Three [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.97%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 849,000	2,504,000
Interest Rate, Swap Hedge, Type Thirty Four [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.85%
Notional value		$ 25,000,000	25,000,000
Interest rate swap asset		$ 436,000	1,293,000
Interest Rate, Swap Hedge, Type Thirty Five [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.88%
Notional value		$ 25,000,000	25,000,000
Interest rate swap asset		$ 434,000	1,304,000
Interest Rate, Swap Hedge, Type Thirty Six [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.86%
Notional value		$ 25,000,000	25,000,000
Interest rate swap asset		$ 436,000	1,310,000
Interest Rate, Swap Hedge, Type Thirty Seven [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.83%
Notional value		$ 25,000,000	25,000,000
Interest rate swap asset		$ 439,000	1,321,000
Interest Rate Swap, 4.37% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		4.37%
Notional value		$ 200,000,000	0
Interest rate swap liability			0
Interest rate swap asset		$ 673,000
Interest Rate, Swap Hedge, Type Thirty Eight [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.77%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 2,011,000	3,538,000
Interest Rate, Swap Hedge, Type Thirty Nine [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.63%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 2,081,000	3,636,000
Interest Rate, Swap Hedge, Type Twenty Nine [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		1.16%
Notional value		$ 150,000,000	150,000,000
Interest rate swap asset		$ 7,969,000	11,636,000
Interest Rate, Swap Hedge, Type Forty [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		0.56%
Notional value		$ 50,000,000	50,000,000
Interest rate swap asset		$ 3,556,000	5,041,000
Interest Rate Swap, 2.95% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.95%
Notional value		$ 125,000,000	0
Interest rate swap asset		$ 1,769,000	0
Interest Rate Swap, 2.85% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.85%
Notional value		$ 65,000,000	0
Interest rate swap asset		$ 1,103,000	0
Interest Rate Swap new, 2.75% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		2.75%
Notional value		$ 60,000,000	0
Interest rate swap asset		$ 1,188,000	0
Interest Rate Swap new, 3.70% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		3.70%
Notional value		$ 25,000,000	0
Interest rate swap liability		$ (254,000)
Interest rate swap asset			0
Interest Rate Swap, 3.45% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		3.45%
Notional value		$ 25,000,000	0
Interest rate swap liability		$ (77,000)
Interest rate swap asset			0
Interest Rate Swap, 3.71% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate		3.71%
Notional value		$ 25,000,000	0
Interest rate swap liability		(259,000)
Interest rate swap asset			0
interest rate swap designated/redesignated in 2022 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 5,900,000
Interest rate swap | Prepaid Expenses and Other Current Assets
Financial Instruments: Derivatives and Hedging
Interest rate swap asset		25,400,000	$ 44,700,000
Interest rate swap | Accounts Payable and Accrued Liabilities
Financial Instruments: Derivatives and Hedging
Interest rate swap liability		$ (600,000)

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	$ 2,220,778,000	$ 2,217,555,000
Total	(24,829,000)	44,688,000
Senior Notes, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	991,672,000	989,307,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	2,141,168,000	2,055,338,000
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	25,419,000	44,688,000
Interest rate swap liability	(590,000)
Total	24,829,000	44,688,000
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0
Total	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	25,419,000	44,688,000
Interest rate swap liability	(590,000)
Total	24,829,000	44,688,000
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0
Total	0	0
Senior Notes, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	1,000,000,000	1,000,000,000
Senior Notes, net | Senior Notes, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	991,672,000	989,307,000
Senior Notes, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross		989,307,000
Long-term Debt, Fair Value	928,750,000	853,895,000
Revolver and Term Loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	821,443,000	820,536,000
Revolver and Term Loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	817,960,000	812,604,000
Mortgage loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	407,663,000	407,712,000
Mortgage loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 394,458,000	$ 388,839,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands		12 Months Ended
	Jan. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) extension hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Ground Leases
Number of properties subject to ground lease | hotel		13
Operating Lease, Expense		$ 16,678	$ 15,908	$ 13,123
Weighted average remaining lease term		62 years
Weighted average discount rate		7.29%
Cash required for reserve, as a percentage of hotel revenue, minimum		3%
Cash required for reserve, as a percentage of hotel revenue, maximum		5%
Restricted cash reserves		$ 38,652	55,070	48,528
Restricted Cash			28,200
Lender
Ground Leases
Restricted Cash			26,900
Subsequent Event
Ground Leases
Payments to Acquire Land	$ 125,000
Wyndham Boston Beacon Hill (2)
Ground Leases
Operating Lease, Expense		929	803	556
Wyndham San Diego Bayside
Ground Leases
Operating Lease, Expense		5,315	5,009	4,042
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Ground Leases
Operating Lease, Expense		815	1,005	666
Residence Inn Palo Alto Los Altos (3)
Ground Leases
Operating Lease, Expense		86	86	86
Wyndham Pittsburgh University Center
Ground Leases
Operating Lease, Expense		726	726	726
Marriott Louisville Downtown
Ground Leases
Operating Lease, Expense		$ 0	0	0
Lessee, Operating Lease, Number Of Extensions | extension		4
Lessee, Operating Lease, Renewal Term		25 years
Embassy Suites San Francisco Airport Waterfront
Ground Leases
Operating Lease, Expense		$ 1,850	1,646	1,239
Wyndham New Orleans French Quarter
Ground Leases
Operating Lease, Expense		487	487	487
Courtyard Charleston Historic District
Ground Leases
Operating Lease, Expense		1,052	1,044	1,019
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center
Ground Leases
