RLJ Lodging Trust (RLJ) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		155,024,153
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
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
Series A Preferred Stock [Member]
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

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investment in hotel properties, net	$ 4,274,669	$ 4,136,216
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	7,386	7,398
Cash and cash equivalents	371,133	516,675
Restricted cash reserves	36,081	38,652
Hotel and other receivables, net of allowance of $369 and $265, respectively	30,916	26,163
Operating lease right of use asset	130,875	136,140
Prepaid expense and other assets	66,967	58,051
Total assets	4,918,027	4,919,295
Liabilities and Equity
Debt, net	2,222,642	2,220,778
Accounts payable and other liabilities	149,682	147,819
Contract with Customer, Liability	33,475	32,281
Operating lease liability	119,902	122,588
Accrued interest	21,934	22,539
Distributions payable	22,621	22,500
Total liabilities	2,570,256	2,568,505
Commitments and Contingencies (Note 11)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at June 30, 2024 and December 31, 2023	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,240,677 and 155,297,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,552	1,553
Additional paid-in capital	3,000,394	3,000,894
Retained Earnings	(1,057,061)	(1,055,183)
Accumulated other comprehensive income	22,171	22,662
Total shareholders’ equity	2,333,992	2,336,862
Noncontrolling interests:
Noncontrolling interest in the Operating Partnership	6,318	6,294
Noncontrolling interest in consolidated joint ventures	7,461	7,634
Total noncontrolling interests	13,779	13,928
Total equity	2,347,771	2,350,790
Total liabilities and equity	$ 4,918,027	$ 4,919,295

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Hotel and other receivables, allowance	$ 369	$ 265
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	50,000,000	50,000,000
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized	450,000,000	450,000,000
Common shares of beneficial interest, shares issued	155,240,677	155,297,829
Common shares of beneficial interest, shares outstanding	155,240,677	155,297,829
Series A Cumulative Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred shares of beneficial interest, shares authorized	12,950,000	12,950,000
Preferred shares of beneficial interest, shares issued	12,879,475	12,879,475
Preferred shares of beneficial interest, shares outstanding	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 369,297	$ 356,960	$ 693,707	$ 671,463
Expenses
Operating Costs and Expenses	224,826	211,854	438,303	412,848
Depreciation and amortization	44,474	44,925	89,153	89,921
Property tax, insurance and other	28,753	24,684	56,587	49,332
General and administrative	13,940	14,627	29,045	28,283
Transaction costs	76	4	90	24
Total operating expenses	312,069	296,094	613,178	580,408
Other income, net	687	736	3,878	1,585
Interest income	4,118	5,011	8,905	8,675
Interest expense	(28,049)	(24,543)	(54,507)	(48,673)
Gain (loss) on sale of hotel properties, net	3,546	(44)	3,546	(44)
Loss on extinguishment of indebtedness, net	0	(169)	0	(169)
Income before equity in income from unconsolidated joint ventures	37,530	41,857	42,351	52,429
Equity in income from unconsolidated joint ventures	154	220	388	501
Income before income tax expense	37,684	42,077	42,739	52,930
Income tax expense	(393)	(357)	(702)	(696)
Net income	37,291	41,720	42,037	52,234
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in the Operating Partnership	(169)	(171)	(167)	(188)
Noncontrolling interest in consolidated joint ventures	(16)	(154)	173	(6)
Net income attributable to RLJ	37,106	41,395	42,043	52,040
Preferred dividends	(6,279)	(6,279)	(12,557)	(12,557)
Net income attributable to common shareholders	$ 30,827	$ 35,116	$ 29,486	$ 39,483
Basic per common share data:
Net income per share attributable to common shareholders - basic	$ 0.20	$ 0.22	$ 0.19	$ 0.25
Weighted-average number of common shares - basic (in shares)	153,641,065	156,424,444	153,305,640	157,945,406
Diluted per common share data:
Net income per share attributable to common shareholders - diluted	$ 0.20	$ 0.22	$ 0.19	$ 0.25
Weighted-average number of common shares - diluted (in shares)	154,105,871	156,741,187	154,151,135	158,381,380
Comprehensive income:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 37,291	$ 41,720	$ 42,037	$ 52,234
Unrealized gain (loss) on interest rate derivatives	(2,773)	7,558	(491)	1,142
Comprehensive income	34,518	49,278	41,546	53,376
Noncontrolling interest in the Operating Partnership	(169)	(171)	(167)	(188)
Noncontrolling interest in consolidated joint ventures	(16)	(154)	173	(6)
Comprehensive income attributable to RLJ	34,333	48,953	41,552	53,182
Accumulated Other Comprehensive Income
Comprehensive income:
Unrealized gain (loss) on interest rate derivatives	(2,773)	7,558	(491)	1,142
Room Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	303,652	295,496	570,282	556,328
Expenses
Operating Costs and Expenses	73,941	70,333	143,327	136,384
Food and Beverage Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	40,843	38,132	76,532	71,420
Expenses
Operating Costs and Expenses	30,304	28,037	58,931	54,174
Other Revenue
Revenues
Revenue from Contract with Customer, Excluding Assessed Tax	24,802	23,332	46,893	43,715
Expenses
Operating Costs and Expenses	90,792	84,207	180,601	166,831
Management And Franchise Fee Expense
Expenses
Operating Costs and Expenses	$ 29,789	$ 29,277	$ 55,444	$ 55,459

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock [Member]	Common Stock	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Income	Operating Partnership	Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2022		12,879,475	162,003,533
Balance at Dec. 31, 2022	$ 2,428,646	$ 366,936	$ 1,620	$ 3,054,958	$ (1,049,441)	$ 40,591	$ 6,313	$ 7,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	52,040
Net income (loss)	52,234				52,040		188	6
Unrealized gain (loss) on interest rate derivatives	1,142					1,142
Issuance of restricted stock (in shares)			1,190,961
Issuance of restricted stock	0		$ 12	(12)
Amortization of share-based compensation	12,728			12,728
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(407,205)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,398)		$ (4)	(4,394)
Shares acquired as part of a share repurchase program	$ (51,981)		$ (51)	(51,930)
Shares acquired as part of a share repurchase program (in shares)	(5,100,000)		(5,082,968)
Forfeiture of restricted stock (in shares)			(18,130)
Restricted Stock Award, Forfeitures	$ 0
Dividends, Preferred Stock	(12,557)				(12,557)
Distributions on common shares and units	(25,729)				(25,608)		(121)
Balance (in shares) at Jun. 30, 2023		12,879,475	157,686,191
Balance at Jun. 30, 2023	2,400,085	$ 366,936	$ 1,577	3,011,350	(1,035,566)	41,733	6,380	7,675
Balance (in shares) at Mar. 31, 2023		12,879,475	160,077,784
Balance at Mar. 31, 2023	2,393,240	$ 366,936	$ 1,601	3,034,682	(1,057,939)	34,175	6,264	7,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	41,395				41,395
Net income (loss)	41,720						171	154
Unrealized gain (loss) on interest rate derivatives	7,558					7,558
Issuance of restricted stock (in shares)			550,554
Issuance of restricted stock	0		$ 6	(6)
Amortization of share-based compensation	6,597			6,597
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(244,456)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(2,509)		$ (3)	(2,506)
Shares acquired as part of a share repurchase program	(27,444)		$ (27)	(27,417)
Shares acquired as part of a share repurchase program (in shares)			(2,681,115)
Forfeiture of restricted stock (in shares)			(16,576)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(12,798)				(12,743)		(55)
Balance (in shares) at Jun. 30, 2023		12,879,475	157,686,191
Balance at Jun. 30, 2023	2,400,085	$ 366,936	$ 1,577	3,011,350	(1,035,566)	41,733	6,380	7,675
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	42,043				42,043
Net income (loss)	42,037				42,043		167	(173)
Unrealized gain (loss) on interest rate derivatives	(491)					(491)
Issuance of restricted stock (in shares)			1,178,779
Issuance of restricted stock	0		$ 11	(11)
Amortization of share-based compensation	12,705			12,705
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(807,917)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(9,014)		$ (8)	(9,006)
Shares acquired as part of a share repurchase program	$ (4,192)		$ (4)	(4,188)
Shares acquired as part of a share repurchase program (in shares)	(400,000)		(407,857)
Forfeiture of restricted stock (in shares)			(20,157)
Restricted Stock Award, Forfeitures	$ 0
Dividends, Preferred Stock	(12,557)				(12,557)
Distributions on common shares and units	(31,507)				(31,364)		(143)
Balance (in shares) at Jun. 30, 2024		12,879,475	155,240,677
Balance at Jun. 30, 2024	2,347,771	$ 366,936	$ 1,552	3,000,394	(1,057,061)	22,171	6,318	7,461
Balance (in shares) at Mar. 31, 2024		12,879,475	155,819,434
Balance at Mar. 31, 2024	2,337,566	$ 366,936	$ 1,558	3,002,588	(1,072,125)	24,944	6,220	7,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	37,106				37,106
Net income (loss)	37,291						169	16
Unrealized gain (loss) on interest rate derivatives	(2,773)					(2,773)
Issuance of restricted stock (in shares)			205,414
Issuance of restricted stock	0		$ 2	(2)
Amortization of share-based compensation	5,724			5,724
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(462,047)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(4,983)		$ (5)	(4,978)
Shares acquired as part of a share repurchase program	(2,941)		$ (3)	(2,938)
Shares acquired as part of a share repurchase program (in shares)			(302,346)
Forfeiture of restricted stock (in shares)			(19,778)
Restricted Stock Award, Forfeitures	0
Dividends, Preferred Stock	(6,279)				(6,279)
Distributions on common shares and units	(15,834)				(15,763)		(71)
Balance (in shares) at Jun. 30, 2024		12,879,475	155,240,677
Balance at Jun. 30, 2024	$ 2,347,771	$ 366,936	$ 1,552	$ 3,000,394	$ (1,057,061)	$ 22,171	$ 6,318	$ 7,461

