RLJ Lodging Trust (RLJ) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 19, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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, Suite 1500
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,446,298,316
Entity Common Stock, Shares Outstanding		151,961,728
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for our 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2024.
Entity Central Index Key	0001511337
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Common Shares of beneficial interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of beneficial interest, par value $0.01 per share
Trading Symbol	RLJ
Security Exchange Name	NYSE
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share
Trading Symbol	RLJ-A
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, District of Columbia
Auditor Firm ID	238

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Investment in hotel properties, net	$ 4,250,524	$ 4,136,216
Investment in unconsolidated joint ventures	7,457	7,398
Cash and cash equivalents	409,809	516,675
Restricted cash reserves	23,516	38,652
Hotel and other receivables, net of allowance of $169 and $265, respectively	25,494	26,163
Lease right-of-use assets	128,111	136,140
Prepaid expense and other assets	38,968	58,051
Total assets	4,883,879	4,919,295
Liabilities and Equity
Debt, net	2,220,081	2,220,778
Accounts payable and other liabilities	154,643	147,819
Advance deposits and deferred revenue	40,242	32,281
Lease liabilities	119,102	122,588
Accrued interest	20,900	22,539
Distributions payable	30,634	22,500
Total liabilities	2,585,602	2,568,505
Commitments and Contingencies (Note 10)
Shareholders’ equity:
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2024 and 2023	366,936	366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 153,295,577 and 155,297,829 shares issued and outstanding at December 31, 2024 and 2023, respectively	1,533	1,553
Additional paid-in capital	2,992,487	3,000,894
Accumulated other comprehensive income	13,788	22,662
Distributions in excess of net earnings	(1,090,186)	(1,055,183)
Total shareholders’ equity	2,284,558	2,336,862
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	7,589	7,634
Noncontrolling interest in the Operating Partnership	6,130	6,294
Total noncontrolling interest	13,719	13,928
Total equity	2,298,277	2,350,790
Total liabilities and equity	$ 4,883,879	$ 4,919,295

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Hotel and other receivables, allowance (in dollars)	$ 169	$ 265
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	50,000,000	50,000,000
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of common shares of beneficial interest (in shares)	450,000,000	450,000,000
Common shares of beneficial interest, issued (in shares)	153,295,577	155,297,829
Common shares of beneficial interest, outstanding (in shares)	153,295,577	155,297,829
Preferred Stock, Liquidation Preference, Value	$ 328,266	$ 328,266
Series A Cumulative Preferred Stock
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Total authorized for issuance number of preferred shares of beneficial interest (in shares)	12,950,000	12,950,000
Preferred shares of beneficial interest, issued (in shares)	12,879,475	12,879,475
Preferred shares of beneficial interest, outstanding (in shares)	12,879,475	12,879,475

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 1,369,440	$ 1,325,577	$ 1,193,662
Expenses
Total property operating expenses	877,942	834,667	744,408
Depreciation and amortization	179,431	179,103	184,875
Property tax, insurance and other	107,043	100,229	86,996
General and administrative	54,804	58,998	56,330
Transaction costs	320	223	(345)
Total operating expenses	1,219,540	1,173,220	1,072,264
Other income, net	5,342	4,364	9,496
Interest income	17,314	19,743	4,559
Interest expense	(111,358)	(98,807)	(93,155)
Gain (loss) on sale of hotel properties, net	8,262	(34)	1,017
Loss on extinguishment of indebtedness, net	(129)	(169)	(39)
Income before equity in income from unconsolidated joint ventures	69,331	77,454	43,276
Equity in income from unconsolidated joint ventures	459	419	457
Income before income tax expense	69,790	77,873	43,733
Income tax expense	(1,599)	(1,256)	(1,518)
Net income	68,191	76,617	42,215
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	45	35	(210)
Noncontrolling interest in the Operating Partnership	(215)	(247)	(80)
Net income attributable to RLJ	68,021	76,405	41,925
Preferred dividends	(25,115)	(25,115)	(25,115)
Net income attributable to common shareholders	$ 42,906	$ 51,290	$ 16,810
Basic per common share data:
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.27	$ 0.32	$ 0.10
Weighted-average number of common shares (in shares)	152,856,036	155,928,663	161,947,807
Diluted per common share data:
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.27	$ 0.32	$ 0.10
Weighted-average number of common shares (in shares)	153,475,921	156,556,414	162,292,865
Comprehensive income:
Net income	$ 68,191	$ 76,617	$ 42,215
Unrealized (loss) gain on interest rate derivatives	(8,874)	(17,929)	63,570
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0	0	(5,866)
Comprehensive income	59,317	58,688	99,919
Noncontrolling interest in consolidated joint ventures	45	35	(210)
Noncontrolling interest in the Operating Partnership	(215)	(247)	(80)
Comprehensive income attributable to RLJ	59,147	58,476	99,629
Room revenue
Revenues
Revenue	1,121,586	1,095,028	1,002,454
Expenses
Total property operating expenses	288,567	277,058	253,441
Food and beverage revenue
Revenues
Revenue	153,108	141,625	117,027
Expenses
Total property operating expenses	117,766	109,707	87,402
Management and franchise fee expense
Expenses
Total property operating expenses	107,978	107,417	95,565
Other revenue
Revenues
Revenue	94,746	88,924	74,181
Expenses
Total property operating expenses	$ 363,631	$ 340,485	$ 308,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Cumulative Preferred Stock	Common Shares of beneficial interest, par value $0.01 per share	Additional Paid-in-Capital	Retained Earnings (Distributions in excess of net earnings)	Accumulated Other Comprehensive Loss	Operating Partnership	Consolidated Joint Venture	Noncontrolling Interest, Consolidated Joint Venture
Balance (in shares) at Dec. 31, 2021		12,879,475	166,503,062
Balance at Dec. 31, 2021	$ 2,413,867	$ 366,936	$ 1,665	$ 3,092,883	$ (1,046,739)	$ (17,113)	$ 6,316	$ 9,919
Increase (Decrease) in Equity
Net income	42,215				41,925		80	210
Net income attributable to RLJ	41,925
Unrealized (loss) gain on interest rate derivatives	63,570					63,570
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(5,866)					(5,866)
Issuance of restricted stock (in shares)			702,993
Issuance of restricted stock	0		$ 7	(7)
Amortization of share-based compensation	23,267			23,267
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(260,841)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (3,598)		$ (3)	(3,595)
Number of shares acquired as part of a share repurchase program (in shares)	(4,900,000)		(4,907,094)
Shares acquired as part of a share repurchase program	$ (57,639)		$ (49)	(57,590)
Forfeiture of restricted stock (in shares)			(34,587)
Forfeiture of restricted stock	0		$ 0	0
Contributions from consolidated joint venture partners	154							154
Distribution to joint venture partner	(2,614)								$ (2,614)
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(19,595)				(19,512)		(83)
Balance (in shares) at Dec. 31, 2022		12,879,475	162,003,533
Balance at Dec. 31, 2022	2,428,646	$ 366,936	$ 1,620	3,054,958	(1,049,441)	40,591	6,313	7,669
Increase (Decrease) in Equity
Net income	76,617						247	(35)
Net income attributable to RLJ	76,405				76,405
Unrealized (loss) gain on interest rate derivatives	(17,929)					(17,929)
Issuance of restricted stock (in shares)			1,190,961
Issuance of restricted stock	0		$ 12	(12)
Amortization of share-based compensation	26,243			26,243
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares)			(407,205)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	$ (4,398)		$ (4)	(4,394)
Number of shares acquired as part of a share repurchase program (in shares)	(7,500,000)		(7,463,632)
Shares acquired as part of a share repurchase program	$ (75,976)		$ (75)	(75,901)
Forfeiture of restricted stock (in shares)			(25,828)
Forfeiture of restricted stock	0		$ 0	0
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(57,298)				(57,032)		(266)
Balance (in shares) at Dec. 31, 2023		12,879,475	155,297,829
Balance at Dec. 31, 2023	2,350,790	$ 366,936	$ 1,553	3,000,894	(1,055,183)	22,662	6,294	7,634
Increase (Decrease) in Equity
Net income	68,191						215	(45)
Net income attributable to RLJ	68,021				68,021
Unrealized (loss) gain on interest rate derivatives	(8,874)					(8,874)
Issuance of restricted stock (in shares)			1,178,779
Issuance of restricted stock	0		$ 11	(11)
Amortization of share-based compensation	22,585			22,585
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)
Number of shares acquired as part of a share repurchase program (in shares)	(2,300,000)		(2,342,190)
Shares acquired as part of a share repurchase program	$ (21,998)		$ (23)	(21,975)
Forfeiture of restricted stock (in shares)			(30,924)
Forfeiture of restricted stock	0		$ 0	0
Distributions on preferred shares	(25,115)				(25,115)
Distributions on common shares and units	(78,288)				(77,909)		(379)
Balance (in shares) at Dec. 31, 2024		12,879,475	153,295,577
Balance at Dec. 31, 2024	$ 2,298,277	$ 366,936	$ 1,533	$ 2,992,487	$ (1,090,186)	$ 13,788	$ 6,130	$ 7,589

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 68,191	$ 76,617	$ 42,215
Adjustments to reconcile net income to cash flow provided by operating activities:
(Gain) loss on sale of hotel properties, net	(8,262)	34	(1,017)
Loss on extinguishment of indebtedness, net	129	169	39
Depreciation and amortization	179,431	179,103	184,875
Amortization of deferred financing costs	6,623	6,100	5,967
Non-cash lease expense and other amortization	5,507	4,960	3,265
Reclassification of unrealized gains on discontinued cash flow hedges to other income, net	0	0	(5,866)
Equity in income from unconsolidated joint ventures	(459)	(419)	(457)
Distributions of income from unconsolidated joint ventures	400	0	0
Amortization of share-based compensation	20,804	24,285	21,664
Changes in assets and liabilities:
Hotel and other receivables, net	651	12,365	(7,563)
Prepaid expense and other assets	4,240	12,648	(4,665)
Accounts payable and other liabilities	1,906	(11,064)	13,146
Advance deposits and deferred revenue	7,897	8,512	3,319
Accrued interest	(1,639)	1,832	1,597
Net cash flow provided by operating activities	285,419	315,142	256,519
Cash flows from investing activities
Acquisitions, net	(158,749)	0	(59,308)
Proceeds from sales of hotel properties, net	19,503	0	48,075
Purchase deposit	0	(2,400)	0
Improvements and additions to hotel properties and other assets	(136,484)	(132,349)	(124,282)
Net cash flow used in investing activities	(275,730)	(134,749)	(135,515)
Cash flows from financing activities
Repayments of Revolver	(100,000)	0	(200,000)
Borrowings on Term Loans	500,000	320,000	5,000
Repayments of Term Loans	(400,000)	(318,662)	0
Repayment of mortgage loan	(200,000)	0	0
Repurchase of common shares under share repurchase programs	(21,998)	(75,976)	(57,639)
Repurchase of common shares to satisfy employee tax withholding requirements	(9,014)	(4,398)	(3,598)
Distributions on preferred shares	(25,115)	(25,115)	(25,115)
Distributions on common shares	(69,814)	(49,194)	(13,288)
Distributions on Operating Partnership units	(340)	(225)	(54)
Payments of deferred financing costs	(5,410)	(7,882)	(1,333)
Contributions from consolidated joint venture partners	0	0	154
Distributions to consolidated joint venture partners	0	0	2,614
Borrowings under Revolver	200,000	0	0
Net cash flow used in financing activities	(131,691)	(161,452)	(298,487)
Net change in cash, cash equivalents, and restricted cash reserves	(122,002)	18,941	(177,483)
Cash, cash equivalents, and restricted cash reserves, beginning of year	555,327	536,386	713,869
Cash, cash equivalents, and restricted cash reserves, end of year	$ (433,325)	$ (555,327)	$ (536,386)

General

General	12 Months Ended
	Dec. 31, 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 December 31, 2024, there were 154,067,408 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries (including the Company's taxable REIT subsidiaries), and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. The Company records an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in the existing accounts receivable portfolio. The Company recognizes increases to the allowance for doubtful accounts as bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable based on the Company's historical collection activity and its understanding of the circumstances related to a specific receivable. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the projected undiscounted future cash flows expected to be generated from the operation and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on a projected undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, sales proceeds in the reversion year, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for future capital expenditures (including the periodic replacement or refurbishment of FF&E) and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, approximately $6.6 million, $6.1 million and $6.0 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income. Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income. Transaction costs related to successful dispositions are included in gain (loss) on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income. All transaction costs incurred in connection with unsuccessful transactions are expensed. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive (loss) income and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income. The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2024 and 2023, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income. As of December 31, 2024 and 2023, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities of the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and 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 unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the absolute and relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance. Recently Issued Accounting Pronouncements In 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 adopted this standard for its fiscal year beginning January 1, 2024. The adoption of the new standard did not have an impact on the Company's financial position, results of operations or cash flows. Please refer to Note 15, Segment Information, for the 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 November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public entities are required to apply the guidance prospectively and may elect to apply it retrospectively. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2024 December 31, 2023 Land and improvements $ 1,130,005 $ 998,417 Buildings and improvements 4,210,515 4,117,210 Furniture, fixtures and equipment 852,993 798,410 6,193,513 5,914,037 Accumulated depreciation (1,942,989) (1,777,821) Investment in hotel properties, net $ 4,250,524 $ 4,136,216 For the years ended December 31, 2024, 2023 and 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $179.3 million, $179.1 million and $184.4 million, respectively. There were no impairment losses recorded during any of the years ended December 31, 2024, 2023, or 2022.

