Xenia Hotels & Resorts (XHR) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36594
Entity Registrant Name	Xenia Hotels & Resorts, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0141677
Entity Address, Address Line One	200 S. Orange Avenue
Entity Address, Address Line Two	Suite 2700
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	246-8100
Title of 12(b) Security	Common Stock
Trading Symbol	XHR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,201,059
Entity Central Index Key	0001616000
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment properties:
Land	$ 460,327	$ 460,536
Buildings and other improvements	3,157,652	3,086,785
Total	3,617,979	3,547,321
Less: accumulated depreciation	(1,045,656)	(945,786)
Net investment properties	2,572,323	2,601,535
Cash and cash equivalents	219,165	305,103
Restricted cash and escrows	56,940	60,807
Accounts and rents receivable, net of allowance for doubtful accounts	39,195	37,562
Intangible assets, net of accumulated amortization of $1,189 and $1,068, respectively	4,939	5,060
Other assets	70,154	69,988
Total assets	2,962,716	3,080,055
Liabilities
Debt, net of loan premiums, discounts and unamortized deferred financing costs (Note 5)	1,394,684	1,429,105
Accounts payable and accrued expenses	107,363	107,097
Distributions payable	10,870	11,455
Other liabilities	78,852	72,390
Total liabilities	1,591,769	1,620,047
Commitments and Contingencies (Note 12)
Stockholders' equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 106,050,821 and 112,519,672 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	1,061	1,126
Additional paid in capital	1,980,706	2,063,273
Accumulated other comprehensive income	5,779	0
Accumulated distributions in excess of net earnings	(644,287)	(623,216)
Total Company stockholders' equity	1,343,259	1,441,183
Non-controlling interests	27,688	18,825
Total equity	1,370,947	1,460,008
Total liabilities and equity	$ 2,962,716	$ 3,080,055

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 1,189	$ 1,068
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	106,050,821	112,519,672
Common stock, outstanding (in shares)	106,050,821	112,519,672

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues	$ 232,024	$ 240,668	$ 772,063	$ 734,466
Expenses:
Total hotel operating expenses	167,659	171,879	525,572	490,681
Depreciation and amortization	33,094	34,311	100,325	99,127
Real estate taxes, personal property taxes and insurance	12,918	11,228	38,196	33,452
Ground lease expense	751	685	2,245	2,035
General and administrative expenses	9,625	9,059	28,380	25,603
Gain on business interruption insurance	(218)	(2,487)	(218)	(2,487)
Other operating expenses (credit)	206	(87)	816	238
Impairment and other losses	0	0	0	1,278
Total expenses	224,035	224,588	695,316	649,927
Operating income	7,989	16,080	76,747	84,539
Other income	2,031	1,767	6,212	2,671
Interest expense	(20,524)	(20,583)	(64,308)	(61,474)
Loss on extinguishment of debt	(20)	0	(1,189)	(294)
Net income (loss) before income taxes	(10,524)	(2,736)	17,462	25,442
Income tax (expense) benefit	1,639	1,029	(5,382)	(4,148)
Net income (loss)	(8,885)	(1,707)	12,080	21,294
Net (income) loss attributable to non-controlling interests (Note 1)	356	44	(537)	(633)
Net income (loss) attributable to common stockholders	$ (8,529)	$ (1,663)	$ 11,543	$ 20,661
Basic and diluted income (loss) per share
Net income (loss) per share available to common stockholders - basic (in dollars per share)	$ (0.08)	$ (0.01)	$ 0.10	$ 0.18
Net income (loss) per share available to common stockholders - diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ 0.10	$ 0.18
Weighted-average number of common shares (basic) (in shares)	107,006,690	114,322,269	109,345,761	114,334,110
Weighted-average number of common shares (diluted) (in shares)	107,006,690	114,322,269	109,568,449	114,719,309
Comprehensive income (loss):
Net income (loss)	$ (8,885)	$ (1,707)	$ 12,080	$ 21,294
Other comprehensive income (loss):
Unrealized gain on interest rate derivative instruments	1,676	36	7,582	2,932
Reclassification adjustment for amounts recognized in net income (loss) (interest expense)	(1,083)	(147)	(1,543)	1,697
Comprehensive (loss) income including portion attributable to noncontrolling interest	(8,292)	(1,818)	18,119	25,923
Comprehensive (income) loss attributable to non-controlling interests (Note 1)	325	47	(797)	(1,079)
Comprehensive income (loss) attributable to the Company	(7,967)	(1,771)	17,322	24,844
Rooms
Revenues:
Revenues	138,668	142,604	450,255	431,382
Expenses:
Expenses	35,510	36,163	108,866	101,803
Food and beverage
Revenues:
Revenues	71,815	76,153	259,972	240,669
Expenses:
Expenses	53,769	55,888	174,445	161,796
Other
Revenues:
Revenues	21,541	21,911	61,836	62,415
Other direct
Expenses:
Other expenses	5,835	6,155	17,547	17,815
Other indirect
Expenses:
Other expenses	65,142	64,590	197,896	181,509
Management and franchise fees
Expenses:
Expenses	$ 7,403	$ 9,083	$ 26,818	$ 27,758

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid in capital	Accumulated other comprehensive income (loss)	Distributions in excess of retained earnings	Non-controlling interests of Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021		114,306,727
Beginning balance at Dec. 31, 2021	$ 1,438,081	$ 1,143	$ 2,090,393	$ (4,089)	$ (656,461)	$ 7,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	21,294				20,661	633
Repurchase of common shares, net (in shares)		(120,978)
Repurchase of common shares, net	(1,878)	$ (1)	(1,877)
Dividends, common share / units	(11,652)				(11,448)	(204)
Share-based compensation (in shares)		103,895
Share-based compensation	8,935	$ 1	1,387			7,547
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(26,431)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(440)		(440)
Other comprehensive (loss) income:
Unrealized gain on interest rate derivative instruments	2,932			2,535		397
Reclassification adjustment for amounts recognized in net (loss) income	1,697			1,648		49
Ending balance (in shares) at Sep. 30, 2022		114,263,213
Ending balance at Sep. 30, 2022	$ 1,458,969	$ 1,143	2,089,463	94	(647,248)	15,517
Other comprehensive (loss) income:
Dividends, common shares / units (in dollars per share)	$ 0.10
Beginning balance (in shares) at Jun. 30, 2022		114,353,273
Beginning balance at Jun. 30, 2022	$ 1,471,581	$ 1,144	2,091,042	202	(634,137)	13,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,707)				(1,663)	(44)
Repurchase of common shares, net (in shares)		(120,978)
Repurchase of common shares, net	(1,878)	$ (1)	(1,877)
Dividends, common share / units	(11,652)				(11,448)	(204)
Share-based compensation (in shares)		40,871
Share-based compensation	2,873		435			2,438
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(9,953)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(137)		(137)
Other comprehensive (loss) income:
Unrealized gain on interest rate derivative instruments	36			35		1
Reclassification adjustment for amounts recognized in net (loss) income	(147)			(143)		(4)
Ending balance (in shares) at Sep. 30, 2022		114,263,213
Ending balance at Sep. 30, 2022	$ 1,458,969	$ 1,143	2,089,463	94	(647,248)	15,517
Other comprehensive (loss) income:
Dividends, common shares / units (in dollars per share)	$ 0.10
Beginning balance (in shares) at Dec. 31, 2022	112,519,672	112,519,672
Beginning balance at Dec. 31, 2022	$ 1,460,008	$ 1,126	2,063,273	0	(623,216)	18,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	12,080				11,543	537
Repurchase of common shares, net (in shares)		(6,516,485)
Repurchase of common shares, net	(83,736)	$ (65)	(83,671)
Dividends, common share / units	(33,306)				(32,614)	(692)
Share-based compensation (in shares)		65,247
Share-based compensation	10,120		1,362			8,758
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares)		(17,613)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(258)		(258)
Other comprehensive (loss) income:
Unrealized gain on interest rate derivative instruments	7,582			7,256		326
Reclassification adjustment for amounts recognized in net (loss) income	$ (1,543)			(1,477)		(66)
Ending balance (in shares) at Sep. 30, 2023	106,050,821	106,050,821
Ending balance at Sep. 30, 2023	$ 1,370,947	$ 1,061	1,980,706	5,779	(644,287)	27,688
Other comprehensive (loss) income:
Dividends, common shares / units (in dollars per share)	$ 0.30
Beginning balance (in shares) at Jun. 30, 2023		108,121,598
Beginning balance at Jun. 30, 2023	$ 1,411,771	$ 1,082	2,005,265	5,217	(625,118)	25,325
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(8,885)				(8,529)	(356)
Repurchase of common shares, net (in shares)		(2,070,777)
Repurchase of common shares, net	(25,042)	$ (21)	(25,021)
Dividends, common share / units	(10,873)				(10,640)	(233)
Share-based compensation	3,383		462			2,921
Other comprehensive (loss) income:
Unrealized gain on interest rate derivative instruments	1,676			1,598		78
Reclassification adjustment for amounts recognized in net (loss) income	$ (1,083)			(1,036)		(47)
Ending balance (in shares) at Sep. 30, 2023	106,050,821	106,050,821
Ending balance at Sep. 30, 2023	$ 1,370,947	$ 1,061	$ 1,980,706	$ 5,779	$ (644,287)	$ 27,688
Other comprehensive (loss) income:
Dividends, common shares / units (in dollars per share)	$ 0.10

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends, common shares / units (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.30	$ 0.10