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 42,037,000	$ 52,234,000
Adjustments to reconcile net income to cash flow provided by operating activities:
Gain (loss) on sale of hotel properties, net	3,546,000	(44,000)
Loss on extinguishment of indebtedness, net	0	169,000
Depreciation and amortization	89,153,000	89,921,000
Amortization of deferred financing costs	3,116,000	2,965,000
Other amortization	2,882,000	2,172,000
Equity in income from unconsolidated joint ventures	(388,000)	(501,000)
Distributions of income from unconsolidated joint ventures	400,000	0
Amortization of share-based compensation	11,708,000	11,781,000
Changes in assets and liabilities:
Hotel and other receivables, net	(4,771,000)	(3,220,000)
Prepaid expense and other assets	(11,794,000)	1,080,000
Accounts payable and other liabilities	4,972,000	(22,163,000)
Advance deposits and deferred revenue	1,130,000	1,273,000
Accrued interest	(605,000)	1,360,000
Net cash flow provided by operating activities	134,294,000	137,115,000
Cash flows from investing activities
Acquisitions, net	158,345,000	0
Proceeds from sales of hotel properties, net	(7,679,000)	44,000
Improvements and additions to hotel properties and other assets	(72,372,000)	(65,771,000)
Purchase deposit	2,000,000	0
Net cash flow used in investing activities	(225,038,000)	(65,815,000)
Cash flows from financing activities
Borrowings under Revolver	200,000,000	0
Borrowings on Term Loans	0	320,000,000
Repayments of Term Loans	0	(318,662,000)
Repayment of mortgage loan	(200,000,000)	0
Repurchase of common shares under share repurchase programs	(4,192,000)	(51,981,000)
Repurchase of common shares to satisfy employee tax withholding requirements	(9,014,000)	(4,398,000)
Distributions on preferred shares	(12,557,000)	(12,557,000)
Distributions on common shares	(31,244,000)	(20,962,000)
Distributions on Operating Partnership units	(142,000)	(95,000)
Payments of deferred financing costs	(220,000)	(7,699,000)
Net cash flow used in financing activities	(57,369,000)	(96,354,000)
Net change in cash, cash equivalents, and restricted cash reserves	(148,113,000)	(25,054,000)
Cash, cash equivalents, and restricted cash reserves, beginning of year	555,327,000	536,386,000
Cash, cash equivalents, and restricted cash reserves, end of period	$ 407,214,000	$ 511,332,000

General

General	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Organization RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of June 30, 2024, there were 156,012,508 units of limited partnership interest in the Operating Partnership ("OP units") outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 27, 2024 (the "Annual Report"), contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2023. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in the Annual Report. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 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 this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors . In April 2024, the SEC stayed the final climate rules pending the completion of judicial review of an Eighth Circuit challenge seeking to vacate the rules. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

Investment in Hotel Properties

Investment in Hotel Properties	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): June 30, 2024 December 31, 2023 Land and improvements $ 1,129,388 $ 998,417 Buildings and improvements 4,177,665 4,117,210 Furniture, fixtures and equipment 829,382 798,410 6,136,435 5,914,037 Accumulated depreciation (1,861,766) (1,777,821) Investment in hotel properties, net $ 4,274,669 $ 4,136,216 For the three and six months ended June 30, 2024, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.4 million and $89.1 million, respectively. For the three and six months ended June 30, 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.9 million and $89.9 million, respectively.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisitions On January 29, 2024, the Company acquired the fee simple interest in its Wyndham Boston Beacon Hill hotel property in Boston, Massachusetts, which was previously owned via a leasehold interest that was subject to a ground lease, for a purchase price of approximately $125.0 million. The acquisition was accounted for as an asset acquisition, whereby approximately $0.2 million of transaction costs were capitalized as part of the cost of the acquisition. The existing right-of-use asset of $1.3 million, lease liability of $0.1 million and $125.2 million cost of the acquisition were recorded as land in the accompanying consolidated balance sheet. Also during the six months ended June 30, 2024, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hotel Teatro Denver, CO June 13, 2024 Sage Hospitality 110 $ 35,500 The acquisition of Hotel Teatro was accounted for as an asset acquisition, whereby approximately $0.6 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): June 30, 2024 Land and improvements $ 3,409 Buildings and improvements 29,731 Furniture, fixtures and equipment 2,976 Total purchase price $ 36,116 The value of the asset acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach used inputs of recent land sales in the hotel market. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the asset.

Sale of Hotel Properties

Sale of Hotel Properties	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Property On May 21, 2024, the Company sold the 78-room Residence Inn Merrillville hotel property in Merrillville, Indiana for a sales price of approximately $8.1 million. The Company recorded a net gain of $3.5 million for the three and six months ended June 30, 2024 in connection with the sale of this hotel property.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the three months ended June 30, 2024 For the three months ended June 30, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 35,839 $ 5,022 $ 4,013 $ 44,874 $ 32,569 $ 3,878 $ 3,626 $ 40,073 Northern California 35,062 3,417 2,015 40,494 35,447 3,561 2,030 41,038 South Florida 27,288 5,410 2,864 35,562 27,515 5,484 2,410 35,409 New York City 19,004 3,089 935 23,028 17,600 2,834 908 21,342 Chicago 16,858 2,619 1,092 20,569 17,253 2,730 918 20,901 Louisville 14,133 5,063 995 20,191 12,941 4,137 1,171 18,249 Washington, DC 18,158 416 791 19,365 17,923 514 708 19,145 Boston 15,749 1,250 423 17,422 14,355 1,169 424 15,948 Charleston 12,240 3,196 962 16,398 11,173 2,256 1,238 14,667 Houston 12,244 815 1,326 14,385 12,300 710 1,180 14,190 Other 97,077 10,546 9,386 117,009 96,420 10,859 8,719 115,998 Total $ 303,652 $ 40,843 $ 24,802 $ 369,297 $ 295,496 $ 38,132 $ 23,332 $ 356,960 For the six months ended June 30, 2024 For the six months ended June 30, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 67,638 $ 11,269 $ 5,988 $ 84,895 $ 66,055 $ 10,908 $ 4,732 $ 81,695 Southern California 66,381 9,249 7,151 82,781 61,500 7,751 6,541 75,792 Northern California 69,799 7,726 3,922 81,447 70,259 7,024 4,018 81,301 New York City 30,680 4,451 1,621 36,752 28,606 4,038 1,570 34,214 Louisville 22,403 9,180 1,812 33,395 21,095 7,530 1,938 30,563 Chicago 26,219 4,735 1,769 32,723 26,695 4,938 1,587 33,220 Washington DC 30,549 553 1,340 32,442 30,430 700 1,263 32,393 Houston 24,615 1,726 2,435 28,776 23,899 1,599 2,344 27,842 Charleston 21,104 5,804 1,837 28,745 18,942 4,278 2,026 25,246 Boston 23,589 2,206 742 26,537 21,290 2,011 743 24,044 Other 187,305 19,633 18,276 225,214 187,557 20,643 16,953 225,153 Total $ 570,282 $ 76,532 $ 46,893 $ 693,707 $ 556,328 $ 71,420 $ 43,715 $ 671,463