Acquisition of Hotel Properties

Acquisition of Hotel Properties	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Hotel Properties	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 year ended December 31, 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): December 31, 2024 Land and improvements $ 3,433 Buildings and improvements 29,718 Furniture, fixtures and equipment 2,996 Total purchase price $ 36,147 During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 (1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton. The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.1 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111

Sale of Hotel Properties

Sale of Hotel Properties	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sales of Hotel Properties In connection with the sales of hotel properties for the years ended December 31, 2024 and 2022, the Company recorded net gains of $8.3 million and $1.0 million, respectively. During the year ended December 31, 2024, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $20.8 million: Hotel Property Name Location Sale Date Rooms Residence Inn Merrillville Merrillville, IN May 21, 2024 78 Fairfield Inn & Suites Denver Cherry Creek Denver, CO September 9, 2024 134 Total 212 During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2024 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 137,811 $ 19,623 $ 15,538 $ 172,972 Northern California 137,030 13,458 8,013 158,501 South Florida 115,762 20,970 11,571 148,303 New York City 72,571 10,716 3,599 86,886 Chicago 57,871 9,403 3,345 70,619 Louisville 40,237 18,923 3,678 62,838 Washington, DC 58,096 1,156 2,787 62,039 Boston 51,756 4,667 1,960 58,383 Houston 46,372 3,511 4,577 54,460 Charleston 39,516 11,029 3,723 54,268 Other 364,564 39,652 35,955 440,171 Total $ 1,121,586 $ 153,108 $ 94,746 $ 1,369,440 For the year ended December 31, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662

Debt

Debt	12 Months Ended
	Dec. 31, 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 As of December 31, 2024 and 2023, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $500.0 million term loan with a scheduled maturity date of September 24, 2027 and up to two one-year extension options if certain conditions are satisfied (the "$500 Million Term Loan Maturing 2027"); • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and up to 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 up to two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $500 Million Term Loan Maturing 2027, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans." The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. In September 2024, the Company entered into the $500 Million Term Loan Maturing 2027, the proceeds of which were used to repay an existing $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025") and $100.0 million of outstanding borrowings under the Revolver. The $500 Million Term Loan Maturing 2027 matures on September 24, 2027, with up to two one-year extension options if certain conditions are satisfied. Borrowings under the $500 Million Term Loan Maturing 2027 bear interest at a variable rate with the same terms as the $400 Million Term Loan Maturing 2025. The Company paid approximately $5.1 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2024 (1) Maturity Date December 31, 2024 December 31, 2023 Revolver (2) 6.08% May 2027 $ 100,000 $ — $500 Million Term Loan Maturing 2027 4.69% September 2027 (4) 500,000 — $400 Million Term Loan Maturing 2025 (3) N/A N/A — 400,000 $200 Million Term Loan Maturing 2026 6.03% January 2026 (4) 200,000 200,000 $225 Million Term Loan Maturing 2026 5.33% May 2026 (4) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (5) (6,293) (3,557) Total Revolver and Term Loans, net $ 1,018,707 $ 821,443 (1) Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) At December 31, 2024 and 2023, there was $500.0 million and $600.0 million, respectively, of borrowing capacity on the Revolver. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. 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. In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to repay $100.0 million of outstanding borrowings under the Revolver. (3) In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to pay off this term loan. (4) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (5) Excludes $3.9 million and $5.6 million as of December 31, 2024 and 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 FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 Mortgage loan (1) N/A N/A N/A $ — $ 200,000 Mortgage loan (2) 3 4.49% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 4.93% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,472 26,833 8 207,472 407,833 Deferred financing costs, net (135) (170) Total mortgage loans, net $ 207,337 $ 407,663 (1) In April 2024, the Company 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 $1.5 million and $1.8 million at December 31, 2024 and 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 December 31, 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. In December 2024, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 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 year ended December 31, 2024 2023 2022 Senior Notes $ 38,764 $ 38,764 $ 38,820 Revolver and Term Loans 50,928 31,000 34,126 Mortgage loans 13,451 21,014 13,563 Amortization of deferred financing costs 6,623 6,100 5,967 Non-cash interest expense related to interest rate 1,592 1,929 679 Total interest expense $ 111,358 $ 98,807 $ 93,155 Future Minimum Principal Payments As of December 31, 2024, excluding extension options, the future minimum principal payments were as follows (in thousands): 2025 $ 181,000 2026 925,000 2027 600,000 2028 — 2029 525,000 Thereafter — Total (1) $ 2,231,000 (1)" id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): December 31, 2024 December 31, 2023 Senior Notes, net $ 994,037 $ 991,672 Revolver Outstanding 100,000 — Term Loans, net 918,707 821,443 Mortgage loans, net 207,337 407,663 Debt, net $ 2,220,081 $ 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 at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (5,963) (8,328) Total senior notes, net $ 994,037 $ 991,672 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. (3) The Company has the option to redeem its 3.75% senior notes due 2026 (the "2026 Senior Notes") at a redemption price of (i) 100.938% of the principal amount should such redemption occur before July 1, 2025 and (ii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. The Senior Notes are each fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee indebtedness under the Company’s credit facilities and certain other indebtedness. The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of December 31, 2024 and 2023, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $500.0 million term loan with a scheduled maturity date of September 24, 2027 and up to two one-year extension options if certain conditions are satisfied (the "$500 Million Term Loan Maturing 2027"); • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and up to 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 up to two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $500 Million Term Loan Maturing 2027, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as the "Term Loans." The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. In September 2024, the Company entered into the $500 Million Term Loan Maturing 2027, the proceeds of which were used to repay an existing $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025") and $100.0 million of outstanding borrowings under the Revolver. The $500 Million Term Loan Maturing 2027 matures on September 24, 2027, with up to two one-year extension options if certain conditions are satisfied. Borrowings under the $500 Million Term Loan Maturing 2027 bear interest at a variable rate with the same terms as the $400 Million Term Loan Maturing 2025. The Company paid approximately $5.1 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2024 (1) Maturity Date December 31, 2024 December 31, 2023 Revolver (2) 6.08% May 2027 $ 100,000 $ — $500 Million Term Loan Maturing 2027 4.69% September 2027 (4) 500,000 — $400 Million Term Loan Maturing 2025 (3) N/A N/A — 400,000 $200 Million Term Loan Maturing 2026 6.03% January 2026 (4) 200,000 200,000 $225 Million Term Loan Maturing 2026 5.33% May 2026 (4) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (5) (6,293) (3,557) Total Revolver and Term Loans, net $ 1,018,707 $ 821,443 (1) Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) At December 31, 2024 and 2023, there was $500.0 million and $600.0 million, respectively, of borrowing capacity on the Revolver. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. 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. In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to repay $100.0 million of outstanding borrowings under the Revolver. (3) In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to pay off this term loan. (4) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (5) Excludes $3.9 million and $5.6 million as of December 31, 2024 and 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 FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 Mortgage loan (1) N/A N/A N/A $ — $ 200,000 Mortgage loan (2) 3 4.49% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 4.93% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,472 26,833 8 207,472 407,833 Deferred financing costs, net (135) (170) Total mortgage loans, net $ 207,337 $ 407,663 (1) In April 2024, the Company 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 $1.5 million and $1.8 million at December 31, 2024 and 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 December 31, 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. In December 2024, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 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 year ended December 31, 2024 2023 2022 Senior Notes $ 38,764 $ 38,764 $ 38,820 Revolver and Term Loans 50,928 31,000 34,126 Mortgage loans 13,451 21,014 13,563 Amortization of deferred financing costs 6,623 6,100 5,967 Non-cash interest expense related to interest rate 1,592 1,929 679 Total interest expense $ 111,358 $ 98,807 $ 93,155 Future Minimum Principal Payments As of December 31, 2024, excluding extension options, the future minimum principal payments were as follows (in thousands): 2025 $ 181,000 2026 925,000 2027 600,000 2028 — 2029 525,000 Thereafter — Total (1) $ 2,231,000 (1)

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	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 rate Effective Date Maturity Date December 31, 2024 December 31, 2023 December 31, 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 — 2,011 Swap-cash flow-Daily SOFR 0.63% June 2020 December 2024 — 50,000 — 2,081 Swap-cash flow-Daily SOFR 1.16% September 2021 September 2025 150,000 150,000 3,445 7,969 Swap-cash flow-Daily SOFR 0.56% July 2021 January 2026 50,000 50,000 1,926 3,556 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 125,000 3,104 1,769 Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 65,000 1,765 1,103 Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 60,000 1,768 1,188 Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 25,000 196 (254) Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 25,000 353 (77) Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 25,000 191 (259) Swap-cash flow-Daily SOFR 3.20% January 2025 January 2028 25,000 — 564 — Swap-cash flow-Daily SOFR 3.40% January 2025 January 2028 25,000 — 421 — Swap-cash flow-Daily SOFR 3.30% January 2025 January 2029 25,000 — 632 — $ 600,000 $ 1,275,000 $ 14,365 $ 24,829 As of December 31, 2024 and 2023, the aggregate fair value of the interest rate swap assets of $14.4 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. As of December 31, 2024 and 2023, there was approximately $13.8 million and $22.7 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the years ended December 31, 2024 and 2023. For the year ended December 31, 2024, approximately $20.0 million of gains included in accumulated other comprehensive income were reclassified into interest expense interest expense

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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): December 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 994,037 $ 938,750 $ 991,672 $ 928,750 Revolver and Term Loans, net 1,018,707 1,025,000 821,443 817,960 Mortgage loans, net 207,337 201,340 407,663 394,458 Debt, net $ 2,220,081 $ 2,165,090 $ 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 December 31, 2024 (in thousands): Fair Value at December 31, 2024 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 14,365 $ — $ 14,365 Total $ — $ 14,365 $ — $ 14,365 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 December 31, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases As of December 31, 2024, 12 of Company's hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The ground leases are classified as operating leases. The total ground lease expense was $16.3 million for the year ended December 31, 2024, which consisted of $11.7 million of fixed lease expense and $4.6 million of variable lease expense. The total ground lease expense was $16.7 million for the year ended December 31, 2023, which consisted of $11.9 million of fixed lease expense and $4.8 million of variable lease expense. The total ground lease expense was $15.9 million for the year ended December 31, 2022, which consisted of $11.9 million of fixed lease expense and $4.0 million of variable lease expense. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income. The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Term Expiration (1) 2024 2023 2022 Wyndham Boston Beacon Hill (2) N/A $ 49 $ 929 $ 803 Wyndham San Diego Bayside 2029 5,525 5,315 5,009 DoubleTree Suites by Hilton Orlando - Lake Buena Vista 2057 956 815 1,005 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Courtyard Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport - Waterfront 2059 1,882 1,850 1,646 Wyndham New Orleans - French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,062 1,052 1,044 Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center 2100 906 1,025 922 Courtyard Waikiki Beach 2112 4,295 4,121 3,922 Moxy Denver Cherry Creek 2115 280 272 258 $ 16,254 $ 16,678 $ 15,908 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property, which was previously owned via a leasehold interest that was subject to a ground lease, for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way. (4) The lease may be extended for up to four twenty-five year terms at the Company's option. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2024 2025 $ 9,678 2026 10,247 2027 11,023 2028 11,075 2029 10,638 Thereafter 527,456 Total future lease payments 580,117 Imputed interest (461,015) Lease liabilities $ 119,102 The following table presents certain information related to the Company's operating leases as of December 31, 2024: Weighted average remaining lease term 63 years Weighted average discount rate 7.30 % Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and debt obligations where lenders hold restricted cash due to cash trap events. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues for future capital expenditures (including the periodic replacement or refurbishment of FF&E). Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2024 and 2023, approximately $23.5 million and $38.7 million, respectively, was available in the restricted cash reserves for future capital expenditures and real estate taxes. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of December 31, 2024, 95 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of Aimbridge Hospitality 30 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 6 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 6 White Lodging Services 4 95 (1) InnVentures is a subsidiary of Highgate Hotels. Each management company receives a base management fee between 1.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 1.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2024, 2023 and 2022, the Company incurred management fee expense of approximately $41.0 million, $41.7 million and $34.7 million, respectively. Franchise Agreements As of December 31, 2024, 57 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 years ended December 31, 2024, 2023 and 2022, the Company incurred franchise fee expense of approximately $67.0 million, $65.7 million and $60.9 million, respectively.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On April 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 year ended December 31, 2024, the Company repurchased and retired 2.3 million common shares for approximately $22.0 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 $20.7 million was repurchased under the 2024 Share Repurchase Program. Subsequent to December 31, 2024, the Company repurchased and retired 1.2 million common shares for approximately $12.0 million. As of February 26, 2025, the 2024 Share Repurchase Program had a remaining capacity of $217.3 million. During the year ended December 31, 2023, the Company repurchased and retired 7.5 million common shares for approximately $76.0 million. During the year ended December 31, 2022, the Company repurchased and retired 4.9 million common shares for approximately $57.6 million. During the years ended December 31, 2024, 2023, and 2022, the Company declared a cash dividend of $0.50, $0.36, and $0.12, respectively, on each common share. Series A Preferred Shares Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. During each of the years ended December 31, 2024, 2023 and 2022, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2024, the Operating Partnership had 154,067,408 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2024, the limited partners owned 771,831 OP units. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan Pursuant to the terms of the 2021 Plan, the Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2021 Plan. The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2021 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares is as follows: 2024 2023 2022 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43 Granted 925,731 11.57 991,453 10.84 569,600 15.10 Vested (1,610,821) 14.20 (928,192) 15.07 (647,426) 15.65 Forfeited (30,924) 11.00 (25,828) 13.13 (34,587) 13.15 Unvested at December 31, 1,589,289 $ 11.74 2,305,303 $ 13.52 2,267,870 $ 15.32 For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $11.7 million, $15.4 million and $14.4 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2024, there was $10.9 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 1.7 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2024, 2023 and 2022 was approximately $17.8 million, $9.9 million and $9.0 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 year ended December 31, 2024 was approximately $3.0 million. For the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $9.1 million, $8.9 million and $7.3 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2024, there was $11.6 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 1.7 years.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024, 2023 and 2022, since the limited partners’ share of income or loss would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2024 2023 2022 Numerator: Net income attributable to RLJ $ 68,021 $ 76,405 $ 41,925 Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (895) (882) (284) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 42,011 $ 50,408 $ 16,526 Denominator: Weighted-average number of common shares - basic 152,856,036 155,928,663 161,947,807 Unvested restricted shares 481,666 538,023 345,058 Unvested performance units 138,219 89,728 — Weighted-average number of common shares - diluted 153,475,921 156,556,414 162,292,865 Net income per share attributable to common shareholders - basic $ 0.27 $ 0.32 $ 0.10 Net income per share attributable to common shareholders - diluted $ 0.27 $ 0.32 $ 0.10

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. The deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the 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. For federal income tax purposes, the cash distributions to shareholders are characterized as follows: For the Years Ended December 31, 2024 2023 2022 Common distributions: Ordinary income 96.2 % 90.0 % 72.0 % Return of capital — — 28.0 % Capital gains 3.8 % — — Qualified dividend — 10.0 % — 100.0 % 100.0 % 100.0 % Preferred distributions: Ordinary income 96.2 % 90.0 % 100.0 % Return of capital — — — Capital gains 3.8 % — — Qualified dividend — 10.0 % — 100.0 % 100.0 % 100.0 % The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2024 2023 2022 Current: Federal $ (181) $ (200) $ (162) State (1,408) (1,061) (1,374) Deferred: Federal (8) 4 15 State (2) 1 3 Income tax expense $ (1,599) $ (1,256) $ (1,518) The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2024 2023 2022 Expected U.S. federal tax expense at statutory rate $ (14,656) $ (16,353) $ (9,184) Tax impact of REIT election 19,295 15,443 (1,659) Expected tax benefit (expense) at TRS 4,639 (910) (10,843) Change in valuation allowance (6,522) (120) 11,945 State income tax expense, net of federal benefit (83) (1,006) (2,861) Other items 367 780 241 Income tax expense $ (1,599) $ (1,256) $ (1,518) Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2024 December 31, 2023 Deferred tax liabilities: Partnership basis $ (2,569) $ (2,315) Prepaid expenses (1,376) (813) Deferred tax liabilities $ (3,945) $ (3,128) Deferred tax assets: Property and equipment $ 6,872 $ 6,940 Incentive and vacation accrual 2,964 3,719 Deferred revenue - key money 3,285 1,767 Allowance for doubtful accounts 45 70 Other 971 892 Net operating loss carryforwards 70,855 64,275 Federal historic tax credit 824 824 Valuation allowance (81,858) (75,336) Deferred tax assets $ 3,958 $ 3,151 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income, and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company would record a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. Based upon the available objective evidence at December 31, 2024, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's primary TRS, would not be utilized in future periods. The Company considered all available evidence, both positive and negative, including cumulative losses in recent years and its current forecast of future income in its analysis. As of December 31, 2024 and 2023, the Company had a valuation allowance of approximately $81.9 million and $75.3 million, respectively, related to NOL carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2024 to 2040 for state tax purposes. The Company's historic tax credits begin to expire in 2035. The annual utilization of these NOLs and tax credits is limited pursuant to federal and state tax laws. The Company is subject to examination by U.S. federal and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2024, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2020 and before.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM separately evaluates the performance of each of the Company’s hotel properties and each hotel property is an operating segment. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single reportable segment. The hotel segment revenues are derived from the operation of hotel properties. The hotel segment generates room revenue by renting hotel rooms to customers at the Company’s hotel properties. The hotel segment generates food and beverage revenue from the sale of food and beverage to customers at the Company’s hotel properties. The hotel segment generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at the Company’s hotel properties. The CODM assesses performance for the hotel segment and decides how to allocate resources based on Hotel EBITDA, which is a non-GAAP financial measure. Hotel EBITDA is defined as net income or loss excluding: (1) interest expense; (2) income tax expense; and (3) depreciation and amortization expense, adjusted for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations. The following table presents information about profit or loss for the hotel segment: For the Years Ended December 31, 2024 2023 2022 Revenues Room revenue $ 1,121,586 $ 1,095,028 $ 1,002,454 Food and beverage revenue 153,108 141,625 117,027 Other revenue 94,746 88,924 74,181 Total revenues 1,369,440 1,325,577 1,193,662 Operating expenses Room expense 288,567 277,058 253,441 Food and beverage expense 117,766 109,707 87,402 Management and franchise fee expense 107,978 107,417 95,565 Other operating expenses 363,631 340,485 308,000 Total operating expenses 877,942 834,667 744,408 Property tax, insurance and other 107,043 100,229 86,996 Other, net (1) (14,300) (11,535) (8,470) Hotel EBITDA $ 398,755 $ 402,216 $ 370,728 (1) Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations. The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals: For the Years Ended December 31, 2024 2023 2022 Income before income tax expense $ 69,790 $ 77,873 $ 43,733 Depreciation and amortization 179,431 179,103 184,875 Interest expense, net of interest income 94,044 79,064 88,596 General and administrative 54,804 58,998 56,330 (Gain) loss on sale of hotel properties, net (8,262) 34 (1,017) Other, net 8,948 7,144 (1,789) Hotel EBITDA $ 398,755 $ 402,216 $ 370,728 A measure of segment assets is not currently provided to the CODM and has therefore not been included herein.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2024 2023 2022 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 409,809 $ 516,675 $ 481,316 Restricted cash reserves 23,516 38,652 55,070 Cash, cash equivalents, and restricted cash reserves $ 433,325 $ 555,327 $ 536,386 Interest paid $ 103,711 $ 89,827 $ 87,180 Income taxes paid $ 2,220 $ 2,538 $ 1,255 Operating cash flow lease payments for operating leases $ 15,226 $ 16,899 $ 15,742 Right-of-use asset obtained in exchange for lease obligation $ — $ 5,016 $ — Right-of-use asset and lease liability adjustments due to remeasurement $ (1,165) $ — $ (2,473) 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 prices $ 160,500 $ — $ 59,000 Application of purchase deposit (2,400) — — Transaction costs 892 — 1,110 Operating prorations (243) — (802) Acquisitions, net $ 158,749 $ — $ 59,308 In connection with the sales of hotel properties, the Company recorded the following: Sales prices $ 20,778 $ — $ 49,900 Transaction costs (1,116) — (834) Operating prorations (159) — (991) Proceeds from sales of hotel properties, net $ 19,503 $ — $ 48,075 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (8,874) $ (17,929) $ 63,570 Accrued capital expenditures $ 27,172 $ 22,144 $ 17,645 Distributions payable $ 30,634 $ 22,500 $ 14,622