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 12,080	$ 21,294
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	100,165	98,709
Non-cash ground rent and amortization of other intangibles	160	418
Amortization of debt premiums, discounts, and financing costs	3,558	3,925
Loss on extinguishment of debt	1,189	294
Gain on insurance recoveries	(535)	(3,550)
Share-based compensation expense	9,861	8,598
Deferred interest expense	(1,296)	(409)
Changes in assets and liabilities:
Accounts and rents receivable	(1,633)	(10,435)
Other assets	8,020	1,013
Accounts payable and accrued expenses	(485)	25,282
Other liabilities	6,861	12,755
Net cash provided by operating activities	137,945	157,894
Cash flows from investing activities:
Purchase of investment properties	0	(328,493)
Capital expenditures	(69,506)	(40,682)
Proceeds from sale of investment properties	0	32,820
Proceeds from property insurance	535	3,723
Performance guaranty payments	1,389	1,695
Net cash used in investing activities	(67,582)	(330,937)
Cash flows from financing activities:
Proceeds from mortgage debt modification	440	0
Payoff of mortgage debt	(99,488)	(65,000)
Principal payments of mortgage debt	(2,492)	(3,093)
Proceeds from 2023 Term Loans	225,000	0
Principal payments on Corporate Credit Facility Term Loan	(125,000)	0
Repurchase of 2020 Senior Notes	(34,925)	0
Payment of loan fees and issuance costs	(5,554)	0
Payment loan modification fees	(25)	0
Repurchase of common shares	(83,736)	(1,878)
Shares redeemed to satisfy tax withholding on vested share-based compensation	(578)	(490)
Dividends and dividend equivalents	(33,810)	(54)
Net cash used in financing activities	(160,168)	(70,515)
Net decrease in cash and cash equivalents and restricted cash	(89,805)	(243,558)
Cash and cash equivalents and restricted cash, at beginning of period	365,910	554,231
Cash and cash equivalents and restricted cash, at end of period	276,105	310,673
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amount shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents	219,165	259,885
Restricted cash	56,940	50,788
Total cash and cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	276,105	310,673
The following represent cash paid during the periods presented for the following:
Cash paid for interest, net of capitalized interest	64,996	59,898
Cash paid for taxes	3,795	2,100
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	2,164	2,252
Distributions payable	$ 10,870	$ 11,660

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. Substantially all of the Company's assets are held by, and all the operations are conducted through, XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly-owned by the Company. As of September 30, 2023, the Company collectively owned 95.7% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 4.3% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our current executive officers and current and prior members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and whether certain market-based performance objectives are met. Xenia operates as a real estate investment trust ("REIT"). To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. As of September 30, 2023 and 2022, the Company owned 32 and 34 lodging properties, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The unaudited interim condensed consolidated financial statements and related notes have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include normal recurring adjustments, which management considers necessary for the fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss), condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2023. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of actual operating results for the entire year. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Reclassifications Certain prior year amounts in these condensed consolidated financial statements have been reclassified to conform to the presentation as of and for the three and nine months ended September 30, 2023. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected future economic conditions. Actual results could differ from these estimates. Risks and Uncertainties For the nine months ended September 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida market that exceeded 10% of total revenues for the period then ended. For the nine months ended September 30, 2022, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and San Diego, California markets that exceeded 10% of total revenues for the period then ended. To the extent that there are adverse changes in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entity. If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary, or the entity is not a VIE and over which the Company does not have effective control but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased, and similar accounts with a maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at various banks and other financial institutions. The combined account balances at banking institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company monitors its concentration risk and reallocates funds among various institutions from time to time as determined appropriate based on perceived risks. Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of the Company's management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition-related holdback escrows. Acquisition of Real Estate Investments in hotel properties, including land and land improvements, buildings and building improvements, furniture, fixtures and equipment, and identifiable intangible assets, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets typically include land, buildings and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value, advance bookings, and any assumed financing that is determined to be above or below market terms (all as applicable). Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Impairment Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) there is a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) there is a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. Involuntary Conversion In August 2021, Hurricane Ida impacted Loews New Orleans Hotel located in New Orleans, Louisiana. During the nine months ended September 30, 2022, the Company recorded additional hurricane-related repair and cleanup costs of $1.3 million which is included in impairment and other losses on the condensed consolidated statement of operations and comprehensive income for the period then ended. Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. The Company received insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida which resulted in the recognition of a gain on insurance recovery of $0.5 million for the nine months ended September 30, 2023, and $1.0 million and $3.6 million, respectively, for the three and nine months ended September 30, 2022. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income (loss) for the periods then ended. The Company may also be entitled to business interruption proceeds for losses occurring at certain properties; however, an insurance recovery receivable will not be recorded until a final settlement has been reached with the insurance company. During the three and nine months ended September 30, 2023, the Company recognized $0.2 million in business interruption insurance proceeds for a portion of lost income associated with a power outage at Fairmont Pittsburgh during certain portions of December 2022 and January 2023. During the three and nine months ended September 30, 2022, the Company recognized $1.5 million in business interruption insurance proceeds for a portion of lost income associated with cancellations at Loews New Orleans Hotel due to the impact of Hurricane Ida in August 2021 as well as $1.0 million in proceeds for lost income associated with cancellations for properties in Texas due to the impact of the Texas winter storms in February 2021. These amounts are included in gain on business interruption insurance on the condensed consolidated statements of operations and comprehensive income (loss) for the periods then ended. Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with Accounting Standards Update ("ASU") 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third-parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, buildings, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain or loss in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred. Revenues Revenues consist of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including spa, parking, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the condensed consolidated balance sheets. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage prices and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of an event is recorded as either a security or advance deposit. Security and advance deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort and amenity fees, spa, golf and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity. Share-Based Compensation The Company maintains a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures as they occur, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's share price, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss) and capitalized in buildings and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. Deferred Financing Costs Financing costs related to the Revolving Line of Credit and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the Revolving Line of Credit is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the condensed consolidated balance sheets. At September 30, 2023 and December 31, 2022, deferred financing costs related to the Revolving Line of Credit and the prior revolving credit facility that was refinanced in January 2023 were $9.6 million and $7.8 million, offset by accumulated amortization of $5.4 million and $6.4 million, respectively. At September 30, 2023 and December 31, 2022, deferred financing costs related to all other debt were $24.3 million and $26.3 million, offset by accumulated amortization of $10.8 million and $10.5 million, respectively.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended Primary Markets September 30, 2023 September 30, 2023 Orlando, FL $ 25,028 $ 99,488 San Diego, CA 30,499 77,102 Houston, TX 22,033 76,365 Phoenix, AZ 6,135 68,520 Dallas, TX 16,053 53,264 Atlanta, GA 15,885 48,360 Nashville, TN 14,606 42,911 San Francisco/San Mateo, CA 14,602 41,849 Portland, OR 13,065 37,086 Washington, DC-MD-VA 10,834 34,883 Other 63,284 192,235 Total $ 232,024 $ 772,063 Three Months Ended Nine Months Ended Primary Markets September 30, 2022 September 30, 2022 Orlando, FL $ 26,635 $ 99,780 Phoenix, AZ 17,382 78,974 San Diego, CA 28,937 74,998 Houston, TX 17,442 62,517 Dallas, TX 14,311 45,714 Atlanta, GA 15,636 42,333 Denver, CO 14,180 37,184 San Francisco/San Mateo, CA 13,369 35,658 Washington, DC-MD-VA 11,348 32,388 Nashville, TN 13,573 30,424 Other 67,855 194,496 Total $ 240,668 $ 734,466

Investment Properties

Investment Properties	9 Months Ended
	Sep. 30, 2023
Asset Acquisition and Disposition [Abstract]
Investment Properties	Investment Properties From time to time, the Company evaluates acquisition opportunities based on our investment criteria and/or the opportunistic disposition of our hotels in order to take advantage of market conditions or in situations where the hotels no longer fit within our strategic objectives. Acquisitions In March 2022, the Company acquired a fee-simple interest in the 346-room W Nashville located in Nashville, Tennessee for a purchase price of $328.5 million including acquisition costs and a $1.3 million credit related to an unfinished portion of the hotel provided by seller at closing. The acquisition of W Nashville was funded with cash on hand and was accounted for as an asset acquisition resulting in the related acquisition costs being capitalized as part of the purchase price. The results of operations for W Nashville have been included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) since its acquisition date. The Company recorded the identifiable assets and liabilities, including intangible assets and liabilities, acquired in the asset acquisition at the acquisition date relative fair value, which is based on the total accumulated costs of the acquisition. The following represents the purchase price allocation of the hotel acquired during the nine months ended September 30, 2022 (in thousands): September 30, 2022 Land $ 36,364 Buildings and improvements 264,766 Furniture, fixtures, and equipment 31,091 Intangible and other assets (1) 232 Intangible liability (2) (3,960) Total purchase price (3) $ 328,493 (1) As part of the purchase price allocation for W Nashville, the Company allocated $0.1 million to advance bookings that were amortized over 1.3 years as well as $0.1 million allocated to food inventory. (2) As part of the purchase price allocation for W Nashville, the Company allocated $4.0 million to a liability associated with key money received by the seller from the third-party hotel manager. This liability is being amortized over 29.8 years and in the event of early termination is payable to the third-party hotel manager on a pro rata basis for the remaining portion of the term of the hotel management agreement. (3) The total cost capitalized includes acquisition costs as the transaction was accounted for as an asset acquisition. Dispositions