Debt

Debt	6 Months Ended
	Jun. 30, 2024
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 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 Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2024 (1) Maturity Date June 30, 2024 December 31, 2023 Revolver (2) 7.09% May 2027 $ 200,000 $ — $400 Million Term Loan Maturing 2025 4.72% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 7.04% January 2026 (3) 200,000 200,000 $225 Million Term Loan Maturing 2026 4.07% May 2026 (3) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (4) (2,618) (3,557) Total Revolver and Term Loans, net $ 1,022,382 $ 821,443 (1) Interest rate at June 30, 2024 gives effect to interest rate hedges. (2) At June 30, 2024 and December 31, 2023, there was $400.0 million and $600.0 million, respectively, of remaining capacity on the Revolver. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to repay a $200.0 million maturing mortgage loan. (3) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (4) Excludes $4.7 million and $5.6 million as of June 30, 2024 and December 31, 2023, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.25x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2024 Maturity Date June 30, 2024 December 31, 2023 Mortgage loan (1) — —% — $ — $ 200,000 Mortgage loan (2) 3 5.04% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 5.61% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,652 26,833 8 207,652 407,833 Deferred financing costs, net (246) (170) Total mortgage loans, net $ 207,406 $ 407,663 (1) In April 2024, the Company fully repaid this mortgage loan using a $200.0 million draw under its Revolver. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $1.7 million and $1.8 million at June 30, 2024 and December 31, 2023, 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. (4) Interest rate at June 30, 2024 gives effect to interest rate hedges. (5) This mortgage loan provides for a one-year extension option to April 2026, subject to certain conditions. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At June 30, 2024, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,375 Revolver and Term Loans 13,787 7,266 22,847 15,810 Mortgage loans 2,612 5,616 8,269 9,559 Amortization of deferred financing costs 1,544 1,491 3,116 2,965 Non-cash interest expense related to interest rate hedges 418 482 900 964 Total interest expense $ 28,049 $ 24,543 $ 54,507 $ 48,673 " id="sjs-B4" xml:space="preserve">Debt The Company's debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 Senior Notes, net $ 992,854 $ 991,672 Revolver Outstanding 200,000 — Term Loans, net 822,382 821,443 Mortgage loans, net 207,406 407,663 Debt, net $ 2,222,642 $ 2,220,778 Senior Notes The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date June 30, 2024 December 31, 2023 2029 Senior Notes (1) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (7,146) (8,328) Total senior notes, net $ 992,854 $ 991,672 (1) Requires payment of interest only through maturity. The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes 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 Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2024 (1) Maturity Date June 30, 2024 December 31, 2023 Revolver (2) 7.09% May 2027 $ 200,000 $ — $400 Million Term Loan Maturing 2025 4.72% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 7.04% January 2026 (3) 200,000 200,000 $225 Million Term Loan Maturing 2026 4.07% May 2026 (3) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (4) (2,618) (3,557) Total Revolver and Term Loans, net $ 1,022,382 $ 821,443 (1) Interest rate at June 30, 2024 gives effect to interest rate hedges. (2) At June 30, 2024 and December 31, 2023, there was $400.0 million and $600.0 million, respectively, of remaining capacity on the Revolver. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to repay a $200.0 million maturing mortgage loan. (3) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (4) Excludes $4.7 million and $5.6 million as of June 30, 2024 and December 31, 2023, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.25x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. Mortgage Loans The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2024 Maturity Date June 30, 2024 December 31, 2023 Mortgage loan (1) — —% — $ — $ 200,000 Mortgage loan (2) 3 5.04% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 5.61% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,652 26,833 8 207,652 407,833 Deferred financing costs, net (246) (170) Total mortgage loans, net $ 207,406 $ 407,663 (1) In April 2024, the Company fully repaid this mortgage loan using a $200.0 million draw under its Revolver. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $1.7 million and $1.8 million at June 30, 2024 and December 31, 2023, 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. (4) Interest rate at June 30, 2024 gives effect to interest rate hedges. (5) This mortgage loan provides for a one-year extension option to April 2026, subject to certain conditions. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At June 30, 2024, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,375 Revolver and Term Loans 13,787 7,266 22,847 15,810 Mortgage loans 2,612 5,616 8,269 9,559 Amortization of deferred financing costs 1,544 1,491 3,116 2,965 Non-cash interest expense related to interest rate hedges 418 482 900 964 Total interest expense $ 28,049 $ 24,543 $ 54,507 $ 48,673

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Swap Effective Date Maturity Date June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Swap-cash flow-Daily SOFR 2.44% January 2021 December 2023 $ — $ 75,000 $ — $ — Swap-cash flow-Daily SOFR 2.31% January 2021 December 2023 — 75,000 — — Swap-cash flow-Daily SOFR 1.08% April 2021 April 2024 — 50,000 — 827 Swap-cash flow-Daily SOFR 1.13% April 2021 April 2024 — 50,000 — 819 Swap-cash flow-Daily SOFR 1.08% April 2021 April 2024 — 50,000 — 829 Swap-cash flow-Daily SOFR 0.97% April 2021 April 2024 — 50,000 — 849 Swap-cash flow-Daily SOFR 0.85% April 2021 April 2024 — 25,000 — 436 Swap-cash flow-Daily SOFR 0.88% April 2021 April 2024 — 25,000 — 434 Swap-cash flow-Daily SOFR 0.86% April 2021 April 2024 — 25,000 — 436 Swap-cash flow-Daily SOFR 0.83% April 2021 April 2024 — 25,000 — 439 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 — 200,000 — 673 Swap-cash flow-Daily SOFR 0.77% June 2020 December 2024 50,000 50,000 1,119 2,011 Swap-cash flow-Daily SOFR 0.63% June 2020 December 2024 50,000 50,000 1,154 2,081 Swap-cash flow-Daily SOFR 1.16% September 2021 September 2025 150,000 150,000 6,859 7,969 Swap-cash flow-Daily SOFR 0.56% July 2021 January 2026 50,000 50,000 3,212 3,556 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 125,000 4,641 1,769 Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 65,000 2,592 1,103 Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 60,000 2,558 1,188 Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 25,000 377 (254) Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 25,000 557 (77) Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 25,000 372 (259) $ 625,000 $ 1,275,000 $ 23,441 $ 24,829 As of June 30, 2024 and December 31, 2023, the aggregate fair value of the interest rate swap assets of $23.4 million and $25.4 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. interest expense interest expense

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 1 inputs in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The fair value of the Company's debt was as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 992,854 $ 917,880 $ 991,672 $ 928,750 Revolver and Term Loans, net 1,022,382 1,018,500 821,443 817,960 Mortgage loans, net 207,406 198,545 407,663 394,458 Debt, net $ 2,222,642 $ 2,134,925 $ 2,220,778 $ 2,141,168 Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets measured at fair value on a recurring basis as of June 30, 2024 (in thousands): Fair Value at June 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 23,441 $ — $ 23,441 Total $ — $ 23,441 $ — $ 23,441 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 fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss ("NOL"), capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company is still continuing to provide a full valuation allowance against the deferred tax assets related to the NOL carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's primary TRS. The Company had no accruals for tax uncertainties as of June 30, 2024 and December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and debt obligations where lenders hold restricted cash due to cash trap events. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues for future capital expenditures (including the periodic replacement or refurbishment of FF&E). Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of June 30, 2024 and December 31, 2023, approximately $36.1 million and $38.7 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, and insurance. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of June 30, 2024, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024, the Company incurred management fee expense of approximately $11.3 million and $21.2 million, respectively. For the three and six months ended June 30, 2023, the Company incurred management fee expense of approximately $11.1 million and $21.9 million, respectively. Franchise Agreements As of June 30, 2024, 58 of the Company’s consolidated hotel properties were operated under franchise agreements with initial terms ranging from one Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024, the Company incurred franchise fee expense of approximately $18.5 million and $34.3 million, respectively. For the three and six months ended June 30, 2023, the Company incurred franchise fee expense of approximately $18.1 million and $33.5 million, respectively.