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to December 31, 2024, the Company repurchased and retired approximately 1.2 million common shares for approximately $12.0 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation December 31, 2024 (amounts in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2024 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 4,641 $ 5,393 $ 44,121 $ 49,514 $ 20,740 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,423 147 114,817 114,964 50,900 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,628 4,496 36,332 40,828 16,803 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 10,256 4,847 42,406 47,253 17,463 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 9,919 4,940 45,338 50,278 19,080 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile — 8,140 59,696 10,239 8,148 69,927 78,075 32,174 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,300 2,647 22,342 24,989 9,841 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 3,736 2,211 19,624 21,835 9,526 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 6,309 6,058 50,661 56,719 21,012 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,645 2,686 23,173 25,859 11,112 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 5,329 2,679 24,908 27,587 10,771 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,479 1,822 16,780 18,602 6,949 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,842 3,804 32,431 36,235 13,207 2007 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 4,243 1,890 23,481 25,371 11,200 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,117 1,447 12,544 13,991 6,034 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,608 2,793 23,705 26,498 11,107 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,779 3,006 23,593 26,599 11,117 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,955 1,225 10,637 11,862 5,389 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,222 1,927 16,911 18,838 7,825 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 1,085 860 7,193 8,053 3,287 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,962 5,742 26,675 32,417 11,314 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,780 3,090 25,267 28,357 10,842 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 12,325 5,037 42,088 47,125 17,781 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 16,498 2,444 87,232 89,676 32,195 2010 15 - 40 years Fairfield Inn & Suites Washington DC Downtown — 16,214 22,265 7,935 16,447 29,967 46,414 13,133 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 4,356 2,976 12,058 15,034 4,634 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2024 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Homewood Suites Washington DC Downtown — 23,139 34,188 8,648 23,758 42,217 65,975 15,367 2010 15 - 40 years Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel — 1,901 2,793 16,704 2,155 19,243 21,398 11,060 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,666 7,505 39,664 47,169 14,462 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 10,512 3,509 31,158 34,667 12,555 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 11,137 5,702 29,874 35,576 13,210 2010 15 - 40 years Renaissance Pittsburgh Hotel — 3,274 39,934 12,003 3,397 51,814 55,211 19,360 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 6,660 2,978 28,210 31,188 10,090 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 10,623 3,923 19,970 23,893 9,348 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,484 2,382 27,567 29,949 13,092 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 5,493 3,613 40,422 44,035 13,990 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 11,652 8,991 63,564 72,555 20,898 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 9,181 21,282 68,776 90,058 23,766 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 18,116 12,534 40,242 52,776 12,850 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 5,900 6,386 61,806 68,192 20,570 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 6,068 6,106 34,714 40,820 11,322 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,204 4,882 29,909 34,791 9,713 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,539 2,574 25,103 27,677 11,434 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 17,360 855 96,095 96,950 29,925 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 31,022 11,291 49,206 60,497 19,816 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 8,507 2,982 14,381 17,363 5,229 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,864 3,544 20,091 23,635 6,178 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 13,390 25,629 53,551 79,180 14,073 2014 15 - 40 years Hyatt House Charlotte Center City — 3,029 26,193 2,395 3,054 28,563 31,617 8,048 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 4,067 4,378 12,848 17,226 5,161 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area — 7,425 29,137 8,537 7,517 37,582 45,099 12,110 2014 15 - 40 years Hyatt House San Diego Sorrento Mesa — 10,420 21,288 4,421 10,752 25,377 36,129 7,278 2014 15 - 40 years Hyatt House San Jose Silicon Valley — 6,820 31,682 3,352 6,982 34,872 41,854 9,584 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 3,036 5,768 14,832 20,600 5,153 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2024 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House Santa Clara — 8,044 27,703 3,576 8,052 31,271 39,323 9,337 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,984 5,979 19,837 25,816 5,377 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,851 6,297 15,493 21,790 4,918 2014 15 - 40 years Hyatt Place Madison Downtown — 6,701 25,478 1,677 6,753 27,103 33,856 7,396 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,463 15,247 42,326 57,573 13,716 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,714 8,021 54,736 62,757 14,957 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 4,414 3,740 46,142 49,882 11,765 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 10,101 48,451 37,612 86,063 11,989 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,200 10,763 57,425 68,188 13,986 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 1,806 4,018 32,670 36,688 7,750 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 3,006 17,222 48,566 65,788 11,891 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 6,275 7,522 56,652 64,174 10,220 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 9,125 1,202 53,327 54,529 9,700 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 18,631 31,544 64,381 95,925 13,264 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 2,366 10,512 35,917 46,429 6,801 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 2,885 6,418 37,569 43,987 7,070 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 20,196 8,028 75,823 83,851 13,279 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 17,338 31,347 71,516 102,863 12,274 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 15,853 14,225 109,471 123,696 19,406 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 9,646 15,277 27,233 42,510 5,542 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,727 43,370 39,913 83,283 9,777 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 18,243 9,787 56,906 66,693 14,553 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 2,424 5,035 39,819 44,854 7,764 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 13,761 24,790 38,138 62,928 6,673 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 16,754 39,798 71,735 111,533 15,404 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 5,279 4,485 89,762 94,247 18,729 2017 15 - 40 years Zachari Dunes on Mandalay Beach, Curio Collection by Hilton — 35,769 53,280 31,811 37,081 83,779 120,860 16,190 2017 15 - 40 years DoubleTree by Hilton Houston Medical Center Hotel & Suites — 7,776 43,475 11,438 8,257 54,432 62,689 9,034 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2024 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Mills House Charleston, Curio Collection by Hilton — 9,599 68,932 12,545 10,745 80,331 91,076 14,693 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,672 46,882 121,404 168,286 24,652 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 5,781 114,950 123,897 238,847 22,682 2017 15 - 40 years The Pierside Santa Monica — 27,054 45,866 16,583 27,722 61,781 89,503 10,570 2017 15 - 40 years Wyndham Boston Beacon Hill — 126,606 51,934 2,736 126,610 54,666 181,276 31,854 2017 15 - 40 years Wyndham New Orleans - French Quarter — 300 72,686 2,837 300 75,523 75,823 13,936 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 1,417 8,630 53,068 61,698 9,935 2017 15 - 40 years Courtyard Pittsburgh University Center — 154 31,625 7,497 498 38,778 39,276 6,256 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 7,410 1,374 36,465 37,839 20,734 2017 6 years AC Hotel Boston Downtown — 26,560 53,354 235 26,560 53,589 80,149 4,533 2021 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 56 5,993 48,374 54,367 4,144 2021 15 - 40 years Moxy Denver Cherry Creek 26,472 — 48,725 171 68 48,828 48,896 3,767 2021 15 - 40 years The Bankers Alley Hotel, a Tapestry Collection by Hilton — 19,807 36,223 2,420 19,828 38,622 58,450 2,347 2022 15 - 40 years Hotel Teatro - Denver — 3,433 29,718 55 3,433 29,773 33,206 432 2024 15 - 40 years $ 207,472 $ 1,104,704 $ 3,481,705 $ 754,111 $ 1,130,005 $ 4,210,515 $ 5,340,520 $ 1,230,375 (1) The aggregate cost of real estate for federal income tax purposes was approximately $5.2 billion at December 31, 2024. The change in the total cost of the hotel properties is as follows: 2024 2023 2022 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 5,115,627 $ 5,033,114 $ 4,977,563 Add: Acquisitions 159,493 — 56,030 Add: Improvements 83,903 82,513 68,012 Less: Sale of hotel properties (18,503) — (68,491) Balance at end of period $ 5,340,520 $ 5,115,627 $ 5,033,114 The change in the accumulated depreciation of the real estate assets is as follows: 2024 2023 2022 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (1,105,184) $ (975,029) $ (870,741) Add: Depreciation for the period (132,718) (130,155) (125,203) Less: Sale of hotel properties 7,527 — 20,915 Balance at end of period $ (1,230,375) $ (1,105,184) $ (975,029)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to RLJ	$ 68,021	$ 76,405	$ 41,925

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are committed to properly addressing the cybersecurity threats we face, and we have processes to assess, identify, and manage material risks from cybersecurity threats. We apply a comprehensive approach to the mitigation of cybersecurity risks. The risk of cybersecurity threats is integrated into our overall risk management program, which includes an annual risk prioritization process to identify key enterprise-level risks. The cybersecurity threat risk action plan is managed by a dedicated information technology ("IT") committee (the "IT Committee"), which oversees our cybersecurity program. The IT Committee comprises senior company leaders as well as our outsourced IT services provider. To oversee and identify cybersecurity threat risks on a day-to-day basis, we maintain a security operations center with round-the-clock monitoring. We have established policies, including those related to privacy, information security and cybersecurity, and we employ a broad and diversified set of mitigation strategies and techniques to reduce cybersecurity risks, including continuous monitoring, early detection tools, proactive vulnerability management, and remediation. Our information security policies are modeled against the National Institute of Standards and Technology’s Cybersecurity Standards and incorporate concepts from the Zero Trust Framework. Given the ever-changing cybersecurity landscape, our IT Committee regularly meets to identify opportunities for incremental improvements, assess additional layers of security, and evaluate new technologies for implementation. In addition, we engage, as necessary, cybersecurity experts to analyze our IT policies, procedures, and infrastructure to assess their effectiveness and to identify opportunities for improvement. We conduct an annual information security compliance training for all employees to enable them to detect and report malware, ransomware, and other malicious software and social engineering attempts that may compromise our IT systems. Employees also are subject to spear-phishing training campaigns, which allow us to assess the effectiveness of our training programs. Our management companies are ultimately responsible for our guests' information, and we monitor these companies, as well as other third-party service providers, to ensure that they are complying with our privacy, information security and cybersecurity policies. We also assess the cybersecurity proficiency of potential third-party cloud suppliers before utilizing their services. We work closely with our internal and external auditors to assess, identify and manage cybersecurity risks. Our IT internal controls are audited by our external auditor as part of our Sarbanes-Oxley Act compliance activities, and this process includes assessing the design and operating effectiveness of those controls. Any failure to maintain proper function, security and availability of our information technology networks and systems could interrupt our operations, our financial reporting and compliance, damage our reputation, and subject us to liability claims or regulatory penalties, which could have a material and adverse effect on our business, financial condition and results of operations. Management has not identified cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. See “Item 1A. Risk Factors” above for more information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We are committed to properly addressing the cybersecurity threats we face, and we have processes to assess, identify, and manage material risks from cybersecurity threats. We apply a comprehensive approach to the mitigation of cybersecurity risks. The risk of cybersecurity threats is integrated into our overall risk management program, which includes an annual risk prioritization process to identify key enterprise-level risks. The cybersecurity threat risk action plan is managed by a dedicated information technology ("IT") committee (the "IT Committee"), which oversees our cybersecurity program. The IT Committee comprises senior company leaders as well as our outsourced IT services provider. To oversee and identify cybersecurity threat risks on a day-to-day basis, we maintain a security operations center with round-the-clock monitoring. We have established
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of trustees is responsible for overseeing the assessment and management of enterprise-level risks that may impact us, including cybersecurity. Two board members have information security expertise from their professional experience. Nathaniel A. Davis has expertise in information technology and experience reviewing and addressing cybersecurity risks. Patricia L. Gibson also has experience assessing and addressing cybersecurity risks through her past professional experience.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee has primary responsibility for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management, including members of the IT Committee, reports at least annually to the Audit Committee regarding cybersecurity risks and mitigation strategies. We consider each member of our Audit Committee to possess information security experience by way of their oversight responsibilities over this area.
Cybersecurity Risk Role of Management [Text Block]	Management, including members of the IT Committee, reports at least annually to the Audit Committee regarding cybersecurity risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our board of trustees is responsible for overseeing the assessment and management of enterprise-level risks that may impact us, including cybersecurity. Two board members have information security expertise from their professional experience. Nathaniel A. Davis has expertise in information technology and experience reviewing and addressing cybersecurity risks. Patricia L. Gibson also has experience assessing and addressing cybersecurity risks through her past professional experience.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Two board members have information security expertise from their professional experience. Nathaniel A. Davis has expertise in information technology and experience reviewing and addressing cybersecurity risks. Patricia L. Gibson also has experience assessing and addressing cybersecurity risks through her past professional experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management, including members of the IT Committee, reports at least annually to the Audit Committee regarding cybersecurity risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries (including the Company's taxable REIT subsidiaries), and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.
Revenue Recognition	Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant.
Investment in Hotel Properties	Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss.
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation.
Restricted Cash Reserves	Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for future capital expenditures (including the periodic replacement or refurbishment of FF&E) and the funding of real estate taxes and insurance.
Hotel Receivables	Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Transaction Costs	Transaction Costs
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive (loss) income and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures.
Leases	Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income.
Leases	As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred.
Noncontrolling Interests	Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2024 and 2023, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities of the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and 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 unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation.
Share-based Compensation	Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the absolute and relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In 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 adopted this standard for its fiscal year beginning January 1, 2024. The adoption of the new standard did not have an impact on the Company's financial position, results of operations or cash flows. Please refer to Note 15, Segment Information, for the 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 November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public entities are required to apply the guidance prospectively and may elect to apply it retrospectively. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): December 31, 2024 December 31, 2023 Land and improvements $ 1,130,005 $ 998,417 Buildings and improvements 4,210,515 4,117,210 Furniture, fixtures and equipment 852,993 798,410 6,193,513 5,914,037 Accumulated depreciation (1,942,989) (1,777,821) Investment in hotel properties, net $ 4,250,524 $ 4,136,216