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt as of September 30, 2023 and December 31, 2022 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date September 30, December 31, 2022 Mortgage Loans Renaissance Atlanta Waverly Hotel & Convention Center Fixed (2) — % 8/14/2024 $ — $ 99,590 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 54,818 55,685 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 108,630 110,153 Andaz Napa Fixed (3) 5.72 % 1/19/2028 55,000 54,560 Total Mortgage Loans 4.88 % (4) $ 218,448 $ 319,988 Corporate Credit Facilities Corporate Credit Facility Term Loan $125M Variable (5) — % 9/13/2024 — 125,000 2023 Initial Term Loan Fixed (5) 5.45 % 3/1/2026 125,000 — 2023 Delayed Draw Term Loan Fixed (5) 5.45 % 3/1/2026 100,000 — Revolving Credit Facility Variable (6) — % 2/28/2024 — — Revolving Line of Credit (2023) Variable (6) 7.02 % 1/11/2027 — — Total Corporate Credit Facilities $ 225,000 $ 125,000 2020 Senior Notes $500M (7) Fixed 6.38 % 8/15/2025 464,747 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 500,000 Loan premiums, discounts and unamortized deferred financing costs, net (8) (13,511) (15,883) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.46 % (4) $ 1,394,684 $ 1,429,105 (1) The rates shown represent the annual interest rates as of September 30, 2023. The variable index for the corporate credit facilities is Term SOFR, subject to a 10 basis point credit spread adjustment and a zero basis point floor, as further described below under "Corporate Credit Facilities." (2) This mortgage loan was repaid in full in January 2023. (3) In January 2023, the Company amended this mortgage loan to update the variable index from one-month LIBOR to Term SOFR, increase the credit spread, increase the principal amount to $55 million and extend the maturity date through January 2028. Term SOFR has been fixed with interest rate swaps through January 1, 2027. (4) Represents the weighted-average interest rate as of September 30, 2023. (5) In January 2023, the then existing corporate credit facility term loan was refinanced with a new $125 million initial term loan and, effective as of January 10, 2023, the spread to Term SOFR for such term loan varies based on the Company's leverage ratio as further described below under "Corporate Credit Facilities". On January 17, 2023, an additional $100 million delayed draw term loan was borrowed and, effective as of such date, the spread to Term SOFR for such term loan varies based on the Company's leverage ratio as further described below under "Corporate Credit Facilities". Term SOFR has been fixed with interest rate swaps on both the 2023 Initial Term Loan and the 2023 Delayed Draw Term Loan through mid-February 2025. (6) The prior revolving credit facility was refinanced with a new $450 million Revolving Line of Credit in January 2023 and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (7) During the nine months ended September 30, 2023, the Company repurchased in the open market and retired $35.3 million aggregate principal of its 6.375% 2020 Senior Notes due August 2025. (8) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. Mortgage Loans In January 2023, the Company repaid in full the $99.5 million outstanding balance on the mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center using proceeds from the 2023 Delayed Draw Term Loan. Also in January 2023, the Company amended the mortgage loan collateralized by Andaz Napa to update the variable index from one-month LIBOR to Term SOFR, increase the credit spread, increase the principal amount to $55 million and extend the maturity date through January 2028. Of the total outstanding debt at September 30, 2023, none of the mortgage loans were recourse to the Company and the mortgage loan agreements require contributions to be made to FF&E reserves. Corporate Credit Facilities In January 2023, XHR LP (the "Borrower") entered into a new $675 million senior unsecured credit facility comprised of a $450 million revolving line of credit (the “Revolving Line of Credit”), a $125 million initial term loan (the "2023 Initial Term Loan) and a $100 million delayed draw term loan (the “2023 Delayed Draw Term Loan” and, together with the 2023 Initial Term Loan, the "2023 Term Loans") pursuant to a Revolving Credit and Term Loan Agreement, dated as of January 10, 2023, by and among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties party thereto (the “2023 Credit Agreement”). The Revolving Line of Credit and the 2023 Initial Term Loan refinanced in full the then existing corporate credit facilities outstanding under the prior credit agreement, and as a result of such refinancing, the then existing pledges of equity of certain subsidiaries securing obligations under the Company's prior credit facilities were released. The 2023 Delayed Draw Term Loan was funded on January 17, 2023 and was used to repay in full the mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center that was due August 2024. Proceeds from future Revolving Line of Credit borrowings may be used for working capital, general corporate or other purposes permitted by the 2023 Credit Agreement. The Revolving Line of Credit matures in January 2027 and can be extended up to an additional year. The interest rate on the Revolving Line of Credit is based on a pricing grid with a range of 145 to 275 basis points over the applicable Term SOFR rate as determined by the Company’s leverage ratio, subject to a 10 basis point credit spread adjustment and a zero basis point floor. The 2023 Term Loans mature in March 2026, can be extended up to an additional year and bear interest rates consistent with the pricing grid on the Revolving Line of Credit. As of September 30, 2023, there was no outstanding balance on the Revolving Line of Credit. During the three and nine months ended September 30, 2023, the Company incurred unused commitment fees of approximately $0.3 million and $1.0 million, respectively, and did not incur interest expense. During the three and nine months ended September 30, 2022, the Company incurred unused commitment fees of approximately $0.3 million and $1.1 million, respectively, and did not incur interest expense. Senior Notes The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership's ability and, in certain circumstances, the ability of its subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends, redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the indentures. In connection with entry into the 2023 Credit Agreement and the refinancing of the obligations under the prior corporate credit facilities, the collateral securing the Senior Notes was released in full. On and after January 10, 2023, the Senior Notes constitute unsecured obligations. During the three and nine months ended September 30, 2023, the Company repurchased in the open market and retired $5.3 million and $35.3 million aggregate principal of its 6.375% 2020 Senior Notes due August 2025, respectively. Financial Covenants As of September 30, 2023, the Company was not in compliance with a debt covenant on one mortgage loan due to disruption from a significant renovation taking place during the prior trailing 12 months. This did not result in an event of default but allows the lender the option to institute a cash sweep until covenant compliance is achieved for a period of time specified in the loan agreement. The cash sweep permits the lender to withdraw excess cash generated by the collateralized property into a separate bank account that the lender controls and that may be used to reduce the amount of the outstanding loan balance. The lender has agreed to waive this covenant until March 31, 2024. Debt Outstanding Total debt outstanding as of September 30, 2023 and December 31, 2022 was $1,408 million and $1,445 million, respectively, and had a weighted-average interest rate of 5.46% and 5.65% per annum, respectively. The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted- 2023 $ 815 4.59% 2024 3,355 4.59% 2025 469,178 6.36% 2026 280,381 5.28% 2027 102,388 4.64% Thereafter 552,078 4.95% Total Debt $ 1,408,195 5.46% Revolving Line of Credit (matures in 2027) — 7.02% Loan premiums, discounts and unamortized deferred financing costs, net (13,511) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,394,684 5.46% During the nine months ended September 30, 2023, in connection with the 2023 Credit Agreement and amended mortgage loan, the Company capitalized $5.6 million of deferred financing costs and expensed $1.7 million of legal fees which were included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended. During the nine months ended September 30, 2023, in connection with refinancing of the prior revolving credit facility, the repayment of the prior corporate credit facility term loan and the repayment of one mortgage loan, the Company wrote off unamortized deferred financing costs of $1.1 million, which is included in loss on extinguishment of debt on the condensed consolidated statement of operations and comprehensive income for the period then ended.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company primarily uses interest rate swaps as part of its interest rate risk management strategy for variable rate debt. As of September 30, 2023, all interest rate swaps were designated as cash flow hedges and involve the receipt of variable rate payments from a counterparty in exchange for making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. Unrealized gains and losses of hedging instruments are reported in other comprehensive income or loss on the condensed consolidated statements of operations and comprehensive income (loss). Amounts reported in accumulated other comprehensive income related to currently outstanding derivatives are recognized as an adjustment to income or loss through interest expense as interest payments are made on the Company’s variable rate debt. During the nine months ended September 30, 2022, the Company terminated two interest rate swaps prior to their maturity and incurred swap termination costs of $1.6 million which is included in other income on the condensed consolidated statement of operations and comprehensive income for the period then ended. Derivative instruments held by the Company with the right of offset in a net asset position were included in other assets on the condensed consolidated balance sheets. The following table summarizes the terms of the derivative financial instruments held by the Company as of September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, 2023 December 31, 2022 Hedged Debt Type Fixed Rate Index Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value 2023 Initial Term Loan Swap 3.85% 1- Month SOFR 5/10/2023 2/10/2025 $ 75,000 $ 1,304 $ — $ — 2023 Initial Term Loan Swap 3.87% 1-Month SOFR 5/10/2023 2/10/2025 50,000 856 — — 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 50,000 875 — — 2023 Delayed Draw Term Loan Swap 3.86% 1-Month SOFR 5/17/2023 2/17/2025 25,000 434 — — 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 25,000 437 — — Mortgage Debt Swap 3.22% Daily SOFR 6/1/2023 1/1/2027 55,000 2,133 — — $ 280,000 $ 6,039 $ — $ — The table below details the location in the condensed consolidated financial statements of the gains and losses recognized on derivative financial instruments designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Income (Loss): Gain recognized in other comprehensive income (loss) Unrealized gain on interest rate derivative instruments $ 1,676 $ 36 $ 7,582 $ 2,932 Gain reclassified from accumulated other comprehensive income to net income (loss) Reclassification adjustment for amounts recognized in net income (loss) (interest expense) $ (1,083) $ (147) $ (1,543) $ 1,697 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 20,524 $ 20,583 $ 64,308 $ 61,474 Realized loss on termination of derivative instruments Other income $ — $ — $ — $ (1,555) The Company expects approximately $4.4 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense in the next 12 months.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. For assets and liabilities measured at fair value on a recurring basis and non-recurring basis, quantitative disclosure of their fair values is included in the condensed consolidated balance sheets as of as of September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurement Date September 30, 2023 December 31, 2022 Location on Condensed Consolidated Balance Sheets/Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs Significant Unobservable Inputs Recurring measurements Other assets Interest rate swaps (1) $ 6,039 $ — $ — $ — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements. Recurring Measurements The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within Level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes Level 3 inputs such as estimates of current credit spreads. However, the Company has assessed that the credit valuation adjustments are not significant to the overall valuation of the derivatives and, as a result, its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Financial Instruments Not Measured at Fair Value The table below represents the fair value of financial instruments presented at carrying values in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Total Mortgage and Term Loans $ 443,448 $ 422,424 $ 444,988 $ 429,035 Senior Notes (1) 964,747 895,468 1,000,000 912,823 Revolving Credit Facility — — — — Revolving Line of Credit (2023) — — — — Total $ 1,408,195 $ 1,317,892 $ 1,444,988 $ 1,341,858 (1) During the nine months ended September 30, 2023, the Company repurchased in the open market and retired $35.3 million aggregate principal of its 6.375% 2020 Senior Notes due August 2025.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company estimated the income tax benefit and expense for the three and nine months ended September 30, 2023 using an estimated federal and state combined effective tax rate of 25.54% and recognized an income tax benefit of $1.6 million and income tax expense of $5.4 million, respectively. The Company estimated the income tax benefit and expense for the three and nine months ended September 30, 2022 using an estimated federal and state combined effective tax rate of 14.57% and recognized an income tax benefit of $1.0 million and income tax expense of $4.1 million, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock The Company maintains an "At-the-Market" ("ATM") program pursuant to an Equity Distribution Agreement ("ATM Agreement") with Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Jefferies LLC, KeyBanc Capital Markets Inc. and Raymond James & Associates, Inc. In accordance with the terms of the ATM Agreement, the Company may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $200 million. In August 2023, the then existing registration statement expired and as a result, the Company wrote off accumulated offering costs of $1.2 million and filed a new registration statement. No shares were sold under the ATM Agreement during the three and nine months ended September 30, 2023 and 2022 and, as of September 30, 2023, $200 million of common stock remained available for issuance. As of September 30, 2023, and December 31, 2022, the Company had accumulated offering related costs included in other assets on the condensed consolidated balance sheets of $0.2 million and $1.0 million, respectively. These offering costs will be reclassified to additional paid in capital to offset proceeds from the sale of common stock. Any remaining accumulated offering costs will be written off when the current registration statement expires in August 2026. The Board of Directors has authorized a stock repurchase program (the "Repurchase Program") for up to $275 million of outstanding common stock in the open market, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The Repurchase Program does not have an expiration date, may be suspended or discontinued at any time and does not obligate the Company to acquire any particular amount of shares. During the three and nine months ended September 30, 2023, 2,070,777 and 6,516,485 shares were repurchased under the Repurchase Program, at a weighted-average price of $12.09 and $12.85 per share for an aggregate purchase price of $25.0 million and $83.7 million, respectively. During the three and nine months ended September 30, 2022, 120,978 shares were repurchased under the Repurchase Program, at a weighted-average price of $15.52 per share for an aggregate purchase price of $1.9 million. As of September 30, 2023, the Company had approximately $82.7 million remaining under its share repurchase authorization. Distributions The Company declared the following dividends during the nine months ended September 30, 2023: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.10 March 31, 2023 March 31, 2023 April 14, 2023 $0.10 June 30, 2023 June 30, 2023 July 14, 2023 $0.10 September 30, 2023 September 29, 2023 October 13, 2023 Non-Controlling Interest of Common Units in Operating Partnership As of September 30, 2023, the Operating Partnership had 4,729,619 LTIP Units outstanding, representing a 4.3% partnership interest held by the limited partners. Of the 4,729,619 LTIP Units outstanding at September 30, 2023, 1,860,430 units had vested and had yet to be converted or redeemed. Only vested LTIP Units may be converted to common units of the Operating