Operating Lease, Expense		1,025	922	555
Courtyard Waikiki Beach
Ground Leases
Operating Lease, Expense		4,121	3,922	3,742
Moxy Denver Cherry Creek
Ground Leases
Operating Lease, Expense		272	258	5
Fixed Operating Lease Expense
Ground Leases
Operating Lease, Expense		11,900	11,900	11,600
Variable Operating Lease Expense
Ground Leases
Operating Lease, Expense		$ 4,800	$ 4,000	$ 1,500

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Minimum ground rent
2024	$ 10,427
2025	10,443
2026	11,091
2027	11,598
2028	11,094
Thereafter	538,093
Total future lease payments	592,746
Imputed interest	(470,158)
Lease liabilities	$ 122,588	$ 117,010

Commitments and Contingencies_3

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023	Dec. 31, 2023 hotel
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					96
Number of hotel management companies | agreement	15
Number of real estate properties	97			35
Number of Hotels Without Franchise Agreements					2
Management Service
Ground Leases
Cost of Goods and Services Sold | $	$ 41.7	$ 34.7	$ 10.1
Franchise
Ground Leases
Number of real estate properties				59
Cost of Goods and Services Sold | $	$ 65.7	$ 60.9	$ 43.2
Aimbridge Hospitality
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					31
Colwen Management
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					1
Concord Hospitality
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					1
Crestline Hotels and Resorts
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					1
Davidson Hotels and Resorts
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					2
Hilton Management and affiliates
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					21
HEI Hotels and Resorts
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					2
Hersha Hospitality and Urgo Hotels
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					7
Highgate Hotels
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					3
Hyatt Corporation and affiliates
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					11
InnVentures (1)
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					3
Marriott International, Inc.
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					3
Pyramid
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					1
Sage Hospitality
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					5
White Lodging Services
Ground Leases
Number of hotel properties operated pursuant to long-term management agreements					4
Minimum
Ground Leases
Management agreement term	3 years
Base management fee percentage	1.50%
Management agreement with franchise agreement, base management fee percentage	1.75%
Term of franchise agreements	1 year
Royalty fee as a percentage of room revenue	2%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1%
Royalty fee as a percentage of food and beverage revenues	1.50%
Maximum
Ground Leases
Management agreement term	25 years
Base management fee percentage	3.50%
Management agreement with franchise agreement, base management fee percentage	7%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 27, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 28, 2023	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)		450,000,000	450,000,000			450,000,000
Number of shares acquired as part of a share repurchase program (in shares)			4,907,094
Shares acquired as part of a share repurchase program		$ 75,976	$ 57,639
Common stock, dividends, per share		$ 0.36	$ 0.12	$ 0.04
Total authorized for issuance number of preferred shares of beneficial interest (in shares)		50,000,000	50,000,000			50,000,000
Preferred Stock, Convertible, Conversion Ratio		28.06%
Number of OP units outstanding (in shares)		156,069,660
Limited Partner's ownership interest in the Operating Partnership		99.50%
Limited Partners
Equity
Limited Partner's ownership interest in the Operating Partnership		0.50%
Number of OP units outstanding (in shares)		771,831
The Knickerbocker New York
Equity
Noncontrolling ownership interest of third party		5%
Series A Cumulative Preferred Stock
Equity
Total authorized for issuance number of preferred shares of beneficial interest (in shares)		12,950,000	12,950,000
Preferred stock, dividends per share, declared		$ 1.95	$ 1.95	$ 1.95
Subsequent Event
Equity
Shares acquired as part of a share repurchase program	$ 1,300
2023 Share Repurchase Program
Equity
Share repurchase program, authorized amount					$ 250,000
Number of shares acquired as part of a share repurchase program (in shares)		7,463,632
Shares acquired as part of a share repurchase program		$ 36,100
2023 Share Repurchase Program | Subsequent Event
Equity
Number of shares acquired as part of a share repurchase program (in shares)	105,511
Remaining authorized repurchase amount	$ 212,700
2022 Share Repurchase Program
Equity
Shares acquired as part of a share repurchase program		$ 39,900

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		6,828,527
Common shares available for future grant (in shares)		2,688,397
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares		2,305,303	2,267,870	2,380,283	1,252,228
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 13.52	$ 15.32	$ 15.43	$ 15.17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		991,453	569,600	1,739,327
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 10.84	$ 15.10	$ 15.92
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		(928,192)	(647,426)	(513,342)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 15.07	$ 15.65	$ 16.51
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(25,828)	(34,587)	(97,930)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		$ 13.13	$ 13.15	$ 15.22
Share grants to trustees		$ 15.4	$ 14.4	$ 11.9
Total unrecognized compensation costs		$ 13.4
Weighted-average period of recognition of unrecognized share-based compensation expense		1 year 4 months 24 days
Total fair value of shares vested		$ 9.9	$ 9	$ 7.8
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period		3 years
Share Based Compensation Arrangement by Share Based Payment Award, Time Based Vesting Period		1 year
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years		50%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		3 years
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		50%
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Cost Not Yet Recognized, Period For Recognition		4 years