Acquisition of Hotel Properti_2

Acquisition of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Hotel Acquisition	Also during the year ended December 31, 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	During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000
Asset Acquisition, Transaction Costs	The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2024 Land and improvements $ 3,433 Buildings and improvements 29,718 Furniture, fixtures and equipment 2,996 Total purchase price $ 36,147	The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Properties disposed	During the year ended December 31, 2024, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $20.8 million: Hotel Property Name Location Sale Date Rooms Residence Inn Merrillville Merrillville, IN May 21, 2024 78 Fairfield Inn & Suites Denver Cherry Creek Denver, CO September 9, 2024 134 Total 212	During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2024 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Southern California $ 137,811 $ 19,623 $ 15,538 $ 172,972 Northern California 137,030 13,458 8,013 158,501 South Florida 115,762 20,970 11,571 148,303 New York City 72,571 10,716 3,599 86,886 Chicago 57,871 9,403 3,345 70,619 Louisville 40,237 18,923 3,678 62,838 Washington, DC 58,096 1,156 2,787 62,039 Boston 51,756 4,667 1,960 58,383 Houston 46,372 3,511 4,577 54,460 Charleston 39,516 11,029 3,723 54,268 Other 364,564 39,652 35,955 440,171 Total $ 1,121,586 $ 153,108 $ 94,746 $ 1,369,440 For the year ended December 31, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's debt consisted of the following (in thousands): December 31, 2024 December 31, 2023 Senior Notes, net $ 994,037 $ 991,672 Revolver Outstanding 100,000 — Term Loans, net 918,707 821,443 Mortgage loans, net 207,337 407,663 Debt, net $ 2,220,081 $ 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 at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (5,963) (8,328) Total senior notes, net $ 994,037 $ 991,672 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. (3)
Schedule of Debt Covenants	A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.25x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid.
Schedule of unsecured credit agreements	The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2024 (1) Maturity Date December 31, 2024 December 31, 2023 Revolver (2) 6.08% May 2027 $ 100,000 $ — $500 Million Term Loan Maturing 2027 4.69% September 2027 (4) 500,000 — $400 Million Term Loan Maturing 2025 (3) N/A N/A — 400,000 $200 Million Term Loan Maturing 2026 6.03% January 2026 (4) 200,000 200,000 $225 Million Term Loan Maturing 2026 5.33% May 2026 (4) 225,000 225,000 1,025,000 825,000 Deferred financing costs, net (5) (6,293) (3,557) Total Revolver and Term Loans, net $ 1,018,707 $ 821,443 (1) Interest rate at December 31, 2024 gives effect to interest rate hedges. (2) At December 31, 2024 and 2023, there was $500.0 million and $600.0 million, respectively, of borrowing capacity on the Revolver. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending May 2028 if certain conditions are satisfied. 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. In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to repay $100.0 million of outstanding borrowings under the Revolver. (3) In September 2024, the Company utilized a portion of the $500 Million Term Loan Maturing 2027 proceeds to pay off this term loan. (4) This Term Loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (5) Excludes $3.9 million and $5.6 million as of December 31, 2024 and 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 (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2024 Maturity Date December 31, 2024 December 31, 2023 Mortgage loan (1) N/A N/A N/A $ — $ 200,000 Mortgage loan (2) 3 4.49% (4) April 2025 (5) 96,000 96,000 Mortgage loan (2) 4 4.93% (4) April 2025 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 26,472 26,833 8 207,472 407,833 Deferred financing costs, net (135) (170) Total mortgage loans, net $ 207,337 $ 407,663 (1) In April 2024, the Company 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 $1.5 million and $1.8 million at December 31, 2024 and 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 December 31, 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. In December 2024, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender.
Components of interest expense	The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2024 2023 2022 Senior Notes $ 38,764 $ 38,764 $ 38,820 Revolver and Term Loans 50,928 31,000 34,126 Mortgage loans 13,451 21,014 13,563 Amortization of deferred financing costs 6,623 6,100 5,967 Non-cash interest expense related to interest rate 1,592 1,929 679 Total interest expense $ 111,358 $ 98,807 $ 93,155
Future minimum principal payments	As of December 31, 2024, excluding extension options, the future minimum principal payments were as follows (in thousands): 2025 $ 181,000 2026 925,000 2027 600,000 2028 — 2029 525,000 Thereafter — Total (1) $ 2,231,000 (1)

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps and caps	The following interest rate swaps have been designated as cash flow hedges (in thousands): Notional value at Fair value at Hedge type Swap rate Effective Date Maturity Date December 31, 2024 December 31, 2023 December 31, 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 — 2,011 Swap-cash flow-Daily SOFR 0.63% June 2020 December 2024 — 50,000 — 2,081 Swap-cash flow-Daily SOFR 1.16% September 2021 September 2025 150,000 150,000 3,445 7,969 Swap-cash flow-Daily SOFR 0.56% July 2021 January 2026 50,000 50,000 1,926 3,556 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 125,000 3,104 1,769 Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 65,000 1,765 1,103 Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 60,000 1,768 1,188 Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 25,000 196 (254) Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 25,000 353 (77) Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 25,000 191 (259) Swap-cash flow-Daily SOFR 3.20% January 2025 January 2028 25,000 — 564 — Swap-cash flow-Daily SOFR 3.40% January 2025 January 2028 25,000 — 421 — Swap-cash flow-Daily SOFR 3.30% January 2025 January 2029 25,000 — 632 — $ 600,000 $ 1,275,000 $ 14,365 $ 24,829

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 994,037 $ 938,750 $ 991,672 $ 928,750 Revolver and Term Loans, net 1,018,707 1,025,000 821,443 817,960 Mortgage loans, net 207,337 201,340 407,663 394,458 Debt, net $ 2,220,081 $ 2,165,090 $ 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 December 31, 2024 (in thousands): Fair Value at December 31, 2024 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 14,365 $ — $ 14,365 Total $ — $ 14,365 $ — $ 14,365 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

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Term Expiration (1) 2024 2023 2022 Wyndham Boston Beacon Hill (2) N/A $ 49 $ 929 $ 803 Wyndham San Diego Bayside 2029 5,525 5,315 5,009 DoubleTree Suites by Hilton Orlando - Lake Buena Vista 2057 956 815 1,005 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Courtyard Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport - Waterfront 2059 1,882 1,850 1,646 Wyndham New Orleans - French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,062 1,052 1,044 Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center 2100 906 1,025 922 Courtyard Waikiki Beach 2112 4,295 4,121 3,922 Moxy Denver Cherry Creek 2115 280 272 258 $ 16,254 $ 16,678 $ 15,908 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property, which was previously owned via a leasehold interest that was subject to a ground lease, for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way.
Schedule of future minimum ground lease payments	The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2024 2025 $ 9,678 2026 10,247 2027 11,023 2028 11,075 2029 10,638 Thereafter 527,456 Total future lease payments 580,117 Imputed interest (461,015) Lease liabilities $ 119,102
Assets And Liabilities, Lessee	The following table presents certain information related to the Company's operating leases as of December 31, 2024: Weighted average remaining lease term 63 years Weighted average discount rate 7.30 %
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies	As of December 31, 2024, 95 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of Aimbridge Hospitality 30 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 6 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 6 White Lodging Services 4 95 (1) InnVentures is a subsidiary of Highgate Hotels.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of the unvested restricted shares	A summary of the unvested restricted shares is as follows: 2024 2023 2022 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43 Granted 925,731 11.57 991,453 10.84 569,600 15.10 Vested (1,610,821) 14.20 (928,192) 15.07 (647,426) 15.65 Forfeited (30,924) 11.00 (25,828) 13.13 (34,587) 13.15 Unvested at December 31, 1,589,289 $ 11.74 2,305,303 $ 13.52 2,267,870 $ 15.32
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest	A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 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 year ended December 31, 2024 was approximately $3.0 million.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2024 2023 2022 Numerator: Net income attributable to RLJ $ 68,021 $ 76,405 $ 41,925 Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (895) (882) (284) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 42,011 $ 50,408 $ 16,526 Denominator: Weighted-average number of common shares - basic 152,856,036 155,928,663 161,947,807 Unvested restricted shares 481,666 538,023 345,058 Unvested performance units 138,219 89,728 — Weighted-average number of common shares - diluted 153,475,921 156,556,414 162,292,865 Net income per share attributable to common shareholders - basic $ 0.27 $ 0.32 $ 0.10 Net income per share attributable to common shareholders - diluted $ 0.27 $ 0.32 $ 0.10

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Distributions for Income Tax Purposes	For federal income tax purposes, the cash distributions to shareholders are characterized as follows: For the Years Ended December 31, 2024 2023 2022 Common distributions: Ordinary income 96.2 % 90.0 % 72.0 % Return of capital — — 28.0 % Capital gains 3.8 % — — Qualified dividend — 10.0 % — 100.0 % 100.0 % 100.0 % Preferred distributions: Ordinary income 96.2 % 90.0 % 100.0 % Return of capital — — — Capital gains 3.8 % — — Qualified dividend — 10.0 % — 100.0 % 100.0 % 100.0 %
Schedule of components of the income tax provision from continuing operations	The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2024 2023 2022 Current: Federal $ (181) $ (200) $ (162) State (1,408) (1,061) (1,374) Deferred: Federal (8) 4 15 State (2) 1 3 Income tax expense $ (1,599) $ (1,256) $ (1,518)
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2024 2023 2022 Expected U.S. federal tax expense at statutory rate $ (14,656) $ (16,353) $ (9,184) Tax impact of REIT election 19,295 15,443 (1,659) Expected tax benefit (expense) at TRS 4,639 (910) (10,843) Change in valuation allowance (6,522) (120) 11,945 State income tax expense, net of federal benefit (83) (1,006) (2,861) Other items 367 780 241 Income tax expense $ (1,599) $ (1,256) $ (1,518)
Schedule of deferred tax assets (liabilities)	Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2024 December 31, 2023 Deferred tax liabilities: Partnership basis $ (2,569) $ (2,315) Prepaid expenses (1,376) (813) Deferred tax liabilities $ (3,945) $ (3,128) Deferred tax assets: Property and equipment $ 6,872 $ 6,940 Incentive and vacation accrual 2,964 3,719 Deferred revenue - key money 3,285 1,767 Allowance for doubtful accounts 45 70 Other 971 892 Net operating loss carryforwards 70,855 64,275 Federal historic tax credit 824 824 Valuation allowance (81,858) (75,336) Deferred tax assets $ 3,958 $ 3,151

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Information About Profit or Loss By Hotel Segment	The following table presents information about profit or loss for the hotel segment: For the Years Ended December 31, 2024 2023 2022 Revenues Room revenue $ 1,121,586 $ 1,095,028 $ 1,002,454 Food and beverage revenue 153,108 141,625 117,027 Other revenue 94,746 88,924 74,181 Total revenues 1,369,440 1,325,577 1,193,662 Operating expenses Room expense 288,567 277,058 253,441 Food and beverage expense 117,766 109,707 87,402 Management and franchise fee expense 107,978 107,417 95,565 Other operating expenses 363,631 340,485 308,000 Total operating expenses 877,942 834,667 744,408 Property tax, insurance and other 107,043 100,229 86,996 Other, net (1) (14,300) (11,535) (8,470) Hotel EBITDA $ 398,755 $ 402,216 $ 370,728 (1) Includes miscellaneous hotel segment income, as well as adjustments for corporate-level expenses, certain non-cash items, and certain other items that the Company considers outside the normal course of operations.
Reconciliation of Hotel Profit and Loss to the Company's	The following table provides a reconciliation of the hotel segment profit and loss to the Company’s consolidated totals: For the Years Ended December 31, 2024 2023 2022 Income before income tax expense $ 69,790 $ 77,873 $ 43,733 Depreciation and amortization 179,431 179,103 184,875 Interest expense, net of interest income 94,044 79,064 88,596 General and administrative 54,804 58,998 56,330 (Gain) loss on sale of hotel properties, net (8,262) 34 (1,017) Other, net 8,948 7,144 (1,789) Hotel EBITDA $ 398,755 $ 402,216 $ 370,728

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental information to statements of cash flows	For the year ended December 31, 2024 2023 2022 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 409,809 $ 516,675 $ 481,316 Restricted cash reserves 23,516 38,652 55,070 Cash, cash equivalents, and restricted cash reserves $ 433,325 $ 555,327 $ 536,386 Interest paid $ 103,711 $ 89,827 $ 87,180 Income taxes paid $ 2,220 $ 2,538 $ 1,255 Operating cash flow lease payments for operating leases $ 15,226 $ 16,899 $ 15,742 Right-of-use asset obtained in exchange for lease obligation $ — $ 5,016 $ — Right-of-use asset and lease liability adjustments due to remeasurement $ (1,165) $ — $ (2,473) 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 prices $ 160,500 $ — $ 59,000 Application of purchase deposit (2,400) — — Transaction costs 892 — 1,110 Operating prorations (243) — (802) Acquisitions, net $ 158,749 $ — $ 59,308 In connection with the sales of hotel properties, the Company recorded the following: Sales prices $ 20,778 $ — $ 49,900 Transaction costs (1,116) — (834) Operating prorations (159) — (991) Proceeds from sales of hotel properties, net $ 19,503 $ — $ 48,075 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (8,874) $ (17,929) $ 63,570 Accrued capital expenditures $ 27,172 $ 22,144 $ 17,645 Distributions payable $ 30,634 $ 22,500 $ 14,622

General (Details)

General (Details) - 12 months ended Dec. 31, 2024	shares	property	room	state	Total	Hotels
Sale of Stock
Number of OP units outstanding (in shares) | shares	154,067,408
Partner's ownership interest in the Operating Partnership	99.50%
Number of real estate properties		96			35
Number of hotel rooms owned | room			21,300
Number of states in which hotels owned by the entity are located | state				23
Wholly Owned Properties
Sale of Stock
Number of real estate properties | property		94
Real estate properties, ownership interest, percentage	100%
Partially Owned Properties | 95 Percent Owned | The Knickerbocker New York
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	95%
Partially Owned Properties | 50 Percent Owned
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	50%
Consolidated Properties
Sale of Stock
Number of real estate properties | property		95
Unconsolidated Properties
Sale of Stock
Number of real estate properties | Hotels						1
Real estate properties, ownership interest, percentage	50%
Leased Hotel Properties
Sale of Stock
Number of real estate properties | property		95

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Number of joint ventures	1
Amortization of deferred financing costs	$ 6,623	$ 6,100	$ 5,967
Partner's ownership interest in the Operating Partnership	99.50%
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year	4 years
REIT Distribution Requirement, Percentage of Taxable Income	90%
The Knickerbocker New York
Summary of Significant Accounting Policies
Noncontrolling ownership interest of third party	5%
Limited Partners
Summary of Significant Accounting Policies
Partner's ownership interest in the Operating Partnership	0.50%
Land improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Building improvements
Summary of Significant Accounting Policies
Estimated useful lives	15 years
Buildings
Summary of Significant Accounting Policies
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Summary of Significant Accounting Policies
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Summary of Significant Accounting Policies
Estimated useful lives	5 years
50 Percent Owned
Summary of Significant Accounting Policies
Equity method investment, ownership percentage	50%

Investment in Hotel Propertie_2

Investment in Hotel Properties - Investment in Hotel Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,130,005	$ 998,417
Buildings and improvements	4,210,515	4,117,210
Furniture, fixtures and equipment	852,993	798,410
Total	6,193,513	5,914,037
Accumulated depreciation	(1,942,989)	(1,777,821)
Investment in hotel properties, net	$ 4,250,524	$ 4,136,216

Investment in Hotel Propertie_3

Investment in Hotel Properties - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to investment in hotel properties	$ 179.3	$ 179.1	$ 184.4