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share is calculated by dividing net income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income or loss available to common stockholders by the weighted-average number of common shares outstanding during the period plus any shares that could potentially be outstanding during the period. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations. Income or loss allocated to non-controlling interests in the Operating Partnership has been excluded from the numerator and Operating Partnership Units and LTIP Units in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. The following table reconciles net income or loss attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ (8,529) $ (1,663) $ 11,543 $ 20,661 Dividends paid on unvested share-based compensation (65) (119) (198) (119) Undistributed earnings attributable to unvested share-based compensation — — — (19) Net income (loss) available to common stockholders $ (8,594) $ (1,782) $ 11,345 $ 20,523 Denominator: Weighted-average shares outstanding - Basic 107,006,690 114,322,269 109,345,761 114,334,110 Effect of dilutive share-based compensation (1) — — 222,688 385,199 Weighted-average shares outstanding - Diluted 107,006,690 114,322,269 109,568,449 114,719,309 Basic and diluted income per share: Net income (loss) per share available to common stockholders - basic and diluted $ (0.08) $ (0.01) $ 0.10 $ 0.18 (1) During the three months ended September 30, 2023 and 2022, the Company excluded 200,926 and 351,892 anti-dilutive shares from its calculation of diluted earnings per share, respectively.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2015 Incentive Award Plan Restricted Stock Unit Grants The Compensation Committee of the Board of Directors approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2023 2023 Restricted Stock Units 133,393 81,509 $ 12.30 Each award of time-based Restricted Stock Units will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: 33% on the first anniversary of the vesting commencement date, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. The performance-based Restricted Stock Units are designated twenty-five percent (25%) as absolute total stockholder return ("TSR") units and seventy-five percent (75%) as relative TSR share units. The absolute TSR share units vest based on achievement of varying levels of the Company's TSR over the three-year performance period. The relative TSR share units vest based on the ranking of the Company's TSR as compared to a defined peer group over the three-year performance period. Vesting of performance-based Restricted Stock Units is also subject to continued employment with the Company or its affiliates through the applicable vesting date. LTIP Unit Grants The Compensation Committee of the Board of Directors approved the issuance of the following awards under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value February 2023 2023 LTIP Units 137,617 1,107,800 $ 8.41 Each award of time-based LTIP Units will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: 33% on the first anniversary of the vesting commencement date, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. A portion of each award of Class A LTIP Units are designated as a number of "base units". The base units are designated twenty-five percent (25%) as absolute TSR base units, and vest based on achievement of varying levels of the Company's TSR over the three-year performance period. The other seventy-five percent (75%) of the base units are designated as relative TSR base units and vest based on the ranking of the Company's TSR as compared to a defined peer group over the three-year performance period. Vesting of Class A LTIP Units is also subject to continued employment with the Company or its affiliates through the vesting date. LTIP Units (other than unvested Class A LTIP Units), whether vested or unvested, receive the same quarterly per-unit distributions as common units in the Operating Partnership, which equal the per-share distributions on the common stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on common units in the Operating Partnership. In May 2023, pursuant to the Company's Director Compensation Program, the Company approved the issuance of 56,917 fully vested LTIP Units to seven of its non-employee directors which had a grant date fair value of $12.30 per unit. The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of September 30, 2023: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2022 224,677 1,720,629 1,945,306 Granted 214,902 1,302,334 1,517,236 Vested (2) (65,247) (153,774) (219,021) Forfeited (20,765) — (20,765) Unvested as of September 30, 2023 353,567 2,869,189 3,222,756 Weighted-average fair value of unvested shares/units $ 13.35 $ 9.71 $ 10.11 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units. (2) During the nine months ended September 30, 2023 and 2022, 17,613 and 26,431 shares of common stock, respectively, were withheld by the Company upon the settlement of the applicable awards in order to satisfy federal and state tax withholding requirements on the vesting of Restricted Stock Units under the 2015 Incentive Award Plan. The grant date fair values of the time-based Restricted Stock Units and time-based LTIP Units were determined based on the closing price of the Company’s common stock on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair values of performance-based awards are determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Volatility Interest Rate Dividend Yield February 24, 2023 Absolute TSR Restricted Stock Units 25% $8.89 43.56% 4.58% - 5.11% 2.80% Relative TSR Restricted Stock Units 75% $9.08 43.56% 4.58% - 5.11% 2.80% Absolute TSR Class A LTIP Units 25% $8.89 43.56% 4.58% - 5.11% 2.80% Relative TSR Class A LTIP Units 75% $8.81 43.56% 4.58% - 5.11% 2.80% The absolute and relative total stockholder returns are market conditions as defined by Accounting Standard Codification ("ASC") 718, Compensation - Stock Compensation. Market conditions include provisions wherein the vesting condition is met through the achievement of a specific value of the Company’s common stock, which is total stockholder return in this case. Market conditions differ from other performance awards under ASC 718 in that the probability of attaining the condition (and thus vesting of the units or shares) is reflected in the initial grant date fair value of the award. Accordingly, it is not appropriate to reconsider the probability of vesting in the award subsequent to the initial measurement of the award, nor is it appropriate to reverse any of the expense if the condition is not met. As such, once the expense for these awards is measured, the expense must be recognized over the vesting period regardless of whether the target is met, or at what level the target is met. Expense may only be reversed if the holder of the instrument forfeits the award as a result of the holder's termination of service to the Company prior to vesting. For the three and nine months ended September 30, 2023, the Company recognized approximately $3.3 million and $9.2 million of share-based compensation expense (net of forfeitures) related to Restricted Stock Units and LTIP Units provided to its executive officers and certain corporate employees. In addition, for the nine months ended September 30, 2023, the Company recognized $0.7 million of share-based compensation expense related to grants to the Board of Directors and for the three and nine months ended September 30, 2023 capitalized approximately $0.1 million and $0.3 million (net of forfeitures) related to Restricted Stock Units provided to certain other employees who oversee development and capital projects on behalf of the Company. As of September 30, 2023, there was $15.5 million of total unrecognized compensation costs related to unvested Restricted Stock Units, Class A LTIP Units and Time-Based LTIP Units issued under the 2015 Incentive Award Plan, which are expected to be recognized over a remaining weighted-average period of 1.69 additional years. For the three and nine months ended September 30, 2022, the Company recognized approximately $2.8 million and $7.8 million of share-based compensation expense (net of forfeitures) related to Restricted Stock Units and LTIP Units provided to certain of its executive officers and certain corporate employees. In addition, for the nine months ended September 30, 2022, the Company recognized $0.8 million of share-based compensation expense related to grants to the Board of Directors and for the three and nine months ended September 30, 2022 capitalized approximately $0.1 million and $0.3 million (net of forfeitures) related to Restricted Stock Units provided to certain other employees who oversee development and capital projects on behalf of the Company.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. The following is a summary of the Company's leases as of and for the nine months ended September 30, 2023 (dollar amounts in thousands): September 30, 2023 Weighted-average remaining lease term, including reasonably certain extension options (1) 20 years Weighted-average discount rate 5.71% ROU asset (2) $ 18,027 Lease liability (3) $ 19,099 Operating lease rent expense $ 1,606 Variable lease costs 3,128 Total rent and variable lease costs $ 4,734 (1) The weighted-average remaining lease term including all available extension options is approximately 56 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of September 30, 2023 (in thousands): Year Ending 2023 (excluding the nine months ended September 30, 2023) $ 537 2024 2,157 2025 2,172 2026 2,188 2027 2,204 Thereafter 24,444 Total undiscounted lease payments $ 33,702 Less imputed interest (14,603) Lease liability (1) $ 19,099 (1) The lease liability is included in other liabilities on the condensed consolidated balance sheet as of September 30, 2023. Management and Franchise Agreements In order to maintain its qualification as a REIT, the Company cannot directly or indirectly operate any of its hotels. The Company leases each hotel to TRS lessees, which in turn engage property managers to manage the hotels. Each hotel is operated pursuant to a hotel management agreement with an independent third-party hotel management company. Pursuant to the hotel management agreements, the management company controls the day-to-day operation of each hotel, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The hotel management agreements typically contain a two-tiered fee structure, wherein the management company receives a base management fee and, if certain financial thresholds are exceeded, an incentive management fee. Many hotel management agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. Management agreements for brand-managed hotels have terms generally ranging from 10 to 30 years and allow for one or more renewal periods at the option of the hotel manager. Assuming all renewal periods are exercised, the average remaining term is 27 years. Management agreements for franchised hotels generally contain initial terms between 15 and 20 years with an average remaining initial term of approximately six years. The Company is generally limited in its ability to sell, lease or otherwise transfer hotels unless the transferee assumes the related hotel management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to the Company of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). Franchise agreements generally have initial terms of 20 years, with an average remaining initial term of approximately nine years. The franchise agreements require royalty fees based on a percentage of gross rooms revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of gross rooms revenue. Many franchise agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. For the three and nine months ended September 30, 2023, the Company incurred management and franchise fee expenses of $7.4 million and $26.8 million, respectively, and for the three and nine months ended September 30, 2022 incurred expenses of $9.1 million and $27.8 million, respectively, which are included on the condensed consolidated statements of operations and comprehensive income (loss) for the periods then ended. Reserve Requirements Certain franchise and management agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of September 30, 2023 and December 31, 2022, the Company had a balance of $46.5 million and $46.3 million, respectively, in reserves for such future improvements. This amount is included in restricted cash and escrows on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Renovation and Construction Commitments As of September 30, 2023, the Company had various contracts outstanding with third-parties in connection with the renovation of certain of its hotel properties. The remaining commitments under these contracts as of September 30, 2023 totaled $37.7 million. Legal The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the financial condition of the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2023, the Company repurchased a total of 849,762 shares of common stock in open market purchases in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") at a weighted-average price of $11.77 per share for total consideration of approximately $10.0 million pursuant to a trading plan intended to comply with Rule 10b5-1 of the Exchange Act.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common stockholders	$ (8,529)	$ (1,663)	$ 11,543	$ 20,661