Equity

Equity	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest During the six months ended June 30, 2024, the Company declared a cash dividend of $0.10 per common share in each of the first and second quarters of 2024. During the six months ended June 30, 2023, the Company declared a cash dividend of $0.08 per common share in each of the first and second quarters of 2023. On April 26, 2024, 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, 2024 to May 8, 2025 (the "2024 Share Repurchase Program"). During the six months ended June 30, 2024, the Company repurchased and retired approximately 0.4 million common shares for approximately $4.2 million, of which $1.3 million was repurchased under a share repurchase program authorized by the Company’s board of trustees in 2023, which expired May 8, 2024, and $2.9 million was repurchased under the 2024 Share Repurchase Program. Subsequent to June 30, 2024, the Company repurchased and retired approximately 0.2 million common shares for approximately $2.1 million. As of August 2, 2024, the 2024 Share Repurchase Program had a remaining capacity of $245.0 million. During the six months ended June 30, 2023, the Company repurchased and retired approximately 5.1 million common shares for approximately $52.0 million. Series A Preferred Shares During the six months ended June 30, 2024 and 2023, the Company declared a cash dividend of $0.4875 on each Series A Preferred Share in each of the first and second quarters of 2024 and 2023. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. As of June 30, 2024, 771,831 outstanding OP units were held by the limited partners. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares as of June 30, 2024 is as follows: 2024 Number of Weighted-Average Unvested at January 1, 2024 2,305,303 $ 13.52 Granted 925,731 11.57 Vested (1,569,836) 14.28 Forfeited (20,157) 11.26 Unvested at June 30, 2024 1,641,041 $ 11.72 For the three and six months ended June 30, 2024, the Company recognized approximately $3.0 million and $7.1 million, respectively, of share-based compensation expense related to restricted share awards. For the three and six months ended June 30, 2023, the Company recognized approximately $3.8 million and $7.4 million, respectively, of share-based compensation expense related to restricted share awards. As of June 30, 2024, there was $16.0 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 2.0 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the six months ended June 30, 2024 and 2023 was approximately $17.4 million and $9.5 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 vest at the end of a three year period (the “performance units measurement period”). The performance units granted in 2024 may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving a relative shareholder return over the measurement period at specified percentiles of the peer group, as defined by the awards. These performance units are subject to modification based on the Company's absolute total shareholder return performance as follows: (1) if at the end of the measurement period the relative total shareholder return performance exceeds target and absolute total shareholder return is less than zero, payouts will be reduced by 25%, but not below target and (2) if the absolute total shareholder return is down more than 15% during the entire measurement period, the maximum payout will be capped at 115% of target. The performance units granted prior to 2024 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 fair value of the performance units was determined using a Monte Carlo simulation. 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 2021 (1) 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% February 2024 703,325 $15.13 0% to 200% 4.43% 35.60% (1) In February 2024, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 253,000 restricted shares, all of which vested immediately. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the six months ended June 30, 2024 was approximately $3.0 million. For the three and six months ended June 30, 2024, the Company recognized approximately $2.3 million and $4.6 million, respectively, of share-based compensation expense related to the performance unit awards. For the three and six months ended June 30, 2023, the Company recognized approximately $2.3 million and $4.4 million, respectively, of share-based compensation expense related to the performance unit awards. As of June 30, 2024, there was $16.4 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 2.1 years.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six months ended June 30, 2024 and 2023, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to RLJ $ 37,106 $ 41,395 $ 42,043 $ 52,040 Less: Preferred dividends (6,279) (6,279) (12,557) (12,557) Less: Dividends paid on unvested restricted shares (164) (197) (414) (399) Less: Undistributed earnings attributable to unvested restricted shares (162) (351) — (219) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 30,501 $ 34,568 $ 29,072 $ 38,865 Denominator: Weighted-average number of common shares - basic 153,641,065 156,424,444 153,305,640 157,945,406 Unvested restricted shares 385,801 316,743 774,210 435,974 Unvested performance units 79,005 — 71,285 — Weighted-average number of common shares - diluted 154,105,871 156,741,187 154,151,135 158,381,380 Net income per share attributable to common shareholders - basic $ 0.20 $ 0.22 $ 0.19 $ 0.25 Net income per share attributable to common shareholders - diluted $ 0.20 $ 0.22 $ 0.19 $ 0.25

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the six months ended June 30, 2024 2023 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 371,133 $ 476,936 Restricted cash reserves 36,081 34,396 Cash, cash equivalents, and restricted cash reserves $ 407,214 $ 511,332 Interest paid $ 50,355 $ 44,386 Income taxes paid $ 2,055 $ 1,924 Operating cash flow lease payments for operating leases $ 7,821 $ 8,630 Right-of-use asset obtained in exchange for lease obligation $ — $ 5,016 Right-of-use asset and lease liability adjustments due to remeasurement $ (1,221) $ — Right-of-use asset and lease liability reclassifications to land due to acquisition $ 1,187 $ — Supplemental investing and financing transactions In connection with acquisitions, the Company recorded the following: Purchase price $ 160,500 $ — Application of purchase deposit (2,400) — Transaction costs 488 — Operating prorations (243) — Acquisitions, net $ 158,345 $ — In connection with the sales of hotel properties, the Company recorded the following: Sales price $ 8,078 $ — Transaction costs (394) (44) Operating prorations (5) — Proceeds from sales of hotel properties, net $ 7,679 $ (44) Supplemental non-cash transactions Accrued capital expenditures $ 18,440 $ 10,854

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 37,106	$ 41,395	$ 42,043	$ 52,040

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the SEC applicable to financial information. The unaudited financial statements include all adjustments of a normal recurring nature that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in the Annual Report. The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interest in one hotel property in which it holds a 50% non-controlling interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements and Disclosure Rules In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 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 this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors . In April 2024, the SEC stayed the final climate rules pending the completion of judicial review of an Eighth Circuit challenge seeking to vacate the rules. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
Management Agreements	Management Agreements As of June 30, 2024, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three
Franchise Agreements	Franchise Agreements As of June 30, 2024, 58 of the Company’s consolidated hotel properties were operated under franchise agreements with initial terms ranging from one Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024, the Company incurred franchise fee expense of approximately $18.5 million and $34.3 million, respectively. For the three and six months ended June 30, 2023, the Company incurred franchise fee expense of approximately $18.1 million and $33.5 million, respectively.
Share-Based Compensation	Share Awards From time to time, the Company may award unvested restricted shares as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date.
Earnings Per Share	Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and unvested performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the three and six months ended June 30, 2024 and 2023, since the limited partners’ share of income would also be added back to net income attributable to common shareholders.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): June 30, 2024 December 31, 2023 Land and improvements $ 1,129,388 $ 998,417 Buildings and improvements 4,177,665 4,117,210 Furniture, fixtures and equipment 829,382 798,410 6,136,435 5,914,037 Accumulated depreciation (1,861,766) (1,777,821) Investment in hotel properties, net $ 4,274,669 $ 4,136,216

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Asset Acquisition	Also during the six months ended June 30, 2024, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hotel Teatro Denver, CO June 13, 2024 Sage Hospitality 110 $ 35,500
Asset Acquisition, Allocation Of Transaction Costs	The allocation of the costs for the property acquired was as follows (in thousands): June 30, 2024 Land and improvements $ 3,409 Buildings and improvements 29,731 Furniture, fixtures and equipment 2,976 Total purchase price $ 36,116

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the three months ended June 30, 2024 For the three months ended June 30, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 35,839 $ 5,022 $ 4,013 $ 44,874 $ 32,569 $ 3,878 $ 3,626 $ 40,073 Northern California 35,062 3,417 2,015 40,494 35,447 3,561 2,030 41,038 South Florida 27,288 5,410 2,864 35,562 27,515 5,484 2,410 35,409 New York City 19,004 3,089 935 23,028 17,600 2,834 908 21,342 Chicago 16,858 2,619 1,092 20,569 17,253 2,730 918 20,901 Louisville 14,133 5,063 995 20,191 12,941 4,137 1,171 18,249 Washington, DC 18,158 416 791 19,365 17,923 514 708 19,145 Boston 15,749 1,250 423 17,422 14,355 1,169 424 15,948 Charleston 12,240 3,196 962 16,398 11,173 2,256 1,238 14,667 Houston 12,244 815 1,326 14,385 12,300 710 1,180 14,190 Other 97,077 10,546 9,386 117,009 96,420 10,859 8,719 115,998 Total $ 303,652 $ 40,843 $ 24,802 $ 369,297 $ 295,496 $ 38,132 $ 23,332 $ 356,960 For the six months ended June 30, 2024 For the six months ended June 30, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 67,638 $ 11,269 $ 5,988 $ 84,895 $ 66,055 $ 10,908 $ 4,732 $ 81,695 Southern California 66,381 9,249 7,151 82,781 61,500 7,751 6,541 75,792 Northern California 69,799 7,726 3,922 81,447 70,259 7,024 4,018 81,301 New York City 30,680 4,451 1,621 36,752 28,606 4,038 1,570 34,214 Louisville 22,403 9,180 1,812 33,395 21,095 7,530 1,938 30,563 Chicago 26,219 4,735 1,769 32,723 26,695 4,938 1,587 33,220 Washington DC 30,549 553 1,340 32,442 30,430 700 1,263 32,393 Houston 24,615 1,726 2,435 28,776 23,899 1,599 2,344 27,842 Charleston 21,104 5,804 1,837 28,745 18,942 4,278 2,026 25,246 Boston 23,589 2,206 742 26,537 21,290 2,011 743 24,044 Other 187,305 19,633 18,276 225,214 187,557 20,643 16,953 225,153 Total $ 570,282 $ 76,532 $ 46,893 $ 693,707 $ 556,328 $ 71,420 $ 43,715 $ 671,463