Acquisition of Hotel Properti_3

Acquisition of Hotel Properties - Hotel Acquisitions (Details) $ in Thousands		12 Months Ended
	Jan. 29, 2024 USD ($)	Dec. 31, 2024 USD ($) room	Dec. 31, 2022 USD ($) room	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Asset Acquisition, Percentage of Shares Acquired		100%	100%
Lease right-of-use assets		$ 128,111		$ 136,140
Lease liabilities		119,102		$ 122,588
Total purchase price	$ 125,200	36,147	$ 60,111
Transaction costs	200	$ 600	$ 1,100
Hotel Teatro
Property, Plant and Equipment [Line Items]
Rooms | room		110
Purchase price		$ 35,500
The Bankers Alley Hotel, a Tapestry Collection by Hilton [Member]
Property, Plant and Equipment [Line Items]
Rooms | room			124
Purchase price			$ 59,000
Wyndham Boston Beacon Hill [Member]
Property, Plant and Equipment [Line Items]
Purchase price	125,000
Lease right-of-use assets	1,300
Lease liabilities	$ 100

Acquisition of Hotel Properti_4

Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 29, 2024	Dec. 31, 2024	Dec. 31, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Transaction costs	$ 200	$ 600	$ 1,100
Land and improvements		3,433	19,807
Buildings and improvements		29,718	36,223
Furniture, fixtures and equipment		2,996	4,081
Total purchase price	$ 125,200	$ 36,147	$ 60,111

Sale of Hotel Properties - Prop

Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) room	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) room
Sale of Hotel Properties
Gain (loss) on sale of hotel properties, net | $	$ 8,262	$ (34)	$ 1,017
Proceeds from sales of hotel properties, net | $	19,503	$ 0	48,075
Disposals 2022
Sale of Hotel Properties
Proceeds from sales of hotel properties, net | $			$ 49,900
Rooms			402
Marriott Denver Airport [Member]
Sale of Hotel Properties
Rooms			238
Spring Hill Suites Westminster [Member]
Sale of Hotel Properties
Rooms			164
Disposals 2024
Sale of Hotel Properties
Proceeds from sales of hotel properties, net | $	$ 20,800
Rooms	212
Residence Inn Merrillville [Member]
Sale of Hotel Properties
Rooms	78
Fairfield Inn & Suites Denver Cherry Creek
Sale of Hotel Properties
Rooms	134

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,369,440	$ 1,325,577	$ 1,193,662
South Florida
Disaggregation of Revenue [Line Items]
Total revenues	148,303	143,266	140,096
Southern California
Disaggregation of Revenue [Line Items]
Total revenues	172,972	158,498	134,200
Northern California
Disaggregation of Revenue [Line Items]
Total revenues	158,501	162,893	146,304
New York City
Disaggregation of Revenue [Line Items]
Total revenues	86,886	80,683	72,270
Austin
Disaggregation of Revenue [Line Items]
Total revenues			44,784
Chicago
Disaggregation of Revenue [Line Items]
Total revenues	70,619	70,681	67,548
Houston
Disaggregation of Revenue [Line Items]
Total revenues	54,460	50,778	44,751
Washington, DC
Disaggregation of Revenue [Line Items]
Total revenues	62,039	61,542	52,622
Louisville
Disaggregation of Revenue [Line Items]
Total revenues	62,838	57,162	47,802
Other
Disaggregation of Revenue [Line Items]
Total revenues	440,171	435,871	396,609
Louisville
Disaggregation of Revenue [Line Items]
Total revenues	54,268	49,509
Boston
Disaggregation of Revenue [Line Items]
Total revenues	58,383	54,694	46,676
Room revenue
Disaggregation of Revenue [Line Items]
Revenue	1,121,586	1,095,028	1,002,454
Room revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	115,762	113,579	113,194
Room revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	137,811	128,273	113,726
Room revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	137,030	140,866	128,652
Room revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	72,571	67,886	60,634
Room revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			38,325
Room revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	57,871	57,863	55,611
Room revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	46,372	43,134	37,775
Room revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	58,096	57,731	48,875
Room revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	40,237	37,329	31,074
Room revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	364,564	362,506	332,803
Room revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	39,516	36,851
Room revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	51,756	49,010	41,785
Food and beverage revenue
Disaggregation of Revenue [Line Items]
Revenue	153,108	141,625	117,027
Food and beverage revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	20,970	19,641	18,392
Food and beverage revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	19,623	16,216	10,214
Food and beverage revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	13,458	14,013	10,968
Food and beverage revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	10,716	9,235	8,737
Food and beverage revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			3,269
Food and beverage revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	9,403	9,629	8,965
Food and beverage revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	3,511	3,148	2,942
Food and beverage revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	1,156	1,409	1,259
Food and beverage revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	18,923	16,190	13,279
Food and beverage revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	39,652	39,361	35,544
Food and beverage revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	11,029	8,581
Food and beverage revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	4,667	4,202	3,458
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	94,746	88,924	74,181
Other revenue | South Florida
Disaggregation of Revenue [Line Items]
Revenue	11,571	10,046	8,510
Other revenue | Southern California
Disaggregation of Revenue [Line Items]
Revenue	15,538	14,009	10,260
Other revenue | Northern California
Disaggregation of Revenue [Line Items]
Revenue	8,013	8,014	6,684
Other revenue | New York City
Disaggregation of Revenue [Line Items]
Revenue	3,599	3,562	2,899
Other revenue | Austin
Disaggregation of Revenue [Line Items]
Revenue			3,190
Other revenue | Chicago
Disaggregation of Revenue [Line Items]
Revenue	3,345	3,189	2,972
Other revenue | Houston
Disaggregation of Revenue [Line Items]
Revenue	4,577	4,496	4,034
Other revenue | Washington, DC
Disaggregation of Revenue [Line Items]
Revenue	2,787	2,402	2,488
Other revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	3,678	3,643	3,449
Other revenue | Other
Disaggregation of Revenue [Line Items]
Revenue	35,955	34,004	28,262
Other revenue | Louisville
Disaggregation of Revenue [Line Items]
Revenue	3,723	4,077
Other revenue | Boston
Disaggregation of Revenue [Line Items]
Revenue	$ 1,960	$ 1,482	$ 1,433

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)			12 Months Ended
	Apr. 09, 2024 USD ($)	Apr. 05, 2024 USD ($)	Dec. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 24, 2024 USD ($)
Debt Instrument [Line Items]
Debt, net			$ 2,220,081,000	$ 2,220,778,000
Unsecured Debt, Gross			1,025,000,000	825,000,000
Unamortized debt issuance costs on term loans			(6,293,000)	(3,557,000)
Line of credit, future borrowing capacity			750,000,000	750,000,000
Borrowings on Term Loans			500,000,000	320,000,000	$ 5,000,000
Repayments of Unsecured Debt			400,000,000	318,662,000	0
Repayments of Lines of Credit			100,000,000	0	200,000,000
Borrowings under Revolver		$ 200,000,000	200,000,000	0	0
Repayments of Secured Debt	$ 200,000,000		200,000,000	0	$ 0
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Debt Issuance Costs, Net			$ (3,900,000)	(5,600,000)
Revolver and Term Loans, net
Debt Instrument [Line Items]
Debt Covenant, Maximum Leverage Ratio			725%
Debt Covenant, Fixed Charge Coverage Ratio			1.50
Debt Covenant, Secured Indebtedness Ratio			0.450
Debt covenant, unencumbered indebtedness ratio			60%
Debt Covenant, Debt Service Coverage Ratio			200%
Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.35%
Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.20%
The Revolver
Debt Instrument [Line Items]
Unsecured Debt			$ 918,707,000	821,443,000
Mortgage loans, net
Debt Instrument [Line Items]
Debt, net			$ 207,337,000	407,663,000
Revolver and Term Loans, net | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.10%
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.35%
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.20%
Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 1,018,707,000	821,443,000
Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			1,000,000,000	1,000,000,000
Unamortized debt issuance costs on bonds			(5,963,000)	(8,328,000)
Senior Notes, net | Senior Notes, net
Debt Instrument [Line Items]
Debt, net			994,037,000	991,672,000
The Revolver | The Revolver
Debt Instrument [Line Items]
Unsecured Debt			100,000,000	0
Maximum borrowing capacity			600,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 500,000,000	600,000,000
The Revolver | The Revolver | Minimum
Debt Instrument [Line Items]
Unused facility fee percentage			0.20%
The Revolver | The Revolver | Maximum
Debt Instrument [Line Items]
Unused facility fee percentage			0.25%
The Revolver | The Revolver | Extension Option 1
Debt Instrument [Line Items]
Debt Instrument, Additional Maturity Term			1 year
The Revolver | The Revolver | Extension Option 2
Debt Instrument [Line Items]
Debt Instrument, Additional Maturity Term			6 months
Debt Instrument, Number of Extension Options | option			2
The Revolver | Revolver and Term Loans, net
Debt Instrument [Line Items]
Interest Rate			6.08%
$500 Million Senior Notes Maturing 2029 | Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 500,000,000	500,000,000
Debt Instrument, Interest Rate, Stated Percentage			4%
$500 Million Senior Notes Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			102%
$500 Million Senior Notes Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			101%
$500 Million Senior Notes Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
$500 Million Senior Notes Due 2026 | Senior Notes, net
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 500,000,000	500,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.75%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100.938%
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage			100%
$500 Million Term Loan Maturing 2026 | Senior Notes, net
Debt Instrument [Line Items]
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio			150%
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio			0.65
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio			45%
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio			1.5
$400 Million Term Loan Maturing 2025 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 0	400,000,000
Maximum borrowing capacity			400,000,000
Repayments of Unsecured Debt			$ 400,000,000
$200 Million Term Loan Maturing 2026
Debt Instrument [Line Items]
Debt Instrument, Number of Extension Options | option			2
$200 Million Term Loan Maturing 2026 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 200,000,000	200,000,000
Maximum borrowing capacity			$ 200,000,000
Debt Instrument, Additional Maturity Term			1 year
Debt Instrument, Number of Extension Options | option			2
Interest Rate			6.03%
$225 Million Term Loan Maturing 2026
Debt Instrument [Line Items]
Debt Instrument, Number of Extension Options | option			2
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 225,000,000	225,000,000
Maximum borrowing capacity			$ 225,000,000
Debt Instrument, Additional Maturity Term			1 year
Debt Instrument, Number of Extension Options | option			2
Interest Rate			5.33%
$500 Million Term Loan Maturing 2027
Debt Instrument [Line Items]
Debt Instrument, Number of Extension Options | option			2
$500 Million Term Loan Maturing 2027 | Revolver and Term Loans, net
Debt Instrument [Line Items]
Unsecured Debt			$ 500,000,000	$ 0
Maximum borrowing capacity			$ 500,000,000
Debt Instrument, Additional Maturity Term			1 year
Debt Instrument, Number of Extension Options | option			2
Debt Instrument, Fee Amount						$ 5,100,000
Interest Rate			4.69%
Borrowings on Term Loans			$ 500,000,000

Debt - Mortgage Loans (Details)

Debt - Mortgage Loans (Details)		1 Months Ended	12 Months Ended
	Apr. 09, 2024 USD ($)	Dec. 31, 2024 USD ($) asset	Dec. 31, 2024 USD ($) asset	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Secured Debt, Gross		$ 207,472,000	$ 207,472,000	$ 407,833,000
Unamortized debt issuance costs on mortgage loans		(135,000)	(135,000)	(170,000)
Fair value adjustment		$ 1,500,000	1,500,000
Repayments of Secured Debt	$ 200,000,000		$ 200,000,000	0	$ 0
Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		8	8
Mortgage loans | Moxy Mortgage Loan
Debt Instrument [Line Items]
Fair value adjustment		$ 1,500,000	$ 1,500,000	1,800,000
Mortgage loans, net
Debt Instrument [Line Items]
Secured Debt		207,337,000	207,337,000	407,663,000
Five Point Nine Four Percent Due April 2024 | Mortgage loans
Debt Instrument [Line Items]
Secured Debt		$ 0	$ 0	200,000,000
Four Point Four Nine Percent Due April 2025 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		3	3
Interest Rate		4.49%	4.49%
Secured Debt		$ 96,000,000	$ 96,000,000	96,000,000
Debt Instrument, Additional Maturity Term		1 year	1 year
Four Point Nine Three Percent Due April 2025 [Member] | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		4	4
Interest Rate		4.93%	4.93%
Secured Debt		$ 85,000,000	$ 85,000,000	85,000,000
Debt Instrument, Additional Maturity Term		1 year	1 year
Five point zero six due 2029 | Mortgage loans
Debt Instrument [Line Items]
Number of Assets Encumbered | asset		1	1
Interest Rate		5.06%	5.06%
Secured Debt		$ 26,472,000	$ 26,472,000	$ 26,833,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 6,623	$ 6,100	$ 5,967
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	1,592	1,929	679
Total interest expense	111,358	98,807	93,155
Senior Notes, net
Debt Instrument [Line Items]
Interest expense	38,764	38,764	38,820
Revolver and Term Loans
Debt Instrument [Line Items]
Interest expense	50,928	31,000	34,126
Mortgage loans
Debt Instrument [Line Items]
Interest expense	$ 13,451	$ 21,014	$ 13,563

Debt - Future Minimum Rental Pa

Debt - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 181,000
2026	925,000
2027	600,000
2028	0
2029	525,000
Thereafter	0
Long term debt, total future minimum principal payments	2,231,000
Fair value adjustment	$ 1,500

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments: Derivatives and Hedging
Notional value	$ 600,000,000	$ 1,275,000,000
Interest rate swaps, net	14,365,000	24,829,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	$ (13,800,000)	$ (22,700,000)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net			$ (5,866,000)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total interest expense	Total interest expense
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 8,200,000
Gain on Cash Flow Hedge Ineffectiveness	0	$ 0
Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 20,000,000	29,800,000
Swap-cash flow 21 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	2.44%
Notional value	$ 0	75,000,000
Interest rate swap asset	$ 0	0
Swap-cash flow 22 | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	2.31%
Notional value	$ 0	75,000,000
Interest rate swap asset	$ 0	0
Interest Rate, Swap Hedge, Type Thirty [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	1.08%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	827,000
Interest Rate, Swap Hedge, Type Thirty One [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	1.13%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	819,000
Interest Rate, Swap Hedge, Type Thirty Two [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	1.08%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	829,000
Interest Rate, Swap Hedge, Type Thirty Three [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.97%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	849,000
Interest Rate, Swap Hedge, Type Thirty Four [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.85%
Notional value	$ 0	25,000,000
Interest rate swap asset	$ 0	436,000
Interest Rate, Swap Hedge, Type Thirty Five [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.88%
Notional value	$ 0	25,000,000
Interest rate swap asset	$ 0	434,000
Interest Rate, Swap Hedge, Type Thirty Six [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.86%
Notional value	$ 0	25,000,000
Interest rate swap asset	$ 0	436,000
Interest Rate, Swap Hedge, Type Thirty Seven [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.83%
Notional value	$ 0	25,000,000
Interest rate swap asset	$ 0	439,000
Interest Rate Swap, 4.37% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	4.37%
Notional value	$ 0	200,000,000
Interest rate swap asset	$ 0	673,000
Interest Rate, Swap Hedge, Type Thirty Eight [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.77%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	2,011,000
Interest Rate, Swap Hedge, Type Thirty Nine [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.63%
Notional value	$ 0	50,000,000
Interest rate swap asset	$ 0	2,081,000
Interest Rate, Swap Hedge, Type Twenty Nine [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	1.16%
Notional value	$ 150,000,000	150,000,000
Interest rate swap asset	$ 3,445,000	7,969,000
Interest Rate, Swap Hedge, Type Forty [Member] | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	0.56%
Notional value	$ 50,000,000	50,000,000
Interest rate swap asset	$ 1,926,000	3,556,000
Interest Rate Swap, 2.95% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	2.95%
Notional value	$ 125,000,000	125,000,000
Interest rate swap asset	$ 3,104,000	1,769,000
Interest Rate Swap, 2.85% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	2.85%
Notional value	$ 65,000,000	65,000,000
Interest rate swap asset	$ 1,765,000	1,103,000
Interest Rate Swap new, 2.75% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	2.75%
Notional value	$ 60,000,000	60,000,000
Interest rate swap asset	$ 1,768,000	1,188,000
Interest Rate Swap new, 3.70% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.70%
Notional value	$ 25,000,000	25,000,000
Interest rate swap liability		(254,000)
Interest rate swap asset	$ 196,000
Interest Rate Swap, 3.45% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.45%
Notional value	$ 25,000,000	25,000,000
Interest rate swap liability		(77,000)
Interest rate swap asset	$ 353,000
Interest Rate Swap, 3.71% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.71%
Notional value	$ 25,000,000	25,000,000
Interest rate swap liability		(259,000)
Interest rate swap asset	191,000
Interest rate swap | Prepaid Expenses and Other Current Assets
Financial Instruments: Derivatives and Hedging
Interest rate swap asset	$ 14,400,000	25,400,000
Interest rate swap | Accounts Payable and Accrued Liabilities
Financial Instruments: Derivatives and Hedging
Interest rate swap liability		(600,000)
Interest Rate Swap, 3.20% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.20%
Notional value	$ 25,000,000	0
Interest rate swap asset	$ 564,000	0
Interest Rate Swap, 3.40% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.40%
Notional value	$ 25,000,000	0
Interest rate swap asset	$ 421,000	0
Interest Rate Swap, 3.30% | Designated as Hedging Instrument
Financial Instruments: Derivatives and Hedging
Hedge interest rate	3.30%
Notional value	$ 25,000,000	0
Interest rate swap asset	$ 632,000	$ 0