2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 20.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				0.23%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				69.47%
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period		3 years
2021 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				0
2021 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				200
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years		100%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return		25%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return		75%
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately		100%
2021 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		0%
2021 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		200%
2020 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares		100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	200,000				489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 11.59
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.08%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					23.46%
Total fair value of shares vested		$ 1.1
2020 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					0
2020 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					200
2022 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			407,024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 21.96
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			1.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			70.15%
2022 Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period			0
2022 Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period			200
2023 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		574,846
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 16.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		4.33%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		66.70%
2023 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		0%
2023 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		200%
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants to trustees		$ 8.9	$ 7.3	$ 5.2
Total unrecognized compensation costs		$ 10.7
Weighted-average period of recognition of unrecognized share-based compensation expense		1 year 8 months 12 days

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to RLJ	$ 76,405	$ 41,925	$ (305,168)
Preferred dividends	(25,115)	(25,115)	(25,115)
Less: Dividends paid on unvested restricted shares	(882)	(284)	(85)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	0
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 50,408	$ 16,526	$ (330,368)
Denominator:
Weighted-average number of common shares - basic (in shares)	155,928,663	161,947,807	163,998,390
Unvested restricted shares	538,023	345,058	0
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	89,728	0	0
Weighted-average number of common shares - diluted (in shares)	156,556,414	162,292,865	163,998,390
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.32	$ 0.10	$ (2.01)
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.32	$ 0.10	$ (2.01)

Income Taxes - Cash Distributio

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ (200)	$ (162)	$ 0
State	(1,061)	(1,374)	(1,228)
Deferred:
Federal	4	15	30
State	1	3	10
Income tax expense	(1,256)	(1,518)	(1,188)
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected U.S. federal tax (expense) benefit at statutory rate	(16,353)	(9,184)	65,079
Tax impact of REIT election	15,443	(1,659)	(60,856)
Expected tax (expense) benefit at TRS	(910)	(10,843)	4,223
Change in valuation allowance	(120)	11,945	(6,489)
State income tax expense, net of federal benefit	(1,006)	(2,861)	(650)
Other items	780	241	1,728
Income tax expense	$ (1,256)	$ (1,518)	$ (1,188)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities:
Partnership basis	$ (2,315)	$ (3,463)
Prepaid expenses	(813)	(675)
Deferred tax liabilities	(3,128)	(4,138)
Deferred tax assets:
Property and equipment	6,940	5,936
Incentive and vacation accrual	3,719	3,866
Deferred revenue - key money	1,767	1,387
Allowance for doubtful accounts	70	78
Other	892	2,034
Net operating loss carryforwards	64,275	65,246
Federal historic tax credit	824	824
Valuation allowance	(75,336)	(75,215)
Deferred tax assets	$ 3,151	$ 4,156

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ 75,336	$ 75,215

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	$ 516,675	$ 481,316	$ 665,341
Restricted cash reserves	38,652	55,070	48,528
Cash, cash equivalents, and restricted cash reserves	555,327	536,386	713,869	$ 934,790
Interest Paid, Excluding Capitalized Interest, Operating Activities	89,827	87,180	92,729
Income taxes paid	2,538	1,255	477
Operating cash flow lease payments for operating leases	16,899	15,742	12,371
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	(5,016)	0	0
Right-of-Use Asset and Operating Lease Liability. Remeasurement Adjustment	0	(2,473)	0
In connection with the acquisitions of hotel properties, the Company recorded the following:
Purchase of hotel properties	0	59,000	198,250
Transaction costs	0	1,110	2,014
Operating prorations	0	(802)	(589)
Mortgage debt assumed (non-cash financing activity)	0	0	(25,000)
Acquisition of hotel properties, net	0	59,308	174,675
In connection with the sales of hotel properties, the Company recorded the following:
Sales price	0	49,900	208,507
Transaction costs	0	(834)	(8,118)
Operating prorations	0	(991)	(1,747)
Proceeds from sales of hotel properties, net	0	48,075	198,642
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	(17,929)	63,570	41,279
Accrued capital expenditures	22,144	17,645	10,049
Distributions payable	22,500	14,622	8,347
Accumulated Other Comprehensive Loss
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	$ (17,929)	$ 63,570	$ 41,279

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jan. 29, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Payments to Acquire Land	$ 125

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Debt	$ 407,833
Land & Improvements	976,637
Building & Improvements	3,465,182
Land, Building & Improvements	673,808
Land & Improvements	998,417
Buildings & Improvements	4,117,210
Total	5,115,627	$ 5,033,114	$ 4,977,563	$ 5,174,309
Accumulated Depreciation	1,105,184	$ 975,029	$ 870,741	$ 827,808
Aggregate cost of real estate for federal income tax purposes	5,000,000
Marriott Denver South @ Park Meadow [Member]
Real Estate and Accumulated Depreciation
Debt	0
Land & Improvements	5,385
Building & Improvements	39,488
Land, Building & Improvements	4,414