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): June 30, 2024 December 31, 2023 Senior Notes, net $ 992,854 $ 991,672 Revolver Outstanding 200,000 — Term Loans, net 822,382 821,443 Mortgage loans, net 207,406 407,663 Debt, net $ 2,222,642 $ 2,220,778
Schedule of Senior Notes	The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate Maturity Date June 30, 2024 December 31, 2023 2029 Senior Notes (1) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (7,146) (8,328) Total senior notes, net $ 992,854 $ 991,672 (1) Requires payment of interest only through maturity.
Schedule Of Debt Instrument Covenants	A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.25x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of Revolver and Term Loans	The Company's unsecured credit agreements consisted of the following (dollars in thousands): Carrying Value at Interest Rate at June 30, 2024 (1) Maturity Date June 30, 2024 December 31, 2023 Revolver (2) 7.09% May 2027 $ 200,000 $ — $400 Million Term Loan Maturing 2025 4.72% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 7.04% January 2026 (3) 200,000 200,000 $225 Million Term Loan Maturing 2026 4.07% May 2026 (3) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (4) (2,618) (3,557) Total Revolver and Term Loans, net $ 1,022,382 $ 821,443 (1) Interest rate at June 30, 2024 gives effect to interest rate hedges. (2) At June 30, 2024 and December 31, 2023, there was $400.0 million and $600.0 million, respectively, of remaining capacity on the Revolver. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. In April 2024, the Company borrowed $200.0 million under the Revolver and utilized the proceeds to repay a $200.0 million maturing mortgage loan. (3) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (4) Excludes $4.7 million and $5.6 million as of June 30, 2024 and December 31, 2023, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans	The Company's mortgage loans consisted of the following (dollars in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at June 30, 2024 Maturity Date June 30, 2024 December 31, 2023 Mortgage loan (1) — —% — $ — $ 200,000 Mortgage loan (2) 3 5.04% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 5.61% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,652 26,833 8 207,652 407,833 Deferred financing costs, net (246) (170) Total mortgage loans, net $ 207,406 $ 407,663 (1) In April 2024, the Company fully repaid this mortgage loan using a $200.0 million draw under its Revolver. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $1.7 million and $1.8 million at June 30, 2024 and December 31, 2023, 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. (4) Interest rate at June 30, 2024 gives effect to interest rate hedges. (5)
Schedule of Interest Expense Components	The components of the Company's interest expense consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Senior Notes $ 9,688 $ 9,688 $ 19,375 $ 19,375 Revolver and Term Loans 13,787 7,266 22,847 15,810 Mortgage loans 2,612 5,616 8,269 9,559 Amortization of deferred financing costs 1,544 1,491 3,116 2,965 Non-cash interest expense related to interest rate hedges 418 482 900 964 Total interest expense $ 28,049 $ 24,543 $ 54,507 $ 48,673

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Swap Effective Date Maturity Date June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Swap-cash flow-Daily SOFR 2.44% January 2021 December 2023 $ — $ 75,000 $ — $ — Swap-cash flow-Daily SOFR 2.31% January 2021 December 2023 — 75,000 — — Swap-cash flow-Daily SOFR 1.08% April 2021 April 2024 — 50,000 — 827 Swap-cash flow-Daily SOFR 1.13% April 2021 April 2024 — 50,000 — 819 Swap-cash flow-Daily SOFR 1.08% April 2021 April 2024 — 50,000 — 829 Swap-cash flow-Daily SOFR 0.97% April 2021 April 2024 — 50,000 — 849 Swap-cash flow-Daily SOFR 0.85% April 2021 April 2024 — 25,000 — 436 Swap-cash flow-Daily SOFR 0.88% April 2021 April 2024 — 25,000 — 434 Swap-cash flow-Daily SOFR 0.86% April 2021 April 2024 — 25,000 — 436 Swap-cash flow-Daily SOFR 0.83% April 2021 April 2024 — 25,000 — 439 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 — 200,000 — 673 Swap-cash flow-Daily SOFR 0.77% June 2020 December 2024 50,000 50,000 1,119 2,011 Swap-cash flow-Daily SOFR 0.63% June 2020 December 2024 50,000 50,000 1,154 2,081 Swap-cash flow-Daily SOFR 1.16% September 2021 September 2025 150,000 150,000 6,859 7,969 Swap-cash flow-Daily SOFR 0.56% July 2021 January 2026 50,000 50,000 3,212 3,556 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 125,000 4,641 1,769 Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 65,000 2,592 1,103 Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 60,000 2,558 1,188 Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 25,000 377 (254) Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 25,000 557 (77) Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 25,000 372 (259) $ 625,000 $ 1,275,000 $ 23,441 $ 24,829

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair value of the Company's debt was as follows (in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 992,854 $ 917,880 $ 991,672 $ 928,750 Revolver and Term Loans, net 1,022,382 1,018,500 821,443 817,960 Mortgage loans, net 207,406 198,545 407,663 394,458 Debt, net $ 2,222,642 $ 2,134,925 $ 2,220,778 $ 2,141,168
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 measured at fair value on a recurring basis as of June 30, 2024 (in thousands): Fair Value at June 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 23,441 $ — $ 23,441 Total $ — $ 23,441 $ — $ 23,441 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

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Incentive Plan
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2021 (1) 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% February 2024 703,325 $15.13 0% to 200% 4.43% 35.60% (1) In February 2024, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 253,000 restricted shares, all of which vested immediately. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the six months ended June 30, 2024 was approximately $3.0 million.
Restricted share awards
Equity Incentive Plan
Summary of the unvested restricted shares	A summary of the unvested restricted shares as of June 30, 2024 is as follows: 2024 Number of Weighted-Average Unvested at January 1, 2024 2,305,303 $ 13.52 Granted 925,731 11.57 Vested (1,569,836) 14.28 Forfeited (20,157) 11.26 Unvested at June 30, 2024 1,641,041 $ 11.72

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to RLJ $ 37,106 $ 41,395 $ 42,043 $ 52,040 Less: Preferred dividends (6,279) (6,279) (12,557) (12,557) Less: Dividends paid on unvested restricted shares (164) (197) (414) (399) Less: Undistributed earnings attributable to unvested restricted shares (162) (351) — (219) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 30,501 $ 34,568 $ 29,072 $ 38,865 Denominator: Weighted-average number of common shares - basic 153,641,065 156,424,444 153,305,640 157,945,406 Unvested restricted shares 385,801 316,743 774,210 435,974 Unvested performance units 79,005 — 71,285 — Weighted-average number of common shares - diluted 154,105,871 156,741,187 154,151,135 158,381,380 Net income per share attributable to common shareholders - basic $ 0.20 $ 0.22 $ 0.19 $ 0.25 Net income per share attributable to common shareholders - diluted $ 0.20 $ 0.22 $ 0.19 $ 0.25

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the six months ended June 30, 2024 2023 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 371,133 $ 476,936 Restricted cash reserves 36,081 34,396 Cash, cash equivalents, and restricted cash reserves $ 407,214 $ 511,332 Interest paid $ 50,355 $ 44,386 Income taxes paid $ 2,055 $ 1,924 Operating cash flow lease payments for operating leases $ 7,821 $ 8,630 Right-of-use asset obtained in exchange for lease obligation $ — $ 5,016 Right-of-use asset and lease liability adjustments due to remeasurement $ (1,221) $ — Right-of-use asset and lease liability reclassifications to land due to acquisition $ 1,187 $ — Supplemental investing and financing transactions In connection with acquisitions, the Company recorded the following: Purchase price $ 160,500 $ — Application of purchase deposit (2,400) — Transaction costs 488 — Operating prorations (243) — Acquisitions, net $ 158,345 $ — In connection with the sales of hotel properties, the Company recorded the following: Sales price $ 8,078 $ — Transaction costs (394) (44) Operating prorations (5) — Proceeds from sales of hotel properties, net $ 7,679 $ (44) Supplemental non-cash transactions Accrued capital expenditures $ 18,440 $ 10,854

General (Details)

General (Details)	6 Months Ended
	Jun. 30, 2024 property state room shares
Sale of Stock
OP units outstanding (in units) | shares	156,012,508
Company's Ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.50%
Number of Real Estate Properties	97
Number of hotel rooms owned | room	21,500
Number of states in which hotels owned by the entity are located | state	23
Wholly Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	95
Hotel property ownership interest (as a percent)	100%
Partially Owned Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Partially Owned Properties [Member] | Ninety Five Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	95%
Partially Owned Properties [Member] | Fifty Percent Owned [Member]
Sale of Stock
Hotel property ownership interest (as a percent)	50%
Unconsolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	1
Unconsolidated Properties [Member] | Fifty Percent Owned [Member]
Sale of Stock
Equity Method Investment, Ownership Percentage	50%
Consolidated Properties [Member]
Sale of Stock
Number of Real Estate Properties	96
Leased Hotel Properties [Member]
Sale of Stock
Number of Real Estate Properties	96