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	$ 2,220,081,000	$ 2,220,778,000
Total	14,365,000	24,829,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	2,165,090,000	2,141,168,000
Recurring | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	14,365,000	25,419,000
Interest rate swap liability		(590,000)
Total	14,365,000	24,829,000
Recurring | Level 1 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability		0
Total	0	0
Recurring | Level 2 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	14,365,000	25,419,000
Interest rate swap liability		(590,000)
Total	14,365,000	24,829,000
Recurring | Level 3 | Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability		0
Total	0	0
Senior Notes, net | Senior Notes, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	994,037,000	991,672,000
Senior Notes, net | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	938,750,000	928,750,000
Revolver and Term Loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	1,018,707,000	821,443,000
Revolver and Term Loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,025,000,000	817,960,000
Mortgage loans, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, net	207,337,000	407,663,000
Mortgage loans, net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 201,340,000	$ 394,458,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands		12 Months Ended
	Jan. 29, 2024 USD ($)	Dec. 31, 2024 USD ($) hotel extension	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Ground Leases [Line Items]
Number of properties subject to ground lease | hotel		12
Operating Lease, Expense		$ 16,254	$ 16,678	$ 15,908
Payments to Acquire Land	$ 125,000
Weighted average remaining lease term		63 years
Weighted average discount rate		7.30%
Cash required for reserve, as a percentage of hotel revenue, minimum		3%
Cash required for reserve, as a percentage of hotel revenue, maximum		5%
Restricted cash reserves		$ 23,516	38,652	55,070
Restricted Cash			38,700
Wyndham Boston Beacon Hill [Member]
Ground Leases [Line Items]
Operating Lease, Expense		49	929	803
Wyndham San Diego Bayside
Ground Leases [Line Items]
Operating Lease, Expense		5,525	5,315	5,009
DoubleTree Suites by Hilton Orlando - Lake Buena Vista
Ground Leases [Line Items]
Operating Lease, Expense		956	815	1,005
Residence Inn Palo Alto Los Altos (3)
Ground Leases [Line Items]
Operating Lease, Expense		86	86	86
Courtyard Pittsburgh University Center
Ground Leases [Line Items]
Operating Lease, Expense		726	726	726
Marriott Louisville Downtown
Ground Leases [Line Items]
Operating Lease, Expense		$ 0	0	0
Lessee, Operating Lease, Number Of Extensions | extension		4
Lessee, Operating Lease, Renewal Term		25 years
Embassy Suites San Francisco Airport - Waterfront
Ground Leases [Line Items]
Operating Lease, Expense		$ 1,882	1,850	1,646
Wyndham New Orleans - French Quarter
Ground Leases [Line Items]
Operating Lease, Expense		487	487	487
Courtyard Charleston Historic District
Ground Leases [Line Items]
Operating Lease, Expense		1,062	1,052	1,044
Courtyard Austin Downtown Convention Center and Residence Inn Austin Downtown Convention Center
Ground Leases [Line Items]
Operating Lease, Expense		906	1,025	922
Courtyard Waikiki Beach
Ground Leases [Line Items]
Operating Lease, Expense		4,295	4,121	3,922
Moxy Denver Cherry Creek
Ground Leases [Line Items]
Operating Lease, Expense		280	272	258
Fixed Operating Lease Expense
Ground Leases [Line Items]
Operating Lease, Expense		11,700	11,900	11,900
Variable Operating Lease Expense
Ground Leases [Line Items]
Operating Lease, Expense		$ 4,600	$ 4,800	$ 4,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Minimum ground rent
2025	$ 9,678
2026	10,247
2027	11,023
2028	11,075
2029	10,638
Thereafter	527,456
Total future lease payments	580,117
Imputed interest	(461,015)
Lease liabilities	$ 119,102	$ 122,588

Commitments and Contingencies_3

Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) agreement property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 hotel	Dec. 31, 2024
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				95
Number of hotel management companies | agreement	15
Number of real estate properties	96				35
Number of Hotels Without Franchise Agreements				3
Management Service
Ground Leases [Line Items]
Cost of Goods and Services Sold | $	$ 41	$ 41.7	$ 34.7
Franchise
Ground Leases [Line Items]
Number of real estate properties					57
Cost of Goods and Services Sold | $	$ 67	$ 65.7	$ 60.9
Aimbridge Hospitality
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				30
Colwen Management
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Concord Hospitality
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Crestline Hotels and Resorts
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Davidson Hotels and Resorts
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				2
Hilton Management and affiliates
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				21
HEI Hotels and Resorts
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				2
Hersha Hospitality and Urgo Hotels
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				6
Highgate Hotels
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
Hyatt Corporation and affiliates
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				11
InnVentures (1)
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
Marriott International, Inc.
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				3
Pyramid
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				1
Sage Hospitality
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				6
White Lodging Services
Ground Leases [Line Items]
Number of hotel properties operated pursuant to long-term management agreements				4
Minimum
Ground Leases [Line Items]
Management agreement term	3 years
Base management fee percentage	1.50%
Management agreement with franchise agreement, base management fee percentage	1%
Term of franchise agreements	1 year
Royalty fee as a percentage of room revenue	2%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	1%
Royalty fee as a percentage of food and beverage revenues	1.50%
Maximum
Ground Leases [Line Items]
Management agreement term	25 years
Base management fee percentage	3.50%
Management agreement with franchise agreement, base management fee percentage	7%
Term of franchise agreements	30 years
Royalty fee as a percentage of room revenue	6%
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue	4.30%
Royalty fee as a percentage of food and beverage revenues	3%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 26, 2024	May 05, 2011
Equity
Total authorized for issuance number of common shares of beneficial interest (in shares)		450,000,000	450,000,000			450,000,000
Number of shares acquired as part of a share repurchase program (in shares)		2,300,000	7,500,000	4,900,000
Shares acquired as part of a share repurchase program		$ 21,998	$ 75,976	$ 57,639
Common stock, dividends, per share		$ 0.50	$ 0.36	$ 0.12
Total authorized for issuance number of preferred shares of beneficial interest (in shares)		50,000,000	50,000,000			50,000,000
Preferred Stock, Convertible, Conversion Ratio		28.06%
Number of OP units outstanding (in shares)		154,067,408
Partner's ownership interest in the Operating Partnership		99.50%
Limited Partners
Equity
Partner's ownership interest in the Operating Partnership		0.50%
Number of OP units outstanding (in shares)		771,831
The Knickerbocker New York
Equity
Noncontrolling ownership interest of third party		5%
Series A Cumulative Preferred Stock
Equity
Total authorized for issuance number of preferred shares of beneficial interest (in shares)		12,950,000	12,950,000
Preferred stock, dividends per share, declared		$ 1.95	$ 1.95	$ 1.95
Subsequent Event
Equity
Number of shares acquired as part of a share repurchase program (in shares)	1,200,000
Shares acquired as part of a share repurchase program	$ 12,000
2023 Share Repurchase Program
Equity
Shares acquired as part of a share repurchase program		$ 1,300
2024 Share Repurchase Program
Equity
Share repurchase program, authorized amount					$ 250,000
Shares acquired as part of a share repurchase program		$ 20,700
2024 Share Repurchase Program | Subsequent Event
Equity
Remaining authorized repurchase amount	$ 217,300

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		6,828,527
Common shares available for future grant (in shares)		2,052,589
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares		1,589,289	2,305,303	2,267,870	2,380,283
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 11.74	$ 13.52	$ 15.32	$ 15.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		925,731	991,453	569,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 11.57	$ 10.84	$ 15.10
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		(1,610,821)	(928,192)	(647,426)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 14.20	$ 15.07	$ 15.65
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(30,924)	(25,828)	(34,587)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		$ 11	$ 13.13	$ 13.15
Share grants to trustees		$ 11.7	$ 15.4	$ 14.4
Total unrecognized compensation costs		$ 10.9
Weighted-average period of recognition of unrecognized share-based compensation expense		1 year 8 months 12 days
Total fair value of shares vested		$ 17.8	$ 9.9	$ 9
2021 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	253,000				431,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 20.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.23%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					69.47%
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%
2021 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					0
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		0%
2021 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period					200
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period		200%
2022 Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				407,024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 21.96
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				70.15%
2022 Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				0
2022 Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period				200
2023 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			574,846
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 16.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			4.33%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			66.70%
2023 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			0%
2023 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range			200%
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants to trustees		$ 9.1	$ 8.9	$ 7.3
Total unrecognized compensation costs		$ 11.6
Weighted-average period of recognition of unrecognized share-based compensation expense		1 year 8 months 12 days
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period		3 years
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years		100%
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition		3 years
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately		100%
2024 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		703,325
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		4.43%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		35.60%
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share		$ 15.13
Shared-based compensation arrangement by share based payment award, absolute total shareholder return minimum before payout percentage reduction		0
Shared-based compensation arrangement by share based payment award, payout percentage reduction		25%
Shared-based compensation arrangement by share based payment award, payout percentage cap		115%
Shared-based compensation arrangement by share based payment award, maximum absolute total shareholder return decline before payout percentage cap		15%
2024 Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		0%
2024 Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range		200%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to RLJ	$ 68,021	$ 76,405	$ 41,925
Preferred dividends	(25,115)	(25,115)	(25,115)
Less: Dividends paid on unvested restricted shares	(895)	(882)	(284)
Less: Undistributed earnings attributable to unvested restricted shares	0	0	0
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$ 42,011	$ 50,408	$ 16,526
Denominator:
Weighted-average number of common shares - basic (in shares)	152,856,036	155,928,663	161,947,807
Unvested restricted shares	481,666	538,023	345,058
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	138,219	89,728	0
Weighted-average number of common shares - diluted (in shares)	153,475,921	156,556,414	162,292,865
Net income per share attributable to common shareholders - basic (in dollars per share)	$ 0.27	$ 0.32	$ 0.10
Net income per share attributable to common shareholders - diluted (in dollars per share)	$ 0.27	$ 0.32	$ 0.10

Income Taxes - Cash Distributio

Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (181)	$ (200)	$ (162)
State	(1,408)	(1,061)	(1,374)
Deferred:
Federal	(8)	4	15
State	(2)	1	3
Income tax expense	(1,599)	(1,256)	(1,518)
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations
Expected U.S. federal tax expense at statutory rate	(14,656)	(16,353)	(9,184)
Tax impact of REIT election	19,295	15,443	(1,659)
Expected tax benefit (expense) at TRS	4,639	(910)	(10,843)
Change in valuation allowance	(6,522)	(120)	11,945
State income tax expense, net of federal benefit	(83)	(1,006)	(2,861)
Other items	367	780	241
Income tax expense	$ (1,599)	$ (1,256)	$ (1,518)
Common Shares of beneficial interest, par value $0.01 per share
Income Tax Line Items [Line Items]
Return of Capital Distributions Paid Percentage	0%	0%	28%
Ordinary Income Distributions Paid Percentage	96.20%	90%	72%
Qualified Dividend Distributions Paid Percentage	0%	10%	0%
Capital Gain Distributions Paid Percentage	3.80%	0%	0%
Distributions Paid Percentage	100%	100%	100%
Series A Cumulative Preferred Stock
Income Tax Line Items [Line Items]
Return of Capital Distributions Paid Percentage	0%	0%	0%
Ordinary Income Distributions Paid Percentage	96.20%	90%	100%
Qualified Dividend Distributions Paid Percentage	0%	10%	0%
Capital Gain Distributions Paid Percentage	3.80%	0%	0%
Distributions Paid Percentage	100%	100%	100%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax liabilities:
Partnership basis	$ (2,569)	$ (2,315)
Prepaid expenses	(1,376)	(813)
Deferred tax liabilities	(3,945)	(3,128)
Deferred tax assets:
Property and equipment	6,872	6,940
Deferred Tax Assets, Incentive and Vacation Accrual	2,964	3,719
Deferred Tax Assets, Deferred Income	3,285	1,767
Allowance for doubtful accounts	45	70
Other	971	892
Net operating loss carryforwards	70,855	64,275
Federal historic tax credit	824	824
Valuation allowance	(81,858)	(75,336)
Deferred tax assets	$ 3,958	$ 3,151

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance	$ 81,858	$ 75,336

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Operating

Segment Information - Operating Income (Loss) by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 1,369,440	$ 1,325,577	$ 1,193,662
Total property operating expenses	877,942	834,667	744,408
Property tax, insurance and other	107,043	100,229	86,996
Room revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	1,121,586	1,095,028	1,002,454
Total property operating expenses	288,567	277,058	253,441
Food and beverage revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	153,108	141,625	117,027
Total property operating expenses	117,766	109,707	87,402
Management and franchise fee expense
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total property operating expenses	107,978	107,417	95,565
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	94,746	88,924	74,181
Total property operating expenses	363,631	340,485	308,000
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	1,369,440	1,325,577	1,193,662
Total property operating expenses	877,942	834,667	744,408
Property tax, insurance and other	107,043	100,229	86,996
Other, net	(14,300)	(11,535)	(8,470)
Hotel EBITDA	398,755	402,216	370,728
Reportable Segment | Room revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	1,121,586	1,095,028	1,002,454
Total property operating expenses	288,567	277,058	253,441
Reportable Segment | Food and beverage revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	153,108	141,625	117,027
Total property operating expenses	117,766	109,707	87,402
Reportable Segment | Management and franchise fee expense
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total property operating expenses	107,978	107,417	95,565
Reportable Segment | Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	94,746	88,924	74,181
Total property operating expenses	$ 363,631	$ 340,485	$ 308,000

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Income (Loss) to the Company's (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income tax expense	$ 69,790	$ 77,873	$ 43,733
Depreciation and amortization	179,431	179,103	184,875
General and administrative	54,804	58,998	56,330
Gain (loss) on sale of hotel properties, net	(8,262)	34	(1,017)
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income tax expense	69,790	77,873	43,733
Depreciation and amortization	179,431	179,103	184,875
Interest expense, net of interest income	94,044	79,064	88,596
General and administrative	54,804	58,998	56,330
Gain (loss) on sale of hotel properties, net	(8,262)	34	(1,017)
Other, net	8,948	7,144	(1,789)
Hotel EBITDA	$ 398,755	$ 402,216	$ 370,728