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	The unaudited interim condensed consolidated financial statements and related notes have been prepared on an accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include normal recurring adjustments, which management considers necessary for the fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss), condensed consolidated statements of changes in equity and condensed consolidated statements of cash flows for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2022, included in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2023. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of actual operating results for the entire year.
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated.
Reclassifications	Reclassifications Certain prior year amounts in these condensed consolidated financial statements have been reclassified to conform to the presentation as of and for the three and nine months ended September 30, 2023.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected future economic conditions. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties For the nine months ended September 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida market that exceeded 10% of total revenues for the period then ended. For the nine months ended
Consolidation	Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entity. If the entity is a VIE, the determination of whether the Company is the primary beneficiary must be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary, or the entity is not a VIE and over which the Company does not have effective control but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased, and similar accounts with a maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at various banks and other financial institutions. The combined account balances at banking institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company monitors its concentration risk and reallocates funds among various institutions from time to time as determined appropriate based on perceived risks.
Restricted Cash and Escrows	Restricted Cash and Escrows Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of the Company's management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition-related holdback escrows.
Acquisition of Real Estate	Acquisition of Real Estate Investments in hotel properties, including land and land improvements, buildings and building improvements, furniture, fixtures and equipment, and identifiable intangible assets, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets typically include land, buildings and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value, advance bookings, and any assumed financing that is determined to be above or below market terms (all as applicable). Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information.
Long-lived assets and intangibles	Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of
Insurance Recoveries	Insurance Recoveries Insurance proceeds received in excess of recognized losses are treated as gain and are not recorded until contingencies are resolved. The Company received insurance proceeds in excess of recognized losses related to damage sustained at Loews New Orleans Hotel during Hurricane Ida which resulted in the recognition of a gain on insurance recovery of $0.5 million for the nine months ended September 30, 2023, and $1.0 million and $3.6 million, respectively, for the three and nine months ended September 30, 2022. These amounts are included in other income on the condensed consolidated statements of operations and comprehensive income (loss) for the periods then ended. The Company may also be entitled to business interruption proceeds for losses occurring at certain properties; however, an insurance recovery receivable will not be recorded until a final settlement has been reached with the insurance company. During the three and nine months ended September 30, 2023, the Company recognized $0.2 million in business interruption insurance proceeds for a portion of lost income associated with a power outage at Fairmont Pittsburgh during certain portions of December 2022 and January 2023. During the three and nine months ended September 30, 2022, the Company recognized $1.5 million in business interruption insurance proceeds for a portion of lost income associated with cancellations at Loews New Orleans Hotel due to the impact of Hurricane Ida in August 2021 as well as $1.0 million in proceeds for lost income associated with cancellations for properties in Texas due to the impact of the Texas winter storms in February 2021. These amounts are included in gain on business interruption insurance on the condensed consolidated statements of operations and comprehensive income (loss) for the periods then ended.
Disposition of Real Estate	Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with Accounting Standards Update ("ASU") 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third-parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, buildings, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain or loss in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred.
Revenues	Revenues Revenues consist of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including spa, parking, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenues when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advance deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the condensed consolidated balance sheets. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage prices and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of an event is recorded as either a security or advance deposit. Security and advance deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort and amenity fees, spa, golf and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity.
Share-Based Compensation	Share-Based Compensation The Company maintains a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures as they occur, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's share price, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss) and capitalized in buildings and other improvements in the condensed consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the Revolving Line of Credit and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument unless there is a significant modification to the debt instrument. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the Revolving Line of Credit is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the condensed consolidated balance sheets. At September 30, 2023 and December 31, 2022, deferred financing costs related to the Revolving Line of Credit and the prior revolving credit facility that was refinanced in January 2023 were $9.6 million and $7.8 million, offset by accumulated amortization of $5.4 million and $6.4 million, respectively. At September 30, 2023 and December 31, 2022, deferred financing costs related to all other debt were $24.3 million and $26.3 million, offset by accumulated amortization of $10.8 million and $10.5 million, respectively.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Primary Geographical Markets	The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended Primary Markets September 30, 2023 September 30, 2023 Orlando, FL $ 25,028 $ 99,488 San Diego, CA 30,499 77,102 Houston, TX 22,033 76,365 Phoenix, AZ 6,135 68,520 Dallas, TX 16,053 53,264 Atlanta, GA 15,885 48,360 Nashville, TN 14,606 42,911 San Francisco/San Mateo, CA 14,602 41,849 Portland, OR 13,065 37,086 Washington, DC-MD-VA 10,834 34,883 Other 63,284 192,235 Total $ 232,024 $ 772,063 Three Months Ended Nine Months Ended Primary Markets September 30, 2022 September 30, 2022 Orlando, FL $ 26,635 $ 99,780 Phoenix, AZ 17,382 78,974 San Diego, CA 28,937 74,998 Houston, TX 17,442 62,517 Dallas, TX 14,311 45,714 Atlanta, GA 15,636 42,333 Denver, CO 14,180 37,184 San Francisco/San Mateo, CA 13,369 35,658 Washington, DC-MD-VA 11,348 32,388 Nashville, TN 13,573 30,424 Other 67,855 194,496 Total $ 240,668 $ 734,466

Investment Properties (Tables)

Investment Properties (Tables)	9 Months Ended
	Sep. 30, 2023
Asset Acquisition and Disposition [Abstract]
Schedule of Purchase Price Allocation for Asset Acquisitions	The following represents the purchase price allocation of the hotel acquired during the nine months ended September 30, 2022 (in thousands): September 30, 2022 Land $ 36,364 Buildings and improvements 264,766 Furniture, fixtures, and equipment 31,091 Intangible and other assets (1) 232 Intangible liability (2) (3,960) Total purchase price (3) $ 328,493 (1) As part of the purchase price allocation for W Nashville, the Company allocated $0.1 million to advance bookings that were amortized over 1.3 years as well as $0.1 million allocated to food inventory. (2) As part of the purchase price allocation for W Nashville, the Company allocated $4.0 million to a liability associated with key money received by the seller from the third-party hotel manager. This liability is being amortized over 29.8 years and in the event of early termination is payable to the third-party hotel manager on a pro rata basis for the remaining portion of the term of the hotel management agreement. (3) The total cost capitalized includes acquisition costs as the transaction was accounted for as an asset acquisition.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt as of September 30, 2023 and December 31, 2022 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date September 30, December 31, 2022 Mortgage Loans Renaissance Atlanta Waverly Hotel & Convention Center Fixed (2) — % 8/14/2024 $ — $ 99,590 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 54,818 55,685 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 108,630 110,153 Andaz Napa Fixed (3) 5.72 % 1/19/2028 55,000 54,560 Total Mortgage Loans 4.88 % (4) $ 218,448 $ 319,988 Corporate Credit Facilities Corporate Credit Facility Term Loan $125M Variable (5) — % 9/13/2024 — 125,000 2023 Initial Term Loan Fixed (5) 5.45 % 3/1/2026 125,000 — 2023 Delayed Draw Term Loan Fixed (5) 5.45 % 3/1/2026 100,000 — Revolving Credit Facility Variable (6) — % 2/28/2024 — — Revolving Line of Credit (2023) Variable (6) 7.02 % 1/11/2027 — — Total Corporate Credit Facilities $ 225,000 $ 125,000 2020 Senior Notes $500M (7) Fixed 6.38 % 8/15/2025 464,747 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 500,000 Loan premiums, discounts and unamortized deferred financing costs, net (8) (13,511) (15,883) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.46 % (4) $ 1,394,684 $ 1,429,105 (1) The rates shown represent the annual interest rates as of September 30, 2023. The variable index for the corporate credit facilities is Term SOFR, subject to a 10 basis point credit spread adjustment and a zero basis point floor, as further described below under "Corporate Credit Facilities." (2) This mortgage loan was repaid in full in January 2023. (3) In January 2023, the Company amended this mortgage loan to update the variable index from one-month LIBOR to Term SOFR, increase the credit spread, increase the principal amount to $55 million and extend the maturity date through January 2028. Term SOFR has been fixed with interest rate swaps through January 1, 2027. (4) Represents the weighted-average interest rate as of September 30, 2023. (5) In January 2023, the then existing corporate credit facility term loan was refinanced with a new $125 million initial term loan and, effective as of January 10, 2023, the spread to Term SOFR for such term loan varies based on the Company's leverage ratio as further described below under "Corporate Credit Facilities". On January 17, 2023, an additional $100 million delayed draw term loan was borrowed and, effective as of such date, the spread to Term SOFR for such term loan varies based on the Company's leverage ratio as further described below under "Corporate Credit Facilities". Term SOFR has been fixed with interest rate swaps on both the 2023 Initial Term Loan and the 2023 Delayed Draw Term Loan through mid-February 2025. (6) The prior revolving credit facility was refinanced with a new $450 million Revolving Line of Credit in January 2023 and, effective as of January 10, 2023, the spread to Term SOFR varies based on the Company’s leverage ratio, as further described below under “Corporate Credit Facilities.” (7) During the nine months ended September 30, 2023, the Company repurchased in the open market and retired $35.3 million aggregate principal of its 6.375% 2020 Senior Notes due August 2025. (8) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization.
Schedule of Principal Payments and Debt Maturities	The following table shows scheduled principal payments and debt maturities for the next five years and thereafter (in thousands): As of Weighted- 2023 $ 815 4.59% 2024 3,355 4.59% 2025 469,178 6.36% 2026 280,381 5.28% 2027 102,388 4.64% Thereafter 552,078 4.95% Total Debt $ 1,408,195 5.46% Revolving Line of Credit (matures in 2027) — 7.02% Loan premiums, discounts and unamortized deferred financing costs, net (13,511) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,394,684 5.46%