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Jun. 30, 2024 joint_venture
Subsidiary or Equity Method Investee [Line Items]
Real Estate Interests, Number of Joint Ventures	1
Fifty Percent Owned [Member] | Unconsolidated Properties [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity Method Investment, Ownership Percentage	50%

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,129,388		$ 1,129,388		$ 998,417
Buildings and improvements	4,177,665		4,177,665		4,117,210
Furniture, fixtures and equipment	829,382		829,382		798,410
Investment in hotel properties, gross	6,136,435		6,136,435		5,914,037
Accumulated depreciation	(1,861,766)		(1,861,766)		(1,777,821)
Investment in hotel properties, net	4,274,669		4,274,669		$ 4,136,216
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense	$ 44,400	$ 44,900	$ 89,100	$ 89,900

Acquisition - Additional Inform

Acquisition - Additional Information (Details) $ in Thousands		6 Months Ended
	Jan. 29, 2024 USD ($)	Jun. 30, 2024 USD ($) room	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Asset Acquisition [Line Items]
Acquisitions, net		$ 158,345	$ 0
Transaction costs	$ 200	600
Operating lease right of use asset		130,875		$ 136,140
Operating lease liability		119,902		$ 122,588
Consideration transferred, net assets acquired and liabilities assumed	125,200	36,116
Asset Acquisition, Land and improvements		3,409
Asset Acquisition, building and improvements		29,731
Asset Acquisition, Furniture, fixtures and equipment		2,976
Wyndham Boston Beacon Hill
Schedule of Asset Acquisition [Line Items]
Acquisitions, net	125,000
Operating lease right of use asset	1,300
Operating lease liability	$ 100
Hotel Teatro
Schedule of Asset Acquisition [Line Items]
Acquisitions, net		$ 35,500
Asset Acquisition, Percentage Of Ownership Acquired		100%
Number of rooms | room		110

Sale of Hotel Properties (Narra

Sale of Hotel Properties (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) room	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) room	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net			$ 7,679	$ 44
Gain (loss) on sale of hotel properties, net	$ 3,546	$ (44)	$ 3,546	$ (44)
Residence Inn Merrillville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property disposed, number of rooms | room	78		78
Disposals 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of hotel properties, net			$ 8,100

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 369,297	$ 356,960	$ 693,707	$ 671,463
Southern California
Disaggregation of Revenue [Line Items]
Revenues	44,874	40,073	82,781	75,792
South Florida
Disaggregation of Revenue [Line Items]
Revenues	35,562	35,409	84,895	81,695
Northern California
Disaggregation of Revenue [Line Items]
Revenues	40,494	41,038	81,447	81,301
Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenues	20,569	20,901	32,723	33,220
Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenues	19,365	19,145	32,442	32,393
New York City
Disaggregation of Revenue [Line Items]
Revenues	23,028	21,342	36,752	34,214
Houston, Texas
Disaggregation of Revenue [Line Items]
Revenues	14,385	14,190	28,776	27,842
Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenues	20,191	18,249	33,395	30,563
Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenues	16,398	14,667	28,745	25,246
Other Markets
Disaggregation of Revenue [Line Items]
Revenues	117,009	115,998	225,214	225,153
Boston
Disaggregation of Revenue [Line Items]
Revenues	17,422	15,948	26,537	24,044
Room Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	303,652	295,496	570,282	556,328
Room Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,839	32,569	66,381	61,500
Room Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	27,288	27,515	67,638	66,055
Room Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	35,062	35,447	69,799	70,259
Room Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,858	17,253	26,219	26,695
Room Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,158	17,923	30,549	30,430
Room Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	19,004	17,600	30,680	28,606
Room Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,244	12,300	24,615	23,899
Room Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	14,133	12,941	22,403	21,095
Room Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,240	11,173	21,104	18,942
Room Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	97,077	96,420	187,305	187,557
Room Revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	15,749	14,355	23,589	21,290
Food and Beverage Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,843	38,132	76,532	71,420
Food and Beverage Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,022	3,878	9,249	7,751
Food and Beverage Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,410	5,484	11,269	10,908
Food and Beverage Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,417	3,561	7,726	7,024
Food and Beverage Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,619	2,730	4,735	4,938
Food and Beverage Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	416	514	553	700
Food and Beverage Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,089	2,834	4,451	4,038
Food and Beverage Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	815	710	1,726	1,599
Food and Beverage Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,063	4,137	9,180	7,530
Food and Beverage Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,196	2,256	5,804	4,278
Food and Beverage Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,546	10,859	19,633	20,643
Food and Beverage Revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,250	1,169	2,206	2,011
Other Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	24,802	23,332	46,893	43,715
Other Revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,013	3,626	7,151	6,541
Other Revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,864	2,410	5,988	4,732
Other Revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,015	2,030	3,922	4,018
Other Revenue | Chicago, Illinois
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,092	918	1,769	1,587
Other Revenue | Washington, D.C.
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	791	708	1,340	1,263
Other Revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	935	908	1,621	1,570
Other Revenue | Houston, Texas
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	1,326	1,180	2,435	2,344
Other Revenue | Louisville, Kentucky
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	995	1,171	1,812	1,938
Other Revenue | Charleston, South Carolina
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	962	1,238	1,837	2,026
Other Revenue | Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	9,386	8,719	18,276	16,953
Other Revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 423	$ 424	$ 742	$ 743

Debt (Senior Notes, Term Loans,

Debt (Senior Notes, Term Loans, and Revolver) (Details)			6 Months Ended
	Apr. 09, 2024 USD ($)	Apr. 05, 2024 USD ($)	Jun. 30, 2024 USD ($) option	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt
Unsecured Debt, Gross			$ 1,025,000,000		$ 825,000,000
Unamortized debt issuance costs on term loans			(2,618,000)		(3,557,000)
Debt, net			2,222,642,000		2,220,778,000
Deferred financing costs, net			$ (7,146,000)		(8,328,000)
Number of extension options | option			2
Borrowings under Revolver		$ 200,000,000	$ 200,000,000	$ 0
Repayments of Secured Debt	$ (200,000,000)
Prepaid expenses and other assets
Debt
Debt Issuance Costs, Net			(4,700,000)		(5,600,000)
Secured Debt | Fair Value, Inputs, Level 3
Debt
Secured Debt			207,406,000		407,663,000
Unsecured Debt
Debt
Unsecured Debt			822,382,000		821,443,000
Unsecured Debt | Fair Value, Inputs, Level 3
Debt
Unsecured Debt			1,022,382,000		821,443,000
$500 Million Senior Notes Due 2029 | Level 1
Debt
Long-term Debt, Gross			500,000,000		500,000,000
$500 Million Senior Notes Due 2026 | Level 1
Debt
Long-term Debt, Gross			500,000,000		500,000,000
Senior Notes | Level 1
Debt
Long-term Debt, Gross			1,000,000,000		1,000,000,000
Senior Notes
Debt
Long-term Debt, Gross			992,854,000		991,672,000
The Revolver | Line of Credit
Debt
Unsecured Debt			$ 200,000,000		0
Interest Rate			7.09%
Line of Credit Facility, Maximum Borrowing Capacity			$ 600,000,000
Remaining borrowing capacity			$ 400,000,000		600,000,000
The Revolver | Line of Credit | Extension Option 1
Debt
Additional maturity term			1 year
The Revolver | Line of Credit | Extension Option 2
Debt
Additional maturity term			6 months
Number of extension options | option			2
$500 Million Senior Notes Due 2029 | Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			4%
$500 Million Senior Notes Due 2026 | Unsecured Debt
Debt
Debt Instrument, Interest Rate, Stated Percentage			3.75%
$400 Million Term Loan Maturing 2025 | Unsecured Debt
Debt
Unsecured Debt			$ 400,000,000		400,000,000
Interest Rate			4.72%
Line of Credit Facility, Maximum Borrowing Capacity			$ 400,000,000
$200 Million Term Loan Maturing 2026
Debt
Additional maturity term			1 year
$200 Million Term Loan Maturing 2026 | Unsecured Debt
Debt
Unsecured Debt			$ 200,000,000		200,000,000
Interest Rate			7.04%
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000,000
Additional maturity term			1 year
Number of extension options | option			2
$225 Million Term Loan Maturing 2026 | Unsecured Debt
Debt
Unsecured Debt			$ 225,000,000		$ 225,000,000
Interest Rate			4.07%
Line of Credit Facility, Maximum Borrowing Capacity			$ 225,000,000
Additional maturity term			1 year
Number of extension options | option			2