Land & Improvements	5,383
Buildings & Improvements	43,904
Total	49,287
Accumulated Depreciation	$ 19,493
Marriott Denver South @ Park Meadow [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Denver South @ Park Meadow [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	0
Building & Improvements	89,541
Land, Building & Improvements	25,286
Land & Improvements	92
Buildings & Improvements	114,735
Total	114,827
Accumulated Depreciation	$ 47,296
Marriott Louisville Downtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Louisville Downtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,464
Building & Improvements	32,736
Land, Building & Improvements	3,458
Land & Improvements	4,496
Buildings & Improvements	36,162
Total	40,658
Accumulated Depreciation	$ 15,801
Marriott Chicago Midway [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Chicago Midway [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,440
Building & Improvements	32,557
Land, Building & Improvements	9,915
Land & Improvements	4,790
Buildings & Improvements	42,122
Total	46,912
Accumulated Depreciation	$ 16,051
Renaissance Boulder Flatiron Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Fort Lauderdale Plantation Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,842
Building & Improvements	35,517
Land, Building & Improvements	9,049
Land & Improvements	4,886
Buildings & Improvements	44,522
Total	49,408
Accumulated Depreciation	$ 17,729
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Land & Improvements	8,140
Building & Improvements	59,696
Land, Building & Improvements	10,053
Land & Improvements	8,148
Buildings & Improvements	69,741
Total	77,889
Accumulated Depreciation	$ 30,116
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,482
Building & Improvements	18,207
Land, Building & Improvements	4,259
Land & Improvements	2,641
Buildings & Improvements	22,307
Total	24,948
Accumulated Depreciation	$ 9,183
Courtyard Indianapolis @ The Capitol [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,172
Building & Improvements	15,927
Land, Building & Improvements	2,897
Land & Improvements	2,211
Buildings & Improvements	18,785
Total	20,996
Accumulated Depreciation	$ 8,980
Courtyard Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,049
Building & Improvements	44,361
Land, Building & Improvements	5,852
Land & Improvements	6,049
Buildings & Improvements	50,213
Total	56,262
Accumulated Depreciation	$ 19,609
Courtyard Austin Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,665
Building & Improvements	19,549
Land, Building & Improvements	3,344
Land & Improvements	2,686
Buildings & Improvements	22,872
Total	25,558
Accumulated Depreciation	$ 10,406
Residence Inn Houston By The Galleria [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,670
Building & Improvements	19,588
Land, Building & Improvements	5,224
Land & Improvements	2,670
Buildings & Improvements	24,812
Total	27,482
Accumulated Depreciation	$ 10,021
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Merrillville [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	595
Building & Improvements	4,372
Land, Building & Improvements	1,431
Land & Improvements	622
Buildings & Improvements	5,776
Total	6,398
Accumulated Depreciation	$ 2,566
Residence Inn Merrillville [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Merrillville [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,815
Building & Improvements	13,308
Land, Building & Improvements	3,367
Land & Improvements	1,822
Buildings & Improvements	16,668
Total	18,490
Accumulated Depreciation	$ 6,442
Residence Inn Louisville Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,767
Building & Improvements	27,626
Land, Building & Improvements	4,706
Land & Improvements	3,804
Buildings & Improvements	32,295
Total	36,099
Accumulated Depreciation	$ 12,285
Residence Inn Austin Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn and Suites Cherry Creek [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,203
Building & Improvements	8,823
Land, Building & Improvements	2,020
Land & Improvements	1,207
Buildings & Improvements	10,839
Total	12,046
Accumulated Depreciation	$ 4,758
Fairfield Inn and Suites Cherry Creek [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn and Suites Cherry Creek [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn and Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,803
Building & Improvements	19,325
Land, Building & Improvements	3,960
Land & Improvements	1,876
Buildings & Improvements	23,212
Total	25,088
Accumulated Depreciation	$ 10,453
Fairfield Inn and Suites Key West [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn and Suites Key West [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,425
Building & Improvements	10,449
Land, Building & Improvements	2,069
Land & Improvements	1,447
Buildings & Improvements	12,496
Total	13,943
Accumulated Depreciation	$ 5,646
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,747
Building & Improvements	20,143
Land, Building & Improvements	3,104
Land & Improvements	2,793
Buildings & Improvements	23,201
Total	25,994
Accumulated Depreciation	$ 10,432
Hampton Inn Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,978
Building & Improvements	21,842
Land, Building & Improvements	1,744
Land & Improvements	3,006
Buildings & Improvements	23,558
Total	26,564
Accumulated Depreciation	$ 10,461
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,189
Building & Improvements	8,718
Land, Building & Improvements	1,896
Land & Improvements	1,225
Buildings & Improvements	10,578
Total	11,803
Accumulated Depreciation	$ 5,064
Sleep Inn Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,874
Building & Improvements	13,742
Land, Building & Improvements	3,219
Land & Improvements	1,925
Buildings & Improvements	16,910
Total	18,835
Accumulated Depreciation	$ 7,289
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	829
Building & Improvements	6,139
Land, Building & Improvements	1,081
Land & Improvements	860
Buildings & Improvements	7,189
Total	8,049
Accumulated Depreciation	$ 3,071
TGI Friday's Chicago Midway [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,691
Building & Improvements	22,764
Land, Building & Improvements	3,948
Land & Improvements	5,742
Buildings & Improvements	26,661
Total	32,403
Accumulated Depreciation	$ 10,530
Hampton Inn Garden City [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn Garden City [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Land & Improvements	3,069