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Terms of the Derivative Financial Instruments	The following table summarizes the terms of the derivative financial instruments held by the Company as of September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, 2023 December 31, 2022 Hedged Debt Type Fixed Rate Index Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value 2023 Initial Term Loan Swap 3.85% 1- Month SOFR 5/10/2023 2/10/2025 $ 75,000 $ 1,304 $ — $ — 2023 Initial Term Loan Swap 3.87% 1-Month SOFR 5/10/2023 2/10/2025 50,000 856 — — 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 50,000 875 — — 2023 Delayed Draw Term Loan Swap 3.86% 1-Month SOFR 5/17/2023 2/17/2025 25,000 434 — — 2023 Delayed Draw Term Loan Swap 3.85% 1-Month SOFR 5/17/2023 2/17/2025 25,000 437 — — Mortgage Debt Swap 3.22% Daily SOFR 6/1/2023 1/1/2027 55,000 2,133 — — $ 280,000 $ 6,039 $ — $ —
Schedule of Gain (Loss) Recognized on Derivative Financial Instruments	The table below details the location in the condensed consolidated financial statements of the gains and losses recognized on derivative financial instruments designated as cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effect of derivative instruments: Location in Statements of Operations and Comprehensive Income (Loss): Gain recognized in other comprehensive income (loss) Unrealized gain on interest rate derivative instruments $ 1,676 $ 36 $ 7,582 $ 2,932 Gain reclassified from accumulated other comprehensive income to net income (loss) Reclassification adjustment for amounts recognized in net income (loss) (interest expense) $ (1,083) $ (147) $ (1,543) $ 1,697 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 20,524 $ 20,583 $ 64,308 $ 61,474 Realized loss on termination of derivative instruments Other income $ — $ — $ — $ (1,555)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis	For assets and liabilities measured at fair value on a recurring basis and non-recurring basis, quantitative disclosure of their fair values is included in the condensed consolidated balance sheets as of as of September 30, 2023 and December 31, 2022 (in thousands): Fair Value Measurement Date September 30, 2023 December 31, 2022 Location on Condensed Consolidated Balance Sheets/Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs Significant Unobservable Inputs Recurring measurements Other assets Interest rate swaps (1) $ 6,039 $ — $ — $ — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements.
Schedule of Fair Value of Financial Instruments	The table below represents the fair value of financial instruments presented at carrying values in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Total Mortgage and Term Loans $ 443,448 $ 422,424 $ 444,988 $ 429,035 Senior Notes (1) 964,747 895,468 1,000,000 912,823 Revolving Credit Facility — — — — Revolving Line of Credit (2023) — — — — Total $ 1,408,195 $ 1,317,892 $ 1,444,988 $ 1,341,858 (1) During the nine months ended September 30, 2023, the Company repurchased in the open market and retired $35.3 million aggregate principal of its 6.375% 2020 Senior Notes due August 2025.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Declared	The Company declared the following dividends during the nine months ended September 30, 2023: Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $0.10 March 31, 2023 March 31, 2023 April 14, 2023 $0.10 June 30, 2023 June 30, 2023 July 14, 2023 $0.10 September 30, 2023 September 29, 2023 October 13, 2023

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net income or loss attributable to common stockholders to basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders $ (8,529) $ (1,663) $ 11,543 $ 20,661 Dividends paid on unvested share-based compensation (65) (119) (198) (119) Undistributed earnings attributable to unvested share-based compensation — — — (19) Net income (loss) available to common stockholders $ (8,594) $ (1,782) $ 11,345 $ 20,523 Denominator: Weighted-average shares outstanding - Basic 107,006,690 114,322,269 109,345,761 114,334,110 Effect of dilutive share-based compensation (1) — — 222,688 385,199 Weighted-average shares outstanding - Diluted 107,006,690 114,322,269 109,568,449 114,719,309 Basic and diluted income per share: Net income (loss) per share available to common stockholders - basic and diluted $ (0.08) $ (0.01) $ 0.10 $ 0.18 (1) During the three months ended September 30, 2023 and 2022, the Company excluded 200,926 and 351,892 anti-dilutive shares from its calculation of diluted earnings per share, respectively.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units	The Compensation Committee of the Board of Directors approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2023 2023 Restricted Stock Units 133,393 81,509 $ 12.30
Schedule of Incentive Plan Awards	The Compensation Committee of the Board of Directors approved the issuance of the following awards under the 2015 Incentive Award Plan: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value February 2023 2023 LTIP Units 137,617 1,107,800 $ 8.41
Schedule of Unvested Incentive Awards	The following is a summary of the unvested incentive awards under the 2015 Incentive Award Plan as of September 30, 2023: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2022 224,677 1,720,629 1,945,306 Granted 214,902 1,302,334 1,517,236 Vested (2) (65,247) (153,774) (219,021) Forfeited (20,765) — (20,765) Unvested as of September 30, 2023 353,567 2,869,189 3,222,756 Weighted-average fair value of unvested shares/units $ 13.35 $ 9.71 $ 10.11 (1) Includes time-based LTIP Units and performance-based Class A LTIP Units.
Schedule of Assumptions for Performance Awards	The grant date fair values of performance-based awards are determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Volatility Interest Rate Dividend Yield February 24, 2023 Absolute TSR Restricted Stock Units 25% $8.89 43.56% 4.58% - 5.11% 2.80% Relative TSR Restricted Stock Units 75% $9.08 43.56% 4.58% - 5.11% 2.80% Absolute TSR Class A LTIP Units 25% $8.89 43.56% 4.58% - 5.11% 2.80% Relative TSR Class A LTIP Units 75% $8.81 43.56% 4.58% - 5.11% 2.80%

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Leases	The following is a summary of the Company's leases as of and for the nine months ended September 30, 2023 (dollar amounts in thousands): September 30, 2023 Weighted-average remaining lease term, including reasonably certain extension options (1) 20 years Weighted-average discount rate 5.71% ROU asset (2) $ 18,027 Lease liability (3) $ 19,099 Operating lease rent expense $ 1,606 Variable lease costs 3,128 Total rent and variable lease costs $ 4,734 (1) The weighted-average remaining lease term including all available extension options is approximately 56 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities
Schedule of Remaining Lease Payments	The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of September 30, 2023 (in thousands): Year Ending 2023 (excluding the nine months ended September 30, 2023) $ 537 2024 2,157 2025 2,172 2026 2,188 2027 2,204 Thereafter 24,444 Total undiscounted lease payments $ 33,702 Less imputed interest (14,603) Lease liability (1) $ 19,099

Organization (Details)

Organization (Details)	Sep. 30, 2023 market property	Sep. 30, 2022 property
Organization [Line Items]
Number of top lodging markets for investing activity | market	25
Number of hotels operated | property	32	34
XHR LP (Operating Partnership)
Organization [Line Items]
Ownership by company (percent)	95.70%
Ownership by noncontrolling owners (percent)	4.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue - Geographic Concentration Risk - Minimum	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Orlando, FL
Concentration Risk [Line Items]
Concentration risk (percent)	10%	10%
Phoenix, AZ
Concentration Risk [Line Items]
Concentration risk (percent)	10%	10%
San Diego, CA
Concentration Risk [Line Items]
Concentration risk (percent)		10%
Houston, TX
Concentration Risk [Line Items]
Concentration risk (percent)	10%	10%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Involuntary Conversion and Insurance Recoveries (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 218	$ 2,487	$ 218	$ 2,487
Power Outage at Fairmont Pittsburgh
Business Interruption Loss [Line Items]
Gain on business interruption insurance	$ 200		200
Texas Winter Storms
Business Interruption Loss [Line Items]
Gain on business interruption insurance		1,000		1,000
Hurricane Ida
Business Interruption Loss [Line Items]
Gain on business interruption insurance		1,500		1,500
Hurricane
Business Interruption Loss [Line Items]
Loss for write off of property damaged, net of insurance recoveries				1,300
Gain on business interruption insurance		$ 1,000	$ 500	$ 3,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred financing costs related to revolving credit facility	$ 9.6	$ 7.8
Accumulated amortization of deferred financing costs related to revolving credit facility	5.4	6.4
Deferred financing costs related to long-term debt	24.3	26.3
Accumulated amortization of deferred financing costs related to long-term debt	$ 10.8	$ 10.5

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 232,024	$ 240,668	$ 772,063	$ 734,466
Orlando, FL
Disaggregation of Revenue [Line Items]
Revenues	25,028	26,635	99,488	99,780
San Diego, CA
Disaggregation of Revenue [Line Items]
Revenues	30,499	28,937	77,102	74,998
Houston, TX
Disaggregation of Revenue [Line Items]
Revenues	22,033	17,442	76,365	62,517
Phoenix, AZ
Disaggregation of Revenue [Line Items]
Revenues	6,135	17,382	68,520	78,974
Dallas, TX
Disaggregation of Revenue [Line Items]
Revenues	16,053	14,311	53,264	45,714
Atlanta, GA
Disaggregation of Revenue [Line Items]
Revenues	15,885	15,636	48,360	42,333
Nashville, TN
Disaggregation of Revenue [Line Items]
Revenues	14,606	13,573	42,911	30,424
San Francisco/San Mateo, CA
Disaggregation of Revenue [Line Items]
Revenues	14,602	13,369	41,849	35,658
Portland, OR
Disaggregation of Revenue [Line Items]
Revenues	13,065		37,086
Washington, DC-MD-VA
Disaggregation of Revenue [Line Items]
Revenues	10,834	11,348	34,883	32,388
Denver, CO
Disaggregation of Revenue [Line Items]
Revenues		14,180		37,184
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 63,284	$ 67,855	$ 192,235	$ 194,496