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	$ 409,809	$ 516,675	$ 481,316
Restricted cash reserves	23,516	38,652	55,070
Cash, cash equivalents, and restricted cash reserves	433,325	555,327	536,386	$ 713,869
Interest Paid, Excluding Capitalized Interest, Operating Activities	103,711	89,827	87,180
Income taxes paid	2,220	2,538	1,255
Operating cash flow lease payments for operating leases	15,226	16,899	15,742
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	0	(5,016)	0
Right-of-Use Asset and Operating Lease Liability. Remeasurement Adjustment	(1,165)	0	(2,473)
Right-of-use asset and lease liability reclassifications to land due to acquisition	1,187	0	0
Supplemental Cash Flow Information, Hotel Acquisitions [Abstract]
Purchase prices	160,500	0	59,000
Increase (Decrease) in Deposit Assets	(2,400)	0	0
Asset Acquisition, Consideration Transferred, Transaction Cost	892	0	1,110
Operating prorations	(243)	0	(802)
Acquisitions, net	158,749	0	59,308
In connection with the sales of hotel properties, the Company recorded the following:
Sales prices	20,778	0	49,900
Transaction costs	(1,116)	0	(834)
Operating prorations	(159)	0	(991)
Proceeds from sales of hotel properties, net	19,503	0	48,075
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	(8,874)	(17,929)	63,570
Accrued capital expenditures	27,172	22,144	17,645
Distributions payable	30,634	22,500	14,622
Accumulated Other Comprehensive Loss
Supplemental non-cash transactions
Change in fair market value of designated interest rate swaps	$ (8,874)	$ (17,929)	$ 63,570