Building & Improvements	22,508
Land, Building & Improvements	2,561
Land & Improvements	3,069
Buildings & Improvements	25,069
Total	28,138
Accumulated Depreciation	$ 10,128
Courtyard Houston By The Galleria [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Land & Improvements	4,857
Building & Improvements	29,943
Land, Building & Improvements	12,141
Land & Improvements	5,036
Buildings & Improvements	41,905
Total	46,941
Accumulated Depreciation	$ 16,402
Embassy Suites Los Angeles Downey [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,161
Building & Improvements	71,017
Land, Building & Improvements	15,656
Land & Improvements	2,444
Buildings & Improvements	86,390
Total	88,834
Accumulated Depreciation	$ 29,475
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Land & Improvements	16,214
Building & Improvements	22,265
Land, Building & Improvements	7,824
Land & Improvements	16,447
Buildings & Improvements	29,856
Total	46,303
Accumulated Depreciation	$ 12,091
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,816
Building & Improvements	7,862
Land, Building & Improvements	2,654
Land & Improvements	2,968
Buildings & Improvements	10,364
Total	13,332
Accumulated Depreciation	$ 4,213
Embassy Suites Fort Myers Estero [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	23,139
Building & Improvements	34,188
Land, Building & Improvements	6,506
Land & Improvements	23,758
Buildings & Improvements	40,075
Total	63,833
Accumulated Depreciation	$ 14,024
Homewood Suites Washington DC Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hotel Indigo New Orleans Garden District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,901
Building & Improvements	2,793
Land, Building & Improvements	16,165
Land & Improvements	2,155
Buildings & Improvements	18,704
Total	20,859
Accumulated Depreciation	$ 9,940
Hotel Indigo New Orleans Garden District [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hotel Indigo New Orleans Garden District [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,457
Building & Improvements	37,046
Land, Building & Improvements	2,148
Land & Improvements	7,480
Buildings & Improvements	39,171
Total	46,651
Accumulated Depreciation	$ 13,384
Residence Inn National Harbor Washington DC [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,405
Building & Improvements	20,750
Land, Building & Improvements	9,612
Land & Improvements	3,509
Buildings & Improvements	30,258
Total	33,767
Accumulated Depreciation	$ 11,452
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,303
Building & Improvements	19,136
Land, Building & Improvements	10,933
Land & Improvements	5,699
Buildings & Improvements	29,673
Total	35,372
Accumulated Depreciation	$ 12,059
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Land & Improvements	3,274
Building & Improvements	39,934
Land, Building & Improvements	11,484
Land & Improvements	3,397
Buildings & Improvements	51,295
Total	54,692
Accumulated Depreciation	$ 17,675
Renaissance Pittsburgh Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,860
Building & Improvements	21,668
Land, Building & Improvements	4,217
Land & Improvements	2,875
Buildings & Improvements	25,870
Total	28,745
Accumulated Depreciation	$ 9,248
Courtyard Atlanta Buckhead [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,656
Building & Improvements	9,614
Land, Building & Improvements	10,036
Land & Improvements	3,914
Buildings & Improvements	19,392
Total	23,306
Accumulated Depreciation	$ 8,441
Embassy Suites West Palm Beach Central [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,975
Building & Improvements	18,490
Land, Building & Improvements	9,440
Land & Improvements	2,382
Buildings & Improvements	27,523
Total	29,905
Accumulated Depreciation	$ 12,045
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,714
Building & Improvements	35,828
Land, Building & Improvements	4,747
Land & Improvements	3,564
Buildings & Improvements	39,725
Total	43,289
Accumulated Depreciation	$ 12,787
Courtyard Charleston Historic District | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Charleston Historic District | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,154
Building & Improvements	52,749
Land, Building & Improvements	8,529
Land & Improvements	8,761
Buildings & Improvements	60,671
Total	69,432
Accumulated Depreciation	$ 18,954
Residence Inn Bethesda Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	20,655
Building & Improvements	60,222
Land, Building & Improvements	9,020
Land & Improvements	21,282
Buildings & Improvements	68,615
Total	89,897
Accumulated Depreciation	$ 21,668
Courtyard New York Manhattan Upper East Side [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	11,903
Building & Improvements	22,757
Land, Building & Improvements	17,725
Land & Improvements	12,242
Buildings & Improvements	40,143
Total	52,385
Accumulated Depreciation	$ 11,210
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,268
Building & Improvements	56,024
Land, Building & Improvements	5,358
Land & Improvements	6,402
Buildings & Improvements	61,248
Total	67,650
Accumulated Depreciation	$ 18,782
Embassy Suites Boston Waltham [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,799
Building & Improvements	28,953
Land, Building & Improvements	6,009
Land & Improvements	6,099
Buildings & Improvements	34,662
Total	40,761
Accumulated Depreciation	$ 10,232
Courtyard Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,674
Building & Improvements	24,913
Land, Building & Improvements	5,074
Land & Improvements	4,875
Buildings & Improvements	29,786
Total	34,661
Accumulated Depreciation	$ 8,820
Residence Inn Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,382
Building & Improvements	12,756
Land, Building & Improvements	12,410
Land & Improvements	2,570
Buildings & Improvements	24,978
Total	27,548
Accumulated Depreciation	$ 10,285
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	557
Building & Improvements	79,033
Land, Building & Improvements	14,395
Land & Improvements	803
Buildings & Improvements	93,182
Total	93,985
Accumulated Depreciation	$ 27,026
Courtyard Waikiki Beach | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Waikiki Beach | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	11,277
Building & Improvements	18,198
Land, Building & Improvements	29,082
Land & Improvements	11,291
Buildings & Improvements	47,266
Total	58,557
Accumulated Depreciation	$ 17,434