Investment Properties - Narrati

Investment Properties - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) room	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($) room
Kimpton Hotel Monaco Chicago | Disposed of by sale
Disposition of Properties
Number of rooms in property | room				191
Sale price per agreement				$ 36
Impairment on write-down of property			$ 15.7
Net cash proceeds from the sale, after transaction closing costs		$ 32.8
W Nashville Located in Nashville
Disposition of Properties
Number of rooms in property | room	346
Purchase price	$ 328.5
Credit against purchase price	$ 1.3

Investment Properties - Purchas

Investment Properties - Purchase Price Allocation for Properties Acquired (Details) - W Nashville Located in Nashville $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Schedule of Asset Acquisition [Line Items]
Land	$ 36,364
Buildings and improvements	264,766
Furniture, fixtures, and equipment	31,091
Intangible and other assets	232
Intangible liability	(3,960)
Total purchase price	328,493
Allocated to inventory	100
Customer Contracts
Schedule of Asset Acquisition [Line Items]
Intangible and other assets	$ 100
Amortization period (years)	1 year 3 months 18 days
Service Agreements
Schedule of Asset Acquisition [Line Items]
Amortization period (years)	29 years 9 months 18 days
Assets acquisition, working capital	$ 4,000

Debt - Debt Instruments (Detail

Debt - Debt Instruments (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Jan. 17, 2023	Jan. 10, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted average interest rate (percent)		5.46%			5.65%
Balance outstanding		$ 1,408,195,000
Revolving Credit Facility		0
Loan premiums, discounts and unamortized deferred financing costs, net		(13,511,000)			$ (15,883,000)
Debt, net of loan premiums, discounts and unamortized deferred financing costs		1,394,684,000			1,429,105,000
Corporate Credit Facilities
Debt Instrument [Line Items]
Balance outstanding		$ 225,000,000			125,000,000
Credit spread adjustment (percent)		0.10%
Floor rate (percent)		0%
2020 Senior Notes $500M (7)
Debt Instrument [Line Items]
Debt instrument, repurchase amount		$ 35,300,000
Stated interest rate (percent)		6.375%
Mortgage Loans
Debt Instrument [Line Items]
Weighted average interest rate (percent)		4.88%
Balance outstanding		$ 218,448,000			319,988,000
Mortgage Loans | Renaissance Atlanta Waverly Hotel & Convention Center
Debt Instrument [Line Items]
Weighted average interest rate (percent)		0%
Balance outstanding		$ 0			99,590,000
Mortgage Loans | Grand Bohemian Hotel Orlando, Autograph Collection
Debt Instrument [Line Items]
Weighted average interest rate (percent)		4.53%
Balance outstanding		$ 54,818,000			55,685,000
Mortgage Loans | Marriott San Francisco Airport Waterfront
Debt Instrument [Line Items]
Weighted average interest rate (percent)		4.63%
Balance outstanding		$ 108,630,000			110,153,000
Mortgage Loans | Andaz Napa
Debt Instrument [Line Items]
Weighted average interest rate (percent)		5.72%
Balance outstanding	$ 55,000,000	$ 55,000,000			54,560,000
Term loans | Corporate Credit Facility Term Loan $125M
Debt Instrument [Line Items]
Aggregate principal		$ 125,000,000
Weighted average interest rate (percent)		0%
Balance outstanding		$ 0			125,000,000
Term loans | 2023 Initial Term Loan
Debt Instrument [Line Items]
Weighted average interest rate (percent)		5.45%
Balance outstanding		$ 125,000,000			0
Term loans | 2023 Delayed Draw Term Loan
Debt Instrument [Line Items]
Weighted average interest rate (percent)		5.45%
Balance outstanding		$ 100,000,000			0
Credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate (percent)		0%
Revolving Credit Facility		$ 0			0
Credit spread adjustment (percent)	0.10%
Floor rate (percent)	0%
Borrowing capacity commitment	$ 450,000,000			$ 450,000,000
Credit facility | Revolving Line Of Credit
Debt Instrument [Line Items]
Weighted average interest rate (percent)		7.02%
Revolving Credit Facility		$ 0			0
Credit facility | Initial Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 125,000,000
Credit facility | Delayed Draw Term Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity commitment			$ 100,000,000
Secured debt | 2020 Senior Notes $500M (7)
Debt Instrument [Line Items]
Aggregate principal		$ 500,000,000
Weighted average interest rate (percent)		6.38%
Balance outstanding		$ 464,747,000			500,000,000
Secured debt | 2021 Senior Notes $500M
Debt Instrument [Line Items]
Aggregate principal		$ 500,000,000
Weighted average interest rate (percent)		4.88%
Balance outstanding		$ 500,000,000			$ 500,000,000

Debt - Mortgage Loans Narrative

Debt - Mortgage Loans Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Balance outstanding		$ 1,408,195,000
Mortgage Loans
Debt Instrument [Line Items]
Balance outstanding		218,448,000	$ 319,988,000
Mortgage Loans | Renaissance Atlanta Waverly Hotel & Convention Center
Debt Instrument [Line Items]
Outstanding balance repaid	$ 99,500,000
Balance outstanding		0	99,590,000
Mortgage Loans | Andaz Napa
Debt Instrument [Line Items]
Balance outstanding	$ 55,000,000	55,000,000	$ 54,560,000
Mortgage Loans | Recourse
Debt Instrument [Line Items]
Aggregate principal		$ 0

Debt - Corporate Credit Facilit

Debt - Corporate Credit Facilities Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 10, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Line of revolving credit facility		$ 0		$ 0
Senior Unsecured Credit Facility | Credit facility
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 675,000,000
Revolving Credit Facility | Credit facility
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 450,000,000					$ 450,000,000
Credit spread adjustment (percent)	0.10%
Floor rate (percent)	0%
Line of revolving credit facility		0		0			$ 0
Credit facility unused borrowing capacity fee		$ 300,000	$ 300,000	$ 1,000,000	$ 1,100,000
Revolving Credit Facility | Credit facility | Minimum | SOFR
Debt Instrument [Line Items]
Basis spread (percent)	1.45%
Revolving Credit Facility | Credit facility | Maximum | SOFR
Debt Instrument [Line Items]
Basis spread (percent)	2.75%
Initial Term Loan | Term loans
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 125,000,000
Delayed Draw Term Loan | Term loans
Debt Instrument [Line Items]
Borrowing capacity commitment	$ 100,000,000

Debt - Senior Note Narrative (D

Debt - Senior Note Narrative (Details) - 2020 Senior Notes $500M (7) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, repurchased and retired amount	$ 5.3	$ 35.3
Stated interest rate (percent)	6.375%	6.375%

Debt - Debt Outstanding Narrati

Debt - Debt Outstanding Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt outstanding	$ 1,408	$ 1,445
Weighted average interest rate (percent)	5.46%	5.65%
Number of mortgage loans repaid | loan	1
Write off of unamortized deferred financing cost	$ 1.1
Loan Amendments
Debt Instrument [Line Items]
Debt issuance costs, capitalized during the period	5.6
Legal fees expense	$ 1.7

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments and Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Principal payments and debt maturities
2023	$ 815
2024	3,355
2025	469,178
2026	280,381
2027	102,388
Thereafter	552,078
Total Debt	1,408,195
Revolving Line of Credit (matures in 2027)	0
Loan premiums, discounts and unamortized deferred financing costs, net	(13,511)	$ (15,883)
Debt, net of loan premiums, discounts and unamortized deferred financing costs	$ 1,394,684	$ 1,429,105
Weighted- Average Interest Rate
2023	4.59%
2024	4.59%
2025	6.36%
2026	5.28%
2027	4.64%
Thereafter	4.95%
Total Debt	5.46%
Revolving Line of Credit (matures in 2027)	7.02%
Debt, net of loan premiums, discounts and unamortized deferred financing costs	5.46%	5.65%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) derivative_instrument
Derivative [Line Items]
Realized loss on termination of derivative instruments	$ 0	$ 0	$ 0	$ (1,555)
Expected reclassification from accumulated OCI to interest expense in next twelve months	$ 4,400		$ 4,400
Interest rate swap
Derivative [Line Items]
Number of interest rate swaps terminated | derivative_instrument				2
Realized loss on termination of derivative instruments				$ 1,600

Derivatives - Derivative Financ

Derivatives - Derivative Financial Instruments (Details) - Cash flow hedge - Interest rate swap - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amounts	$ 280,000	$ 0
Estimated Fair Value	$ 6,039	0
Mortgage Debt one
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 75,000	0
Estimated Fair Value	$ 1,304	0
Mortgage Debt two
Derivative [Line Items]
Fixed Rate	3.87%
Notional Amounts	$ 50,000	0
Estimated Fair Value	$ 856	0
Mortgage Debt three
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 50,000	0
Estimated Fair Value	$ 875	0
Mortgage Debt four
Derivative [Line Items]
Fixed Rate	3.86%
Notional Amounts	$ 25,000	0
Estimated Fair Value	$ 434	0
Mortgage Debt five
Derivative [Line Items]
Fixed Rate	3.85%
Notional Amounts	$ 25,000	0
Estimated Fair Value	$ 437	0
Mortgage Debt six
Derivative [Line Items]
Fixed Rate	3.22%
Notional Amounts	$ 55,000	0
Estimated Fair Value	$ 2,133	$ 0

Derivatives - Recognized Gain (

Derivatives - Recognized Gain (Loss) on Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain recognized in other comprehensive income (loss)	$ 1,676	$ 36	$ 7,582	$ 2,932
Gain reclassified from accumulated other comprehensive income to net income (loss)	(1,083)	(147)	(1,543)	1,697
Interest expense	20,524	20,583	64,308	61,474
Realized loss on termination of derivative instruments	$ 0	$ 0	$ 0	$ (1,555)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - Interest rate swap - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Observable Inputs (Level 2)
Other assets
Interest rate swap	$ 6,039	$ 0
Significant Unobservable Inputs (Level 3)
Other assets
Interest rate swap	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2020 Senior Notes $500M (7)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, repurchase amount	$ 35,300
Stated interest rate (percent)	6.375%
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Term Loans	$ 443,448	$ 444,988
Senior Notes(1)	964,747	1,000,000
Total	1,408,195	1,444,988
Carrying Value | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility and Line of Credit	0	0
Carrying Value | Revolving Line of Credit (2023)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility and Line of Credit	0	0
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Mortgage and Term Loans	422,424	429,035
Senior Notes(1)	895,468	912,823
Total	1,317,892	1,341,858
Estimated Fair Value | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility and Line of Credit	0	0
Estimated Fair Value | Revolving Line of Credit (2023)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit Facility and Line of Credit	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Sep. 30, 2023	Dec. 31, 2022
Observable Inputs (Level 2) | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average effective interest rate (percent)	0.0633	0.0624