Debt (Covenants) (Details)

Debt (Covenants) (Details)	Jun. 30, 2024
$500 Million Senior Note Maturing 2026 | Senior Notes
Debt
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio	150%
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio	0.65
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.45
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	1.5
Original Covenant
Debt
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio	0.450
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio	2
Leverage ratio	7.25
Fixed charge coverage ratio	1.50
Debt Instrument, Covenant, Maximum, Unsecured Indebtedness Ratio	60%

Debt (Mortgage Loans) (Details)

Debt (Mortgage Loans) (Details) $ in Thousands		6 Months Ended
	Apr. 09, 2024 USD ($)	Jun. 30, 2024 USD ($) asset	Dec. 31, 2023 USD ($)
Debt
Mortgage loans, gross		$ 207,652	$ 407,833
Unamortized debt issuance costs on mortgage loans		$ (246)	(170)
Restricted Cash			38,700
Repayments of Secured Debt	$ (200,000)
Secured Debt
Debt
Number of Assets Encumbered | asset		8
Secured Debt | Fair Value, Inputs, Level 3
Debt
Secured Debt		$ 207,406	407,663
Secured Debt | Wells Fargo 3
Debt
Number of Assets Encumbered | asset		1
Secured Debt		$ 26,652	26,833
Interest Rate		5.06%
Debt Instrument, Fair Value Adjustment, Net		$ 1,700	1,800
Five Point Nine Four Percent Due April 2024 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		0
Debt Instrument, Interest Rate, Stated Percentage		0%
Secured Debt		$ 0	200,000
Five Point Zero Four Percent Due April 2025 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		3
Debt Instrument, Interest Rate, Stated Percentage		5.04%
Secured Debt		$ 96,000	96,000
Additional maturity term		1 year
Five Point Six One Percent Due April 2025 [Member] | Secured Debt
Debt
Number of Assets Encumbered | asset		4
Debt Instrument, Interest Rate, Stated Percentage		5.61%
Secured Debt		$ 85,000	$ 85,000

Debt (Components of Interest Ex

Debt (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt
Amortization of deferred financing costs	$ 1,544	$ 1,491	$ 3,116	$ 2,965
Non-cash interest expense related to interest rate hedges	418	482	900	964
Total Interest Expense	28,049	24,543	54,507	48,673
Senior Notes
Debt
Interest expense	9,688	9,688	19,375	19,375
Revolver and Term Loans
Debt
Interest expense	13,787	7,266	22,847	15,810
Secured Debt
Debt
Interest expense	$ 2,612	$ 5,616	$ 8,269	$ 9,559

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Interest Rate Derivatives
Notional value	$ 625,000,000		$ 625,000,000		$ 1,275,000,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441,000		23,441,000		24,829,000
Accumulated other comprehensive income	22,171,000		22,171,000		22,662,000
Amount of hedge ineffectiveness	$ 0	$ 0	$ 0	$ 0
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest income	Interest income	Interest income	Interest income
Net unrealized gains in accumulated other comprehensive income expected to be reclassified into interest expense within the next 12 months	$ (14,700,000)		$ (14,700,000)
Interest rate swap | Recurring
Interest Rate Derivatives
Interest rate swap liability					(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	23,441,000		23,441,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441,000		23,441,000		24,829,000
Interest rate swap | Fair Value, Inputs, Level 2 [Member] | Recurring
Interest Rate Derivatives
Interest rate swap liability					(590,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	23,441,000		23,441,000		25,419,000
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441,000		23,441,000		24,829,000
Designated as Hedging Instrument
Interest Rate Derivatives
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	4,800,000	$ 7,500,000	11,500,000	$ 13,500,000
Designated as Hedging Instrument | Interest Rate Swap, 2.44% [Member]
Interest Rate Derivatives
Notional value	0		0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		0
Interest rate	2.44%		2.44%
Designated as Hedging Instrument | Interest Rate Swap, 2.31% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		75,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		0
Interest rate	2.31%		2.31%
Designated as Hedging Instrument | Interest Rate Swap, 1.16% [Member]
Interest Rate Derivatives
Notional value	$ 150,000,000		$ 150,000,000		150,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 6,859,000		$ 6,859,000		7,969,000
Interest rate	1.16%		1.16%
Designated as Hedging Instrument | Interest Rate Swap, 1.08% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		827,000
Interest rate	1.08%		1.08%
Designated as Hedging Instrument | Interest Rate Swap, 1.13% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		819,000
Interest rate	1.13%		1.13%
Designated as Hedging Instrument | Interest Rate Swap, 1.08% #2 [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		829,000
Interest rate	1.08%		1.08%
Designated as Hedging Instrument | Interest Rate Swap, 0.97% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		849,000
Interest rate	0.97%		0.97%
Designated as Hedging Instrument | Interest Rate Swap, 0.85% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		436,000
Interest rate	0.85%		0.85%
Designated as Hedging Instrument | Interest Rate Swap, 0.88% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		434,000
Interest rate	0.88%		0.88%
Designated as Hedging Instrument | Interest Rate Swap, 0.86% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		436,000
Interest rate	0.86%		0.86%
Designated as Hedging Instrument | Interest Rate Swap, 0.83% [Member]
Interest Rate Derivatives
Notional value	$ 0		$ 0		25,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		439,000
Interest rate	0.83%		0.83%
Designated as Hedging Instrument | Interest Rate Swap, 0.77% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,119,000		$ 1,119,000		2,011,000
Interest rate	0.77%		0.77%
Designated as Hedging Instrument | Interest Rate Swap, 0.63% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,154,000		$ 1,154,000		2,081,000
Interest rate	0.63%		0.63%
Designated as Hedging Instrument | Interest Rate Swap, 0.56% [Member]
Interest Rate Derivatives
Notional value	$ 50,000,000		$ 50,000,000		50,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 3,212,000		$ 3,212,000		3,556,000
Interest rate	0.56%		0.56%
Designated as Hedging Instrument | Interest Rate Swap, 4.37%
Interest Rate Derivatives
Notional value	$ 0		$ 0		200,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0		$ 0		673,000
Interest rate	4.37%		4.37%
Designated as Hedging Instrument | Interest Rate Swap, 2.95%
Interest Rate Derivatives
Notional value	$ 125,000,000		$ 125,000,000		125,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 4,641,000		$ 4,641,000		1,769,000
Interest rate	2.95%		2.95%
Designated as Hedging Instrument | Interest Rate Swap, 2.75%
Interest Rate Derivatives
Notional value	$ 60,000,000		$ 60,000,000		60,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 2,558,000		$ 2,558,000		1,188,000
Interest rate	2.75%		2.75%
Designated as Hedging Instrument | Interest Rate Swap, 2.85%
Interest Rate Derivatives
Notional value	$ 65,000,000		$ 65,000,000		65,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 2,592,000		$ 2,592,000		1,103,000
Interest rate	2.85%		2.85%
Designated as Hedging Instrument | Interest Rate Swap, 3.70%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability					(254,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 377,000		$ 377,000
Interest rate	3.70%		3.70%
Designated as Hedging Instrument | Interest Rate Swap, 3.45%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability					(77,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 557,000		$ 557,000
Interest rate	3.45%		3.45%
Designated as Hedging Instrument | Interest Rate Swap, 3.71%
Interest Rate Derivatives
Notional value	$ 25,000,000		$ 25,000,000		25,000,000
Interest rate swap liability					(259,000)
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 372,000		$ 372,000
Interest rate	3.71%		3.71%
Prepaid expenses and other assets | Interest rate swap
Interest Rate Derivatives
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 23,400,000		$ 23,400,000		25,400,000
Accounts payable and other liabilities | Interest rate swap
Interest Rate Derivatives
Interest rate swap liability					$ (600,000)

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt, net	$ 2,222,642	$ 2,220,778
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441	24,829
Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(23,441)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441	24,829
Interest rate swap liability		590
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	822,382	821,443
Level 1 | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Interest rate swap liability		0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	2,134,925	2,141,168
Fair Value, Inputs, Level 3 | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	0	0
Interest rate swap liability		0
Fair Value, Inputs, Level 3 | Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unsecured Debt	1,022,382	821,443
Long-term Debt, Fair Value	1,018,500	817,960
Fair Value, Inputs, Level 3 | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Secured Debt	207,406	407,663
Long-term Debt, Fair Value	198,545	394,458
Fair Value, Inputs, Level 2 [Member] | Interest rate swap | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Interest Rate Cash Flow Hedge Asset at Fair Value	(23,441)	(25,419)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net	23,441	24,829
Interest rate swap liability		590
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Gross	992,854	991,672
Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term Debt, Fair Value	$ 917,880	$ 928,750