Courtyard San Francisco [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard San Francisco [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,812
Building & Improvements	6,044
Land, Building & Improvements	7,858
Land & Improvements	2,982
Buildings & Improvements	13,732
Total	16,714
Accumulated Depreciation	$ 4,670
Residence Inn Atlanta Midtown Historic [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,488
Building & Improvements	18,283
Land, Building & Improvements	1,829
Land & Improvements	3,543
Buildings & Improvements	20,057
Total	23,600
Accumulated Depreciation	$ 5,571
SpringHill Suites Portland Hillsboro [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	25,083
Building & Improvements	40,707
Land, Building & Improvements	11,836
Land & Improvements	25,386
Buildings & Improvements	52,240
Total	77,626
Accumulated Depreciation	$ 12,323
Hilton Cabana Miami Beach | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Cabana Miami Beach | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 18,000
Land & Improvements	3,029
Building & Improvements	26,193
Land, Building & Improvements	2,314
Land & Improvements	3,054
Buildings & Improvements	28,482
Total	31,536
Accumulated Depreciation	$ 7,235
Hyatt House Charlotte Center City | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Charlotte Center City | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 16,000
Land & Improvements	3,995
Building & Improvements	9,164
Land, Building & Improvements	3,984
Land & Improvements	4,354
Buildings & Improvements	12,789
Total	17,143
Accumulated Depreciation	$ 4,660
Hyatt House Cypress Anaheim | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Cypress Anaheim | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 36,000
Land & Improvements	7,425
Building & Improvements	29,137
Land, Building & Improvements	8,020
Land & Improvements	7,517
Buildings & Improvements	37,065
Total	44,582
Accumulated Depreciation	$ 10,889
Hyatt House Emeryville San Francisco Bay Area | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,420
Building & Improvements	21,288
Land, Building & Improvements	4,254
Land & Improvements	10,756
Buildings & Improvements	25,206
Total	35,962
Accumulated Depreciation	$ 6,436
Hyatt House San Diego Sorrento Mesa | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,820
Building & Improvements	31,682
Land, Building & Improvements	3,256
Land & Improvements	6,975
Buildings & Improvements	34,783
Total	41,758
Accumulated Depreciation	$ 8,579
Hyatt House San Jose Silicon Valley | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,712
Building & Improvements	11,852
Land, Building & Improvements	2,980
Land & Improvements	5,761
Buildings & Improvements	14,783
Total	20,544
Accumulated Depreciation	$ 4,624
Hyatt House San Ramon | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Ramon | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 34,000
Land & Improvements	8,044
Building & Improvements	27,703
Land, Building & Improvements	3,305
Land & Improvements	8,052
Buildings & Improvements	31,000
Total	39,052
Accumulated Depreciation	$ 8,418
Hyatt House Santa Clara | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Santa Clara | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Market Street The Woodlands [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,950
Building & Improvements	16,882
Land, Building & Improvements	2,828
Land & Improvements	5,977
Buildings & Improvements	19,683
Total	25,660
Accumulated Depreciation	$ 4,812
Hyatt Market Street The Woodlands [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Market Street The Woodlands [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,209
Building & Improvements	13,730
Land, Building & Improvements	1,823
Land & Improvements	6,297
Buildings & Improvements	15,465
Total	21,762
Accumulated Depreciation	$ 4,437
Hyatt Place Fremont Silicon Valley | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 13,000
Land & Improvements	6,701
Building & Improvements	25,478
Land, Building & Improvements	1,596
Land & Improvements	6,709
Buildings & Improvements	27,066
Total	33,775
Accumulated Depreciation	$ 6,651
Hyatt Place Madison Downtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Madison Downtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	15,062
Building & Improvements	33,048
Land, Building & Improvements	9,264
Land & Improvements	15,243
Buildings & Improvements	42,131
Total	57,374
Accumulated Depreciation	$ 12,307
Embassy Suites Irvine Orange County | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Irvine Orange County | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,019
Building & Improvements	53,024
Land, Building & Improvements	1,670
Land & Improvements	8,021
Buildings & Improvements	54,692
Total	62,713
Accumulated Depreciation	$ 13,524
Courtyard Portland City Center | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Portland City Center | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,737
Building & Improvements	41,731
Land, Building & Improvements	1,757
Land & Improvements	3,740
Buildings & Improvements	43,485
Total	47,225
Accumulated Depreciation	$ 10,510
Hyatt Atlanta Midtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Atlanta Midtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	48,192
Building & Improvements	27,770
Land, Building & Improvements	9,468
Land & Improvements	48,396
Buildings & Improvements	37,034
Total	85,430
Accumulated Depreciation	$ 10,629
DoubleTree Grand Key Resort | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Grand Key Resort | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,763
Building & Improvements	55,225
Land, Building & Improvements	2,133
Land & Improvements	10,763
Buildings & Improvements	57,358
Total	68,121
Accumulated Depreciation	$ 12,475
Hyatt Place Washington DC Downtown K Street | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Land & Improvements	3,933
Building & Improvements	30,949
Land, Building & Improvements	416
Land & Improvements	4,013
Buildings & Improvements	31,285
Total	35,298
Accumulated Depreciation	$ 6,908
Homewood Suites Seattle Lynnwood | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos (3)
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	16,996
Building & Improvements	45,786
Land, Building & Improvements	1,215
Land & Improvements	17,137
Buildings & Improvements	46,860
Total	63,997
Accumulated Depreciation	$ 10,522