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Number of shares acquired as part of a share repurchase program (in shares)		2,300,000	7,500,000	4,900,000
Shares acquired as part of a share repurchase program		$ 21,998	$ 75,976	$ 57,639
Subsequent Event
Subsequent Event [Line Items]
Number of shares acquired as part of a share repurchase program (in shares)	1,200,000
Shares acquired as part of a share repurchase program	$ 12,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation
Debt	$ 207,472
Land & Improvements	1,104,704
Building & Improvements	3,481,705
Land, Building & Improvements	754,111
Land & Improvements	1,130,005
Buildings & Improvements	4,210,515
Total	5,340,520	$ 5,115,627	$ 5,033,114	$ 4,977,563
Accumulated Depreciation	1,230,375	$ 1,105,184	$ 975,029	$ 870,741
Aggregate cost of real estate for federal income tax purposes	5,200,000
Marriott Denver South @ Park Meadows [Member]
Real Estate and Accumulated Depreciation
Debt	0
Land & Improvements	5,385
Building & Improvements	39,488
Land, Building & Improvements	4,641
Land & Improvements	5,393
Buildings & Improvements	44,121
Total	49,514
Accumulated Depreciation	$ 20,740
Marriott Denver South @ Park Meadows [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Denver South @ Park Meadows [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Marriott Louisville Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	0
Building & Improvements	89,541
Land, Building & Improvements	25,423
Land & Improvements	147
Buildings & Improvements	114,817
Total	114,964
Accumulated Depreciation	$ 50,900
Marriott Louisville Downtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Louisville Downtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Marriott Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,464
Building & Improvements	32,736
Land, Building & Improvements	3,628
Land & Improvements	4,496
Buildings & Improvements	36,332
Total	40,828
Accumulated Depreciation	$ 16,803
Marriott Chicago Midway [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Marriott Chicago Midway [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Boulder Flatiron Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,440
Building & Improvements	32,557
Land, Building & Improvements	10,256
Land & Improvements	4,847
Buildings & Improvements	42,406
Total	47,253
Accumulated Depreciation	$ 17,463
Renaissance Boulder Flatiron Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Boulder Flatiron Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Fort Lauderdale West Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,842
Building & Improvements	35,517
Land, Building & Improvements	9,919
Land & Improvements	4,940
Buildings & Improvements	45,338
Total	50,278
Accumulated Depreciation	$ 19,080
Renaissance Fort Lauderdale West Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Fort Lauderdale West Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Chicago Downtown Magnificent Mile [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,140
Building & Improvements	59,696
Land, Building & Improvements	10,239
Land & Improvements	8,148
Buildings & Improvements	69,927
Total	78,075
Accumulated Depreciation	$ 32,174
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Indianapolis @ The Capitol [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,482
Building & Improvements	18,207
Land, Building & Improvements	4,300
Land & Improvements	2,647
Buildings & Improvements	22,342
Total	24,989
Accumulated Depreciation	$ 9,841
Courtyard Indianapolis @ The Capitol [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Indianapolis @ The Capitol [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,172
Building & Improvements	15,927
Land, Building & Improvements	3,736
Land & Improvements	2,211
Buildings & Improvements	19,624
Total	21,835
Accumulated Depreciation	$ 9,526
Courtyard Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,049
Building & Improvements	44,361
Land, Building & Improvements	6,309
Land & Improvements	6,058
Buildings & Improvements	50,661
Total	56,719
Accumulated Depreciation	$ 21,012
Courtyard Austin Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Austin Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,665
Building & Improvements	19,549
Land, Building & Improvements	3,645
Land & Improvements	2,686
Buildings & Improvements	23,173
Total	25,859
Accumulated Depreciation	$ 11,112
Residence Inn Houston By The Galleria [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Houston By The Galleria [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Indianapolis Downtown On The Canal [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,670
Building & Improvements	19,588
Land, Building & Improvements	5,329
Land & Improvements	2,679
Buildings & Improvements	24,908
Total	27,587
Accumulated Depreciation	$ 10,771
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Louisville Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,815
Building & Improvements	13,308
Land, Building & Improvements	3,479
Land & Improvements	1,822
Buildings & Improvements	16,780
Total	18,602
Accumulated Depreciation	$ 6,949
Residence Inn Louisville Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Louisville Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Austin Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,767
Building & Improvements	27,626
Land, Building & Improvements	4,842
Land & Improvements	3,804
Buildings & Improvements	32,431
Total	36,235
Accumulated Depreciation	$ 13,207
Residence Inn Austin Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Austin Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn and Suites Key West [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,803
Building & Improvements	19,325
Land, Building & Improvements	4,243
Land & Improvements	1,890
Buildings & Improvements	23,481
Total	25,371
Accumulated Depreciation	$ 11,200
Fairfield Inn and Suites Key West [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn and Suites Key West [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn & Suites Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,425
Building & Improvements	10,449
Land, Building & Improvements	2,117
Land & Improvements	1,447
Buildings & Improvements	12,544
Total	13,991
Accumulated Depreciation	$ 6,034
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hampton Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,747
Building & Improvements	20,143
Land, Building & Improvements	3,608
Land & Improvements	2,793
Buildings & Improvements	23,705
Total	26,498
Accumulated Depreciation	$ 11,107
Hampton Inn Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Chicago Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,978
Building & Improvements	21,842
Land, Building & Improvements	1,779
Land & Improvements	3,006
Buildings & Improvements	23,593
Total	26,599
Accumulated Depreciation	$ 11,117
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Sleep Inn Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,189
Building & Improvements	8,718
Land, Building & Improvements	1,955
Land & Improvements	1,225
Buildings & Improvements	10,637
Total	11,862
Accumulated Depreciation	$ 5,389
Sleep Inn Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Sleep Inn Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Holiday Inn Express Hotel & Suites Midway Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,874
Building & Improvements	13,742
Land, Building & Improvements	3,222
Land & Improvements	1,927
Buildings & Improvements	16,911
Total	18,838
Accumulated Depreciation	$ 7,825
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
TGI Friday's Chicago Midway [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	829
Building & Improvements	6,139
Land, Building & Improvements	1,085
Land & Improvements	860
Buildings & Improvements	7,193
Total	8,053
Accumulated Depreciation	$ 3,287
TGI Friday's Chicago Midway [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
TGI Friday's Chicago Midway [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hampton Inn Garden City [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,691
Building & Improvements	22,764
Land, Building & Improvements	3,962
Land & Improvements	5,742
Buildings & Improvements	26,675
Total	32,417
Accumulated Depreciation	$ 11,314
Hampton Inn Garden City [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn Garden City [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Houston By The Galleria [Member]
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Land & Improvements	3,069
Building & Improvements	22,508
Land, Building & Improvements	2,780
Land & Improvements	3,090
Buildings & Improvements	25,267
Total	28,357
Accumulated Depreciation	$ 10,842
Courtyard Houston By The Galleria [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Houston By The Galleria [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Los Angeles Downey [Member]
Real Estate and Accumulated Depreciation
Debt	$ 31,000
Land & Improvements	4,857
Building & Improvements	29,943
Land, Building & Improvements	12,325
Land & Improvements	5,037
Buildings & Improvements	42,088
Total	47,125
Accumulated Depreciation	$ 17,781
Embassy Suites Los Angeles Downey [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Los Angeles Downey [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Tampa Downtown Convention Ctr [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,161
Building & Improvements	71,017
Land, Building & Improvements	16,498
Land & Improvements	2,444
Buildings & Improvements	87,232
Total	89,676
Accumulated Depreciation	$ 32,195
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Fairfield Inn & Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	16,214
Building & Improvements	22,265
Land, Building & Improvements	7,935
Land & Improvements	16,447
Buildings & Improvements	29,967
Total	46,414
Accumulated Depreciation	$ 13,133
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Fort Myers Estero [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,816
Building & Improvements	7,862
Land, Building & Improvements	4,356
Land & Improvements	2,976
Buildings & Improvements	12,058
Total	15,034
Accumulated Depreciation	$ 4,634
Embassy Suites Fort Myers Estero [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Fort Myers Estero [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Homewood Suites Washington DC Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	23,139
Building & Improvements	34,188
Land, Building & Improvements	8,648
Land & Improvements	23,758
Buildings & Improvements	42,217
Total	65,975
Accumulated Depreciation	$ 15,367
Homewood Suites Washington DC Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Homewood Suites Washington DC Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,901
Building & Improvements	2,793
Land, Building & Improvements	16,704
Land & Improvements	2,155
Buildings & Improvements	19,243
Total	21,398
Accumulated Depreciation	$ 11,060
Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn National Harbor Washington DC [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,457
Building & Improvements	37,046
Land, Building & Improvements	2,666
Land & Improvements	7,505
Buildings & Improvements	39,664
Total	47,169
Accumulated Depreciation	$ 14,462
Residence Inn National Harbor Washington DC [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn National Harbor Washington DC [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn New Orleans Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,405
Building & Improvements	20,750
Land, Building & Improvements	10,512
Land & Improvements	3,509
Buildings & Improvements	31,158
Total	34,667
Accumulated Depreciation	$ 12,555
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Los Angeles Hollywood [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,303
Building & Improvements	19,136
Land, Building & Improvements	11,137
Land & Improvements	5,702
Buildings & Improvements	29,874
Total	35,576
Accumulated Depreciation	$ 13,210
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Renaissance Pittsburgh Hotel [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,274
Building & Improvements	39,934
Land, Building & Improvements	12,003
Land & Improvements	3,397
Buildings & Improvements	51,814
Total	55,211
Accumulated Depreciation	$ 19,360
Renaissance Pittsburgh Hotel [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Renaissance Pittsburgh Hotel [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,860
Building & Improvements	21,668
Land, Building & Improvements	6,660
Land & Improvements	2,978
Buildings & Improvements	28,210
Total	31,188
Accumulated Depreciation	$ 10,090
Courtyard Atlanta Buckhead [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Atlanta Buckhead [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites West Palm Beach Central [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,656
Building & Improvements	9,614
Land, Building & Improvements	10,623
Land & Improvements	3,923
Buildings & Improvements	19,970
Total	23,893
Accumulated Depreciation	$ 9,348
Embassy Suites West Palm Beach Central [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites West Palm Beach Central [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn Pittsburgh University Place [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	1,975
Building & Improvements	18,490
Land, Building & Improvements	9,484
Land & Improvements	2,382
Buildings & Improvements	27,567
Total	29,949
Accumulated Depreciation	$ 13,092
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Charleston Historic District
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,714
Building & Improvements	35,828
Land, Building & Improvements	5,493
Land & Improvements	3,613
Buildings & Improvements	40,422
Total	44,035
Accumulated Depreciation	$ 13,990
Courtyard Charleston Historic District | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Charleston Historic District | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Bethesda Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,154
Building & Improvements	52,749
Land, Building & Improvements	11,652
Land & Improvements	8,991
Buildings & Improvements	63,564
Total	72,555
Accumulated Depreciation	$ 20,898
Residence Inn Bethesda Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Bethesda Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard New York Manhattan Upper East Side [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	20,655
Building & Improvements	60,222
Land, Building & Improvements	9,181
Land & Improvements	21,282
Buildings & Improvements	68,776
Total	90,058
Accumulated Depreciation	$ 23,766
Courtyard New York Manhattan Upper East Side [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard New York Manhattan Upper East Side [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	11,903
Building & Improvements	22,757
Land, Building & Improvements	18,116
Land & Improvements	12,534
Buildings & Improvements	40,242
Total	52,776
Accumulated Depreciation	$ 12,850
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Boston Waltham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,268
Building & Improvements	56,024
Land, Building & Improvements	5,900
Land & Improvements	6,386
Buildings & Improvements	61,806
Total	68,192
Accumulated Depreciation	$ 20,570
Embassy Suites Boston Waltham [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Boston Waltham [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,799
Building & Improvements	28,953
Land, Building & Improvements	6,068
Land & Improvements	6,106
Buildings & Improvements	34,714
Total	40,820
Accumulated Depreciation	$ 11,322
Courtyard Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,674
Building & Improvements	24,913
Land, Building & Improvements	5,204
Land & Improvements	4,882
Buildings & Improvements	29,909
Total	34,791
Accumulated Depreciation	$ 9,713
Residence Inn Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
SpringHill Suites Houston Downtown Convention Center [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,382
Building & Improvements	12,756
Land, Building & Improvements	12,539
Land & Improvements	2,574
Buildings & Improvements	25,103
Total	27,677
Accumulated Depreciation	$ 11,434
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Waikiki Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	557
Building & Improvements	79,033
Land, Building & Improvements	17,360
Land & Improvements	855
Buildings & Improvements	96,095
Total	96,950
Accumulated Depreciation	$ 29,925
Courtyard Waikiki Beach | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Waikiki Beach | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	11,277
Building & Improvements	18,198
Land, Building & Improvements	31,022
Land & Improvements	11,291
Buildings & Improvements	49,206
Total	60,497
Accumulated Depreciation	$ 19,816
Courtyard San Francisco [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard San Francisco [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Atlanta Midtown Historic [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	2,812
Building & Improvements	6,044
Land, Building & Improvements	8,507
Land & Improvements	2,982
Buildings & Improvements	14,381
Total	17,363
Accumulated Depreciation	$ 5,229
Residence Inn Atlanta Midtown Historic [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Atlanta Midtown Historic [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
SpringHill Suites Portland Hillsboro [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,488
Building & Improvements	18,283
Land, Building & Improvements	1,864
Land & Improvements	3,544
Buildings & Improvements	20,091
Total	23,635
Accumulated Depreciation	$ 6,178
SpringHill Suites Portland Hillsboro [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
SpringHill Suites Portland Hillsboro [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hilton Cabana Miami Beach
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	25,083
Building & Improvements	40,707
Land, Building & Improvements	13,390
Land & Improvements	25,629
Buildings & Improvements	53,551
Total	79,180
Accumulated Depreciation	$ 14,073
Hilton Cabana Miami Beach | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hilton Cabana Miami Beach | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Charlotte Center City
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,029
Building & Improvements	26,193
Land, Building & Improvements	2,395
Land & Improvements	3,054
Buildings & Improvements	28,563
Total	31,617
Accumulated Depreciation	$ 8,048
Hyatt House Charlotte Center City | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Charlotte Center City | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Cypress Anaheim
Real Estate and Accumulated Depreciation
Debt	$ 16,000
Land & Improvements	3,995
Building & Improvements	9,164
Land, Building & Improvements	4,067
Land & Improvements	4,378
Buildings & Improvements	12,848
Total	17,226
Accumulated Depreciation	$ 5,161
Hyatt House Cypress Anaheim | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Cypress Anaheim | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Emeryville San Francisco Bay Area
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,425
Building & Improvements	29,137
Land, Building & Improvements	8,537
Land & Improvements	7,517
Buildings & Improvements	37,582
Total	45,099
Accumulated Depreciation	$ 12,110
Hyatt House Emeryville San Francisco Bay Area | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Emeryville San Francisco Bay Area | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Diego Sorrento Mesa
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,420
Building & Improvements	21,288
Land, Building & Improvements	4,421
Land & Improvements	10,752
Buildings & Improvements	25,377
Total	36,129
Accumulated Depreciation	$ 7,278
Hyatt House San Diego Sorrento Mesa | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Diego Sorrento Mesa | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Jose Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,820
Building & Improvements	31,682
Land, Building & Improvements	3,352
Land & Improvements	6,982
Buildings & Improvements	34,872
Total	41,854
Accumulated Depreciation	$ 9,584
Hyatt House San Jose Silicon Valley | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Jose Silicon Valley | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House San Ramon
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,712
Building & Improvements	11,852
Land, Building & Improvements	3,036
Land & Improvements	5,768
Buildings & Improvements	14,832
Total	20,600
Accumulated Depreciation	$ 5,153
Hyatt House San Ramon | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House San Ramon | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt House Santa Clara
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,044
Building & Improvements	27,703
Land, Building & Improvements	3,576
Land & Improvements	8,052
Buildings & Improvements	31,271
Total	39,323
Accumulated Depreciation	$ 9,337
Hyatt House Santa Clara | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt House Santa Clara | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Market Street The Woodlands [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,950
Building & Improvements	16,882
Land, Building & Improvements	2,984
Land & Improvements	5,979
Buildings & Improvements	19,837
Total	25,816
Accumulated Depreciation	$ 5,377
Hyatt Market Street The Woodlands [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Market Street The Woodlands [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Fremont Silicon Valley
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,209
Building & Improvements	13,730
Land, Building & Improvements	1,851
Land & Improvements	6,297
Buildings & Improvements	15,493
Total	21,790
Accumulated Depreciation	$ 4,918
Hyatt Place Fremont Silicon Valley | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Fremont Silicon Valley | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Madison Downtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	6,701
Building & Improvements	25,478
Land, Building & Improvements	1,677
Land & Improvements	6,753
Buildings & Improvements	27,103
Total	33,856
Accumulated Depreciation	$ 7,396
Hyatt Place Madison Downtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Madison Downtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Irvine Orange County
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	15,062
Building & Improvements	33,048
Land, Building & Improvements	9,463
Land & Improvements	15,247
Buildings & Improvements	42,326
Total	57,573
Accumulated Depreciation	$ 13,716
Embassy Suites Irvine Orange County | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Irvine Orange County | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Portland City Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,019
Building & Improvements	53,024
Land, Building & Improvements	1,714
Land & Improvements	8,021
Buildings & Improvements	54,736
Total	62,757
Accumulated Depreciation	$ 14,957
Courtyard Portland City Center | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Portland City Center | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Atlanta Midtown
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,737
Building & Improvements	41,731
Land, Building & Improvements	4,414
Land & Improvements	3,740
Buildings & Improvements	46,142
Total	49,882
Accumulated Depreciation	$ 11,765
Hyatt Atlanta Midtown | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Atlanta Midtown | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Grand Key Resort
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	48,192
Building & Improvements	27,770
Land, Building & Improvements	10,101
Land & Improvements	48,451
Buildings & Improvements	37,612
Total	86,063
Accumulated Depreciation	$ 11,989
DoubleTree Grand Key Resort | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Grand Key Resort | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hyatt Place Washington DC Downtown K Street
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,763
Building & Improvements	55,225
Land, Building & Improvements	2,200
Land & Improvements	10,763
Buildings & Improvements	57,425
Total	68,188
Accumulated Depreciation	$ 13,986
Hyatt Place Washington DC Downtown K Street | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hyatt Place Washington DC Downtown K Street | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Homewood Suites Seattle Lynnwood
Real Estate and Accumulated Depreciation
Debt	$ 19,000
Land & Improvements	3,933
Building & Improvements	30,949
Land, Building & Improvements	1,806
Land & Improvements	4,018
Buildings & Improvements	32,670
Total	36,688
Accumulated Depreciation	$ 7,750
Homewood Suites Seattle Lynnwood | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Homewood Suites Seattle Lynnwood | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Residence Inn Palo Alto Los Altos (3)
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	16,996
Building & Improvements	45,786
Land, Building & Improvements	3,006
Land & Improvements	17,222
Buildings & Improvements	48,566
Total	65,788
Accumulated Depreciation	$ 11,891
Residence Inn Palo Alto Los Altos (3) | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Residence Inn Palo Alto Los Altos (3) | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Suites by Hilton Austin [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,072
Building & Improvements	50,827
Land, Building & Improvements	6,275
Land & Improvements	7,522
Buildings & Improvements	56,652
Total	64,174
Accumulated Depreciation	$ 10,220
DoubleTree Suites by Hilton Austin [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Suites by Hilton Austin [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree Suites by Hilton Orlando - Lake Buena Vista
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	896
Building & Improvements	44,508
Land, Building & Improvements	9,125
Land & Improvements	1,202
Buildings & Improvements	53,327
Total	54,529
Accumulated Depreciation	$ 9,700
DoubleTree Suites by Hilton Orlando - Lake Buena Vista | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree Suites by Hilton Orlando - Lake Buena Vista | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Atlanta Buckhead [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	31,279
Building & Improvements	46,015
Land, Building & Improvements	18,631
Land & Improvements	31,544
Buildings & Improvements	64,381
Total	95,925
Accumulated Depreciation	$ 13,264
Embassy Suites Atlanta Buckhead [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Atlanta Buckhead [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Birmingham [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	10,495
Building & Improvements	33,568
Land, Building & Improvements	2,366
Land & Improvements	10,512
Buildings & Improvements	35,917
Total	46,429
Accumulated Depreciation	$ 6,801
Embassy Suites Birmingham [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Birmingham [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Dallas Love Field [Member]
Real Estate and Accumulated Depreciation
Debt	$ 25,000
Land & Improvements	6,408
Building & Improvements	34,694
Land, Building & Improvements	2,885
Land & Improvements	6,418
Buildings & Improvements	37,569
Total	43,987
Accumulated Depreciation	$ 7,070
Embassy Suites Dallas Love Field [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Dallas Love Field [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Deerfield Beach [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,527
Building & Improvements	56,128
Land, Building & Improvements	20,196
Land & Improvements	8,028
Buildings & Improvements	75,823
Total	83,851
Accumulated Depreciation	$ 13,279
Embassy Suites Deerfield Beach [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Deerfield Beach [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Fort Lauderdale 17th Street [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	30,933
Building & Improvements	54,592
Land, Building & Improvements	17,338
Land & Improvements	31,347
Buildings & Improvements	71,516
Total	102,863
Accumulated Depreciation	$ 12,274
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Los Angeles International Airport South [Member]
Real Estate and Accumulated Depreciation
Debt	$ 50,000
Land & Improvements	13,110
Building & Improvements	94,733
Land, Building & Improvements	15,853
Land & Improvements	14,225
Buildings & Improvements	109,471
Total	123,696
Accumulated Depreciation	$ 19,406
Embassy Suites Los Angeles International Airport South [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Los Angeles International Airport South [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Miami International Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	14,765
Building & Improvements	18,099
Land, Building & Improvements	9,646
Land & Improvements	15,277
Buildings & Improvements	27,233
Total	42,510
Accumulated Depreciation	$ 5,542
Embassy Suites Miami International Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Miami International Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Milpitas Silicon Valley [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	43,157
Building & Improvements	26,399
Land, Building & Improvements	13,727
Land & Improvements	43,370
Buildings & Improvements	39,913
Total	83,283
Accumulated Depreciation	$ 9,777
Embassy Suites Milpitas Silicon Valley [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Milpitas Silicon Valley [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Minneapolis Airport [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,248
Building & Improvements	41,202
Land, Building & Improvements	18,243
Land & Improvements	9,787
Buildings & Improvements	56,906
Total	66,693
Accumulated Depreciation	$ 14,553
Embassy Suites Minneapolis Airport [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Minneapolis Airport [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Orlando International Drive [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	4,743
Building & Improvements	37,687
Land, Building & Improvements	2,424
Land & Improvements	5,035
Buildings & Improvements	39,819
Total	44,854
Accumulated Depreciation	$ 7,764
Embassy Suites Orlando International Drive [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Orlando International Drive [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites Phoenix Biltmore [Member]
Real Estate and Accumulated Depreciation
Debt	$ 21,000
Land & Improvements	24,680
Building & Improvements	24,487
Land, Building & Improvements	13,761
Land & Improvements	24,790
Buildings & Improvements	38,138
Total	62,928
Accumulated Depreciation	$ 6,673
Embassy Suites Phoenix Biltmore [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites Phoenix Biltmore [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites San Francisco Airport South San Francisco [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	39,616
Building & Improvements	55,163
Land, Building & Improvements	16,754
Land & Improvements	39,798
Buildings & Improvements	71,735
Total	111,533
Accumulated Depreciation	$ 15,404
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Embassy Suites San Francisco Airport - Waterfront
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,698
Building & Improvements	85,270
Land, Building & Improvements	5,279
Land & Improvements	4,485
Buildings & Improvements	89,762
Total	94,247
Accumulated Depreciation	$ 18,729
Embassy Suites San Francisco Airport - Waterfront | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Embassy Suites San Francisco Airport - Waterfront | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Zachari Dunes on Mandalay Beach, Curio Collection by Hilton [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	35,769
Building & Improvements	53,280
Land, Building & Improvements	31,811
Land & Improvements	37,081
Buildings & Improvements	83,779
Total	120,860
Accumulated Depreciation	$ 16,190
Zachari Dunes on Mandalay Beach, Curio Collection by Hilton [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Zachari Dunes on Mandalay Beach, Curio Collection by Hilton [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
DoubleTree by Hilton Houston Medical Center Hotel & Suites [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	7,776
Building & Improvements	43,475
Land, Building & Improvements	11,438
Land & Improvements	8,257
Buildings & Improvements	54,432
Total	62,689
Accumulated Depreciation	$ 9,034
DoubleTree by Hilton Houston Medical Center Hotel & Suites [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
DoubleTree by Hilton Houston Medical Center Hotel & Suites [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Mills House Charleston, Curio Collection by Hilton [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	9,599
Building & Improvements	68,932
Land, Building & Improvements	12,545
Land & Improvements	10,745
Buildings & Improvements	80,331
Total	91,076
Accumulated Depreciation	$ 14,693
Mills House Charleston, Curio Collection by Hilton [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Mills House Charleston, Curio Collection by Hilton [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
San Francisco Marriott Union Square [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	46,773
Building & Improvements	107,841
Land, Building & Improvements	13,672
Land & Improvements	46,882
Buildings & Improvements	121,404
Total	168,286
Accumulated Depreciation	$ 24,652
San Francisco Marriott Union Square [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
San Francisco Marriott Union Square [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
The Knickerbocker New York
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	113,613
Building & Improvements	119,453
Land, Building & Improvements	5,781
Land & Improvements	114,950
Buildings & Improvements	123,897
Total	238,847
Accumulated Depreciation	$ 22,682
The Knickerbocker New York | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
The Knickerbocker New York | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
The Pierside Santa Monica [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	27,054
Building & Improvements	45,866
Land, Building & Improvements	16,583
Land & Improvements	27,722
Buildings & Improvements	61,781
Total	89,503
Accumulated Depreciation	$ 10,570
The Pierside Santa Monica [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
The Pierside Santa Monica [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Boston Beacon Hill [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	126,606
Building & Improvements	51,934
Land, Building & Improvements	2,736
Land & Improvements	126,610
Buildings & Improvements	54,666
Total	181,276
Accumulated Depreciation	$ 31,854
Wyndham Boston Beacon Hill [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Boston Beacon Hill [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham New Orleans - French Quarter
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	300
Building & Improvements	72,686
Land, Building & Improvements	2,837
Land & Improvements	300
Buildings & Improvements	75,523
Total	75,823
Accumulated Depreciation	$ 13,936
Wyndham New Orleans - French Quarter | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham New Orleans - French Quarter | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham Philadelphia Historic District [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	8,367
Building & Improvements	51,914
Land, Building & Improvements	1,417
Land & Improvements	8,630
Buildings & Improvements	53,068
Total	61,698
Accumulated Depreciation	$ 9,935
Wyndham Philadelphia Historic District [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Wyndham Philadelphia Historic District [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Courtyard Pittsburgh University Center
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	154
Building & Improvements	31,625
Land, Building & Improvements	7,497
Land & Improvements	498
Buildings & Improvements	38,778
Total	39,276
Accumulated Depreciation	$ 6,256
Courtyard Pittsburgh University Center | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Courtyard Pittsburgh University Center | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Wyndham San Diego Bayside
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	989
Building & Improvements	29,440
Land, Building & Improvements	7,410
Land & Improvements	1,374
Buildings & Improvements	36,465
Total	37,839
Accumulated Depreciation	$ 20,734
Wyndham San Diego Bayside | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	6 years
Wyndham San Diego Bayside | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	6 years
Hampton Inn and Suites Atlanta Midtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	5,990
Building & Improvements	48,321
Land, Building & Improvements	56
Land & Improvements	5,993
Buildings & Improvements	48,374
Total	54,367
Accumulated Depreciation	$ 4,144
Hampton Inn and Suites Atlanta Midtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hampton Inn and Suites Atlanta Midtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Moxy Denver Cherry Creek
Real Estate and Accumulated Depreciation
Debt	$ 26,472
Land & Improvements	0
Building & Improvements	48,725
Land, Building & Improvements	171
Land & Improvements	68
Buildings & Improvements	48,828
Total	48,896
Accumulated Depreciation	$ 3,767
Moxy Denver Cherry Creek | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Moxy Denver Cherry Creek | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
The Bankers Alley Hotel, a Tapestry Collection by Hilton [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	19,807
Building & Improvements	36,223
Land, Building & Improvements	2,420
Land & Improvements	19,828
Buildings & Improvements	38,622
Total	58,450
Accumulated Depreciation	$ 2,347
The Bankers Alley Hotel, a Tapestry Collection by Hilton [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
The Bankers Alley Hotel, a Tapestry Collection by Hilton [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
Hotel Teatro
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	3,433
Building & Improvements	29,718
Land, Building & Improvements	55
Land & Improvements	3,433
Buildings & Improvements	29,773
Total	33,206
Accumulated Depreciation	$ 432
Hotel Teatro | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
Hotel Teatro | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years
AC Hotel Boston Downtown [Member]
Real Estate and Accumulated Depreciation
Debt	$ 0
Land & Improvements	26,560
Building & Improvements	53,354
Land, Building & Improvements	235
Land & Improvements	26,560
Buildings & Improvements	53,589
Total	80,149
Accumulated Depreciation	$ 4,533
AC Hotel Boston Downtown [Member] | Minimum
Real Estate and Accumulated Depreciation
Depreciation Life	15 years
AC Hotel Boston Downtown [Member] | Maximum
Real Estate and Accumulated Depreciation
Depreciation Life	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$ 5,115,627	$ 5,033,114	$ 4,977,563
Add: Acquisitions	159,493	0	56,030
Add: Improvements	83,903	82,513	68,012
Less: Disposition of properties	(18,503)	0	(68,491)
Balance at end of period	5,340,520	5,115,627	5,033,114
Reconciliation of Accumulated Depreciation
Balance at beginning of period	(1,105,184)	(975,029)	(870,741)
Add: Depreciation for the period	(132,718)	(130,155)	(125,203)
Less: Disposition of properties	7,527	0	20,915
Balance at end of period	$ (1,230,375)	$ (1,105,184)	$ (975,029)