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Accruals for tax uncertainties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) hotel property	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	3%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 36,081	$ 38,652	$ 34,396
Number of Real Estate Properties | property	97
Restricted Cash		$ 38,700
Number of real estate properties with manchise agreements | hotel	35

Commitments and Contingencies_2

Commitments and Contingencies (Management Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) hotel property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) hotel property	Jun. 30, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Management Agreements | hotel	96		96
Number of Real Estate Properties | property	97		97
Minimum
Other Commitments
Management Agreement Term			3 years
Base Management Fee as Percentage of Hotel Revenues			1.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			1%
Maximum
Other Commitments
Management Agreement Term			25 years
Base Management Fee as Percentage of Hotel Revenues			3.50%
Management Agreements which include Franchise Agreement, Base Management Fee as Percentage of Hotel Revenues			7%
Management Service [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 11.3	$ 11.1	$ 21.2	$ 21.9

Commitments and Contingencies_3

Commitments and Contingencies (Franchise Agreements) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) hotel property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) hotel property	Jun. 30, 2023 USD ($)
Other Commitments
Number of Hotel Properties Operated under Franchise Agreements	58		58
Number of Real Estate Properties | property	97		97
Number of Hotels Without Franchise Agreements	3		3
Minimum
Other Commitments
Franchise Agreements Term			1 year
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			2%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			1%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			1.50%
Maximum
Other Commitments
Franchise Agreements Term			30 years
Franchise Agreements, Royalty Fee as Percentage of Room Revenue			6%
Franchise Agreements, Additional Fees for Marketing Central Reservation Systems and Other Franchisor Costs as Percentage of Room Revenue			4.30%
Franchise Agreements, Royalty Fee as Percentage of Food and Beverage Revenue			3%
Franchise [Member]
Other Commitments
Cost of Goods and Services Sold | $	$ 18.5	$ 18.1	$ 34.3	$ 33.5

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 02, 2024 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 $ / shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Apr. 26, 2024 USD ($)
Equity, Class of Treasury Stock
Dividends | $ / shares		$ 0.10	$ 0.10	$ 0.08	$ 0.08
Common shares repurchased and retired (in shares) | shares						400,000	5,100,000
Stock repurchased during the period, Value		$ 2,941		$ 27,444		$ 4,192	$ 51,981
Preferred Stock, Convertible, Conversion Ratio		0.2806				0.2806
Limited Partners
Equity, Class of Treasury Stock
Partners' Capital Account, Units | shares		771,831				771,831
The Knickerbocker New York [Member]
Equity, Class of Treasury Stock
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		5%				5%
Series A Cumulative Preferred Stock [Member]
Equity, Class of Treasury Stock
Preferred Stock, Dividends Per Share, Declared | $ / shares		$ 0.4875	$ 0.4875	$ 0.4875	$ 0.4875
Subsequent Event
Equity, Class of Treasury Stock
Share repurchase program, remaining authorized amount	$ 245,000
2023 Share Repurchase Program
Equity, Class of Treasury Stock
Stock repurchased during the period, Value						$ 1,300
2024 Share Repurchase Program
Equity, Class of Treasury Stock
Share repurchase program, authorized amount								$ 250,000
Stock repurchased during the period, Value						$ 2,900
2024 Share Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock
Common shares repurchased and retired (in shares) | shares	200,000
Stock repurchased during the period, Value	$ 2,100

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Equity Incentive Plan
Maximum number of common shares available for issuance (in shares)		6,828,527		6,828,527
Other Disclosures
Common shares available for future grant (in shares)		2,041,822		2,041,822
Restricted share awards
Summary of non-vested shares/units
Unvested at the beginning of the period (in shares)				2,305,303
Granted (in shares)				925,731
Vested (in shares)				(1,569,836)
Forfeited (in shares)				(20,157)
Unvested at the end of the period (in shares)		1,641,041		1,641,041
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 13.52
Granted (in dollars per share)				11.57
Vested (in dollars per share)				14.28
Forfeited (in dollars per share)				11.26
Unvested at the end of the period (in dollars per share)		$ 11.72		$ 11.72
Other Disclosures
Share-based compensation expense		$ 3	$ 3.8	$ 7.1	$ 7.4
Total unrecognized compensation costs		16		$ 16
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years
Total fair value of shares vested				$ 17.4	9.5
Performance Units
Other Disclosures
Share-based compensation expense		2.3	$ 2.3	4.6	$ 4.4
Total unrecognized compensation costs		$ 16.4		$ 16.4
Weighted-average period of recognition of unrecognized share-based compensation expense				2 years 1 month 6 days
Performance-based vesting period				3 years
Percentage of grant date fair value to be recognized over three years				100%
Employee service share based compensation cost period of recognition				3 years
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately				100%
2021 Performance Shares
Summary of non-vested shares/units
Granted (in shares)	253,000						431,151
Other Disclosures
Total fair value of shares vested				$ 3
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return				25%
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return				75%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share							$ 20.90
Fair value assumptions, risk free interest rate							0.23%
Fair value assumptions, expected volatility rate							69.47%
2022 Performance Shares
Summary of non-vested shares/units
Granted (in shares)						407,024
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share						$ 21.96
Fair value assumptions, risk free interest rate						1.70%
Fair value assumptions, expected volatility rate						70.15%
2023 Performance Shares
Summary of non-vested shares/units
Granted (in shares)					574,846
Other Disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share					$ 16.90
Fair value assumptions, risk free interest rate					4.33%
Fair value assumptions, expected volatility rate					66.70%
2024 Performance Shares [Domain]
Summary of non-vested shares/units
Granted (in shares)				703,325
Other Disclosures
Shared-based compensation arrangement by share based payment award, maximum absolute total shareholder return decline before payout percentage cap				15%
Shared-based compensation arrangement by share based payment award, payout percentage cap				115%
Shared-based compensation arrangement by share based payment award, payout percentage reduction				25%
Shared-based compensation arrangement by share based payment award, absolute total shareholder return minimum before payout percentage reduction				0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share				$ 15.13
Fair value assumptions, risk free interest rate				4.43%
Fair value assumptions, expected volatility rate				35.60%
Minimum | 2021 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares				0%
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range							0%
Minimum | 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						0%
Minimum | 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					0%
Minimum | 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				0%
Maximum | 2021 Performance Shares
Other Disclosures
Percentage of performance units that will convert into restricted shares				200%
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range							200%
Maximum | 2022 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range						200%
Maximum | 2023 Performance Shares
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range					200%
Maximum | 2024 Performance Shares [Domain]
Other Disclosures
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range				200%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss) Attributable to Parent	$ 37,106	$ 41,395	$ 42,043	$ 52,040
Preferred Stock Dividends, Income Statement Impact	(6,279)	(6,279)	(12,557)	(12,557)
Less: Dividends paid on unvested restricted shares	(164)	(197)	(414)	(399)
Less: Undistributed earnings attributable to unvested restricted shares	(162)	(351)	0	(219)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 30,501	$ 34,568	$ 29,072	$ 38,865
Denominator:
Weighted-average number of common shares - basic (in shares)	153,641,065	156,424,444	153,305,640	157,945,406
Unvested restricted shares (in shares)	385,801	316,743	774,210	435,974
Unvested performance units	79,005	0	71,285	0
Weighted-average number of common shares - diluted (in shares)	154,105,871	156,741,187	154,151,135	158,381,380
Net income per share attributable to common shareholders - basic	$ 0.20	$ 0.22	$ 0.19	$ 0.25
Net income per share attributable to common shareholders - diluted	$ 0.20	$ 0.22	$ 0.19	$ 0.25

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 371,133	$ 476,936	$ 516,675
Restricted cash reserves	36,081	34,396	38,652
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	407,214	511,332	$ 555,327	$ 536,386
Interest paid	50,355	44,386
Income taxes paid	2,055	1,924
Operating Lease, Payments	7,821	8,630
Right-of-use asset obtained in exchange for lease obligation	0	5,016
Right-of-use asset and lease liability adjustments due to remeasurement	(1,221)	0
Right-of-use asset and lease liability reclassifications to land due to acquisition	1,187	0
In connection with acquisitions, the Company recorded the following:
Purchase price	160,500	0
Increase (Decrease) in Deposit Assets	(2,400)	0
Asset Acquisition, Consideration Transferred, Transaction Cost	488	0
Operating prorations	(243)	0
Acquisitions, net	158,345	0
In connection with the sales of hotel properties, the Company recorded the following:
Sales price	8,078	0
Transaction costs	(394)	(44)
Operating prorations	(5)	0
Proceeds from sales of hotel properties, net	(7,679)	(44)
Supplemental non-cash transactions
Accrued capital expenditures	$ 18,440	$ 10,854