Residence Inn Palo Alto Los Altos (3) | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos (3) | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Suites by Hilton Austin [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,072
Building & Improvements	50,827
Land, Building & Improvements	5,086
Land & Improvements	7,402
Buildings & Improvements	55,583
Total	62,985
Accumulated Depreciation	$ 8,568
DoubleTree Suites by Hilton Austin [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Suites by Hilton Austin [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	896
Building & Improvements	44,508
Land, Building & Improvements	7,605
Land & Improvements	1,010
Buildings & Improvements	51,999
Total	53,009
Accumulated Depreciation	$ 7,980
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	31,279
Building & Improvements	46,015
Land, Building & Improvements	18,464
Land & Improvements	31,544
Buildings & Improvements	64,214
Total	95,758
Accumulated Depreciation	$ 10,963
Embassy Suites Atlanta Buckhead [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Atlanta Buckhead [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Birmingham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,495
Building & Improvements	33,568
Land, Building & Improvements	1,013
Land & Improvements	10,512
Buildings & Improvements	34,564
Total	45,076
Accumulated Depreciation	$ 5,832
Embassy Suites Birmingham [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Birmingham [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Dallas Love Field [Member]
Real Estate and Accumulated Depreciation
Debt	$ 25,000
Land & Improvements	6,408
Building & Improvements	34,694
Land, Building & Improvements	2,670
Land & Improvements	6,418
Buildings & Improvements	37,354
Total	43,772
Accumulated Depreciation	$ 6,043
Embassy Suites Dallas Love Field [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Dallas Love Field [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Deerfield Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,527
Building & Improvements	56,128
Land, Building & Improvements	16,351
Land & Improvements	7,958
Buildings & Improvements	72,048
Total	80,006
Accumulated Depreciation	$ 10,795
Embassy Suites Deerfield Beach [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Deerfield Beach [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Fort Lauderdale 17th Street [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	30,933
Building & Improvements	54,592
Land, Building & Improvements	5,547
Land & Improvements	31,320
Buildings & Improvements	59,752
Total	91,072
Accumulated Depreciation	$ 10,262
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Los Angeles International Airport South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 50,000
Land & Improvements	13,110
Building & Improvements	94,733
Land, Building & Improvements	13,394
Land & Improvements	14,130
Buildings & Improvements	107,107
Total	121,237
Accumulated Depreciation	$ 16,058
Embassy Suites Los Angeles International Airport South [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Los Angeles International Airport South [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Miami International Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	14,765
Building & Improvements	18,099
Land, Building & Improvements	8,746
Land & Improvements	15,107
Buildings & Improvements	26,503
Total	41,610
Accumulated Depreciation	$ 4,530
Embassy Suites Miami International Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Miami International Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Milpitas Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	43,157
Building & Improvements	26,399
Land, Building & Improvements	13,553
Land & Improvements	43,370
Buildings & Improvements	39,739
Total	83,109
Accumulated Depreciation	$ 8,248
Embassy Suites Milpitas Silicon Valley [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Milpitas Silicon Valley [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Minneapolis Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,248
Building & Improvements	41,202
Land, Building & Improvements	17,814
Land & Improvements	9,676
Buildings & Improvements	56,588
Total	66,264
Accumulated Depreciation	$ 12,361
Embassy Suites Minneapolis Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Minneapolis Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Orlando International Drive [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,743
Building & Improvements	37,687
Land, Building & Improvements	1,857
Land & Improvements	5,031
Buildings & Improvements	39,256
Total	44,287
Accumulated Depreciation	$ 6,667
Embassy Suites Orlando International Drive [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Orlando International Drive [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Phoenix Biltmore [Member]
Real Estate and Accumulated Depreciation
Debt	$ 21,000
Land & Improvements	24,680
Building & Improvements	24,487
Land, Building & Improvements	9,441
Land & Improvements	24,784
Buildings & Improvements	33,824
Total	58,608
Accumulated Depreciation	$ 5,377
Embassy Suites Phoenix Biltmore [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Phoenix Biltmore [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites San Francisco Airport South San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	39,616
Building & Improvements	55,163
Land, Building & Improvements	16,427
Land & Improvements	39,728
Buildings & Improvements	71,478
Total	111,206
Accumulated Depreciation	$ 12,977
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites San Francisco Airport Waterfront
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,698
Building & Improvements	85,270
Land, Building & Improvements	4,644
Land & Improvements	4,331
Buildings & Improvements	89,281
Total	93,612
Accumulated Depreciation	$ 16,092
Embassy Suites San Francisco Airport Waterfront | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites San Francisco Airport Waterfront | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Mandalay Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	35,769
Building & Improvements	53,280
Land, Building & Improvements	31,339
Land & Improvements	37,031
Buildings & Improvements	83,357
Total	120,388
Accumulated Depreciation	$ 12,839
Embassy Suites Mandalay Beach [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Mandalay Beach [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Houston Medical Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,776