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Estimated federal and state combined effective rate (percent)	25.54%	14.57%	25.54%	14.57%
Income tax (benefit) expense	$ (1,639)	$ (1,029)	$ 5,382	$ 4,148

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Aggregate offering price of common stock authorized under ATM agreement				$ 200,000
Accumulated offering costs wrote off	$ 1,200
Number of shares sold (in shares)		0	0	0	0
Aggregate offering price of common stock currently available under ATM agreements		$ 200,000		$ 200,000
Repurchase of common shares				$ 83,736	$ 1,878
XHR LP (Operating Partnership)
Class of Stock [Line Items]
Ownership by noncontrolling owners (percent)		4.30%		4.30%
Number of vested units (in shares)		1,860,430		1,860,430
Time-Based LTIP Units and Performance-Based Class A LTIP Units
Class of Stock [Line Items]
Number of units outstanding, vested and nonvested (in shares)		4,729,619		4,729,619
Repurchase Program
Class of Stock [Line Items]
Stock repurchase program authorized amount		$ 275,000		$ 275,000
Shares repurchased (in shares)		2,070,777	120,978	6,516,485	120,978
Shares repurchased, weighted average price (in dollars per share)		$ 12.09	$ 15.52	$ 12.85	$ 15.52
Repurchase of common shares		$ 25,000	$ 1,900	$ 83,700	$ 1,900
Remaining share repurchase authorization		82,700		82,700
Other Assets
Class of Stock [Line Items]
Offering costs		$ 200		$ 200		$ 1,000

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Dividends, common shares / units (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.30	$ 0.10

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss) attributable to common stockholders	$ (8,529)	$ (1,663)	$ 11,543	$ 20,661
Dividends paid on unvested share-based compensation	(65)	(119)	(198)	(119)
Undistributed earnings attributable to unvested share-based compensation	0	0	0	(19)
Net income (loss) available to common stockholders	(8,594)	(1,782)	11,345	20,523
Net income (loss) available to common stockholders	$ (8,594)	$ (1,782)	$ 11,345	$ 20,523
Denominator:
Weighted average shares outstanding - Basic (in shares)	107,006,690	114,322,269	109,345,761	114,334,110
Effect of dilutive share-based compensation (in shares)	0	0	222,688	385,199
Weighted average shares outstanding - Diluted (in shares)	107,006,690	114,322,269	109,568,449	114,719,309
Basic and diluted income per share:
Net income (loss) per share available to common stockholders - basic (in dollars per share)	$ (0.08)	$ (0.01)	$ 0.10	$ 0.18
Net income (loss) per share available to common stockholders - diluted (in dollars per share)	$ (0.08)	$ (0.01)	$ 0.10	$ 0.18
Anti-dilutive shares excluded from calculation of diluted earnings per share (in shares)	200,926	351,892

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Grants (Details) - $ / shares		1 Months Ended	9 Months Ended
	Feb. 24, 2023	Feb. 28, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,517,236
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			214,902
Weighted average grant date fair value (in dollars per share)		$ 12.30
Time-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		133,393
Time-based restricted stock units | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33%
Time-based restricted stock units | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			33%
Time-based restricted stock units | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)			34%
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		81,509
Absolute TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	25%		25%
Award vesting period (in years)			3 years
Relative TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	75%		75%
Award vesting period (in years)			3 years

Share-Based Compensation - LTIP

Share-Based Compensation - LTIP Unit Grants (Details)		1 Months Ended		9 Months Ended
	Feb. 24, 2023	May 31, 2023 director $ / shares shares	Feb. 28, 2023 $ / shares shares	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,517,236
Time-Based LTIP Units and Performance-Based Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		56,917		1,302,334
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 12.30	$ 8.41
Time-Based LTIP Units and Performance-Based Class A LTIP Units | Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-employee directors | director		7
Time-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			137,617
Time-Based LTIP Units | Vesting tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)				33%
Time-Based LTIP Units | Vesting tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)				33%
Time-Based LTIP Units | Vesting tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (percent)				34%
Performance-Based Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,107,800
Quarterly per-unit distribution on non-vested awards as percentage of distribution on common units in the Operating Partnership (percent)				10%
Absolute TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	25%			25%
Award vesting period (in years)				3 years
Relative TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Component of total award (percent)	75%			75%
Award vesting period (in years)				3 years

Share-Based Compensation - Unve

Share-Based Compensation - Unvested Incentive Awards (Details) - $ / shares	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unvested incentive awards
Unvested as of beginning of period (in shares)			1,945,306
Granted (in shares)			1,517,236
Vested (in shares)			(219,021)
Forfeited (in shares)			(20,765)
Unvested as of end of period (in shares)			3,222,756
Weighted average fair value of unvested shares/units (in dollars per share)			$ 10.11
Common Stock
Unvested incentive awards
Shares withheld upon settlement of awards to satisfy minimum tax withholding requirements (in shares)		9,953	17,613	26,431
Restricted Stock Units
Unvested incentive awards
Unvested as of beginning of period (in shares)			224,677
Granted (in shares)			214,902
Vested (in shares)			(65,247)
Forfeited (in shares)			(20,765)
Unvested as of end of period (in shares)			353,567
Weighted average fair value of unvested shares/units (in dollars per share)			$ 13.35
LTIP Units
Unvested incentive awards
Unvested as of beginning of period (in shares)			1,720,629
Granted (in shares)	56,917		1,302,334
Vested (in shares)			(153,774)
Forfeited (in shares)			0
Unvested as of end of period (in shares)			2,869,189
Weighted average fair value of unvested shares/units (in dollars per share)			$ 9.71

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares		9 Months Ended
	Feb. 24, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date Fair Value by Component (in dollars per share)		$ 10.11
Absolute TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	25%	25%
Grant Date Fair Value by Component (in dollars per share)	$ 8.89
Volatility	43.56%
Interest Rate, minimum	4.58%
Interest Rate, maximum	5.11%
Dividend Yield	2.80%
Relative TSR Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	75%	75%
Grant Date Fair Value by Component (in dollars per share)	$ 9.08
Volatility	43.56%
Interest Rate, minimum	4.58%
Interest Rate, maximum	5.11%
Dividend Yield	2.80%
Absolute TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	25%	25%
Grant Date Fair Value by Component (in dollars per share)	$ 8.89
Volatility	43.56%
Interest Rate, minimum	4.58%
Interest Rate, maximum	5.11%
Dividend Yield	2.80%
Relative TSR Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	75%	75%
Grant Date Fair Value by Component (in dollars per share)	$ 8.81
Volatility	43.56%
Interest Rate, minimum	4.58%
Interest Rate, maximum	5.11%
Dividend Yield	2.80%

Share-Based Compensation - Shar

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation costs	$ 15.5		$ 15.5
Unrecognized compensation costs period for recognition			1 year 8 months 8 days
Executive Officers and Management | Restricted Stock Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3.3	$ 2.8	$ 9.2	$ 7.8
Non-employee Directors | Performance-Based Class A LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			0.7	0.8
Management | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation capitalized amount	$ 0.1	$ 0.1	$ 0.3	$ 0.3

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Leases
Weighted-average remaining lease term, including reasonably certain extension options	20 years
Weighted-average discount rate	5.71%
ROU asset	$ 18,027
Lease liability	19,099
Operating lease rent expense	1,606
Variable lease costs	3,128
Total rent and variable lease costs	$ 4,734
Weighted-average remaining lease term including available extension options	56 years
ROU asset, consolidated balance sheet line item	Other assets
Lease liability, consolidated balance sheet line item	Other liabilities

Commitments and Contingencies_2

Commitments and Contingencies - Remaining Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Remaining Lease Payments
2023 (excluding the nine months ended September 30, 2023)	$ 537
2024	2,157
2025	2,172
2026	2,188
2027	2,204
Thereafter	24,444
Total undiscounted lease payments	33,702
Less imputed interest	(14,603)
Lease liability	$ 19,099

Commitments and Contingencies_3

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) renewal_period	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) renewal_period	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Restricted cash and escrows	$ 56,940	$ 50,788	$ 56,940	$ 50,788	$ 60,807
Renovations at certain hotel properties
Other Commitments [Line Items]
Commitments outstanding with third parties	37,700		37,700
Hotel furniture, fixtures, and equipment reserves
Other Commitments [Line Items]
Restricted cash and escrows	46,500		46,500		$ 46,300
Management and franchise fees
Other Commitments [Line Items]
Management and franchise fees	$ 7,403	$ 9,083	$ 26,818	$ 27,758
Management agreements for brand-managed hotels
Other Commitments [Line Items]
Agreement average remaining term assuming all renewal periods exercised (in years)			27 years
Management agreements for brand-managed hotels | Minimum
Other Commitments [Line Items]
Agreement term (in years)			10 years
Number of renewal periods | renewal_period	1		1
Management agreements for brand-managed hotels | Maximum
Other Commitments [Line Items]
Agreement term (in years)			30 years
Management agreements for franchised hotels
Other Commitments [Line Items]
Agreement average remaining initial term (in years)			6 years
Management agreements for franchised hotels | Minimum
Other Commitments [Line Items]
Agreement term (in years)			15 years
Management agreements for franchised hotels | Maximum
Other Commitments [Line Items]
Agreement term (in years)			20 years
Franchise agreements
Other Commitments [Line Items]
Agreement average remaining initial term (in years)			9 years
Franchise agreements | Maximum
Other Commitments [Line Items]
Agreement term (in years)			20 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Repurchase of common shares				$ 83,736	$ 1,878
Repurchase Program
Subsequent Event [Line Items]
Shares repurchased (in shares)		2,070,777	120,978	6,516,485	120,978
Shares repurchased, weighted average price (in dollars per share)		$ 12.09	$ 15.52	$ 12.85	$ 15.52
Repurchase of common shares		$ 25,000	$ 1,900	$ 83,700	$ 1,900
Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Shares repurchased (in shares)	849,762
Shares repurchased, weighted average price (in dollars per share)	$ 11.77
Repurchase of common shares	$ 10,000