Building & Improvements	43,475
Land, Building & Improvements	7,060
Land & Improvements	7,995
Buildings & Improvements	50,316
Total	58,311
Accumulated Depreciation	$ 7,308
Wyndham Houston Medical Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Houston Medical Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Mills House Wyndham Grand Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	9,599
Building & Improvements	68,932
Land, Building & Improvements	12,221
Land & Improvements	10,744
Buildings & Improvements	80,008
Total	90,752
Accumulated Depreciation	$ 12,168
Mills House Wyndham Grand Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Mills House Wyndham Grand Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
San Francisco Marriott Union Square [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	46,773
Building & Improvements	107,841
Land, Building & Improvements	13,395
Land & Improvements	46,882
Buildings & Improvements	121,127
Total	168,009
Accumulated Depreciation	$ 21,183
San Francisco Marriott Union Square [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
San Francisco Marriott Union Square [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
The Knickerbocker New York
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	113,613
Building & Improvements	119,453
Land, Building & Improvements	4,546
Land & Improvements	114,987
Buildings & Improvements	122,625
Total	237,612
Accumulated Depreciation	$ 19,438
The Knickerbocker New York | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
The Knickerbocker New York | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Santa Monica At The Pier [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	27,054
Building & Improvements	45,866
Land, Building & Improvements	15,838
Land & Improvements	27,354
Buildings & Improvements	61,404
Total	88,758
Accumulated Depreciation	$ 8,469
Wyndham Santa Monica At The Pier [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Santa Monica At The Pier [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Boston Beacon Hill (2)
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	174
Building & Improvements	51,934
Land, Building & Improvements	2,000
Land & Improvements	178
Buildings & Improvements	53,930
Total	54,108
Accumulated Depreciation	$ 30,418
Wyndham Boston Beacon Hill (2) | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	6 years
Wyndham Boston Beacon Hill (2) | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	6 years
Wyndham New Orleans French Quarter
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	300
Building & Improvements	72,686
Land, Building & Improvements	2,066
Land & Improvements	300
Buildings & Improvements	74,752
Total	75,052
Accumulated Depreciation	$ 11,966
Wyndham New Orleans French Quarter | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham New Orleans French Quarter | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Philadelphia Historic District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,367
Building & Improvements	51,914
Land, Building & Improvements	1,263
Land & Improvements	8,609
Buildings & Improvements	52,935
Total	61,544
Accumulated Depreciation	$ 8,543
Wyndham Philadelphia Historic District [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Philadelphia Historic District [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Pittsburgh University Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	154
Building & Improvements	31,625
Land, Building & Improvements	1,756
Land & Improvements	185
Buildings & Improvements	33,350
Total	33,535
Accumulated Depreciation	$ 5,173
Wyndham Pittsburgh University Center | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Pittsburgh University Center | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham San Diego Bayside
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	989
Building & Improvements	29,440
Land, Building & Improvements	7,234
Land & Improvements	1,370
Buildings & Improvements	36,293
Total	37,663
Accumulated Depreciation	$ 17,274
Wyndham San Diego Bayside | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	7 years
Wyndham San Diego Bayside | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	7 years
AC Hotel Boston Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	26,560
Building & Improvements	53,354
Land, Building & Improvements	166
Land & Improvements	26,560
Buildings & Improvements	53,520
Total	80,080
Accumulated Depreciation	$ 3,174
AC Hotel Boston Downtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
AC Hotel Boston Downtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hampton Inn and Suites Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,990
Building & Improvements	48,321
Land, Building & Improvements	33
Land & Improvements	5,993
Buildings & Improvements	48,351
Total	54,344
Accumulated Depreciation	$ 2,933
Hampton Inn and Suites Atlanta Midtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn and Suites Atlanta Midtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Moxy Denver Cherry Creek
Real Estate and Accumulated Depreciation
Debt	$ 26,833
Land & Improvements	0
Building & Improvements	48,725
Land, Building & Improvements	85
Land & Improvements	0
Buildings & Improvements	48,810
Total	48,810
Accumulated Depreciation	$ 2,542
Moxy Denver Cherry Creek | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Moxy Denver Cherry Creek | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
21c Hotel Nashville
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	19,807
Building & Improvements	36,223
Land, Building & Improvements	366
Land & Improvements	19,829
Buildings & Improvements	36,567
Total	56,396
Accumulated Depreciation	$ 1,366
21c Hotel Nashville | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
21c Hotel Nashville | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 5,033,114	$ 4,977,563	$ 5,174,309
Add: Acquisitions	0	56,030	182,950
Add: Improvements	82,513	68,012	34,511
Less: Disposition of properties	0	(68,491)	(269,362)
Less: Impairment losses	0	0	(144,845)
Balance at end of period	5,115,627	5,033,114	4,977,563
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(975,029)	(870,741)	(827,808)
Add: Depreciation for the period	(130,155)	(125,203)	(126,759)
Less: Disposition of properties	0	20,915	83,826
Balance at end of period	$ (1,105,184)	$ (975,029)	$ (870,741)